2025
2024
Order intake
EUR 10,941 million26 Export Rafale31 Falcon
EUR 10,869 million30 Export Rafale26 Falcon
Adjusted Net Sales(*)
EUR 7,420 million26 Rafaleof which 15 Export and 11 France37 Falcon
EUR 6,230 million21 Rafale of which 14 France and 7 Export31 Falcon
Backlogas of December 31
EUR 46,596 million220 Rafaleof which 175 Export and 45 France73 Falcon
EUR 43,224 million220 Rafaleof which 164 Export and 56 France79 Falcon
Adjusted operating income(*)Adjusted operating margin
EUR 635 million8.6% of net sales
EUR 519 million8.3% of net sales
Self-funded Research and Development
EUR 389 million5.2% of net sales
EUR 437 million7.0% of net sales
Adjusted net income(*)Adjusted net marginEarnings per share
EUR 1,061 million14.3% of net salesEUR 13.60 per share
EUR 1,056 million17.0% of net salesEUR 13.46 per share
Available cashas of December 31
EUR 9,415 million
EUR 8,434 million
Dividends
EUR 371 millionEUR 4.78 per share
EUR 370 millionEUR 4.72 per share
Employee profit-sharing and incentives including 20% employer's corresponding taxHeadcount as of Dec. 31
EUR 245 million15,024
EUR 245 million14,589
NB: - Dassault Aviation recognizes Export Rafale contracts in their entirety (including the Thales and Safran parts)- Excluding the corporate tax surcharge in France, adjusted net income for 2025 would have been EUR 1,157 million
Main IFRS aggregates (see reconciliation table below)
(*) Consolidated net sales
EUR 7,426 million
EUR 6,240 million
(*) Consolidated operating income
EUR 639 million
EUR 527 million
(*) Consolidated net income
EUR 977 million
EUR 924 million
Saint-Cloud, March 4, 2026 - At yesterday's meeting chaired by Mr. Éric Trappier, the Board of Directors approved the 2025 statement of accounts. The audit procedures have been completed and the audit opinion is in the process of being issued.
« The military, geopolitical, and budgetary contexts, coupled with tariffs, are creating uncertainty for the business activity. At the same time, the tax pressure erodes the company's competitiveness.
Although the French defense budget, including its "steps", is preserved, its implementation requires a revision of the Military Programming Law. Furthermore, uncertainty remains regarding the FCAS (Future Combat Air System).
In this demanding context, the Rafale confirmed its success in 2025 with the delivery of the 300th Rafale and an order for 26 Rafale by the Indian Navy.
The post-closing decision by the Defence Acquisition Council, to enter into direct negotiations for India's acquisition of 114 Rafale, reinforces the need for the Make in India initiative, already emphasized in 2025 with the majority stake acquisition of DRAL and partnerships with companies including Tata Advanced Systems and other Indian industrial players.
In a market marked by uncertainties related to the tariffs in the United States in the first half of 2025, the Falcon activity recorded 31 orders and 37 deliveries. Competitiveness remains a key element of the business jet market.
The backlog stands at EUR 46.6 billion, including 220 Rafale and 73 Falcon.
In 2025, net sales reached EUR 7.4 billion, with 26 Rafale delivered (for a guidance of 25) and 37 Falcon (for 40 guided). Adjusted operating income amounted to EUR 635 million, up 22% compared to 2024. Adjusted net income reached EUR 1,061 million. This net income includes the EUR 96 million tax surcharge in France (excluding this surcharge, the net income would have amounted to EUR 1,157 million).
In 2025, development programs continued with:
work on the Rafale F4 standard, including the acceptance of the F4-2 standard and development of the F4-3,
work on Phase 1B of the FCAS (Future Combat Air System),
the Falcon 10X, the first aircraft of which is in the final stage of manufacturing,
the first flights in 2025 of the ARCHANGE (Falcon 8X strategic intelligence) and ALBATROS (Falcon 2000 maritime surveillance and intervention) mission aircraft; the first ALBATROS delivery is scheduled for 2026,
the VORTEX-D space demonstrator, and the launch of design and development work, supported by the French Defense Procurement Agency.
Regarding our support activities, the commitment is growing, both for military aircraft, with an increasing number of Rafale deployed around the world, and for civil aircraft, with the opening of the new maintenance center in Melbourne, Florida.
Furthermore, 2025 was marked by:
the continued modernization of industrial infrastructure, particularly to ensure the Rafale production ramp-up,
the continued deployment of digital solutions (3DExperience™, SAP and generative AI),
strategic partnerships established for sovereign and controlled AI: collaborations with AMIAD, Thale (cortAIx), and the acquisition of a stake in Harmattan AI.
In 2025, Dassault Aviation hired 1,579 people, bringing its workforce to 15,024 employees. In addition, Dassault Aviation continued its efforts in the area of decarbonization.
Our objectives for 2026 are to:
meet our Rafale and Falcon delivery commitments by reducing manufacturing cycles and hours,
negotiate the 114 Indian Rafale and accelerate the "Make in India" initiative,
meet development deadlines and costs of the launched developments while reducing cycles,
prepare for the future of the Rafale with its F5 standard, the development of a combat drone, and the development of a future fighter,
operational support and aircraft readiness: maintain the level of satisfaction of our military customers and regain a leading position in business aviation support rankings,
continue export prospecting for the Rafale,
achieve level of Falcon sales,
continue the VORTEX development in the space sector,
continue the deployment of digital technologies and the integration of AI,
continue the skills development of new hires.
The 2026 guidance is an increase in net sales compared to 2025, reaching the EUR 8.5 billion range (including the delivery of 40 Falcon and 28 Rafale). »
Éric TRAPPIER, Chairman and Chief Executive Officer of Dassault Aviation
1. CONSOLIDATED ORDER INTAKE
2025 consolidated order intake was EUR 10,941 million versus EUR 10,869 million in 2024. Export order intake represented 89%.
The progression is as follows, in millions of euros:
2025
2024
2023
Defense
8,290
8,309
6,524
Defense Export
7,478
7,294
3,583
Defense France
812
1,015
2,941
Falcon
2,651
2,560
1,729
