Airbus Announced Its First Quarter (Q1) 2026 Results

• 114 commercial aircraft delivered
• Revenues €12.7 billion; Adjusted EBIT €0.3 billion
• EBIT (reported) €0.2 billion; Earnings per share (EPS, reported) €0.74
• Free cash flow before customer financing -€2.5 billion
• 2026 guidance unchanged

Airbus reduced its revenue by 7% and its adjusted EBIT by 52% in the first quarter of 2026. While the Pratt & Whitney engine crisis pressured deliveries and cash flow, the defence segment balanced the company’s balance sheet.

Deliveries declined, EBIT fell by more than half, and free cash flow dropped sharply into negative territory

Amsterdam, Netherlands, 28 April 2026 – Airbus SE (stock exchange symbol: AIR) announced its consolidated financial results for the First Quarter (Q1) ending 31 March 2026.

“Q1 results reflect the low level of commercial aircraft deliveries and the strong performance in our Defence and Space division. The operating environment remains dynamic and complex. We are closely monitoring the potential impact of the rapidly evolving situation in the Middle East,” said Airbus Chief Executive Officer Guillaume Faury. “In commercial aircraft, we continue to ramp up production in line with our plan while managing supply constraints in Pratt & Whitney engines. In defence, our focus remains on increasing production across our product and services portfolio to meet global demand. In this context, our 2026 guidance remains unchanged.”

Gross commercial aircraft orders totalled 408 (Q1 2025: 280 aircraft), while net orders after cancellations stood at 398 aircraft (Q1 2025: 204 aircraft). As of the end of March 2026, the order backlog reached 9,037 commercial aircraft. Airbus Helicopters recorded total net orders of 79 units (Q1 2025: 100 units), with a backlog of 1,060 units at the end of March 2026. Airbus Defence and Space order intake increased in value to €5.0 billion (Q1 2025: €2.6 billion), mainly driven by the Air Power business line.

Consolidated revenues decreased by 7% year-on-year to €12.7 billion (Q1 2025: €13.5 billion). A total of 114 commercial aircraft were delivered (Q1 2025: 136 aircraft), comprising 19 A220s, 81 A320 Family aircraft, 3 A330s and 11 A350s. Revenues from Airbus’ commercial aircraft activities declined by 11% to €8.4 billion, mainly reflecting lower deliveries and the depreciation of the US dollar. Airbus Helicopters deliveries increased to 56 units (Q1 2025: 51 units), while revenues remained flat at €1.6 billion, reflecting a less favourable delivery mix. Airbus Defence and Space revenues increased by 7% year-on-year to €2.8 billion, supported by higher volumes in the Air Power segment.

Consolidated Adjusted EBIT — an alternative performance measure that excludes material charges or profits related to programmes, restructuring, foreign exchange impacts, and disposals and acquisitions — amounted to €300 million (Q1 2025: €624 million).

Adjusted EBIT for Airbus’ commercial aircraft activities decreased to €81 million (Q1 2025: €494 million), mainly due to lower deliveries and a negative hedge rate.

The A220 ramp-up continues, and the company maintains its target of producing 13 aircraft per month by 2028. For the A320 Family, Pratt & Whitney remains the main factor determining the pace of production ramp-up, affecting both 2026 and 2027. Therefore, the company expects to reach a monthly production rate of 70–75 aircraft by the end of 2027 and stabilise at 75 thereafter. The production targets of 5 aircraft per month for the A330 programme in 2029 and 12 aircraft per month for the A350 programme in 2028 are maintained.

Adjusted EBIT for Airbus Helicopters amounted to €65 million (Q1 2025: €78 million); strong programme performance was partly offset by higher R&D expenses.

Adjusted EBIT for Airbus Defence and Space reached €130 million (Q1 2025: €77 million), supported by improved profitability across all business units.

Consolidated self-financed R&D expenses totalled €730 million (Q1 2025: €673 million).

Consolidated EBIT (reported) amounted to €224 million (Q1 2025: €473 million), including net adjustments of -€76 million.

These adjustments include:

• -€42 million related to dollar working capital mismatch and balance sheet revaluation; this reflects a timing effect arising from the difference between the transaction date and the delivery date
• -€32 million related to the integration of former Spirit AeroSystems work packages
• Other costs, including mergers and acquisitions: -€2 million

The financial result amounted to €466 million (Q1 2025: €621 million), mainly reflecting the revaluation of certain equity investments. Consolidated net income was €586 million (Q1 2025: €793 million), with earnings per share of €0.74 (Q1 2025: €1.01).

Consolidated free cash flow before customer financing was -€2,485 million (Q1 2025: -€310 million), driven by lower commercial aircraft deliveries and a planned inventory build-up linked to production ramp-up. Consolidated total free cash flow was -€2,422 million (Q1 2025: -€296 million). The gross cash position stood at €25.2 billion at the end of March 2026 (year-end 2025: €27.2 billion), while the consolidated net cash position was €9.8 billion (year-end 2025: €12.2 billion).

Outlook

When preparing its 2026 guidance, the company assumes no additional disruptions to global trade, the world economy, air traffic, the supply chain, internal operations, and its ability to deliver products and services.

The 2026 outlook is based on pre-mergers and acquisitions figures and includes the impact of existing tariffs.

Accordingly, the company’s 2026 targets are:

• Approximately 870 commercial aircraft deliveries
• Approximately €7.5 billion Adjusted EBIT
• Approximately €4.5 billion free cash flow before customer financing

Consolidated Airbus – 2026 Q1 Results (Euro)