Boeing Reports Fourth Quarter Results

Rhea-AI Summary

Boeing (NYSE: BA) reported Q4 2025 revenue $23.9B and full-year 2025 revenue $89.5B, driven by 160 Q4 commercial deliveries and 600 deliveries for the year. GAAP diluted EPS was $10.23 in Q4 and core EPS (non-GAAP) was $9.92, each reflecting a $9.6B gain on sale tied to Digital Aviation Solutions. Operating cash flow was $1.3B in Q4 and free cash flow (non-GAAP) was $0.4B in the quarter but $(1.9)B for the full year. Total company backlog reached a record $682B (over 6,100 commercial airplanes). The company completed the acquisition of Spirit AeroSystems in December and noted higher cash & investments of $29.4B and consolidated debt of $54.1B.

Positive

• Revenue up to $23.9B in Q4 2025
• Full-year 2025 revenue of $89.5B (highest since 2018)
• GAAP Q4 diluted EPS $10.23 driven by a $9.6B gain on sale
• Record total backlog of $682B (over 6,100 commercial airplanes)
• Commercial deliveries: 160 in Q4 and 600 in 2025
• Cash and marketable securities of $29.4B at quarter end

Negative

• Commercial Airplanes operating margin of (5.6)% in Q4 2025
• Defense, Space & Security included $0.6B losses on KC-46A in Q4
• Consolidated debt increased to $54.1B at quarter end
• Full-year free cash flow of $(1.9)B in 2025

News Market Reaction

-1.56%

1 alert

-1.56% News Effect

-$2.99B Valuation Impact

$188.83B Market Cap

22K Volume

On the day this news was published, BA declined 1.56%, reflecting a mild negative market reaction. This price movement removed approximately $2.99B from the company's valuation, bringing the market cap to $188.83B at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Q4 2025 revenue: $23.9B Full-year 2025 revenue: $89.5B Q4 GAAP EPS: $10.23 +5 more

8 metrics

Q4 2025 revenue $23.9B Fourth quarter 2025 revenue, up versus $15.2B in 2024

Full-year 2025 revenue $89.5B 2025 revenue with 600 commercial deliveries, highest since 2018

Q4 GAAP EPS $10.23 Fourth quarter 2025 diluted earnings per share

Gain on sale $9.6B Gain from closing the Digital Aviation Solutions transaction

Q4 operating cash flow $1.3B Fourth quarter 2025 GAAP operating cash flow

Q4 free cash flow $0.4B Fourth quarter 2025 free cash flow (non-GAAP)

Total backlog $682B Record total company backlog at year-end 2025

Commercial deliveries 2025 600 airplanes Full-year 2025 commercial airplane deliveries, highest since 2018

Market Reality Check

Price: $241.59 Vol: Volume 8,288,767 is 7% ab...

normal vol

$241.59 Last Close

Volume Volume 8,288,767 is 7% above the 20-day average of 7,770,949 shares, showing slightly elevated trading. normal

Technical Price at 248.43 sits above the 200-day MA of 211.25, reflecting a pre-news uptrend.

Peers on Argus

BA traded down 1.48% while key peers were mixed: LMT -1.41%, NOC -1.35%, GD roug...

BA traded down 1.48% while key peers were mixed: LMT -1.41%, NOC -1.35%, GD roughly flat, and HWM/TDG modestly positive. This points to a more company-specific reaction than a broad aerospace move.

Common Catalyst Some peers, such as NOC, also reported earnings, but moves were not uniformly directional across the group.

Previous Earnings Reports

5 past events · Latest: Oct 29 (Negative)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Oct 29	Q3 2025 earnings	Negative	-4.4%	Large 777-9 charge drove GAAP loss despite solid revenue and deliveries.
Oct 14	Q3 2025 deliveries	Neutral	-0.6%	Update on commercial and defense delivery counts before full quarterly results.
Jul 29	Q2 2025 earnings	Negative	-4.4%	Higher revenue but continued losses and modest cash flow metrics weighed on sentiment.
Apr 23	Q1 2025 earnings	Positive	+6.1%	Revenue growth, backlog expansion and improving segment performance supported shares.
Jan 28	Q4 2024 earnings	Negative	+1.5%	Weak 2024 results with steep revenue drop and losses, yet shares rose modestly.

Pattern Detected

Earnings releases have usually produced modest moves, with one notable divergence when weak 2024 results coincided with a small price gain.

Recent Company History

Over the past year, Boeing’s earnings cycle has featured rising revenue and backlog but uneven profitability. Q1 2025 revenue reached $19.5B with a loss per share, Q2 rose to $22.7B, and Q3 to $23.3B, alongside backlog growth from $545B to $636B. The latest report shows Q4 2025 revenue of $23.9B and a record backlog of $682B. Historically, shares have often reacted negatively to losses or large charges, with a mix of modest gains and declines around prior earnings dates.

