Aviation giants, the Emirates Group says it remains upbeat on outlook, as the carrier posted a record $6.6 billion profit in its 2025–26 annual report, although the impact of regional conflict was only felt during the final month of the financial year.

“Our aircraft deliveries and retrofit program will continue apace, along with planned investments in new facilities and equipment. Our fundamentals are strong. Dubai’s role at the center of global commerce, trade and travel remains unchanged,” said Sheikh Ahmed bin Saeed Al Maktoum, chairman and chief executive of Emirates Airline and Group.

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The airline recorded profit before tax of $6.2 billion, up 7% year-on-year, with a pretax profit margin of 17.4%. Revenue reached a record $35.7 billion, an increase of 2% compared to last year, while cash assets climbed to an all-time high of $15 billion-10% higher than on March 31, 2025.

Passenger traffic fell by 1%, largely due to regional conflict that emerged at the end of Emirates’ financial period. However, analysts expect the full impact to become clearer when the airline reports its first-half earnings in November.

The results come after the UAE’s General Civil Aviation Authority (GCAA) lifted all flight restrictions earlier this week, allowing the resumption of full air traffic operations across the country. Emirates subsequently announced that it had restored 96% of its global network, signaling a near-complete operational recovery.

Emirates retained its position as the world’s most profitable airline. However, fuel and employee expenses remain its two largest cost components in 2025–26. Fuel accounted for 29% of operating costs, down slightly from 31% the previous year.

Sheikh Ahmed said the company is “well-hedged” on fuel through 2028–29 and enters the next financial year with “very strong cash reserves.”

Emirates currently boasts of a huge cash balance of $15 billion, which it says provides protection against fluctuating fuel prices.