Senate Democrats on Tuesday rebutted President Donald Trump’s claims that the war in Iran may soon be over, warning that the U.S. risks getting dragged into another prolonged conflict in the Middle East.

The concerns from Democrats who attended a bipartisan classified briefing with military brass on Tuesday stand in stark contrast with the president, who on Monday suggested the U.S. may be nearing the completion of its operation. Trump’s statements sent slumping markets soaring and cratered oil prices that had skyrocketed in recent days.

The senators were briefed as the Trump administration continues to whipsaw between explanations, goals and timelines for the war that has seen eight U.S. service members killed in action and left the longtime leader of Iran, Ayatollah Ali Khamenei, dead.

“What I heard is not just concerning, it is disturbing,” Sen. Jacky Rosen, D-Nev., a member of the Senate Armed Services Committee, whose members were briefed. “I’m not sure what the endgame is or what their plans are. … And if he does want to put us in a forever war, which it seems like he does, he needs to come out and let us be able to have that discussion.

“Do you think because he thinks he waves some magic wand that everything just stops? … It’s not going to stop just because he wishes it to be so,” Rosen said.

The pessimism from Democrats on an eventual U.S. end for the war it started with Israel against Iran comes as Congress awaits a potential supplemental funding request to finance the offensive. The effort has burned through billions of dollars of U.S. munitions, which will have to be refilled. Some Democrats said they would resist any request for further funding. Democrats have also balked at Trump failing to seek congressional authorization to begin the war.

“At this point, I am a hard no on a supplemental,” said Sen. Elizabeth Warren, D-Mass., the top Democrat on the Senate Banking Committee. “No more money. The one thing Congress has the power to do is to stop actions like this through the power of the purse.”

“This is not a war supported by this country, and this is not a war that makes us safer,” Warren said.

Lawmakers exiting the meeting said the size of the potential supplemental package was not given. Republicans, who hold a 53-47 vote majority in the Senate, appeared willing to support more funding for the war when they left the briefing.

“Not in total dollar amounts that I’ve heard,” said Sen. Jim Banks, R-Ind. “Obviously, there’s a cost to it, but the trade-off is exponentially more, and this has been a very effective operation so far.”

“We need to do whatever it takes to accomplish the mission and do it as fast as we can,” Banks said.

The Washington Post on Monday reported that the military burned through $5.6 billion in munitions in the first two days of the war that began Feb. 28. Washington-based bipartisan think tank the Center for Strategic and International Studies estimates that the war is costing roughly $891 million per day.

Sen. Tim Sheehy, R-Mont., a former Navy Seal, suggested the cost is worth it.

“Iran’s been at war with us for 47 years; we’re trying to end this war,” Sheehy said, referencing the years since the Iranian regime came to power. “We’ve had two presidential administrations give billions of dollars to Iran, that’s what really cost [money].”

Trump and Defense Secretary Pete Hegseth have painted a different picture of the timeline of the war than Democrats say they fear. Hegseth, at a press briefing earlier Tuesday pledged the U.S. will not enter another prolonged conflict in the Middle East, and Trump on Monday said the war would end “very soon.”

War costs are expected to only grow as the war drags on, and Democrats are warning there is no end in sight. The war dragging on could also see markets whip back and oil costs continue to soar, especially as the Strait of Hormuz, which carries roughly 20% of the world’s oil remains largely impassible.

Sen. Tim Kaine, D-Va., said there was “no discussion” about the safety of passing through the Strait during the briefing while he was in attendance.

Sen. Mark Kelly, D-Ariz., a retired Navy captain, also said the U.S. doesn’t appear to be nearing the end of the war after leaving the meeting.

“Clearly, they do not have a strategic goal,” he said. “They didn’t have a plan, they have no timeline. Because of that, they have no exit strategy.”

Correction: This story has been revised to reflect that Sen. Tim Sheehy, R-Mont., is a former Navy SEAL. A previous version misidentified the branch of the military in which he served.

President Donald Trump said in a social media post on Friday that there would be no deal to end the U.S. war against Iran without an “UNCONDITIONAL SURRENDER” by Iran.

The Dow Jones Industrial Average dropped more than 900 points, or nearly 2%, after Trump’s demand, which he wrote on Truth Social. The S&P 500 and Nasdaq Composite fell 1.6% each, and oil futures prices rose.

