(Jan 27): Boeing Co generated cash for a second straight quarter and reported a 57% bump in sales during the final three months of 2025, as the US plane-maker continues its recovery and benefits from surging orders.
Free cash flow was US$375 million ($474.44 million) in the fourth quarter, more than analysts expected, while revenue rose to US$23.95 billion. Earnings were boosted by a US$9.6 billion gain tied to the sale of Boeing’s Jeppesen digital aviation subsidiary last year.
Boeing shares fell after the plane-maker reported another in a series of accounting charges for its KC-46 tanker programme, a reminder of the work still be done. It’s one of handful of fixed-price development programmes for the company’s defence division that have struggled with cost over-runs in recent years.
“With progress comes expectations, and our customers and stakeholders are going to expect more from us this year,” chief executive officer Kelly Ortberg said in a message to employees on Tuesday.
Under Ortberg, Boeing is emerging from a half decade of operational and quality meltdowns. The company is raising output of its 737 and 787 Dreamliner jetliners, and it almost tripled aircraft deliveries in the final quarter. The company’s total backlog has surged to a record US$682 billion as customers have used aircraft purchases to improve their standing with the White House and US President Donald Trump.
The Arlington, Virginia-based manufacturer reported adjusted earnings per share of US$9.92 in the fourth quarter, the highest quarterly figure in a decade or more. Closing the Digital Aviation Solutions sale in November increased earnings by US$11.83 a share in the period, Boeing said in a statement. Excluding that gain, Boeing’s loss per share was worse than the loss of 46 cents analysts predicted, according to data compiled by Bloomberg.
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The 737 programme lifted production to 42 jets a month in the quarter, while the 787 programme moved to eight aircraft a month, and the company said it “remains focused on stabilising at that rate”. Boeing booked 336 net orders in the quarter, and delivered 160 jets.
Boeing declined almost 2% before the start of regular trading in New York on Tuesday. The stock had gained 14% this year through Monday’s close, making it the top performer among the Dow Jones Industrial Average.
Overall, the results reflect progress that Boeing has made in its factories and in reshaping its portfolio, analyst Robert Stallard of Vertical Research Partners said in a note to clients on Tuesday.
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“There is clearly some way to go, but in glorious hindsight we think it fair to say that 2025 was the year when Boeing turned the corner,” Stallard said.
Boeing also faces other challenges, like certifying three commercial jet models after extensive delays. And the company is working to integrate Spirit AeroSystems Holdings Inc, a former major subcontractor that it acquired late last year. Ortberg faces more potential labour strife in October when the contract expires for a union representing 16,000 Seattle-area engineers and technical workers.
Consolidated debt rose slightly to US$54.1 billion with the acquisition of Spirit, a former subsidiary that makes the bulk of the 737’s frame. Cash and investments in marketable securities rose to US$29.4 billion from US$23 billion on the Jeppesen sale.
Boeing and Airbus SE jet deliveries are still 20% to 30% below their peak late last decade as the plane-makers and their suppliers continue to recover from post-pandemic shortages of parts and labour.
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