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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.
Thales
Thales (HO) investor relations material
Thales Q3 2026 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 TU earnings summary22 Oct, 2026
Executive summary
9M 2026 order intake reached €19.122bn, up 15% organically, while sales were €16.422bn, up 8.1%; Q3 sales grew 8.7%.
Strong commercial momentum and Q3 sales growth supported confirmation of 2026 objectives; sales growth is expected at the upper end of guidance or potentially beyond.
Financial highlights
9M order intake rose 14% reported and 15% organically; Q3 intake was €6.651bn, up 3% organically.
9M sales rose 7.6% reported and 8.1% organically; Q3 sales reached €5.473bn, up 9.7% reported and 8.7% organically.
29 orders above €100m were booked in 9M, totaling €7.570bn, up 42% YoY; 11 were booked in Q3.
Outlook and guidance
FY 2026 sales growth is expected at the upper end of the 6%–7% organic range and potentially beyond, corresponding to €23.3bn–€23.6bn.
Adjusted EBIT margin guidance remains 12.6%–12.8%; book-to-bill is expected above 1.1 and operating free cash flow conversion at 100%–110%.
Guidance assumes no new macroeconomic or geopolitical disruptions and uses a Q4 EUR/USD assumption of 1.18.
Defence is expected to deliver low double-digit FY sales growth and a margin above 13%; Cyber & Digital is expected to achieve low single-digit growth, with H2 stronger than H1.
Midterm guidance is expected to be revisited with FY 2026 results in early March 2027, alongside discussion of 2027 and 2028 targets.
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Latest events from Thales
- Organic growth and margin gains advanced, while working-capital pressure cut free cash flow.HO
Q4 2018 - Strong growth in Defence and Space drove higher sales, margins, and cash flow despite a one-off charge.HOQ2 2026
- Acquisition targets €500m in synergies, €3.9bn value, and leadership in underwater warfare.HOM&A announcement
- Record orders, double-digit growth, and strong cash flow drive a robust 2026 outlook.HOQ4 2025
- Sales and margins rose strongly, prompting an upgraded 2025 growth outlook.HOQ2 2025
- 2028 targets: >€25Bn revenue, 13–14% EBIT margin and 5–7% organic growth.HOInvestor Day 2024
- Order intake and sales grew strongly, with 2024 targets confirmed and robust market momentum.HOQ3 2024
- Record H1 order intake and sales, higher EBIT margin, and 2024 guidance reaffirmed.HOQ2 2024
- Record orders, double-digit sales growth, and higher margins drive robust 2024 results.HOQ4 2024
Next Thales earnings date
Q4 20262 Mar, 2027
Thales
Next Thales earnings date
Q4 20262 Mar, 2027
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Frequently asked questions
Thales S.A. provides various solutions for civilian and military customers in the aeronautics, space, defense, security, and ground transportation markets worldwide. It offers radio-communication systems, night vision goggles, and data recorders to air forces and aviation authorities; defense and civil electronics; measurement and information systems; satellite solutions; air traffic management; space and business applications; surface transportation; security systems and services; civil radars; tactical communication systems; secure and sovereign communications networks, as well as platforms encryption solutions for armed forces; cybersecurity solutions, including data protection platforms; cryptography solutions for authentication purposes in connected objects, e-government portals, on-board equipment for payment cards, as well as other delicate applications; submarine telecommunications cables and optical fibers for energy production companies that operate in terrestrial or offshore environments to increase their performance and safety measures.