Trump said that after a surrender and “the selection of a GREAT & ACCEPTABLE Leader(s), we, and many of our wonderful and very brave allies and partners, will work tirelessly to bring Iran back from the brink of destruction, making it economically bigger, better, and stronger than ever before.”

“IRAN WILL HAVE A GREAT FUTURE. “MAKE IRAN GREAT AGAIN (MIGA!)” Trump wrote.

Trump’s demand came as Iran has yet to pick a leader to replace Supreme Leader Ayatollah Ali Khamenei, who was killed last weekend in an airstrike at the beginning of the war by the U.S. and Israel.

White House Press Secretary Karoline Leavitt, when asked by reporters later about potential future leaders of Iran, said, “I know there are a number of people that our intelligence agencies, that the United States government are looking at, but I won’t get any further.”

Trump in June made an identical demand of “UNCONDITIONAL SURRENDER” by Iran in another social media post as he considered launching a military strike against that nation.

The futures price of the global benchmark Brent crude oil rose, breaking $90 per barrel, after Trump posted his latest demand for Iran to surrender without conditions.

Qatar’s energy minister, Saad al-Kaabi, warned Friday that rising oil prices due to the war against Iran “could bring down the economies of the world.”

Al-Kaabi told The Financial Times that crude oil prices could hit as high as $150 per barrel within weeks if tankers cannot pass through the Strait of Hormuz. The last time oil topped $100 a barrel was when Russia invaded Ukraine in 2022.

The conflict in the Middle East is rapidly expanding across the region as the U.S. and Israel-led war with Iran enters its sixth day.

Images published Thursday showed destruction across Tehran after nearly a week of strikes on Iran’s capital.

Iran has retaliated by launching a wave of missiles and drones at Israel, as well as targeting U.S. allies in the region.

Explosions have been reported in Qatar and Bahrain, while oil-rich Azerbaijan said it was attacked by two Iranian drones and Tehran claimed naval fighters had struck a U.S. tanker in the north of the Persian Gulf.

U.S. President Donald Trump has said the Iran war could last for four to five weeks but warned the campaign could also “go far longer than that.”

In the aftermath of the Israeli-U.S. strikes on Iran, American allies in the Persian Gulf are hearing a sound that Ukrainian soldiers have long come to dread: the foreboding hum of the Shahed-136 ‘kamikaze’ drone. 

Originating from Iran, the Shahed has already become a fixture of modern warfare, with Tehran’s strategic partner, Russia, utilizing the technology in its years-long invasion of Ukraine. 

Now, the drones — the most advanced of which is the long-ranged Shahed-136 — have become central to Iran’s retaliation strategy against the U.S. and its regional allies, with thousands unleashed so far. 

At first glance, the Shahed is unremarkable compared with cutting-edge weapon technologies, with one analyst referring to it as “the poor man’s cruise missile.” 

But while American allies have managed to intercept the vast majority of incoming drones with the help of U.S.-provided defense systems such as the ‘Patriot’ missiles, many Shaheds still managed to hit their targets. 

The United Arab Emirates Ministry of Defence said on Tuesday that out of 941 Iranian drones detected since the start of the Iran war, 65 fell within its territory, damaging ports, airports, hotels and data centers.

Analysts say the key to their effectiveness lies in the numbers. The drones are relatively cheap and easy to mass-produce, especially compared to the sophisticated systems used to defend against them. 

Those factors make the drone ideal for swarming and overburdening aerial defenses, with each drone intercepted also representing a more valuable defense asset expended. 

“The Shahed‑136, among other unmanned aerial systems, has allowed states like Russia and Iran a cheap way to impose disproportionate costs,” said Patrycja Bazylczyk, analyst with the Missile Defense Project at the Center for Strategic and International Studies in Washington DC.

“They force adversaries to waste expensive interceptors on low‑cost drones, project power, and create a steady psychological burden on civilian populations.” 

U.S. government reports describe the Shahed-136 as a one-way attack unmanned aerial vehicle produced by Iranian entities tied to the Islamic Revolutionary Guard Corps.

Compared with ballistic missiles, the drones fly low and slow, deliver a relatively modest payload, and are limited to mostly fixed targets, said Behnam Ben Taleblu, senior director of the Iran program at the Foundation for Defense of Democracies, told CNBC.

Public estimates suggest Shahed drones can cost between $20,000 and $50,000 apiece. Ballistic and cruise missiles, by contrast, can cost millions of dollars each.

