Airbus saw its inventory climb to €46.9 billion by March 31, up €5.2 billion from the end of 2025, driven by work in progress and higher levels of finished goods amid supply chain bottlenecks.
The buildup reflects aircraft, parts, and components produced faster than they can be completed and delivered to airlines, with shortages of Pratt & Whitney engines delaying output, particularly for the A320neo family.
Commercial aircraft deliveries fell to 114 in the first quarter, down from 136 a year earlier, including 81 A320 Family jets, 19 A220s, 11 A350s, and three A330s. Revenue for the division dropped 11% to €8.4 billion, while adjusted EBIT plunged 84% to €81 million and reported EBIT fell to €1 million.
Free cash flow before customer financing deteriorated to negative €2.5 billion from negative €310 million a year prior. Airbus maintains its full-year outlook of around 870 deliveries, €7.5 billion in adjusted EBIT, and €4.5 billion in free cash flow before customer financing, though Pratt & Whitney issues pace the A320neo ramp-up to 70-75 aircraft per month by end-2027.