Revenue growth remains strong at 20.4% year-over-year in 2025Q3, though gross margins remain constrained within a narrow 17.2% to 19.5% range due to persistent input cost pressures.
| Metric | TTM | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Sales/Revenue | 7.26B | 6.39B | 5.27B | 4.54B | 4.2B | 3.77B | 5.46B | 5.07B | 8.42B | 20.24B | 23.33B | 15.73B | 13.29B | 11.52B | 10.59B | 8.96B | 9.58B | 12.49B | 10.95B | 8.13B | 8.84B | 9.18B | 6.77B | 6.45B | 5.69B | 5.32B | 3.32B |
| Revenue Growth % | 19.9% | 21.38% | 16.04% | 8.08% | 11.4% | -30.97% | 7.72% | -39.79% | -58.39% | -13.25% | 48.35% | 18.37% | 15.37% | 8.73% | 18.25% | -6.48% | -23.29% | 13.99% | 34.75% | -8.05% | -3.7% | 35.61% | 4.95% | 13.44% | 6.96% | 60.11% | - |
| Cost of Goods Sold | 5.94B | 5.24B | 4.36B | 3.63B | 3.54B | 3.29B | 4.67B | 4.3B | 7.44B | 16.26B | 18.96B | 12.6B | 10.27B | 8.73B | 8.21B | 7.24B | 7.72B | 9.84B | 8.55B | 6.07B | 6.39B | 6.05B | 4.22B | 3.91B | 3.5B | 3.66B | 2.28B |
| COGS % of Revenue | - | 81.97% | 82.74% | 79.91% | 84.21% | 87.34% | 85.44% | 84.86% | 88.3% | 80.3% | 81.25% | 80.12% | 77.29% | 75.83% | 77.5% | 80.87% | 80.55% | 78.79% | 78.04% | 74.66% | 72.28% | 65.9% | 62.28% | 60.64% | 61.49% | 68.81% | 68.58% |
| Gross Profit | 1.32B | 1.15B | 909.6M | 912.2M | 655.85M | 477.6M | 795.5M | 768M | 985.3M | 3.99B | 4.37B | 3.13B | 3.02B | 2.78B | 2.38B | 1.71B | 1.86B | 2.65B | 2.41B | 2.06B | 2.45B | 3.13B | 2.55B | 2.54B | 2.19B | 1.66B | 1.04B |
| Gross Margin % | 18.19% | 18.03% | 17.26% | 20.09% | 15.61% | 12.66% | 14.56% | 15.14% | 11.7% | 19.7% | 18.75% | 19.88% | 22.71% | 24.17% | 22.5% | 19.13% | 19.45% | 21.21% | 21.96% | 25.34% | 27.72% | 34.1% | 37.72% | 39.36% | 38.51% | 31.19% | 31.42% |
| Gross Profit Growth % | - | 26.77% | -0.29% | 39.09% | 37.32% | -39.96% | 3.58% | -22.05% | -75.29% | -8.86% | 39.86% | 3.63% | 8.42% | 16.8% | 39.09% | -8.04% | -29.64% | 10.1% | 16.75% | -15.95% | -21.7% | 22.61% | 0.57% | 15.92% | 32.07% | 58.97% | - |
| Operating Expenses | 656.55M | 485.6M | 595.1M | 1.02B | 458.3M | 801M | 872.5M | 768M | 985.3M | 3.99B | 4.37B | 3.13B | 3.02B | 2.78B | 2.38B | 1.71B | 1.86B | 2.65B | 2.41B | 2.06B | 2.45B | 3.13B | 2.55B | 2.54B | 2.19B | 1.66B | 1.04B |
| OpEx % of Revenue | - | 7.59% | 11.3% | 22.52% | 10.91% | 21.24% | 15.97% | 15.14% | 11.7% | 19.7% | 18.75% | 19.88% | 22.71% | 24.17% | 22.5% | 19.13% | 19.45% | 21.21% | 21.96% | 25.34% | 27.72% | 34.1% | 37.72% | 39.36% | 38.51% | 31.19% | 31.42% |
| Selling, General & Admin | 549.7M | 508.6M | 519.6M | 459.3M | 379.6M | 337.4M | 476.7M | 488.3M | 1.02B | 1.69B | 2.14B | 1.57B | 1.42B | 1.42B | 1.24B | 954.57M | 863.98M | 1.23B | 1.28B | 990.84M | 872.4M | 1.45B | 1.08B | 935.88M | 704.41M | 636.35M | 343.93M |
