Airbus announced 2013 earnings today.
They made $2.04B for the year. Boeing made $4.5B.
Airbus continued to have negative cash flow for the year. Boeing had positive cash flow of 6.1B.
Airbus forecasted little improvement in financials for 2014.
Airbus accounting writes off development costs faster than Boeing. In fact, Boeing has been quietly shifting 787/747 program costs well into the future lately. Airbus is more straightforward with inventory costs than Boeing. Boeing has been counting the negative cash flow generated by 787 production as development and shifted it into the future (somewhat dubious accounting), if they did not cash flow would tilt toward the negative. Airbus has suffered currency loses on their transactions since aircraft are priced in dollars. Boeing has gained.
Add all that up and the operating margins are similar for the two which is not good news for Boeing since Airbus is as much a jobs program as a business and has many structural inefficiencies.