Emirates Stays Profitable in First Half Despite 6 Million Fewer Passengers; Schedule Still Not Fully Restored

DUBAI, November 5, 2026 — Emirates made a profit for the six months to September 2026 even though it carried about six million fewer passengers. Its schedule is still below pre-conflict levels.

The numbers (April–September 2026)

Measure	Result
Emirates airline pre-tax profit	AED 3.7bn (US$1bn), down 68%
Emirates Group pre-tax profit (incl. dnata)	AED 4.1bn (US$1.1bn)
Passengers	about 6 million fewer (−22%)
Total costs	down 2%
Jet fuel uplift	down 12%
Net fuel cost	up 13%, held down by hedging

Why it held up: fuel hedging and what Emirates called a “strong contribution” from its cargo business.
Hedges expire soon: its fuel hedging contracts are set to expire “in the coming months.” No date was given.
Timeline context: Emirates was grounded from late February into early March and ran a reduced operation from early March to April. The network is still not fully back to pre-war levels. A date for full restoration is TBA.
Outlook: the outlook is one of “measured optimism.” The biggest unknown is whether a US-Iran deal ends the conflict. Fares are not expected to fall even if one is reached.

What it means for non-revs

A smaller schedule means fewer flights to choose from. Emirates has not said when its full network returns. Check the current schedule before you plan a Dubai connection, and don’t count on a later backup flight existing.
Fewer passengers does not mean empty planes. Emirates gave no load-factor figure, and fewer flights can still mean full flights. Check loads before you list.
Higher fares are expected to stay. That usually means high loads, so plan for tight standby on the routes that have come back.
ZED and interline travellers: nothing in the results changes agreements. Expect the network to keep changing while the Middle East situation is unresolved, and check for schedule changes close to departure.