Airbus vs Boeing: Revenue, Profit and Business Model
Airbus reported ~$83B of revenue in FY2025 and ~$5.9B of net income. Boeing reported $89.5B of revenue in FY2025 and $2.2B of net income.
Latest financial snapshot
Financial summary
Airbus
FY2025 revenue rose 6% to ~$83 billion (€73.420 billion) and net income rose 23% to ~$5.9 billion (€5.221 billion). Airbus reported 793 deliveries, an 8,754-aircraft commercial backlog and a ~$699 billion (€618.824 billion) consolidated order book. These operating and demand measures are distinct from revenue.
Boeing
Boeing went from record revenue of $101.1 billion and a $10.5 billion profit in 2018 to six straight years of losses after the 737 MAX grounding, the pandemic, the 2024 door-plug blowout and a 53-day machinists' strike. The 2024 loss alone was $11.8 billion. To protect its investment-grade rating, Boeing raised about $24 billion of equity in October 2024 and sold Jeppesen, ForeFlight and other digital aviation assets to Thoma Bravo for $10.55 billion in 2025. FY2025 revenue rose 34% to $89.5 billion and net earnings returned to $2.2 billion, but that profit came from the $9.6 billion sale gain; Commercial Airplanes still lost $7.1 billion. In the first half of 2026 revenue rose 11% to $46.8 billion, the net loss narrowed to $435 million, and consolidated debt fell to $45.9 billion from $54.1 billion at the end of 2025.
Revenue and profit by year
Airbus
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$83B | ~$5.9B | 7.1% | +6.1% | Source |
| FY2024 | ~$78.2B | ~$4.8B | 6.1% | +5.8% | Source |
| FY2023 | ~$74B | ~$4.3B | 5.8% | +11.4% | Source |
| FY2022 | ~$66.4B | ~$4.8B | 7.2% | +12.7% | Source |
| FY2021 | ~$58.9B | ~$4.8B | 8.1% | +4.5% | Source |
| FY2020 | ~$56.4B | ~-$1.3B | -2.3% | -29.2% | Source |
| FY2019 | ~$79.6B | ~-$1.5B | -1.9% | +10.6% | Source |
| FY2018 | ~$72B | ~$3.5B | 4.8% | -4.6% | Source |
| FY2017 | ~$75.4B | ~$3.2B | 4.3% | +0.3% | Source |
| FY2016 | ~$75.2B | ~$1.1B | 1.5% | — | Source |
Boeing
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $89.5B | $2.2B | 2.5% | +34.5% | Source |
| FY2024 | $66.5B | -$11.8B | -17.8% | -14.5% | Source |
| FY2023 | $77.8B | -$2.2B | -2.9% | +16.8% | Source |
| FY2022 | $66.6B | -$4.9B | -7.4% | +6.9% | Source |
| FY2021 | $62.3B | -$4.2B | -6.7% | +7.1% | Source |
| FY2020 | $58.2B | -$11.9B | -20.4% | -24.0% | Source |
| FY2019 | $76.6B | -$636M | -0.8% | -24.3% | Source |
| FY2018 | $101.1B | $10.5B | 10.3% | — | Source |
Where the revenue comes from
Airbus
- Commercial aircraft
FY2025 segment revenue was ~$59.4 billion (€52.577 billion) before eliminations, including aircraft and services.
- Helicopters
FY2025 segment revenue was ~$10.1 billion (€8.972 billion) from rotorcraft programmes and services.
- Defence and Space
FY2025 segment revenue was ~$15.1 billion (€13.405 billion).
Boeing
- Commercial Airplanes
46% ($41.5B in 2025)
737 MAX, 767, 777/777X and 787 sales to airlines and lessors; revenue is recognized mostly at delivery, and the segment lost $7.1B from operations in 2025.
- Defense, Space & Security
30% ($27.2B in 2025)
Military aircraft, weapons, satellites and space systems for the U.S. government and allies, with a record $85B backlog at the end of 2025.
- Global Services
23% ($20.9B in 2025)
Parts, maintenance, modifications and training for commercial and government fleets; Boeing's most profitable segment.
Business model and strategy
Airbus
How it makes money
Airbus earns revenue from commercial aircraft and related services, civil and military helicopters, and defence and space products and services. Aircraft revenue depends on contract performance and deliveries; orders and backlog indicate contracted demand but are not revenue.
Growth strategy
Airbus is increasing production while managing engine and other supplier constraints. It expects A320-family output of 70 to 75 aircraft a month by the end of 2027, stabilising at 75 thereafter.
Competitive advantage
Airbus combines certified aircraft families, a multinational industrial network, cockpit commonality across several commercial-aircraft families and long-duration customer support. Boeing remains its principal competitor in large commercial aircraft.
Boeing
How it makes money
Boeing earns money in three segments. Commercial Airplanes (BCA) designs, builds and sells the 737, 767, 777 and 787. Airlines and lessors pay deposits and progress payments over several years, but most of the price arrives at delivery, so revenue moves with delivery volume.
Growth strategy
Under Kelly Ortberg the plan is to stabilize first and grow second. Boeing runs a Safety & Quality Plan with key performance indicators for each factory and raises 737 and 787 rates only when those metrics and the FAA allow it.
Competitive advantage
Boeing's advantages are hard to copy: a century of certification know-how, a global installed fleet that keeps buying parts and services, and a backlog of more than 6,200 commercial airplanes worth $597 billion at June 30, 2026. Only Airbus builds comparable large jets, and with both makers sold out for years, airlines that need aircraft this decade order from both. In defense, Boeing now holds both U.S.
Questions about Airbus vs Boeing
Which company has higher revenue — Airbus SE or The Boeing Company?
Airbus SE reported ~$83B (FY2025), while The Boeing Company reported $89.5B (FY2025). By last reported revenue, The Boeing Company is the larger business, with Airbus SE reporting a smaller revenue base.
What is the market cap of Airbus SE vs The Boeing Company?
Airbus SE's market capitalisation stands at $154.2B, while The Boeing Company's is $148.0B. Airbus SE carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to The Boeing Company.
Which is more financially efficient — Airbus SE or The Boeing Company?
Airbus SE generates $502k / employee in revenue per employee, while The Boeing Company generates $492k / employee. Airbus SE shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Airbus SE and The Boeing Company make money?
Airbus SE and The Boeing Company generate revenue in fundamentally different ways. Airbus SE: Airbus earns revenue from commercial aircraft and related services, civil and military helicopters, and defence and space products and services. The Boeing Company: Boeing earns money in three segments.
Which company is valued higher relative to revenue — Airbus SE or The Boeing Company?
On a price-to-sales (P/S) basis, Airbus SE trades at 1.9x P/S and The Boeing Company at 1.7x P/S. Airbus SE commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to The Boeing Company. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Airbus SE bigger than The Boeing Company?
By last reported revenue, The Boeing Company ($89.5B (FY2025)) is the larger company compared to Airbus SE (~$83B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Airbus vs Boeing overview