Safran’s decision to raise its 2026 outlook on the back of booming aftermarket demand for jet engines is more than a balance-sheet story. It is a signal that France’s air travel and broader aviation ecosystem are entering a new phase of post-pandemic expansion, powered by heavy use of existing fleets, surging passenger traffic and a renewed wave of investment in aircraft technology, maintenance and infrastructure. From Paris Charles de Gaulle to regional hubs and maintenance hangars in Toulouse and beyond, the effects of Safran’s upgraded guidance are set to ripple across airlines, airports, suppliers and tourism stakeholders throughout France and Europe.
Stronger 2025 Results Set the Stage for a More Ambitious 2026
On February 13, 2026, Safran unveiled what it called an excellent financial performance for 2025, giving the group the confidence to sharpen its ambitions for the coming years. Adjusted revenue climbed about 15 percent to more than 31.3 billion euros, powered in large part by a surge in civil engine services and robust demand for spare parts. Recurring operating income jumped 26 percent to around 5.2 billion euros, lifting the operating margin to 16.6 percent of sales, a gain of 1.5 percentage points versus 2024. These numbers confirm that the recovery in air travel is no longer a rebound but a structural trend that is bringing aircraft utilization to record levels.
For 2026, Safran now expects revenue to grow in the low to mid teens, which it quantifies as an increase of 12 to 15 percent. The group is targeting recurring operating income of 6.1 to 6.2 billion euros, along with free cash flow of 4.4 to 4.6 billion euros. Those figures, detailed in Safran’s own outlook, imply continued strong demand for services tied to engines in operation, from overhauls to component replacement. They also signal that the company believes airlines will keep flying their fleets intensively, rather than accelerating retirements, even as new-generation aircraft continue to arrive.
Markets have taken note. Reports from financial outlets such as Reuters, MarketScreener and Sharecast highlight that investors rewarded Safran’s updated guidance, pointing to confidence that demand for engine maintenance and spares will remain high for several years. The company is committing to a rising dividend and a large share buyback program, pointing to the strength of its cash generation. For France’s aviation sector, this financial firepower matters because it underpins long-term industrial and research investments that help keep the country at the forefront of global aerospace.
Behind the headline figures lies a simple reality: aircraft are flying more hours and cycles than ever, creating intense demand for inspections, shop visits and life-limited part replacements. For a group like Safran, deeply embedded in the global single-aisle and widebody fleet, this is exactly where profitability is highest. The 2025 results serve as proof that the company has been able to leverage these trends, and that the stage is set for an even stronger 2026.
Aftermarket Demand for CFM and LEAP Engines Drives Growth
The core of Safran’s upgraded 2026 forecast is the aftermarket business for its civil jet engines, particularly those produced through CFM International, its joint venture with GE Aerospace. Safran reports that services revenue for civil engines in 2025 grew by 30 percent in US dollar terms, while spare parts revenue for civil engines rose by 17.6 percent. Much of that growth was driven by the CFM56, the workhorse engine that powers previous-generation Airbus A320 and Boeing 737 aircraft, which still make up a substantial share of global capacity.
As airlines extend the life of CFM56-powered aircraft in service, delayed deliveries of some new jets and continued strong load factors are helping to keep shop visits at elevated levels. Airlines and lessors are looking to extract maximum value from their existing narrowbody fleets, and that translates directly into demand for module overhauls, hot-section inspections and high-value rotating parts. Safran’s propulsion division saw its recurring operating income increase by more than 27 percent in 2025, with an operating margin around 23 percent of revenue, highlighting how profitable the aftermarket has become.
At the same time, LEAP engines, which power the Airbus A320neo family and the Boeing 737 MAX, are entering a pivotal phase in their lifecycle. Safran delivered a record 1,802 LEAP engines in 2025, up 28 percent from the year before. As the installed base of LEAP engines grows, the first waves of heavier maintenance work and spare-part demand are beginning to flow in, complementing the still very strong CFM56 business. The company notes that LEAP spare parts and services, including rate-per-flight-hour contracts, are increasingly contributing to revenue and profit, creating a bridge to the next generation of aftermarket earnings.
This dual-engine dynamic is central to Safran’s confidence about the 2026 and 2028 horizons. The mature CFM56 platform continues to generate robust cash, while LEAP is accelerating and will become the dominant aftermarket engine platform through the 2030s. For France’s aviation cluster, this creates a long pipeline of work for overhaul shops, parts suppliers and engineering centers from the Paris region and Normandy to Occitanie, with direct implications for employment and skills development in the country.
