Emirates has recorded a full-year profit after tax of AED 19.1bn ($5.2bn), a new record for the airline, overtaking AED 17.2bn ($4.7bn) that was recorded during the prior fiscal year. The airline cited robust travel and the strength of its global network as drivers for this profit growth, while also recording a profit margin of 14.9%.
The Dubai-based carrier posted a total revenue increase of 6% for the fiscal year to AED 127.9bn ($34.9bn). It stated that currency fluctuations and devaluations in some of the airline’s major markets negatively impacted the airline’s profitability by AED 718 million ($196 million).
During the fiscal year, the airline posted a record operating cash flow of AED 40.8bn ($11.1bn). Emirates’ cash assets surged 16% to AED 49.7bn ($13.5bn), while EBITDA climbed 5% on the previous fiscal year to AED 39.6bn ($10.8bn).
Total operating costs increased by 4% from the previous year, with fuel and employee cost were the airline’s two biggest cost components. Fuel accounted for 31% of operating costs, with the airline’s fuel bill decreasing slightly to AED 32.6bn ($8.9bn) compared to AED 34.2bn ($ 9.3bn) the previous year, as a lower average fuel price including hedging gains offset a higher uplift of 5% from increased flying.
Emirates also fully repaid its $750 million Corporate Bond which was issued in 2013 with a 12-year term. Listed on the Irish Stock Exchange, this bond was the first senior unsecured amortising bond issued by an airline.
“Dubai’s aviation sector has become an influential force on the global stage thanks to visionary leaders, strategic planning, co-ordinated execution, and strong support from our customers, business partners,” said Ahmed bin Saeed Al Maktoum, chairman and chief executive, Emirates airline and group. “We don’t cut corners, and we don’t take shortcuts that put our future at risk for short term gains.”
Across the fiscal year, the airline carried 53.7 million passengers, up 3% on the previous 12-month period, with seat capacity up by 4%. Load factor averaged at 78.9%, a marginal decline from 79.9% the year prior.
Noting ongoing delivery delays, Emirates added 99 more aircraft to its retrofit programme, which will now see 219 aircraft go through a full cabin refit at a total investment cost of $5bn. As of March 31, 2025, Emirates’ order book had 314 aircraft pending delivery, including 61 A350s, 205 Boeing 777x aircraft, 35 787s, and 13 777Fs.
Emirates is expecting the delivery of 16 A350s and four 777 freighters across the next fiscal year.
The airline’s total fleet count at the end of March was 260 units, with an average fleet age of 10.7 years.
During the year, Emirates launched two new destinations - Bogotá and Madagascar. The airline also restarted flights to Phnom Penh, Lagos, Adelaide and Edinburgh, while strengthening services to 21 other destinations to meet rising demand. By March 31, Emirates served 148 cities in 80 countries and territories.
Emirates SkyCargo carried 2.3 million tonnes of cargo, an increase of 7% from the previous year, as the delivery of two new 777 freighters and two wet-leased 747 freighters increased capacity to serve “surging demand”.
The airline's cargo division reported a revenue of AED 16.1bn ($4.4bn), contributing 13% to Emirates’ total revenue. Cargo yield per freight tonne kilometre (FTKM) increased by 10%, returning to pre-pandemic marketplace levels.
The airline’s parent Emirates Group also reported a record annual profit before tax, up 18% from a year earlier totalling AED 22.7bn ($ 6.2bn), up 18% from the prior fiscal year.