Airbus reported its full 2025 results this morning. As the leading commercial aviation OEM, its results are an industry bellwether. And things look very good.
To summarize:
- 793 commercial aircraft delivered
- Revenues € 73.4 billion; EBIT Adjusted € 7.1 billion
- EBIT (reported) € 6.1 billion; EPS (reported) € 6.61
- Free cash flow before customer financing: €4.6 billion
- 2025 guidance achieved
- Dividend proposal: € 3.20 per share
- 2026 guidance issued
Airbus reports: Gross commercial aircraft orders totalled 1,000 (2024: 878 aircraft) with net orders of 889 aircraft after cancellations (2024: 826 aircraft). The order backlog amounted to a year-end record of 8,754 commercial aircraft at the end of 2025. Airbus Helicopters registered net orders totalling 536 units (2024: 450 units), with a book-to-bill ratio above 1 in both units and value, reflecting strong momentum, particularly in military markets. Order intake by value at Airbus Defence and Space increased to a record € 17.7 billion (2024: € 16.7 billion), corresponding to a book-to-bill of around 1.3.
Airbus reports Full-Year (FY) 2025 results
• 793 commercial aircraft delivered
• Revenues € 73.4 billion; EBIT Adjusted € 7.1 billion
• EBIT (reported) € 6.1 billion; EPS (reported) € 6.61
• Free cash flow before customer financing € 4.6 billion
• 2025 guidance achieved
• Dividend proposal: € 3.20 per share
• 2026 guidance issued
Amsterdam, the Netherlands, 19 February 2026 – Airbus SE (stock exchange symbol: AIR) reported consolidated Full-Year (FY) 2025 financial results and provided guidance for 2026.
“2025 was a landmark year, characterised by very strong demand for our products and services across all businesses, a record financial performance, and strategic milestones. We successfully navigated a complex and dynamic operating environment to deliver on our updated guidance,” said Guillaume Faury, Airbus Chief Executive Officer. “Global demand for commercial aircraft underpins our ongoing production ramp-up, which we are managing while facing significant Pratt & Whitney engine shortages. The broad and competitive portfolios of Defence and Space as well as Helicopters allow us to capture the momentum in defence. We are also making progress to establish a new global industrial space player, together with our partners. These 2025 results and the confidence in our future financial performance support the proposed higher dividend payment.”
Gross commercial aircraft orders totalled 1,000 (2024: 878 aircraft) with net orders of 889 aircraft after cancellations (2024: 826 aircraft). The order backlog amounted to a year-end record of 8,754 commercial aircraft at the end of 2025. Airbus Helicopters registered net orders totalling 536 units (2024: 450 units), with a book-to-bill ratio above 1 both in units and value, reflecting strong momentum in particular for military markets. Order intake by value at Airbus Defence and Space increased to a record € 17.7 billion (2024: € 16.7 billion), corresponding to a book-to-bill of around 1.3.
Consolidated order intake by value increased to € 123.3 billion (2024: € 103.5 billion). The consolidated order book value stood at € 619 billion at the end of 2025 (year-end 2024: € 629 billion) including the Company-wide book-to-bill above 1, as well as the weakening of the US dollar.
Consolidated revenues increased 6% year-on-year to € 73.4 billion (2024: € 69.2 billion). A total of 793 commercial aircraft were delivered (2024: 766 aircraft), comprising 93 A220s, 607 A320 Family, 36 A330s and 57 A350s. Revenues generated by Airbus’ commercial aircraft activities increased 4% to € 52.6 billion, mainly reflecting the higher number of deliveries and growth in services, partially offset by the US dollar’s depreciation. Airbus Helicopters’ revenues increased by 13% to € 9.0 billion, reflecting a strong performance from programmes and growth in services. Helicopter deliveries increased to 392 units (2024: 361 units). Revenues at Airbus Defence and Space increased 11% year-on-year to € 13.4 billion, driven by higher volumes across all business units.
Consolidated EBIT Adjusted – an alternative performance measure and key indicator capturing the underlying business margin by excluding material charges or profits caused by movements in provisions related to programmes, restructuring or foreign exchange impacts as well as capital gains/losses from the disposal and acquisition of businesses – totalled € 7,128 million (2024: € 5,354 million). The 2024 figure included charges of € 1.3 billion following an in-depth technical review of Space programmes.
EBIT Adjusted related to Airbus’ commercial aircraft activities increased to € 5,470 million (2024: € 5,093 million), driven by the higher deliveries with a more favourable hedge rate and lower R&D expenses being partially offset by the impact of tariffs.
