Airbus Holds 2026 Delivery Target After Strong Second Quarter

TOULOUSE — Airbus maintained its target of around 870 commercial aircraft deliveries in 2026 after a strong second quarter recovered the delivery shortfall recorded at the beginning of the year.

The manufacturer delivered 351 commercial aircraft during the first half, up 15% from 306 a year earlier. The total comprised 44 A220s, 271 A320-family aircraft, 10 A330s, and 26 A350s.

Airbus delivered 237 aircraft during the second quarter, calculated from the H1 total after 114 first-quarter deliveries. That was approximately 39% more than the 170 aircraft delivered during Q2 2025 and allowed Airbus to recover from a first quarter that management had attributed partly to engine availability and other delivery constraints.

Airbus CEO Guillaume Faury told analysts that the second-quarter performance put the manufacturer back on the trajectory required for its annual target. He declined to provide current monthly production rates, arguing that quarterly and annual trends give a more meaningful view during a ramp-up.

Earlier A320 Delivery Blockers Have Cleared

The improvement was not simply a year-end-style concentration of handovers. During the July 29 results call, Faury said an administrative delay that had affected nearly 20 aircraft for Chinese customers had been resolved and the aircraft delivered.

He also said the A320-family fuselage-panel quality issue was largely behind the company. The two constraints had created a gap between relatively steady production and more uneven delivery timing during the first quarter.

Airbus also no longer had aircraft ready for handover but waiting solely for engines, Faury said in response to a question about so-called "gliders." That does not mean the engine constraint has disappeared: Airbus does not have a buffer of Pratt & Whitney engines, and the supplier's agreed volumes continue to shape the 2026 and 2027 ramp-up.

Faury said the engine quantities now agreed with Pratt & Whitney support Airbus's current delivery guidance and previously announced production targets. Discussions continue over the commercial consequences of Pratt's earlier reduction in planned engine volumes.

The distinction matters. Completed aircraft waiting for engines would represent an immediate delivery backlog, while the present constraint affects how quickly Airbus can raise production in the coming quarters. Airways recently examined Pratt & Whitney's GTF production and durability recovery plans, which extend through the same period as Airbus's A320-family ramp-up.

"Around 870" Covers 850 To 890 Aircraft

Airbus's formal guidance remains around 870 commercial aircraft deliveries. Faury clarified during the call that Airbus has long used "around" to mean 20 aircraft on either side of the stated figure, producing an implied 2026 span of 850 to 890.

He stressed that the explanation did not represent a guidance change. Airbus used the same convention in 2025, when it eventually delivered 793 aircraft against revised guidance of around 790.

The midpoint still leaves substantial work for the second half:

Airbus delivered 487 aircraft during H2 2025. It therefore needs 32 more aircraft, or about 6.6% growth, to reach this year's 870 midpoint.

The comparison also shows why the second-quarter recovery is necessary but not sufficient. The production system must sustain a higher cadence through the rest of the year while supporting the transition into 2027 and avoiding another late delivery bottleneck.

A321s Dominate the Narrowbody Backlog

Airbus's first-half mix continued shifting toward the A321. Of the 271 A320-family aircraft delivered, 167 were A321 variants, representing 62% of family deliveries.

The order book is even more concentrated. Management said the A320-family backlog stood at 7,467 aircraft, approximately 75% of them A321s. The larger variant's share matters because it carries more seats and generally more value per delivery while requiring Airbus's final assembly system and suppliers to support a more demanding production mix.

The H1 results presentation shows Commercial Aircraft revenue increasing 15% to €23.877 billion. Adjusted EBIT rose 16% to €1.987 billion, leaving the adjusted margin almost unchanged at 8.3%, compared with 8.2% a year earlier.

The 45-aircraft year-over-year delivery increase consisted of three additional A220s, 39 additional A320-family aircraft, two fewer A330s, and five additional A350s. The growth therefore came mainly from the more established A320 and A350 programs rather than the A220, which remains on its path toward break-even.

