Boeing’s earnings and revenue: for the fourth quarter came in ahead of Wall Street expectations, signaling steady progress in the aircraft maker’s long-awaited turnaround after years of setbacks.
The company reported strong delivery numbers in 2025, its best performance since 2018, helping lift revenue and improve cash flow. Boeing posted $23.9 billion in revenue for the final three months of 2025, marking a 57% jump from the same period in 2024 and slightly exceeding analysts’ forecasts.
Cash flow reached $400 million, nearly double what analysts had anticipated.
Boeing Sees Positive Outlook for 2026
CEO Signals Confidence but Warns Expectations Are Rising
Boeing CEO Kelly Ortberg told employees that the company is moving in the right direction and that there is “a lot to be optimistic about” heading into 2026.
“At the same time, with progress comes expectations,” Ortberg said, adding that customers and stakeholders will be looking for continued improvement this year.
Speaking with CNBC, Ortberg said Boeing expects positive free cash flow between $1 billion and $3 billion in 2026, with further gains as production ramps up.
“We’re working toward a $10 billion free cash flow target,” he said. “It’s going to take time, but we have a clear and methodical plan.”
Boeing Tops Analyst Expectations
Wall Street had projected solid results for the quarter, but Boeing exceeded forecasts in several key areas.
Fourth-quarter results vs. estimates (LSEG):
- Revenue: $23.9 billion vs. $22.6 billion expected
- Adjusted EPS: $9.92
- Net income: $8.22 billion, or $10.23 per share
The adjusted earnings figure included gains from the sale of Boeing’s Jeppesen aircraft navigation unit.
Commercial and Defense Units Show Strong Growth
Aircraft Deliveries Drive Revenue Surge
Boeing’s commercial airplane division delivered stronger-than-expected results, reporting $11.38 billion in revenue, compared with estimates of $10.72 billion. That represented a nearly 140% increase year over year.
The company’s defense business also improved, with revenue rising 37% to $7.42 billion from the fourth quarter of 2024.
Boeing delivered 600 aircraft in 2025, nearly double the number delivered the year before and its highest total since 2018. Executives say additional production increases are expected in the coming months.
Deliveries Remain Key to Boeing’s Recovery
Aircraft deliveries are critical to cash flow because customers pay most of an aircraft’s price upon delivery.
Boeing’s production push comes after the company burned through nearly $40 billion in cash between early 2019 and late 2025, following the 737 Max crisis, the Covid-19 pandemic, supply chain disruptions, and labor shortages.
In December alone, Boeing delivered 63 jetliners, including 44 737 Max aircraft, according to company data.
Competition With Airbus Intensifies
Airbus delivered more aircraft overall in 2025, handing over 793 planes, compared with Boeing’s 600. However, Boeing outperformed its European rival in new orders.
- Boeing net orders (2025): 1,173
- Airbus net orders (2025): 889
Airlines are increasingly securing delivery slots into the 2030s as they plan fleet upgrades and expansion. Boeing recently announced new long-term orders from Alaska Airlines and Delta Air Lines.
Regulatory Hurdles Still Loom
Despite the progress, Boeing still faces major challenges. The company needs approval from the Federal Aviation Administration (FAA) to increase 737 Max production beyond 42 aircraft per month, a cap imposed after a midair panel blowout incident in January 2024.
Investors are also awaiting clearer timelines for:
- 737 Max 7 and Max 10 certification
- 777X wide-body aircraft
- Delayed defense programs, including the next Air Force One jets
Earnings Call Ahead
Boeing executives are scheduled to discuss the results and outlook in an earnings conference call at 10:30 a.m. ET, where investors are expected to press leadership on delivery targets, certification timelines, and cash flow sustainability.
Reader Question
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