Airbus Closes 2025 with Profit Growth, 793 Deliveries, and a Record Backlog of 8,754 Commercial Aircraft

Airbus has presented its 2025 consolidated financial results, confirming a fiscal year marked by solid demand across all divisions, excellent financial performance, and an unprecedented commercial order backlog. The European manufacturer not only surpassed its 2024 figures in revenue and profitability but also outlined a clear roadmap for 2026 within an operating context that remains complex.

2025 Financial Results: Growth in Revenue and Operating Profitability

In 2025, consolidated revenues increased by 6% year-on-year to €73.4 billion, compared to €69.2 billion recorded in 2024. This growth was primarily driven by a higher number of commercial aircraft deliveries and momentum in services, though partially offset by the depreciation of the US dollar.

Consolidated Adjusted EBIT—a key indicator excluding extraordinary material impacts such as provisions, restructurings, or exchange rate effects—reached €7.128 billion, up from €5.354 billion in 2024. It is worth noting that the 2024 figure included charges of €1.3 billion following a deep technical review of space programs.

Reported EBIT stood at €6.082 billion (2024: €5.304 billion), with negative net adjustments of €1.046 billion. These adjustments included:

• -€624 million due to dollar working capital mismatches and balance sheet revaluation (€47 million in the fourth quarter).

• -€188 million related to the acquisition and integration of specific Spirit AeroSystems work packages (€100 million in the fourth quarter).

• -€105 million for the workforce adaptation plan at Airbus Defence and Space.

• -€73 million linked to the A400M program.

• -€56 million in other costs, including regulatory compliance and M&A.

The financial result amounted to €268 million (2024: €121 million), mainly due to the revaluation of investments and financial instruments, partially offset by the evolution of the dollar. Consolidated net income reached €5.221 billion (2024: €4.232 million), with earnings per share of €6.61 (2024: €5.36).

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Deliveries and Orders: Commercial Backlog at Historic Highs

During 2025, Airbus delivered 793 commercial aircraft (2024: 766), broken down as follows:

• 93 A220

• 607 A320 Family

• 36 A330

• 57 A350

Revenues from the commercial aircraft division increased by 4% to €52.6 billion, reflecting the higher delivery volume and growth in services. Regarding sales, gross orders reached 1,000 commercial aircraft (2024: 878), with 889 net orders after cancellations (2024: 826). The accumulated backlog at year-end stood at a record 8,754 commercial aircraft.

At a consolidated level, order intake by value grew to €123.3 billion (2024: €103.5 billion). The total value of the consolidated backlog was €619 billion at the end of 2025 (2024: €629 billion), including a book-to-bill ratio greater than 1 and the impact of dollar depreciation.

Helicopters and Defence: Momentum in Military Markets

The Helicopters division recorded 536 net orders (2024: 450), with a book-to-bill ratio above 1 in both units and value. Deliveries increased to 392 units (2024: 361) and revenues grew 13% to €9.0 billion. Adjusted EBIT for Airbus Helicopters rose to €925 million (2024: €818 million), supported by higher deliveries and service growth.

Airbus Defence and Space raised its order intake by value to a record €17.7 billion (2024: €16.7 billion), with a book-to-bill ratio of approximately 1.3. Revenues grew 11% to €13.4 billion, driven by higher volumes across all business units. The division’s Adjusted EBIT reached €798 million, compared to a loss of €566 million in 2024, reflecting higher volumes and improved profitability under its transformation plan.

Production: Gradual Increase Conditioned by Engines and Supply Chain

Increasing production remains a central pillar of the industrial strategy.

• A220 Program: The ramp-up continues to be conditioned by the integration of Spirit AeroSystems work packages and the balance between supply and demand. Airbus now targets 13 aircraft per month in 2028.

• A320 Family: Pratt & Whitney’s inability to commit to the number of engines ordered is negatively impacting both 2026 forecasts and the production ramp-up trajectory. Consequently, the company expects to reach a rate of 70 to 75 aircraft per month by late 2027, stabilizing at 75 thereafter.

• Widebody Targets: Objectives remain unchanged: a rate of 5 per month for the A330 in 2029 and 12 per month for the A350 in 2028.

A400M Program: Improved Industrial Visibility

In the fourth quarter of 2025, a contract amendment was signed with OCCAR to advance seven A400M deliveries to France and Spain, increasing visibility on the program’s production. However, Airbus continues to evaluate the potential impact of order volume uncertainty on industrial activities. Risks associated with technical capability qualification and related costs remain stable.

Cash Flow

Free Cash Flow (FCF) before customer financing was €4.574 billion (2024: €4.463 billion), while total Free Cash Flow reached €4.753 billion (2024: €4.461 billion).

2026 Outlook: Higher Deliveries and Expected Operational Improvement

For 2026, Airbus assumes no additional disruptions to global trade, the world economy, air traffic, the supply chain, or its operational capacity. The forecast includes the impact of currently active tariffs and is formulated prior to M&A operations. Under these premises, the company expects:

• Around 870 commercial aircraft deliveries

• Adjusted EBIT near €7.5 billion

• Free Cash Flow before customer financing of approximately €4.5 billion

With a historic backlog, expanding profitability, and a solid financial position, Airbus enters 2026 with ambitious goals while managing an industrial environment marked by engine and supply chain tensions.

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