Thales

HO: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Thales Earnings: Cash Outperformance and Defense Backlog Anchor 2028 Margin Path

Loredana Muharremi

Mar 3, 2026

Thales reported 2025 sales of EUR 22.1 billion, up 8.8%, with adjusted EBIT of EUR 2.74 billion and a 12.4% margin. Free operating cash flow reached EUR 2.58 billion, implying 128% cash conversion.

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Thales

Thales Earnings: Cash Outperformance and Defense Backlog Anchor 2028 Margin Path

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