Boeing reported better-than-expected revenue for the fourth quarter of 2025, showing that its turnaround is gaining momentum after several difficult years marked by safety issues, production problems and regulatory scrutiny. The company said higher aircraft deliveries helped lift revenue and cash flow, giving investors confidence that Boeing is finally stabilising.
Strong revenue and cash flow beat expectations
Boeing posted revenue of $23.95 billion in the final three months of 2025, up about 57% from the same period in 2024 and above Wall Street expectations of $22.6 billion. Cash flow came in at $400 million, roughly double what analysts were expecting.
Adjusted earnings per share were $9.92, helped by the sale of its Jeppesen aircraft navigation unit. Analysts had expected a loss of 39 cents per share.
CEO sees reason for optimism but warns expectations are rising
CEO Kelly Ortberg told employees that Boeing’s progress is real, but that customers and stakeholders will now expect stronger performance.
“At the same time, with progress comes expectations, and our customers and stakeholders are going to expect more from us this year,” he said. Speaking to CNBC’s Phil LeBeau, Ortberg said Boeing expects positive free cash flow of between $1 billion and $3 billion in 2026.
“That’ll continue to grow as we ramp up production and deal with some of these headwinds that we have to cash flow in the near term,” he said. “We’re marching to this $10 billion free cash flow number and it’s going to take us a little bit of time but we’ve got a methodical plan to get there.”
Aircraft deliveries reach highest level since 2018
A major reason for the jump in revenue was a sharp rise in aircraft deliveries. Boeing delivered 160 commercial jets during the quarter, more than double the 57 jets delivered in the same quarter a year earlier. This was the company’s strongest delivery quarter since 2018. Aircraft deliveries are crucial for cash flow because airlines pay a large portion of the purchase price when planes are handed over. More deliveries therefore translate directly into higher revenue.
Higher 737 Max production boosts output
Boeing also benefited from an increase in production of its best-selling 737 Max jets. After easing restrictions imposed following the Alaska Airlines door-plug incident, the FAA allowed Boeing to raise its production cap from 38 to 42 aircraft per month. This helped Boeing clear backlog orders and deliver more planes during the quarter, lifting both revenue and cash generation.
Recovery from earlier crises supports rebound
The fourth-quarter performance also shows a recovery from the disruptions of 2023 and 2024, when Boeing faced factory slowdowns, quality lapses and intense regulatory oversight. By 2025, the company had improved quality controls, stabilised its production system and rebuilt confidence with regulators and customers, allowing output to rise sharply.
One-time asset sale lifts earnings
Boeing’s results were also supported by a one-time gain from selling parts of its Digital Aviation Solutions business, including navigation-software services. The company recorded a gain of about $9.6–$9.7 billion from the sale. This gain mainly boosted profits rather than day-to-day operations, it strengthened the overall earnings picture.
Commercial airplanes lead growth, defense also improves
Boeing’s commercial airplanes division reported revenue of $11.38 billion, beating expectations of $10.72 billion and marking a nearly 140% increase from a year earlier. The surge was due to higher deliveries and better use of its existing order backlog. The defense business also showed improvement, with revenue rising 37% year-on-year to $7.42 billion in the quarter.
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