Historical Comparison

earnings

+3.4 %

Average Historical Move

Historical Analysis

In the past year, BA’s 5 earnings-related releases moved the stock an average of 3.38%, with reactions ranging from sharp selloffs on big charges to gains when revenue and backlog improved.

Typical Pattern

Earnings updates show revenue climbing from <b>$19.5B</b> in Q1 2025 to <b>$23.3B</b> in Q3 and <b>$23.9B</b> in Q4, while backlog expanded from <b>$545B</b> to <b>$636B</b> and then a record <b>$682B</b>, indicating a steadily building order book alongside a shift from losses toward profitability in late 2025.

Market Pulse Summary

This announcement highlighted a sharp rebound in Boeing’s 2025 financials, with Q4 revenue of $23.9B...

Analysis

This announcement highlighted a sharp rebound in Boeing’s 2025 financials, with Q4 revenue of $23.9B, full-year revenue of $89.5B, and a record backlog of $682B. Profitability benefited from a $9.6B gain on sale tied to the Digital Aviation Solutions transaction, while operating cash flow reached $1.3B and free cash flow $0.4B. Investors may track future quarters for core margin trends, cash flow sustainability, integration of Spirit AeroSystems, and progress on major programs like the 737, 787, and 777X.

Key Terms

free cash flow, non-gaap, operating margins, backlog, +3 more

7 terms

free cash flow financial

"Operating cash flow of $1.3 billion and free cash flow (non-GAAP)* of $0.4 billion"

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

non-gaap financial

"free cash flow (non-GAAP)* of $0.4 billion"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

operating margins financial

"Operating margins | | 36.7 | % | | (24.7) | %"

Operating margins show how much profit a company makes from its core business activities after covering the costs directly related to those activities. It is calculated by dividing operating profit by total revenue, expressed as a percentage. This measure helps investors understand how efficiently a company is managing its operations and generating profit from its main activities.

backlog financial

"Total company backlog grew to a record $682 billion"

A backlog is the amount of work or orders that a company has received but hasn't completed yet. It’s like a restaurant with many dishes to serve; the backlog shows how many orders are still waiting to be finished. It matters because a large backlog can indicate strong demand or potential delays in delivering products or services.

kc-46a technical

"include $0.6 billion of losses on the KC-46A program"

KC-46A is a military tanker aircraft used to refuel other planes in midair and carry cargo or passengers, acting like a flying gas station and delivery truck for a country's air force. Investors watch references to the KC-46A because production, delivery schedules, maintenance contracts and government orders affect defense contractors' sales, cash flow and long-term service revenue, similar to how delivery and service agreements drive value in other industries.

type inspection authorization regulatory

"the 777X program began the Type Inspection Authorization 3 phase"

An authorization that confirms a specific design or model of a regulated product has passed official testing and inspection and is allowed to be manufactured or sold. For investors it matters because this green light reduces regulatory risk, clears the way for production and revenue, and can be a prerequisite for accessing certain markets — much like a safety stamp that lets a new car or medical device legally reach customers.

short-term investments financial

"time deposits due within one year classified as "short-term investments.""

Short-term investments are financial assets purchased with the goal of turning them back into cash within about a year, including things like Treasury bills, money market funds, and short-duration bonds. They matter to investors because they provide a lower-risk, more accessible place to park money than stocks or long-term bonds—like a nearby savings box that earns some interest while staying ready for immediate needs or opportunities.

AI-generated analysis. Not financial advice.

ARLINGTON, Va., Jan. 27, 2026 /PRNewswire/ --

Fourth Quarter 2025

• Acquired Spirit AeroSystems in December underscoring commitment to safety, quality, and production stability
• Revenue increased to $23.9 billion primarily reflecting 160 commercial deliveries
• Earnings reflects $9.6 billion gain on sale associated with closing the Digital Aviation Solutions transaction
• Operating cash flow of $1.3 billion and free cash flow (non-GAAP)* of $0.4 billion

Full Year 2025

• Revenue of $89.5 billion and 600 commercial deliveries reflect the highest annual totals since 2018
• Total company backlog grew to a record $682 billion, including over 6,100 commercial airplanes

Table 1. Summary Financial Results						Fourth Quarter																		Full Year
(Dollars in Millions, except per share data)						2025						2024						Change						2025						2024						Change
Revenues						$23,948						$15,242						57 %						$89,463						$66,517						34 %
GAAP
Earnings/(loss) from operations						$8,777						($3,770)						NM						$4,281						($10,707)						NM
Operating margins						36.7		%				(24.7)		%				NM						4.8		%				(16.1)		%				NM
Net earnings/(loss)						$8,220						($3,861)						NM						$2,238						($11,829)						NM
Diluted earnings/(loss) per share						$10.23						($5.46)						NM						$2.48						($18.36)						NM
Operating cash flow						$1,331						($3,450)						NM						$1,065						($12,080)						NM
Non-GAAP*
Core operating earnings/(loss)						$8,519						($4,042)						NM						$3,236						($11,811)						NM
Core operating margins						35.6		%				(26.5)		%				NM						3.6		%				(17.8)		%				NM
Core earnings/(loss) per share						$9.92						($5.90)						NM						$1.19						($20.38)						NM

*Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on page 5, "Non-GAAP Measures Disclosures."

