Embraer posted record 2Q26 revenue of $2.2 billion, up 23% year over year and its strongest second quarter ever. Adjusted EPS of $1.19 crushed the $0.61 consensus by 95%. Backlog hit a new all-time high of $34.5 billion, up 16% year over year — the seventh consecutive quarter of record backlog growth. The company raised full-year adjusted EBIT margin guidance to 10-10.6%, from 8.7-9.3%, and doubled its free cash flow floor to at least $400 million.
Revenue and delivery guidance for the year, notably, didn’t move at all — still $8.2-8.5 billion, still 80-85 commercial deliveries and 160-170 executive jets. Everything raised was about profitability, nothing about volume. That’s worth pondering before accepting the headline at face value. Because the industry’s lessons are there to see. And harvesting with no clear planting sends a signal.
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