Dassault Aviation’s 2025 results were lifted by higher Rafale and Falcon deliveries and a defense backlog that continues to expand, as the manufacturer tied its outlook to ongoing industrial ramp-up efforts, export momentum, and a broader push into sovereign defense and space capabilities.
The French planemaker reported adjusted net sales of €7.420 billion in 2025, up from €6.230 billion in 2024, and adjusted operating income of €635 million, for an 8.6% margin. Adjusted net income reached €1.061 billion.
Order intake totaled €10.941 billion, while backlog reached €46.596 billion at year-end 2025, including 220 Rafale fighters still to deliver (175 export, 45 France) and 73 Falcons.
Dassault’s available cash stood at €9.415 billion at the end of 2025, up from €8.434 billion, which it attributed mainly to advance payments under export Rafale contracts.
For 2026, Dassault forecasts revenue to rise to around €8.5 billion, based on planned deliveries of 28 Rafale fighters and 40 Falcon business jets.
Rafale deliveries rise as new orders come from India
In 2025, Dassault delivered 26 Rafale fighters, 15 to export customers and 11 to France, slightly above its guidance of 25.
On the order side, Dassault said 26 export Rafale jets were ordered in 2025, down from 30 in 2024, when Indonesia (18) and Serbia (12) placed orders.
The 2025 intake was driven by India’s order for 26 Rafale Marine fighters for the Indian Navy, 22 single-seat Rafale M, and four twin-seat trainers, signed in April 2025.
In September 2025, the company inaugurated its new Cergy production facility near Paris, a site built to support higher Rafale and Falcon output and to replace older capacity in Argenteuil.
Make in India shifts from offsets to industrial footprint
Dassault continues to frame India as a long-term industrial play as much as a sales driver.
In 2025, Dassault and Tata Advanced Systems agreed to produce Rafale fuselage sections in India, a step positioned as part of the manufacturing ecosystem that would support larger procurement ambitions.
Dassault pointed to the direct negotiations for an additional 114 Rafale fighters for the Indian Air Force, a move that would significantly raise the stakes for local production and transfer arrangements.
Falcons rise year on year, still short of target
Dassault delivered 37 Falcon business jets in 2025, up from 31 in 2024 but below its 40-unit target, and recorded 31 Falcon orders during the year.
Dassault said the Falcon market remained shaped by competitiveness pressures and highlighted uncertainty tied to US tariffs during the first half of 2025.
In October 2025, Dassault Falcon Jet opened a new 250,000-square-foot maintenance facility at Melbourne Orlando International Airport (MLB) in Florida, designed to accommodate up to 14 aircraft at once, including the Falcon 10X, and to perform major inspections, modifications, and engineering work.
Mission aircraft programs advance
Beyond fighters and business jets, Dassault’s annual disclosures also reflect progress on mission-aircraft derivatives.
The company reiterated its continued work on Archange, France’s future strategic intelligence aircraft based on the Falcon 8X, after the platform’s maiden flight milestone in August 2025.
Dassault also confirmed that the first delivery of the Albatros maritime surveillance aircraft, based on the Falcon 2000, is scheduled for 2026, following France’s additional order that expanded the program.
During the Paris Air Show 2025, the French Ministry of the Armed Forces and the European Space Agency signed agreements with Dassault Aviation to advance VORTEX, a reusable spaceplane concept presented as the first step in a family of vehicles.
Dassault also pointed to its broader push into “sovereign” digital and autonomy capabilities as it prepares the Rafale’s F5 standard and future uncrewed systems. In January 2026, the company announced a strategic partnership with Harmattan AI and said it would lead a $200 million Series B round to accelerate the integration of “controlled autonomy” and embedded AI into future combat aviation systems, explicitly including Rafale F5 and the UCAS “loyal wingman” effort.