| SG&A % of Revenue | - | 7.95% | 9.86% | 10.12% | 9.04% | 8.95% | 8.73% | 9.63% | 12.13% | 8.34% | 9.17% | 9.98% | 10.66% | 12.32% | 11.74% | 10.66% | 9.02% | 9.87% | 11.67% | 12.19% | 9.87% | 15.8% | 15.93% | 14.51% | 12.39% | 11.97% | 10.36% |
| Research & Development | 61.63M | 55M | 90.3M | 110M | 43.25M | 30.07M | 49.4M | 46.1M | 73.43M | 155.31M | 164.14M | 117.8M | 159.2M | 144.37M | 156.04M | 120.41M | 96.87M | 388.3M | 542.44M | 0 | 0 | 118.77M | 547.13M | 404.84M | 220.92M | 0 | 0 |
| R&D % of Revenue | - | 0.86% | 1.71% | 2.42% | 1.03% | 0.8% | 0.9% | 0.91% | 0.87% | 0.77% | 0.7% | 0.75% | 1.2% | 1.25% | 1.47% | 1.34% | 1.01% | 3.11% | 4.95% | - | - | 1.29% | 8.08% | 6.28% | 3.88% | - | - |
| Other Operating Expenses | 2M | -78M | -14.8M | 453.4M | 35.7M | 433.8M | 346.4M | 233.6M | -109.48M | 2.14B | 2.07B | 1.44B | 1.44B | 1.22B | 983.42M | 638.44M | 902.31M | 1.03B | 584.09M | 1.07B | 1.58B | 1.56B | 928.09M | 1.2B | 1.27B | 1.02B | 699.35M |
| Operating Income | 664.9M | 667.5M | 314.5M | -110.5M | 201.3M | -323.4M | -77M | 92.3M | -493.47M | 1.19B | 1.42B | 1.2B | 1.14B | 1.09B | 466.1M | 614.89M | 661.01M | 1.06B | 781.53M | 741.36M | 1.19B | 1.45B | 836.46M | 1.2B | 1.27B | 889.62M | 665.1M |
| Operating Margin % | 9.15% | 10.44% | 5.97% | -2.43% | 4.79% | -8.58% | -1.41% | 1.82% | -5.86% | 5.86% | 6.1% | 7.62% | 8.61% | 9.45% | 4.4% | 6.86% | 6.9% | 8.48% | 7.13% | 9.12% | 13.47% | 15.81% | 12.35% | 18.59% | 22.25% | 16.73% | 20.03% |
| Operating Income Growth % | - | 112.24% | 384.62% | -154.89% | 162.24% | -320% | -183.42% | 118.7% | -141.58% | -16.67% | 18.89% | 4.68% | 5.11% | 133.56% | -24.2% | -6.98% | -37.55% | 35.44% | 5.42% | -37.73% | -17.98% | 73.55% | -30.26% | -5.24% | 42.27% | 33.76% | - |
| EBITDA | 893.31M | 911.1M | 556.2M | 99.8M | 410.03M | -31.3M | 132.7M | 365.8M | 954.87M | 2.46B | 3.27B | 2.44B | 2.25B | 1.9B | 1.1B | 1.22B | 1.21B | 1.25B | 904.33M | 879.45M | 1.33B | 1.61B | 1.02B | 1.34B | 1.36B | 948.52M | 710.43M |
| EBITDA Margin % | 12.3% | 14.25% | 10.56% | 2.2% | 9.76% | -0.83% | 2.43% | 7.21% | 11.34% | 12.13% | 14% | 15.51% | 16.94% | 16.49% | 10.38% | 13.59% | 12.6% | 9.99% | 8.26% | 10.82% | 15.09% | 17.55% | 15.1% | 20.79% | 23.84% | 17.84% | 21.39% |
| EBITDA Growth % | 2.44% | 63.81% | 457.31% | -75.66% | 1409.99% | -123.59% | -63.72% | -61.69% | -61.11% | -24.84% | 33.93% | 8.37% | 18.55% | 72.69% | -9.68% | 0.91% | -3.27% | 37.93% | 2.83% | -34.08% | -17.19% | 57.56% | -23.78% | -1.07% | 42.94% | 33.51% | - |
