Airbus reported its H1 2026 results on July 29, confirming 351 commercial aircraft delivered in the first six months of the year, a net order backlog of 9,222 aircraft and a free cash flow shortfall before customer financing of €1.2 billion, as the airframer maintained its full-year guidance despite a working capital drag from ramp-up inventory build.

For low-cost and regional carriers awaiting narrowbody deliveries, the backlog figure is the most material data point. Airbus confirmed it continues to expect the A320 Family production rate to reach between 70 and 75 aircraft a month by the end of 2027, stabilising at rate 75 thereafter. The A220 programme remains on track for a monthly rate of 13 by 2028.

Deliveries in the first half comprised 44 A220s, 271 A320 Family aircraft, 10 A330s and 26 A350s, an increase from 306 units in H1 2025.

Airbus attributed the 12% rise in consolidated revenues, to €33.2 billion, mainly to these higher deliveries and increased services revenue, partially offset by US dollar depreciation against the euro.

Consolidated free cash flow before customer financing came in at negative €1,166 million, an improvement on the negative €1,610 million posted in H1 2025 but still a cash outflow.

The airframer said this was mainly driven by the change in working capital, reflecting planned inventory build-up to support the ramp-up across its businesses. The gross cash position stood at €23.4 billion at the end of June, down from €27.2 billion at year-end 2025, with net cash of €8.4 billion, down from €12.2 billion.

EBIT Adjusted for the commercial aircraft division rose to €1,987 million, up from €1,714 million a year earlier, which Airbus said was driven by higher deliveries partly offset by a less favourable hedge rate.

Guillaume Faury, Airbus chief executive officer, said: "Our good H1 results mainly reflect the higher level of commercial aircraft deliveries and strong performance in Defence and Space, against the backdrop of a complex and fast-changing environment."

Airbus reiterated 2026 guidance of around 870 commercial aircraft deliveries, EBIT Adjusted of around €7.5 billion and free cash flow before customer financing of around €4.5 billion. The company said the guidance assumes no additional disruptions to global trade, air traffic, the supply chain or its internal operations, and includes the impact of currently applicable tariffs.