The Boeing Company [NYSE: BA] recorded fourth quarter revenue of $23.9 billion, reflecting improved operational performance and higher commercial delivery volume. GAAP earnings per share of $10.23 and core earnings per share (non-GAAP)* of $9.92 primarily reflect a $9.6 billion gain on sale associated with closing the Digital Aviation Solutions transaction, which increased earnings per share by $11.83. The company reported operating cash flow of $1.3 billion and free cash flow (non-GAAP)* of $0.4 billion. Total company backlog grew to a record $682 billion primarily reflecting 1,173 Commercial Airplanes net orders in the year, with all three segments at record levels.

"We made significant progress on our recovery in 2025 and have set the foundation to keep our momentum going in the year ahead," said Kelly Ortberg, Boeing president and chief executive officer. "We completed the acquisition of Spirit AeroSystems and the sale of portions of the Digital Aviation Solutions business and remain focused on promoting stable operations, completing our development programs, rebuilding trust with our stakeholders, and fully restoring Boeing to the iconic company we all know it can be."

Table 2. Cash Flow						Fourth Quarter												Full Year
(Millions)						2025						2024						2025						2024
Operating cash flow						$1,331						($3,450)						$1,065						($12,080)
Less additions to property, plant & equipment						($956)						($648)						($2,942)						($2,230)
Free cash flow*						$375						($4,098)						($1,877)						($14,310)

*Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on page 5, "Non-GAAP Measures Disclosures."

Operating cash flow was $1.3 billion in the quarter reflecting higher commercial deliveries, as well as working capital timing. Additions to property, plant and equipment primarily reflects higher investments in Charleston and Saint Louis sites.

Table 3. Cash, Marketable Securities and Debt Balances

Quarter End

(Billions)

4Q 2025

3Q 2025

Cash and investments in marketable securities1

$29.4

$23.0

Consolidated debt

$54.1

$53.4

1 Marketable securities consist primarily of time deposits due within one year classified as "short-term investments."

Cash and investments in marketable securities totaled $29.4 billion, compared to $23.0 billion at the beginning of the quarter, primarily driven by $10.6 billion in proceeds associated with closing the Digital Aviation Solutions transaction and free cash flow generated in the quarter, partially offset by debt repayment associated with the acquisition of Spirit AeroSystems. Debt was $54.1 billion, up from $53.4 billion at the beginning of the quarter, primarily reflecting the acquisition of Spirit AeroSystems. The company maintains access to credit facilities of $10.0 billion, which remain undrawn.

Segment Results

Commercial Airplanes

Table 4. Commercial Airplanes						Fourth Quarter																		Full Year
(Dollars in Millions)						2025						2024						Change						2025						2024						Change
Deliveries						160						57						181 %						600						348						72 %
Revenues						$11,379						$4,762						139 %						$41,494						$22,861						82 %
Loss from operations						($632)						($2,090)						NM						($7,079)						($7,969)						NM
Operating margins						(5.6)		%				(43.9)		%				NM						(17.1)		%				(34.9)		%				NM

Commercial Airplanes fourth quarter revenue of $11.4 billion and operating margin of (5.6) percent primarily reflect higher deliveries and improved operational performance. Results also include impacts associated with the acquisition of Spirit AeroSystems.

During the quarter, the 737 program increased the production rate to 42 per month and received approval from the Federal Aviation Administration to begin the final phase of 737-10 certification flight testing. The 787 program began transitioning production to eight per month and remains focused on stabilizing at that rate. In the quarter, the 777X program began the Type Inspection Authorization 3 phase of 777-9 certification flight testing, and the company still anticipates first delivery in 2027.

Commercial Airplanes booked 336 net orders in the quarter, including 105 737-10 and 5 787-9 airplanes for Alaska Airlines and 65 777-9 airplanes for Emirates. Commercial Airplanes delivered 160 airplanes and backlog included over 6,100 airplanes valued at a record $567 billion.

Defense, Space & Security

Table 5. Defense, Space & Security						Fourth Quarter																		Full Year
(Dollars in Millions)						2025						2024						Change						2025						2024						Change
Revenues						$7,417						$5,411						37 %						$27,234						$23,918						14 %
Loss from operations						($507)						($2,267)						NM						($128)						($5,413)						NM
Operating margins						(6.8)		%				(41.9)		%				NM						(0.5)		%				(22.6)		%				NM

Defense, Space & Security fourth quarter revenue of $7.4 billion and operating margin of (6.8) percent reflect stabilizing operational performance and higher volume. Results also include $0.6 billion of losses on the KC-46A program primarily driven by higher estimated production support and supply chain costs.

