Airbus vs Boeing

2020 Q1

Based on 2020 Q1 earnings, Airbus and Boeing have revenue, net income, total assets roughly in the same range (note that Airbus numbers are in Euro while Boeing is in USD). However in terms of shareholder' equity, Airbus is positive while Boeing is negative.

(in millions) Airbus (In Euro) Boeing (In USD)
Revenue 10,631 16,908
Net Income (Loss) (481) (641)
Total Assets 114,003 143,075
Total Equity 3,528 (9,360)

Future Deliveries

Future production rate does not look good.

For Boeing, remaining 747 and 767 are not for passengers, and will be built at 0.5 or 3 per month respectively; 737 MAX is still being grounded, production may be restarted soon but may need a long time to ramp up; 787 production rate will go down from current 14 per month to 7 per month in 2022, and 777 will go down from 5 to 3.

For Airbus, the plan is 40 per month for the A320 Family, 2 per month for A330 and 6 per month for A350.

Deliveries of the A380 will cease in 2022, though news says Emirates is trying to cancel 5 out 8 of the remaining orders. 747 and 767 may also run out of orders in a couple years at the current production rate, will the programs end?