Leonardo raised its 2026 orders guidance to approximately €29.5 billion after booking €23.3 billion in new orders in the first nine months of the year, up 27.8% year over year. Inside its Aeronautics sector, the Aerostructures business unit cut its operating loss to €88 million from €135 million as Boeing 787 and ATR work increased.

In a press release dated November 5, 2026, the group said its Board of Directors had approved the results for the nine months to September 30, 2026. The order backlog reached €60.4 billion, exceeding €60 billion for the first time, helped by the consolidation of the Iveco Group’s Defence business (IDV), which added approximately €6 billion. Revenues rose 14.2% to €15.3 billion and EBITA rose 37.7% to €1,301 million.

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Aerostructures recovery drives Aeronautics profit

Leonardo said the Aeronautics sector showed a significant increase in profitability, driven mainly by the gradual recovery of the Aerostructures business. Sector EBITA rose 91.7% to €184 million on revenues of €3,002 million, up 7.3%, and sector orders of €5,159 million, up 2.8%.

Aerostructures revenues rose 44.1% to €735 million, which Leonardo attributed to higher demand from its main original equipment manufacturer (OEM) customers, Boeing, Airbus and ATR. The unit’s EBITA loss narrowed to €88 million from €135 million, and its return on sales improved from negative 26.5% to negative 12.0%. Aerostructures orders rose 4.8% to €827 million, which the company said confirmed the gradual recovery in OEM demand.

The delivery figures show where the volume came from. For the Boeing 787 programme, Leonardo delivered 63 fuselage sections and 55 stabilizers, against 51 fuselage sections and 38 stabilizers a year earlier. For ATR, it delivered 30 fuselages, against 17 in the first nine months of 2025. The GIE ATR consortium recorded 16 aircraft deliveries, against 11, and its EBITA loss narrowed to €4 million from €34 million.

Military aircraft work

The Aircraft business unit booked €4,448 million in orders, including M-346 trainers for Austria and for the future aircraft of Italy’s National Aerobatic Team, the Pattuglia Acrobatica Nazionale, plus Typhoon orders for Germany, Italy and Turkey. Leonardo delivered 39 wings to Lockheed Martin for the F-35 programme and six wings for the Typhoon programme to the Eurofighter Consortium, both in line with September 2025. Customer support and services made up about 39% of Aircraft revenues, mainly driven by maintenance activities in Kuwait.

Helicopters and the wider group

Helicopter orders rose 27.7% to €6,234 million, with a book-to-bill ratio of 1.4x. The largest was the New Medium Helicopter programme for the UK Ministry of Defence, covering 23 AW149 helicopters for the UK armed forces. Leonardo also booked orders for 131 dual use helicopters, mainly for export customers, against 102 a year earlier. Government orders accounted for 72% of the total and commercial orders for 28%. Helicopter revenues rose 5.4% to €4,317 million and EBITA rose 8.4% to €347 million.

Defence Electronics remained the largest sector, with €11,086 million in orders and €895 million in EBITA. Free operating cash flow was negative €68 million, against negative €426 million a year earlier, and group net debt rose 43.8% to €3,325 million after the IDV acquisition, which Leonardo completed on March 18, 2026, for approximately €1.6 billion.

“We are committed to further strengthening our capabilities to translate our substantial Order Backlog into greater production and delivery capacity, improving process efficiency and programme execution, as required by the current scenario.”

That was Lorenzo Mariani, Leonardo’s Chief Executive Officer and General Manager, who said the results confirm the soundness of the group’s growth strategy.

Guidance and what comes next

Leonardo lifted its 2026 orders guidance to approximately €29.5 billion from approximately €28.2 billion, including IDV, and expects further commercial progress in the fourth quarter. It confirmed the other targets set in July 2026: revenues of approximately €22.1 billion, EBITA of approximately €2.21 billion with a target of a double-digit return on sales, free operating cash flow of approximately €1.37 billion and group net debt of approximately €2.2 billion.

The company said the guidance rests on its current assessment of the impact of the geopolitical situation on the supply chain, inflation and the global economy, subject to any further significant effects. For comparison, Leonardo reported new orders of €23.8 billion, an order backlog of €46.6 billion and revenues of €19.5 billion for 2025, the year covered in its full-year 2025 results. Leonardo DRS’s acquisition of Raft, a mission software company, is expected to close in the fourth quarter of 2026 for about USD 450 million.