During the quarter, Defense, Space & Security captured an award from the U.S. Air Force for 15 KC-46A Tankers, secured a contract from the U.S. Army for 96 AH-64E Apache helicopters, and delivered the first operational T-7A Red Hawk to the U.S. Air Force at Joint Base San Antonio-Randolph. Backlog at Defense, Space & Security grew to a record $85 billion, with 26 percent representing orders from customers outside the U.S.

Global Services

Table 6. Global Services						Fourth Quarter																		Full Year
(Dollars in Millions)						2025						2024						Change						2025						2024						Change
Revenues						$5,209						$5,119						2 %						$20,923						$19,954						5 %
Earnings from operations						$10,544						$998						NM						$13,474						$3,618						NM
Operating margins						202.4		%				19.5		%				NM						64.4		%				18.1		%				NM

Global Services fourth quarter revenue was $5.2 billion driven by higher government volume. Operating margin of 202.4 percent primarily reflects a $9.6 billion gain on sale associated with closing the Digital Aviation Solutions transaction.

Global Services secured record annual orders of $28 billion, including an award in the quarter for C-17 flight deck replacement from the U.S. Air Force, and ended the year with a record backlog of $30 billion.

Additional Financial Information

Table 7. Additional Financial Information						Fourth Quarter												Full Year
(Dollars in Millions)						2025						2024						2025						2024
Revenues
Unallocated items, eliminations and other						($57)						($50)						($188)						($216)
Earnings/(loss) from operations
Unallocated items, eliminations and other						($886)						($683)						($3,031)						($2,047)
FAS/CAS service cost adjustment						$258						$272						$1,045						$1,104
Other income, net						$201						$432						$1,125						$1,222
Interest and debt expense						($659)						($755)						($2,771)						($2,725)
Effective tax rate						1.2		%				5.7		%				15.1		%				3.1		%

Unallocated items, eliminations and other primarily reflects timing of allocations.

Non-GAAP Measures Disclosures

We supplement the reporting of our financial information determined under Generally Accepted Accounting Principles in the United States of America (GAAP) with certain non-GAAP financial information. The non-GAAP financial information presented excludes certain significant items that may not be indicative of, or are unrelated to, results from our ongoing business operations. We believe that these non-GAAP measures provide investors with additional insight into the company's ongoing business performance. These non-GAAP measures should not be considered in isolation or as a substitute for the related GAAP measures, and other companies may define such measures differently. We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. The following definitions are provided: 

Core Operating Earnings/(Loss), Core Operating Margins and Core Earnings/(Loss) Per Share

Core operating earnings/(loss) is defined as GAAP Earnings/(loss) from operations excluding the FAS/CAS service cost adjustment. The FAS/CAS service cost adjustment represents the difference between the Financial Accounting Standards (FAS) pension and postretirement service costs calculated under GAAP and costs allocated to the business segments. Core operating margins is defined as Core operating earnings/(loss) expressed as a percentage of revenue. Core earnings/(loss) per share is defined as GAAP Diluted earnings/(loss) per share excluding the net earnings/(loss) per share impact of the FAS/CAS service cost adjustment and Non-operating pension and postretirement expenses. Non-operating pension and postretirement expenses represent the components of net periodic benefit costs other than service cost. Pension costs allocated to BDS and BGS businesses supporting government customers are computed in accordance with U.S. Government Cost Accounting Standards (CAS), which employ different actuarial assumptions and accounting conventions than GAAP. CAS costs are allocable to government contracts. Other postretirement benefit costs are allocated to all business segments based on CAS, which is generally based on benefits paid. Management uses core operating earnings/(loss), core operating margins and core earnings/(loss) per share for purposes of evaluating and forecasting underlying business performance. Management believes these core measures provide investors additional insights into operational performance as they exclude non-service pension and post-retirement costs, which primarily represent costs driven by market factors and costs not allocable to government contracts. A reconciliation of these non-GAAP measures to the most directly comparable GAAP measure is provided on page 12 and 13.

Free Cash Flow

Free cash flow is GAAP operating cash flow reduced by capital expenditures for property, plant and equipment. Management believes free cash flow provides investors with an important perspective on the cash available for shareholders, debt repayment, and acquisitions after making the capital investments required to support ongoing business operations and long term value creation. Free cash flow does not represent the residual cash flow available for discretionary expenditures as it excludes certain mandatory expenditures such as repayment of maturing debt. Management uses free cash flow as a measure to assess both business performance and overall liquidity. See Table 2 on page 2 for a reconciliation of free cash flow to the most directly comparable GAAP measure, operating cash flow.

