Etihad Airways delivers record profit in 2025

Etihad Airways today reported its strongest full-year financial and operational performance on record, marking its fourth consecutive year of profitability. The result reflects a year of rapid network and fleet expansion, strong demand across global markets, and the airline’s ability to scale its operations while improving customer satisfaction.  

Etihad carried 22.4 million passengers, supported by a 21 per cent capacity increase year-on-year, with available seat kilometres (ASK) reaching 111.5 billion. Demand remained strong across the network, with the passenger load factor rising to 88.3 per cent (+2pp year-on-year), demonstrating the execution capability of Etihad’s teams.

This growth translated into a strong revenue performance, with total revenue increasing by 21 per cent year-on-year to AED 30.7 billion (U.S. $ 8.4 billion), driven by expansion across both passenger and cargo businesses. 

Passenger revenue rose by 24 per cent year-on-year to AED 25.8 billion (U.S. $ 7.0 billion), reflecting increased capacity, sustained demand, improved load factor and stronger yields.

Cargo revenue increased by 8 per cent to AED 4.5 billion (U.S. $ 1.2 billion), supported by higher capacity and volumes, with cargo volumes rising 9 per cent to more than 700 thousand leg tonnes. Growth in the passenger fleet also supported cargo performance through increased belly-hold capacity, reinforcing Etihad’s integrated passenger and cargo operating model. As a result of this expanded capacity and its joint venture with SF Express, Etihad became the largest cargo operator between mainland China and the Middle East, operating over 100 monthly cargo services.

Operating performance strengthened further, with EBITDA increasing by 37 per cent year-on-year to AED 6.3 billion (U.S. $ 1.7 billion), translating into an EBITDA margin of 20 per cent (+2pp year-on-year). The strong operating performance and unit cost discipline resulted in a profit after tax of AED 2.6 billion (U.S. $ 698 million), up 47 per cent year-on-year, with profit margin improving to 8.4 per cent (+1.5pp year-on-year).  This is equivalent to more than double the industry average net profit margin of 3.9 per cent, according to IATA’s December 2025 estimates.

Strong profitability continued to translate into robust cash generation, with cash flow from operations reaching almost AED 8.0 billion (more than U.S. $ 2 billion), enabling Etihad to fully fund its Capex requirement for the year, while deleveraging the balance sheet.

The Group’s strengthened financial position and strategy were further recognised in December 2025, with a second consecutive credit rating upgrade from Fitch to AA-, the highest publicly available rating among global airline peers.

Antonoaldo Neves, Chief Executive Officer of Etihad Airways, said: “2025 has been a defining year for Etihad, delivering our strongest performance across every key metric and marking our fourth consecutive year of profitability. These results confirm that our strategy is working – growing sustainably, strengthening our financial position, and continuing to deliver a high-quality experience for our guests.

“I would like to sincerely thank our guests for choosing Etihad and trusting us with their journeys, and to thank our people across the airline for their commitment, professionalism and pride in what they do. Their passion for delivering extraordinary experiences has been central to our success during a year of significant growth, and to our ability to welcome more people to Abu Dhabi.

“With a stronger financial position, a growing fleet and a clear sense of purpose, we are well positioned to continue building on this momentum – giving flight to ambition for our guests, our people and to Abu Dhabi.”