Emirates Records US$ 1.1 billion Profit Before Tax Despite Headwinds
The Emirates Group has announced its half-year financial results, posting a profit before tax of AED 4.1 billion (US$ 1.1 billion) for the first six months of 2026-27, a remarkable performance against the disruption and high fuel prices caused by the ongoing conflict in the Gulf region.
After accounting for income tax charges, the Group’s profit after tax is AED 3.6 billion (US$ 1.0 billion), down 66% from last year.
Illustrating its strong operating performance, the Group achieved an EBITDA of AED 12.5 billion (US$ 3.4 billion), 41% lower than the AED 21.1 billion (US$ 5.7 billion) reported for the same period last year where the Group had set a new record for profit and revenue.
Group revenue was AED 66.2 billion (US$ 18.0 billion) for the first six months of 2026-27, down 12% from AED 75.4 billion (US$ 20.6 billion) last year.
The Group closed the first half year of 2026-27 with a cash position of AED 54.1 billion (US$ 14.7 billion) on 30 September 2026, compared to AED 59.6 billion (US$ 16.2 billion) on 31 March 2026. The Group has been able to tap on its own strong cash reserves to support business needs, including pre-delivery payments for aircraft and servicing existing debt obligations. The Group also paid the remaining AED 2 billion (US$ 545 million) in dividend to its owner, the Investment Corporation of Dubai (ICD), of the AED 3.5 billion (US$ 953 million) declared for the financial year 2025-26.
His Highness (HH) Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group said: “It has been a demanding six months, and once again our business model and our people stood up to the test.
Against unprecedented regional challenges and high fuel prices, the Group has delivered a profit before tax of AED 4.1 billion (US$ 1.1 billion). Customer demand held firm and our cargo operations made a strong contribution, keeping revenue and cash levels healthy even as global jet fuel prices doubled against the same period last year, impacting our costs and profitability.
“I’d like to thank the UAE government for its decisive response and its co-ordination of all stakeholders to enable the safe resumption of air transport in the aftermath of military activity across the Gulf region. The government’s measures have also led to the easing of travel advisories to and through the UAE. This has allowed us to restore our operations with confidence and to keep serving our customers and communities.
“Throughout this time, we have not paused our investments. Emirates and dnata continue to commit significant resources to expand our fleet, enhance our products and services, and develop capabilities that will shape the future of our business. This is how we stay ahead and stay resilient to external challenges.”
HH Sheikh Ahmed added: “We enter the second half of our 2026-27 financial year with measured optimism. While keeping a close watch on costs and geopolitical developments, we remain focused on delivering what Emirates and dnata are known for – safety, quality, and customer satisfaction. We’ve weathered challenges before, and with our strong cash position and solid foundation built up over the years, the Group is well-placed to navigate the headwinds of volatility and high fuel prices.”
Compared to 31 March 2026, the Emirates Group’s employee base dropped by 2% to an overall count of 128,237 on 30 September 2026. However, both Emirates and dnata maintain ongoing recruitment drives to support business requirements.
To support its future fleet requirements, in May, Emirates broke ground on its US$ 5.1 billion engineering and Maintenance, Repair, and Overhaul (MRO) facility at Al Maktoum International Airport, with completion expected in the mid-2030s.
