Detailed financial statements for Embraer S.A. (EMBJ): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Embraer SA engages in the design, manufacture, and sale of aircraft and its parts for commercial, defense, and executive aviation sectors. It operates through the following segments: Commercial Aviation, Defense and Security, Executive Jet Business, Service & Support and Others. The Commercial Aviation segment is involved in the development, production, and sale of commercial jets; and the provision of support services to regional aviation and aircraft leasing.
Analysis Summary
Embraer S.A. reported revenue of 41.50B BRL in the most recent fiscal year, growing at a 5-year CAGR of 16.2%.
Trailing-twelve-month margins: gross margin 17.9%, operating margin 8.3%, net margin 5.3%.
At the current price of $75.27, EMBJ trades at a P/E of 29.41 and an ROE of 12.81%. Market capitalisation stands at $13.8B, placing it among large-cap names.
Balance sheet quality for EMBJ: current ratio of 1.5, net debt of 471.0M BRL. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of 2.11B BRL represents 110% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 20.24B BRL | 18.78B BRL | 8.37B BRL | 20.90B BRL | 19.61B BRL | 22.67B BRL | 24.29B BRL | 25.90B BRL | 39.54B BRL | 41.50B BRL |
| Cost of Revenue | 16.26B BRL | 7.44B BRL | 14.33B BRL | 17.86B BRL | 17.12B BRL | 19.13B BRL | 19.41B BRL | 21.42B BRL | 32.41B BRL | 34.22B BRL |
| Gross Profit | 3.99B BRL | 985.3M BRL | 2.56B BRL | 3.04B BRL | 2.48B BRL | 3.54B BRL | 4.88B BRL | 4.47B BRL | 7.13B BRL | 7.28B BRL |
| Research & Development | 155.3M BRL | 73.4M BRL | 153.5M BRL | 189.0M BRL | 156.3M BRL | 233.4M BRL | 588.5M BRL | 443.8M BRL | 340.1M BRL | 407.5M BRL |
| Selling, General & Admin | 1.69B BRL | 1.02B BRL | 1.63B BRL | 1.82B BRL | 1.75B BRL | 1.98B BRL | 2.46B BRL | 2.55B BRL | 3.15B BRL | 3.02B BRL |
| Operating Expenses | 3.99B BRL | 985.3M BRL | 2.56B BRL | 3.34B BRL | 4.16B BRL | 2.21B BRL | 5.47B BRL | 2.93B BRL | 3.00B BRL | 3.94B BRL |
| Operating Income | 363.7M BRL | 1.77B BRL | -416.0M BRL | -294.6M BRL | -1.68B BRL | 1.33B BRL | -591.1M BRL | 1.55B BRL | 4.13B BRL | 3.33B BRL |
| EBITDA | 3.73B BRL | 2.05B BRL | 1.22B BRL | 887.0M BRL | -641.1M BRL | 1.52B BRL | 1.22B BRL | 2.94B BRL | 6.27B BRL | 3.97B BRL |
| Interest Expense | 664.3M BRL | 135.9M BRL | 765.8M BRL | 870.8M BRL | 1.24B BRL | 1.16B BRL | 1.26B BRL | 1.18B BRL | 1.39B BRL | 1.08B BRL |
| Pre-tax Income | 589.3M BRL | 988.6M BRL | -1.06B BRL | -712.5M BRL | -3.30B BRL | 121.5M BRL | -1.10B BRL | 593.3M BRL | 3.44B BRL | 1.47B BRL |
| Income Tax | 978,840 BRL | 93.3M BRL | 116.5M BRL | 498.6M BRL | 484.1M BRL | 389.1M BRL | -12.3M BRL | -214.3M BRL | 1.25B BRL | -500.6M BRL |
