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Airbus Reports 12% Revenue Growth to €42.6b

Airbus SE (stock exchange symbol: AIR) has published its Nine-Month (9m) 2023 consolidated financial results through 30 September, reflecting 12% consolidated revenue growth.

Airbus Revenue grows by 12% in the first nine months of 2023.
  • 488 commercial aircraft delivered in 9m 2023
  • Revenues € 42.6 billion; EBIT Adjusted € 3.6 billion
  • EBIT (reported) € 2.7 billion; EPS (reported) € 2.96
  • Free cash flow before M&A and customer financing € 1.0 billion
  • Charges on certain satellite development programs
  • Guidance maintained

Continued Progress on Operational Plan

“We continue to make progress on our operational plan in a global environment that has become increasingly complex. The nine-month earnings reflect higher commercial aircraft deliveries, the good performance in helicopters as well as charges linked to the reassessment of certain satellite development programs,” said Guillaume Faury, Airbus Chief Executive Officer. “Demand for our commercial aircraft is very strong with a continuing recovery in the widebody market. We expect the supply chain to remain challenging as we progress on the production ramp-up. In that context, we maintain our guidance for the full year.”

Airbus Gross Commercial Aircraft Orders

Gross commercial aircraft orders totaled 1,280 (9m 2022: 856 aircraft), with net orders of 1,241 aircraft after cancellations (9m 2022: 647 aircraft). The order backlog amounted to 7,992 commercial aircraft at the end of September 2023. Airbus Helicopters registered 191 net orders (9m 2022: 246 units) well spread across programmes. Airbus Defence and Space’s order intake by value was € 8.5 billion (9m 2022: € 8.0 billion), including renewing the in-service support contract for Germany’s A400M fleet.

Airbus Consolidated Revenue

In the first nine months of 2022, Airbus experienced a 12 percent increase in consolidated revenues, reaching €42.6 billion compared to €38.1 billion in the previous year. They delivered 488 commercial aircraft, consisting of 41 A220s, 391 A320 Family, 20 A330s, and 36 A350s. The revenues generated by Airbus’ commercial aircraft activities saw an 18 percent growth, primarily due to the higher number of deliveries.

Meanwhile, Airbus Helicopters delivered 197 units (slightly up from 193 units in 9m 2022) and achieved a 3 percent revenue increase across their programs and services.

On the other hand, revenues at Airbus Defence and Space declined by 6 percent. This decline was mainly attributed to the delayed delivery schedule of the A400M military airlifters and adjustments made to certain satellite development programs. Only 4 A400M military airlifters were delivered during this period, compared to 7 aircraft in 9m 2022.

Airbus Consolidated EBIT

The Consolidated EBIT Adjusted is an important measure that provides insight into the underlying business margin. It excludes charges or profits from provisions related to programs, restructuring, foreign exchange impacts, as well as gains or losses from the acquisition or disposal of businesses. In the reports, the Consolidated EBIT Adjusted for the period was € 3,631 million (9m 2022: € 3,481 million).

For Airbus’ commercial aircraft activities, the EBIT Adjusted increased to € 3,216 million (9m 2022: € 2,875 million). This growth can be attributed to higher deliveries and a more favorable hedge rate. However, there were also investments made to prepare for the future. In the first half of 2023, provisions were released to reflect progress made on compliance-related topics, while in the same period of 2022, there was a non-recurring positive impact from retirement obligations, partially offset by the impact of international sanctions against Russia.

Commercial Aircraft Programs

The A220 program is gradually increasing its production rate to reach 14 aircraft per month by 2026. Similarly, the A320 Family program is progressing well and aims to manufacture 75 aircraft per month by 2026. As part of the ongoing modernization and digitalization efforts, an A321XLR equipment installation hangar was recently inaugurated in Hamburg. The A321XLR is on track for certification and is expected to enter service in the second quarter of 2024.

Regarding widebody aircraft, Airbus has decided to raise the production rate of the A350 to 10 aircraft per month by 2026. Additionally, the goal is to achieve a production rate of 4 aircraft per month for the A330 by 2024.

Airbus Helicopters

Airbus Helicopters’ EBIT Adjusted rose to €417 million in 9m 2022, compared to €380 million previously. This increase reflects the overall performance of their programs and services. It’s worth noting that the 9m 2022 figure includes some net positive non-recurring elements.

Airbus Defense and Space

Airbus Defence and Space’s EBIT Adjusted decreased to €-1 million (9m 2022: €231 million). This decrease was mainly due to charges of €0.4 billion related to updated estimates for certain satellite development programs, recorded in the third quarter. The first nine months of 2023 showed no further significant impact. However, there are still risks related to the qualification of technical capabilities, associated costs, aircraft operational reliability, cost reductions, and securing overall volume as per the revised plan.

