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Airbus may have just delivered a record year, but in Washington the political winds still seem to blow in Boeing’s favour.
As US President Donald Trump doubles down on domestic industry and defence spending, European aerospace executives are watching closely.
For Airbus, the numbers themselves are solid, even enviable. The group delivered 793 commercial aircraft in 2025, lifted revenue by 6% to €73.4bn and posted adjusted operating profit of €7.1bn.
“2025 was a landmark year, characterised by very strong demand for our products and services across all businesses, a record financial performance, and strategic milestones,” chief executive Guillaume Faury said in a statement.
“We successfully navigated a complex and dynamic operating environment to deliver on our updated guidance,” he continued.
Yet the celebratory mood is tempered by supply chain headaches, transatlantic politics and engine shortages, all familiar culprits.
The company ended the year with net income of €5.2bn and proposed a dividend of €3.20 per share, while free cash flow before customer financing reached €4.6bn.
Airbus shares were down around 6.9%, trading at €186.9 per share in afternoon trading on Thursday.
The expected production pressures are amplified by Trump’s push to sell Boeing planes as part of broader trade-for-diplomacy deals.
The US Commerce Department said government-assisted foreign contracts jumped to $244bn (€206bn) in 2025, driven in large part by Boeing net orders rising to 1,075 from 377 a year earlier.
That agenda has been showcased in headline-grabbing announcements during high-level visits — including Qatar Airways’ $96bn (€81bn) widebody order unveiled during Trump’s trip to the Gulf, and $30bn (€25bn) in Boeing agreements signed this week by Vietnamese carriers during a Washington visit tied to trade talks.
Strong demand, stubborn bottlenecks
Behind the upbeat headline figures, Airbus is still wrestling with parts shortages — especially engines for its best-selling A320 family.
The company is aiming to deliver about 870 aircraft in 2026, with adjusted operating profit of around €7.5bn, assuming no major disruptions to trade or supply chains.
But the engine situation remains a serious drag on production, forcing the company to adjust its ramp-up plans.
“Global demand for commercial aircraft underpins our ongoing production ramp-up, which we are managing while facing significant Pratt & Whitney engine shortages,” Faury said.
The Airbus chief was unusually blunt in Thursday’s statement, accusing the US supplier of failing to meet contractual obligations — strong language in an industry built on long-term partnerships.
Record order book, familiar rivalry
The broader picture remains one of strong demand. Airbus recorded gross orders for 1,000 aircraft in 2025, with a year-end backlog of 8,754 jets — effectively years of production already spoken for.
Order intake across the group rose to €123.3bn, while the total order book stood at €619bn at the end of the year.
That leaves Airbus in a strong commercial position, even as political dynamics shift.
So while record profits are nice, but it does not help when the White House is rooting for your rival.
