Embraer 3Q26 earnings review

Revenue rose 17% to a third-quarter record, and revenue and free-cash-flow guidance were raised.

Embraer S.A. · 3Q26 · Published Nov 10, 2026 · By DeepCell AI · Sources

Embraer 3Q26 earnings review

Quarter ended September 30, 2026. Figures in U.S. dollars.

For information only, not investment advice. No rating or price target.

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1 · Embraer (EMBJ) 3Q26 earnings review

Revenue rose 17% to a third-quarter record, and revenue and free-cash-flow guidance were raised

  1. 1.Revenue of $2.3B in U.S. dollars rose 17% and beat the $2.2B Yahoo Finance consensus
  2. 2.Adjusted EBIT rose 48.1% to $254.8M, with a 10.9% margin
  3. 3.Adjusted free cash flow without Eve was $627.7M, and the firm order backlog reached $35.7B
  4. 4.Revenue guidance was raised to $8.4B–$8.6B, and free-cash-flow guidance to $700M or higher
  5. 5.The regular-session share-price reaction is shown in the results table

Note: All company figures are in U.S. dollars, as reported in the 6-K. Yahoo Finance revenue consensus is the Nov 10, 2026 average of 8 analysts. Net income attributable to Embraer shareholders declined year on year.Source: Embraer Form 6-K, Nov 10, 2026; Yahoo Finance, Nov 10, 2026; CNBC, Nov 10, 2026 close

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2 · Executive summary

Revenue beat the Yahoo Finance consensus by 6.2%, and shares rose in the regular session

Q3 2026 revenue vs. Yahoo Finance consensus (Nov 10, 2026)

MetricActualConsensusVarianceResult
Q3 revenue (USD)$2,347.2M$2,210M+$137.2M / +6.2%Beat

Share price, Nov 9 regular close to Nov 10 regular-session close

Embraer (NYSE)Nov 9 closeNov 10 close, 4:10 PM ESTChange ($)Change (%)
EMBJ$77.07$82.50+$5.43+7.0%

Both prices are from the CNBC quote page. The Nov 10 figure is the regular-session close. CNBC does not state a reason for the move.

Note: ADS is American Depositary Share. Yahoo Finance also lists a $0.81 EPS estimate from only 2 analysts (default methodology: normalized). Official basic earnings per ADS were $0.3981. The measures may not be comparable, so an EPS comparison is omitted.Source: Embraer Form 6-K, Nov 10, 2026; Yahoo Finance, Nov 10, 2026; CNBC, Nov 10, 2026 close

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3 · Q3 results vs. consensus

Full-year revenue guidance was raised to $8.4B to $8.6B, and free-cash-flow guidance was raised

Full-year 2026 guidance, issued Nov 10 (Eve not included)

MetricPriorUpdated
Consolidated revenue (USD)$8.2B–$8.5B$8.4B–$8.6B
Adjusted EBIT margin10.0%–10.6%Unchanged
Adjusted free cash flow without Eve$400M or higher$700M or higher
Commercial Aviation deliveries80–85Unchanged
Executive Aviation deliveries160–170Unchanged

Note: Free cash flow in the guidance table is Adjusted free cash flow without Eve, as defined in the 6-K. Delivery ranges are unchanged. No third-party full-year consensus is used on this page. All figures are in U.S. dollars.Source: Embraer Form 6-K, Nov 10, 2026; analysis of company data. Figures are in U.S. dollars.

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4 · FY 2026 outlook

Revenue rose 17% and Adjusted EBIT rose 48.1%, while net income to shareholders declined

  1. Revenue was a third-quarter recordRevenue of $2,347.2M rose 17% in U.S. dollars.
  2. Adjusted EBIT increasedAdjusted EBIT rose 48.1% to $254.8M.
  3. Reported net income declinedNet income attributable to Embraer shareholders fell 39.0% to $71.1M.

Key figures, U.S. dollars

USD $M unless notedQ3 2025Q3 2026YoY
Revenue$2,003.5M$2,347.2M17%
Adjusted EBIT$172.0M$254.8M48.1%
Net income to Embraer shareholders$116.6M$71.1M(39.0%)
Basic earnings per ADS ($)$0.64$0.40(37.4%)

Note: ADS is American Depositary Share. The release rounds revenue to US$2,347 million; the income statement shows US$2,347.2 million. Adjusted EBIT excludes US$(12.7) million of Eve results in 3Q26.Source: Embraer Form 6-K, Nov 10, 2026; analysis of company data. Figures are in U.S. dollars.

