In the fourth quarter, Boeing generated $375 million in free cash flow, surpassing consensus expectations of $272 million. This improvement was driven by higher commercial aircraft deliveries and favorable working-capital timing, partially offset by increased investments at key manufacturing facilities. The company delivered 160 commercial jets during the quarter and reported a record backlog of over 6,100 aircraft valued at $567 billion, underscoring robust future revenue visibility in both commercial and defense segments.

Following the fourth-quarter results, multiple Wall Street firms increased their outlooks for Boeing. RBC Capital projected a potential upside of 13.9% based on improved cash flow visibility, while Cowen & Co. maintained a “Buy” rating and lifted its medium-term target by 4%. Analysts highlighted record order backlogs across commercial and defense divisions, as well as stability in production rates, as key catalysts for stock performance over the next 12–18 months.

Boeing reported earnings per share of $9.92, significantly above the prior-year loss of $5.90 and analyst expectations for a small loss. Fourth-quarter revenue rose 57% year-over-year to $23.95 billion, driven largely by commercial airplane deliveries and a one-time gain from the sale of a noncore business unit. Net income for the period reached $8.22 billion, reversing last year’s net loss of $3.86 billion and reflecting the impact of operational improvements and balance-sheet optimization.

On its recent industry outlook call, Boeing forecast that airlines in India and South Asia will add 3,290 new commercial jets over the next two decades, powered by expanding middle classes and rising air travel demand. This regional growth projection represents one of the company’s largest addressable markets and supports its production ramp plans for single-aisle and widebody aircraft to meet airline requirements well into the 2040s.