TLDR
- Boeing’s Q4 revenue hit $23.95 billion, up 57% year-over-year, with 600 total deliveries in 2025
- The aerospace giant posted $8.22 billion Q4 profit after selling Jeppesen for $10.6 billion
- 737 MAX production reached 42 planes monthly as FAA loosened restrictions
- Spirit AeroSystems acquisition for $4.7 billion completed to improve manufacturing control
- Company burned $1.9 billion cash annually despite production improvements
Boeing reported fourth-quarter revenue of $23.95 billion, crushing analyst estimates of $22.6 billion. The aerospace manufacturer delivered 600 commercial jets in 2025, marking its strongest performance since 2018.
The company flipped to an $8.22 billion profit in Q4 from a $3.87 billion loss a year earlier. The sale of its Jeppesen navigation software unit to Thoma Bravo for $10.6 billion drove most of those gains.
Boeing stock slipped 1% in premarket trading. The company’s order backlog hit a record $682 billion.
CEO Kelly Ortberg wrote to employees that “customers and stakeholders are going to expect more from us this year.” The message came as Boeing works to rebuild trust after years of quality problems.
Production Ramps Up After Regulatory Green Light
The 737 MAX assembly line reached 42 planes per month by December. The Federal Aviation Administration eased production caps in September after Boeing demonstrated better safety protocols.
Regulators also allowed Boeing to conduct some final safety inspections independently. This marked a key vote of confidence after the January 2024 Alaska Airlines door plug incident.
Boeing still burned $1.9 billion in cash for the full year. Certification delays on the 737 MAX-7, 737 MAX-10, and 777X programs ate into cash reserves. Management aims to generate positive free cash flow in 2026.
The company’s commercial airplane division lost $632 million in Q4 despite higher deliveries. The defense and space unit posted a $507 million loss, including a $565 million charge on the KC-46 tanker program.
Bringing Manufacturing Back In-House
Boeing closed its $4.7 billion acquisition of Spirit AeroSystems in December. The Wichita-based supplier produces critical 737 MAX fuselage sections.
Boeing had spun off Spirit in 2005 as part of an outsourcing push. The door plug failure exposed persistent quality issues at Spirit’s facilities, prompting Boeing to reverse course.
Regulators approved the deal after Boeing agreed to divest certain overseas factories. The company also committed to keeping its defense operations separate from Spirit’s commercial work.
Cash Flow Challenges Remain
Boeing raised over $24 billion in 2024 to stabilize its balance sheet. A seven-week machinist strike in late 2024 halted 737 MAX production in Seattle. The company also settled criminal charges with the Justice Department over two fatal 737 MAX crashes.
Airbus outpaced Boeing in total deliveries for 2025. The European rival faced its own setbacks when quality problems with Spanish-made panels delayed some A320 shipments.
Boeing is working to boost 787 Dreamliner output to eight planes monthly. Executives said reaching $10 billion in annual free cash flow remains years away. The company needs to certify pending aircraft variants and resolve cost overruns on defense contracts.
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