| D&A (Non-Cash Add-back) | 228.42M | 243.6M | 241.7M | 210.3M | 208.73M | 292.1M | 209.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EBIT | 621.69M | 769.5M | 356.5M | 18.1M | 271.3M | -415.4M | 22.1M | 365.8M | 954.87M | 2.46B | 3.27B | 2.44B | 2.25B | 1.9B | 1.1B | 1.22B | 1.21B | 1.25B | 904.33M | 879.45M | 1.33B | 1.61B | 1.02B | 1.34B | 1.36B | 948.52M | 710.43M |
| Net Interest Income | -150.28M | -127.14M | -121.34M | -187.92M | -227.08M | -211.12M | -106.01M | -230M | -135.94M | -664.31M | -696.69M | -462.95M | -347.82M | -231.77M | -209.45M | -169.84M | -248.1M | -246.39M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 158.74M | 98.31M | 119.34M | 48.13M | 29.21M | 28.17M | 121.56M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 309.01M | 225.45M | 240.68M | 236.05M | 256.29M | 239.29M | 227.57M | 230M | 135.94M | 664.31M | 696.69M | 462.95M | 347.82M | 231.77M | 209.45M | 169.84M | 248.1M | 246.39M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -363.92M | -110.5M | -193.8M | -95.3M | -173.9M | -311.8M | -109.2M | -228.5M | 178.93M | -597.42M | -100.76M | 62.53M | 139.6M | 57.71M | -12.8M | 66.63M | -102.1M | -196.52M | 262.55M | 219.13M | -24M | -134.33M | -494.47M | -149.34M | -213.7M | -46.27M | -115.33M |
| Pretax Income | 300.98M | 557M | 120.7M | -205.8M | 27.4M | -635.2M | -186.2M | -136.2M | -314.54M | 589.26M | 1.32B | 1.26B | 1.28B | 1.15B | 453.3M | 681.53M | 558.91M | 861.96M | 1.04B | 960.49M | 1.17B | 1.32B | 341.99M | 1.05B | 1.05B | 843.36M | 549.77M |
| Pretax Margin % | 4.14% | 8.71% | 2.29% | -4.53% | 0.65% | -16.84% | -3.41% | -2.69% | -3.73% | 2.91% | 5.67% | 8.01% | 9.66% | 9.95% | 4.28% | 7.61% | 5.84% | 6.9% | 9.53% | 11.81% | 13.19% | 14.35% | 5.05% | 16.28% | 18.5% | 15.86% | 16.55% |
| Income Tax | -15.95M | 202.4M | -43.6M | -2.3M | 70.9M | 93.1M | 130.3M | 35M | 93.27M | 978.84K | 1.01B | 390.67M | 546.45M | 495.3M | 233.05M | 104.71M | -275.45M | 81.01M | 5.73M | 96.04M | 96.99M | 299.26M | -88.41M | 481.47M | 424.34M | 225.95M | 125.84M |
| Effective Tax Rate % | -5.3% | 36.34% | -36.12% | 1.12% | 258.76% | -14.66% | -69.98% | -25.7% | -29.65% | 0.17% | 75.97% | 31% | 42.56% | 43.21% | 51.41% | 15.36% | -49.28% | 9.4% | 0.55% | 10% | 8.31% | 22.72% | -25.85% | 45.85% | 40.34% | 26.79% | 22.89% |
| Net Income | 314.92M | 352.5M | 164M | -185.4M | -44.7M | -731.9M | -322.3M | -178.2M | 873.17M | 582.74M | 272.38M | 837.12M | 728.88M | 649.57M | 204.15M | 551.43M | 810.49M | 766.16M | 1.02B | 843.66M | 1.04B | 1.01B | 429.72M | 568.54M | 638.16M | 617.4M | 423.93M |
| Net Margin % | 4.34% | 5.51% | 3.11% | -4.08% | -1.06% | -19.41% | -5.9% | -3.51% | 10.37% | 2.88% | 1.17% | 5.32% | 5.49% | 5.64% | 1.93% | 6.16% | 8.46% | 6.14% | 9.33% | 10.38% | 11.76% | 11.05% | 6.35% | 8.81% | 11.22% | 11.61% | 12.77% |
