Safran
French aerospace group and GE Aerospace’s 50/50 partner in CFM International, which builds the LEAP and CFM56 engines. It also makes landing gear, nacelles, aircraft interiors and defence equipment.
Business at a glance
French aerospace group and GE Aerospace’s 50/50 partner in CFM International, which builds the LEAP and CFM56 engines. It also makes landing gear, nacelles, aircraft interiors and defence equipment.
Footprint: Three activities: Propulsion (civil and military engines, helicopter engines and their services), Aircraft Equipment, Defense and Aerosystems, and Aircraft Interiors. Propulsion makes up about half of revenue.
Latest figures
Source: 23 October 2026 revenue update · H1 2026 results. Revenue figures are adjusted. Profit is H1, not nine-month profit; guidance is a forecast.
Operating detail
Nine months ended 30 September 2026; programme information checked 2 November
- CFM partnership
- Safran Aircraft Engines and GE Aerospace are the equal partners behind CFM International.
- LEAP variants
- LEAP-1A: Airbus A320neo family; LEAP-1B: Boeing 737 MAX; LEAP-1C: COMAC C919.
- Quarterly output
- 535 LEAP engines delivered in Q3 2026, up 5% year on year.
- Credit rating
- S&P raised the long-term issuer rating to A with a stable outlook on 14 September 2026.
Sources: Q3 2026 revenue release · CFM LEAP family.
Performance over time
Calendar years · year ended 31 December
Adjusted figures for the Safran group in euro million, from its results releases. Safran’s adjusted figures remove the effect of currency hedging and acquisition accounting; recurring operating income is its main profit measure.
Adjusted revenue
Recurring operating income
Free cash flow
Propulsion recurring operating income
LEAP engines delivered
Charts use annual results. Gaps indicate values the company does not publish on the same basis; the table shows the annual series.
Full-year history
Values as published by the company, in euro million unless stated. Scroll horizontally on smaller screens.
| Indicator / unit | 2023 | 2024 | 2025 |
|---|---|---|---|
| Adjusted revenue€m · Financials | 23,199 | 27,317 | 31,329 |
| Recurring operating income€m · Financials | 3,166 | 4,119 | 5,197 |
| Recurring operating margin% · Financials | 13.6 | 15.1 | 16.6 |
| Free cash flow€m · Cash flow | 2,945 | 3,189 | 3,921 |
| Propulsion revenue€m · Propulsion | 11,876 | 13,652 | 15,668 |
| Propulsion recurring operating income€m · Propulsion | 2,390 | 2,819 | 3,600 |
| Propulsion recurring operating margin% · Propulsion | 20.1 | 20.6 | 23.0 |
| LEAP engines deliveredunits · CFM International · Deliveries | 1,570 | 1,407 | 1,802 |
What the numbers say
Adjusted revenue grew 35% between 2023 and 2025, to €31.3bn, and recurring operating income 64%, to €5.2bn. Propulsion led: its margin rose from 20.1% to 23.0%.
LEAP deliveries fell in 2024 (1,407), then recovered to 1,802 in 2025 and 1,030 in the first half of 2026, 41% more than a year earlier. Safran guides to €6.4–6.5bn of recurring operating income for 2026.
Sources and comparability
- Figures are Safran’s adjusted data (revenue, recurring operating income, free cash flow), which differ from its statutory consolidated accounts.
- 2023 figures are from the 2024 full-year release; 2024 and 2025 from the 2025 release.
- LEAP units are CFM International deliveries; GE Aerospace reports the same engines in its own figures.
What drives the engine business
LEAP output for the Airbus A320neo and Boeing 737 MAX ramp-ups: 1,030 engines in the first half of 2026.
Civil aftermarket: spare parts up 27.9% and services up 40.4% in H1 2026.
The 2028 ambitions Safran raised in February 2026, and its 2026 guidance.
Source and method
This profile uses the company’s own published figures. Engine makers report under different accounting bases (US GAAP, IFRS, company-adjusted measures) and segment definitions. Each figure keeps the company’s own label; adjusted measures are marked as company-defined. Values that are not disclosed are left blank rather than estimated.
Read the latest official results ↗Next results date: earnings calendar.
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