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5 · Q3 key financials

Services and Support revenue rose 30% and led the year-on-year increase

Revenue by segment

USD $M, Q3 2025 vs. Q3 2026

SegmentQ3 2025Q3 2026YoY
Commercial Aviation$618M$696M13%
Executive Aviation$583M$655M12%
Defense and Security$278M$341M22%
Services and Support$493M$638M30%
Other$32M$18M(43.8%)
The company delivered 66 aircraft, and the firm order backlog reached $35.7B, up 14.0% year on year

Note: Segment revenues are as stated in the 6-K narrative and may not add to total revenue because of rounding. Other includes Agricultural Aviation, Tempest and Electronic Equipment. All figures are in U.S. dollars.Source: Embraer Form 6-K, Nov 10, 2026; analysis of company data. Figures are in U.S. dollars.

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6 · Revenue by segment

Services and Support added $145M of the year-on-year revenue increase

Revenue bridge

USD $M, Q3 2025 to Q3 2026

$M · Q3 2025: $2,004M$M · Commercial Aviation: $78M$M · Executive Aviation: $72M$M · Defense and Security: $63M$M · Services and Support: $145M$M · Other: -$14M$M · Q3 2026: $2,348MQ3 2025CommercialAviationExecutiveAviationDefenseand Secu…Servicesand Supp…OtherQ3 2026$0M$500M$1,000M$1,500M$2,000M$2,500M$2,800M$2,004M$78M$72M$63M$145M-$14M$2,348M
Defense and Security revenue rose 22%

Note: The bridge uses the segment figures in the 6-K. The residual versus reported revenue is rounding, as noted on the data sheet.Source: Embraer Form 6-K, Nov 10, 2026; analysis of company data. Figures are in U.S. dollars.

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7 · Revenue bridge

Adjusted free cash flow without Eve rose to $627.7M from $300.3M

Adjusted free cash flow without Eve

USD $M, Q3 2025 vs Q3 2026

v · Q3 2025: $300Mv · Q3 2026: $628MQ3 2025Q3 2026$0M$250M$500M$800M$300M$628M
The company cites stronger operating performance and pre-delivery payment inflows

Note: Adjusted free cash flow without Eve is a non-GAAP measure. The 6-K reconciles it from operating cash flow. All figures are in U.S. dollars.Source: Embraer Form 6-K, Nov 10, 2026; analysis of company data. Figures are in U.S. dollars.

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8 · Free cash flow

Adjusted EBIT rose 48.1% to $254.8M, while reported net income declined

Adjusted EBIT

USD $M, Q3 2025 vs Q3 2026

v · Q3 2025: $172Mv · Q3 2026: $255MQ3 2025Q3 2026$0M$100M$200M$300M$400M$172M$255M
Net income attributable to Embraer shareholders was $71.1M, down from $116.6M

Note: Adjusted EBIT excludes Eve results of US$(12.7) million in 3Q26. The release attributes the net-income decline mainly to higher net financial expenses, including long-term incentive mark-to-market, and tax expenses.Source: Embraer Form 6-K, Nov 10, 2026; analysis of company data. Figures are in U.S. dollars.

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9 · Adjusted EBIT

Gross margin rose 196 basis points, and Adjusted EBIT margin rose to 10.9%

Gross margin and Adjusted EBIT margin

Q3 2025 vs Q3 2026

Gross margin · Q3 2025: 17.2%Gross margin · Q3 2026: 19.2%Adjusted EBIT margin · Q3 2025: 8.6%Adjusted EBIT margin · Q3 2026: 10.9%Q3 2025Q3 20260%10%20%30%17.2%19.2%8.6%10.9%
Reported operating margin was 10.3%

Note: Adjusted EBIT margin was 10.9% in 3Q26, compared with 8.6% in 3Q25, or 9.4% in 3Q25 excluding U.S. import tariffs. All figures are in U.S. dollars.Source: Embraer Form 6-K, Nov 10, 2026; analysis of company data. Figures are in U.S. dollars.

