Airbus (AIR) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenues rose 6% year-over-year to €13.5 billion, with EBIT Adjusted up 8% to €624 million and net income up 33% to €793 million, driven by higher services, favorable FX, and strong order intake across all divisions.

• 136 commercial aircraft delivered, with a net order intake of 204 aircraft and a record backlog of 8,726 units at the end of March 2025.

• Free cash flow before customer financing improved to €-310 million from €-1,791 million in Q1 2024, reflecting planned inventory build-up and commercial momentum.

• Net income attributable to equity holders increased to €793 million from €595 million year-over-year, with reported EPS at €1.01 and Adjusted EPS at €0.67.

• Total comprehensive income surged to €2,214 million, reflecting strong hedge portfolio revaluation.

Financial highlights

• Revenues increased 6% year-over-year to €13.5 billion, driven by favorable FX and higher volumes in Helicopters and Defence & Space.

• EBIT Adjusted at €624 million (4.6% margin), up from €577 million in Q1 2024; EBIT (reported) at €473 million.

• Net income of €793 million; reported EPS €1.01; Adjusted EPS €0.67.

• Free cash flow before customer financing at €-310 million, a significant improvement from €-1,791 million in Q1 2024.

• Net cash position at €11.0 billion as of March 2025; gross cash at €26.1 billion.

Outlook and guidance

• 2025 guidance unchanged: targets around 820 commercial aircraft deliveries, EBIT Adjusted of €7.0 billion, and free cash flow before customer financing of €4.5 billion.

• Guidance excludes impact of tariffs and assumes no major disruptions to global trade or supply chain.

• Integration of Spirit AeroSystems work packages included in guidance, with closing expected in Q3 2025.

• Delivery profile expected to be back-end loaded in 2025, with normalization in the second half after a low first half.