Brazilian aerospace manufacturer Embraer has posted unprecedented financial results for fiscal year 2024, with annual revenue reaching US$6.395 billion, a 21% increase compared to 2023 and hitting the high end of the company’s guidance.
In its fourth quarter and full-year 2024 earnings report released on February 27, 2025, Embraer announced a record backlog of US$26.3 billion, marking a 40% increase year-over-year and a 16% rise from the previous quarter. This represents the largest backlog ever recorded in the company’s 55-year history.
The company delivered 75 aircraft in the fourth quarter alone, including 31 commercial jets and 44 executive jets. For the full year, Embraer delivered a total of 206 aircraft across its business segments – 73 commercial jets, 130 executive jets, and 3 multi-mission KC-390 Millennium military transport aircraft, representing a 14% increase over the 181 deliveries in 2023.
“All four business units recorded higher backlog when compared to a year ago,” the company stated in its earnings release. “This is an exceptional performance for the company, especially for Executive Aviation, Services & Support and Defense & Security, whose backlogs increased 70%, 65% and 50% respectively.”
Embraer’s Defense & Security division showed particularly strong growth, with revenues increasing by 40% compared to the previous year. The division’s adjusted EBIT margin jumped from 2.8% to 17.5% during the fourth quarter.
The company’s financial position has also significantly improved, with Embraer ending 2024 with a 0.1x net debt-to-EBITDA ratio, down from 1.4x in 2023. This financial strengthening led to Moody’s upgrading Embraer’s credit rating from “Ba1” to “Baa3” with a stable outlook in December 2024. As a result, all three major U.S. rating agencies now classify Embraer as Investment Grade (IG).
Looking ahead, Embraer has provided guidance for 2025, projecting Commercial Aviation deliveries between 77 and 85 aircraft and Executive Aviation deliveries between 145 and 155 aircraft. The company forecasts total revenues in the range of US$7.0 to US$7.5 billion, representing a potential 13% year-over-year increase.
Embraer’s adjusted EBIT margin is expected to be between 7.5% and 8.3% for 2025, with an adjusted free cash flow of US$200 million or higher for the year.
The company highlighted three major sustainable growth projects currently underway: an expansion of Executive Aviation production capacity (US$90 million capex during 2024-2027 at facilities in Gavião Peixoto, Brazil and Melbourne, Florida); Services & Support enhancements, including a new line for PW1100 and PW1900 engine induction in Portugal (US$90 million capex during 2021-2025); and a 50% increase in MRO footprint for Commercial Aviation clients in North America (US$70 million capex during 2025-2026 in Fort Worth, Texas).
Since its founding in 1969, Embraer has delivered more than 8,000 aircraft and maintains industrial units, offices, service centers, and parts distribution facilities across the Americas, Africa, Asia, and Europe.
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