The aerospace and defense giant Boeing closed its fourth quarter of 2025 with substantially improved financial results compared to the prior year. A significant revenue increase and a return to positive free cash flow after an extended period highlighted the report, alongside the highest annual delivery volume since 2018 and an unprecedented order backlog.
Record Deliveries and Soaring Revenue
A primary catalyst for the strong quarter was the delivery of 160 commercial aircraft. This drove a 57 percent year-over-year revenue surge to $23.9 billion for Q4 2025. For the full 2025 fiscal year, the company reported total revenue of $89.5 billion, supported by 600 commercial deliveries.
Investors found further encouragement in the company’s cash generation. The final quarter saw operating cash flow of $1.3 billion and positive free cash flow of $0.4 billion. While the reported earnings per share of $10.23 were significantly boosted by the sale of the Digital Aviation Solutions unit, underlying operational progress was evident. Management has provided guidance for 2026, anticipating positive free cash flow in the range of $1 to $3 billion.
Unprecedented Order Book and Production Ramp-Up
Boeing’s total backlog has reached a new peak of $682 billion. This figure includes orders for more than 6,100 commercial airplanes. Recent orders continue to build on this foundation, with Air India placing an additional order for 30 aircraft following a major deal in 2023. In January 2026, the Turkish holiday airline SunExpress took delivery of four new 737-8 jets, with the final aircraft arriving on January 29.
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Current production rates are climbing. The 737 program is now manufacturing 42 units per month, with plans to increase this rate to 47 per month over the course of 2026. Production of the 787 Dreamliner is also accelerating.
Ongoing Regulatory and Integration Hurdles
Despite the positive financial data, Boeing continues to operate under heightened scrutiny from the U.S. Federal Aviation Administration (FAA). This is particularly relevant for the certification processes of the 737 MAX 7 and MAX 10 models, with the company expecting regulatory approval sometime during 2026.
The completed acquisition of Spirit AeroSystems in December 2025 is intended to enhance quality and production stability through vertical integration. The successful assimilation of this business will be a critical focus throughout the coming year. Within the defense segment, Boeing recorded a $600 million charge on the KC-46 tanker program in the fourth quarter, attributed to increased production and supply chain costs.
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