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Boeing Increases Deliveries and Backlog in Fourth Quarter

Boeing Reports Strong Fourth Quarter with Increased Deliveries and Backlog
Boeing marked a robust return to profitability in the fourth quarter of 2025, driven by a substantial rise in commercial aircraft deliveries and a significant one-time gain from the divestiture of parts of its Digital Aviation Solutions business. The aerospace giant posted quarterly revenue of $23.9 billion, representing a 57% increase compared to the same period last year. This growth was underpinned by the delivery of 160 commercial aircraft, nearly triple the 57 units delivered in the fourth quarter of 2024.
Net earnings for the quarter surged to $8.2 billion, or $10.23 per diluted share, reversing a loss recorded in the prior year. This performance was notably influenced by a $9.6 billion gain from the Digital Aviation Solutions transaction. For the full year, Boeing reported revenues of $89.5 billion alongside net earnings of $2.2 billion.
At the close of the quarter, Boeing held $29.4 billion in cash and marketable securities, balanced against $54.1 billion in consolidated debt, reflecting repayments linked to its December acquisition of Spirit AeroSystems. The company’s total backlog reached a record $682 billion, including over 6,100 commercial aircraft valued at $567 billion.
Chief Executive Kelly Ortberg underscored the “significant progress” achieved in 2025, highlighting the Spirit AeroSystems acquisition and the Digital Aviation Solutions divestment as pivotal milestones. He reaffirmed Boeing’s commitment to production stability, program completion, and restoring trust with its stakeholders.
Commercial Airplanes Segment: Delivery Growth Amid Operating Losses
Boeing’s Commercial Airplanes division delivered 160 aircraft during the quarter, generating $11.4 billion in revenue. Despite the increased output, the segment reported an operating loss of $632 million, reflecting a negative margin of 5.6%. This indicates that while deliveries have surged, the division has yet to translate higher volumes into sustained profitability.
Operationally, the 737 program accelerated production to 42 aircraft per month following the Federal Aviation Administration’s (FAA) approval to commence the final phase of 737-10 certification flight testing. The FAA’s decision to raise the 737 Max monthly production cap from 38 to 42 is expected to support future delivery targets but also heightens the imperative to maintain stringent quality and production standards. Meanwhile, the 787 program began transitioning to a production rate of eight aircraft per month, and the 777X entered the TIA-3 certification phase, with first delivery still anticipated in 2027.
Defence, Services, and Market Response
Boeing’s Defence, Space & Security unit reported revenue of $7.4 billion but recorded an operating loss of $507 million, partly attributable to additional costs associated with the KC-46A tanker program. Boeing Global Services contributed $5.2 billion in revenue for the quarter.
Market reactions to Boeing’s earnings were mixed. The company’s stock has risen approximately 16% year-to-date; however, options traders are pricing in a 5.08% volatility swing around the earnings release, signaling heightened uncertainty. Investors remain focused on Boeing’s ability to sustain production and delivery momentum, particularly for the 737 MAX and 787 programs.
Despite Boeing’s strong quarterly performance, competitor Airbus outpaced Boeing in aircraft deliveries for 2025, raising concerns about Boeing’s production capacity and quality control measures. As Boeing endeavors to stabilize operations and rebuild confidence, industry observers will closely monitor whether the company can maintain its recovery amid ongoing challenges.

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