The A220 production ramp-up is ongoing and still paced by the integration of Spirit AeroSystems work packages and the balance between supply and demand. As the Company continues to make tactical adjustments on this ramp-up trajectory, it is now targeting a rate of 13 aircraft a month for the A220 programme in 2028. On the A320 Family, Pratt & Whitney’s failure to commit to the number of engines ordered by Airbus is negatively impacting this year’s guidance and the ramp-up trajectory. As a consequence, the Company now expects to reach a rate of between 70 and 75 aircraft a month by the end of 2027, stabilising at rate 75 thereafter. The Company continues to target rate 5 for the A330 programme in 2029 and rate 12 for the A350 programme in 2028.
Airbus Helicopters’ EBIT Adjusted increased to € 925 million (2024: € 818 million), reflecting the higher deliveries as well as growth in services.
EBIT Adjusted at Airbus Defence and Space increased to € 798 million (2024: € -566 million), reflecting higher volumes and improved profitability, as the Division sees the results of its transformation plan.
On the A400M programme, a contract amendment was signed with OCCAR in the fourth quarter of 2025 to advance seven deliveries for France and Spain and to further increase the visibility on the programme’s production. In light of uncertainties regarding the level of aircraft orders, Airbus continues to assess the potential impact on the programme’s manufacturing activities. Risks on the qualification of technical capabilities and associated costs remain stable.
Consolidated self-financed R&D expenses totalled € 3,153 million (2024: € 3,250 million).
Consolidated EBIT (reported) was € 6,082 million (2024: € 5,304 million), including net Adjustments of € -1,046 million.
These Adjustments comprised:
• € -624 million related to the dollar working capital mismatch and balance sheet revaluation, of which € -47 million were in Q4. This mainly reflects the phasing impact arising from the difference between transaction date and delivery date;
• € -188 million related to the acquisition and integration of certain Spirit AeroSystems work packages, of which € -100 million were in Q4;
• € -105 million related to the Airbus Defence and Space workforce adaptation plan, recorded in Q1;
• € -73 million related to the A400M, recorded in Q4;
• € -56 million of other costs including compliance and M&A, of which € -45 million were in Q4.
The financial result was € 268 million (2024: € 121 million), mainly reflecting the revaluation of certain equity investments and revaluation of financial instruments, partially offset by the evolution of the US dollar. Consolidated net income(1) was € 5,221 million (2024: € 4,232 million) with consolidated reported earnings per share of € 6.61 (2024: € 5.36).
Consolidated free cash flow before customer financing was € 4,574 million (2024: € 4,463 million), reflecting the strong performance in all businesses. Consolidated free cash flow totalled € 4,753 million (2024: € 4,461 million). The gross cash position stood at € 27.2 billion at the end of 2025 (year-end 2024: € 26.9 billion), with a consolidated net cash position of € 12.2 billion (year-end 2024: € 11.8 billion).
The Board of Directors will propose the payment of a 2025 dividend of € 3.20 per share to the Annual General Meeting taking place on 14 April 2026. The proposed payment date is 23 April 2026.
Outlook
As the basis for its 2026 guidance, the Company assumes no additional disruptions to global trade or the world economy, air traffic, the supply chain, its internal operations, and its ability to deliver products and services.
The Company’s 2026 guidance is before M&A and includes the impact of currently applicable tariffs.
On that basis, the Company targets to achieve the following in 2026:
• Around 870 commercial aircraft deliveries;
• EBIT Adjusted of around € 7.5 billion;
• Free Cash Flow before Customer Financing of around € 4.5 billion.
Notes:
- Airbus is in a duopoly with Boeing. This does not make them equal, as Airbus is currently the stronger of the two in the duopoly. So, broadly, the challenges faced by Airbus are also faced by Boeing.
- Looking at the results is more useful as a guide to where we might be going rather than where we have come from. The language to watch for is wording that provides confidence that the building blocks are in place for the next year and beyond.
- Consequently, we are focused on the Outlook part of the results.
- Airbus guidance for 2026 is for ~870 aircraft deliveries (+9.7% YoY)
- The A320 program is now expected to reach a production rate of 70-75 aircraft/month in 2027, not 75.
- Pratt & Whitney was called out as a primary cause. Interesting because operators obviously are still attracted to the GTF, and the LEAP is now running its own challenges.
- Airbus is targeting 12/mo for A350 by 2028 and 5/mo for the A330 by 2029 – that’s a way out still.
- There’s an increase in the A220 production goal to 13/mo by 2028 – also further out than expected and still not 14/mo.
In summary, the building blocks are in place for steady growth. Steady is a very important word because this industry dislikes unsteadiness in every form. Everything about commercial aviation centers around cadence – a steady beat is what everyone seeks. That on-time flight needs a steady schedule, which requires a stable network with predictable fleet performance. And, of course, steady new deliveries so older models retire as planned.
Moreover, the duopoly pressure is on. This is really good for the duopoly and the industry as a whole.
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