State-owned Ethiopian Airlines’ revenue rose 20% year on year to $9.1bn in the 2025/26 financial year as passenger and cargo traffic increased, according to annual performance figures carried by IntelliNews.
Passenger numbers climbed 10% to 20.7mn in the year ended July 7, while cargo volumes rose 16% to 897,000 tonnes. The airline added nine aircraft during the period and expanded facilities at Addis Ababa Bole International Airport.
The result compared with revenue of $7.6bn in 2024/25, when the airline carried 19mn passengers.
Ethiopian Airlines did not disclose its latest profit or operating-margin figures, making it difficult to determine whether the strong revenue growth produced comparable earnings growth.
ENA said the carrier’s performance was affected by flight cancellations linked to conflict in the Middle East and an Ebola outbreak in the Democratic Republic of the Congo.
Rising fuel costs remain another risk. CEO Mesfin Tasew told The Africa Report that fuel had increased to more than half of operating expenses from about 40%, as disruption in the Middle East pushed up jet-fuel prices and weakened demand on some Gulf routes.
Analysts cited by The Africa Report questioned whether the airline could sustain its expansion while managing higher fuel costs, aircraft-supply constraints, geopolitical disruption and the financing demands of its investment programme.
Ethiopian Airlines has commitments for 26 additional Boeing (NYSE:BA) 787-9 Dreamliners, comprising an existing order for 20 aircraft and six added in April. Deliveries are due to begin in 2028.
The airline is also considering an order for 25 smaller commercial aircraft to expand its domestic and regional network. Aircraft and spare-parts shortages have previously grounded part of its regional fleet and constrained domestic operations.
Its largest investment is the planned $12.5bn Bishoftu International Airport, under construction about 45 kilometres southeast of Addis Ababa.
The four-runway hub is scheduled for completion in 2030. Ethiopian Airlines has said it will initially handle 60mn passengers annually, while the wider master plan envisages capacity of as many as 110mn passengers a year.
The African Development Bank has committed $500mn to the project and is leading efforts to mobilise a further $8.7bn. US officials said Washington was seeking opportunities for American companies to participate, although no specific role had been agreed.
Ethiopian Airlines remains Africa’s largest carrier and is expanding its long-haul network across Africa, the US, Europe and Asia as it seeks to strengthen Addis Ababa’s position as a continental aviation hub.