Key Takeaways BA stock gained 2.2% in the past month, supported by strong commercial aircraft demand. Boeing logged 336 net jet orders in Q4 2025, while its defense unit booked $15B, lifting BDS backlog to $85B.BA faces $11.09B of 2025 aircraft cancellations, weighing on deliveries despite demand.The Boeing Company’s (BA) shares have rallied 2.2% in a month compared with the Zacks Aerospace-Defense industry’s growth of 3%. The company remains one of the largest U.S. commercial aircraft manufacturers. Steadi ...

The Boeing Company (BA) has finally broken a long cycle of financial pain, closing the chapter on nearly seven years of persistent setbacks. The aerospace and defense giant reported quarterly revenue of $23.9 billion, up around 57% year-over-year (YOY), its highest since 2018, marking a decisive inflection driven by operational discipline, higher commercial deliveries, and stronger defense volumes. This rebound matters because Boeing burned roughly $40 billion between the first quarter of 2019, after the ...

Core Insights - Boeing reported better-than-expected fourth-quarter free cash flow of $375 million, surpassing Bloomberg consensus expectations of $271.9 million, indicating progress in operational performance and safety execution [1] Financial Performance - Revenue from the commercial airplanes division increased to $11.4 billion, more than doubling from the previous year and exceeding forecasts, driven by increased production of the 737 program and the acquisition of Spirit AeroSystems for $4.7 billion [2] - Boeing delivered 160 aircraft during the quarter, with a backlog of over 6,100 airplanes valued at a record $567 billion [3] - In the defense sector, revenue rose to $7.4 billion, a 37% year-over-year increase, despite losses related to the KC-46A Pegasus tanker program, with the defense backlog reaching an all-time high of $85 billion [3]

On the 737 program, Ortberg said production is stabilizing at 42 airplanes per month, with on-time delivery performance improving “threefold” from the prior year and positive customer feedback on quality. He said Boeing plans to use the same monitoring and safety/quality discipline for future rate increases. For production above 47 per month, Boeing intends to add a new “North Line” in Everett, with facility and tooling investments complete and a staffing plan underway.Ortberg said Boeing increased commerci ...

The Boeing Company (NYSE:BA) Q4 2025 Earnings call January 27, 2026 10:30 AM ET Company ParticipantsBrian West - EVP and CFOEric Hill - VP of Investor RelationsKelly Ortberg - CEOConference Call ParticipantsDoug Harned - AnalystGavin Parsons - AnalystJason Gursky - AnalystMyles Walton - AnalystNoah Poponak - AnalystPeter Arment - AnalystRobert Stallard - AnalystRon Epstein - AnalystSeth Seifman - AnalystSheila Kahyaoglu - AnalystOperatorThank you for standing by. Good day, everyone, and welcome to The Boein ...

Financial Performance - The company reported revenue of $23.9 billion for the quarter, a 57% increase, marking the highest quarterly total since 2018, driven by improved operational performance and higher commercial deliveries [16][17] - Core earnings per share reached $9.92, primarily reflecting a gain of $11.83 from the digital aviation solutions divestiture [16] - Free cash flow was positive at $375 million, slightly exceeding expectations due to higher commercial deliveries and improved working capital [16][27] Business Line Performance - The Boeing Commercial Airplanes (BCA) segment delivered 160 airplanes in the quarter and 600 for the year, the highest annual total since 2018, with revenue of $11.4 billion [16][17] - The Defense, Space & Security (BDS) segment delivered 37 aircraft in the quarter, with revenue growing 37% to $7.4 billion, despite a negative operating margin of 6.8% [21][22] - The Global Services (BGS) segment reported revenue of $5.2 billion, up 2%, with an adjusted operating margin of 18.6% [24] Market Data - BCA booked 336 net orders in the quarter, including significant orders for the 737-10 and 787-9, ending the year with a record backlog of $567 billion [17][19] - BDS secured $15 billion in orders during the quarter, contributing to a record backlog of $85 billion [21] - BGS achieved an annual high of $28 billion in orders for 2025, ending the year with a record backlog of $30 billion [24] Company Strategy and Industry Competition - The company is focused on stabilizing its business, executing development programs, and improving its culture to restore trust with stakeholders [3][10] - A significant investment was made in the Spirit AeroSystems acquisition to enhance safety and quality across operations [8][9] - The company aims to increase production rates for the 737 and 787 models, with plans to ramp up to 47 and 10 airplanes per month, respectively [6][19] Management Commentary on Operating Environment and Future Outlook - Management acknowledged challenges in certification timelines for the 737 MAX derivatives and the 777-9 but expressed confidence in meeting revised schedules [10][11] - The company anticipates positive free cash flow of $1-$3 billion in 2026, despite some temporary impacts from the Spirit acquisition and delayed certifications [28][30] - Management emphasized the importance of continuous improvement and operational stability to meet customer commitments and enhance future performance [14][15] Other Important Information - The company completed the $10.6 billion sale of Jeppesen, strengthening its balance sheet while retaining essential digital capabilities [9] - A new five-year labor agreement was ratified with the IAM workforce in St. Louis, supporting production stability [8] Q&A Session Summary Question: Clarification on cash flow building blocks - Management discussed the excess advances and customer considerations, indicating that while both will normalize, excess advances will burn down quicker than customer considerations [41][42] Question: Free cash flow expectations - Management reiterated confidence in achieving $10 billion in free cash flow, emphasizing the need to complete certification programs and ramp up production rates [49][50] Question: Production ramp challenges - Management identified potential bottlenecks in increasing production rates, particularly from 47 to 52 for the 737, and emphasized the importance of managing the supply chain effectively [60][62] Question: BCA margins and Spirit's impact - Management acknowledged that current cash margins for the 737 and 787 are depressed but expect improvements over time, with Spirit's performance contributing positively in the future [68][70] Question: Defense program updates - Management clarified that the charge taken on the KC-46 tanker program is specific to that program and does not reflect on other BDS programs, with plans to deliver 19 tankers in 2026 [83][84]