| Net Income | 582.7M BRL | 873.2M BRL | -593.3M BRL | -1.23B BRL | -3.81B BRL | -274.8M BRL | -991.8M BRL | 806.1M BRL | 2.18B BRL | 1.93B BRL |
| EPS | $3.20 | $4.76 | $-3.20 | $-6.72 | $-20.60 | $-1.48 | $-5.36 | $4.32 | $11.88 | $10.52 |
| EPS (Diluted) | $3.16 | $4.76 | $-3.20 | $-6.72 | $-20.60 | $-1.48 | $-5.36 | $4.32 | $11.88 | $10.52 |
| Shares Outstanding (Diluted) | 184.3M BRL | 183.7M BRL | 183.7M BRL | 184.0M BRL | 184.0M BRL | 183.7M BRL | 183.7M BRL | 183.7M BRL | 183.7M BRL | 183.3M BRL |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 10.87B BRL | 14.52B BRL | 7.44B BRL | 11.59B BRL |
| Gross Profit | 1.87B BRL | 2.42B BRL | 1.34B BRL | 2.31B BRL |
| Operating Income | 1.02B BRL | 1.16B BRL | 381.4M BRL | 1.41B BRL |
| EBITDA | 1.11B BRL | 98.0M BRL | 655.8M BRL | 1.75B BRL |
| Net Income | 622.7M BRL | 456.2M BRL | 171.6M BRL | 1.11B BRL |
| EPS | $3.40 | $2.40 | $0.92 | $6.24 |
| EPS (Diluted) | $3.40 | $2.40 | $0.92 | $6.24 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 4.05B BRL | 4.20B BRL | 4.26B BRL | 3.27B BRL | 9.79B BRL | 10.20B BRL | 9.72B BRL | 8.01B BRL | 9.67B BRL | 10.68B BRL |
| Short-term Investments | 5.79B BRL | 7.83B BRL | 5.80B BRL | 1.57B BRL | 4.25B BRL | 4.21B BRL | 2.64B BRL | 2.56B BRL | 3.96B BRL | 3.70B BRL |
| Receivables | 1.56B BRL | 1.60B BRL | 1.79B BRL | 2.70B BRL | 4.10B BRL | 5.02B BRL | 4.63B BRL | 4.61B BRL | 6.79B BRL | 4.81B BRL |
| Inventory | 8.15B BRL | 7.01B BRL | 8.24B BRL | 4.88B BRL | 12.43B BRL | 10.97B BRL | 12.28B BRL | 12.83B BRL | 17.92B BRL | 17.44B BRL |
| Total Current Assets | 22.26B BRL | 23.42B BRL | 23.54B BRL | 32.80B BRL | 31.80B BRL | 32.95B BRL | 30.80B BRL | 29.76B BRL | 40.27B BRL | 39.16B BRL |
| Property, Plant & Equipment | 7.03B BRL | 6.96B BRL | 6.54B BRL | 3.85B BRL | 10.49B BRL | 9.80B BRL | 9.17B BRL | 9.14B BRL | 12.65B BRL | 12.25B BRL |
| Goodwill | 68.1M BRL | 39.7M BRL | 40.2M BRL | 38.3M BRL | 112.8M BRL | 120.0M BRL | 119.3M BRL | 117.0M BRL | 118.7M BRL | 116.7M BRL |
| Intangible Assets | 550.7M BRL | 612.2M BRL | 712.4M BRL | 3.38B BRL | 10.68B BRL | 12.29B BRL | 11.90B BRL | 11.34B BRL | 15.36B BRL | 14.79B BRL |
| Total Assets | 38.24B BRL | 39.61B BRL | 43.76B BRL | 40.46B BRL | 54.68B BRL | 56.95B BRL | 54.26B BRL | 53.00B BRL | 73.12B BRL | 70.76B BRL |
| Accounts Payable | 3.11B BRL | 2.73B BRL | 2.97B BRL | 1.37B BRL | 2.61B BRL | 2.86B BRL | 767.0M BRL | 4.04B BRL | 6.24B BRL | 6.46B BRL |
| Short-term Debt | 1.74B BRL | 1.34B BRL | 1.68B BRL | 72.3M BRL | 1.95B BRL | 3.22B BRL | 1.61B BRL | 624.7M BRL | 703.7M BRL | 576.7M BRL |
| Total Current Liabilities | 10.53B BRL | 9.27B BRL | 10.08B BRL | 24.44B BRL | 12.63B BRL | 15.86B BRL | 16.79B BRL | 18.02B BRL | 27.31B BRL | 26.08B BRL |
| Long-term Debt | 11.75B BRL | 13.75B BRL | 11.61B BRL | 343.2M BRL | 21.17B BRL | 19.36B BRL | 15.49B BRL | 13.56B BRL | 14.70B BRL | 13.63B BRL |
