Emirates half-year profit falls 68% to $1bn as fuel costs and war bite

Emirates reported on 5 November 2026 that its airline and SkyCargo profit before tax for April to September 2026 was $1 billion, down 68% from a record $3.1 billion a year earlier. According to AeroTime, high fuel prices and airspace restrictions and closures linked to the conflict in the Gulf region drove the fall. Passenger numbers dropped 22% to 21.8 million.

The numbers behind the fall

AeroTime reports that revenue, including other operating income, was $15.5 billion, down 13% from $17.9 billion. Fuel costs before hedging gains rose 60% on the previous half-year, even though fuel uplift fell 12% because of reduced operations. Emirates chairman and chief executive Sheikh Ahmed bin Saeed Al Maktoum said global jet fuel prices had doubled compared with the same period last year.

One Mile at a Time adds that available seat kilometres fell 17%, while the passenger load factor dropped to 72% from 79.5%. It notes that the airline was the world's most profitable for the previous two years.

Group results and network recovery

Emirates Group, which includes dnata, posted a profit before tax of $1.1 billion (AED 4.1 billion), a 66% fall, on revenue of $18.0 billion, down 12% from $20.6 billion. The group called this a "remarkable performance", according to AeroTime. Emirates also cited government travel advisories that "reshaped consumer choices and travel flows".

At 30 September, Emirates was operating 91% of its pre-disruption network, covering 150 airports in 78 countries and territories. One Mile at a Time points out that this measures destinations rather than capacity, so many routes may run with fewer frequencies. The chief executive said the group enters the second half of the year with "measured optimism" while watching costs and geopolitical developments, and credited a strong cargo contribution.

Analysis and context

One Mile at a Time describes the results as better than expected and argues that Emirates has kept pricing power, contrasting it with Etihad, which it says appears to be publishing very low fares to fill seats. That is the outlet's own observation based on Google Flights, not company data. It also cites structural advantages such as lower operating costs at Dubai and cheaper fuel than in London, and expects rival Qatar Airways to fare worse, though that is opinion rather than reported fact. Readers weighing options can see our Qatar Airways vs Emirates comparison.

What this means for travellers

• Airline stability: A $1 billion half-year profit suggests Emirates is not under financial strain, and the group says cash levels remain healthy.
• Network: With 91% of the pre-disruption network operating, most destinations are served, but some may have fewer flights than before the conflict.
• Fares: One Mile at a Time says Emirates has held its pricing, so deep discounts should not be assumed. Neither source gives fare forecasts, and the effect of doubled jet fuel costs on ticket prices is not stated.
• Advisories: Government travel advice continues to influence demand, so check the latest guidance before booking routes through the Gulf.

Sources: AeroTime; One Mile at a Time.