Core Insights - Airbus SE has completed the acquisition of industrial assets from Spirit AeroSystems, enhancing its control over essential components for its commercial aircraft programs [1][3][10] - The company received $439 million in compensation as part of the transaction, which includes adjustments and liability settlements [2] - The acquisition aims to improve supply-chain resilience, production efficiency, and quality control, positioning Airbus to meet rising global aircraft demand [3][4][10] Company Overview - The acquisition includes former Spirit AeroSystems sites in Kinston, NC; Saint-Nazaire, France; and Casablanca, Morocco, which are dedicated to A350, A220, and A321 components [1][10] - Airbus projects a demand for 43,420 new aircraft deliveries over the next 20 years, driven by rising air passenger traffic and the need for modern, fuel-efficient aircraft [5][6] Industry Context - Other aerospace companies, such as Boeing and TransDigm Group, are also engaging in acquisitions to strengthen their aircraft programs, indicating a trend in the industry [7][9] - Boeing's acquisition of Spirit AeroSystems covers operations related to its commercial programs, while TransDigm's acquisition aligns with its strategy of acquiring proprietary aerospace components [7][9] Financial Performance - Airbus shares have increased by 20.6% over the past six months, outperforming the industry growth of 6.7% [12] - The Zacks Consensus Estimate for Airbus indicates strong long-term revenue growth potential, supported by the projected demand for new aircraft [6]

Financial Data and Key Metrics Changes - The company anticipates 2026 to be a transformative year with important clinical readouts, including data points for their lead program 777 in atopic dermatitis (AD) and asthma [5][6] - The market for atopic dermatitis is expected to grow at approximately 25% annually, indicating a significant opportunity for the company [40][58] Business Line Data and Key Metrics Changes - The company is focusing on the biologic penetration in the AD space, which is currently around 10%, significantly lower than other inflammatory diseases, presenting a large opportunity for growth [11][30] - The company plans to test both lower and higher doses in their Part B trial to optimize dosing strategies for their product 777 [14][35] Market Data and Key Metrics Changes - The asthma market is also underpenetrated, with significant growth potential, and the company expects to leverage its existing presence in allergist offices to expand into this market [40][47] - The company is looking to achieve a FeNO reduction of 15-20 parts per billion in their asthma trials, which would be competitive with existing treatments [37][45] Company Strategy and Development Direction - The company aims to be a serial innovator in atopic dermatitis, focusing on establishing a strong foundation before expanding into other indications [53][56] - The strategy includes launching with monotherapy and following up with combination therapies to address broader patient populations [42][43] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the product profile of 777, highlighting its preferred status among physicians and patients, which is expected to facilitate favorable payer access [60][61] - The company believes that the AD market needs new options, as many patients do not achieve satisfactory results with existing treatments, indicating a strong demand for their product [59][62] Other Important Information - The company is preparing for a phase 3 trial by the end of 2026, with plans to include biologic experienced patients to better understand the market dynamics [32][35] - The company is also exploring combination therapies to enhance efficacy and address diverse drivers of diseases like asthma and COPD [42][46] Q&A Session Summary Question: What are the opportunities for differentiation in the Part B study? - The company aims to replicate strong data from Part A and test a dose-response curve to optimize dosing strategies [13][14] Question: What challenges exist in moving to less frequent dosing? - The company has confidence in their pharmacokinetic modeling and plans to adjust dosing based on efficacy observed in trials [19][20] Question: How does the company plan to secure payer access? - The company believes that strong physician preference and patient need for new options will facilitate favorable access with payers [60][61] Question: What is the expected market landscape by the time 777 launches? - The market is expected to continue growing, with new-to-brand prescriptions increasing significantly, indicating a robust opportunity for the company [57][58]

Core Insights - Airbus SE signed a memorandum of understanding with flydubai for 150 A321neo commercial aircraft to support the airline's network expansion strategy, enhancing efficiency and passenger comfort [1][10] Aircraft Features and Demand - The A321neo is a widely used single-aisle aircraft, featuring advanced engines and Sharklet wingtip devices, achieving up to 20% lower fuel burn and CO2 emissions compared to previous models, with a range of 4,000 nautical miles (7,400 km) [2][3] - The aircraft typically accommodates 180 to 220 passengers in a two-class configuration and up to 244 in a high-density layout, with over 7,200 orders from nearly 100 customers worldwide as of October 2025 [3] Market Outlook - Rising air passenger traffic and demand for modern, fuel-efficient aircraft are driving growth in the commercial aviation market [4] - Airbus projects a demand for 43,420 new aircraft deliveries over the next 20 years, indicating potential for solid long-term revenue gains [5] Competitor Analysis - Boeing, a major player in commercial aircraft manufacturing, has over 14,000 aircraft in service and delivered 160 commercial aircraft in Q3 2025, with a long-term earnings growth rate of 20.67% [6][7] - Embraer, another significant manufacturer, delivered 20 new commercial jets in Q3 2025, with a long-term earnings growth rate of 14.32% [8] Airbus Performance - As of October 2025, Airbus delivered 585 commercial aircraft to 85 customers globally, with shares rising 29.5% over the past six months compared to the industry's growth of 6.3% [5][11]

