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Emirates Group · Government of Dubai, not listed · FY2025/26 (to 31 March 2026)

Emirates Skywards by the numbers

Emirates Group reported a record profit before tax of AED 24.4 billion (US$6.6 billion) on revenue of AED 150.5 billion in the year to March 2026, with the airline itself earning AED 22.8 billion before tax. None of that is attributed to Skywards: the group does not disclose the program's revenue, members or the deferred revenue for unredeemed miles in its results releases.

Written and reviewed by the Points Plug team. Last reviewed .

What Emirates Group reports

Members
Not disclosed
The results releases give no Skywards member count, revenue or liability figure.

Card partners and deals

  • Emirates Skywards co-brand cards are issued by banks in the UAE, the UK, the US and elsewhere; the results releases do not name partners or terms.

How the miles are accounted for

  • Emirates Group publishes an annual report with audited accounts, but it does not break out Skywards, and the FY2025/26 report was not readable for this page.

What it means

What the releases do describe is product: Skywards marked its 25th anniversary, and Classic Rewards were extended to all flydubai flights and to Premium Economy. Those are availability changes that matter to members even without a financial line to attach them to.

Because Emirates is owned by the Government of Dubai, it has no listed equity and no requirement to report a loyalty segment. This page will be updated if the annual report discloses more.

What it means for your Emirates Skywards balance

A program that earns more from selling miles to banks than from flights has an incentive to keep issuing them, and the deferred revenue line is the airline's own estimate of what an average outstanding mile will cost it to honour. Compare that with published valuations and with what Points Plug pays to see where your balance stands.

Emirates Skywards finances: FAQ

Does Emirates report Skywards revenue?
No. The FY2025/26 results releases give group and airline figures but nothing for Skywards.
How profitable is Emirates?
Emirates Group made AED 24.4 billion (US$6.6 billion) before tax in FY2025/26, a record.

Sources

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