Airbus and Boeing both recorded higher revenue and increased commercial aircraft deliveries in the first half of 2026, but the financial results of the world’s two largest aircraft manufacturers continue to show a significant gap. While Airbus improved its profitability and ended the period with more than €2 billion in net income, Boeing remained in the red despite a noticeable improvement in its performance.

Airbus generated revenue of €33.2 billion in the first six months of 2026, an increase of 12% compared with the same period last year. Adjusted operating profit, or EBIT Adjusted, rose by 24% to €2.73 billion, while reported operating profit increased by 70% to €2.75 billion.

The European manufacturer’s net income reached €2.24 billion, compared with €1.53 billion in the first half of 2025. Earnings per share increased from €1.93 to €2.84.

The increase in revenue was driven primarily by a higher number of commercial aircraft deliveries. Airbus handed over 351 aircraft during the first half of the year, 45 more than in the same period last year. Deliveries included 44 Airbus A220s, 271 A320 Family aircraft, ten A330s and 26 A350s.

Revenue in Airbus’ commercial aircraft division increased by 15% to €23.9 billion, while its adjusted operating profit rose to nearly €2 billion. Airbus Defence and Space also recorded a particularly strong improvement, with adjusted operating profit increasing from €265 million to €487 million.

Airbus secured 886 gross orders during the first half of the year, equivalent to 821 net orders after cancellations. Its total commercial aircraft backlog stood at 9,222 aircraft at the end of June.

Despite reporting a profit, Airbus recorded negative free cash flow before customer financing of €1.17 billion in the first six months of the year. The manufacturer attributed this primarily to higher inventories required to support the production ramp-up. Its net cash position declined from €12.2 billion at the end of 2025 to €8.4 billion at the end of June.

Airbus maintained its full-year targets, under which it plans to deliver approximately 870 commercial aircraft in 2026, generate adjusted operating profit of around €7.5 billion and achieve free cash flow before customer financing of approximately €4.5 billion.

Boeing generated revenue of $46.8 billion in the first half of the year, 11% more than a year earlier. Operating profit amounted to $604 million, more than double the $285 million recorded in the first six months of 2025.

The US manufacturer nevertheless ended the period with a net loss of $435 million. This represented an improvement compared with a loss of $643 million in the same period last year. Loss per share narrowed from $1.09 to $0.79.

In the second quarter alone, Boeing generated revenue of $24.6 billion, up 8% year on year. Its quarterly net loss narrowed from $612 million to $428 million, while operating performance shifted from a loss of $176 million to a profit of $156 million.

Boeing also recorded a significant improvement in cash flow. The company generated $1.36 billion in operating cash flow and $631 million in free cash flow during the second quarter. At the half-year level, free cash flow remained negative at $823 million, but this was a substantial improvement compared with negative free cash flow of $2.49 billion a year earlier.

Boeing delivered 314 commercial aircraft in the first six months of the year, 12% more than in the same period of 2025, but 37 fewer than Airbus. A total of 171 aircraft were delivered in the second quarter, compared with 150 a year earlier.

Revenue in Boeing’s commercial aircraft division increased by 10% in the first half of the year to nearly $21 billion. The division nevertheless recorded an operating loss of $885 million, although this was lower than the $1.09 billion loss reported in the first half of last year. Its operating margin improved from negative 5.8% to negative 4.2%.

Boeing secured 246 net orders during the second quarter, including agreements with Korean Air, Delta and leasing company SMBC Aviation Capital. The commercial aircraft backlog included more than 6,200 aircraft valued at a record $597 billion, while Boeing’s total backlog reached a record value of $715 billion.

The US manufacturer’s performance continues to be affected by losses related to several defence programmes. Boeing Defense, Space & Security recorded an operating loss of $15 million in the second quarter, including $280 million in losses recognised on the VC-25B presidential aircraft programme. Boeing linked these primarily to additional investment in production and certification resources.

The results show that both manufacturers are increasing production and deliveries after several years of supply chain disruption. Airbus, however, is entering the next phase of its production ramp-up with strong profitability, a solid net cash position and a substantially larger commercial aircraft backlog. Boeing is also showing clear improvements in revenue, deliveries and cash flow, but its commercial aircraft division remains loss-making and the company as a whole has yet to return to net profitability.