| Total Liabilities | 25.17B BRL | 25.79B BRL | 28.49B BRL | 26.63B BRL | 39.56B BRL | 41.39B BRL | 38.18B BRL | 38.06B BRL | 52.44B BRL | 49.89B BRL |
| Retained Earnings | 0 | 0 | 0 | 0 | -164.3M BRL | 0 | 0 | 0 | 0 | 0 |
| Total Equity | 12.54B BRL | 13.44B BRL | 12.80B BRL | 13.46B BRL | 14.53B BRL | 14.96B BRL | 13.74B BRL | 13.70B BRL | 19.02B BRL | 18.87B BRL |
| Total Debt | 13.49B BRL | 15.09B BRL | 13.28B BRL | 563.3M BRL | 23.46B BRL | 22.94B BRL | 17.08B BRL | 14.66B BRL | 16.10B BRL | 14.85B BRL |
| Net Debt | 3.64B BRL | 3.06B BRL | 3.21B BRL | -4.28B BRL | 9.42B BRL | 8.53B BRL | 4.72B BRL | 4.09B BRL | 2.47B BRL | 471.0M BRL |
| Working Capital | 11.73B BRL | 14.14B BRL | 13.46B BRL | 8.36B BRL | 19.17B BRL | 17.09B BRL | 14.01B BRL | 11.75B BRL | 12.96B BRL | 13.08B BRL |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | 5.67B BRL | 10.68B BRL | 6.78B BRL | 7.20B BRL |
| Total Assets | 66.85B BRL | 70.76B BRL | 66.81B BRL | 68.42B BRL |
| Total Liabilities | 45.81B BRL | 49.89B BRL | 47.92B BRL | 48.62B BRL |
| Total Equity | 19.07B BRL | 18.87B BRL | 16.88B BRL | 17.88B BRL |
| Total Debt | 12.73B BRL | 14.85B BRL | 14.47B BRL | 13.37B BRL |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | 585.4M BRL | 850.7M BRL | -570.0M BRL | -1.21B BRL | -3.62B BRL | -43.5M BRL | -1.09B BRL | 164.3M BRL | 2.19B BRL | 1.97B BRL |
| Depreciation & Amortization | 1.28B BRL | 1.10B BRL | 0 | 802.4M BRL | 1.56B BRL | 208.6M BRL | 1.13B BRL | 241.7M BRL | 1.51B BRL | 1.42B BRL |
| Stock-based Compensation | 4.8M BRL | 7.6M BRL | 0 | 0 | 0 | 0 | 15.5M BRL | 0 | 0 | 0 |
| Change in Working Capital | -734.5M BRL | 1.04B BRL | 2.74B BRL | 3.30B BRL | -3.20B BRL | 469.3M BRL | 3.17B BRL | 439.5M BRL | 585.0M BRL | 2.18B BRL |
| Operating Cash Flow | -309.0M BRL | 2.50B BRL | 1.37B BRL | 3.42B BRL | -6.71B BRL | 515.3M BRL | 4.02B BRL | 617.0M BRL | 5.39B BRL | 4.76B BRL |
| Capital Expenditure | -1.35B BRL | -762.8M BRL | -565.1M BRL | -2.17B BRL | -1.16B BRL | -268.2M BRL | -1.37B BRL | -430.8M BRL | -2.88B BRL | -2.65B BRL |
| Acquisitions | -9.2M BRL | -2.0M BRL | -7.5M BRL | -9.6M BRL | -30.7M BRL | -4.6M BRL | -2.1M BRL | -24.0M BRL | -113.2M BRL | -67.4M BRL |
| Stock Repurchased | -60.0M BRL | -48.4M BRL | 0 | 0 | 0 | -2.5M BRL | 0 | 0 | 0 | -1.02B BRL |
| Dividends Paid | -99.8M BRL | -173.0M BRL | -148.1M BRL | -7.7M BRL | 0 | 0 | 0 | -13.4M BRL | 0 | -129.3M BRL |
| Free Cash Flow | -1.66B BRL | 1.73B BRL | 3.45B BRL | 1.25B BRL | -7.87B BRL | 247.1M BRL | 2.65B BRL | 186.2M BRL | 2.50B BRL | 2.11B BRL |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | 1.46B BRL | 4.69B BRL | -2.03B BRL | 2.23B BRL |
| Capital Expenditure | -328.6M BRL | -494.0M BRL | -391.0M BRL | -334.3M BRL |
