Thales reported full-year 2025 sales of €22.136 billion, reflecting 7.6% total growth and 8.8% organic growth from €20.577 billion in 2024. The increase stemmed from strong demand in defense, avionics, and space activities. Adjusted EBIT reached €2.740 billion, lifting the margin to 12.4%.
Order intake totaled €25.264 billion, matching 2024’s record, with the year-end order book at €53.323 billion for exceptional visibility. Defense sales rose 11.5% to €12.234 billion, with order intake hitting a record €15.128 billion and a book-to-bill ratio of 1.24. The defense order book stood at €41.6 billion, equivalent to 3.4 years of sales. Aerospace sales grew 8.0% to €5.910 billion, driven by double-digit avionics growth in civil and military domains. Cyber and Digital sales fell 4.3% to €3.852 billion.
Free operating cash flow hit a record €2.577 billion, up 27% year-on-year. Net debt narrowed to €1.618 billion from €3.044 billion. The business mix was 56% military and 44% civil, including €1.014 billion export turnover with Dassault Aviation.
Thales highlighted expansions like the Dassault-Thales partnership for controlled AI in crewed and uncrewed combat aircraft, and plans for full ownership of Thales Raytheon Systems AMDC2 supporting NATO’s Air Command and Control System. For 2026, guidance targets 6-7% organic sales growth to €23.3-€23.6 billion and adjusted EBIT margin of 12.6-12.8%.