Emirates

Who owns Emirates?

Emirates is owned by The Emirates Group, which is in turn owned by the Investment Corporation of Dubai (ICD), the sovereign wealth fund of the Government of Dubai. The airline is not publicly traded. Sheikh Ahmed bin Saeed Al Maktoum serves as Chairman and CEO of The Emirates Group. For FY2025-26, Emirates and dnata paid combined dividends of AED 3.5 billion to ICD.

Is Emirates publicly traded?

No. Emirates is not publicly traded. The airline is entirely owned by The Emirates Group, which is owned by the Dubai government through the Investment Corporation of Dubai. There are no external shareholders.

What were Emirates' FY2025-26 financial results?

For FY2025-26 (ended 31 March 2026), Emirates airline reported record revenue of AED 130.9 billion ($35.7 billion), up 2%, and record profit before tax of AED 22.8 billion ($6.2 billion), up 7%. Profit after tax reached AED 19.7 billion ($5.4 billion) with a net profit margin of 15.0%, making Emirates the world's most profitable airline. The Emirates Group reported revenue of AED 150.5 billion ($41.0 billion) and profit before tax of AED 24.4 billion ($6.6 billion).

When was Emirates founded?

Emirates was founded in March 1985 by the Government of Dubai with seed funding of $10 million. The airline began operations on 25 October 1985 with two leased aircraft serving Karachi and Mumbai. Maurice Flanagan was appointed as the airline's first managing director.

What is Emirates' hub?

Emirates' hub is Dubai International Airport (DXB), one of the world's busiest airports for international passengers. The airport's geographic location, roughly equidistant between Europe and Asia, is central to Emirates' hub-and-spoke strategy. Emirates plans to move to Dubai World Central (DWC) in the south of the city by 2032. The $35 billion development will be double the size of the existing site.

What is the Boeing 777X delay?

Emirates has 270 Boeing 777-9s on order but the programme has experienced multiple delays since the original April 2020 delivery date. The first 777-9 delivery is now expected in Q2 2027. Emirates has rejected delivery of the first 10-11 early-build aircraft, with President Tim Clark stating they would be nearly eight years old by delivery and are "half-life and no use to anybody." The delays have cost Emirates an estimated $10 billion in lost revenue. The FAA expected to certify the 777-9 in late 2026 or early 2027.

What is dnata?

dnata is the second major division of The Emirates Group, providing ground handling, catering, and travel management services at airports worldwide. dnata operates at more than 120 airports across 35 countries and serves more than 300 airlines.

What is Emirates Skywards?

Emirates Skywards is the airline's frequent flyer programme with millions of members worldwide. The programme generates revenue through the sale of miles to credit card partners, hotels, and other partners, and offers members benefits including tier upgrades, lounge access, and bonus miles.

Emirates was founded in March 1985 by the Government of Dubai with seed funding of $10 million. The airline was established to develop Dubai's aviation sector and support the emirate's ambitions as a global business and tourism hub. The founding was driven by a dispute between Gulf Air and the Dubai government over routes and capacity. Rather than continue to rely on Gulf Air, Dubai's ruler decided to establish Dubai's own national airline.

Emirates began operations on 25 October 1985 with two leased aircraft: a Boeing 737 and a Boeing 727. The airline's first routes were to Karachi and Mumbai. Maurice Flanagan, a British aviation executive, was appointed as the airline's first managing director.

Throughout the late 1980s and 1990s, Emirates expanded rapidly, adding new routes across Asia, Europe, and Africa. In 1992, Emirates became one of the first airlines to introduce personal in-flight entertainment screens in all classes, a significant innovation that helped establish the airline's premium service reputation.

Emirates became a launch customer for the Airbus A380 superjumbo in 2000, ordering 58 aircraft. The A380 became central to Emirates' strategy of operating high-capacity aircraft on long-haul routes through its Dubai hub. Emirates eventually became the world's largest operator of the A380, with more than 100 aircraft in its fleet.

Tim Clark, who joined Emirates in 1985 and became President in 2003, was the architect of Emirates' long-haul hub strategy. Clark identified that Dubai's geographic location, roughly equidistant between Europe and Asia, made it an ideal hub for connecting passengers between the two regions.

The COVID-19 pandemic severely impacted Emirates, which is entirely dependent on international travel. The airline grounded most of its fleet in 2020 and received financial support from the Dubai government. Emirates returned to profitability in fiscal year 2021-22 as international travel recovered.

Emirates has since achieved consecutive record results. In FY2023-24, the airline reported revenue of AED 128.7 billion and profit of AED 19.3 billion. In FY2024-25, revenue grew 6% to AED 127.9 billion and profit before tax rose 20% to AED 21.2 billion. In FY2025-26, revenue reached AED 130.9 billion and profit before tax reached AED 22.8 billion, making Emirates the world's most profitable airline for the second consecutive year.

