Boeing (BA) Q4 2025 earnings

Boeing It reported revenues that beat Wall Street expectations for the fourth quarter as the company’s turnaround accelerated after years of crises.

The company’s aircraft deliveries last year were the highest since 2018, which helped increase revenues. Boeing generated $23.9 billion in the last three months of 2025, an increase of 57% over the same period in 2024 and exceeding analysts’ expectations. The cash flow of $400 million was almost double what Wall Street had expected.

CEO Kelly Ortberg told employees that the company is making progress and that there is “a lot to be optimistic about” in 2026.

“At the same time, with progress comes expectations, and our customers and stakeholders will expect more from us this year,” he said.

Ortberg told CNBC’s Phil LeBeau on Tuesday that the company expects positive free cash of between $1 billion and $3 billion for 2026.

“This will continue to grow as we ramp up production and deal with some of these headwinds that we have to cash flow in the near term,” he said. “We are on track to the $10 billion free cash flow number and it will take some time but we have a methodical plan to get there.”

Here are Wall Street’s expectations for Boeing’s performance in the fourth quarter, according to analyst estimates compiled by LSEG:

• EPS: $9.92 modified. That may not compare to the expected loss of 39 cents.
• profit: $23.95 billion versus $23.95 billion Expected $22.6 billion

The company’s adjusted earnings per share of $9.92 included the impact of the sale of the Jeppesen aircraft navigation unit.

The company beat Wall Street estimates for its commercial aircraft revenue, reporting $11.38 billion versus an expected $10.72 billion, according to Street Account. This represents an increase of approximately 140% from the previous year. Its defense unit’s revenues rose 37% from the fourth quarter of 2024 to $7.42 billion.

Boeing still has a long way to go to deliver the delayed planes — some of which have yet to receive regulatory approval — to customers around the world.

Boeing delivered 600 planes to customers last year, nearly double the number from 2024 and the most since 2018. Ortberg, who came out of retirement to run the manufacturer in 2024, and other executives said more production increases were on the horizon in the coming months.

Deliveries are key for aircraft manufacturers because customers pay the bulk of the price of an aircraft when they receive it.

For Boeing, it’s a crucial increase after the company spent nearly $40 billion from the first quarter of 2019 — when the second of two fatal crashes involving the best-selling 737 Max jet plunged it into crisis for years — through the third quarter of 2025. The COVID-19 pandemic, a lingering supply chain, labor shortages and a host of production problems continue to hobble the company, the largest U.S. exporter by value.

Boeing delivered 63 planes to customers last month, including 44 737 MAX planes, the manufacturer said earlier this month.

Airbus still delivered more planes than Boeing last year, with 793 planes, although that total is less than the record 863 planes the European manufacturer delivered in 2019.

But Boeing’s sales outpaced Airbus with net orders of 1,173 in 2025 compared to its European competitor’s net orders of 889 this year. Airlines are beginning to look to the 2030s, securing delivery slots as they chart growth and replace older, more fuel-hungry planes. Boeing counts Alaska Airlines and Delta Air Lines as customers in the final weeks for deliveries in the next decade.

However, Boeing is far from out of the woods. Investors will be keen to hear from the company’s leadership on a more realistic delivery pace this year. The manufacturer still needs FAA approval for further limit increases beyond 42 per month, a requirement set by the regulator after a near-catastrophic mid-air explosion of the panel in January 2024.

Investors are likely to seek a more stringent timeline for certification of the long-awaited 737 MAX 7 and MAX 10, as well as the twin-engine 777X, which will become the largest wide-body aircraft in its lineup. They are also looking for an update on Boeing’s defense business, where delays have included the two 747s that will serve as the next presidential jet.

Boeing reported fourth-quarter net income of $8.22 billion, or $10.23 per share, up from a loss of $3.86 billion, or a loss of $5.46 billion, a year earlier.

Boeing executives will host an earnings conference call at 10:30 a.m. ET.

– CNBC Laya Neelkandan She contributed to this report.

This is developing news. Please check back for additional updates.