Etihad Airways Reports Record $698M Profit in 2023 | Revenue & Passenger Growth

Etihad Airways reported a record profit of AED 2.6 billion (U.S. $698 million) for 2025, marking its strongest financial year to date, according to a company statement and confirmed by multiple news outlets.

The airline carried 22.4 million passengers throughout the year, a 21 percent increase in capacity compared to 2024, with available seat kilometers (Inquire) reaching 111.5 billion. The passenger load factor rose to 88.3 percent, a two-percentage-point increase year-on-year, indicating strong demand across Etihad’s network.

Total revenue increased by 21 percent year-on-year to AED 30.7 billion (U.S. $8.4 billion), driven by growth in both passenger and cargo operations. Passenger revenue specifically rose by 24 percent to AED 25.8 billion (U.S. $7.0 billion), attributed to increased capacity, sustained demand, improved load factors, and stronger yields.

Cargo revenue likewise saw an increase, rising 8 percent to AED 4.5 billion (U.S. $1.2 billion). Cargo volumes increased by 9 percent, exceeding 700,000 leg tonnes. The growth in passenger fleet capacity contributed to the cargo performance through increased belly-hold space. Etihad has become the largest cargo operator between mainland China and the Middle East, operating over 100 monthly cargo services, bolstered by a joint venture with SF Express.

The airline’s earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 37 percent year-on-year to AED 6.3 billion (U.S. $1.7 billion), resulting in an EBITDA margin of 20 percent, a two-percentage-point increase. Profit after tax reached AED 2.6 billion (U.S. $698 million), a 47 percent increase, with a profit margin of 8.4 percent, an improvement of 1.5 percentage points. This profit margin is more than double the industry average of 3.9 percent.

Strong profitability generated almost AED 8.0 billion (more than U.S. $2 billion) in cash flow from operations, allowing Etihad to fully fund its capital expenditure for the year and reduce its debt.