Caution Concerning Forward-Looking Statements

This press release contains "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 expressions, or the negative thereof, generally can be used to help identify these forward-looking statements. Examples of forward-looking statements include statements relating to our future financial condition and operating results, industry projections and outlooks, plans, objectives and goals, as well as any other statement that does not directly relate to any historical or current fact. Forward-looking statements are based on expectations and assumptions that we believe to be reasonable when made, but that may not prove to be accurate.

These statements are not guarantees and are subject to risks, uncertainties, and changes in circumstances that are difficult to predict. Many factors could cause actual results to differ materially and adversely from these forward-looking statements. Among these factors are risks related to: (1) general conditions in the economy and our industry, including those due to regulatory changes; (2) our reliance on our commercial airline customers; (3) the overall health of our aircraft production system, production quality issues, commercial airplane production rates, our ability to successfully develop and certify new aircraft or new derivative aircraft, and the ability of our aircraft to meet stringent performance and reliability standards; (4) changing budget and appropriation levels and acquisition priorities of the U.S. government, as well as significant delays in U.S. government appropriations; (5) our dependence on our subcontractors and suppliers, as well as the availability of highly skilled labor and raw materials; (6) work stoppages or other labor disruptions; (7) competition within our markets; (8) our non-U.S. operations and sales to non-U.S. customers, including tariffs, trade restrictions and government actions; (9) changes in accounting estimates; (10) realizing the anticipated benefits of mergers, acquisitions, joint ventures/strategic alliances or divestitures, including anticipated synergies and quality improvements related to our acquisition of Spirit AeroSystems Holdings, Inc.; (11) our dependence on U.S. government contracts; (12) our reliance on fixed-price contracts; (13) our reliance on cost-type contracts; (14) contracts that include in-orbit incentive payments; (15) management of a complex, global IT infrastructure; (16) compromised or unauthorized access to our, our customers' and/or our suppliers' information and systems; (17) potential business disruptions, including threats to physical security or our information technology systems, extreme weather (including effects of climate change) or other acts of nature, and pandemics or other public health crises; (18) potential adverse developments in new or pending litigation and/or government inquiries or investigations; (19) potential environmental liabilities; (20) effects of climate change and legal, regulatory or market responses to such change; (21) credit rating agency actions and our ability to effectively manage our liquidity; (22) substantial pension and other postretirement benefit obligations; (23) the adequacy of our insurance coverage; (24) the dilutive effect of future issuances of our common stock; and (25) the preferential treatment of our 6.00% mandatory convertible preferred stock.

Additional information concerning these and other factors can be found in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Any forward-looking statement speaks only as of the date on which it is made, and we assume no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.

Contact:
Investor Relations:						Eric Hill or David Dufault BoeingInvestorRelations@boeing.com
Communications:						Wilson Chow media@boeing.com

 

The Boeing Company and Subsidiaries Consolidated Statements of Operations (Unaudited)
			Twelve months ended December 31												Three months ended December 31
(Dollars in millions, except per share data)			2025						2024						2025						2024
Sales of products			$75,356						$53,227						$20,445						$11,901
Sales of services			14,107						13,290						3,503						3,341
Total revenues			89,463						66,517						23,948						15,242
Cost of products			(73,761)						(57,394)						(19,239)						(14,010)
Cost of services			(11,413)						(11,114)						(2,897)						(2,821)
Total costs and expenses			(85,174)						(68,508)						(22,136)						(16,831)
			4,289						(1,991)						1,812						(1,589)
Income/(loss) from operating investments, net			25						71						(17)						12
General and administrative expense			(6,090)						(5,021)						(1,663)						(1,398)
Research and development expense, net			(3,615)						(3,812)						(964)						(836)
Gain on dispositions, net			9,672						46						9,609						41
Earnings/(loss) from operations			4,281						(10,707)						8,777						(3,770)
Other income, net			1,125						1,222						201						432
Interest and debt expense			(2,771)						(2,725)						(659)						(755)
Earnings/(loss) before income taxes			2,635						(12,210)						8,319						(4,093)
Income tax (expense)/benefit			(397)						381						(99)						232
Net earnings/(loss)			2,238						(11,829)						8,220						(3,861)
Less: net earnings/(loss) attributable to noncontrolling interest			3						(12)												4
Net earnings/(loss) attributable to Boeing shareholders			2,235						(11,817)						8,220						(3,865)
Less: Mandatory convertible preferred stock dividends accumulated during the period			345						58						86						58
Net earnings/(loss) attributable to Boeing common shareholders			$1,890						($11,875)						$8,134						($3,923)
Basic earnings/(loss) per share			$2.49						($18.36)						$10.59						($5.46)
Diluted earnings/(loss) per share			$2.48						($18.36)						$10.23						($5.46)