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10 · Margin analysis

Adjusted free cash flow without Eve was $627.7M, and stand-alone net cash turned positive

  1. Operating cash flow increasedNet cash provided by operating activities was $424.5M, up from $272.9M.
  2. Free cash flow increasedAdjusted free cash flow without Eve rose 109.0% to $627.7M.
  3. Stand-alone net cash improvedEmbraer stand-alone net cash was $430.0M, versus a net debt position of -$214.5M at Jun 30, 2026.

Cash flow, U.S. dollars

USD $MQ3 2025Q3 2026
Net cash provided by operating activities$272.9M$424.5M
Acquisition of property, plant and equipment$60.4M$73.9M
Adjusted free cash flow without Eve$300.3M$627.7M

Note: Consolidated cash and financial investments were US$2,763.8 million at Sep 30, 2026. Eve free cash flow was US$(55.0) million in the quarter. All figures are in U.S. dollars.Source: Embraer Form 6-K, Nov 10, 2026; analysis of company data. Figures are in U.S. dollars.

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11 · Cash flow and financing

The firm order backlog reached $35.7B, a record, up 14.0% year on year

  1. Deliveries increasedThe company delivered 66 aircraft, up from 62, including 22 commercial jets, 41 executive jets and 3 defense aircraft.
  2. Backlog rose across unitsThe backlog rose 3.0% sequentially. Defense and Security backlog rose 56% year on year, per the 6-K.
  3. Delivery guidance was unchangedCommercial Aviation deliveries are still guided at 80–85 aircraft, and Executive Aviation at 160–170.

Deliveries and backlog

MetricQ3 2025Q3 2026
Aircraft delivered6266
Firm order backlog (USD)n.a.$35.7B

Note: Backlog is stated as an all-time high of US$35.7 billion, up 14% year on year and 3% from the prior quarter. A year-earlier backlog dollar amount is not restated as a single total in the highlights table used here.Source: Embraer Form 6-K, Nov 10, 2026; analysis of company data. Figures are in U.S. dollars.

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12 · Deliveries and backlog

Embraer stand-alone net cash improved to $430.0M from a net debt position

  1. Consolidated liquidity increasedCash and cash equivalents plus financial investments were $2.8B at Sep 30, 2026, versus $2.3B at Jun 30, 2026.
  2. Stand-alone debt declinedEmbraer stand-alone gross debt was $1,977.9M, and stand-alone cash was $2.4B.
  3. Total assets increasedTotal assets were $13.9B.

Balance sheet, U.S. dollars

USD $MJun 30, 2026Sep 30, 2026
Cash and financial investments$2,340.6M$2,763.8M
Total assets$13,237.4M$13,937.0M
Embraer stand-alone net cash-$214.5M$430.0M
Total equity$3,830.9M$3,868.9M

Note: The income-statement comparatives are year on year. The balance-sheet table uses the 6-K sequential (Jun 30 and Sep 30, 2026) columns. Stand-alone net cash is cash and financial investments less loans and financing, excluding Eve. All figures are in U.S. dollars.Source: Embraer Form 6-K, Nov 10, 2026; analysis of company data. Figures are in U.S. dollars.

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13 · Balance sheet and debt

Delivery execution, Eve cash use and financial-expense volatility are the main watch items

Indicator
What to watch
Implication
Latest reading
Delivery ranges unchanged
Commercial and Executive Aviation delivery guides were left unchanged
A miss versus the range would pressure the new revenue guide
Commercial 80–85; Executive 160–170
Adjusted EBIT margin guide unchanged
The 10.0%–10.6% margin range was left as is
Mix, tariffs or cost inflation could squeeze the range
Q3 Adjusted EBIT margin 10.9%
Financial expense and net income
Financial expense rose sharply, and net income to shareholders declined
Reported earnings can lag Adjusted EBIT
Financial expense $218.9M in Q3
Eve cash use
Eve free cash flow was negative in the quarter
Consolidated cash can trail the stand-alone free-cash-flow figure
Eve free cash flow US$(55.0) million

Source: Embraer Form 6-K, Nov 10, 2026; analysis of company data. Figures are in U.S. dollars.

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14 · Key risks to guidance

15 · Appendix: Segment detail

Appendix: reported and Adjusted EBIT, U.S. dollars

ClaimEvidenceCalculation
Operating income (reported EBIT)$242.1M51.7% year on year
Eve results excluded$12.7MAdded back to reach Adjusted EBIT
Adjusted EBIT$254.8M48.1% year on year
Adjusted net income$73.6MDown from $84.3M a year earlier

Source: Embraer Form 6-K, Nov 10, 2026; analysis of company data. Figures are in U.S. dollars.

