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空客公司（股票代码：AIR）发布截至2026年3月31日的2026年第一季度合并财务业绩。
民用飞机交付量：114架
营收：127亿欧元；调整后息税前利润：3亿欧元
报告息税前利润：2亿欧元；报告每股收益：0.74欧元
客户融资前自由现金流：-25亿欧元
2026年业绩指引维持不变
Airbus SE (stock exchange symbol: AIR) reported consolidated financial results for its First Quarter (Q1) ended 31 March 2026.
114 commercial aircraft delivered
Revenues € 12.7 billion; EBIT Adjusted € 0.3 billion
EBIT (reported) € 0.2 billion; EPS (reported) € 0.74
Free cash flow before customer financing € -2.5 billion
2026 guidance unchanged
空客公司首席执行官纪尧姆・福里表示：“一季度业绩反映出民用飞机交付量有所下降，但防务与宇航业务表现强劲。经营环境依然复杂多变，我们正密切关注中东局势快速变化带来的潜在影响。民用飞机业务方面，我们在应对普惠发动机短缺问题的同时，继续按计划推进产能提升。防务业务方面，我们将持续扩大全系列产品与服务产能，满足全球需求。基于上述情况，公司2026年业绩指引保持不变。”
“The Q1 results reflect the lower level of commercial aircraft deliveries and a strong performance in our Defence and Space division. The operating environment remains dynamic and complex. We are closely monitoring the potential impact from the fast-changing situation in the Middle East,” said Guillaume Faury, Airbus Chief Executive Officer. “In commercial aircraft, we continue to ramp up and produce as per our plan while navigating the shortage of Pratt & Whitney engines. In defence, the focus remains on serving global demand by ramping up production across our portfolio of products and services. Against this backdrop, our guidance for 2026 is unchanged.”
民用飞机总订单量408架（2025年一季度：280架），剔除取消订单后净订单398架（2025年一季度：204架）。截至2026年3月末，民用飞机储备订单9037架。空客公司直升机净订单79架（2025年一季度：100架），储备订单1060架。空客公司防务与航天业务订单金额增至50亿欧元（2025年一季度：26亿欧元），主要由空中作战业务板块驱动。
Gross commercial aircraft orders totalled 408 (Q1 2025: 280 aircraft) with net orders of 398 aircraft after cancellations (Q1 2025: 204 aircraft). The order backlog amounted to 9,037 commercial aircraft at the end of March 2026. Airbus Helicopters registered net orders totalling 79 units (Q1 2025: 100 units), with an order backlog of 1,060 units at the end of March 2026. Order intake by value at Airbus Defence and Space increased to € 5.0 billion (Q1 2025: € 2.6 billion), mostly driven by the Air Power business unit.
合并营收同比下降7%至127亿欧元（2025年一季度：135亿欧元）。民用飞机交付量114架（2025年一季度：136架），其中A220型19架、A320系列81架、A330型3架、A350型11架。民用飞机业务营收下降11%至84亿欧元，主要因交付量减少与美元贬值。直升机交付量增至56架（2025年一季度：51架），营收稳定在16亿欧元，交付结构欠佳。防务与航天业务营收同比增长7%至28亿欧元，主要受空中作战业务量提升推动。
Consolidated revenues decreased 7% year-on-year to € 12.7 billion (Q1 2025: € 13.5 billion). A total of 114 commercial aircraft were delivered (Q1 2025: 136 aircraft), comprising 19 A220s, 81 A320 Family, 3 A330s and 11 A350s. Revenues generated by Airbus’ commercial aircraft activities decreased 11% to € 8.4 billion, mainly reflecting the lower deliveries and US dollar depreciation. Airbus Helicopters’ deliveries increased to 56 units (Q1 2025: 51 units) with revenues stable at € 1.6 billion, reflecting a less favourable delivery mix. Revenues at Airbus Defence and Space increased 7% year-on-year to € 2.8 billion, driven mainly by higher volumes in Air Power.
调整后息税前利润是一项非通用会计准则业绩衡量指标，也是反映企业核心经营利润水平的核心参考数据。该指标剔除项目相关准备金变动、企业重组、汇率波动带来的大额收支，以及企业并购与资产处置产生的资本损益，本季度该数值总计3亿欧元，而2025年同期为6.24亿欧元。
Consolidated EBIT Adjusted – an alternative performance measure and key indicator capturing the underlying business margin by excluding material charges or profits caused by movements in provisions related to programmes, restructuring or foreign exchange impacts as well as capital gains/losses from the disposal and acquisition of businesses – totalled € 300 million (Q1 2025: € 624 million).
