Embraer’s order backlog hit $32.1 billion in the first quarter of 2026 — a record, and the sixth consecutive all-time high. That figure represents a 22% year-on-year jump from $26.4 billion in Q1 2025, driven by surging commercial aviation demand. The Brazilian manufacturer confirmed the numbers in an SEC Form 6-K filing on April 27, 2026.
The result cements Embraer’s standing as one of aviation’s most consistent performers — arriving at a moment when Boeing and Airbus are still wrestling with production backlogs and supply chain fragility. Fuel costs remain stubbornly high. Economic headwinds haven’t disappeared. Yet Embraer’s order momentum is accelerating, not stalling.
Backlog Breakdown — Division by Division
Commercial aviation carried the headline. Its segment backlog reached $15.0 billion — up 50% year-on-year and 3% above Q4 2025. Services & Support contributed $5.1 billion, an 11% year-on-year gain that reflects growing appetite for long-term fleet management agreements. Executive aviation held steady at $7.6 billion. Defense & Security added $4.4 billion, up 5% year-on-year.
The commercial division’s 12-month book-to-bill ratio came in at 3.0x. That means Embraer is booking three aircraft orders for every single one it delivers — a striking number by any measure.
Deliveries Running Four Points Ahead of Historical Average
Embraer delivered 44 aircraft in Q1 2026, a 47% improvement over the 30 jets handed over in Q1 2025. It’s an early signal that the company’s production leveling initiative is working. Ten of those 44 were commercial aircraft: six E175s, one E190-E2, and three E195-E2s. Customers included Republic Airlines (three E175s), American Airlines (two E175s), SkyWest (one E175), Azorra (one E190-E2), Luxair (two E195-E2s), and AerCap (one E195-E2).
Executive aviation contributed 29 jets — 15 Phenom 300s, nine Praetor 500s, four Praetor 600s, and one Phenom 100. Defense & Security delivered five aircraft, including one KC-390 Millennium and three A-29 Super Tucanos — one to the Portuguese Air Force, two to the Uruguayan Air Force — plus one Super Tucano to an undisclosed African operator.
“1Q26 deliveries corresponded to approximately 16% of the midpoint of the company’s full-year delivery guidance — four percentage points ahead of the 12% five-year historical average for the period.” — Embraer spokesperson, via AeroTime, April 2026
Full-year 2026 delivery guidance stands at 240 to 255 aircraft across commercial and executive aviation. Consolidated revenue is targeted at $8.2 billion to $8.5 billion, with an adjusted EBIT margin of 8.7% to 9.3%.
Finnair Order and the European Momentum
A March 23, 2026 agreement with Finnair did considerable work in lifting the commercial backlog. The deal covers up to 46 E195-E2s, adding 18 firm aircraft. The 134-seat jets are scheduled to enter service with Finnair’s regional partner Norra from Q3 2027 — three deliveries that year, six in 2028, six in 2029 — underscoring the E2 family’s growing role as a narrowbody replacement tool in European fleet renewal cycles.
American Airlines remains Embraer’s largest single commercial customer by backlog. Seventy-eight E175s are still awaiting delivery, following the airline’s receipt of 126 jets to date.
New Defense Customers and the KC-390’s Expanding Roster
Two new defense customers emerged during the quarter. Uzbekistan signed on for the KC-390 Millennium. The Philippines Air Force ordered six A-29 Super Tucanos. The KC-390 now holds 32 firm orders — from Brazil, Portugal, Hungary, the Netherlands, Austria, South Korea, the Czech Republic, and Uzbekistan — cementing its credentials as the leading C-130 Hercules alternative in the medium tactical transport category.
Valuation and Competitive Context
JP Morgan estimates Embraer trades at roughly 0.44x EV-to-backlog, with a 2026 EV/EBITDA multiple near 12.9x. That’s a notable discount to Boeing at 32.3x and broadly in line with Airbus at 13.3x. EMBJ3 has climbed approximately 75% over the past 18 months on the Ibovespa. JP Morgan, Bradesco BBI, and Itaú BBA all carry buy ratings on the stock.
One execution risk flagged by Forecast International is worth watching. The E2 family needs to account for 60% of annual deliveries to meet full-year targets — yet through Q1, it had achieved only 7.8% of its annual forecast, against the E175’s 14.7%. The gap matters.
The Adani Defence & Aerospace final assembly line partnership in India has already established a defined roadmap for E175 domestic production, following the February 2026 announcement that moved the collaboration from exploration to concrete planning. Meanwhile, the Services & Support segment is building a recurring-revenue base across some 7,000 in-service Embraer aircraft worldwide. Both factors point toward continued backlog growth into Q2 2026. The Q2 delivery split between the E175 and E2 family will tell the real story of whether Embraer’s full-year margin targets are within reach.
Sources
- Aviation News Online
- AeroTime Hub — Embraer Q1 2026 Results Coverage
- AviTrader — Embraer Backlog and Delivery Data
- Forecast International — Embraer Production Analysis
- Seeking Alpha — Embraer Valuation and JP Morgan Coverage
- Rio Times Online — Embraer 2025 Shareholders Meeting
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