Airbus reports First Quarter (Q1) 2026 results

Airbus SE (stock exchange symbol: AIR) reported consolidated financial results for its First Quarter (Q1) ended 31 March 2026.

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

“The Q1 results reflect the lower level of commercial aircraft deliveries and a strong performance in our Defence and Space division. The operating environment remains dynamic and complex. We are closely monitoring the potential impact from the fast-changing situation in the Middle East,” said Guillaume Faury, Airbus Chief Executive Officer. “In commercial aircraft, we continue to ramp up and produce as per our plan while navigating the shortage of Pratt & Whitney engines. In defence, the focus remains on serving global demand by ramping up production across our portfolio of products and services. Against this backdrop, our guidance for 2026 is unchanged.”

Gross commercial aircraft orders totalled 408 (Q1 2025: 280 aircraft) with net orders of 398 aircraft after cancellations (Q1 2025: 204 aircraft). The order backlog amounted to 9,037 commercial aircraft at the end of March 2026. Airbus Helicopters registered net orders totalling 79 units (Q1 2025: 100 units), with an order backlog of 1,060 units at the end of March 2026. Order intake by value at Airbus Defence and Space increased to € 5.0 billion (Q1 2025: € 2.6 billion), mostly driven by the Air Power business unit.

Consolidated revenues decreased 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, 3 A330s and 11 A350s. Revenues generated by Airbus’ commercial aircraft activities decreased 11% to € 8.4 billion, mainly reflecting the lower deliveries and US dollar depreciation. Airbus Helicopters’ deliveries increased to 56 units (Q1 2025: 51 units) with revenues stable at € 1.6 billion, reflecting a less favourable delivery mix. Revenues at Airbus Defence and Space increased 7% year-on-year to € 2.8 billion, driven mainly by higher volumes in Air Power.

Consolidated EBIT Adjusted – an alternative performance measure and key indicator capturing the underlying business margin by excluding material charges or profits caused by movements in provisions related to programmes, restructuring or foreign exchange impacts as well as capital gains/losses from the disposal and acquisition of businesses – totalled € 300 million (Q1 2025: € 624 million).

EBIT Adjusted related to Airbus’ commercial aircraft activities decreased to € 81 million (Q1 2025: € 494 million), driven by the lower deliveries and an unfavourable hedge rate.

The A220 ramp-up is ongoing and the Company continues to target a monthly production rate of 13 aircraft in 2028. On the A320 Family, Pratt & Whitney remains the key pacer of the ramp-up trajectory, impacting both 2026 and 2027. As a result, the Company continues to expect to reach a rate of between 70 and 75 aircraft a month by the end of 2027, stabilising at rate 75 thereafter. The Company continues to target rate 5 for the A330 programme in 2029 and rate 12 for the A350 programme in 2028.

Airbus Helicopters’ EBIT Adjusted totalled € 65 million (Q1 2025: € 78 million), reflecting a solid performance from programmes, offset by higher R&D expenses.

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

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

Consolidated EBIT (reported) was € 224 million (Q1 2025: € 473 million), including net Adjustments of € -76 million.

These Adjustments comprised:

• € -42 million related to the dollar working capital mismatch and balance sheet revaluation. This mainly reflects the phasing impact arising from the difference between transaction date and delivery date;
• € -32 million related to the integration of the former Spirit AeroSystems work packages;
• € -2 million of other costs, including M&A.

The financial result was € 466 million (Q1 2025: € 621 million), mainly reflecting the revaluation of certain equity investments. Consolidated net income⁽¹⁾ was € 586 million (Q1 2025: € 793 million) with consolidated reported 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), mainly reflecting the low level of commercial aircraft deliveries on top of the planned inventory build-up associated with the ramp-up across programmes. Consolidated free cash flow totalled € -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), with a consolidated net cash position of € 9.8 billion (year-end 2025: € 12.2 billion).

Outlook

As the basis for its 2026 guidance, the Company assumes no additional disruptions to global trade or the world economy, air traffic, the supply chain, its internal operations, and its ability to deliver products and services.

The Company’s 2026 guidance is before M&A and includes the impact of currently applicable tariffs.

On that basis, the Company targets to achieve in 2026:

• Around 870 commercial aircraft deliveries;
• EBIT Adjusted of around € 7.5 billion;
• Free Cash Flow before Customer Financing of around € 4.5 billion

The Q1 Presentation, Press release and Financial notes are available here.

Airbus SE

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