Airbus: Net income up 36% over nine months, but third quarter in decline
Airbus published accounts on 28 October 2026 for nine months showing growth across its main metrics: revenue of €50,645 million (+7%), adjusted EBIT of €4,495 million (+8%) and net income of €3,587 million (+36%).
Net orders for commercial aircraft more than doubled, reaching 1,105 aircraft compared to 514 a year earlier.
Two factors qualify this cumulative picture. For the third quarter alone, revenue fell by 2% and adjusted EBIT by 9%. Net cash returned to €7.0 billion at the end of September, compared to €12.2 billion at the end of 2025, due to inventory build-up linked to production ramp-up.
Commercial aircraft and defence drive adjusted EBIT, helicopters decline
Commercial aircraft remain the group's main growth driver. Airbus delivered 547 aircraft over nine months, compared to 507 a year earlier, including 428 from the A320 family and 38 A350s.
The division's revenue increased by 8%, to €36.7 billion, driven by deliveries and services, partially offset by dollar weakness.
The division's adjusted EBIT rose by 3%, to €3,362 million: the benefit from increased deliveries was partially absorbed by higher R&D spending and a less favourable hedging rate.
In its half-yearly publication on 29 July 2026, the group had already cited the dollar and currency hedging among its risks.
Airbus Defence and Space saw its adjusted EBIT increase by 60%, to €672 million, for revenue of €9,341 million (+5%), with volumes rising across all its activities.
At Airbus Helicopters, revenue remained stable at €5,646 million and adjusted EBIT fell by 10%, to €445 million, due to a less favourable delivery mix.
Third quarter decline and net cash reduced to €7 billion
Third quarter revenue alone fell by 2%, to €17,469 million, due to lower commercial aircraft delivery volumes, partially offset by services. It came in below analysts' average expectations, which stood at €18.11 billion according to the consensus established on 22 October 2026.
Quarterly adjusted EBIT fell by 9%, to €1,768 million, reflecting lower deliveries, a less favourable mix in commercial aircraft and helicopters, and the integration of former Spirit AeroSystems work packages. The quarter's net income, however, rose by 20%, to €1,344 million.
Over nine months, free cash flow before customer financing stands at -€1,268 million, compared to -€914 million a year earlier. Gross cash totalled €21.9 billion at the end of September, compared to €27.2 billion at the end of 2025, and net cash totalled €7.0 billion, compared to €12.2 billion.
Airbus attributes this cash outflow primarily to changes in working capital requirements, which notably reflect inventory build-up linked to a delivery profile concentrated at year-end and the planned production ramp-up. The group had identified this factor among its risks in its 29 July 2026 publication.
Order book of 9,310 aircraft and production targets maintained
The commercial aircraft order book reached 9,310 aircraft at the end of September 2026, compared to 8,665 a year earlier and 9,222 at the time of the half-yearly publication on 29 July. Gross orders totalled 1,174 aircraft over nine months, compared to 610 a year earlier. The Airbus Helicopters order book rose to 1,122 units, compared to 981.
Airbus Defence and Space order intake reached €11.5 billion, compared to €6.8 billion a year earlier and €9.3 billion at the end of the first half. On the production side, Airbus continues to target between 70 and 75 A320 family aircraft per month by the end of 2027, with stabilisation at 75 thereafter.
The group also maintains its targets of 13 A220 per month in 2028, 12 A350 in 2028 and 5 A330 in 2029. Chief Executive Guillaume Faury indicated that the group remained focused on deliveries, with constant priority on quality, given the order book of 9,310 commercial aircraft.
