Airbus (AIR): Earnings halved as deliveries slow in the first quarter of 2026

TLDR

• Airbus’s adjusted operating profit for the first quarter fell 52% to 300 million euros, from 624 million euros a year ago.
• Revenue fell by 7% to 12.65 billion euros, but exceeded analysts’ expectations
• Only 114 aircraft were delivered in the first quarter, down from 136 aircraft last year and fewer than 143 Boeing aircraft.
• Engine shortages from supplier Pratt & Whitney continue to impact production
• The full-year delivery target of 870 aircraft remained unchanged

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Airbus posted a difficult first quarter, with adjusted operating profit falling 52% to €300 million, down from €624 million in the first quarter of 2025. Revenue was €12.65 billion, down 7% from the same period last year.

Airbus profits in the first quarter:

Revenues 12,651 million euros || First quarter adjusted EBIT €300 million || First quarter earnings before interest, taxes and amortization 224 million euros || Adjusted free cash flow for the first quarter – €2,485 million || EPS for the first quarter was €0.74

– First Squawk (@FirstSquawk) April 28, 2026

Despite the earnings miss, revenue actually beat analysts’ expectations. Analysts had expected revenue of 12.39 billion euros and 348 million euros in adjusted operating profit, according to consensus data compiled by the company. Earnings per share came in at 74 euro cents, well above expectations of 44 euro cents.

Airbus SE, AIR.DE

The main problem is delivery. Airbus delivered only 114 commercial aircraft in the first quarter, down 16% from 136 aircraft in the same quarter last year. This also did not reach the level of the competitor Boeingwhich delivered 143 planes in the same period — an obvious comparison given Boeing’s recent struggles.

The reason is familiar: lack of engine. Pratt & Whitney, a major U.S.-based supplier, was late in delivering engines, putting a cap on how quickly Airbus can get planes out the door. The situation has become legal – Reuters reported in March that Airbus is now seeking potential damages against the supplier.

Handovers remain the central issue

Airbus It left its full-year guidance unchanged, still targeting deliveries of 870 commercial aircraft for 2026. It also reiterated a production rate target of 70 to 75 A320 family aircraft per month by the end of 2027 – a target that had already been scaled back in February from the original ambition of 75 aircraft per month by the start of that year.

Moving from 114 quarterly deliveries to a pace that supports the full-year target will require significant ramp-up in the coming quarters. Jefferies analysts make it clear ahead of the results: “The pace at which Airbus can translate this into higher deliveries has become the key swing factor to earnings and valuation.”

The commercial aircraft segment saw sales decline 11% during the quarter. Helicopters were flat year over year, while the Defense and Space division grew 7%. This defense unit was a rare bright spot, generating adjusted core earnings of €130 million versus analyst estimates of €111 million.

Investor sentiment shifts

Analyst sentiment around Airbus has declined since the start of 2026, partly because Boeing is showing signs of recovery. Boeing Co. reported a smaller-than-expected loss in the first quarter, with improvements in its commercial aircraft business as it works through a long turnaround period after its own quality and production crisis.

Boeing CEO Kelly Ortberg said demand has held up, with limited impact from trade disruptions in the Middle East. UBS noted earlier this month that replacement demand remains strong enough to support Airbus even if fuel prices remain high.

The weak US dollar also hurt Airbus’s results in the quarter. Many commercial aviation prices are denominated in dollars, so currency movements can affect earnings reported in euros.

Orders remain strong for Airbus, and the company is experiencing a large backlog of orders. But right now, it’s the fulfillment of deliveries that matters most to investors — and the first quarter showed that the gap between the order book and production remains largely open.

The Defense and Space division’s adjusted core earnings of €130 million, ahead of estimates of €111 million, were the clearest outperformance during the quarter.