Production Targets Remain Unchanged

Airbus did not change any of its announced commercial production targets:

• A220: 13 aircraft monthly in 2028
• A320 family: between 70 and 75 monthly by the end of 2027, stabilizing at 75 thereafter
• A330: five monthly in 2029
• A350: 12 monthly in 2028

Faury explained that production rates and deliveries should not be read as the same measure. During a ramp-up, suppliers operate ahead of Airbus's final assembly lines, while Airbus measures its internal rate at the point where wings join the fuselage. Delivery comes later and is more exposed to cabin completion, certification, customer, and administrative timing.

That sequencing explains how the A350 supply chain can operate at a higher rate than the number of aircraft delivered in a particular month. Airbus is studying production beyond rate 12 because of widebody demand, but Faury said it was too early to specify the rate, timing, or location of any additional capacity.

Orders Push Backlog Above 9,200 Aircraft

Airbus booked 886 gross commercial aircraft orders during H1 and 821 net orders after 65 cancellations. Its commercial backlog stood at 9,222 aircraft at June 30, 5% higher than a year earlier.

Management broke the gross intake down into 178 A220s, 605 A320-family aircraft, 37 A330s, and 66 A350s.

The A220 total included AirAsia's (AK) firm order for 150 A220-300s, the largest single firm order in the program's history. It made AirAsia a new A220 customer and took the program beyond 1,000 firm orders.

Widebody intake included SAS Scandinavian Airlines' (SK) firm order for 18 A330-900s. The Scandinavian carrier plans to use the aircraft for long-haul fleet renewal and international growth, although it has not disclosed a delivery schedule.

Airbus said it had not seen aircraft-order cancellations or deferral requests in response to the recent decline in passenger traffic associated with conflict in the Middle East and higher oil prices. That observation is current management commentary rather than a forecast that demand will remain unaffected.

A350F First Delivery Targeted for Late 2027

Two A350 derivatives are moving through development while the underlying passenger-aircraft program ramps up.

The first Qantas Airways (QF) A350-1000ULR completed its maiden flight on June 2. Airbus subsequently flew the test aircraft for 24 hours and 24 minutes, covering 12,460 nautical miles during its longest development flight.

The aircraft is being developed for Qantas's Project Sunrise services from Sydney to London and New York. Airways previously examined the additional fuel capacity, cabin, and certification work behind the A350-1000ULR.

For the A350F, Faury said Airbus continues to target first flight before the end of 2026, followed by an intensive flight-test campaign. Management is targeting certification and first delivery ideally by the end of 2027, with deliveries in more significant numbers during 2028.

The first-flight language is broader than the Q3 2026 expectation Airbus provided in an earlier program update. The current schedule should therefore be described as first flight by year-end rather than tied to a particular quarter. Airbus is building two A350F aircraft for flight testing during 2026 and 2027.

Higher Deliveries Lift Revenue, but Cash Remains Negative

At group level, H1 revenue increased 12% to €33.176 billion. Adjusted EBIT increased 24% to €2.727 billion, while reported EBIT rose 70% to €2.745 billion.

Higher commercial deliveries were the principal driver, with stronger Defense and Space performance also contributing. The weaker US dollar partly offset those gains.

Free cash flow before customer financing remained negative at €1.166 billion, although that was an improvement from the €1.610 billion outflow in H1 2025. Airbus attributed the outflow mainly to working capital and planned inventory accumulation supporting production ramp-ups.

Spirit AeroSystems integration costs and investment will remain a second-half cash headwind. CFO Thomas Toepfer said Airbus was building buffer inventory and paying suppliers on time to stabilize the operations acquired in December 2025. He said the integration remained aligned with the A220 and A350 ramp-up plans.

Airbus's outlook assumes no additional disruption to global trade, the economy, air traffic, supply chains, internal operations, or its ability to deliver. The guidance is before mergers and acquisitions and includes the impact of tariffs currently in effect.

The manufacturer has cleared two delivery obstacles, restored its first-half trajectory, and says its engine supply now supports the plan. The remaining test is whether that stability can produce at least 499—and preferably 519—commercial aircraft deliveries during the second half.