Core Insights - Boeing is experiencing a significant recovery, reporting improved operational efficiency, rising revenue, and a return to positive free cash flow, marking a critical milestone in its post-crisis recovery [1][4] - The stock has gained 30% over the past year, outperforming the S&P 500 Index's gain of 18%, although it has slightly underperformed year-to-date compared to the market [1] - Wall Street rates Boeing stock as a "Strong Buy," reflecting high confidence in the company's growth prospects and financial health [2] Financial Performance - Boeing's revenue for the third quarter increased by 30% year-over-year to $23.3 billion, driven by improved operational performance and increased commercial deliveries [4] - The Boeing Commercial Airplanes (BCA) business delivered 160 aircraft, the best quarterly total since 2018, with revenue rising over 50% to $11.1 billion [5] - The company reported positive free cash flow of $238 million, its first since late 2023 [4] Operational Developments - The commercial backlog reached $535 billion, with over 5,900 airplanes, including significant orders from Turkish Airlines and the Norwegian Group [5] - The 737 program has stabilized at 38 jets per month and is ramping up to 42 per month following FAA approval [6] - Boeing completed rework on all pre-2023 aircraft and closed its shadow factory, indicating a return to smoother operations [6]

Core Insights - Boeing reported $23.27 billion in revenue for Q3 2025, a year-over-year increase of 30.4% and a surprise of +6.09% over the Zacks Consensus Estimate of $21.93 billion [1] - The EPS for the quarter was -$7.47, an improvement from -$10.44 a year ago, but a significant miss compared to the consensus estimate of -$3.85, resulting in a surprise of -94.03% [1] Revenue and Deliveries - Total deliveries were 160, exceeding the average estimate of 151 [4] - Commercial Airplanes deliveries included 121 for the 737, 24 for the 787, 9 for the 777, and 6 for the 767, all surpassing analyst estimates [4] - Revenues from Commercial Airplanes reached $11.09 billion, exceeding the $10.41 billion estimate and representing a +49.1% change year-over-year [4] - Global Services revenue was $5.37 billion, above the $5.17 billion estimate, with a year-over-year change of +9.6% [4] - Defense, Space & Security revenues were $6.9 billion, surpassing the $6.29 billion estimate, reflecting a +24.7% change year-over-year [4] Operational Performance - The loss from operations in Commercial Airplanes was $-5.35 billion, worse than the estimated loss of $-2.45 billion [4] - Earnings from operations in Defense, Space & Security were $114 million, exceeding the $75.97 million estimate [4] - Global Services earnings were $938 million, slightly below the $957.39 million estimate [4] Stock Performance - Boeing shares returned +3.5% over the past month, compared to the Zacks S&P 500 composite's +3.8% change [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market [3]

Core Insights - Boeing reported Q3 revenue of $23.27 billion, exceeding Bloomberg consensus of $22.29 billion, marking a 30% increase year-over-year and an improvement from last quarter's $21.68 billion [2][3] - The company posted an adjusted loss per share of $7.47, higher than the estimated $4.92, primarily due to a one-time charge of $4.9 billion related to the 777X program [2][3] - Adjusted free cash flow improved to negative $238 million, significantly better than the estimated negative $884.1 million, compared to a net loss of $6.17 billion and negative free cash flow of $1.34 billion a year ago [2][3] Financial Performance - Operating cash flow improved to $1.12 billion, contrasting with estimates of negative $197 million [3] - Boeing's commercial deliveries reached 160 jets in Q3, up from 150 in the previous quarter and 116 a year ago, with 121 being 737 Max jets [4][3] Production and Development - The FAA approved Boeing to increase 737 MAX production from 38 to 42 aircraft per month, following the achievement of certain manufacturing and safety milestones [5][6] - The 777X program remains behind schedule and has not yet been certified, contributing to the significant charge taken this quarter [3][4]