The development activities for the A400M program are progressing towards achieving the revised capability roadmap. Retrofit activities are being closely coordinated with the customer.

To better adapt to the evolving defense and security landscape, the company has initiated a transformation of its Defence and Space division. The goal is to improve program execution, rebalance risks and opportunities, enhance accountability and ownership in the business lines, and ultimately enhance competitiveness.

Airbus R&D, EBIT and Adjustments

Consolidated self-financed R&D expenses totaled € 2,167 million (9m 2022: € 1,965 million).

Consolidated EBIT (reported) amounted to € 2,712 million (9m 2022: € 3,552 million), including net Adjustments of € -919 million.

These Adjustments comprised:

  • € -806 million related to the dollar pre-delivery payment mismatch and balance sheet revaluation, of which € -155 million were in Q3. This mainly reflects the phasing impact arising from the difference between transaction date and delivery date;
  • € -57 million related to the Aerostructures transformation, of which € -23 million were in Q3;
  • € -56 million of other costs, including compliance, of which € -10 million were in Q3.

Income and Cash Position

The financial result for the period was 231 million euros (9m 2022: -306 million euros). This mainly reflects positive impacts from the revaluation of certain equity investments and the US dollar’s evolution, partially offset by negative impacts from the revaluation of financial instruments. The consolidated net income was 2,332 million euros (9m 2022: 2,568 million euros), resulting in consolidated earnings per share of 2.96 euros (9m 2022: 3.26 euros).

The consolidated free cash flow before M&A and customer financing amounted to 1,037 million euros (9m 2022: 2,899 million euros), primarily due to inventory build-up in Q3, aligning with the backloaded delivery schedule and production ramp-up.

The consolidated free cash flow totaled 718 million euros (9m 2022: 2,502 million euros), including -261 million euros of customer financing, mostly associated with fulfilling specific contractual obligations. The gross cash position at the end of September 2023 was 22.4 billion euros (year-end 2022: 23.6 billion euros), with a consolidated net cash position of 8.3 billion euros (year-end 2022: 9.4 billion euros).

Airbus Outlook

The company is maintaining the guidance issued in February 2023. This guidance is based on the assumption that there will be no further disruptions to the world economy, air traffic, the supply chain, the company’s internal operations, and its ability to deliver products and services. It’s important to note that the company’s 2023 guidance does not include any potential mergers and acquisitions.

On that basis, the Company targets to achieve in 2023 around:

  • 720 commercial aircraft deliveries;
  • EBIT Adjusted of € 6.0 billion;
  • Free Cash Flow before M&A and Customer Financing of € 3.0 billion.

Airbus received notice from the US State Department that its Consent Agreement with them since January 2020 has been closed, indicating that the terms have been fulfilled. This closure, along with the discontinuation of deferred prosecution agreements with the UK Serious Fraud Office, France’s Parquet National Financier, and the US Department of Justice, marks the end of a three-year probation period for Airbus. During this time, Airbus demonstrated its commitment to compliance and integrity. Moving forward, Airbus can now focus on sustainable and responsible growth.

Consolidated Airbus – Nine-Month (9m) 2023 Results Table

(Amounts in Euro)

Consolidated Airbus9m 20239m 2022Change
Research and development expenses, in millions42,5607,24938,1197,541+12% -4%
EBIT Adjusted, in millions3,6313,481+4%
EBIT (reported), in millions2,7123,552-24%
Research and Development expenses, in millions2,1671,965+10%
Net Income(3), in millions2,3322,568-9%
Earnings Per Share2.963.26-9%
Free Cash Flow (FCF), in millions7182,502-71%
Free Cash Flow before M&A, in millions7762,609-70%
Free Cash Flow before M&A and Customer Financing, in millions1,0372,899-64%
Consolidated Airbus30 Sept. 202331 Dec. 2022Change
Net Cash position, in millions of Euro8,3159,431-12%
Number of employees145,511134,267+8%
By Business SegmentRevenuesEBIT (reported)
(Amounts in millions of Euro)9m 20239m 2022Change9m 20239m 2022Change
Airbus Helicopters4,6624,515+3%410380+8%
Airbus Defence and Space7,1337,593-6%-3-64
By Business SegmentEBIT Adjusted
(Amounts in millions of Euro)9m 20239m 2022Change
Airbus Helicopters417380+10%
Airbus Defence and Space-1231
By Business SegmentOrder Intake (net)Order Book
 9m 20239m 2022Change30 Sept. 202330 Sept. 2022Change
Airbus, in units1,241647+92%7,9927,294+10%
Airbus Helicopters, in  units191246-22%751792-5%
Airbus Defence and Space, in millions of Euro8,4697,991+6%N/AN/A    N/A

