Boeing Q4 Revenue Up 57% Driven by 160 Deliveries Despite $1.91 EPS Loss
Boeing reported a Q4 GAAP loss of $1.91 per share while revenue rose 57% year-over-year to $23.95 billion on 160 commercial aircraft deliveries. Full-year backlog reached a record $682 billion driven by 1,173 net orders, and the quarter included a $9.6 billion gain from the Digital Aviation Solutions sale.
1. Fourth-Quarter Financial Results Exceed Revenue Expectations While Reporting Wider Loss
Boeing reported fourth-quarter revenues of $23.95 billion, a 57% increase over the prior year’s $15.24 billion, surpassing analyst forecasts of approximately $22.6 billion. Despite the top-line strength, the company recorded a GAAP loss of $1.91 per share versus the Zacks consensus estimate of a $0.40 loss, reflecting a prior-year loss of $5.90 per share. Net earnings swung to a profit of $8.22 billion, or $10.23 per diluted share, compared with a loss of $3.86 billion a year earlier, driven primarily by a $9.6 billion gain from the sale of a business unit.
2. Commercial Deliveries and Backlog Drive Revenue Growth
Commercial airplane deliveries rose to 160 units in the quarter, up from 57 units a year earlier, lifting commercial segment revenue to $11.38 billion versus $4.76 billion in Q4 2024. Production rates on the 737 program increased to 42 aircraft per month, and Boeing secured final regulatory approval for 737-10 certification flight testing. The end-of-quarter backlog for Commercial Airplanes stood at over 6,100 aircraft valued at $567 billion, while full-year net orders reached 1,173 units—the first time Boeing outsold its main competitor since 2018.
3. Strength in Defense and Services Supports Cash Flow
Defense, Space & Security revenues climbed 37% year-over-year to $7.42 billion, driven by higher volumes on KC-46A tanker and AH-64E Apache helicopter contracts, with a segment backlog at an all-time high of $85 billion. Free cash flow for Q4 totaled $375 million, exceeding consensus of $272 million, and operating cash flow was $1.33 billion. Global Services reported $5.21 billion in revenues and realized a non-GAAP gain that inflated segment operating margins to over 200%, reflecting the $9.6 billion asset-sale gain.
4. Strategic Transactions and Program Milestones Position Boeing for Continued Recovery
In December, Boeing closed its $4.7 billion acquisition of Spirit AeroSystems to strengthen production stability. The company completed the divestiture of its Digital Aviation Solutions unit, driving the sizeable one-time gain. On the development front, the 777-9 entered its Type Inspection Authorization 3 certification phase, targeting first delivery in 2027, and the 787 transitioned to an eight-per-month production rate. Boeing finished 2025 with record total backlog of $682 billion and 600 commercial deliveries—the highest annual totals since 2018—laying groundwork for further margin expansion and operational normalization in 2026.