Core Insights - Boeing is set to report Q3 earnings, with expectations of increased revenue and discussions on delivery pace and cash burn reduction [1] - The company is projected to report an adjusted EPS loss of $4.92 and a net income loss of $3.32 billion, showing improvement from a year ago [2] - Boeing's stock has risen 27% year-to-date, reflecting progress under CEO Kelly Ortberg [3] Financial Performance - Q3 revenue is expected to be $22.29 billion, up from $21.68 billion last quarter and a 3.5% increase year-over-year [1] - The adjusted net income loss of $3.32 billion is an improvement from a staggering net loss of $6.17 billion reported a year ago [2] Delivery and Production - Boeing's Q3 commercial deliveries reached 160 jets, an increase from 150 in the previous quarter and 116 a year ago [3] - The breakdown of Q3 deliveries includes 121 737 Max jets, 24 787 jets, 9 777s, and 6 767s, showing significant growth in the 737 Max production [3][5] Challenges - The 777X widebody jet is behind schedule and not yet certified, with analysts expecting a significant charge due to these delays [4] - Boeing's defense business faces challenges as workers at its St. Louis plant rejected a contract proposal, leading to an ongoing strike [6] Future Prospects - The FAA has approved an increase in 737 MAX production from 38 to 42 aircraft per month, with a potential future rate of 47 aircraft per month by 2026 [5] - Boeing secured several significant deals in Q3 with various airlines, indicating strong future commercial delivery prospects [7]

Core Viewpoint - Boeing is expected to report improved Q3 revenue and delivery figures, reflecting progress under CEO Kelly Ortberg, despite ongoing challenges in its defense sector and delays in the 777X jet certification [1][3][4]. Financial Performance - Boeing is projected to report Q3 revenue of $22.29 billion, up from $21.68 billion in the previous quarter and a 3.5% increase year-over-year [1]. - The company is anticipated to report an adjusted loss per share of $4.92, with an adjusted net income loss of $3.32 billion, compared to a net loss of $6.17 billion a year ago [2]. Delivery and Production - Q3 commercial deliveries reached 160 jets, an increase from 150 in the previous quarter and 116 a year ago, with 121 being 737 Max jets [3]. - The FAA has approved an increase in the 737 MAX production rate from 38 to 42 aircraft per month, with a potential goal of reaching 47 per month by the end of 2026 [5]. Challenges and Risks - The 777X wide-body jet remains behind schedule and has not yet received regulatory certification, with analysts expecting a significant charge due to these delays [4]. - Boeing's defense business faces challenges as workers at its St. Louis plant have rejected the latest contract proposal, leading to an ongoing strike [6].

Core Insights - Analysts expect Boeing to report a quarterly loss of -$2.46 per share, reflecting a year-over-year increase of 76.4% in losses, with revenues projected at $21.92 billion, up 22.9% from the previous year [1] Revenue Estimates - The estimated revenue for 'Global Services' is $5.17 billion, indicating a year-over-year increase of 5.5% [4] - 'Defense, Space & Security' revenues are expected to reach $6.29 billion, representing a 13.6% increase from the prior year [4] - 'Commercial Airplanes' revenues are projected at $10.41 billion, showing a significant increase of 39.9% compared to the previous year [5] Deliveries Forecast - Total deliveries are expected to reach 151, up from 116 in the same quarter last year [5] - Deliveries for 'Commercial Airplanes - 737' are projected at 117, compared to 92 in the prior year [5] - 'Commercial Airplanes - 787' deliveries are expected to be 22, up from 14 year-over-year [6] - Deliveries for 'Commercial Airplanes - 777' are forecasted at 6, an increase from 4 in the same quarter last year [6] - 'Commercial Airplanes - 767' deliveries are expected to remain steady at 6, unchanged from the previous year [6] Operational Earnings - Earnings from operations for 'Global Services' are estimated to be $957.39 million, compared to $834 million in the same quarter last year [7] Stock Performance - Over the past month, Boeing shares have returned +2%, outperforming the Zacks S&P 500 composite's +1.3% change [7]

Core Insights - Boeing is on track to deliver the most planes since 2018, with a projected total of around 590 deliveries by the end of 2025, despite trailing behind Airbus in total deliveries [3][4][6] Delivery Performance - Boeing's commercial aircraft deliveries rose approximately 38% year-over-year in Q3 2025, totaling 160 aircraft compared to 116 in the same period last year [8] - The breakdown of deliveries in Q3 includes 121 of the 737 model, six 767s, nine 777s, and 24 787 units [8] Order Backlog - Boeing's orders backlog stands at 821, significantly higher than Airbus's 514, indicating a strong demand for its aircraft [6] - Recent orders have been secured from various airlines, including Norwegian Group, Uzbekistan Airways, Turkish Airlines, Macquarie AirFinance, Cathay Pacific, and Gulf Air [6] Year-to-Date Performance - From January 1 to September 30, 2025, Boeing's commercial orders increased by about 161% and deliveries rose by approximately 51% compared to the same period in 2024 and 2023 [7] - The company has been averaging 49 deliveries per month through September 30, 2025, and will need to average 50 deliveries per month to meet its year-end goals [5]