TLDR
- Boeing’s fourth-quarter revenue surged 57% to $23.95 billion, exceeding Wall Street forecasts
- The planemaker delivered 600 aircraft in 2025, the highest annual total in seven years
- Q4 profit reached $8.22 billion thanks to the $10.6 billion Jeppesen business sale
- 737 MAX monthly production climbed to 42 jets after FAA approved higher output rates
- Annual cash burn totaled $1.9 billion despite stronger deliveries and production gains
Boeing posted $23.95 billion in fourth-quarter revenue, beating analyst projections of $22.6 billion. The aerospace company delivered 600 commercial planes during 2025, its best yearly performance since 2018.
The manufacturer swung to an $8.22 billion profit in Q4 compared to a $3.87 billion loss in the prior year period. Selling its Jeppesen navigation software division to Thoma Bravo for $10.6 billion accounted for most of the profit.
Shares dipped 1% in premarket hours. Boeing’s total order backlog reached $682 billion, a company record.
CEO Kelly Ortberg told staff that progress brings higher expectations. “Our customers and stakeholders are going to expect more from us this year,” he wrote.
FAA Lifts Production Restrictions
Boeing ramped 737 MAX assembly to 42 aircraft monthly by year-end. The Federal Aviation Administration relaxed output limits in September after reviewing the company’s safety improvements.
The regulator also granted Boeing authority to perform certain final inspections without FAA oversight. This represented a trust milestone following the Alaska Airlines door plug failure in January 2024.
The company still consumed $1.9 billion in cash through 2025. Delays certifying the 737-7, 737-10, and 777X models contributed to the cash outflow. Boeing targets positive free cash flow for 2026.
Its commercial airplane segment reported a $632 million quarterly loss despite increased deliveries. The defense and space division lost $507 million, taking a $565 million hit on the KC-46 tanker program due to supply chain expenses.
Spirit Acquisition Reshapes Supply Chain
Boeing finalized its $4.7 billion purchase of Spirit AeroSystems in December. Spirit operates the Wichita factory that builds major 737 MAX components.
The company had separated Spirit through a 2005 spinoff to reduce manufacturing overhead. Quality control failures at Spirit’s plants led Boeing to bring the supplier back under its umbrella.
Regulators approved the transaction after Boeing committed to selling some international facilities. The manufacturer also agreed to maintain separation between defense operations and Spirit’s commercial work.
Path to Profitability Remains Long
Boeing secured over $24 billion in financing during 2024 to strengthen its financial position. A seven-week machinist walkout in late 2024 shut down 737 MAX assembly in the Seattle area. The company resolved criminal charges with the Justice Department linked to two deadly 737 MAX accidents.
Airbus delivered more planes than Boeing last year. The European competitor encountered problems with defective panels from a Spanish vendor, pushing back some A320 handovers.
Boeing plans to increase 787 production to eight planes per month. Leadership acknowledged that hitting $10 billion in yearly free cash flow will take multiple years. The manufacturer must certify new aircraft variants and address defense program overruns that have cost billions.
