Boeing boosts deliveries and backlog in Q4 but core aircraft unit remains loss-making
January 27, 2026
Boeing has reported a sharp swing back to profitability in the fourth quarter of 2025, driven by a step-up in commercial aircraft deliveries and a major one-off gain tied to the sale of parts of its Digital Aviation Solutions business.
In its 27 January results release, the US planemaker posted fourth-quarter revenue of $23.9bn, up 57% year-on-year, reflecting 160 commercial deliveries in the period.
Boeing reported net earnings of $8.2bn and diluted earnings per share of $10.23, with results heavily influenced by a $9.6bn gain on sale linked to the Digital Aviation Solutions transaction.
| Metric | 4Q 2025 | 4Q 2024 | Full year 2025 | Full year 2024 |
|---|---|---|---|---|
| Revenues | $23,948m | $15,242m | $89,463m | $66,517m |
| GAAP earnings/(loss) from operations | $8,777m | ($3,770)m | $4,281m | ($10,707)m |
| Operating margin (GAAP) | 36.7% | (24.7)% | 4.8% | (16.1)% |
| Net earnings/(loss) | $8,220m | ($3,861)m | $2,238m | ($11,829)m |
| Diluted EPS | $10.23 | ($5.46) | $2.48 | ($18.36) |
| Operating cash flow | $1,331m | ($3,450)m | $1,065m | ($12,080)m |
| Core operating earnings/(loss) (non-GAAP) | $8,519m | ($4,042)m | $3,236m | ($11,811)m |
| Core operating margin (non-GAAP) | 35.6% | (26.5)% | 3.6% | (17.8)% |
| Core EPS (non-GAAP) | $9.92 | ($5.90) | $1.19 | ($20.38) |
Boeing’s cash flow, backlog and Spirit AeroSystems acquisition
Boeing reported operating cash flow of $1.3bn in the quarter and free cash flow (non-GAAP) of $0.4bn. The company ended the quarter with $29.4bn in cash and marketable securities, alongside $54.1bn in consolidated debt, noting the impact of debt repayment associated with the Spirit AeroSystems acquisition, which it closed in December.
Total company backlog rose to a record $682bn, with Commercial Airplanes backlog including over 6,100 aircraft valued at $567bn.
Chief executive Kelly Ortberg said Boeing made “significant progress” in 2025 and highlighted the Spirit acquisition and the Digital Aviation Solutions divestment as key transactions, while stressing continued focus on production stability, programme completion and rebuilding trust with stakeholders.
| Metric | 4Q 2025 | 4Q 2024 | Full year 2025 | Full year 2024 |
|---|---|---|---|---|
| Deliveries | 160 | 57 | 600 | 348 |
| Revenues | $11,379m | $4,762m | $41,494m | $22,861m |
| Loss from operations | ($632)m | ($2,090)m | ($7,079)m | ($7,969)m |
| Operating margin | (5.6)% | (43.9)% | (17.1)% | (34.9)% |
Boeing Commercial Airplanes: 737 rate, 787 ramp and 777X certification update
Boeing Commercial Airplanes posted Q4 revenue of $11.4bn but still recorded an operating loss of $632m (margin -5.6%), reflecting that higher output has not yet translated into profitability across the division.
Operationally, Boeing said the 737 programme increased to 42 aircraft per month and received FAA approval to begin the final phase of 737-10 certification flight testing.
The 787 programme began transitioning production to eight per month, while the 777X entered the TIA-3 phase of 777-9 certification flight testing, with Boeing still anticipating first delivery in 2027.
Boeing Defence and Services: KC-46 costs and Digital Aviation Solutions gain
Boeing’s Defence, Space & Security unit generated $7.4bn in quarterly revenue but posted a $507m operating loss, including additional losses on the KC-46A programme tied to higher estimated production support and supply-chain costs.
Boeing Global Services delivered $5.2bn in quarterly revenue, with reported operating margin inflated by the $9.6bn Digital Aviation Solutions gain, which Boeing accounted for within the segment.
| Metric | 4Q 2025 | 4Q 2024 | Full year 2025 | Full year 2024 |
|---|---|---|---|---|
| Revenues | $7,417m | $5,411m | $27,234m | $23,918m |
| Loss from operations | ($507)m | ($2,267)m | ($128)m | ($5,413)m |
| Operating margin | (6.8)% | (41.9)% | (0.5)% | (22.6)% |
| Metric | 4Q 2025 | 4Q 2024 | Full year 2025 | Full year 2024 |
|---|---|---|---|---|
| Revenues | $5,209m | $5,119m | $20,923m | $19,954m |
| Earnings from operations | $10,544m | $998m | $13,474m | $3,618m |
| Operating margin | 202.4% | 19.5% | 64.4% | 18.1% |
For the full year, Boeing reported revenue of $89.5bn and 600 commercial deliveries, its highest annual total since 2018, underscoring a recovery in output even as several core programmes remain in certification and cost-control mode.
Featured image: Boeing
