Al Root
Six years after the Covid-19 pandemic, it's still hard to make planes.
Shares of Boeing peer Airbus were down 7% in overseas trading on Thursday after the company reported better-than-expected fourth-quarter earnings. Guidance was the issue.
For the quarter, Airbus reported earnings per share of 3.27. euros ($3.84) Wall Street was looking for EUR2.64, according to FactSet.
Bottom-line results look fine. For 2026, however, Airbus expects to make 870 jets and generate an operating profit of about EUR7.5 billion ($8.8 billion). Wall Street was looking for closer to 900 jets and EUR8.2 billion in operating profit.
Airbus reported EUR7.1 billion in 2025 operating profit.
Guidance was about 20 planes below Vertical Research Partners analyst Rob Stallard's expectations. "The company noted that it has not reached an agreement on the number of [ RTX] Pratt & Whitney Geared Turbofan engine deliveries this year," he added. "So as a result [Airbus] has set a lower A320 delivery target for 2026."
Both Boeing and Airbus have struggled to raise production amid persistent supply-chain disruptions. The pair should deliver about 1,550 planes this year. That would be the best since 2018, when they delivered about 1,600 jets.
Airbus' guidance is a reminder to pay attention to commercial jet build rates. Demand isn't the problem. Both companies have backlogs that stretch out for years. The challenge has been to build the planes.
Boeing stock wasn't affected by Airbus' results in early trading. Shares were up 0.2% at $239.34, while S&P 500 and Dow Jones Industrial Average futures were down about 0.3%.
Coming into Thursday trading, Boeing's stock was up 28% over the past 12 months. Airbus stock was up 10% after Thursday's declines.
Write to Al Root at allen.root@dowjones.com
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February 19, 2026 08:12 ET (13:12 GMT)
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