Airbus Group SE Stock

Airbus (EADSF) - FY2025 Annual Report

Airbus closed 2025 with revenue of roughly €73.4 billion and net income of nearly €5 billion, both representing record levels within the five-year window under review. Revenue has now grown for the fifth consecutive year, while net income rose more than 21% year-over-year, outpacing top-line growth and continuing a recent recovery in profitability. Against a reported order backlog of €619 billion, the picture appears to be one of steady demand paired with the industrial challenge of converting that backlog into deliveries.

What stands out on the profitability side is the divergence between revenue and margin behavior. Although net margin ticked up to about 6.8%, both gross margin (roughly 15%) and net margin remain noticeably below the levels seen in 2021 and 2022, when margins sat near 18% and 8% respectively. This may suggest that the current growth phase is being achieved at a structurally lower profitability than the earlier post-pandemic period, possibly reflecting the cost pressures and supply chain frictions referenced in the ramp-up narrative. Research and development spending of over €3.1 billion continues to represent a meaningful drag on operating profit. The decline in return on equity, from above 40% in 2021 to 19% in 2025, appears largely mechanical, driven by the substantial rebuilding of the equity base.