Dassault Aviation: Revenue up 19%, Record Order Book at €46.6 Billion
The aerospace manufacturer revealed its 2025 results, marked by a revenue increase to €7.42 billion and an enhanced operating margin. The order book reached €46.6 billion, driven by export demand for the Rafale.
Financial Performance and Operational Efficiency
Dassault Aviation's adjusted revenue reached €7.42 billion in 2025, up from €6.23 billion in 2024, marking a 19% increase. The adjusted operating result reached €635 million, up 22% from €519 million in 2024. The operating margin improved to 8.6% of revenue, from 8.3% the previous year. This progress is mainly due to an increase in defense activity, driven by export deliveries of the Rafale. Defense activity generated €4.65 billion in revenue, of which €2.97 billion was from exports, compared to a total of €3.97 billion in 2024. Rafale deliveries reached 26 units in 2025, exceeding the target of 25 planned, including 15 exports and 11 destined for France.
Stable Net Results Amid Fiscal Adjustments
The adjusted net result reached €1.061 billion in 2025, almost stable compared to €1.056 billion in 2024. Excluding an additional corporate tax surcharge in France of €96 million, the adjusted net result would have reached €1.157 billion. The adjusted net margin fell to 14.3% in 2025 from 17.0% in 2024, reflecting this additional tax burden and a lesser contribution from financial results. Earnings per share amounted to €13.60 compared to €13.46 in 2024. Research and development expenses were €389 million, representing 5.2% of revenue, notably for developments of the Falcon 10X. Available cash increased to €9.415 billion, up from €8.434 billion at the end of 2024, fueled by advances received on Rafale export contracts.
Record Order Book and Shareholder Dividend
The consolidated order book reached €46.6 billion as of December 31, 2025, up €3.4 billion from the previous year. It includes 220 Rafales and 73 Falcons. The Falcon activity recorded 31 orders and 37 deliveries in 2025, compared to 26 orders and 31 deliveries in 2024, for a revenue of €2.775 billion. Consolidated order intake amounted to €10.941 billion, with 89% from exports. The book-to-bill ratio reached 1.5x. Dassault Aviation proposed a dividend of €4.78 per share to shareholders, representing a payout of 35% of the result. The workforce increased to 15,024 employees as of December 31, 2025, compared to 14,589 a year earlier.