| Free Cash Flow | 1.13B BRL | 4.20B BRL | -2.42B BRL | 1.89B BRL |
| Dividends Paid | -66,000 BRL | -79.4M BRL | -66.8M BRL | -318.0M BRL |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -7.2% | -55.4% | +149.8% | -6.2% | +15.6% | +7.1% | +6.6% | +52.7% | +4.9% | |
| Net Income Growth (YoY) | +49.8% | -168.0% | -107.9% | -208.5% | +92.8% | -260.9% | +181.3% | +170.4% | -11.6% | |
| EPS Growth (YoY) | +48.7% | -167.2% | -110.0% | -206.5% | +92.8% | -262.2% | +180.6% | +175.0% | -11.4% | |
| Shares Change (YoY) | -0.3% | -0.0% | +0.1% | +0.0% | -0.2% | -0.0% | +0.0% | -0.0% | -0.2% | |
| FCF Growth (YoY) | +204.4% | +98.8% | -63.8% | -731.0% | +103.1% | +972.3% | -93.0% | +1,245.1% | -15.6% | |
| Gross Margin | 19.7% | 5.2% | 30.6% | 14.6% | 12.7% | 15.6% | 20.1% | 17.3% | 18.0% | 17.5% |
| Operating Margin | 1.8% | 9.4% | -5.0% | -1.4% | -8.6% | 5.8% | -2.4% | 6.0% | 10.4% | 8.0% |
| EBITDA Margin | 18.4% | 10.9% | 14.6% | 4.2% | -3.3% | 6.7% | 5.0% | 11.4% | 15.8% | 9.6% |
| Net Margin | 2.9% | 4.7% | -7.1% | -5.9% | -19.4% | -1.2% | -4.1% | 3.1% | 5.5% | 4.6% |
| FCF Margin | -8.2% | 9.2% | 41.2% | 6.0% | -40.1% | 1.1% | 10.9% | 0.7% | 6.3% | 5.1% |
| Effective Tax Rate | 0.2% | 9.4% | -10.9% | -70.0% | -14.7% | 320.3% | 1.1% | -36.1% | 36.3% | -34.2% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-9.01 | $9.44 | $18.77 | $6.78 | $-42.77 | $1.35 | $14.43 | $1.01 | $13.64 | $11.54 |
| Dividends Per Share | $0.54 | $0.94 | $0.81 | $0.04 | $0.00 | $0.00 | $0.00 | $0.07 | $0.00 | $0.71 |
| Shares Outstanding (Basic) | 183.9M BRL | 183.6M BRL | 183.5M BRL | 184.0M BRL | 184.0M BRL | 183.7M BRL | 183.7M BRL | 183.7M BRL | 183.7M BRL | 183.3M BRL |
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Profitability
| Return on Equity | 12.81% |
| Return on Invested Capital | 7.05% |
| Return on Assets | 3.40% |
| Gross Margin | 17.87% |
| Operating Margin | 8.30% |
| Net Margin | 5.28% |
Financial Health
| Debt / Equity | 0.75 |
| Current Ratio | 1.44 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 1.74 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 19.57 | 17.53 | -26.83 | -11.61 | -1.72 | -66.79 | -10.78 | 20.03 | 19.14 | 33.51 |
| P/B | 0.92 | 1.14 | 1.23 | 1.07 | 0.45 | 1.21 | 0.77 | 1.16 | 2.20 | 3.42 |
| P/S | 0.57 | 0.82 | 1.88 | 0.69 | 0.33 | 0.80 | 0.44 | 0.61 | 1.06 | 1.56 |
| Gross Margin | 19.7% | 5.2% | 30.6% | 14.6% | 12.7% | 15.6% | 20.1% | 17.3% | 18.0% | 17.5% |
| Operating Margin | 1.8% | 9.4% | -5.0% | -1.4% | -8.6% | 5.8% | -2.4% | 6.0% | 10.4% | 8.0% |
| Net Margin | 2.9% | 4.7% | -7.1% | -5.9% | -19.4% | -1.2% | -4.1% | 3.1% | 5.5% | 4.6% |
Related companies: AYI · CAE · CR · DRS · HII · KRMN
Explore sector: Industrials · Aerospace & Defense
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