Airbus (AIR) Q4 2024 earnings summary

Executive summary

• Delivered 766 commercial aircraft in FY 2024, achieving guidance and demonstrating strong operational execution, with revenues of €69.2 billion and EBIT Adjusted of €5.4 billion.

• Net income rose 12% year-over-year to €4.2 billion, with EPS at €5.36.

• Strong order intake across all business segments, with a book-to-bill ratio above 1 and a consolidated order backlog of €629 billion.

• Board proposes a €2.00 per share dividend and a €1.00 special dividend, reflecting robust cash generation.

• Progressed on Defence and Space transformation, including technical reviews and strategic discussions for European space sector consolidation.

Financial highlights

• Revenues increased 6% year-over-year to €69.2 billion, driven by higher commercial aircraft and helicopter deliveries.

• EBIT Adjusted was €5.4 billion, down from €5.8 billion in 2023, mainly due to €1.3 billion in space program charges.

• Net income reached €4.2 billion; EPS reported at €5.36, adjusted EPS at €5.05.

• Free cash flow before customer financing was €4.5 billion, stable year-over-year.

• Net cash position at year-end was €11.8 billion, up 10% from 2023.

Outlook and guidance

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

• Guidance assumes no major disruptions to global trade, supply chain, or internal operations, and excludes potential new tariffs.

• Integration of Spirit AeroSystems work packages factored into 2025 guidance, expected to be broadly EBIT neutral and net cash neutral.