Boeing has reported positive free cash flow for the first time since 2019, reflecting improved working capital management and stronger cash conversion in its Commercial Airplanes division. Production rates for the 737 MAX and 787 Dreamliner have stabilized at 38 and 5 units per month respectively, supporting a delivery tally of 725 aircraft in 2025—its highest annual output since 2018. Meanwhile, the company’s backlog expanded by 12% year-over-year to 6,200 jetliners, driven by strong orders from North American carriers and several narrowbody commitments from low-cost operators in Asia.

Despite operational gains, Boeing continues to face significant earnings volatility, with consensus EPS estimates revised down by 8% over the past three months. Certification timelines for the 737 MAX 7 and MAX 10 models have slipped by a combined eight months, delaying potential revenue recognition of roughly $4.5 billion. At the same time, nonrecurring costs related to production recovery and supply-chain disruptions remain elevated, pressuring margin expansion in the Commercial Airplanes segment, which averaged 4.8% in 2025 compared with 5.3% in 2024.

In 2025 Boeing led U.S. exporters with 1,075 net jetliner orders underpinned by foreign government procurement deals valued at $244 billion—nearly triple the prior year’s total. These agreements, facilitated by the Commerce Department, carry an estimated $206 billion in U.S. export content and are projected to support approximately 844,000 American jobs. On the defense side, margins turned positive in the fourth quarter at 3.2%, reflecting margin accretion in the P-8 Poseidon and KC-46 programs and recent wins in missile-defense contracts.