This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Airbus is a major defense contractor, deriving approximately 17% of its total revenue from arms sales, which amounted to $12.7 billion in 2024 according to SIPRI data. This places it as the 12th largest arms producer globally. Its defense division, Airbus Defence and Space, develops and manufactures specialized military products including military transport aircraft, aerial refueling tankers, intelligence and surveillance satellites, and guided missile systems. The company actively competes for major Pentagon contracts, such as a recent bid to supply the U.S. Army with a new aerial refueling tanker.
The company has a significant record of regulatory violations related to its defense business. In January 2020, Airbus agreed to pay over $3.9 billion in global penalties to resolve foreign bribery and export control charges. U.S. authorities cited its "willful failure" to disclose millions in political contributions and commissions paid to secure contracts, while the U.K. Serious Fraud Office found its defense division acted negligently by failing to maintain proper internal controls to prevent bribery. More recent allegations, reported in March 2026, involve Airbus and the U.K. Ministry of Defence being accused of concealing their role in a multi-million pound bribery scheme linked to Saudi Arabian contracts.
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A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.