Bombardier has raised its 2026 free cash flow guidance for the second time this year, to more than $1.3 billion, after a third quarter in which its Services business passed $700 million in quarterly revenue for the first time. Revenues for the quarter rose 3% to $2.4 billion on 33 aircraft deliveries.

The company reported the results in a press release dated November 5, 2026, and reaffirmed the rest of its 2026 guidance: more than 157 aircraft deliveries, revenues above $10.0 billion and adjusted EBITDA above $1,625 million. Those targets are unchanged from the April 30, 2026 update, when the free cash flow forecast was set at more than $1.0 billion.

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Services carry the quarter

Services revenue reached a record $701 million, up 19% from a year earlier, which Bombardier attributed to the growth of its service network and its focus on customer experience. The company said it again ranked first in leading product support surveys.

Éric Martel, President and Chief Executive Officer, said the results were “strong indicators of our foundational strength and resilience.” He said Bombardier was entering the final stretch of 2026 “with a healthy backlog, strong demand” and “solid visibility on all remaining deliveries.”

The aftermarket footprint has kept expanding during the year, including a new line maintenance station in Sydney that opened on October 8, 2026, bringing Bombardier’s Asia-Pacific aftermarket network to 11 facilities.

Margins and earnings

Adjusted EBITDA rose 7% to $382 million, for a margin of 16.1%, up 70 basis points from 15.4%. Reported EBIT increased 17% to $266 million, and the EBIT margin rose 140 basis points to 11.2%. Adjusted EBIT was $267 million, a margin of 11.3%.

Adjusted net income rose 41% to $182 million, or $1.72 per share, from $129 million, or $1.21, a year earlier. Reported net income fell 5% to $81 million, and diluted earnings per share were $0.73, compared with $0.77 in the third quarter of 2025.

Cash, debt and backlog

Free cash flow was $183 million, up 20% from $152 million, and cash flows from operating activities rose 36% to $259 million. Net additions to property, plant and equipment and intangible assets were $76 million, against $38 million a year earlier, and Bombardier expects about $300 million for the full year.

The company said it has reduced debt by $1.1 billion so far in 2026. Long-term debt, including the current portion, stood at $4,052 million at September 30, 2026, down from $5,154 million at the end of 2025, and the ratio of adjusted net debt to adjusted EBITDA fell to 1.5x from 1.9x. Available liquidity was about $2.4 billion, including $1.6 billion in cash and cash equivalents.

Unit book-to-bill was 1.7x for the quarter, and the order backlog reached $22.2 billion at September 30, 2026, up $4.7 billion from $17.5 billion at the end of 2025.

How the 2026 outlook has moved

Bombardier closed 2025 with revenues of $9.55 billion, 157 deliveries and free cash flow of $1,072 million. In February, AirPro News reported that the company had projected more than $10 billion in 2026 revenue. With its first-quarter results in April, it reported a backlog of $20.3 billion and lifted its free cash flow guidance above $1 billion.

Over the first nine months of 2026, Bombardier generated free cash flow of $771 million, against an outflow of $316 million in the same period of 2025. Nine-month revenues were $6,122 million, compared with $5,857 million, and nine-month adjusted EBITDA was $953 million, compared with $901 million.

Defense work also featured in the release. Bombardier cited momentum with its partner Saab, noting that NATO selected the GlobalEye solution and that the Canadian government selected the same platform.

What comes next

Bombardier will hold an in-person Investor Day on February 18, 2027, to update its strategic priorities and outlook, with timing and location details to follow. The company says its fleet in service numbers about 5,300 aircraft, supported by 10 service centres in six countries, and that it builds aircraft in Canada, the United States and Mexico.

BETA Technologies reported record third-quarter revenue of $17.7 million on November 3, 2026, up 98% from a year earlier, and raised its full-year 2026 revenue guidance to between $52 million and $57 million, from the $42 million to $50 million range it gave on August 12, 2026.

Aviation Week reported the same day that BETA has begun early systems testing on its CX300 electric aircraft and has applied to certify an upgraded pusher motor, two certification steps the results release does not mention. The release itself highlights the A250, BETA’s electric vertical takeoff and landing (eVTOL) model, which received an FAA Special Airworthiness Certificate for market surveys, allowing demonstration flights with customers aboard before type certification.

