Boeing has reported earnings well ahead of Wall Street expectations as the company shared its 2025 fourth quarter and full year financial results today. The company recorded Q4 revenue of $23.9 billion, a 57% increase over the $15.2 billion in the same period in 2024. This resulted in the manufacturer earning a net profit of $8.22 billion for the quarter through December, compared with a quarterly loss of $3.86 billion the year prior.

The surge in net income was driven by Boeing’s best commercial aircraft delivery numbers since 2018, but also a one-time boost via the sale of parts of its Digital Aviation Solutions business. CEO Kelly Ortberg acknowledged that while there is “a lot to be optimistic about,” there is still plenty of work to be done to certify new aircraft and increase production levels.

Boeing Delivers A 37% Increase In Annual Revenue

The fourth quarter boost meant that Boeing recorded annual revenue of $89.5 billion, a 34% increase over the year prior, and the clearest indicator that the company is on a positive trajectory. This resulted in annual net earnings of $2.2 billion, a seismic swing from the $11.8 billion loss that the company recorded in 2024.

Despite these positive results, Boeing’s commercial airplane unit posted a quarterly loss of $632 million in Q4, while its defense and space unit lost $507 million. But the company was able to overcome those gaps via the one-time sale of key assets from its Digital Aviation Solutions division to private equity firm Thoma Bravo in an all-cash transaction valued at $10.55 billion. This divestiture encompasses notable brands, including Jeppesen, ForeFlight, AerData, and OzRunways. The transaction, initially announced in April 2025, was finalized on Q4 after getting regulatory approvals.

Ortberg struck a positive, yet prudent tone as Boeing announced its results:

« We made significant progress on our recovery in 2025 and have set the foundation to keep our momentum going in the year ahead. We 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. »

Commercial Aircraft Sales And Deliveries Improve

Boeing’s commercial airplane segment had a strong 2025 after years of underperformance. The company added 336 net orders in the quarter, including 105 737-10 and 5 787-9 aircraft for Alaska Airlines and 65 777-9 aircraft for Emirates. This resulted in Boeing booking a total of 1,173 net orders for 2025, surpassing the 889 net orders of arch-rival Airbus for the year, the first time it has held the sales crown since 2018. The total company backlog also surpassed 6,100 commercial aircraft, representing a record $682 billion.

Boeing’s sales success was matched by improvements in production and deliveries. During the fourth quarter, the 737 program increased the production rate to 42 per month, and the 787 program began transitioning production to eight per month, with a focus on stabilizing at that rate in the first half of this year. This enabled Boeing to deliver 600 aircraft in 2025, a 72% increase over the 348 that were delivered in 2024. Of these, 447 were from the Boeing 737 MAX family, while 153 deliveries were from the widebody 767, 777 and 787 programs.

The Focus For 2026

After some of the worst years in its history, these results will provide some comfort that Boeing is finally on a positive trajectory. But the company is far from out of the woods. Ortberg told staff that the company is making strong progress and that there’s “a lot to be optimistic about” in 2026, but there is no room for complacency:

« With progress comes expectations, and our customers and stakeholders are going to expect more from us this year.”

At the top of the list of expectations will be airlines and investors eager to hear from the company’s leadership about what delivery pace is most realistic this year. Boeing still needs the Federal Aviation Administration’s approval for further 737 MAX production increases beyond the current 42 per month, and how soon that is able to happen will have a material impact on the company’s financial performance over the year.

Stakeholders will also be seeking a firmer timeline for the long-delayed 737 MAX 7 and MAX 10 certifications, as well as the even-longer-delayed 777X, which will become the largest aircraft in Boeing’s lineup. Boeing confirmed today that it still expects the latter to enter into service next year. Finally, there is one particularly grumpy stakeholder who will be looking for an update on Boeing’s defense business, where delays have included the two 747s that will serve as the next Air Force One aircraft.