Airbus (AIR) Q4 2025 earnings summary

Executive summary

• Achieved record financial performance in FY 2025, driven by strong demand across all business segments and robust order intake, despite supply chain constraints and engine shortages from Pratt & Whitney impacting delivery ramp-up and 2026 guidance.

• Delivered 793 commercial aircraft in 2025, meeting guidance, with a consolidated order book of 8,754 aircraft valued at €619 billion and order intake up 19% year-over-year.

• Strategic milestones included the acquisition and integration of Spirit AeroSystems work packages, supporting operational stability and future ramp-up, and progress in establishing a new global industrial space player.

• Strong commercial momentum and backlog across commercial aircraft, helicopters, and defense, with significant military market growth.

• Leadership changes announced in Commercial Aircraft and Helicopters.

Financial highlights

• Revenues rose 6% year-over-year to €73.4 billion, driven by higher deliveries and services, partially offset by U.S. dollar depreciation.

• EBIT Adjusted increased 33% to €7.1 billion, with margin improving to 9.7%; reported EBIT up 15% to €6.1 billion.

• Net income reached €5.2 billion, with Adjusted EPS at €6.89 and reported EPS at €6.61; proposed dividend of €3.20 per share, payout ratio at 48%.

• Free cash flow before customer financing was €4.6 billion, with CapEx at €4 billion; gross cash position at year-end was €27.2 billion, net cash €12.2 billion.

• Book-to-bill ratio above 1 across all businesses; group backlog at €619 billion.

Outlook and guidance

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

• Ramp-up to 70–75 A320 aircraft per month now expected by end of 2027 due to engine supply issues; stabilization at rate 75 thereafter.

• Guidance assumes no major disruptions to global trade, supply chain, or operations.

• CapEx and free cash flow expected to be impacted in 2026 by Spirit AeroSystems integration and continued inventory build.