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Just caught Embraer's Q4 numbers and there's some interesting moves happening. Net profit jumped to $83.3M from $45.6M year-over-year, which looks solid on the surface. But here's what caught my eye - adjusted EBIT actually dipped in Q4 to $230.9M versus $265.1M prior year, even though they managed to deliver 91 aircraft that quarter.
Looking at the full year picture for 2025, they posted $7.58B in revenue (up 18% YoY) and delivered 244 aircraft total. The adjusted EBIT for the year came in at $656.8M compared to $708.2M in 2024. So there's definitely some margin compression happening despite the revenue growth.
What's interesting is their 2026 outlook. They're guiding for revenues between $8.2-$8.5B and expecting adjusted EBIT margins in the 8.7-9.3% range. Free cash flow projection is $200M or higher. They're expecting 80-85 commercial deliveries and 160-170 executive aviation deliveries next year.
Stock popped 2.3% in pre-market to $68 after the announcement. The company did note that projections account for economic and market conditions beyond their control, which is the standard caveat. Interesting to see how execution plays out against these targets.