Paris, Feb 19, 2026, 11:28 CET — Regular session
Airbus dropped 6.3% in Paris Thursday, after the company dialed back its key jet production goal, citing Pratt & Whitney’s inability to reach a key supply deal. Broader European equities edged down. 1
This is significant—Airbus’ output goals serve as the benchmark for its main earnings driver: single-aisle jets. If those production schedules slip, it usually means deliveries and cash flow are right behind.
This comes at a tricky time. Airbus is working to convert its hefty backlog into actual deliveries, with airlines pressing for faster slots and suppliers still limiting parts.
Airbus is now aiming to push A320-family production up to 70–75 jets a month by late 2027, trimming back its previous ambition of hitting 75 per month by that year. The company flagged “significant shortages” of engines from Pratt & Whitney, a division of RTX, and called out the supplier’s “failure to commit to the number of engines ordered by Airbus” as a drag on its outlook; RTX declined to comment. For the fourth quarter, Airbus reported adjusted operating profit of 2.98 billion euros. Looking ahead, it’s guiding for around 870 jet deliveries in 2026, with adjusted operating profit seen at roughly 7.5 billion euros. 2
Airbus reported 2025 revenue of 73.4 billion euros, with adjusted EBIT coming in at 7.1 billion euros, after delivering 793 commercial jets. CEO Guillaume Faury pointed to ongoing momentum in production, even as “significant Pratt & Whitney engine shortages” continue to bite. The board put forward a 3.20-euro per share dividend, targeting April 23 for the payout. 3
Airbus leans on adjusted EBIT as its go-to gauge for operations, filtering out what it calls distractions from regular results. For cash, the group watches free cash flow before customer financing—that’s cash flow before any bumps from aircraft-related financing deals.
Addressing the results, Faury pointed straight to the “shortage of engines from Pratt & Whitney” as the main factor shaping Airbus’s delivery priorities this year. CFO Thomas Toepfer described the numbers as “very strong financials across the board,” even as he acknowledged the tough environment. 4
Defense also drew headlines. Airbus CEO Guillaume Faury stated the company is open to backing a “two-fighter solution” for Europe’s FCAS project—if governments request it—following a clash with French partner Dassault Aviation about who leads the core fighter segment. 5
Right now, it’s all about engines and those parked, unfinished jets—not fighter planes. Should Pratt & Whitney keep struggling to deliver, Airbus might find itself with a growing fleet of “gliders,” aircraft assembled but engine-less, and that ties up cash, even with plenty of buyers in line.
Investors are watching closely for details on a possible volume agreement between Airbus and Pratt & Whitney, along with evidence that single-aisle production is recovering. Airbus holds its annual general meeting April 14, then releases Q1 earnings on April 28. 6
