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.
“Emirates is a product of the state”
The US carriers have received more FAR in loans, bailouts, relief, and protection than Emirates has ever received.
Yes (and I’ve condemned it in the pandemic era), but it’s a totally different relationship…not exactly a partnership.
UAE does it right, the USA does it wrong…
well said, Matthew.
Emirates developed the concept of the Middle East global airlines and has perfected the model.
they built their model – as is true for much of the Middle East – by using the “cruise ship model” of employment – bringing workers from around the world to work side by side. Most of the workers come from countries where they make far more working for Emirates than they could in their home country.
Delta, like most western airlines, predominantly employees legal residents of its home country which means much higher salaries and benefits.
Delta is still the largest airline in the world by revenue.
Delta does pay the richest profit sharing of any company in the United States and its employees receive total compensation that is at or near the top of not just the US airline industry but for most western airlines.
The UAE is by far the best developed Middle East country for business so it is not a surprise that EK is as successful as it is.
@ Tim Dunn
Unlike the trolls at OMAAT, I do appreciate your perspectives, and I am glad that you can continue to express your reviews without reproach at LALF.
I will only say that excepting financial performance, no US carrier will ever come close to matching Emirates or Asian carriers in hard and soft products.
thank you.
There are, in reality, a handful of people that desperately want to suppress the truth and do all they can to silence those that understand and speak about what they don’t like.
in other world news at this hour, the Roman Catholic Church has elected a new pope -an American.
Let us know when there is a pope from the UAE or any other Arab Middle East country.
The world is big enough for multiple winners but being a winner means that at least some of your most direct competitors are not in that position.
There have been 5 popes from Syria.
all more than 1500 years ago.
A lot has changed.
@ Tim — You’re such a jerk. Delta is a pathetic joke compared to Emirates.
speaking the accurate truth is not being a jerk.
Regarding subsidies, the UAE has 2 global carriers. The US has 3 and multiple smaller airlines.
The real question is not whether airlines receive subsidies anywhere in the world since airlines have long been a tool of political and national expansion and importance.
The real issue is that DL would most certainly be one of the few US airlines that is left if the US decides to cut off subsidies in the next black swan event.
DL and WN pulled down billions in dollars of lines of credit when covid hit.
AA and UA and many other airlines were the ones that ran to Washington to plead for their survival using their employees via unions as the collateral.
Delta is the most successful western airline and I suspect that, cumulatively, DL’s profits will exceed EK’s for quite some time into the future
@ Tim — Delta received $12 billion in COVID handouts. Taxpayer money gone to fund executives. And they still cant compete with Emirates.
no, Gene
Delta received money to keep employees on the payroll -just as was true with all of the US airlines.
And the question still remains if AA and maybe even if UA would still be here if the US did not provide covid aid to airlines.
Delta would have survived.
and you also realize that the US government pumped trillions of dollars into the US economy; you did receive your “subsidies?”
Let’s stick to facts. Delta received the Covid money during the spring/summer of 2020 then promptly cut hours to their employees after a last minute change to the legal language to make “hours cuts” permissible so Delta could pocket more of the covid cash grant. A shrewd move as a non-union company familiar with union contracts… but “shrewd” is still evil by any normal person’s view.
As a non-union company, the Delta language antics were aimed purely at their own non-union employees so the execs could benefit.
Company policy. Only allowable because Delta requested the exact hour language from congress at the last minute to make sure they could screw their non-union employees. Sorry, Tim. This isn’t an example of Delta loving their employees. This is an example of Delta taking taxpayer dollars then forcing employees to take hours off, mandated by delta. Despite the US taxpayer paying for those hours. Those extra hours Delta FAs and other non-union employees didn’t get? AA and UA people were paid for those. Delta pocketed those dollars.
After accepting billions from the US taxpayer, Delta was once again magnanimous a short year later in giving billions of dollars to their paid lover, Latam to keep their love (though it is understandable that Latam needs money to be Delta’s friend, like most DL partners. ).
AA and UA… they gave the money to their employees. Like the law intended. Delta changed the legal language last minute to screw their own employees. Facts are just facts.
Delta took the taxpayer money happily and screwed their employees. I hope their own employees know what Delta did to them.
I’m not a big union person. I respect them but…
For anyone that looks at what delta did to their own employees with PAID dollars from the federal government to cover their paychecks.
You’d have to want a union if you knew what your own C suite did to you, delta employees. They didn’t do it to their pilots, if you were curious. aka. Their unions weren’t mandated hour reductions after the US taxpayer funded their salaries. But the non union delta employees were forced pay reductions despite funds from the federal government to prevent EXACTLY that.
@ Tim — Dekta cut how many jobs during COVID? Bullshit they saved jobs.
Gene don’t bring that OMAAT shit here
I don’t post on OMAAT. Tim’s the one bringing it here.
No US airline let alone Delta can even begin to compete with Emirates. My best flights ever were sitting up front on their A380. I consider myself very lucky for having been able to do so.
There are very few airlines in the World who can compete with them.
All airlines, to some extent or the other, are supported by their governments. Some of them do a lot more with what they receive. Emirates does it better than the US3 and most of the others.
Agreed. The reality is that Detta may compete in quantity (as in pretax revenue), in no way you could say it can compete in quality (as in service, soft and hard product.) Simple question: would you rather fly long haul on Delta or Emirates? We are talking about different leagues.
Depends on whether we talking about a middle seat on one of Emirates’ older 777s! 😉
Delta – and every other western airline – competes on the basis of providing a medium class or above wage for employees largely of its own country.
Emirates developed the cruise ship model of employment for airlines which basically uses employees from around the world, largely whose income potential in their home countries is lower than in the UAE.
Airlines might negotiate slightly better fleet purchases but they basically get the same fuel efficiency for each aircraft type and pay roughly the same for fuel. Given that labor is the biggest cost variable between airlines, it isn’t hard to see why the Middle East airlines do as well as they do.
The Middle East airlines take imported labor and create high standards for service which might not even be possible with local employees from their own country, in this case the UAE for EK.
Sorry Tim but who cares what business model they use? The customers care about what they get for their dollar. And in that respect Delta doesn’t come close.
BTW Emirates treats their employees very well. They wouldn’t work there for years and decades if that weren’t true.
Not to mention that Dubai blows away Atlanta as a city and destination.
Obviously you’ve never visited.