Business Context and Reporting Period
Company: Embraer S.A.
Filing Type: Form 6-K (Report of Foreign Private Issuer)
Reporting Period: Fourth Quarter 2025 (4Q25) and Full Year 2025 (FY25)
Date of Report: January 27, 2026
Embraer S.A., a global aerospace leader, reported record-breaking backlog levels and increased aircraft deliveries across all business units for the fourth quarter of 2025. The company operates through four primary segments: Commercial Aviation, Executive Aviation, Defense & Security, and Services & Support.
Key Financial Metrics and Operational Data
Backlog (US$ Billion)
| Segment | 4Q25 | 4Q24 | YoY Change |
|---|---|---|---|
| Commercial Aviation | 14.5 | 10.2 | +42% |
| Executive Aviation | 7.6 | 7.4 | +3% |
| Defense & Security | 4.6 | 4.2 | +10% |
| Services & Support | 4.9 | 4.6 | +7% |
| Total Backlog | 31.6 | 26.4 | +20% |
Note: The filing does not provide specific revenue, net profit, cash flow, or debt figures for the period.
Deliveries (Units)
| Segment | 4Q25 | 4Q24 | FY25 Total | FY24 Total |
|---|---|---|---|---|
| Executive Aviation | 53 | 44 | 155 | 130 |
| Commercial Aviation | 32 | 31 | 78 | 73 |
| Defense & Security | 6 | — | 11 | 3 |
| Total Deliveries | 91 | 75 | 244 | 206 |
Book-to-Bill Ratios (FY25)
- Commercial Aviation: 2.8x
- Executive Aviation: 1.1x
- Defense & Security: 1.4x
- Services & Support: 1.2x
Material Changes vs. Prior Period
- Record Backlog: Total company backlog reached a record US$31.6 billion, driven by a 42% year-over-year increase in Commercial Aviation and a 10% increase in Defense & Security.
- Delivery Growth: Total deliveries increased 21% in 4Q25 compared to 4Q24 (91 vs. 75 units) and 18% for the full year 2025 compared to 2024 (244 vs. 206 units).
- Executive Aviation Highs: Executive Aviation achieved a record backlog of US$7.6 billion and a record annual delivery count of 155 aircraft.
- Defense Expansion: Defense & Security backlog grew 18% quarter-over-quarter, supported by new contracts with Sweden, Portugal, and Panama.
Guidance, Outlook, and Management Commentary
Guidance and Outlook
- Commercial Aviation: FY25 deliveries of 78 units were within the guidance range of 77-85.
- Executive Aviation: FY25 deliveries of 155 units hit the upper end of the 145-155 guidance range.
- Production Leveling: Management expects continued tangible results from production leveling initiatives in 2026, noting that Q4 deliveries represented 34% of the annual total (below the 5-year average of 43%), indicating a smoother production flow.
Material Events and Risks
- Azul Renegotiation: Commercial Aviation backlog decreased 5% quarter-over-quarter due to the renegotiation of Azul's order during its Chapter 11 process. The firm order for E195-E2 aircraft was reduced from 51 to 25 units.
- New Orders:
- TrueNoord: Firm order for 20 E195-E2s with purchase rights for 20 more E195-E2s and 10 E175s.
- Helvetic Airways: Firm order for 3 E195-E2s with 5 purchase rights.
- Air Côte d'Ivoire: Firm order for 4 E175s with 8 purchase rights.
- Defense: Contracts signed for 4 KC-390s with Sweden, 1 KC-390 with Portugal, and 4 A-29s with Panama.
- Contingencies: Potential establishment of an A-29N Super Tucano final assembly line in Portugal is under evaluation via a Letter of Intent.
- Unusual Items: The filing does not disclose specific unusual financial items, but notes the impact of Azul's Chapter 11 restructuring on order volumes.
Investor Verification Checklist
- Azul Restructuring Impact: Verify the long-term implications of the reduced Azul order (25 units vs. 51) on Commercial Aviation revenue projections.
- Defense Contract Finalization: Confirm the status of pending KC-390 contracts with Slovakia and Lithuania, which are not yet included in the backlog.
- Production Capacity: Assess the timeline and capacity impact of the new MRO facility in Fort Worth, Texas, expected to open in 2027.
- Executive Aviation Demand: Validate the sustainability of the record 155 deliveries in Executive Aviation against global business jet market trends.
- Cash Flow Implications: Review subsequent filings for specific revenue and cash flow data, as this 6-K focuses on backlog and delivery metrics.