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Boeing Returns to Profit on Unit Sale as Deliveries Rebound

A one-time Jeppesen divestiture, not core operations, powered the latest earnings.

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A Boeing Co. 737 Max airplane at the company's manufacturing facility in Renton, Washington. The company just reported its first quarterly profit in more than three years, partly due to a the increased pace of commercial plane production.
Boeing 737 Max fuselages sit on railcars in Seattle, Washington, U.S. October 30, 2024. REUTERS/David Ryder/File Photo

Overview

  • Boeing reported Q4 net income of about $8.2 billion on revenue of $23.95 billion, with positive free cash flow of roughly $375 million.
  • For 2025, the company posted its first full-year profit since 2018 at about $2.24 billion, booked a record ~$682 billion backlog, and delivered 600 jets.
  • Results were largely boosted by a roughly $9.6–$10.6 billion gain from selling Digital Aviation Solutions/Jeppesen, even as full-year cash flow remained negative.
  • The FAA has authorized 737 MAX output at 42 per month and Boeing ended 2025 at that rate, with management targeting 47 per month in 2026 and integrating Spirit AeroSystems after a $4.7 billion reacquisition.
  • Commercial and defense units stayed in the red, including a ~$565–$600 million KC-46 charge, and certifications for the 737-7/737-10 and 777X are still pending, with the CFO guiding to $1–$3 billion in positive free cash flow for 2026.