Airbus Q3 revenue misses as deliveries slow; 2026 guidance kept

  Airbus SE (EPA:AIR) stock was up 1.51% on Thursday morning, while Airbus’s ADRs fell about 0.2% in premarket trading after the planemaker reported third-quarter revenue below expectations as commercial aircraft deliveries slowed.

The firm kept its full-year guidance unchanged.

Third-quarter revenue fell 2% year over year to €17.47 billion, missing the consensus estimate of €18.05 billion. EPS rose to €1.70 from €1.41, slightly ahead of the €1.68 consensus.

Adjusted EBIT fell 9% to €1.77 billion in the quarter. The company cited lower commercial aircraft deliveries, a less favorable mix at Commercial Aircraft and Airbus Helicopters, and the integration of former Spirit AeroSystems work packages.

“These nine-month results reflect the upward trajectory of our civil and military ramp-up, supported by strong demand for our products across the entire portfolio,” CEO Guillaume Faury said.

Over the first nine months, Airbus delivered 547 commercial aircraft, up from 507 a year earlier. Revenue rose 7% to €50.6 billion, while adjusted EBIT increased 8% to €4.5 billion. Free cash flow before customer financing was negative €1.27 billion, reflecting an inventory build-up tied to the back-end-loaded delivery profile.

Net orders more than doubled to 1,105 aircraft, lifting the backlog to 9,310 aircraft. Order intake at Airbus Defence and Space rose to €11.5 billion from €6.8 billion.

“Against a complex geopolitical and operating environment, we are focused on delivery while maintaining a steadfast focus on quality,” Faury added.

Airbus still targets around 870 commercial aircraft deliveries in 2026, which implies about 323 in the fourth quarter. 

It also maintained its targets of adjusted EBIT of around €7.5 billion and free cash flow before customer financing of around €4.5 billion.

Following the release, TD Cowen analyst Tim James said, "Airbus production plans unchanged (significant Magellan exposure, exceptA220): A220 target of 13/month in 2028 (13% 2024-2028 CAGR), unchanged.A320 target of 70-75/month by end of 2027 (6-8% 2023-2027 CAGR) and stabilizing at 75, unchanged. A330 targeting 5/ month in 2029 (6% 2025-2029CAGR), unchanged. Target for ramping A350 to 12/month in 2028 (19% 2024-2028 CAGR), unchanged."