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Thales’ market strategy has become increasingly clear in recent years, and it revolves around owning the high-trust, high-complexity layers of defense, aerospace and digital security, the parts of national infrastructure that governments are least willing to outsource, and competitors find hardest to replicate.
The company positions itself not as a platform builder but as the systems integrator behind the platforms: the radars inside the fighter jet, the avionics inside the airliner, the payload inside the satellite, and the encryption securing the data that flows between them. That focus on sovereign-grade electronics and secure information systems gives Thales long program cycles, deep customer lock-in and a backlog that stretches years into the future.
Thales operates across three principal segments: Defense (air, naval, land systems, sensors, electronic warfare and C2); Aerospace (civil and military avionics, air traffic management, in-flight entertainment, and space systems via Thales Alenia Space); and Cyber & Digital (cybersecurity, digital identity, biometrics and secure communications). Each segment combines hardware, software and long-term services. About two-thirds of the company’s revenues come from Aerospace and Defense-related activities, with Cyber & Digital a fast-growing, higher-margin services franchise.
Together, the company’s three segments form a tightly aligned portfolio: Defence provides sovereign access, Aerospace embeds Thales technology in global platforms, and Cyber secures the data and networks that bind them, a mix that positions the company at the center of the world’s most sensitive and enduring technology markets.
Revenue continued a steady upward trend in 2025, finishing the year at €22.136. This revenue figure is well above the pre-COVID level of €16.491 in 2019, and up sharply from the €15.371 billion recorded at the height of the pandemic in 2020. It also is a solid increase of 8% from its 2024 total of €20.577 billion.
Thales realized a fifth year of double-digit improvement in total company profitability for 2025 with Earnings before Interest and Taxes (EBIT) of €2.740 billion and an EBIT margin of 12.4%. EBIT was up 13% from 2024’s €2.419.
The backlog at the end of 2025 reached another record level of €41.577 billion. The segment accounted for 77% of the total company backlog.