Embraer’s Record Backlog Signals Demand Strength, And A Tough Delivery Test

Key Points

• Embraer ended 2025 with a record $31.6 billion firm-order backlog, up 20% from a year earlier.
• Commercial aviation led the surge, even as Azul renegotiations trimmed the quarter-to-quarter tally.
• The next story is execution: higher output, stable suppliers, and margins that match the promise.

Embraer closed 2025 with the largest pipeline of signed aircraft orders in its history, a milestone that lifts expectations for delivery performance.

The company said firm orders reached $31.6 billion at year-end, a record level and a 20% increase from the same period in 2024.

Commercial Aviation, the group’s highest-margin unit, carried the result. Its backlog rose to $14.5 billion in the fourth quarter, up 42% year on year.

It slipped 5% from the third quarter after Azul reworked orders during its court-supervised restructuring. Even so, the unit finished 2025 with a book-to-bill ratio of 2.8, meaning net orders far outpaced deliveries.

Deliveries accelerated late in the year. Embraer delivered 91 aircraft in the fourth quarter, up from 75 a year earlier. Total 2025 deliveries reached 244, compared with 206 in 2024.

Commercial Aviation delivered 32 jets in the fourth quarter and 78 for the year, including 15 E195-E2 aircraft in the quarter. Executive Aviation added steady volume and a record backlog of $7.6 billion.

The unit delivered 53 aircraft in the fourth quarter, up 20% from 44 in the prior-year quarter, and 155 for 2025. The Phenom 300 accounted for 23 fourth-quarter deliveries.

The segment’s 2025 book-to-bill was 1.1. Defense and services provided additional ballast. Services & Support ended the quarter with a $4.9 billion backlog, up 7% year on year.

Defense & Security reported a backlog of about $4.6 billion, and delivered three KC-390 Millennium aircraft and eight A-29 Super Tucanos in 2025. Its book-to-bill was 1.4.

Reuters reported that Embraer’s commercial leadership wants output climbing toward roughly 100 annual deliveries within two years. The same report cited 131 net E2 orders over the past year, with customers including All Nippon Airways and LATAM.

One market detail also changed at home: Embraer’s B3 ticker shifted to EMBJ3 from EMBR3 in November 2025.

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