In that sense, the Shahed and its equivalents “basically serve as ‘the poor man’s cruise missile’ offering a way to strike and harass adversaries “on the cheap,” said Taleblu.

For Iran, which faces both international sanctions and limitations on acquiring advanced weapons, that cost advantage is significant.

Meanwhile, air defense systems used by Gulf states and Israel can cost between $3 million and $12 million per interceptor, according to U.S. Department of Defense budget documents.

This cost discrepancy raises a serious issue for Iran’s enemies: Air defense systems have finite numbers of defense missiles, with each target intercepted representing a valuable asset expended.

Thus, in a war of attrition, the drones could be used by Tehran to wear down air defenses, opening them up to more damaging attacks, analysts say.

“The logic is to expend drones early while preserving ballistic missiles for the long haul,” said CSIS’s Bazylczyk.

She added that Iran’s ability to sustain mass‑drone use will depend on its stockpiles, how well it can protect or restore its supply chain, and whether the U.S. and Israel can meaningfully disrupt the flow of components or production sites. 

The U.S. has long sought to disrupt Iran’s production of the Shahed-136, and recently imposed new sanctions targeting suspected component suppliers across Turkey and the UAE.

However, Russia’s production of Shahed drones shows that such systems can be manufactured at scale during wartime and amid targeted sanctions. 

U.S. officials claim Iran had launched over 2,000 drones in the conflict as of Wednesday. However, the country is understood to have large stockpiles and may be capable of producing hundreds more each week, military experts reportedly told The National newspaper.

“Gulf countries are at risk of depleting their interceptors unless they are more prudent about when it fires those interceptors,” said Joze Pelayo, a Middle East security analyst with the think tank Atlantic Council.

“The depletion is not imminent, but it remains an urgent issue,” he said, noting. However, attacks on multiple fronts by Iranian allies such as Hezbollah and the Houthis could put stockpiles at risk of being depleted within days, he added.

Some analysts have suggested that Iran has drawn from Russia’s extensive battlefield experience with the drones, including modifications such as anti-jamming antennas, electronic warfare-resistant navigation, and new warheads.

Those warheads typically carry 30 kg to 50 kg of explosives and can pack a punch, particularly when used in large swarms, with advanced versions capable of a range of up to 1,200 miles.

Michael Connell, a Middle East specialist at the Center for Naval Analyses, said that the Shahed-136 has proven so effective that the U.S. has reverse-engineered it and deployed its own version on the battlefield against Iranian targets. 

In its Iran attacks over the weekend, the U.S. Central Command confirmed that it had used such low-cost one-way attack drones modeled after the Shahed for the first time in combat. 

With drones becoming a fixture of the modern battlefield, methods for dealing with them are also evolving.

According to Taleblu from the Foundation for Defense of Democracies, Ukraine has found some success in downing drones with fighter jet cannon fire, a more sustainable deterrent than missile interceptors.

Ukraine also recently pioneered the development of cheaper mass-produced interceptors, which Kyiv claims can stop the Shahed.

Gulf states are also expected to adopt more sustainable approaches. The Pentagon and at least one Gulf government are reportedly in talks to buy the cheaper Ukrainian-made interceptors.

Meanwhile, Qatar’s Ministry of Defense says it is also using its air force jets to intercept Iranian attacks, including Shahed drones, alongside ground-based air defenses.

Electronic warfare targeting the Shahed’s GPS, as well as short-range missiles and directed-energy systems such as Israel’s Iron Beam, are also significantly cheaper to operate than traditional interceptors.

Still, analysts say Gulf states currently lack fast, high-volume anti-drone capabilities. Developing and deploying such systems will likely take years, said Atlantic Council’s Pelayo.

“Countries in the Gulf hosting U.S. bases, such as Bahrain, Kuwait, and the UAE, benefit from an extended ability to repel drone attacks through the American-operated system, but it is still not enough against mass and sustained attacks.”

Steve Eisman of “The Big Short” fame said investors should ignore the U.S.-Iran war as it could be a long-term positive for markets.

In fact, when the investor was asked Monday by CNBC’s Joe Kernen on “Squawk Box” whether he would change anything because of the conflict, he responded with, “Not a single trade.”

“I think long term, this is very, very positive,” Eisman said. “People react because of what’s happening, oil prices are obviously up. But if it goes well, two months from now, prices will be back to where they were.”