 

The Boeing Company and Subsidiaries Consolidated Statements of Financial Position (Unaudited)
(Dollars in millions, except per share data)			December 31 2025						December 31 2024
Assets
Cash and cash equivalents			$10,921						$13,801
Short-term and other investments			18,479						12,481
Accounts receivable, net			2,921						2,631
Unbilled receivables, net			9,158						8,363
Current portion of financing receivables, net									207
Inventories			84,679						87,550
Other current assets, net			2,301						2,965
Total current assets			128,459						127,998
Financing receivables and operating lease equipment, net			241						314
Property, plant and equipment, net of accumulated depreciation of $23,613 and      $22,925			15,361						11,412
Goodwill			17,275						8,084
Acquired intangible assets, net			1,567						1,957
Deferred income taxes			107						185
Investments			1,048						999
Other assets, net of accumulated amortization of $1,014 and $1,085			4,177						5,414
Total assets			$168,235						$156,363
Liabilities and equity
Accounts payable			$13,109						$11,364
Accrued liabilities			27,141						24,103
Advances and progress billings			59,404						60,333
Short-term debt and current portion of long-term debt			8,461						1,278
Total current liabilities			108,115						97,078
Deferred income taxes			216						122
Accrued retiree health care			2,091						2,176
Accrued pension plan liability, net			4,287						5,997
Other long-term liabilities			2,432						2,318
Long-term debt			45,637						52,586
Total liabilities			162,778						160,277
Shareholders' equity:
Mandatory convertible preferred stock, 6.00% Series A, par value $1.00 - 20,000,000 shares authorized; 5,750,000 shares issued; aggregate liquidation preference $5,750			6						6
Common stock, par value $5.00 – 1,200,000,000 shares authorized;      1,012,261,159 shares issued			5,061						5,061
Additional paid-in capital			21,441						18,964
Treasury stock, at cost - 227,562,889 and 263,044,840 shares			(28,029)						(32,386)
Retained earnings			17,252						15,362
Accumulated other comprehensive loss			(10,277)						(10,915)
Total shareholders' equity/(deficit)			5,454						(3,908)
Noncontrolling interests			3						(6)
Total equity			5,457						(3,914)
Total liabilities and equity			$168,235						$156,363

 

The Boeing Company and Subsidiaries Consolidated Statements of Cash Flows (Unaudited)
			Twelve months ended  December 31
(Dollars in millions)			2025						2024
Cash flows – operating activities:
Net earnings/(loss)			$2,238						($11,829)
Adjustments to reconcile net loss to net cash used by operating activities:
Non-cash items –
Share-based plans expense			426						407
Treasury shares issued for 401(k) contributions			1,530						1,601
Depreciation and amortization			1,953						1,836
Investment/asset impairment charges, net			45						112
Gain on dispositions, net			(9,672)						(46)
777X and 767 reach-forward losses			5,283						4,079
Other charges and credits, net			264						528
Changes in assets and liabilities –
Accounts receivable			(95)						(37)
Unbilled receivables			(677)						(60)
Advances and progress billings			(723)						4,069
Inventories			(1,501)						(12,353)
Other current assets			155						(16)
Accounts payable			724						(793)
Accrued liabilities			1,341						1,563
Income taxes receivable, payable and deferred			115						(567)
Other long-term liabilities			(346)						(329)
Pension and other postretirement plans			(593)						(959)
Financing receivables and operating lease equipment, net			274						512
Other			324						202
Net cash provided/(used) by operating activities			1,065						(12,080)
Cash flows – investing activities:
Payments to acquire property, plant and equipment			(2,942)						(2,230)
Proceeds from disposals of property, plant and equipment			82						49
Acquisitions, net of cash acquired			(1,248)						(50)
Proceeds from dispositions			10,585						124
Contributions to investments			(51,938)						(13,856)
Proceeds from investments			46,628						4,743
Supplier notes receivable			(662)						(694)
Repayments on supplier notes receivable			2						40
Purchase of distribution rights			(9)						(88)
Other			1						(11)
Net cash provided/(used) by investing activities			499						(11,973)
Cash flows – financing activities:
New borrowings			165						10,161
Debt repayments			(3,621)						(8,673)
Common stock issuance, net of issuance costs									18,200
Mandatory convertible preferred stock issuance, net of issuance costs									5,657
Employee taxes on certain share-based payment arrangements			(34)						(83)
Dividends paid on mandatory convertible preferred stock			(331)						—
Other			58						(53)
Net cash (used)/provided by financing activities			(3,763)						25,209
Effect of exchange rate changes on cash and cash equivalents			40						(47)
Net (decrease)/increase in cash & cash equivalents, including restricted			(2,159)						1,109
Cash & cash equivalents, including restricted, at beginning of year			13,822						12,713
Cash & cash equivalents, including restricted, at end of year			11,663						13,822
Less restricted cash & cash equivalents, included in Investments			742						21
Cash & cash equivalents at end of year			$10,921						$13,801

