The world’s nine most profitable airlines generated a combined $25.11 billion (€22 billion) in net earnings in their latest financial results, led once again by Emirates, according to EuroNews, citing an analysis by Dubai-based investment firm One Investments.
While the figures highlight one of the industry’s strongest financial performances on record, they largely reflect conditions before the conflict involving Iran disrupted aviation markets and increased uncertainty for the sector.
Emirates Tops Global Ranking
According to EuroNews, Emirates recorded a record net profit of $5.4 billion (€4.7 billion), marking the strongest financial performance in the airline’s history and retaining its position as the world’s most profitable carrier.
Delta Air Lines ranked second with $5 billion (€4.3 billion) in net profit, followed by United Airlines at $3.4 billion (€3 billion).
Among European carriers, Ryanair reported €2.26 billion in annual profit, while Turkish Airlines generated approximately $2.4 billion (€2.1 billion) despite a decline in profitability.
The ranking also included Singapore Airlines, Qatar Airways, Cathay Pacific and All Nippon Airways.
Conflict Raises New Risks
According to EuroNews, much of the reported performance reflects a period before renewed regional instability significantly affected airline operations.
The conflict led to temporary airspace closures across parts of the Gulf, reducing passenger traffic for several airlines and disrupting flight schedules.
Qatar Airways reported that profit declined by nearly 10%, while Emirates carried 1% fewer passengers after airspace restrictions affected operations.
Fuel Costs and Demand Under Pressure
The conflict has also renewed concerns over fuel prices.
According to One Investments, cited by EuroNews, jet fuel represented approximately 25.8% of airline operating costs in 2025. Following disruptions around the Strait of Hormuz, fuel prices briefly rose above $150 per barrel before easing.
The International Air Transport Association has warned that global airline profits could fall sharply this year if higher operating costs and geopolitical uncertainty persist.
Meanwhile, Ryanair said it would not issue financial guidance for the coming year, citing limited visibility over future market conditions despite having hedged most of its fuel purchases at significantly lower prices.
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