CSF Income Statement - Thales SA

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Price: 224.4 EUR -1.1% Market Closed

Market Cap: €25.1B

T	Thales SA XMUN:CSF	FR
	Rush Enterprises Inc NASDAQ:RUSHA	US
T	Thermo Fisher Scientific Inc LSE:0R0H	US
	Sectra AB STO:SECT B	SE
L	Lenovo Group Ltd DUS:LHL	CN
R	Ross Stores Inc DUS:RSO	US
	Bandai Namco Holdings Inc OTC:NCBDY	JP
	China Petroleum & Chemical Corp SSE:600028	CN
M	Meta Platforms Inc XHAN:FB2A	US
R	Revvity Inc NYSE:RVTY	US
	PDD Holdings Inc NASDAQ:PDD	CN
C	Coca-Cola Europacific Partners PLC AEX:CCEP	UK
S	Saipem SpA F:SPEA	IT
Q	Qiagen NV F:QIA	NL
	US Foods Holding Corp NYSE:USFD	US
A	Ares Capital Corp F:9A2	US
	HSBC Holdings PLC LSE:HSBA	UK

Financial profile · Q2 FY2026

Profitable growth with improving margins, recurring cash generation, and disciplined reinvestment

Across the multi-year history, Thales has combined sustained revenue growth with expanding operating profitability and generally positive free cash flow. Capital spending has risen with scale but remains moderate relative to sales, while the share count has stayed broadly stable.

What is developing

The period ended June 30, 2026 preserved the profitable-growth pattern, with revenue and operating income advancing and cash conversion improving sharply. Reported net income and EPS were temporarily depressed by the F126 termination charge, so the latest results indicate a meaningful development rather than a changed underlying model.

What matters next

Whether cash generation remains positive after the current working-capital and customer-payment benefit fades.

Metric	FY2016 Dec 2016	FY2017 Dec 2017	FY2018 Dec 2018	FY2019 Dec 2019	FY2020 Dec 2020	FY2021 Dec 2021	FY2022 Dec 2022	FY2023 Dec 2023	FY2024 Dec 2024	FY2025 Dec 2025
Revenue	14.9B	15.2B	15.9B	18.4B	15.4B	16.2B	17.6B	18.4B	20.6B	22.1B
Cost of Revenue	(11.3B)	(11.5B)	(11.8B)	(13.9B)	(11.8B)	(12.2B)	(13.1B)	(13.7B)	(15.2B)	(16.3B)
Gross Profit	3.6B	3.7B	4.1B	4.5B	3.6B	4B	4.5B	4.8B	5.4B	5.9B
Operating Expenses	(2.4B)	(2.5B)	(2.6B)	(3.1B)	(2.7B)	(2.8B)	(3B)	(3.1B)	(3.6B)	(3.6B)
Selling, General & Administrative	(1.6B)	(1.6B)	(1.7B)	(2B)	(1.7B)	(1.8B)	(1.9B)	(2B)	(2.3B)	(2.3B)
R&D	(736.1m)	(802.2m)	(881.4m)	(1.1B)	(942.9m)	(1B)	(1.1B)	(1.1B)	(1.3B)	(1.3B)
Depreciation & Amortization	(107.3m)	(113m)	(102.8m)	—	—	—	—	—	—	—
Operating Income	1.2B	1.2B	1.5B	1.4B	899.3m	1.2B	1.4B	1.7B	1.8B	2.2B
Net Interest Income (Expense)	225.5m	37.7m	77.7m	243.1m	(23m)	20m	34.8m	197.2m	(49.3m)	14.4m
Interest Expense	36.4m	24.3m	24.8m	51.6m	53m	48.1m	63.9m	141.6m	271.2m	229.9m
Non-Recurring Items	(97.3m)	(181.6m)	(133.7m)	(117.5m)	(306.2m)	(49.5m)	(108.7m)	(564.8m)	(554m)	(151.4m)
Total Other Income	(55.9m)	(58.6m)	(53m)	(83.8m)	(56m)	(41.3m)	(22m)	(105.3m)	(34.1m)	(44.9m)
Pre-Tax Income	1.3B	974.1m	1.3B	1.4B	514.1m	1.2B	1.3B	1.2B	1.2B	2B
Tax Provision	(255.6m)	(236.7m)	(314.2m)	(301m)	(64.5m)	(147.7m)	(225.1m)	(252.2m)	(247.3m)	(396.5m)
Income from Continuing Operations	1B	737.4m	1B	1.1B	449.6m	1B	1.1B	928.6m	932.3m	1.6B
Income to Minority Interest	(68.2m)	(57.6m)	(46.1m)	(24.5m)	(8.5m)	(45.6m)	(10.4m)	20.5m	75.1m	34.2m
Net Income	946.4m	679.8m	981.8m	1.1B	483.4m	1.1B	1.1B	1B	1.4B	1.7B
EPS (Diluted)	4.44	3.19	4.60	5.26	2.27	5.10	5.27	4.89	6.89	8.13