Airbus SE

The consolidated commercial aircraft backlog reached a record 8,754 units worth €619 billion at end-2025, approximately 8.4 times FY2025 revenues and representing 10.6 years of production at current delivery rates. Net cancellations have been minimal (398 net orders vs. 408 gross in Q1 2026), sustaining forward revenue visibility well beyond any comparable manufacturing peer.

Commercial aircraft accounted for approximately 72% of FY2025 consolidated revenues, above the level where a single segment materially drives group performance. Helicopters and Defence and Space are genuine alternative end markets, but combined they represent under 30% of revenue and are also exposed to government budget cycles.

Airbus sells to airlines and governments across more than 100 countries, with Europe the largest revenue region at approximately 40% of FY2024 revenues. Significant revenues come from Asia Pacific, North America, and the Middle East, and no single country represents a dominant share of consolidated revenue.

Each aircraft delivery requires proportional labour, materials, and supplier components with limited fixed-cost leverage. Airbus's EBIT margins held in the mid-single-digit to low-double-digit range across FY2021-FY2025, reflecting the structural cost intensity of aerospace OEM manufacturing, and production ramp-up toward 870 deliveries in 2026 requires commensurate capex and supply chain investment.

The majority of Airbus revenue is recognised upon aircraft delivery, making it primarily transactional rather than recurring. Defence contracts and helicopter support services provide some contractual coverage, and commercial services have grown steadily, but large-ticket delivery-based revenue remains the dominant income driver.