Airbus stock is down after its earnings painted a complicated picture: Its 2025 profits exceeded expectations, but conservative delivery guidance for 2026 and a delay in production ramp-up targets dented confidence. The stock finished Thursday’s session almost 7% lower, bringing it into the red year-to-date. The stock is up more than 11% over the last 12 months, but U.S. rival Boeing is up 32% over the same period. AIR-FR BA 1Y line Boeing shares have outperformed Airbus over the past 12 months. But analysts remain largely upbeat on Airbus. Of 25 analysts covering its Paris-listed stock, 17 rate it Buy or Buy-equivalent, according to FactSet. Only one rates it Sell. Many reiterated Buy ratings on the stock following the worse-than-expected delivery guidance the company issued before the bell on Thursday, calling it a clearing event. The planemaker said it expects to sell 870 aircraft in 2026, below what most market watchers had expected. It comes as the company is trying to ramp up production of its best-selling A320 family of planes following several issues over the past few months. “Despite our cautious stance on 2026 deliveries and medium-term production rates, we believe Airbus will be a strong long-term story,” said Berstein analyst Douglas Harned, who rates shares Outperform. ‘An attractive entry point’ J.P. Morgan analyst David Perry said that, while shares were likely to drop on the news of the delivery target, it “might be a clearing event.” “If AIR can persuade investors that the new guidance is achievable this reset could provide an attractive entry point,” said Perry, who rates the stock at Overweight with a price target of 240 euros. Airbus blamed one of its key suppliers, RTX -owned Pratt & Whitney, for the weak guidance. “Pratt & Whitney’s failure to commit to the number of engines ordered by Airbus is negatively impacting this year’s guidance and the ramp-up trajectory,” the company said. CEO Guillaume Faury told CNBC’s Charlotte Reed that its “supply chain is vast and has very significantly improved its performance over the last years.” “We enter into [2026] with a situation that is probably the best we’ve had since going out of Covid-19, he added. “Doesn’t mean that we have zero issues.” The engine shortage is but the latest issue weighing on Airbus. Sentiment has soured this year, and the soft delivery guidance isn’t helping. Before the freshly issued guidance, some sell-side analyst estimates for 2026 deliveries were still above 900, even after Airbus cut its 2025 guidance late last year, following issues with its fuselage panels, sourced from another supplier. A person familiar with the matter told CNBC at the time that the supplier was Spain’s Sofitec Aero. U.S. rival Boeing is also making strides and improving its own outlook after years of crisis. While sentiment on Airbus may be taking a hit, sentiment on Boeing is definitely perking up, and in 2025, Boeing received more net orders than Airbus for the first time since 2018. “Investors will view the guide as below expectations, and could put pressure on the stock in the near term,” said RBC Capital Markets analyst Ken Herbert, who rates Airbus Outperform. “However, we do believe the company’s guide for ~870 aircraft deliveries is appropriately conservative.” – CNBC’s Michael Bloom contributed to this report