 

The Boeing Company and Subsidiaries Summary of Business Segment Data (Unaudited)
			Twelve months ended December 31												Three months ended December 31
(Dollars in millions)			2025						2024						2025						2024
Revenues:
Commercial Airplanes			$41,494						$22,861						$11,379						$4,762
Defense, Space & Security			27,234						23,918						7,417						5,411
Global Services			20,923						19,954						5,209						5,119
Unallocated items, eliminations and other			(188)						(216)						(57)						(50)
Total revenues			$89,463						$66,517						$23,948						$15,242
Earnings/(loss) from operations:
Commercial Airplanes			($7,079)						($7,969)						($632)						($2,090)
Defense, Space & Security			(128)						(5,413)						(507)						(2,267)
Global Services			13,474						3,618						10,544						998
Segment operating earnings/(loss)			6,267						(9,764)						9,405						(3,359)
Unallocated items, eliminations and other			(3,031)						(2,047)						(886)						(683)
FAS/CAS service cost adjustment			1,045						1,104						258						272
Earnings/(loss) from operations			4,281						(10,707)						8,777						(3,770)
Other income, net			1,125						1,222						201						432
Interest and debt expense			(2,771)						(2,725)						(659)						(755)
Earnings/(loss) before income taxes			2,635						(12,210)						8,319						(4,093)
Income tax (expense)/benefit			(397)						381						(99)						232
Net earnings/(loss)			2,238						(11,829)						8,220						(3,861)
Less: net earnings/(loss) attributable to noncontrolling interest			3						(12)												4
Net earnings/(loss) attributable to Boeing shareholders			2,235						(11,817)						8,220						(3,865)
Less: Mandatory convertible preferred stock dividends accumulated during the period			345						58						86						58
Net earnings/(loss) attributable to Boeing common shareholders			$1,890						($11,875)						$8,134						($3,923)
Research and development expense, net:
Commercial Airplanes			$2,202						$2,386						$545						$534
Defense, Space & Security			877						917						259						189
Global Services			125						132						34						29
Other			411						377						126						84
Total research and development expense, net			$3,615						$3,812						$964						$836
Unallocated items, eliminations and other:
Share-based plans			($49)						$171						($9)						$53
Deferred compensation			(182)						(114)						(32)						(14)
Amortization of previously capitalized interest			(92)						(93)						(28)						(23)
Research and development expense, net			(411)						(377)						(126)						(84)
Eliminations and other unallocated items			(2,297)						(1,634)						(691)						(615)
Sub-total (included in Core operating earnings/(loss))			(3,031)						(2,047)						(886)						(683)
Pension FAS/CAS service cost adjustment			784						811						196						203
Postretirement FAS/CAS service cost adjustment			261						293						62						69
FAS/CAS service cost adjustment			1,045						1,104						$258						$272
Total			($1,986)						($943)						($628)						($411)

 

The Boeing Company and Subsidiaries Operating and Financial Data (Unaudited)
Deliveries						Twelve months ended December 31												Three months ended December 31
Commercial Airplanes						2025						2024						2025						2024
737						447						265						117						36
767						30						18						10						3
777						35						14						6						3
787						88						51						27						15
Total						600						348						160						57
Defense, Space & Security
AH-64 Apache (New)						19						16						5						6
AH-64 Apache (Remanufactured)						42						34						14						10
CH-47 Chinook (New)						3						4						2						2
CH-47 Chinook (Renewed)						11						9						2						2
F-15 Models						9						14						2						4
F/A-18 Models						14						11						2						6
KC-46 Tanker						14						10						5						—
MH-139						9						6						3						3
P-8 Models						6						4						2						—
T-7A Red Hawk						—						2						—						1
Commercial Satellites						4						2						—						2
Total1						131						112						37						36

1 Deliveries of new-build production units, including remanufactures and modifications

Total backlog (Dollars in millions)						December 31 2025						December 31 2024
Commercial Airplanes						$567,290						$435,175
Defense, Space & Security						84,786						64,023
Global Services						29,720						21,403
Unallocated items, eliminations and other						411						735
Total backlog						$682,207						$521,336
Contractual backlog						$639,721						$498,802
Unobligated backlog						42,486						22,534
Total backlog						$682,207						$521,336

 

The Boeing Company and Subsidiaries 
Reconciliation of Non-GAAP Measures 
(Unaudited)

The tables provided below reconcile the non-GAAP financial measures core operating earnings/(loss), core operating margins, and core earnings/(loss) per share with the most directly comparable GAAP financial measures of earnings/(loss) from operations, operating margins, and diluted earnings/(loss) per share. See page 5 of this release for additional information on the use of these non-GAAP financial measures.