民用飞机业务调整后息税前利润降至8100万欧元（2025年一季度：4.94亿欧元），受交付量减少与对冲汇率不佳影响。
EBIT Adjusted related to Airbus’ commercial aircraft activities decreased to € 81 million (Q1 2025: € 494 million), driven by the lower deliveries and an unfavourable hedge rate.
A220机型产能提升持续推进，公司目标2028年月产量达13架。A320系列产能提升仍受普惠发动机供应制约，影响2026至2027年生产。公司仍预计2027年底月产量达70至75架，此后稳定在75架。A330项目目标2029年月产量5架，A350项目目标2028年月产量12架。
The A220 ramp-up is ongoing and the Company continues to target a monthly production rate of 13 aircraft in 2028. On the A320 Family, Pratt & Whitney remains the key pacer of the ramp-up trajectory, impacting both 2026 and 2027. As a result, the Company continues to expect to reach a rate of between 70 and 75 aircraft a month by the end of 2027, stabilising at rate 75 thereafter. The Company continues to target rate 5 for the A330 programme in 2029 and rate 12 for the A350 programme in 2028.
空客直升机调整后息税前利润6500万欧元（2025年一季度：7800万欧元），项目表现稳健，但研发费用增加。
Airbus Helicopters’ EBIT Adjusted totalled € 65 million (Q1 2025: € 78 million), reflecting a solid performance from programmes, offset by higher R&D expenses.
防务与宇航业务调整后息税前利润1.3亿欧元（2025年一季度：7700万欧元），各业务板块盈利能力提升。
EBIT Adjusted at Airbus Defence and Space was € 130 million (Q1 2025: € 77 million), supported by better profitability across all business units.
合并自筹研发费用7.3亿欧元（2025年一季度：6.73亿欧元）。
Consolidated self-financed R&D expenses totalled € 730 million (Q1 2025: € 673 million).
合并报告息税前利润2.24亿欧元（2025年一季度：4.73亿欧元），含净调整项-7600万欧元。
Consolidated EBIT (reported) was € 224 million (Q1 2025: € 473 million), including net Adjustments of € -76 million.
调整项包括：
美元营运资金错配与资产重估-4200万欧元；
原势必锐航空系统公司（Spirit AeroSystems）工作包整合-3200万欧元；
并购等其他成本-200万欧元。
These Adjustments comprised:
€ -42 million related to the dollar working capital mismatch and balance sheet revaluation. This mainly reflects the phasing impact arising from the difference between transaction date and delivery date;
€ -32 million related to the integration of the former Spirit AeroSystems work packages;
€ -2 million of other costs, including M&A.
财务收益4.66亿欧元（2025年一季度：6.21亿欧元），主要为部分股权投资重估。合并净利润5.86亿欧元（2025年一季度：7.93亿欧元），每股收益0.74欧元（2025年一季度：1.01欧元）。
The financial result was € 466 million (Q1 2025: € 621 million), mainly reflecting the revaluation of certain equity investments. Consolidated net income was € 586 million (Q1 2025: € 793 million) with consolidated reported earnings per share of € 0.74 (Q1 2025: € 1.01).
客户融资前自由现金流-24.85亿欧元（2025年一季度：-3.1亿欧元），主要因民用飞机交付量偏低及各项目产能提升带来的库存增长。合并自由现金流-24.22亿欧元（2025年一季度：-2.96亿欧元）。2026年3月末现金头寸252亿欧元（2025年末：272亿欧元），合并净现金头寸98亿欧元（2025年末：122亿欧元）。
Consolidated free cash flow before customer financing was € -2,485 million (Q1 2025: € -310 million), mainly reflecting the low level of commercial aircraft deliveries on top of the planned inventory build-up associated with the ramp-up across programmes. Consolidated free cash flow totalled € -2,422 million (Q1 2025: € -296 million). The gross cash position stood at € 25.2 billion at the end of March 2026 (year-end 2025: € 27.2 billion), with a consolidated net cash position of € 9.8 billion (year-end 2025: € 12.2 billion).
业绩展望
公司假设全球贸易、经济、航空运输、供应链、内部运营及产品交付无额外干扰，2026年业绩指引未计入并购影响，包含现行关税影响。目标如下：
民用飞机交付量约870架
调整后息税前利润约75亿欧元
客户融资前自由现金流约45亿欧元
Outlook
As the basis for its 2026 guidance, the Company assumes no additional disruptions to global trade or the world economy, air traffic, the supply chain, its internal operations, and its ability to deliver products and services.
The Company’s 2026 guidance is before M&A and includes the impact of currently applicable tariffs.
On that basis, the Company targets to achieve in 2026:
Around 870 commercial aircraft deliveries;
EBIT Adjusted of around € 7.5 billion;
Free Cash Flow before Customer Financing of around € 4.5 billion
