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Thales (FR:HO)
:HO
Earnings Data
Report Date
Jul 23, 2026TBA (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
4.84Last Year’s EPS
4.27Same Quarter Last Year
Moderate Buy
Based on 7 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call portrays a predominantly positive performance: record order intake, strong organic sales growth (+8.8%), improved margins (adjusted EBIT +13% to EUR 2.7bn; margin 12.4%), exceptional free cash flow generation (+27% to EUR 2.6bn) and reduced net debt (EUR 1.6bn). Strategic moves (space MoU, SAMP/T NG wins) and sustained R&D/AI investment underpin medium-term growth. Main negatives are underperformance and integration drag in Cyber & Digital, FX and one-off financial impacts, a French tax surcharge recurrence, higher near-term CapEx, and regulatory uncertainty around the proposed space JV. Overall, highlights materially outweigh the lowlights, supporting a positive outlook provided Cyber recovers as management expects.Company Guidance
Record Order Intake and Strong Commercial Momentum
Order intake reached EUR 25.3 billion (matching 2024 record). Book-to-bill was 1.14 at group level and 1.24 for Defence. Defence orders totaled EUR 15.1 billion with 28 orders > EUR 100m (20 in Defence). Backlog stood at EUR 42 billion (≈3.4 years of sales), supporting near-term visibility.
Robust Sales Growth
Group sales reached a record EUR 22.1 billion, with sharp organic growth of +8.8% (reported growth +7.6% after FX and scope). All emerging markets (Asia, Middle East, Rest of World) recorded double-digit organic growth.
Profitability Improvement
Adjusted EBIT increased by more than 13% to EUR 2.7 billion, with adjusted EBIT margin improving to 12.4%. Adjusted net income, group share, crossed the EUR 2 billion mark, up +5.5% (adjusted EPS EUR 9.76).
Exceptional Cash Generation and Deleveraging
Free operating cash flow from continued activities rose +27% to EUR 2.6 billion, delivering a conversion ratio of 128% (adjusted net income -> FOCF). Net debt reduced significantly to EUR 1.6 billion at end-2025, enabling balance-sheet strength.
Shareholder Returns Increased
Board proposed a dividend of EUR 3.90 per share, up +5.5% vs 2024 (payout ratio 40%), reflecting confidence in cash generation and commitment to returns.
Aerospace & Space Recovery and Profitability
Aerospace sales were EUR 5.9 billion with organic growth +8.7%. Aerospace adjusted EBIT rose strongly (Avionics double-digit growth) and segment EBIT reached EUR 560 million, a +39% organic improvement, margin 9.5%. Space returned to positive adjusted EBIT in 2025 and secured large contracts including IRIS2 initial phase.
Defence: Strong Growth and Strategic Wins
Defence delivered double-digit organic growth, record order intake (EUR 15.1bn), many large flagship contracts (air defence, LMM missile, land surveillance). SAMP/T NG commercial validation (Denmark selection) positions Thales for further exports.
Technology & R&D Leadership (AI, Quantum, Fusion)
Investments in innovation: ~800 AI experts, ~100 PhD students, 200 AI patents; cortAIx deployed across 5 country hubs, embedded in 100+ products and 250+ use cases. Concrete AI-enabled product wins (TALIOS pod, autonomous mine countermeasures). Continued R&D investment (R&D ~6% of sales).
ESG Progress
Scope 1 & 2 CO2 emissions reported down 75.2% (reference 2018 baseline for target achievement), Scope 3 down 15.4% vs 2018; achieved 2030 climate targets ahead of schedule for third consecutive year. Climate training completion for managers 94.6% vs 85% target; women in senior management 21.8% (on track to 25% by 2030).
FR:HO Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
FR:HO Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Mar 03, 2026 | €255.90 | €249.60 | -2.46% |
Jul 23, 2025 | €242.74 | €236.97 | -2.38% |
Mar 04, 2025 | €218.94 | €224.46 | +2.52% |
Jul 23, 2024 | €151.14 | €141.01 | -6.70% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Thales (FR:HO) report earnings?
Thales (FR:HO) is schdueled to report earning on Jul 23, 2026, TBA (Confirmed).
What is Thales (FR:HO) earnings time?
Thales (FR:HO) earnings time is at Jul 23, 2026, TBA (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is the P/E ratio of Thales stock?
The P/E ratio of Thales is N/A.
What is FR:HO EPS forecast?
FR:HO EPS forecast for the fiscal quarter 2026 (Q2) is 4.84.