boeing Fourth-quarter sales exceeded Wall Street expectations as the company accelerated its turnaround after years of crisis.
The company’s aircraft deliveries last year were the highest since 2018, contributing to a boost in revenue. Boeing brought in $23.9 billion in the final three months of 2025, an increase of 57% compared to the same period in 2024 and above analyst expectations. The $400 million in cash flow was about twice what Wall Street expected.
CEO Kelly Ortberg told staff that the company is making progress and that there is “a lot to be optimistic about” in 2026.
“At the same time, progress also comes with expectations. Our customers and stakeholders will expect even more from us this year.”
Ortberg told CNBC’s Phil LeBeau on Tuesday that the company expects to have positive free cash of $1 billion to $3 billion in 2026.
“This amount will continue to grow as we address these headwinds that require us to ramp up production and secure cash flow in the near term,” he said. “We’re moving toward this $10 billion free cash flow number, and it’s going to take some time, but we have a thorough plan to get there.”
Here’s Boeing’s fourth-quarter results compared to analyst expectations compiled by LSEG:
Loss per share: $1.12 adjusted, 39 cents expected Lost earnings: $23.95 billion, $22.6 billion expected
This adjusted loss per share does not include a $9.6 billion gain from Boeing’s sale of the Jepsen Aircraft Navigation Unit. Boeing said the sale increased its earnings per share by $11.83, leaving it with an adjusted loss of $1.12 per share.
The company reported commercial aircraft sales of $11.38 billion, beating Wall Street expectations, compared to expectations of $10.72 billion, according to Street accounts. This marked an increase of almost 140% compared to the previous year. Defense Force revenue increased 37% from Q4 2024 to $7.42 billion.
Boeing still has a long way to go to deliver its delayed aircraft, some of which have yet to receive regulatory approval, to customers around the world.
Boeing delivered 600 aircraft to customers last year, nearly double the number in 2024 and the most since 2018. Ortberg, who returned from retirement to run the manufacturing company in 2024, and other executives said they expect further production increases in the coming months.
Delivery times are important to aircraft manufacturers because customers pay most of the price when they receive the aircraft.
For Boeing, this is a crucial increase after the company burnt through about $40 billion between the first quarter of 2019 (when it was plunged into a multi-year financial crisis after the second of two fatal accidents involving its best-selling 737 Max plane) and the third quarter of 2025. The coronavirus pandemic, remaining supply chain and labor shortages, and a host of production issues continue to hamper the company, which is the largest U.S. exporter by value.
Boeing delivered 63 jetliners to customers last month, 44 of which were 737 MAXs, the company announced earlier this month.
Airbus delivered more planes than Boeing last year, with 793, but the total was lower than the record 863 delivered by the European manufacturer in 2019.
However, Boeing surpassed Airbus in 2025 with net orders of 1,173 planes, more than its European rival’s annual net orders of 889 planes. Airlines are starting to look to the 2030s, anticipating growth and securing delivery slots as they replace aging, fuel-guzzling aircraft. number of boeing companies alaska airlines and delta airlines In recent weeks, we have been working as a customer to prepare for the next 10 years of deliveries.
But Boeing isn’t out of the woods yet. Investors will want to hear from the company’s leadership about what is the most realistic pace of deliveries this year. The company still needs approval from the Federal Aviation Administration to further increase the maximum beyond 42 per month, a requirement the regulator established after a panel caused a near-catastrophic mid-air explosion in January 2024.
Investors are likely to want a more certain timeline for the long-delayed certification of the 737 Max 7 and Max 10, as well as the twin-engine 777X, the largest widebody in the lineup. They also want an update on Boeing’s defense projects, which have been delayed, including the two 747s that will serve as the next Air Force One aircraft.
Boeing reported fourth-quarter net income of $8.22 billion, or $10.23 per share, up from $3.86 billion, or a loss of $5.46 billion, in the year-ago period.
Boeing executives will host an earnings conference call at 10:30 a.m. ET.
—CNBC’s Laya Neelakandan contributed to this report.
