Emirates has just reported its 2024-2025 financial results, with figures suggesting that it is now the world’s most profitable airline.

Emirates Reports Huge Profits, Rewards Employees

The Emirates Group includes Emirates (the airline) and dnata (its ground servicing division, with airport operations stretching far beyond Dubai). Emirates just reproted its numbers and they are rosy both in comparative and absolute terms. Let’s take a look.

For the financial year ended 31 March 2025, the Emirates Group reported:

• record profit before tax of AED 22.7 billion (US$ 6.2 billion), up 18% from 2023-2024
• record revenue of AED 145.4 billion (US$ 39.6 billion), up 6% from 2023-2024
• record level of cash assets at AED 53.4 billion (US$ 14.6 billion), up 13% from 2023-2024
• highest-ever EBITDA of AED 42.2 billion (US$ 11.5 billion), up 6% from 2023-2024

Emirates (the airline itself) reported:

• record profit before tax of AED 21.2 billion (US$ 5.8 billion), up 20% from 2023-2024
• record revenue of AED 127.9 billion (US$ 34.9 billion), an increase of 6% from 2023-2024
• highest-ever level of cash assets at AED 49.7 billion (US$ 13.5 billion), up 16% from 2023-2024

dnata reported:

• record profit before tax of AED 1.6 billion (US$ 430 million), up 2% from 2023-2024
• record revenue of AED 21.1 billion (US$ 5.8 billion), up 10% from 2023-2024
• strong cash assets of AED 3.7 billion (US$ 1.0 billion)

In short, revenue is up, profit is up, and the carrier’s impressive results were accomplished with load factors of only 78.9%, down 1% from a year ago. Fuel dropped by 4%, which helped, but operating costs increased by 4%.

As a result of the solid numbers, the Emirates Group will pay a dividend of AED 6.0 billion (US$ 1.6 billion) to its owner, the state-run Investment Corporation of Dubai (ICD), and award its 121,223 employees with a 22-week bonus. Wow!

Emirates Surpasses Delta As World’s Most Profitable Carrier?

One Mile At A Time focuses on the angle of Emirates surpassing Delta as the world’s most profitable carrier. While comparing Delta with a state-run, state-backed carrier may be an apples-to-oranges comparison, there is no denying that Emirates has got the right formula for success and has been able to scale the Airbus A380 by creating a mega hub in Dubai, unlike any other carrier.

But Emirates is a product of the state, receiving benefits including:

• attractive financing made possible by the government of Dubai
• vertical integration – the airline, ground handling, and catering are all owned by the government of Dubai

Let’s look at a statement from Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates airline and Group:

“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.”

This is a 40-year plan that is unfolding and frankly, I’d expect nothing less than success with such a collaboration. It’s also a beautiful picture of well-managed state-run enterprise.

Over the next year, Emirates plans to grow further with the delivery of 16 Airbus A350s and four Boeing 777 freighters.

CONCLUSION

Emirates now claims to be the world’s most profitable airline. I don’t doubt that (i.e., the numbers are not fudged), though the playing field isn’t exactly level with such intense collaboration and support from the state. Ultimately, I think Emirates is great for competition and great for making this world more accessible. Congratulations to Emirates for another great year and for rewarding your employees and investors, which makes it all possible.