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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Leonardo
Leonardo (LDO) investor relations material
Leonardo Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary5 Nov, 2026
Executive summary
9M orders rose 27.8% to €23.27bn, revenue increased 14.2% to €15.35bn and EBITA grew 37.7% to €1.30bn; like-for-like growth was 24%, 10% and 31%, respectively.
Backlog reached €60.372bn, with book-to-bill of ~1.5x and production coverage exceeding 2.7 years.
Adjusted net result rose 74.2% to €812m; FOCF was -€68m including IDV and positive €22m on a like-for-like basis.
Financial highlights
9M EBIT was €1.10bn, adjusted EPS €1.243 and reported net result €792m.
FOCF improved 84% to -€68m from -€426m; the like-for-like result was positive for the first time at this point in the year.
Net debt was €3.325bn versus €2.313bn a year earlier, mainly reflecting the €1.6bn IDV acquisition outlay.
Cash flow absorbed higher tax payments and more than €110m for the NH90 Norway litigation settlement.
Outlook and guidance
FY 2026 orders guidance rose from ~€28.2bn to ~€29.5bn, including IDV.
Revenue guidance remains ~€22.1bn, EBITA ~€2.21bn, FOCF ~€1.37bn and net debt ~€2.2bn; double-digit ROS remains the target.
Q4 is expected to deliver the year’s largest EBITA and cash flow, though performance is expected to be less exceptional than historically.
Helicopters FY revenue growth expectation is ~4%, with ROS targeted at 9.2%; Aerostructures losses are expected near €0.1bn.
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Latest events from Leonardo
- Orders up 44.6% and net income up 74.4% in H1 2026; FY guidance upgraded.LDO
Q2 2026 - Orders, revenues, and EBITA surged in Q1 2026; IDV acquisition and credit upgrades boost outlook.LDOQ1 2026
- 2030 targets: €142bn orders, €30bn revenues, €3.59bn EBITA, led by innovation and global expansion.LDOInvestor Update
- Double-digit growth in orders, revenues, and EBITA, with net debt down 44%.LDOQ4 2025
- Strong order growth, higher revenues, and improved profitability drive 2025 outlook.LDOQ3 2025
- Double-digit growth in orders, revenues, and EBITA drives upgraded FY2025 guidance.LDOQ2 2025
- Double-digit growth, record backlog, and guidance confirmed amid sector challenges.LDOQ3 2024
- Double-digit growth, record backlog, and FY 2024 guidance confirmed.LDOQ2 2024
- Double-digit growth in orders, revenues, and EBITA, with net debt down and guidance confirmed.LDOQ1 2025
Next Leonardo earnings date
Q4 20263 Mar, 2027
Leonardo
Next Leonardo earnings date
Q4 20263 Mar, 2027
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Frequently asked questions
Leonardo S.p.a. provides aerospace, defense, and security systems, including helicopters, aircraft, electronics, and cyber security solutions. The company serves government and commercial clients worldwide, with capabilities in design, manufacturing, and integration of complex technologies. The company is headquartered in Rome, Italy, and its shares are listed on the BIT.