Embraer S.A. Form 6-K Summary: Second Quarter 2026
Business Context and Reporting Period
This Form 6-K reports results for Embraer S.A. for the second quarter ended June 30, 2026. The filing highlights record-breaking performance across commercial, executive, defense, and services segments, driven by strong execution and production ramp-ups. The company operates globally with a focus on sustainable and profitable growth.
Key Financial Metrics
- Revenue: US$2.235 billion (Record Q2 revenue; +23% year-over-year).
- Adjusted EBIT: US$237 million (Excluding U.S. tariffs and tax credits); Adjusted EBIT margin of 10.6%.
- Adjusted EBITDA: US$296 million (Excluding U.S. tariffs and tax credits); Adjusted EBITDA margin of 13.2%.
- Adjusted Net Income: US$219 million (Margin of 9.8%).
- Earnings Per Share (ADS): US$1.91 (Basic).
- Free Cash Flow (FCF): US$42 million for Q2; Adjusted FCF guidance for 2026 updated to US$400 million or higher.
- Backlog: US$34.5 billion (7th consecutive all-time high); US$56.0 billion including options.
- Net Debt: US$1,034 million; Net Debt to Adjusted EBITDA ratio of 0.2x.
- Dividends: US$0.22 per ADS declared for Q2 2026.
Material Changes vs. Prior Period
- Commercial Aviation: Revenue increased 32% to US$725 million; Adjusted EBIT margin expanded 890 basis points to 23.4% (excluding tariffs/tax credits). Deliveries reached 45 jets, the highest in 16 years.
- Executive Aviation: Revenue grew 8% to US$549 million; Adjusted EBIT margin improved to 15.9% (excluding tariffs/tax credits).
- Defense & Security: Revenue surged 24% to US$304 million; Adjusted EBIT margin rose 320 basis points to 18.7% (excluding tariffs/tax credits). Secured a contract for 10 C-390 aircraft with options from the UAE.
- Services & Support: Revenue increased 38% to US$456 million; Adjusted EBIT margin improved 270 basis points to 11.9% (excluding tariffs/tax credits).
- Deleveraging: Net Debt to Adjusted EBITDA ratio improved significantly from 0.7x in 2Q25 to 0.2x in 2Q26.
Guidance, Outlook, and Risks
- 2026 Guidance Update:
- Revenue: US$8.2 billion to US$8.5 billion.
- Adjusted EBIT Margin: 10.0% to 10.6% (Previous: 8.7% - 9.3%).
- Free Cash Flow: US$400 million or higher (Previous: US$200 million or higher).
- Commercial Deliveries: 80 to 85 aircraft.
- Executive Deliveries: 160 to 170 aircraft.
- Management Commentary: CEO Francisco Gomes Neto emphasized global market success, sustained demand, and positive momentum for the KC-390 and A-29 programs. The company continues to focus on efficiency and investing in new technologies.
- Risks and Contingencies: The filing includes a standard disclaimer regarding forward-looking statements, noting that actual results may differ due to uncertainties. Specific operational risks include the ongoing certification process for the Eve eVTOL program (targeting type certification in 2028) and exposure to U.S. import tariffs and tax credits, which are excluded from adjusted metrics.
Investor Verification Checklist
- Verify the impact of U.S. import tariffs and tax credits on reported vs. adjusted margins, as these items significantly influence the adjusted EBIT figures.
- Confirm the sustainability of the record backlog (US$34.5 billion) and the conversion rate of options into firm orders.
- Monitor the progress of the Eve eVTOL flight campaign and certification timeline (targeting 2027-2028) as a potential future growth driver or cost center.
- Review the debt profile maturity schedule to ensure liquidity remains robust given the 9.2-year average maturity and 5.1% average cost.
- Assess the execution of the updated 2026 delivery guidance (80-85 commercial, 160-170 executive) against historical production rates.