Emirates cargo revenue rose 52% while tonnage dipped 1% in its latest half-year

Weight and revenue moved in opposite directions

The airline reported 1% less cargo by weight and 52% more cargo revenue. It said regional disruption reduced available airfreight capacity while marine transport disruptions sent some cargo buyers to air. Those are Emirates' explanations for its own financial period. Source 1

Tonnage alone cannot show what buyers paid

The reported changes imply aggregate revenue per tonne rose around 54%, calculated by dividing 1.52 by 0.99. That is an indicative ratio using rounded changes. The mix of routes, products, contracts and other charges may affect it, so it cannot determine the price of a particular shipment. Source 1

The company added dedicated cargo capacity

Emirates reported taking delivery of five Boeing 777 freighters during the first half and deploying its first converted passenger-to-freighter aircraft. It also named Almaty and Zhengzhou as additions to the freighter network. These measures describe the dedicated operation, while airline-wide capacity was down 10%. Source 1

The annual series covers the whole network

Reported global tonnage rose from about 1.8 million tonnes in FY 2022/23 to 2.4 million in FY 2025/26. The half-year result covers only six months and can be compared directly to the same half of the preceding year. The airline series does not measure all cargo through any particular airport. Source 4 Source 3 Source 2 Source 1

Sources

• Emirates Group first-half 2026/27 results, 5 November 2026
• Emirates Group FY 2025/26 results
• Emirates Group FY 2024/25 results
• Emirates Group FY 2023/24 annual report highlights