Thales: Orders up 15% over nine months, growth expected at top of guidance range
Thales published on October 22, 2026 orders received of €19,122 million over the first nine months of the year, representing organic growth of 15%. Over the same period, revenue reached €16,422 million, up 8.1% organically. The volume of orders recorded thus remains higher than revenue billed.
The growth in orders is not evenly distributed. The 29 contracts with a unit value exceeding €100 million totaled €7,570 million, up 42%. Orders below €100 million amounted to €11,552 million, up 1%.
On the strength of these figures, the defense, aerospace and cybersecurity group has clarified its annual target. It now aims for organic revenue growth at the top of the previously communicated range of 6% to 7%, "or even beyond".
Revenue of €16,422 million over nine months, up 8.1% organically
Over the first nine months of 2026, Thales' revenue stood at €16,422 million, compared to €15,255 million a year earlier. The increase reached 8.1% at constant scope and exchange rates, and 7.6% in total variation. The third quarter in isolation came to €5,473 million, representing organic growth of 8.7% (9.7% in total variation).
This quarterly figure is above the average of €5.36 billion expected by the three analysts included in the consensus of October 17, 2026. It also exceeds the top of their range, set at €5.42 billion.
Defense, the group's leading sector, achieved €9,358 million in revenue, up 13.3% (13.0% organically). Despite a high comparison base, the third quarter alone grew 12.8% organically. The group attributes this momentum to increases in production capacity, particularly in air defense.
Aerospace grew 4.0% organically, to €4,237 million. Space is accelerating in the third quarter, having suffered in the first half from the cancellation of a two-satellite order. In Avionics, the impact of lower air traffic growth on aftermarket remains "moderate at this stage", according to the group. Cyber & Digital is stable at €2,742 million (+0.2% organically, -1.6% in total variation): Cyber activities are returning to growth, but Digital activities are slowing.
Defense and Space drive orders, smaller contracts up 1%
At €11,315 million, compared to €9,954 million a year earlier, Defense accounts for the bulk of orders received. Organic growth is 14%. The sector has recorded 22 unit orders exceeding €100 million since the start of the year, nine of them in the third quarter. The group cites sustained demand in naval, effectors, surveillance and air defense.
Aerospace orders reached €5,011 million, representing organic growth of 29%. Space signed seven contracts exceeding €100 million, including a new order of approximately €500 million linked to the European IRIS² constellation in the third quarter. In Cyber & Digital, orders received (€2,724 million) remain close to revenue, due to short cycles.
Reading by contract size clarifies the mechanism of this growth. The value of large orders increased 42%, with 11 of them recorded in the third quarter alone. Orders below €100 million grew only 1%, even though those under €10 million are also up.
Geographically, mature markets totaled €14,425 million in orders, up 17% organically, with growth of 47% in France. Emerging markets reached €4,697 million (+7%), including organic growth of 210% in the Middle East and Near East, driven by large orders in defense and space.
Thales targets top of its growth guidance range for 2026, or beyond
Thales now expects organic revenue growth for the full year at the top of its guidance range of 6% to 7%, or even beyond. This corresponds to revenue of between €23.3 and €23.6 billion. This estimate is based on the scope as of end-September 2026, average exchange rates as of September 30, and an average euro-dollar parity of 1.18 for the fourth quarter. The group confirms its other financial objectives, absent any change in the macroeconomic and geopolitical environment.
Revenue of €23.6 billion was already included in the guidance associated with the 2025 fiscal year report, published on April 7, 2026. In 2025, the group achieved €22.1 billion in revenue. The consensus of October 17, 2026 averages €23.83 billion for the current fiscal year, a level above the range communicated by the company.
This publication comes after several sessions of stock decline, falling below €230 on October 19, 2026. As of September 30, 2026, orders received of €19,122 million remain more than €2.7 billion higher than the period's revenue.
