The Emirates Group recorded strong financial performance during the last four years, with rising profits and distributions worth billions of dirhams, the share of the Investment Corporation of Dubai, which owns the group. The total profits (before taxes) achieved by the group during the past four years reached about 77.6 billion dirhams, recording the highest profitable cycle in its history.
According to consolidated financial statements for the last four fiscal years, ending on March 31, 2026, the Emirates Group has continued to consolidate its position as one of the most profitable aviation groups in the world, after recording, during the last four fiscal years, continuous growth in profits before taxes, supported by the strong recovery of the air travel sector, the high demand for international flights, and the expansion of cargo operations and ground services.
Earnings before taxes
The group’s financial statements show that profits (before taxes) rose from about 11.3 billion dirhams in the fiscal year (2022-2023) to 19.2 billion dirhams in the fiscal year (2023-2024), then to 22.7 billion dirhams in the fiscal year (2024-2025), before reaching a new record level of 24.4 billion dirhams during the fiscal year (2025-2026). While accumulated profits of 77.6 billion dirhams over four years mean average annual profits of about 19.4 billion dirhams.
Financial distributions
In contrast, the group continued to provide strong dividends to the owner (the Investment Corporation of Dubai), as it paid a total cash dividend of 18 billion dirhams over the past four years. These payments were distributed at 4.5 billion dirhams for the fiscal year (2022-2023), four billion dirhams for the fiscal year (2023-2024), and six billion dirhams for the fiscal year (2024-2025), in addition to 3.5 billion dirhams for the fiscal year (2025-2026). In terms of profitability, the results of the Emirates Group showed a continuous improvement in the profit margin over the past four years, supported by higher revenues, improved operational efficiency, and continued strong demand for air travel. The profit margin rose from 9.1% in the fiscal year (2022-2023) to 13.6% in the fiscal year (2023-2024), before recording 14.1% in the fiscal year (2024-2025), then stabilizing at 14% during the fiscal year (2025-2026). These results reflect the major transformation achieved by the Emirates Group after the years of the Corona pandemic, as it moved to achieve successive record profits, driven by the strong performance of Emirates Airlines and dnata. The group also strengthened its financial position by increasing assets and cash liquidity, giving it great flexibility to support expansion plans and investment in the fleet and future services.
Group revenue
The Emirates Group’s revenues have witnessed rapid growth over the past four years, as revenues rose from 119.8 billion dirhams in the fiscal year (2022-2023), to 137.3 billion dirhams in the fiscal year (2023-2024), then to 145.4 billion dirhams in the fiscal year (2024-2025), before recording a new record level of 150.5 billion dirhams. During the fiscal year (2025-2026), which reflects the group’s ability to expand its operations and achieve continuous growth despite global operational challenges.
Assets and flows
At the level of the financial position, the Emirates Group continued to significantly strengthen its total asset base, as total assets increased from 172.1 billion dirhams in the fiscal year (2022-2023) to 178.7 billion dirhams in the fiscal year (2023-2024), then to 182.6 billion dirhams in the fiscal year (2024-2025), reaching about 204 billion dirhams by the end of the fiscal year. (2025-2026).
This growth reflects the expansion of the group’s operational investments, the increase in the value of assets related to the fleet, infrastructure and logistics services, in addition to the strength of the financial position and the liquidity available to finance future growth plans.
The group’s cash flows and liquidity also recorded a strong improvement during the same period, as cash assets increased from 42.5 billion dirhams in the fiscal year (2022-2023) to 47.1 billion dirhams in the fiscal year (2023-2024), then to 53.4 billion dirhams in the fiscal year (2024-2025), before reaching 59.6 billion dirhams in the fiscal year. (2025-2026).
This performance confirms the group’s ability to generate strong cash flows from operational operations, which has enhanced its financial flexibility and enabled it to finance its expansions, pay off obligations, and continue to distribute profits to the owner, in parallel with maintaining high levels of liquidity.
