Emirates, Qatar and Etihad have each reported record net profits for the latest quarter as long-haul connecting traffic through the middle-east continues to be strong. The carriers have been reporting results this month, with Etihad the latest to report this morning. Since the end of the global pandemic, airlines worldwide have been recovering, and the Middle East Three have each outperformed on their annual and quarterly results.
Emirates
Emirates reported on May 8th, with an annual profit of $5.2 billion and declared itself the world’s most profitable airline. The carrier served a record 53.7 million passengers from its hub in Dubai. While smaller than airlines like Delta and United in size, the carrier was more profitable in 2025, building on its long-haul connecting hub strategy.
“Our excellent financial standing enables us to continue building on and scaling up from our successful business models,” said Sheikh Ahmed bin Saeed Al Maktom, Emirates’ chairman and chief executive. “While some markets are jittery about trade and travel restrictions, volatility is not new in our industry,” he said. “We simply adapt and navigate around these challenges.”
Emirates 121,000 employees received a bonus of 22 weeks of their annual salary, or 42.3%. This compares to a 20 week bonus last fiscal year. Emirates operates a fleet of 260 aircraft in its fleet, and is the world’s largest operator of the Airbus A380 superjumbo aircraft. It took its first A350 late last year.
Qatar
Qatar Airways reported two days ago, reporting the strongest financial results in its history. The company’s profit grew by 28% to $2.15 billion, fueled by a 17% growth in revenue. Qatar Airways Group Chief Executive Officer, Engr. Badr Mohammed Al-Meer, said: “These record-breaking results are a testament to the hard work, skill and dedication of teams across all of Qatar Airways Group. I know that none of the outstanding results we’re announcing today would be possible without our people – more than 55,000 of them across the globe – and it’s our focus on fostering that talent, which has been a core focus of our Qatar Airways 2.0 strategy.”
Qatar Airways currently flies to over 170 destinations worldwide, connecting through its Doha hub, Hamad International Airport, the ‘Best Airport in the Middle East’ for 11 consecutive years, as well as ‘World’s Best Airport Shopping’ for the third year in a row, as voted by Skytrax. Hamad International Airport has previously been named the ‘World’s Best Airport’ by Skytrax in 2021, 2022, and 2024.
Etihad
Etihad reported record first quarter 2025 results earlier today, with record Q1 profitability of $187 Million, up 30% year over year. The carrier hosted more than five million passengers during the quarter, up 16% year over year with a load factor of 87%. Customer satisfaction at the airline also hit record highs, including check-in, inflight service, food and beverage, and with digital platforms.
“We are proud to deliver a record-breaking quarter – both in profitability and in guest satisfaction,” said Etihad CEO Antonoaldo Neves. “We’re executing a clear strategy: grow sustainably, operate efficiently, and never lose focus on delivering remarkable experiences to our guests.”
The carrier ended with quarter with 98 aircraft, took a new A350-1000 in April, with a Boeing 787 to follow shortly. The carrier also introduced the A321LR cabin in April, with first class suites and business class lay flat seats for medium-haul routes. The carrier also returned its 6th A380 back into service.
The Bottom Line
The Middle East Three are all breaking profitability records as the long-haul connecting strategy utilized by all three is working well. Each of the carriers differentiates itself on service, with innovation and new technology aircraft setting the pace for the industry. The business model is working well and generating high profitability.
While Turkish Airlines has joined the three with a similar connecting strategy, it has not yet caught up to the Middle East Three in terms of service offerings and profitability, but is beginning to close the gap.
While industry shocks and economic volatility could impact airlines, if the current conditions remain, we would anticipate another record year for Emirates, Qatar, and Emirates.
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