Several of the world’s largest ground handling providers are reporting record or near-record financial results even as airlines face mounting operational and economic pressure tied to rising fuel costs and instability in the Middle East.
In recent weeks, Swissport, Menzies Aviation and dnata have all pointed to strong earnings growth, increased operational activity and continued investment in infrastructure, cargo operations and ground support equipment.
The results come as airlines globally contend with rapidly rising fuel prices linked to the conflict involving Iran and broader instability across the Gulf region. Several carriers have warned of margin pressure in recent weeks as higher fuel costs force airlines to adjust fares, capacity plans and operating forecasts.
Against that backdrop, recent earnings reports from major handlers suggest continued strength in outsourced airport services and cargo operations.
At dnata, part of the Emirates Group, airport operations revenue, including ground and cargo handling, increased to AED 11.2 billion (US$3.1 billion) during the company’s 2025-26 financial year. Aircraft turns handled globally rose 12% to 888,793, while cargo volumes increased 2% to 3.2 million tonnes. The company also continued investment in electric and hybrid ground support equipment, cargo infrastructure and automated handling systems.
Among dnata’s major projects during the year were a new automated cargo facility in Amsterdam, additional GSE investment in Rome and plans to launch ground handling and cargo operations in Azerbaijan when Alat International Airport opens in 2027.
Meanwhile, Menzies Aviation recently reported record revenue and EBITDA performance tied to network expansion and increased flight activity across international markets. The company surpassed $3 billion in revenue, reflecting a 16% year-over-year increase, marking its fifth consecutive year of double-digit growth. EBITDA reached $406 million, with a 13.4% margin.
For its part, Swissport reported record revenue of €3.9 billion in 2025 as the global aviation services provider continued expanding its cargo, ground handling and hospitality operations ahead of the company’s 30th anniversary in 2026.
The company said underlying revenue grew 9.3 percent year over year across its core businesses. Airport ground operations increased 4 percent, air cargo rose 10 percent and hospitality revenue climbed 22 percent, alongside ongoing investments in fleet modernization, infrastructure and digital operations.
Across the three companies, several common themes are emerging, including continued outsourcing demand from airlines, cargo market stability and long-term investment in operational infrastructure and technology.
Many handlers are also continuing to expand electric GSE programs and automation initiatives despite broader uncertainty surrounding airline profitability and operating costs.
The operational growth is notable given the challenges airlines continue to face across multiple markets. Fuel remains one of the industry’s largest cost categories, and recent increases in oil prices have renewed concerns about profitability, particularly among lower-margin carriers.
At the same time, major handling providers continue to expand cargo capabilities, modernize facilities and increase operational scale at airports worldwide.
For the ground support sector, the recent earnings cycle points to continued investment in airport operations, cargo infrastructure and GSE modernization, even as the broader airline industry faces a more uncertain operating environment.
