GAMA results positive for businesss jets in 2025

GAMA, the General Aviation Manufacturers Association, released its year-end 2025 shipments and billings report for the general aviation industry, including piston, turboprop, business jet, and helicopter aircraft. The good news is that the business jet segment grew during the year, with higher billings driven by increased deliveries and higher average prices. The bad news is that the piston and turboprop segments were flat year over year. Fourth Quarter Results The following chart shows shipments and billings for the fourth quarter of 2025. Piston aircraft were relatively flat at 542 deliveries against 539 in 4Q 2024. Similarly, turboprop deliveries were 185, down from 191 in 4Q 2024. The business jet market had a strong fourth quarter, with 300 deliveries compared to 263 in the prior year, an increase of 37 aircraft. With gains coming in higher-priced business jets, billings exceeded $11.6 billion in 4Q 2025, up significantly over the $9.6 billion in 4Q 2024. Helicopter shipments in the 4th quarter for 2025 do not include results from Leonardo, which we expect to receive next week and will update our analytics. Nonetheless, without Leonardo, shipments were 326 helicopters, down from 323 in the prior year, albeit with slightly lower billings that should turn flat to positive with the forthcoming revision. [caption id="attachment_189337" align="aligncenter" width="987"] source: GAMA[/caption] Full Year Results Looking at the year as a whole, the industry has shown a rebound in business jet shipments, which now exceed pre-pandemic levels in 2019. Piston and turboprop results, however, were relatively flat in 2025. The following table compares full year results from 2019-2025 for shipments and overall billings for fixed and rotary wing aircraft. Billings for fixed-wing aircraft grew to $31 billion from $26.7 billion in 2024, a significant increase driven by the growth in high-end business jets. Helicopter shipments do not yet include 4Q results for Leonardo, and we expect changes to the data for turbine helicopters and rotary wing billings later this month. [caption id="attachment_189338" align="aligncenter" width="919"] source: GAMA[/caption] The trend toward single-engine piston and turboprop aircraft continues, at the expense of multi-engine models. Multi-engine turboprops, largely driven by the Beech King Air, have been declining in popularity in recent years. With 854 business jet deliveries, compared with 809 just before the pandemic, it appears the industry and its supply chain have fully recovered from the pandemic in terms of capacity and deliveries. The introduction of new high-end models at Gulfstream and Bombardier, the G800 and Global 8000, is a driving factor behind the growth in billings, which are up 16% year-over-year. When Dassault introduces the Falcon 10X, we expect that trend to continue. Market Share for Deliveries Market share of aircraft deliveries is shown in the following table for 2019-2025. In terms of aircraft numbers, Textron remains at the top, followed by Gulfstream, Bombardier, and Embraer. After several years of declining deliveries, Textron had 20 more deliveries in 2025 than in 2024, reversing a trend. Gulfstream, with 22 more deliveries than the prior year, and Embraer, with 25 more aircraft, paced the industry changes. [caption id="attachment_189339" align="aligncenter" width="640"] source: GAMA[/caption] Historic market shares in deliveries are shown in the following table for each business jet manufacturer. Textron, Gulfstream, Bombardier, and Embraer lead in deliveries. [caption id="attachment_189340" align="aligncenter" width="640"] source: GAMA[/caption] Graphically, it is easy to see the market share of deliveries in the following chart covering the 2019-2025 period. Embraer and Cirrus show substantial growth, with Dassault and Honda sales lagging. Boeing did not deliver any BBJs in 2025. [caption id="attachment_189341" align="aligncenter" width="640"] source: AirInsight analysis[/caption] Market Share for Billings In terms of billings, Gulfstream continues to lead the segment, reaching $10 billion in 2025. Bombardier at $7.9 billion, Textron at $3.7 billion, and Embraer at $2.5 billion rounded out the top four in 2025. [caption id="attachment_189342" align="aligncenter" width="909"] source: AirInsight analysis[/caption] Gulfstream leads the market in billings, accounting for just over 1/3 of business jet dollars spent in Savannah. Bombardier is in second place, followed by Textron and Embraer, as shown in the following table. [caption id="attachment_189343" align="aligncenter" width="640"] source: AirInsight analysis[/caption] Another look at the same data graphically illustrates the historic dominance of Gulfstream, Bombardier and Textron in the business jet segment, with Gulfstream nearing its pre-pandemic market share in terms of billings. [caption id="attachment_189344" align="aligncenter" width="640"] source: AirInsight Analysis[/caption] The Bottom Line 2025 was a very good year for business jet manufacturers, as business jet deliveries rose nearly 12% and billings grew by 16% year-over-year. While turboprops and piston aircraft remained relatively flat year-over-year, those segments had recovered to pre-pandemic levels faster than business jets, which finally met 2019 delivery levels in 2025. Can we now conclude that the pandemic's impact on the general aviation sector is over? Based on the 2025 results, we would say yes, a recovery has been achieved. While aircraft production dipped during the period, the decline in general aviation was not as sharp as that in commercial airliners, and the supply chain now appears capable of sustaining additional production. Things are looking up for general aviation, so stay tuned for our quarterly shipment and billings updates as the year progresses.

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