This paper presents a noise and multipath performance analysis of the new signals roadcast by the Block IIF GPS satellites on L5 and Galileo satellites on E1 and E5a using airborne flight data. Improved performance has been previously observed using ground measurement and is now validated using data from different flight tests. This is especially true for GPS L5 and Galileo E5a. However, on the airborne side, the performance of Galileo E1 signal is closer to that of GPS L1. The impact of different parameters on the airborne multipath, including receiver correlator spacing, airframe structure, ground influence, and smoothing time, are investigated and discussed.