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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.
Safran
Safran (SAF) investor relations material
Safran Q3 2026 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 TU earnings summary23 Oct, 2026
Executive summary
Q3 adjusted revenue was €9,003m, up 14.7% reported and 13.4% organically; 9M adjusted revenue was €26,574m, up 17.5% reported and 17.9% organically.
Aftermarket strength, higher LEAP deliveries and defense momentum supported growth; FY 2026 outlook was confirmed.
Financial highlights
Q3 consolidated revenue was €8,890m versus adjusted revenue of €9,003m; 9M consolidated revenue was €26,135m versus adjusted revenue of €26,574m.
Q3 currency impact was +€84m (+1.1%) and scope impact +€15m; 9M currency impact was -€657m and scope impact +€570m.
Q3 revenue by division: Propulsion €4,628m, up 13.2% organically; Equipment & Defense €3,623m, up 15.7%; Aircraft Interiors €751m, up 5.8%.
Outlook and guidance
FY 2026 outlook confirmed: revenue growth up mid-teens, recurring operating income €6.4–€6.5bn and free cash flow €4.7–€4.9bn.
Civil-engine assumptions include LEAP deliveries up high-teens and USD spare-parts and services revenue each up mid-twenties; FY spare-parts growth guidance is mid-20s and services growth guidance 25%.
Free cash flow guidance includes an estimated ~€500m French corporate surtax impact and depends on advance-payment timing and State-customer payment cadence.
LEAP deliveries are expected to exceed 2,100 in 2026, reach 2,600 by 2028 and approach 3,000 by 2030; annual CapEx is expected to exceed 6% in coming years.
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Latest events from Safran
- Record profitability and raised 2026 outlook on strong aftermarket and LEAP engine demand.SAF
Q2 2026 - Q1 revenue surged 23% organically to €8.624bn, driven by aftermarket and LEAP engine growth.SAFQ1 2026 TU
- Record 2025 growth, strong aftermarket, and upgraded 2028 targets amid robust demand.SAFQ4 2025
- Record growth, margin, and cash flow in H1 2025; outlook upgraded on strong demand and acquisition.SAFH1 2025
- High single-digit growth, LEAP ramp-up, and decarbonization drive record returns by 2028.SAFCMD 2024
- Q3 revenue up 14% year-over-year; EBIT guidance raised amid ongoing supply chain and tax risks.SAFQ3 2024 TU
- Strong H1 2024 revenue and profit growth, with guidance reaffirmed despite supply chain risks.SAFH1 2024
- Q1 2025 revenue up 16.7% to EUR 7.26–7.3bn, driven by strong aftermarket and services.SAFQ1 2025 TU
- Record revenue, profit, and cash flow in 2024; 2025 outlook raised with higher margins and buybacks.SAFH2 2024
Next Safran earnings date
Q4 20269 Feb, 2027
Safran
Next Safran earnings date
Q4 20269 Feb, 2027
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