The stock market was in turmoil Monday after the U.S. in a joint attack with Israel struck Iran over the weekend and killed the country’s supreme leader, Ayatollah Ali Khamenei, an assault that triggered retaliatory attacks from Tehran.

Historically, geopolitical conflicts have little lasting effect on stocks. In data going back to 1980, the S&P 500 on average is unchanged the day after such an event, according to Barclays’ trading desk. Studies show stocks tend to recover within a month after the start of a conflict.

But sharply higher oil prices, and the potential for the war to spread across the region, could pressure the stock market for longer this time. Stocks were already close to record highs ahead of the clash, but the pace of the bull market had begun to slow on concerns about artificial intelligence’s overall impact on the economy.

In expressing his own views on the conflict, “The Real Eisman Playbook” podcast host and former Neuberger Berman money manager said he’s supportive of President Donald Trump’s actions against a regime he called a “death cult.”

However, he also acknowledged the war may take longer than expected.

“This is going to take time,” he said.

Global defense stocks jumped on Monday as investors reacted to a dramatic military escalation in the Middle East over the weekend.

The sector was a rare bright spot amid a broader market sell-off triggered by fears of a wider regional conflict.

Germany’s Hensoldt and Britain’s BAE Systems were among the top performers in the Stoxx 600, both up around 4%. Defense names Thales, Renk, and Leonardo rose between 4% and 1%, paring earlier gains, while the broader Stoxx 600 index fell more than 1%, touching a two-week low.

Stateside, U.S. firms Lockheed Martin and Northrop Grumman each rose more than 5% in premarket trading. Futures tracking the S&P 500 were down 1.1%.

With South Korean markets closed Monday, regional activity in Asia-Pacific defense sector was somewhat muted. Japan’s defense heavyweights Mitsubishi Heavy Industries and IHI rose about 3% each, while Singapore’s ST Engineering climbed 2.8%.

The moves come after the U.S. and Israel launched widespread attacks on Iran over the weekend that killed Iranian Supreme Leader Ayatollah Ali Khamenei, ending his 36-year rule. Retaliatory strikes by Iran against U.S. bases in the Middle East killed three U.S. service members.

Prospects of an escalation also led oil prices and energy companies’ shares to surge.

“It’s very much one of uncertainty at the moment that investors are grappling with,” said Patrick O’Donnell, Chief Investment Strategist at Omnis Investments.

“Equity markets are a little bit more uncertain about just how long this is going to drag on, for the implication for both growth and inflation that it will have the longer that it goes on,” O’Donnell told CNBC’s “Squawk Box Europe” on Monday.

“Really, it’s a question of… what’s the duration of this conflict?”

The conflict with Iran entered a third day on Monday, with U.S. President Donald Trump warning of further American casualties and saying the conflict could last for up to four weeks. 

In June last year, the U.S. and Israel launched air strikes that damaged three Iranian nuclear sites.

Carl Bildt, former Prime Minister of Sweden and co-chair of ECFR’s Council, said it was expected that Iran would strike back at the American military facilities in the Gulf region, “but now it seems like they are striking other targets across the Gulf as well.”

“That is surprising, but also highly disturbing, because, of course, the stability of the Gulf countries is important to us all, important to the global economy, important to the region,” he said.

President Donald Trump on Friday said that “I’d love not to use” the U.S. military to attack Iran, “but sometimes you have to.”

But Trump also said, “We haven’t made a final decision” on whether to attack Iran.

“We’ll see what happens,” he said. “We’re talking later today. We’ll have some additional talks today.”

Trump’s comment to reporters outside the White House came after he expressed frustration at Iran’s refusal to comply with American demands to curb its nuclear program.

“We’re not thrilled with the way they’re negotiating,” Trump said. “They cannot have nuclear weapons.”

“I’m not happy that they’re not willing to give us what we have to have,” Trump said, referring to that condition.

Asked by a reporter if there could be a long, drawn-out conflict in the Middle East if the United States attacks Iran, Trump said, “I guess you could say there’s always a risk.”

“It’d be wonderful if they negotiate, really, in good conscience, good faith,” he said. “They are not getting there so far.”

Omani Foreign Minister Badr al-Busaidi, who has been mediating negotiations between the U.S. and Iran, met in Washington, D.C., with Vice President JD Vance and other American officials in a bid to avoid war.

A statement issued by Oman’s government after the meeting put a positive spin on those talks that was not reflected in Trump’s blunt comments.

