Boeing Q4 2025 Earnings Rise on Deliveries

Boeing reported Q4 2025 earnings on Jan. 27, 2026, that exceeded analysts’ forecasts, driven by a surge in plane deliveries and a one-time gain from the Digital Aviation Solutions sale. The results highlighted the company’s recovery momentum and lifted quarterly revenue to a multi-year high.

Q4 Results and One-Time Gain

Boeing said in a press release that fourth-quarter revenue reached $23.9 billion, a 57.0% increase from the prior year. The company reported GAAP earnings of $10.23 per share and core (non-GAAP) earnings of $9.92 per share, surpassing analyst revenue estimates of $22.6 billion to $22.84 billion.

The quarter included a $9.6 billion gain from the sale of parts of its Digital Aviation Solutions business, which boosted earnings by $11.83 per share and accounted for a significant portion of the profit. Excluding that gain, operational results showed ongoing pressure in some areas.

Boeing delivered 160 commercial aircraft in the quarter and 600 for the full year, its highest annual total since 2018. Kelly Ortberg, Boeing’s president and chief executive, said the company had “made significant progress on our recovery in 2025.”

Production Backlog and Cash Flow

Company filings showed a record backlog of $682 billion covering more than 6,100 commercial aircraft. The Commercial Airplanes backlog stood at $567 billion, while Defense, Space & Security (DS&S) accounted for $85 billion, with 26.0% of DS&S orders from non-U.S. customers.

Boeing increased the 737 program production rate to 42 aircraft per month, and the FAA approved the final phase of 737-10 certification flight testing. The company plans incremental rate increases in five-aircraft-per-month steps, each followed by six-month stabilization periods. The 787 program is transitioning to eight aircraft per month, and the 777-9 entered the Type Inspection Authorization 3 phase toward certification, with first delivery expected in 2027. Boeing completed its acquisition of Spirit AeroSystems in December 2025.

For the full year, Boeing posted $89.5 billion in revenue, its highest since 2018. At quarter-end, the company held $29.4 billion in cash and marketable securities and $54.1 billion in consolidated debt. Operating cash flow in the quarter was $1.3 billion, and non-GAAP free cash flow was $0.4 billion, while full-year free cash flow remained negative at $(1.9) billion.

Segment results were mixed. Commercial Airplanes generated $11.4 billion in revenue with a negative 5.6% operating margin. DS&S produced $7.4 billion in revenue with a negative 6.8% margin, including $0.6 billion in KC-46A program losses. Global Services added $5.2 billion in revenue. Net commercial orders in Q4 totaled 336 aircraft, led by a 105-unit 737-10 order and five 787-9s for Alaska Airlines, plus a 65-unit 777-9 order from Emirates. On the defense side, the U.S. Air Force awarded a contract for 15 additional KC-46A tankers, the U.S. Army contracted for 96 AH-64E Apache helicopters, and Boeing delivered the first operational T-7A Red Hawk to the Air Force at Joint Base San Antonio-Randolph.

The delivery surge, one-time sale gain, and record backlog provide Boeing with clear momentum entering 2026, though the company must convert higher production rates and backlog into sustained positive free cash flow.