Higher deliveries drive fourth-quarter growth
Boeing reported fourth-quarter revenue above Wall Street expectations, signaling momentum in the company’s recovery after years of operational and financial strain.
The aircraft manufacturer generated $23.9 billion in revenue in the final three months of 2025, a 57% increase from the same period a year earlier and ahead of analyst estimates. Operating cash flow reached $400 million, roughly double market expectations.
Management points to improving outlook
Chief Executive Officer Kelly Ortberg said the company is making steady progress and described 2026 as a year that offers reasons for optimism, while cautioning that expectations from customers and stakeholders are rising.
Speaking to CNBC, Ortberg said Boeing expects positive free cash flow of between $1 billion and $3 billion in 2026, adding that cash generation should improve further as production ramps up and near-term headwinds ease.
Financial results exceed revenue expectations
Adjusted loss per share for the quarter came in at $1.12, wider than analyst expectations, after excluding gains from asset sales. Revenue reached $23.95 billion, exceeding consensus estimates of $22.6 billion.
The adjusted results exclude a $9.6 billion gain from the sale of Boeing’s Jeppesen navigation unit, which added $11.83 per share to reported earnings.
Commercial and defense units show gains
Commercial airplane revenue climbed nearly 140% year on year to $11.38 billion, exceeding expectations. Defense revenue rose 37% from the prior year to $7.42 billion.
Deliveries totaled 600 aircraft in 2025, nearly double the number delivered the year before and the highest annual total since 2018. Aircraft handovers are critical to cash generation, as customers pay the majority of an aircraft’s price upon delivery.
Production ramp-up remains a key challenge
Boeing continues to work through a backlog of delayed aircraft, some of which still require regulatory approval. The company delivered 63 jetliners in December, including 44 Boeing 737 Max aircraft.
While Airbus delivered more aircraft overall in 2025, Boeing secured more net orders, reflecting airlines’ efforts to lock in future delivery slots into the 2030s as they expand fleets and replace older aircraft.
Regulatory hurdles and investor focus
Despite progress, Boeing faces ongoing scrutiny from regulators. Further increases in 737 Max production remain subject to approval by the Federal Aviation Administration, following safety concerns raised in early 2024.
Investors are also seeking clearer timelines for certification of the 737 Max 7, Max 10 and the long-delayed 777X program, as well as updates on Boeing’s defense segment, including the next-generation Air Force One aircraft.