Financial Performance - The company reported revenue of $23.9 billion for Q4 2025, a 57% increase, marking the highest quarterly total since 2018, driven by improved operational performance and higher commercial deliveries [16][26] - Core earnings per share reached $9.92, primarily reflecting a gain of $11.83 from the digital aviation solutions divestiture [16] - Free cash flow was positive at $375 million, slightly exceeding expectations due to higher commercial deliveries and improved working capital [16][26] Business Line Performance - Boeing Commercial Airplanes (BCA) delivered 160 airplanes in Q4 and 600 for the year, the highest annual total since 2018, with revenue of $11.4 billion and an operating margin of negative 5.6% [16][17] - BCA booked 336 net orders in Q4, including significant orders from Alaska Airlines and Emirates, ending the year with a record backlog of $567 billion [17][18] - Boeing Defense, Space & Security (BDS) delivered 37 aircraft in Q4, with revenue growing 37% to $7.4 billion, despite a negative operating margin of 6.8% due to a loss on the KC-46A tanker [20][21] - Boeing Global Services (BGS) reported revenue of $5.2 billion, up 2%, with an adjusted operating margin of 18.6%, driven by improved government volume [24][25] Market Performance - The backlog for BCA includes over 6,100 airplanes, with strong demand for the 737 and 787 models, indicating a robust market position [17][18] - BDS secured $15 billion in orders during Q4, contributing to a record backlog of $85 billion, reflecting strong demand in defense [20][21] Company Strategy and Industry Competition - The company is focused on stabilizing its business, executing development programs, and improving its culture to enhance performance and stakeholder trust [3][10] - Boeing is investing in production capacity and quality improvements, including a new North Line in Everett and factory expansions for the 787 program [5][6][9] - The company aims to address challenges in production rates and certification timelines for new aircraft models, including the 737 MAX derivatives and 777-9 [10][11] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in the company's turnaround, highlighting significant progress in operational metrics and customer satisfaction [3][10] - The company anticipates positive free cash flow of $1-$3 billion in 2026, despite challenges related to the Spirit AeroSystems acquisition and delayed aircraft certifications [27][30] - Management acknowledged the need to improve contract management and risk assessment to enhance profitability in the aerospace industry [59][60] Other Important Information - The company completed the acquisition of Spirit AeroSystems and the $10.6 billion sale of Jeppesen, strengthening its balance sheet [9][26] - The defense portfolio is expected to return to historical performance levels as the company continues to drive execution and transition to new contracts [24] Q&A Session Summary Question: Clarification on cash flow building blocks - Management indicated that excess advances and customer considerations are expected to normalize over time, with excess advances burning down quicker than customer considerations [35][36] Question: Expectations for normalized free cash flow - Management reiterated confidence in achieving $10 billion in free cash flow, emphasizing the importance of ramping up production rates and improving performance across business segments [39][40] Question: Production ramp challenges - Management discussed the challenges of increasing production rates for the 737 and 787 programs, emphasizing the need for supply chain stability and effective management of inventory levels [42][44] Question: Defense program updates - Management addressed the discrete charge on the KC-46A tanker program, stating that it reflects increased costs but is necessary to ensure timely deliveries [55] Question: Geopolitical risks and procurement shifts - Management acknowledged the dynamic nature of geopolitical risks but expressed confidence in the U.S. administration's support for the aerospace industry [62]

Fourth Quarter 2025 Earnings Review Kelly Ortberg President and Chief Executive Officer January 27, 2026 Copyright © 2026 Boeing. All rights reserved. Caution Concerning Forward-Looking Statements Certain statements made today constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "may," "will," "should," "expects," "intends," "projects," "plans," "believes," "estimates," "targets," "anticipates," and other similar words or expressio ...

波音(BA.US)连续第二个季度实现现金流为正，并报告称，2025年最后三个月的销售额大幅增长，这家 美国飞机制造商继续复苏，并受益于订单激增。第四季度自由现金流为3.75亿美元，高于分析师预期， 营收同比增长56.8%至239.5亿美元，也高于预期。 波音首席执行官Kelly Ortberg周二在致员工的信中表示："我们取得了良好的进展，在新的一年伊始， 有很多值得乐观的理由，与此同时，随着进步的到来，期望也会随之而来，我们的客户和利益相关者今 年对我们抱有更高的期望。" 在Ortberg的领导下，波音公司正从长达五年的运营和质量危机中复苏。该公司正在提高737和787梦想 客机的产量，并在去年最后一个季度实现了近三倍的飞机交付量增长。由于波音客户通过购买飞机来提 升与白宫和美国总统特朗普的关系，波音公司的积压订单总额已飙升至创纪录的6820亿美元。 这家总部位于弗吉尼亚州阿灵顿的制造商公布，第四季度调整后每股收益为9.92美元，高于预期，创下 十多年来的最高季度水平。盈利增长主要得益于去年出售波音公司旗下数字航空子公司Jeppesen获得的 96亿美元收益。波音公司在一份声明中表示，11月份完成的数字航空 ...

Boeing Co. shares have recouped their losses following the midair near-disaster involving one of the company’s jets in January 2024, a sign that investors continue to gain confidence in a turnaround under Chief Executive Officer Kelly Ortberg. The stock rose 0.5% on Tuesday to end the session at $249. It closed at that exact price on Jan. 5, 2024, hours before a door-sized panel blew off of a Boeing jet during a flight operated by Alaska Air Group Inc. The stock tumbled as much as 45% in the 15 months aft ...