| Net Income Growth % | -36.95% | 114.94% | 188.46% | -314.77% | 93.89% | -127.09% | -80.86% | -120.41% | 49.84% | 113.94% | -67.46% | 14.85% | 12.21% | 218.18% | -62.98% | -31.96% | 5.79% | -25.03% | 21.13% | -18.88% | 2.5% | 136.11% | -24.42% | -10.91% | 3.36% | 45.64% | - |
| Net Income (Continuing) | 316.93M | 354.6M | 164.3M | -203.5M | -43.5M | -728.3M | -316.5M | -171.2M | -407.81M | 588.28M | 318.04M | 869.63M | 737.41M | 651.06M | 220.25M | 576.82M | 834.36M | 780.94M | 1.02B | 843.66M | 1.04B | 1.01B | 429.72M | 568.54M | 627.59M | 617.4M | 423.93M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | -111.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 368.12M | 269.62M | 252.8M | 256.8M | 107.1M | 112.6M | 96.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.72 | 1.92 | 0.88 | -1.00 | -0.24 | -3.96 | -1.76 | -0.96 | 4.76 | 3.13 | 1.48 | 4.52 | 4.00 | 3.59 | 1.10 | 3.07 | 4.48 | 4.24 | 5.52 | 4.60 | 5.68 | 5.64 | 2.40 | 3.27 | 6.68 | 6.92 | 3.48 |
| EPS Growth % | -36.4% | 118.18% | 188% | -316.67% | 93.94% | -125% | -83.33% | -120.17% | 52.08% | 111.49% | -67.26% | 13% | 11.42% | 226.36% | -64.17% | -31.47% | 5.66% | -23.19% | 20% | -19.01% | 0.71% | 135% | -26.61% | -51.05% | -3.47% | 98.85% | - |
| EPS (Basic) | - | 1.92 | 0.88 | -1.00 | -0.24 | -3.96 | -1.76 | -0.96 | 4.76 | 3.13 | 1.49 | 4.60 | 4.00 | 3.59 | 1.10 | 3.07 | 4.48 | 4.24 | 5.52 | 4.60 | 5.80 | 5.64 | 2.40 | 3.27 | 4.00 | 4.84 | 3.48 |
| Diluted Shares Outstanding | 183.41M | 183.66M | 183.66M | 183.66M | 183.68M | 184.04M | 183.96M | 183.7M | 183.7M | 184.32M | 183.39M | 184.37M | 183.45M | 181.93M | 181.21M | 181M | 180.93M | 181.52M | 185.26M | 185.73M | 181.32M | 180.44M | 179.34M | 175.49M | 95.84M | 88.65M | 122.39M |
| Basic Shares Outstanding | 183.41M | 183.66M | 183.66M | 183.66M | 183.68M | 184.04M | 183.96M | 183.52M | 183.57M | 183.89M | 182.55M | 183.42M | 182.25M | 181.26M | 180.92M | 180.92M | 180.93M | 181.52M | 185.04M | 184.98M | 180.46M | 179.38M | 178.44M | 174.24M | 159.26M | 128.08M | 122.39M |
| Dividend Payout Ratio | - | - | 8.17% | - | - | - | - | - | 19.82% | 17.13% | 66.95% | 29.67% | 20.88% | 17.11% | 164.34% | 48.94% | - | - | - | - | - | - | - | - | - | - | - |
Supply chain delivery bottlenecks
As reported in recent financial filings, Embraer has maintained double-digit top-line expansion, with revenue reaching $2.0 billion in 2025Q3, representing a 20.4% year-over-year increase, which suggests that the company is successfully navigating the complexities of its commercial and defense delivery schedules across global markets.