(Dollars in millions, except per share data)						Fourth Quarter 2025									Fourth Quarter 2024
						$ millions			Per Share						$ millions			Per Share
Revenues						$23,948									$15,242
Earnings/(loss) from operations (GAAP)						8,777									(3,770)
Operating margins (GAAP)						36.7		%							(24.7)		%
FAS/CAS service cost adjustment:
Pension FAS/CAS service cost adjustment						(196)									(203)
Postretirement FAS/CAS service cost adjustment						(62)									(69)
FAS/CAS service cost adjustment						(258)									(272)
Core operating earnings/(loss) (non-GAAP)						$8,519									($4,042)
Core operating margins (non-GAAP)						35.6		%							(26.5)		%
Diluted earnings/(loss) per share (GAAP)									$10.23									($5.46)
Pension FAS/CAS service cost adjustment						($196)			($0.24)						($203)			($0.28)
Postretirement FAS/CAS service cost adjustment						(62)			(0.08)						(69)			(0.10)
Non-operating pension income						(49)			(0.06)						(108)			(0.15)
Non-operating postretirement income						(5)			(0.01)						(18)			(0.03)
Provision for deferred income taxes on adjustments 1						66			0.08						84			0.12
Subtotal of adjustments						($246)			($0.31)						($314)			($0.44)
Core earnings/(loss) per share (non-GAAP)									$9.92									($5.90)
Diluted weighted average common shares outstanding (in millions)									803.8									717.9

1 The income tax impact is calculated using the U.S. corporate statutory tax rate.

 

The Boeing Company and Subsidiaries 
Reconciliation of Non-GAAP Measures 
(Unaudited)

The tables provided below reconcile the non-GAAP financial measures core operating earnings/(loss), core operating margins, and core earnings/(loss) per share with the most directly comparable GAAP financial measures of earnings/(loss) from operations, operating margins, and diluted earnings/(loss) per share. See page 5 of this release for additional information on the use of these non-GAAP financial measures.

(Dollars in millions, except per share data)						Full Year 2025									Full Year 2024
						$ millions			Per Share						$ millions			Per Share
Revenues						$89,463									$66,517
Earnings/(loss) from operations (GAAP)						4,281									(10,707)
Operating margins (GAAP)						4.8		%							(16.1)		%
FAS/CAS service cost adjustment:
Pension FAS/CAS service cost adjustment						(784)									(811)
Postretirement FAS/CAS service cost adjustment						(261)									(293)
FAS/CAS service cost adjustment						(1,045)									(1,104)
Core operating earnings/(loss) (non-GAAP)						$3,236									($11,811)
Core operating margins (non-GAAP)						3.6		%							(17.8)		%
Diluted earnings/(loss) per share (GAAP)									$2.48									($18.36)
Pension FAS/CAS service cost adjustment						($784)			($1.03)						($811)			($1.26)
Postretirement FAS/CAS service cost adjustment						(261)			(0.34)						(293)			(0.45)
Non-operating pension income						(176)			(0.24)						(476)			(0.74)
Non-operating postretirement income						(19)			(0.02)						(73)			(0.11)
Provision for deferred income taxes on adjustments 1						260			0.34						347			0.54
Subtotal of adjustments						($980)			($1.29)						($1,306)			($2.02)
Core earnings/(loss) per share (non-GAAP)									$1.19									($20.38)
Diluted weighted average common shares outstanding (in millions)									762.3									646.9

1 The income tax impact is calculated using the U.S. corporate statutory tax rate.

 

View original content:https://www.prnewswire.com/news-releases/boeing-reports-fourth-quarter-results-302671199.html

SOURCE Boeing

FAQ

What were Boeing (BA) Q4 2025 revenue and EPS results?

Boeing reported Q4 2025 revenue $23.9B and GAAP diluted EPS of $10.23.

How did the $9.6B Digital Aviation Solutions gain affect Boeing (BA) Q4 2025 results?

The $9.6B gain on sale increased Q4 earnings and raised GAAP EPS by about $11.83 per share.

What is Boeing's (BA) total backlog and commercial delivery count for 2025?

Total company backlog was a record $682B, including over 6,100 commercial airplanes; deliveries were 160 in Q4 and 600 for 2025.

How much cash and debt did Boeing (BA) report at the end of Q4 2025?

Boeing reported $29.4B of cash and marketable securities and $54.1B of consolidated debt at quarter end.

Did Boeing (BA) report positive free cash flow in 2025?

Free cash flow (non-GAAP) was $0.4B in Q4 but $(1.9)B for the full year 2025.

What operational milestones did Boeing (BA) report in Q4 2025 for aircraft programs?

Boeing increased the 737 production rate to 42/month, began final phase 737-10 certification flight testing, transitioned 787 to 8/month, and began TIA 3 for 777-9 with first delivery still anticipated in 2027.