“The meeting examined the indirect US-Iran negotiations sponsored by the Sultanate of Oman, alongside the diplomatic endeavours seeking to culminate in a just and enduring agreement concerning the nuclear file and to guarantee the peaceful character of Iran’s nuclear energy program,” Oman’s government said.

“I am grateful for their engagement and look forward to further and decisive progress in the coming days,” al-Busaidi said in a post on X. “Peace is within our reach.”

During an interview with MS Now, when asked if there was a chance of the United States attacking Iran overnight, al-Busaidi said, “I can’t answer that question, because I don’t know.”

“I think President Trump is sincerely passionate for a deal,” al-Busaidi said. “He wants to have a deal. He wants to have a diplomatic solution, and this is what we are trying to do.”

But Trump, in a speech later Friday afternoon in Corpus Christi, Texas, said of Iran, “We have a very big decision.”

“We have a country that’s been 47 years blowing people’s legs off, arms off,” Trump said. They’ve been knocking out ships, killing people, lots of people, not only Americans, lots of people.”

Trump said he wanted to “make a deal that’s meaningful.”

“I’d rather do it the peaceful way,” Trump said, while calling Iran’s government “very difficult people, dangerous people, very difficult people.”

The U.S. Embassy in Jerusalem earlier Friday authorized non-emergency U.S. government personnel and their family members to leave Israel “due to safety risks.”

Also Friday, the massive American aircraft carrier, the USS Gerald Ford, arrived off Israel’s coast.

Also on Friday, the State Department said that Secretary of State Marco Rubio would visit Israel on Monday and Tuesday to discuss Iran and other regional issues.

European defense companies must take a stronger lead on collaborating to help the continent become independent of the U.S. security umbrella, Leonardo‘s CEO told CNBC.

Speaking with CNBC’s “Squawk Box Europe” on Wednesday after Leonardo’s annual results statement, Roberto Cingolani said European defense companies have “all the capabilities and technical skills” and should not wait for governments to fix the sector, which he warned was “fragmented.”

Companies should take the lead in a process of “aggregation”, which European governments would follow, he said, adding that this approach “pays a lot” and helps enable companies to become “better, faster, more profitable.”

He pointed to Leonardo’s partnership with the U.K.’s BAE Systems and Japan’s Mitsubishi Heavy Industries as co-founders of the Global Combat Air Programme (GCAP) to jointly develop the Tempest stealth fighter.  

Leonardo has also developed joint agreements with German defense giant Rheinmetall for land defense systems, and with Turkish drone maker Baykar, he said.

Last October, Leonardo also unveiled plans for a combined space and satellite company with Airbus and Thales to rival Elon Musk’s Starlink.

“I’m firmly convinced nobody can make it on their own,” Cingolani told CNBC. “We need to deploy synergies, we need to understand joining forces in a competitive industry like defense is fundamental to be successful, to be fast in responding to the needs of our societies.”

U.S. President Donald Trump’s bid to annex Greenland contributed to fractures in the NATO alliance, as the war in Ukraine focuses attention on Europe’s defense.

His comments came after Leonardo reported an 18% annual increase in core profits — topping 1.75 billion euros ($2.1 billion) — in its latest earnings statement on Wednesday.

New orders rose 14.5% last year, to 23.8 billion euros, powered by its aeronautics division, as net debt sat at 1 billion euros — a 44% decrease for the Rome-headquartered, Milan-listed company.

Its shares finished Wednesday’s session 3.5% down after the earnings.

U.S. trading partners offered a cautious welcome to the U.S. Supreme Court’s decision Friday to strike down large parts of President Donald Trump’s flagship trade policy on global tariffs — but global trade bodies warned of lingering uncertainty surrounding import levies.

The law that undergirds the import duties “does not authorize the President to impose tariffs,” the majority ruled six to three in the long-awaited Supreme Court decision.

Hours after the ruling, Trump said he signed an executive order imposing a new 10% “global tariff”. The “Section 122” tariffs will take effect “almost immediately,” Trump said. At a White House press briefing Friday afternoon, Trump railed against the “deeply disappointing” 6-3 ruling.

Trump’s tariff regime impacted a swathe of countries from the U.K. to India and the European Union. Some governments, like Vietnam and Brazil are still in negotiations.

Taiwan, home to the the world’s leading contract chipmaker and producer of the most advanced semiconductors, said the 10% flat tariff rate would, according to an initial assessment, have a “limited impact” on its economy.

