EMBRAER S.A. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data EMBRAER S.A. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	6,204	2,547	5,071	5,463	3,771	4,197	4,540	5,269	6,395	7,578
Cost of revenue	4,982	2,249	4,303	4,667	3,294	3,538	3,628	4,359	5,242	6,249
Gross profit	1,222	298	768	796	478	660	912	910	1,153	1,329
Research and development	47.6	22.2	46.1	49.4	29.8	43	110	90.3	55	74.4
General and administrative	164	139	183	190	143	153	185	205	199	214
Operating income	214	-196	35.3	-77	-323	201	-111	315	668	608
Interest expense	251	48.7	273	239	262	274	290	322	416	615
Interest income	222	136	117	117	29.1	74.8	167	129	311	316
Pre-tax income	181	-95.1	-136	-186	-635	27.4	-206	121	557	268
Income tax	0.3	28.2	35	130	93.1	70.9	-2.3	-43.6	202	-91.4
Income from continuing operations	585	-123	-171	-317	-728	-43.5	-204	164	355	359
Net income to minority interests	1.7	16	7	5.8	3.6	1.2	-18.1	0.3	2.1	7.1
Net income	179	264	-178	-322	-732	-44.7	-185	164	353	352
EBITDA				-77	-222	201	-111
EPS, basic	0.24	0.36	-0.24	-0.44	-0.99	-0.06	-0.25	0.22	0.48	0.48
EPS, diluted	0.24	0.36	-0.24	-0.44	-0.99	-0.06	-0.25	0.22	0.48	0.48

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,242	1,271	1,281	2,308	1,883	1,818	1,817	1,629	1,563	1,950
Short-term investments	1,776	2,366	1,743	410	818
Inventory	2,496	2,149	2,507	1,304	2,438	1,986	2,329	2,636	2,936	3,267
Total current assets	6,824	7,080	7,071	8,571	6,116	5,876	5,757	6,055	6,512	7,150
Property, plant and equipment	2,154	2,105	1,965	969	1,956	1,688	1,649	1,771	1,941	2,131
Lease right-of-use assets				37.8	62.3	60.2	65.1	88	105	106
Total assets	11,720	11,975	11,293	10,573	10,516	10,155	10,142	10,783	11,824	12,920
Accounts payable	952	825	892	358	502	495	740	787	966	1,117
Short-term debt	22.9	17.6	324	4	4.2
Total current liabilities	3,228	2,803	3,029	6,386	2,429	2,829	3,217	3,666	4,416	4,762
Lease liabilities				33.6	53.3	52.3	59	82.2	92.6	97.4
Total liabilities	7,723	7,797	7,353	6,958	7,609	7,380	7,318	7,743	8,480	9,108
Retained earnings		5.1			-31.6		456	329
Shareholders' equity	3,849	4,064	3,846	3,518	2,795	2,668	2,568	2,787	3,076	3,445
Minority interests	92.4	113	94.3	96.9	113	107	257	253	269	367
Total equity	3,936	4,178	3,940	3,583	2,908	2,775	2,824	3,039	3,345	3,812
Total liabilities and equity	11,720	11,975	11,293	10,573	10,516	10,155	10,142	10,783	11,824	12,920

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	180	280	-171	-317	-728	-43.5	-204	164	355	359
Depreciation and amortization				0	101	0	0
Cash from operations	-6.6	753	1,108	894	-1,290	515	751	617	871	870
Capital expenditures	-393	-238	-154	-285	-102	-102	-136	-239	-200	-187
Cash from investing	-994	-1,093	-523	408	-105	-132	-110	-448	-600	-612
Debt issued	576	973	124	401	2,079	60.4	145	2,001	775	2,957
Debt repaid	-524	-540	-596	-646	-1,062	-478	-962	-2,332	-1,155	-2,814
Share buybacks	-17.1	-15
Dividends paid									-8.3
Cash from financing	8.9	370	-503	-257	1,009	-431	-669	-349	-336	146
Exchange rate effect	67.2	-0.6	-71	-17.7	-37.8	2.4	4.4	-10	0.9	-17.7
Free cash flow	-399	515	953	609	-1,393	414	615	378	671	683
Interest paid								173	176	158
Income taxes paid								121	101	73.6

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $78.63 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	17.5%	Gross profit / revenue.
Operating margin	8.0%	Operating income / revenue.
Pre-tax margin	3.5%	Pre-tax income / revenue.
Net margin	4.6%	Net income / revenue.
FCF margin	9.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	11.5%	Cash from operations / revenue.
Effective tax rate	-34.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	10.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.8%	Net income / average total assets.
Return on invested capital (ROIC)	31.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	1.0%	Research and development expense / revenue.
Capex / revenue	2.5%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	18.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	18.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	15.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	15.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	13.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	22.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-9.0%	Operating income vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	-0.2%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	0.0%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-0.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	5.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	1.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	3.5%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	12.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	10.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	4.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	9.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	8.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	4.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.50x	Current assets / current liabilities.
Quick ratio	0.41x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.41x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	70.5%	Total liabilities / total assets.
Interest coverage	0.99x	Operating income / interest expense.
Working capital	$2.39B	Current assets - current liabilities.
Tangible book value	$3.44B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.61x	Revenue / average total assets.
Fixed asset turnover	3.72x	Revenue / average property, plant and equipment.
Inventory turnover	2.01x	Cost of revenue / average inventory.
Days inventory	181 days	365 x average inventory / cost of revenue.
Days payables	61 days	365 x average accounts payable / cost of revenue.
FCF conversion	194.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	21.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.48	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$0.48	Net income per basic share, as reported (split-adjusted).

Valuation

Metric	Value	How it is calculated
Market cap	$14.21B	Share price x shares outstanding.
Enterprise value	$12.26B	Market cap + total debt - cash - short-term investments.
P/E	40.4x	Market cap / net income. Only when net income is positive.
P/S	1.88x	Market cap / revenue.
P/B	4.12x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	4.12x	Market cap / tangible book value, when positive.
P/FCF	20.8x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	16.3x	Market cap / cash from operations, when positive.
EV/Sales	1.62x	Enterprise value / revenue.
EV/EBIT	20.2x	Enterprise value / operating income, when both are positive.
EV/FCF	18.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.8%	Free cash flow / market cap.
Earnings yield	2.5%	Net income / market cap (the inverse of P/E).

What was EMBRAER S.A.'s revenue in fiscal 2025?

EMBRAER S.A. reported revenue of $7.58B for fiscal 2025, 18.5% higher than the year before.

Was EMBRAER S.A. profitable in fiscal 2025?

Yes. Net income was $351.9M, a net margin of 4.6%.

How much free cash flow did EMBRAER S.A. generate in fiscal 2025?

Cash from operations of $870.0M minus capital expenditures of $187.2M left free cash flow of $682.8M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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