Boeing (BA) Posts Q4 Profit on Record Deliveries but Core Operations Lag

Boeing reported Q4 2025 earnings on January 27, posting a net profit of $8.22 billion driven by record aircraft deliveries and a $10.6 billion gain from the sale of its Jeppesen navigation unit. However, its core commercial and defense divisions reported wider-than-expected losses, with shares falling 2.5% to $242.22. The company delivered 160 aircraft in Q4, contributing to full-year deliveries of 600—the highest since 2018. Revenue rose 57% YoY to $23.95 billion, and free cash flow turned positive at $375 million. Excluding the one-time gain, underlying operations remained weak, with commercial aircraft losing $632 million and defense reporting a $507 million loss. The KC-46 tanker program recorded additional charges of $565 million. CEO Kelly Ortberg acknowledged progress but emphasized ongoing challenges, including FAA certification delays for several models and upcoming labor negotiations. Boeing's order backlog reached a record $682 billion.