Dassault Aviation: Revenue Up by 19%, 26 Rafales Delivered in 2025
The defense and civil aeronautics group recorded a revenue of 7.4 billion euros in 2025, an increase of 19% compared to 2024, driven by the deliveries of 26 Rafales and 37 Falcons.
Dassault Aviation closed the fiscal year 2025 with a net income of 1,061 million euros, stable compared to the 1,056 million euros recorded in 2024. Excluding a corporate tax surcharge in France of 96 million euros, the net income would have been 1,157 million euros. The adjusted consolidated revenue reached 7.4 billion euros, up 19% compared to 6.23 billion euros in 2024. This momentum reflects notably the delivery of 26 Rafales, surpassing the initial target of 25 aircraft, and 37 Falcons against a forecast of 40 business jets. The order book stood at 46.6 billion euros as of December 31, 2025, consisting of 220 Rafales and 73 Falcons, up from 43.2 billion euros at the end of 2024.
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The adjusted operating income increased by 22% to reach 635 million euros compared to 519 million euros the previous year, with an adjusted operating margin of 8.6% compared to 8.3% in 2024. Research and development expenses amounted to 389 million euros, focused particularly on the Falcon 10X program. Under IFRS, the consolidated net income reached 977 million euros compared to 924 million euros in 2024, with a net income per share of 12.52 euros compared to 11.78 euros previously. The contribution of the partner Thales to the net income was set at 507 million euros in 2024 and 534 million euros in 2025 in adjusted data. The adjusted consolidated net margin came out at 14.3% compared to 17.0% in 2024, penalized by the French tax surcharge and a decrease in financial results.
Order Intake and Future Outlook
The consolidated order intake for 2025 stood at 10.94 billion euros compared to 10.87 billion euros in 2024, with 89% for export. The Defense segment recorded orders for 8.29 billion euros, including 26 Rafales ordered by the Indian Navy. The Falcon activity generated 31 orders representing 2.65 billion euros. The available cash increased to 9.415 billion euros compared to 8.434 billion euros at the end of 2024, supported by the advance payments received on Rafale Export contracts. The group displays a book-to-bill ratio of 1.5x. For 2026, the group projects a revenue of 8.5 billion euros, with the delivery of 40 Falcons and 28 Rafales. In terms of governance, the Board of Directors proposed a dividend of 4.78 euros per share, representing a payout of 35%.
Le Rafale a confirmé son succès en 2025, avec la livraison du 300 ème Rafale et la commande de 26 Rafale par la Marine indienne.
Dassault Aviation présente des résultats 2025 conformes à l’évolution attendue: chiffre d’affaires consolidé IFRS de 7 426 millions d’euros, résultat opérationnel consolidé IFRS de 639 millions d’euros, résultat net consolidé IFRS de 977 millions d’euros et marge nette consolidée IFRS de 13,2%. Trésorerie disponible à 9 415 millions d’euros. Carnet de commandes consolidé à 46 596 millions d’euros et ratio book-to-bill de 1,5x. Dividendes proposés de 4,78 euros par action (payout d’environ 35%). Pour 2026, le chiffre d’affaires est anticipé autour de 8,5 milliards d’euros avec 40 Falcon et 28 Rafale prévus.
Risks mentioned
Incertitudes liées aux contextes militaires, géopolitiques et budgétaires, couplés aux droits de douane et à l’incertitude sur le SCAF.
Pression fiscale dégrade la compétitivité de la Société.
Incertitudes liées au droit de douane américain au 1er semestre 2025 et à l’évolution du Make in India.
Opportunities identified
Progression possible grâce au Make in India et à la coopération avec des partenaires indiens (DRAL, Tata Advanced Systems).
Poursuite du développement et de la modernisation des programmes Rafale/Falcon et du SCAF, ARCHANGE et ALBATROS; potentiel d’accroître les exports.
Partenariats pour une IA souveraine et maîtrisée avec AMIAD, Thales (cortAIx) et Harmattan AI.
Outlook / guidance
Expected revenue: 8,5 milliards d'euros (2026)
Management commentary: La prévision pour 2026 prévoit un chiffre d’affaires en hausse par rapport à 2025, à 8,5 milliards d’euros, soutenu par les livraisons prévues de Rafale et Falcon (40 Falcon et 28 Rafale).
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