DUBAI, UAE, 8 May 2025: The Emirates Group has 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 worldwide to meet voracious customer demand for its high-quality products and services.
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 last year;
- record revenue of AED 145.4 billion (US$ 39.6 billion), up 6% over last year’s results;
- record level of cash assets at AED 53.4 billion (US$ 14.6 billion), up 13% from last year;
- highest-ever EBITDA of AED 42.2 billion (US$ 11.5 billion), up 6%, demonstrating its strong operating profitability.
Emirates earns its place as the world’s most profitable airline, reporting:
- Record profit before tax of AED 21.2 billion (US$ 5.8 billion), up 20% from last year;
- record revenue of AED 127.9 billion (US$ 34.9 billion), an increase of 6% over last year;
- highest-ever level of cash assets at AED 49.7 billion (US$ 13.5 billion), 16% higher compared to 31 March 2024.
dnata delivered solid growth and performance across its business units, reporting:
- Record profit before tax of AED 1.6 billion (US$ 430 million), up 2% from last year;
- record revenue of AED 21.1 billion (US$ 5.8 billion), up 10%;
- strong cash assets of AED 3.7 billion (US$ 1.0 billion).
The Group declares a dividend of AED 6.0 billion (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 taxes AED 20.5 billion (US$ 5.6 billion)
In 2024-25, the Group collectively invested AED 14.0 billion (US$ 3.8 billion) in new aircraft, facilities, equipment, companies, and the latest technologies to support its growth plans.
Emirates performance
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 partners, providing customers smooth access to over 1,750 cities beyond its network.
The first Airbus A350 aircraft joined Emirates’ fleet this year, bringing added capacity for the airline to serve customer demand with its latest products, including the popular Premium Economy Class and a new-generation inflight entertainment system. By 31 March, Emirates had 4 A350s in its fleet, flying to Edinburgh, Ahmedabad, Bahrain, Colombo, Kuwait and Mumbai.
With ongoing delays in new aircraft deliveries, Emirates added 99 more aircraft to its retrofit programme which will now see 219 aircraft go through a full cabin refresh at a total investment of US$ 5.0 billion. On 31 March, Emirates’ order book had 314 aircraft pending delivery, including 61 A350s, 205 Boeing 777x, 35 787s, and 13 777Fs.
At the end of March, the total fleet count was 260 units, with an average fleet age of 10.7 years.
By strategically deploying capacity to serve surging demand across markets, Emirates’ total revenue for the financial year increased 6% to AED 127.9 billion (US$ 34.9 billion). Currency fluctuations and devaluations in some of the airline’s major markets negatively impacted the airline’s profitability by AED 718 million (US$ 196 million).
With the robust appetite for travel across customer segments, the strength of its global network, and strong customer preference for its products, Emirates hit a new record profit after tax of AED 19.1 billion (US$ 5.2 billion), outstripping last year’s AED 17.2 billion (US$ 4.7 billion) result with an exceptional profit margin of 14.9%. This is the best performance in the airline’s history and in the airline industry for the reporting year 2024-25.
Emirates carried 53.7 million passengers (up 3%) in 2024-25, with seat capacity up by 4%. The airline reports a Passenger Seat Factor of 78.9%, a marginal decline from 79.9% last year. Passenger yield remained consistent at 36.6 fils (10.0 US cents) per Revenue Passenger Kilometre (RPKM).