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Revenue mix, spending and the new outlook

Product revenue was $5.2 million and service revenue $12.5 million in the quarter ended September 30, 2026. BETA said the quarter’s revenue exceeded its guidance range and that its revenue is entirely organic.

Operating expenses were $140.5 million, including research and development spending of $90.5 million. That figure includes a $5.8 million non-cash warrant expense related to BETA’s collaborative arrangement with GE Aerospace. The net loss was $119.1 million and the Adjusted EBITDA (adjusted earnings before interest, taxes, depreciation and amortization) loss was $97.4 million. Capital expenditures were $28.8 million, up from $13.0 million in the third quarter of 2025.

Cash and cash equivalents stood at $1,343.1 million at the end of the quarter, against $687.6 million in the release’s 2025 comparison; the release says the total reflects private financings and the proceeds of BETA’s initial public offering. In its second-quarter release, BETA reported $1,479.5 million in cash and cash equivalents as of June 30, 2026.

The company kept its full-year 2026 Adjusted EBITDA guidance at a loss of $400 million to $445 million. Kyle Clark, BETA’s founder and chief executive officer, said “This was our strongest quarter of revenue since inception,” adding that “we’re exceeding the targets we set at the beginning of 2026.”

Flight miles, chargers and backlog

BETA said its aircraft fleet has flown more than 250,000 nautical miles, passing its year-end flight target ahead of schedule, across both conventional takeoff and landing (CTOL) and vertical takeoff and landing (VTOL) aircraft. In its August release, the company gave a figure of more than 190,000 nautical miles for the ALIA fleet.

The charging network grew to 168 sites across the United States, from 138 sites listed in the second-quarter release. Commercial aircraft backlog rose to just over $4.0 billion, which the company said surpasses its year-end target. The backlog represents 1,040 aircraft in firm and option orders backed by financial commitments; the August release gave no backlog amount.

BETA has launched six of the seven selections in the FAA’s eVTOL Integration Pilot Program (eIPP), the release states. The missions it cited include transporting medical supplies in North Carolina, delivering emergency response equipment in Texas and moving time-sensitive cancer medicines in Utah. In an interview published by Aviation Week on October 22, 2026, Clark said five of the seven planned launches had taken place, with New York-Vermont and Florida still to come.

Where CX300 and A250 certification stands

The release, datelined South Burlington, Vermont, describes BETA as an aerospace and defense company that designs, manufactures and sells electric aircraft, electric propulsion systems, components and charging systems for cargo, defense, passenger and medical markets. Aviation Week reported in October that BETA sees its runway-based CX300 cargo aircraft as a stepping stone to the A250 VTOL variant, that the two share roughly 80% commonality, including flight controls, batteries, pusher motors and wings, and that Clark expects this to simplify VTOL certification, targeted for roughly one year after the CTOL variant.

On the CX300 program, Clark told Aviation Week in October that a dispute over the FAA’s interpretation of continued-rotation requirements for the H500A pusher motor was largely resolved, but that certification was taking longer than he had expected. BETA had logged more than 90,000 hours of H500A operation, including dynamometer and flight testing. Aviation Week reported on November 3, 2026, that BETA has now applied to certify an upgraded pusher motor.

In its August release, BETA said it had closed the CX300 Requirements Definition phase and received FAA acceptance of the aircraft’s complete set of compliance requirements. In the third-quarter release, Clark said the company is “carrying that momentum into scaling production as we advance toward commercial certification.”

On the VTOL side, BETA said the A250 became the first electric VTOL aircraft to receive the market survey certificate, building on the CX300’s existing market survey authorization. Aviation Week reported that the authorization was announced on October 21, 2026, at the National Business Aviation Association’s Business Aviation Convention and Exhibition (NBAA-BACE) in Las Vegas. It lets BETA fly customers and other stakeholders on the A250 but does not permit commercial operations. The first flight under the certificate, on October 20, was a 34-nautical-mile trip from Plattsburgh, New York, to Burlington, Vermont.

BETA also sells to other aircraft developers. Aviation Week reported that the company supplies components, including its pusher motor and fly-by-wire flight control computers, to eVTOL developers such as Eve and Horizon Aircraft. Clark said that work generates revenue and helps validate components used in BETA’s own aircraft.