Boeing Company (NYSE:BA) stock fell Tuesday after reporting fourth-quarter results with revenue of $23.948 billion, up 57% from $15.242 billion, as commercial deliveries increased sharply. Boeing delivered 160 airplanes in the quarter, reflecting improved operational performance.
Fourth-quarter revenue of $23.948 billion exceeded the $22.470 billion analyst estimate. The company reported an adjusted loss of $1.91 per share, missing Wall Street expectations for a loss of $39 cents per share.
GAAP diluted earnings per share were $10.23, compared with a loss of $5.46 per share a year earlier, while core earnings per share, a non-GAAP measure, were $9.92, compared with a loss of $5.90.
Boeing said results “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.”
Segment Results
Commercial Airplanes’ fourth-quarter revenue rose to $11.379 billion from $4.762 billion, with an operating margin of (5.6)% versus (43.9)%. Boeing said results included “impacts associated with the acquisition of Spirit AeroSystems.”
Commercial Airplanes booked 336 net orders in the fourth quarter and 1,173 net orders for the full year, ending the year with a backlog of more than 6,100 airplanes valued at a record $567 billion.
Defense, Space & Security revenue increased to $7.417 billion from $5.411 billion, and the operating margin was (6.8%), including $0.6 billion in losses on the KC-46A program.
Global Services revenue totaled $5.209 billion, compared with $5.119 billion a year earlier, and operating margin was 202.4%, which Boeing said “primarily reflects” the $9.6 billion gain.
Operating cash flow totaled $1.331 billion for the quarter, compared with an outflow of $3.450 billion a year earlier, while free cash flow, a non-GAAP measure, was $375 million, compared with a negative $4.098 billion in the prior-year period.
The 737 production rate increased to 42 per month, and the Federal Aviation Administration approved “the final phase of 737-10 certification flight testing.”
Full-Year Results And Backlog
For full-year 2025, Boeing reported revenue of $89.463 billion, up 34% from $66.517 billion, reflecting 600 commercial deliveries, the highest annual total since 2018.
GAAP diluted earnings per share were $2.48, compared with a loss of $18.36 per share in 2024, while core earnings per share, a non-GAAP measure, were $1.19, compared with a loss of $20.38.
Full-year operating cash flow was $1.065 billion, compared with an outflow of $12.080 billion in 2024, while free cash flow, a non-GAAP measure, was a negative $1.877 billion, compared with a negative $14.310 billion a year earlier.
Boeing ended the quarter with $29.4 billion in cash and investments and $54.1 billion in consolidated debt. The company’s forward-looking risk disclosures cite factors including “tariffs” and “regulatory changes.”
Total company backlog grew to a record $682 billion, 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. 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,” said Kelly Ortberg, Boeing president and chief executive officer.
BA Price Action: Boeing shares were down 1.38% at $245.00 during premarket trading on Tuesday. The stock is approaching its 52-week high of $254.14, according to Benzinga Pro data.
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