In FY2025-26, Emirates added four new passenger destinations (Da Nang, Siem Reap, Shenzhen, and Hangzhou) and received delivery of 15 new A350 aircraft and 5 Boeing 777 freighters. The airline also bought out 29 A380s and 5 Boeing 777s at the end of leases, bringing these aircraft into full ownership. New codeshare partners activated in FY2025-26 include Air Seychelles and Swiss Rail, bringing the total to 32 codeshare, 117 interline, and 15 multimodal partners offering access to over 1,700 destinations.

Emirates has implemented sustainability initiatives focused on fuel efficiency, environmental responsibility, and sustainable aviation operations. The airline recognises that jet fuel consumption represents the greatest proportion of its carbon emissions.

Environmental Performance:

• Fleet Age: Operates one of the youngest wide-body aircraft fleets with an average age of approximately 9 years, considerably lower than the industry average
• Aircraft Investment: Multi-billion dollar investments in modern A350 and Boeing 777 freighter aircraft to reduce environmental impact while improving passenger comfort and operational efficiency
• Retrofit Programme: Extensive cabin upgrades and refurbishments across A380, 777, and A350 fleet to extend aircraft life and improve efficiency
• Ground Operations: LED lighting installations in engineering hangars and warehouses activated by motion sensors, aircraft cabin maintenance using cooler LED lights
• Waste Reduction: Comprehensive waste reduction programmes across operations

Research and Innovation:

• Sustainability Fund: Established a $200 million Sustainability Fund for research and development projects focused on reducing fossil fuel impact in commercial aviation
• Aviation Impact Accelerator: Participates in the Aviation Impact Accelerator at the University of Cambridge

Ethical Practices:

• Labour Practices: Addresses concerns about working conditions through employee welfare programmes
• Reporting: Maintains reporting on environmental and social performance through annual reports

Emirates is not a certified B Corporation. The airline publishes an annual report with environmental and social performance data.

Emirates has received extensive recognition for excellence in aviation, customer service, and sustainability leadership.

• World's Most Profitable Airline: Achieved this status in both FY2024-25 and FY2025-26 reporting cycles
• Skytrax Awards: Multiple awards including World's Best Airline, Best Inflight Entertainment, and Best Economy Class
• Customer Service Recognition: Awards for cabin crew excellence, ground service quality, and overall passenger experience
• Sustainability Leadership: Recognition for environmental initiatives, fuel efficiency programmes, and sustainable aviation practices
• Cargo Operations: Awards for air cargo innovation, logistics excellence, and global freight services
• Aviation Safety: Recognition for safety standards, operational excellence, and technical innovation

Emirates faces several areas of scrutiny and challenge.

Boeing 777X Delivery Delays:

The Boeing 777X programme has experienced multiple delays, with Emirates initially expecting delivery in April 2020. As of mid-2026, the first 777-9 delivery is expected in Q2 2027. Emirates has rejected delivery of the first 10-11 early-build 777-9s, with President Tim Clark stating: "We are not taking them. We have told Boeing." The early aircraft, built as long ago as 2019, would be nearly eight years old by delivery and require extensive modifications. Clark stated they are "half-life and no use to anybody" and suggested Boeing should write them off. Emirates has 270 777-9s on order and is seeking compensation from Boeing for delays. The FAA expected to certify the 777-9 in late 2026 or early 2027.

Lost Revenue from Aircraft Delays:

President Tim Clark stated that Emirates has missed out on more than $10 billion in lost revenue from delivery delays and capacity constraints, including up to AED 30 billion ($8 billion) annually in lost passenger revenue and up to AED 8 billion ($2 billion) in lost freight revenue. Emirates is operating 20 to 30 percent below its potential income due to aircraft constraints. The airline has been forced to extend the life of its existing 777 fleet and invest billions in cabin upgrades.

Subsidy Allegations:

European and American airlines, including Lufthansa, Air France-KLM, and major US carriers, have alleged that Emirates receives unfair subsidies from the Dubai government. These airlines argue that Emirates' government ownership and financial backing give it an unfair competitive advantage. Emirates has consistently denied receiving subsidies, arguing that it operates on a commercial basis and that its profitability demonstrates commercial viability. The record profit results of AED 22.8 billion in FY2025-26 support Emirates' argument.

Geopolitical Challenges:

Dubai's geopolitical position has created challenges for Emirates. The Iran conflict affected operations in the 12th month of FY2025-26, described as a "challenging" period by Sheikh Ahmed. The 2017 US travel ban and 2017 Qatar diplomatic crisis previously restricted operations. Emirates is seeking regulatory approval for a direct Dubai to Berlin route, with discussions ongoing since 1991 and a potential launch targeted for December 2026.

Labour Practices:

Emirates has faced scrutiny related to working conditions of cabin crew and ground staff. The airline addresses these concerns through employee welfare programmes and maintains that its employment practices meet international standards.

Capacity Constraints at Dubai International Airport:

Emirates is outgrowing its base at Dubai International Airport and plans to move to Dubai World Central by 2032. The $35 billion development will be double the size of the existing site. Until the move, capacity constraints limit Emirates' ability to expand its network and increase frequencies.