Source: Airbus

  • 507 commercial aircraft delivered
  • Revenues € 47.4 billion; EBIT Adjusted € 4.1 billion
  • EBIT (reported) € 3.4 billion; EPS (reported) € 3.34
  • Free cash flow before customer financing € -0.9 billion
  • 2025 guidance maintained, now including the impact of currently applicable tariffs

Airbus SE (stock exchange symbol: AIR) reported consolidated financial results for the nine months ended 30 September 2025.

“Our nine-month results reflect the level of commercial aircraft deliveries and a solid performance in the Defence and Space and Helicopters businesses,” said Guillaume Faury, Airbus Chief Executive Officer. “Deliveries remain backloaded amid a complex and dynamic operating environment. Meanwhile, we continue to expand our industrial capacity to support the commercial aircraft ramp-up. In space, we are making progress in the consolidation of our activities together with Leonardo and Thales to create a new European leader in that market. We maintain our 2025 guidance, which now includes the impact of currently applicable tariffs.”

Gross commercial aircraft orders totalled 610 (9m 2024: 667 aircraft) with net orders of 514 aircraft after cancellations (9m 2024: 648 aircraft). The order backlog amounted to 8,665 commercial aircraft at the end of September 2025. Airbus Helicopters registered net orders totalling 306 units (9m 2024: 308 units), which were well spread across the product range. Order intake by value at Airbus Defence and Space totalled € 6.8 billion (9m 2024: € 11.0 billion).

Consolidated revenues increased 7% year-on-year to € 47.4 billion (9m 2024: € 44.5 billion). A total of 507 commercial aircraft were delivered (9m 2024: 497 aircraft), comprising 62 A220s, 392 A320 Family, 20 A330s and 33 A350s. Revenues generated by Airbus’ commercial aircraft activities increased 3% to € 33.9 billion, mainly reflecting the higher number of deliveries and growth in services. Airbus Helicopters’ revenues increased by 16% to € 5.7 billion, reflecting a solid performance from programmes and growth in services. Helicopter deliveries totalled 218 units (9m 2024: 190 units). Revenues at Airbus Defence and Space increased 17% year-on-year to € 8.9 billion, driven by higher volumes across all its business lines.

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 € 4,146 million (9m 2024: € 2,798 million). 9m 2024 included charges recorded in the Space Systems business totalling € 989 million.

EBIT Adjusted related to Airbus’ commercial aircraft activities totalled € 3,270 million (9m 2024: € 3,028 million), mainly reflecting a more favourable hedge rate and lower R&D expenses while the increase of deliveries embeds an unfavourable mix.

The A320 Family programme continues to ramp up towards a rate of 75 aircraft per month in 2027. On the A220, the current balance between supply and demand has led to an adjustment of the ramp-up trajectory, with the Company now targeting to reach rate 12 in 2026. The A330 programme is currently stabilising at a monthly production rate of 4 aircraft and, as previously communicated, is targeting rate 5 in 2029 to meet customer demand. The Company continues to target rate 12 for the A350 in 2028.

Airbus Helicopters’ EBIT Adjusted increased to € 495 million (9m 2024: € 420 million), reflecting the growth in services and higher deliveries.

EBIT Adjusted at Airbus Defence and Space totalled € 420 million (9m 2024: € -661 million), supported by higher volumes and improved profitability in line with the Division’s mid-term trajectory.

On the A400M programme, the Company is engaged in positive and forward-looking discussions with the launch nations and OCCAR. This was notably marked by the agreement reached in June with OCCAR to advance seven deliveries for France and Spain and to further increase the visibility on the programme’s production. In light of uncertainties regarding the level of aircraft orders, Airbus continues to assess the potential impact on the programme’s manufacturing activities. Risks on the qualification of technical capabilities and associated costs remain stable.

Consolidated self-financed R&D expenses totalled € 2,145 million (9m 2024: € 2,351 million).

Consolidated EBIT (reported) was € 3,365 million (9m 2024: € 2,690 million), including net Adjustments of € -781 million.

These Adjustments comprised:

  • € -577 million related to the dollar working capital mismatch and balance sheet revaluation, of which € -186 million were in Q3. This mainly reflects the phasing impact arising from the difference between transaction date and delivery date;
  • € -105 million related to the Airbus Defence and Space workforce adaptation plan recorded in Q1;
  • € -88 million related to Spirit AeroSystems work packages stabilisation costs, of which € -31 million were in Q3;
  • € -11 million of other costs including compliance and M&A, of which € +23 million were in Q3.

The financial result was € 374 million (9m 2024: € -92 million), mainly reflecting the revaluation of certain equity investments and revaluation of financial instruments, partially offset by the evolution of the US dollar. Consolidated net income(1) was € 2,641 million (9m 2024: € 1,808 million) with consolidated reported earnings per share of € 3.34 (9m 2024: € 2.29).

Consolidated free cash flow before customer financing was € -914 million (9m 2024: € -845 million), reflecting the inventory build-up that supports fourth quarter deliveries, and the production ramp-up. Consolidated free cash flow totalled € -778 million (9m 2024: € -877 million). The gross cash position stood at € 21.3 billion at the end of September 2025 (year-end 2024: € 26.9 billion), with a consolidated net cash position of € 7.0 billion (year-end 2024: € 11.8 billion), also reflecting the 2024 dividend payment and the weakening dollar environment.

Outlook

As the basis for its 2025 guidance, the Company assumes no additional disruptions to global trade or the world economy, air traffic, the supply chain, the Company’s internal operations, and its ability to deliver products and services. The Company’s 2025 guidance now includes the impact of currently applicable tariffs. The guidance also includes the impact of the integration of certain Spirit AeroSystems work packages based on preliminary estimates and an assumed closing in the fourth quarter of 2025.

On that basis, the Company targets to achieve in 2025:

  • Around 820 commercial aircraft deliveries;
  • EBIT Adjusted of around € 7.0 billion;
  • Free Cash Flow before Customer Financing of around € 4.5 billion.

The anticipated impact of the integration of certain Spirit AeroSystems work packages on the Company’s guidance remains broadly in line with previous estimates.

Post-closing event

On 23 October 2025, Airbus, Leonardo and Thales announced the signature of a Memorandum of Understanding aimed at combining their respective space activities into a new company. By joining forces, the companies aim to strengthen Europe’s strategic autonomy in space, a major sector that underpins critical infrastructure and services related to telecommunications, global navigation, earth observation, science, exploration and national security. This new company also intends to serve as the trusted partner for developing and implementing national sovereign space programmes. It could be operational in 2027, subject to regulatory approvals and satisfaction of other closing conditions.