Impact on French Airlines, Airports and Passenger Experience
Safran’s upgraded outlook rests heavily on record passenger traffic, and this traffic is reshaping the landscape at French airports. Paris Charles de Gaulle and Paris Orly, along with Lyon, Nice, Marseille and Toulouse, have experienced a strong recovery and in many cases an overtaking of pre-pandemic volumes. That revival is feeding into higher aircraft utilization, more rotations per day, and denser schedules, particularly on European and Mediterranean routes that rely on single-aisle jets powered by CFM and LEAP engines.
French carriers, including Air France and a growing set of low cost and leisure operators, benefit both from Safran’s technology and from its French industrial footprint. More reliable engines and more sophisticated predictive maintenance tools help reduce unscheduled downtime and delays, a critical factor during peak traffic periods and summer holiday seasons. Safran’s aftermarket network, and its cooperation with airlines and maintenance, repair and overhaul providers, supports quicker turnaround times for engine shop visits, keeping aircraft in service and seats available for travelers.
For passengers, the impact is felt in more subtle ways: additional frequencies on popular domestic and regional routes, improved on time performance and gradual upgrades to cabin interiors and equipment also supplied by Safran, such as seats, galleys and cabin systems. As the company’s Aircraft Interiors division returns to profitability and grows, French airlines have more options when it comes to refurbishing cabins and tailoring products to different market segments, from premium long haul to high density leisure routes that carry visitors to France’s coastal, alpine and rural tourism regions.
Airport operators across France are also attuned to Safran’s trajectory. Sustained engine aftermarket activity means a steady presence of specialized engineers, parts logistics and technical staff in and around major hub airports. This feeds into the ecosystem of aeronautical services that surround French gateways, from Toulouse Blagnac, with its concentration of aerospace firms, to smaller regional airports that host maintenance bases and hangars supporting local and foreign carriers. The multiplier effect extends beyond aviation into hospitality, transport and local services that benefit from a thriving air network.
Aviation Supply Chain and Employment Across France
Safran’s financial strength and raised targets for 2026 and 2028 represent a firm vote of confidence in the French and European aviation supply chain. The company’s propulsion, equipment and defense, and interiors divisions rely on a dense network of suppliers that stretches across metropolitan France and into neighboring countries. Higher aftermarket volumes translate into more orders for precision components, materials and services, reinforcing France’s status as a key industrial hub in global aerospace.
In 2025, Safran continued to integrate several recently acquired activities, including component repair and aeronautical systems businesses, while ramping up deliveries of cabin equipment, landing gear, nacelles, avionics and defense systems. This expansion is taking place at a time when many aerospace suppliers have been working to stabilize production following the disruptions of the early 2020s. Safran’s clearer long term visibility on revenue and cash flow gives smaller firms greater confidence to invest in capacity, digitalization and workforce training.
Employment is a central part of this story. Safran is one of France’s largest industrial employers, and its aftermarket-oriented growth is particularly supportive of highly skilled jobs in engineering, data analytics, materials science and maintenance operations. Regions such as Île de France, Nouvelle Aquitaine, Occitanie and Pays de la Loire, which host major Safran sites and subcontractors, are seeing renewed hiring and apprenticeship activity tied to engine support, avionics, interiors and defense programs. These roles often require long training cycles and tightly coordinated partnerships with technical schools and universities.
The stability of aftermarket revenue versus the more cyclical nature of new aircraft orders also helps smooth employment patterns. While production rates for new aircraft can fluctuate with order cycles and macroeconomic conditions, the installed base of engines and systems in service ensures a steady underlying demand for maintenance and upgrades. This stability is good news for French regions that have built their economic identity around aviation and aerospace, helping to shield local communities from volatility and offering long term career paths for younger generations.
Tourism, Connectivity and France’s Position in European Air Travel
The boom in aftermarket services that underpins Safran’s 2026 outlook is inseparable from the broader story of tourism and mobility in France. The country remains one of the world’s top tourism destinations, and international visitors are returning in large numbers for cultural events, gastronomy, wine regions and coastal and mountain vacations. This influx depends on a dense network of short and medium haul flights connecting Paris and regional cities to European and global markets, many of them operated with CFM and LEAP powered aircraft.
As airlines rebuild and expand their networks, they are making heavy use of existing fleets that can be quickly deployed and rotated. For inbound travelers, this means more direct routes to French cities beyond Paris, including Bordeaux, Nantes, Montpellier and Strasbourg, as well as seasonal services to leisure destinations on the Atlantic and Mediterranean coasts and in the Alps. Safran’s engines are keeping these aircraft flying, while its cabin and systems businesses contribute to the onboard experience, from seating comfort to in flight entertainment and galley equipment that supports upgraded catering services.
