Airbus has had an awful start to 2026. How else does one say it? Here's the evidence along with the historic context. Deliveries: 19 aircraft delivered to 15 customers 15 A320-family aircraft 3 A220s 1 A350 This represents Airbus's slowest January since 2016 (when it delivered 17 aircraft). That is some hangover from December. Airbus didn't make a delivery until January 7, and then it took over a week for the next delivery. This contrasts sharply with the December push when ten aircraft were handed over on December 19, 2025. Orders: A Brighter Spot Airbus secured 49 gross orders in January from five customers: Spring Airlines: 24 A320neos + 6 A321neos (major order) IAG Group: 10 aircraft Undisclosed customers: 8 A321neos + 6 A321neos Air Algerie: 1 A330-900 (the only widebody order) Our view This isn't a panic —January is always slow. But 19 aircraft is concerning when you need to average 80+ per month for the rest of the year. Airbus must demonstrate significant recovery in February-March or risk missing 2026 targets, which would undermine its credibility regarding the 75 goal for 2027. As always, our view is data-driven. Here's our latest evidence, reflecting production and delivery as of 7:16 am today. [caption id="attachment_189109" align="aligncenter" width="419"] AirInsight[/caption] When we offer an opinion, it's coming from evidence. Our evidence shows Airbus is behind Boeing to date. Boeing is a yardstick even though it faces FAA rate restrictions. The third column shows it's not panic time for Airbus. And it also shows Airbus is way behind where it should be. If you're thinking Boeing is still moving aged MAX inventory, there was none in January (though they are still on some). So why? CEO Guillaume Faury admitted at the World Governments Summit in Dubai that Airbus faces significant supply chain issues, citing aircraft engines as the trickiest parts to secure during 2024 and 2025. Christian Scherer, outgoing chief executive officer of Airbus Commercial Aircraft, confirmed: The timing of engine deliveries for its bestselling A320 narrowbody remains an issue, with the company still in discussions with Pratt & Whitney about future volumes. Boeing doesn't have P&W problems as Airbus does. But P&W accounts for some of the problem, as this table shows. [caption id="attachment_189110" align="aligncenter" width="261"] AirInsight[/caption] You hear nothing from Airbus about the LEAP engine, which also seems to be stuck in inventory. February is going to be interesting. By the way, if you're interested in getting a faster look at what is going on among the OEMs, we have something for you to consider. Because this effort is high touch, with user feedback refining reports, we plan to limit the number of subscribers.