The island will continue to “closely monitor” developments and maintain close communication with the U.S. to understand the specific measures and respond in a timely manner, the Taiwanese cabinet said in a statement on Saturday.

French President Emmanuel Macron reportedly said the Supreme Court’s ruling proved the benefit of having an effective counterweight to power.

“It is not bad to have a Supreme Court and, therefore, the rule of law,” Reuters quoted him as saying at an event in Paris on Saturday.

A U.K. government spokesperson said the country would continue to work with the White House administration to understand how the ruling will affect tariffs for the U.K. and the rest of the world

“This is a matter for the U.S. to determine but we will continue to support U.K. businesses as further details are announced,” the spokesperson said.

“The U.K. enjoys the lowest reciprocal tariffs globally, and under any scenario we expect our privileged trading position with the U.S. to continue.” The U.K. agreed a wide-ranging trade deal with the U.S. in May last year, which imposed a broad 10% levy on many goods, but also included certain carve-outs on steel, aluminum, cars and pharmaceuticals.

The Supreme Court case focused mainly on reciprocal tariffs, and the ruling leaves much of the U.K.’s trade deal with the U.S. — including preferential sectoral tariffs on steel, pharmaceuticals and autos — unaffected.

However, the British Chambers of Commerce (BCC) trade body said the U.S. Supreme Court decision adds to the ongoing uncertainty around levies.

William Bain, head of trade policy at the BCC, said the move “does little to clear the murky waters” for British businesses, warning that the President still has “other options at his disposal” to retain his current regime on steel and aluminum tariffs.  

“The court’s decision also raises questions on how U.S. importers can reclaim levies already paid and whether U.K. exporters can also receive a share of any rebate depending on commercial trading terms,” Bain said in a statement. “For the U.K., the priority remains bringing tariffs down wherever possible.”

Olof Gill, European Commission spokesperson for trade and economic security, said businesses on both sides of the Atlantic depend on “stability and predictability.”

“We remain in close contact with the U.S. Administration as we seek clarity on the steps they intend to take in response to this ruling,” Gill said. “We therefore continue to advocate for low tariffs and to work towards reducing them.”

Meanwhile, Dominic LeBlanc, Canada’s minister for U.S.-Canadian trade relations, said the decision “reinforces Canada’s position that the IEEPA tariffs imposed by the United States are unjustified.”

Airbus said Thursday it expects to deliver 870 commercial aircraft in 2026, slightly fewer than the roughly 880 analysts had expected. It comes as pressure is building for the European planemaker, with U.S. rival Boeing showing signs of recovery after years of crisis, which has benefited Airbus.

The sentiment around Airbus has turned markedly more sour since the beginning of the year, UBS analyst Ian Douglas-Pennant said ahead of the full-year report published early Thursday.

“Whilst we recognise the drivers of the sentiment shift, and now model 880 aircraft deliveries in 2026 against 905 previously, we also now see risks skewed to the upside at Q4 results,” Douglas-Pennant said.

Airbus delivered 793 commercial aircraft last year, slightly beating its revised target of 790. The company had cut its earlier goal of 820, citing supplier quality issues involving fuselage panels that affected deliveries of its A320 family.

Barclays analysts described the disruption as a “temporary execution setback” and said the “long-term ramp” remained “intact.”

Airbus has enjoyed a strong momentum over the past few years as rival Boeing has been battling a crisis over design and production issues for its best-selling narrowbody plane, the 737 Max. 

Deliveries are a closely watched metric as planemakers receive the bulk of the payment for an aircraft when it’s handed over to the customer. 

Airbus delivered 193 more planes than Boeing in 2025 but Boeing received more orders for the first time since 2018.

Airbus reported early Thursday adjusted earnings before interest and tax (EBIT) of 2.98 billion euros in the fourth quarter, beating estimates of 2.87 billion from a company-provided consensus poll. Revenues totaled 25.98 billion euros, slightly below the 26.5 billion euros expected.

For the full year, EBIT totaled 7.13 billion euros, on revenue of 73.4 billion euros.

Looking ahead, Airbus said it expects adjusted EBIT of around 7.5 billion euros and free cash flow before customer financing of about 4.5 billion euros in 2026, alongside its target of around 870 commercial aircraft deliveries.

— CNBC’s Lee Ying Shan contributed to this report.