Emirates Group today released its 2024-25 Annual Report, achieving new record profit, EBITDA, revenue, and cash balance levels. This outstanding performance places the Emirates Group as the most profitable aviation group globally in the 2024-25 reporting period, with Emirates reporting the best result in its history to become the world’s most profitable airline.
Both Emirates and dnata contributed record revenues in 2024-25, as the Group expanded its operations around the world to meet voracious customer demand for its high-quality products and services. For the financial year ended 31 March 2025, the Emirates Group reported a record profit before tax of US$ 6.2 billion), up 18% from last year and a record revenue of $ 39.6 billion. The level of cash assets also climbed to S$ 14.6 billion), up 13% from last year.
Emirates earns its place as the world’s most profitable airline, reporting a record profit before tax of $5.8 billion), up 20% from last year and a record revenue of $34.9 billion. It also reported its highest-ever level of cash assets at US$ 13.5 billion, 16% higher compared to 31 March 2024.
The Group declares a dividend of US$ 1.6 billion) to its owner, the Investment Corporation of Dubai (ICD). This is the first financial year that the UAE corporate tax, enacted in 2023, is applied to the Emirates Group. After accounting for the 9% tax charge, the Group’s profit after tax is $5.6 billion.
His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates airline and Group said: “It is no accident that Dubai has produced hugely successful global aviation entities including Emirates and dnata. 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, and all the people of Dubai.
“When the government set up Emirates 40 years ago and we began expanding dnata’s capabilities to support the city’s growth, we had a clear mission – be the best at what we do; and deliver value to Dubai, our stakeholders, and the communities we serve.
“With that in mind, we’ve kept a laser focus on providing great products and services, and we continually invest in technology and talent to increase our competitive edge. We look after our people and our customers, and we work hard to positively impact our communities. We don’t cut corners, and we don’t take shortcuts that put our future at risk for short term gains. By building our business models around these principles and Dubai’s unique strengths, the Emirates Group has thrived and stayed resilient through geo-political and socio-economic challenges over the years.”
HH Sheikh Ahmed added: “For 2024-25, the Emirates Group has raised the bar to set new records for profit, revenue, and cash assets. Through the year, Emirates and dnata were able to move quickly to meet the strong demand for air transport services across markets and win over customers – thanks to our non-stop investments in our people, in building partnerships, and in delivering great products and services.
In 2024-25, the Group collectively invested $ 3.8 billion in new aircraft, facilities, equipment, companies, and the latest technologies to support its growth plans.
The Group’s total workforce grew by 9% to 121,223 employees, its largest size ever, as Emirates and dnata continued recruitment activity around the world to support its expanding operations and boost its future capabilities.
Commenting on the outlook for 2025-26, Sheikh Ahmed said: “We enter the year ahead with excitement and optimism. Our excellent financial standing enables us to continue building on and scaling up our successful business models. While some markets are jittery about trade and travel restrictions, volatility is not new in our industry. We simply adapt and navigate around these challenges.
“Emirates will strengthen our network connectivity with the expected delivery of 16 A350s and 4 Boeing 777 freighters in 2025-26, providing much-needed capacity to meet customer demand. Our retrofit programme will continue apace to provide our customers the latest Emirates products and a more consistent experience across our A380, 777 and A350 fleet.
“dnata is on a steady growth path with facility investments coming to fruition in key markets, including the opening of new facilities in Amsterdam, Dubai and Erbil next year which will significantly expand our cargo handling capacity and capabilities.
“Work is already underway at the new Al Maktoum International airport (DWC) and broader development around Dubai South. Our planning teams are working closely with Dubai airports and other entities to design and deliver the future of aviation and the best possible travel experiences.
“We’ve set high targets for ourselves, but I am confident that our talented workforce and Dubai’s winning formula will empower the Emirates Group to forge an even brighter future, and deliver even more value to the people, cities and communities we serve.”
Emirates’ total passenger and cargo capacity grew 4% to 60.0 billion ATKMs in 2024-25, recovering to near pre-pandemic levels. During the year, Emirates launched two new destinations – Bogotá and Madagascar; restarted flights to Phnom Penh, Lagos, Adelaide and Edinburgh; and strengthened services to 21 other destinations to meet rising demand. By 31 March, Emirates served 148 cities in 80 countries and territories. Emirates also grew its partnerships to 33 codeshare and 118 interline