Airbus dragged down by Pratt & Whitney engine shortage in Q1
Source · Aerospace desk
— Summary
Airbus delivered 114 commercial aircraft in the first quarter of 2026, 22 fewer than a year ago and 29 fewer than rival Boeing, which is staging a comeback. Consolidated revenue fell 7% to €12.7bn and net profit dropped to €300mn, against €624mn a year earlier. The results came in below analyst expectations (~€512mn adjusted operating profit on ~€12.87bn of revenue).
The European planemaker blamed the Pratt & Whitney engine shortage and fuselage defects flagged last December (traced to a Spanish subcontractor). Adjusted operating profit at the commercial-aircraft division collapsed 84% to €81mn, also weighed down by an unfavourable hedging rate against the weaker US dollar. By contrast, the Defence and Space division grew profits 69% with revenue at €2.8bn (+7%), lifted by the global rise in military spending. A delayed delivery of 20 aircraft to Chinese customers, held up by administrative issues, has now been cleared.
With a record commercial backlog of 9,037 aircraft at end-March, Airbus has reaffirmed its 2026 targets: 870 commercial deliveries, which would top the pre-pandemic record of 863 aircraft delivered in 2019. “We are making progress” with Pratt & Whitney but “we’re not yet at an agreement,” said CEO Guillaume Faury. Source: Les Echos, 28 April 2026, Charles Plantade.
Key numbers
Metric (Q1 2026)
Value
Variation
Commercial deliveries
114
−22 a/a
Consolidated revenue
€12.7bn
−7%
Net profit
€300mn
vs €624mn
Defence & Space revenue
€2.8bn
+7%
Commercial backlog (end-March)
9,037 aircraft
record
Why it matters
The story has three threads. First, the Pratt & Whitney engine shortage continues to throttle deliveries; talks are progressing but no agreement is signed. Second, fuselage defects flagged in December (traced to a Spanish subcontractor) are still being worked through and will weigh on H1. Third, the defence cycle is more than offsetting commercial weakness — driven by the global rise in military spending (see also: Germany re-arms).
The hedging line is also worth flagging: a weaker US dollar means an unfavourable hedging rate, dragging the commercial division’s adjusted operating profit down by 84%. This is a translation effect, not a demand signal.
The 9,037-aircraft backlog at end-March is the structural anchor: even with Q1 disruptions, Airbus reaffirmed its target of 870 deliveries in 2026, which would top the pre-pandemic record of 863 (2019).
Takeaway
A weak Q1 that the company is treating as transitory. The engine and fuselage issues are the swing factor on FY guidance — if either drags into H2, the 870 target slips. Defence quietly becomes a more meaningful contributor.