Airbus (AIR) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenues declined 7% year-over-year to €12.7 billion, mainly due to lower commercial aircraft deliveries and US dollar depreciation, while Defence and Space showed strong momentum and order intake.

• EBIT Adjusted fell to €300 million from €624 million in Q1 2025, with reported EBIT at €224 million, reflecting lower deliveries and FX headwinds.

• Net income was €586 million, down from €793 million, with EPS at €0.74 and EPS Adjusted at €0.33.

• Free cash flow before customer financing was negative at €-2.5 billion, mainly due to inventory build-up and low deliveries.

• Order intake remained strong, with 408 gross commercial aircraft orders and a backlog of 9,037 units.

Financial highlights

• Revenues: €12.7 billion, down from €13.5 billion year-over-year.

• EBIT Adjusted: €300 million (Q1 2025: €624 million); EBIT (reported): €224 million (Q1 2025: €473 million).

• Net income: €586 million, down from €793 million; EPS: €0.74 (Q1 2025: €1.01); EPS Adjusted: €0.33 (Q1 2025: €0.67).

• Free cash flow before customer financing: €-2,485 million (Q1 2025: €-310 million).

• Net cash position at March 2026: €9.8 billion, down from €12.2 billion at year-end 2025; gross cash position at €25.2 billion.

Outlook and guidance

• 2026 guidance unchanged: targeting around 870 commercial aircraft deliveries, EBIT Adjusted of €7.5 billion, and free cash flow before customer financing of €4.5 billion.

• Assumes no further disruptions to global trade, supply chain, or operations.