Stronger connectivity also enhances France’s appeal as a hub for business travel and international meetings, with Paris serving as a major transfer point between North America, Europe, Africa and the Middle East. Safran’s role as a strategic industrial champion adds another dimension: visiting executives, engineers and investors are drawn to a country that not only welcomes tourists but also designs and sustains the technology that powers global aviation. This synergy between tourism and high tech industry reinforces France’s brand as a destination where culture, innovation and connectivity intersect.
The robust recovery in air travel that Safran cites as a key driver of its results also raises questions about capacity management and infrastructure at major airports. French authorities and airport operators will continue to face the challenge of handling more flights and passengers while maintaining safety, service quality and resilience. Safran’s focus on more efficient and reliable engines, as well as advanced systems for landing gear, brakes and avionics, is part of the toolkit that enables this growth in a safe and sustainable way.
Innovation, Sustainability and the Path to Next Generation Aircraft
Safran’s raised 2028 ambitions, including a target for recurring operating income in the range of 7 to 7.5 billion euros and cumulative free cash flow of about 21 billion euros from 2024 to 2028, are not only about shareholder returns. They also finance a sustained effort in innovation for the next generation of aircraft and propulsion systems. The company has reiterated that it is accelerating investment in technologies that will support lower emissions, higher efficiency and new architectures in the 2030s and beyond.
From an environmental perspective, the aftermarket focus plays a complex role. On one hand, keeping older aircraft in service longer can delay the introduction of newer, more fuel efficient models. On the other, intensive engine maintenance and upgrades help ensure that existing fleets operate as efficiently and reliably as possible, with optimized fuel burn and reduced unplanned events. Safran is working on incremental improvements to current engines, including upgrades and retrofits that can deliver efficiency gains while the industry prepares for more disruptive technologies.
Those future technologies encompass open rotor concepts, hybrid electric and hydrogen compatible architectures, as well as advanced materials and digital tools that can further reduce fuel consumption and lifecycle emissions. Safran’s strong cash generation from today’s aftermarket activity helps underwrite test programs, demonstrators and partnerships with airframers, airlines and research institutions across France and Europe. For the country’s aviation community, this is a critical bridge between current economic growth tied to travel and the long term goal of aligning air transport with climate objectives.
For travelers and tourism professionals, the benefits of this innovation agenda will gradually emerge in the form of quieter, more efficient aircraft that can operate on sustainable aviation fuel blends and, eventually, on new propulsion systems. France, with its combination of industrial players like Safran, research bodies and policy support, is positioning itself as a leading player in this transition. The revenues generated by the bustling aftermarket of the mid 2020s are helping to fund that transition, ensuring that future growth in air travel can be more compatible with environmental expectations.
Risks, Headwinds and What to Watch for in 2026
Despite the strong numbers and heightened guidance, Safran is not immune to risks in 2026 and beyond. The company itself has flagged supply chain capacity as a watch item, particularly for engine components and materials that remain sensitive to bottlenecks. Any disruption in the flow of critical parts could slow the pace of engine overhauls or new deliveries, affecting airlines’ ability to deploy aircraft efficiently. Ongoing trade tensions, tariffs and regulatory changes could also weigh on margins or complicate logistics for cross border shipments of aerospace equipment.
The broader macroeconomic environment is another factor. A downturn in global growth, inflationary pressures or geopolitical instability could still affect travel demand, especially on discretionary leisure routes that have been driving much of the post pandemic boom. So far, Safran’s 2025 results suggest that demand has proven resilient, but the company will need to navigate an environment marked by shifting currency rates, interest costs and policy decisions affecting aviation, such as environmental regulations and air traffic management reforms.
In France specifically, the political debate around the environmental impact of air travel continues to evolve. Domestic flights on certain short routes have already been curtailed when rail alternatives exist, and further measures could be considered in the future. While such policies are generally targeted and limited, they could marginally affect traffic patterns and fleet planning. Safran’s diversified exposure to international markets, defense programs and global engine fleets helps mitigate these risks, but the company will need to maintain flexibility.
For travelers, airlines and tourism actors watching Safran as a bellwether of the aviation cycle, 2026 will be a crucial year. The company’s ability to meet or exceed its upgraded targets will serve as a barometer of the underlying health of air travel demand and of the resilience of France’s aerospace ecosystem. If the engine aftermarket remains as vibrant as Safran expects, passengers can anticipate continued growth in connectivity, airlines can plan route and fleet strategies with greater confidence, and France can reinforce its position as both a premier travel destination and a global engine of aviation innovation.