In the fourth quarter, Boeing delivered 185 commercial aircraft, up from 162 units in the same period last year, marking a 14% year-over-year increase. While Q4 revenue rose modestly thanks to higher defense sales, it was the surge in passenger jet handovers that captured investor attention. The carrier backlog now stands at 5,700 airplanes, the highest since 2018, driven largely by strong demand from Asian and Middle Eastern airlines. Despite ongoing production challenges on the 737 MAX line, the ramp-up in 787 Dreamliner output contributed an additional 25 units compared with Q4 2022, underlining management’s ability to navigate supply-chain constraints and labor shortages.

Boeing’s Wisk subsidiary is developing its sixth- generation autonomous electric vertical-takeoff-and-landing (eVTOL) aircraft, targeting commercial service launch by 2030. Wisk claims Generation 6 can reduce per-passenger costs by 30% versus piloted eVTOLs through full autonomy and optimized energy use. However, Wisk must secure Federal Aviation Administration certification under Part 23 rules, a process that could extend well into the next decade. Boeing’s consolidated debt load stood at $67 billion at year-end, and the company allocated just $2.8 billion to experimental programs in 2023. Investors worry that limited capital for Wisk may cede first-mover advantage to Joby Aviation and Archer Aviation, both of which project initial commercial flights in 2026–2027.

On Friday, Boeing finalized a labor agreement with approximately 1,600 white-collar staff it re-acquired from Spirit AeroSystems in December. The deal grants a 12% wage increase phased in over four years, maintains existing health-care benefits with no premium increases in the first two years, and introduces a profit-sharing component tied to annual operating income targets. Management expects these cost terms to be accretive by $45 million annually once fully implemented. The agreement removes a key overhang from Boeing’s cost forecast for 2024 and should help stabilize engineering and procurement operations previously outsourced to Spirit AeroSystems.