The Boeing Company (BA) Q4 2025 earnings summary

Executive summary

• Achieved highest quarterly revenue since 2018 at $23.9 billion, up 57% year-over-year, driven by improved operational performance, higher commercial and defense deliveries, and a major acquisition.

• Delivered 600 commercial airplanes in 2025, the most since 2018, and secured over 1,100 net commercial orders, resulting in a record $567 billion backlog.

• Completed the $10.6 billion Jeppesen/Digital Aviation Solutions sale, strengthening the balance sheet and resulting in a $9.6 billion gain.

• Finalized the acquisition of Spirit AeroSystems, reinforcing safety, quality, and production stability.

• Defense business achieved key milestones, including delivery of the first T-7A Red Hawk and major contracts for the U.S. Air Force sixth-generation fighter.

Financial highlights

• Quarterly revenue reached $23.9 billion, up 57% year-over-year; full-year revenue rose 34% to $89.5 billion.

• Core EPS for the quarter was $9.92, primarily reflecting an $11.83 gain from the Digital Aviation Solutions divestiture; full-year core EPS was $1.19.

• Free cash flow was positive $0.4 billion for the quarter and a usage of $1.9 billion for the year, both improved from prior periods.

• Cash and marketable securities at quarter-end were $29.4 billion; consolidated debt was $54.1 billion.

• Q4 GAAP operating margin was 36.7% versus (24.7)% prior year; full-year margin was 4.8% versus (16.1)% prior year.

Outlook and guidance

• 2026 free cash flow expected to be positive $1–$3 billion, with first half usage and second half turning positive.

• Higher CapEx planned for 2026 at nearly $4 billion, including Spirit integration.

• Long-term free cash flow target of $10 billion remains attainable, contingent on certification milestones and production rate increases.

• BCA deliveries expected to increase by approximately 10% in 2026, with around 500 737s and 90–100 787s.

• Management emphasized ongoing recovery momentum, stable operations, and stakeholder trust rebuilding.