Emirates stays profitable despite 68% drop amid high fuel prices

Emirates posted a $1 billion profit in its latest financial results despite a 68% drop amid high fuel prices and airspace restrictions and closures across the region.

On November 5, 2026, Emirates Group delivered its half year results covering April to September 2026, reflecting a challenging period in the company’s history.

Emirates airline and SkyCargo half-year profit before tax (PBT) of $1 billion was significantly lower than the figures posted for the same period last year when the PBT reached its record $3.1 billion performance.

Emirates revenue, including other operating income, of $15.5 billion was down 13% compared with $17.9 billion last year. The number of passengers traveling with the airline also fell 22% to 21.8 million.

Emirates faced multiple challenges

As well as high fuel prices and airspace closures caused by the regional conflict, Emirates also highlighted government travel advisories which “reshaped consumer choices and travel flows”.

“During this period, Emirates focused on restoring its network and connectivity options through its Dubai hub,” Emirates said. “At 30 September, Emirates was operating 91% of its pre-disruption network, with its passenger and cargo network spanning 150 airports in 78 countries and territories.”

Despite a 12% reduction in fuel uplift due to lower operations, Emirates’ fuel costs, before hedging gains, rose by 60% compared with the previous half-year.

Results for Emirates Group

Emirates Group, which also includes dnata, posted a profit before tax of $1.1 billion, a 66% drop from the previous year.

Despite this, the group described the figure as a “remarkable performance against the disruption and high fuel prices caused by the ongoing conflict in the Gulf region”.

Emirates Group revenue was $18.0 billion for the first six months of 2026 to 2027, down 12% from $20.6 billion last year.

“It has been a demanding six months, and once again our business model and our people stood up to the test,” Ahmed bin Saeed Al Maktoum, CEO and Chairman of Emirates Airline and Group said. “Against unprecedented regional challenges and high fuel prices, the Group has delivered a profit before tax of AED 4.1 billion (US$ 1.1 billion).”

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He added: “Customer demand held firm and our cargo operations made a strong contribution, keeping revenue and cash levels healthy even as global jet fuel prices doubled against the same period last year, impacting our costs and profitability.”

The CEO also thanked the UAE government for its “decisive response and its co-ordination of all stakeholders to enable the safe resumption of air transport in the aftermath of military activity across the Gulf region”.

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