The consistent revenue growth appears to be driven by a robust backlog and the successful execution of the E2 family and C-390 programs. Investors should monitor whether this trajectory can be sustained as the company faces potential capacity constraints in its manufacturing supply chain.
Based on the provided income statement data, Embraer's gross margin has fluctuated within a narrow band, peaking at 19.5% in 2025Q2 before settling at 17.2% in 2025Q3, indicating that pricing power remains sensitive to the high input costs inherent in specialized aerospace manufacturing.
The inability to consistently expand gross margins above the 20% threshold suggests that competitive pressures in the regional jet market and supply chain volatility continue to weigh on profitability. Further margin improvement likely depends on the higher-margin Service & Support segment becoming a larger share of the total revenue mix.
According to historical income statements, Embraer's operating margin reached 9.4% in 2025Q3, demonstrating that the company is achieving better overhead absorption as revenue scales, though this remains susceptible to the lumpy nature of aircraft deliveries and the associated quarterly fluctuations in operating expenses.
The company appears to be managing its SG&A expenses with discipline, keeping them relatively stable even as revenue grows. This suggests that Embraer is beginning to realize the benefits of operational scale, though investors should remain cautious of potential cost spikes related to R&D for future platforms.
As indicated by the quarterly data, net income has shown significant variance, ranging from a loss of $18.8 million in 2023Q2 to a profit of $178.8 million in 2024Q3, which suggests that headline EPS figures are heavily influenced by non-operating items and seasonal delivery timing.
The absence of stock-based compensation in the reported figures simplifies the earnings profile, yet the volatility in net margins warrants further investigation into the impact of foreign exchange fluctuations and project-based accounting. The current earnings quality appears to be more reflective of delivery milestones than underlying structural profitability.
Based on the reported figures, the persistent gap between revenue growth and margin expansion suggests that Embraer may be struggling with the operational inefficiencies of 'glider' aircraft, where engine shortages trap working capital and potentially delay the realization of higher-margin service revenue streams.
Short-sellers might focus on the risk that supply chain bottlenecks could force the company to increase inventory levels, thereby pressuring cash flow and limiting the ability to reinvest in new technologies. The reliance on specific engine suppliers remains a critical vulnerability that could derail the current growth narrative.
Quick answers to the most common questions about buying ERJ stock.
For fiscal year 2024, Embraer S.A. (ERJ) reported total revenue of $6.39B. This represents a 92.6% increase compared to $3.32B in 1999.
Embraer S.A. (ERJ) is profitable, generating $352.5M in net income for the fiscal year ending 2024 with a net profit margin of 5.5%.
Embraer S.A. (ERJ) reported an operating income of $667.5M, resulting in an operating profit margin of 10.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Embraer S.A. (ERJ) generated $1.15B in gross profit for the year, representing a gross profit margin of 18.0%. This demonstrates the company's core pricing power and production efficiency.