Consolidated Airbus – Third Quarter (Q3) 2023 Results

(Amounts in Euro)

Consolidated AirbusQ3 2023Q3 2022Change
Revenues, in millions14,89713,309+12%
EBIT Adjusted, in millions1,013836+21%
EBIT (reported), in millions825973-15%
Net Income(3), in millions806667+21%
Earnings Per Share1.020.85+20%
By Business SegmentRevenuesEBIT (reported)
(Amounts in millions ofEuro)Q3 2023Q3 2022ChangeQ3 2023Q3 2022Change
Airbus Helicopters1,4681,771-17%143165-13%
Airbus Defence and Space2,4802,537-2%-9049
By Business SegmentEBIT Adjusted
(Amounts in millions of Euro)Q3 2023Q3 2022Change
Airbus Helicopters143165-13%
Airbus Defence and Space-7976
Q3 2023 revenues increased by 12 percent, mainly reflecting the higher commercial aircraft deliveries, partly offset by the lower contribution from the Airbus Helicopters and Airbus Defence and Space divisions, in particular by the reduced helicopter deliveries.

Q3 2023 EBIT Adjusted increased by 21 percent, mainly reflecting the increased commercial aircraft deliveries and a positive year-on-year impact from currency hedging, partly offset by the charges related to updated Estimates at Completion of certain satellite development programs.

Q3 2023 EBIT (reported) of € 825 million included net Adjustments of € -188 million. Net Adjustments in the third quarter of 2022 amounted to € 137 million.

Q3 2023 Net Income(3) of € 806 million mainly reflects the EBIT (reported), € 129 million from the financial result and € -192 million from income tax.

EBIT (reported) / EBIT Adjusted Reconciliation

The table below reconciles EBIT (reported) with EBIT Adjusted.

Consolidated Airbus
(Amounts in millions of Euro)
9m 2023
EBIT (reported)2,712
$ PDP mismatch/balance sheet revaluation-806
Aerostructures transformation-57
EBIT Adjusted3,631


EBITThe Company continues to use the term EBIT (Earnings before interest and taxes). It is identical to Profit before finance cost and income taxes as defined by IFRS Rules. 
AdjustmentThe Company uses an alternative performance measure, EBIT Adjusted,as a key indicator, capturing the underlying business margin by excluding material charges or profits caused by movements in provisions related to programs, restructuring or foreign exchange impacts as well as capital gains/losses from the disposal and acquisition of businesses. 
EBIT AdjustedFor the definition of the alternative performance measure, Free Cash Flow, see the Universal Registration Document, MD&A section It is a key indicator which allows the Company to measure the amount of cash flow generated from operations after cash used in investing activities.
EPS AdjustedEPS Adjusted is an alternative performance measure of basic earnings per share as reported whereby the net income as the numerator does include Adjustments. For reconciliation, see the Analyst presentation.
Gross cash positionThe Company defines its consolidated gross cash position as the sum of (i) cash and cash equivalents and (ii) securities (all as recorded in the consolidated statement of financial position).
Net cash positionThe Company defines its consolidated net cash position as the sum of (i) cash and cash equivalents and (ii) securities, minus (iii) financing liabilities, plus or minus (iiii) interest rate contracts related to fair value hedges (all as recorded in the consolidated statement of financial position).
Free Cash Flow (FCF) FCF before M&A refers to Free Cash Flow, defined in the Universal Registration Document, MD&A section, adjusted for net proceeds from disposals and acquisitions. It is an alternative performance measure and key indicator that reflects free cash flow, excluding those cash flows resulting from acquisitions and disposals of businesses.
FCF before M&AFCF before M&A and Customer Financing refers to Free Cash Flow before mergers and acquisitions adjusted for cash flow related to aircraft financing activities. It is an alternative performance measure and an indicator that the Company may use occasionally in its financial guidance, especially when there is higher uncertainty around customer financing activities.
FCF before M&A and Customer FinancingFCF before M&A and Customer Financing refers to Free Cash Flow before mergers and acquisitions adjusted for cash flow related to aircraft financing activities. It is an alternative performance measure and an indicator that the Company may occasionally use in its financial guidance, especially when there is higher uncertainty around customer financing activities.


  1. Before a reduction of two aircraft previously recorded as sold in December 2021, a transfer was impossible due to international sanctions against Russia.
  2. Two A350s delivered on operating lease without revenue recognition at delivery.
  3. Airbus SE continues to use the term Net Income/Loss. It is identical to Profit/Loss for the period attributable to equity owners of the parent as defined by IFRS Rules.


Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

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