The first quarter of 2026 brought different business results for the world’s largest aircraft manufacturers, but also a common message: demand for new aircraft remains strong, while the industry continues to face constraints in production, supply chains and the pace of increasing deliveries.
Airbus recorded a decline in revenue and profit in the first quarter, primarily due to a lower number of commercial aircraft deliveries. Consolidated revenues decreased by seven percent to 12.7 billion euros, while adjusted EBIT amounted to 300 million euros, compared with 624 million euros in the same period last year. Net income decreased from 793 million to 586 million euros. The European manufacturer delivered 114 commercial aircraft in the first three months, compared with 136 in the first quarter of 2025.
Despite a weaker start to the year in terms of deliveries, Airbus continued to record strong commercial activity. In the first quarter, it received 408 gross orders for commercial aircraft, or 398 net orders after cancellations, while the total order backlog reached 9,037 commercial aircraft at the end of March. Airbus states that production continues to ramp up according to plan, but that Pratt & Whitney remains the key limiting factor in increasing production of the A320neo Family. The company still expects to deliver around 870 commercial aircraft in 2026, with adjusted EBIT of around 7.5 billion euros and free cash flow before customer financing of around 4.5 billion euros.
Boeing, on the other hand, reported a visible increase in revenue in the first quarter, but its business still remained burdened by a net loss. Revenue at the American manufacturer rose 14 percent to 22.2 billion U.S. dollars, primarily thanks to 143 commercial aircraft deliveries. Boeing recorded a GAAP loss per share of 0.11 dollars, or a core loss per share of 0.20 dollars. The net loss amounted to seven million dollars, still an improvement compared with a 31 million dollar loss a year earlier.
Boeing’s Commercial Airplanes division generated revenue of 9.2 billion dollars, 13 percent more than in the same period last year, but still posted an operating loss of 563 million dollars. The company states that the 737 program continues production at a rate of 42 aircraft per month, while the 787 program continued stabilizing production at eight aircraft per month. Boeing expects certification of the 737-7 and 737-10 in 2026, with first deliveries in 2027. The first delivery of the 777-9 is also expected in 2027.-10 aircraft. The Defense, Space & Security segment increased revenue by 21 percent to 7.6 billion dollars, while Global Services generated 5.4 billion dollars in revenue, six percent more than a year earlier.
Embraer entered the first quarter with the strongest delivery growth among the three manufacturers. The Brazilian company delivered a total of 44 aircraft, 47 percent more than in the first quarter of 2025, when 30 aircraft were delivered. Commercial Aviation delivered ten aircraft, including six E175s, one E190-E2 and three E195-E2s. Executive Aviation delivered 29 aircraft, while the defense segment delivered one KC-390 Millennium and four A-29 Super Tucano aircraft.
According to Embraer’s separate report on backlog and deliveries for the first quarter, the total backlog reached 32.1 billion dollars, marking the company’s sixth consecutive all-time high. Commercial Aviation had a backlog of 15 billion dollars, 50 percent more than a year earlier, Executive Aviation maintained a backlog of 7.6 billion dollars, while the Services & Support segment reached a record 5.1 billion dollars.
An important commercial boost for Embraer was Finnair’s order for up to 46 E195-E2 aircraft, including firm orders, options and purchase rights. According to Embraer’s backlog report, 18 E195-E2 aircraft from this agreement were added to the order book in the first quarter, and the company states that the order further strengthens the position of the E2 program in the European market. Embraer expects between 80 and 85 deliveries in Commercial Aviation and between 160 and 170 deliveries in Executive Aviation in 2026.
A comparison of the results shows three different pictures of the industry. Airbus still has the largest order backlog and maintains its annual targets, but the quarter was marked by lower deliveries and negative free cash flow due to the lower delivery level and the planned inventory build-up. Boeing achieved strong revenue and delivery growth and reduced its losses, but its commercial segment remains unprofitable. Embraer, meanwhile, showed the strongest delivery growth and continued strengthening of its order book, particularly in the commercial and services segments.
The common denominator in the results of all three manufacturers remains strong demand for new aircraft, but also the fact that the industry has still not returned to a fully stable production rhythm. Airbus points to constraints related to Pratt & Whitney engines, Boeing continues to gradually increase production with an emphasis on safety and quality, while Embraer highlights the positive effects of its production leveling program. The first quarter therefore, does not indicate a decline in demand, but rather the continued struggle of manufacturers to turn existing orders into faster, more stable and more profitable deliveries.
