The world's most profitable airlines reported a combined $25.11 billion (€22bn) in net earnings for their latest financial years, according to an analysis by Dubai-based One Investments. Yet those figures capture an industry at its peak just before the Iran conflict reshaped the operating environment.
Emirates retained the top spot for a second consecutive year, posting a record $5.4 billion (€4.7bn) net profit for its first quarter — the best result in the carrier's history. Chairman Sheikh Ahmed bin Saeed Al Maktoum noted that the final month of the period was marked by "significant challenges" after the Iran war shut Gulf airspace at the end of February.
Delta Air Lines followed with $5 billion (€4.3bn), cementing its lead among US carriers, ahead of United Airlines at $3.4 billion (€3bn).
European carriers hold their own
Europe's champions occupy the next tier. Ryanair earned €2.26 billion in its financial year to March, a 40% jump driven by surging fares. The Irish low-cost carrier hedged 80% of its fuel needs at around $67 a barrel, insulating it from the recent spike. Turkish Airlines posted roughly $2.4 billion (€2.1bn) on record revenue, though its profit slipped slightly.
Singapore Airlines reported $2.1 billion (€1.8bn), but that figure includes a one-off, non-cash accounting gain of S$1.1 billion ($800 million) from the Air India-Vistara merger. Its underlying profit was approximately $1.3 billion (€1.1bn). Qatar Airways earned $1.94 billion (€1.7bn), Cathay Pacific around $1.27 billion (€1.1bn), and Japan's ANA about $1.1 billion (€963 million).
The ranking covers individual carriers only, excluding multi-brand parents such as IAG and Lufthansa Group, which is why British Airways and Lufthansa are absent. Qatar Airways and Emirates Group report only at group level, so their figures stand.
The Iran war changes the picture
The rankings capture an industry at its peak just as the ground shifted. Qatar Airways' result was actually a decline of nearly 10%, despite a record operating profit, after the conflict closed Qatari airspace in its final quarter. "It is not often that a single financial year asks an organisation to demonstrate both the best of what it can achieve and the depth of what it can withstand," said CEO Hamad Al-Khater.
Emirates carried 1% fewer passengers for the same reason, but the pain is only starting to register. The Iran war now appears to have reignited for the second half of the year. Jet fuel, which One Investments notes already consumed about 25.8% of airline operating costs in 2025, spiked above $150 a barrel after the conflict disrupted the Strait of Hormuz. The International Air Transport Association has warned that global airline profits are on course to halve this year, even though oil is currently trading at around $85 a barrel.
Ryanair, which declined to give guidance for the year ahead citing poor visibility, is better hedged than most. But the broader European network faces headwinds. The conflict has already forced reroutings and cancellations, and the expansion of European networks with new routes for autumn and winter 2026 may now be reassessed.
The next edition of this ranking could read very differently. As the Iran war continues to disrupt airspace and fuel costs, even the most profitable carriers are bracing for a turbulent year ahead.