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16 · Appendix: Profit and margins

Appendix: other 2026 guidance items

ClaimEvidenceCalculation
Prior revenue guidance midpoint$8.4BDeepCell-calculated midpoint of US$8.2–8.5 billion
Updated revenue guidance midpoint$8.5BDeepCell-calculated midpoint of US$8.4–8.6 billion
Adjusted EBIT margin midpoint10.3%DeepCell-calculated midpoint of the official 10.0%–10.6% range
Adjusted free cash flow without Eve$700M or higherRaised from US$400 million or higher

Source: Embraer Form 6-K, Nov 10, 2026; analysis of company data. Figures are in U.S. dollars.

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17 · Appendix: Guidance detail

Appendix: stand-alone cash and Eve items

ClaimEvidenceCalculation
Embraer stand-alone cash$2,407.9MSep 30, 2026
Embraer stand-alone gross debt$1,977.9MSep 30, 2026
Embraer stand-alone net cash$430.0MUp from a net debt position at Jun 30, 2026
Aircraft delivered in the quarter6622 commercial, 41 executive, 3 defense

Source: Embraer Form 6-K, Nov 10, 2026; analysis of company data. Figures are in U.S. dollars.

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18 · Appendix: Cash and Eve

Appendix: income statement detail, U.S. dollars

Revenue and costs

USD $M unless notedQ3 2025Q3 2026YoY
Revenue$2,003.5M$2,347.2M17%
Cost of sales and services$1,659.0M$1,897.6M14.4%
Gross profit$344.5M$449.6M30.5%
Operating income$159.6M$242.1M51.7%

Earnings

USD $M unless notedQ3 2025Q3 2026YoY
Adjusted EBIT$172.0M$254.8M48.1%
Financial expense$99.1M$218.9Mn.m.
Net income to Embraer shareholders$116.6M$71.1M(39.0%)
Adjusted net income$84.3M$73.6M(12.7%)

Note: n.m. means not meaningful. Financial expense rose sharply year on year. All figures are in U.S. dollars.Source: Embraer Form 6-K, Nov 10, 2026; analysis of company data. Figures are in U.S. dollars.

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19 · Appendix: Income statement

Appendix: sources

  • Filing: Embraer Form 6-K, Nov 10, 2026 — https://www.sec.gov/Archives/edgar/data/1355444/000129281426005209/0001292814-26-005209-index.html
  • 3Q26 earnings results (6-K) — https://www.sec.gov/Archives/edgar/data/1355444/000129281426005209/embjpr3q26_6k.htm
  • PR Newswire release, Nov 10, 2026 — https://www.prnewswire.com/news-releases/embraer-earnings-results--3rd-quarter-2026-302934791.html
  • Investor relations results center — https://ri.embraer.com.br/en/financial-information/results-center/
  • Consensus: Yahoo Finance revenue estimate, Nov 10, 2026 — https://finance.yahoo.com/quote/EMBJ/analysis/
  • Share price: CNBC EMBJ quote, Nov 9, 2026 regular close and Nov 10, 2026 regular-session close at 4:10 PM EST — https://www.cnbc.com/quotes/EMBJ
  • Company figures are in U.S. dollars, as presented in the 6-K. Non-GAAP figures follow the company's reconciliation tables.
  • Chart and table values link to the model in the spreadsheet tabs of this file.

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20 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader's investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from Embraer's Form 6-K of November 10, 2026 and the PR Newswire release of the same date. All company figures are in U.S. dollars. Consensus estimates (Yahoo Finance) and share prices (CNBC) are third-party data, credited on the sources page. We have not independently verified third-party data.

Basis of presentation. Figures are IFRS unless labelled non-GAAP, in U.S. dollars, for the quarters ended September 30, 2026 and 2025. Adjusted EBIT, Adjusted net income and Adjusted free cash flow without Eve are company non-GAAP measures.

Forward-looking statements. Company guidance, consensus estimates and the watch items in this deck are forward-looking and may not be achieved. Readers should check the figures against the original filings.

Date of analysis. The share prices are the CNBC regular-session closes on November 9, 2026 and November 10, 2026.

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21 · Disclosures

Sources

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