Boeing Posts Blowout Q4 on Asset Sale, Record Backlog
Boeing reports $23.9B revenue and $10.23 EPS for Q4 2025, boosted by Digital Aviation Solutions sale. Deliveries hit highest level since 2018.
Boeing delivered numbers that looked nothing like the crisis-mode company Wall Street tracked for years.
The aerospace giant reported Q4 2025 revenue of $23.9 billion—up 57% from the same period last year—and earnings of $10.23 per share. Cash flow of $400 million roughly doubled expectations.
But before anyone declares the turnaround complete, understand what's behind those figures.
The One-Time Boost
A $9.6 billion gain from selling the Digital Aviation Solutions business added approximately $11.83 per share to GAAP earnings. Strip that out, and Boeing's underlying operations improved but remained modest compared to the headline numbers.
That context matters. The company had guided investors to expect a narrowed loss of around $0.43 to $0.45 per share on an adjusted basis. The actual operating performance landed better than that baseline, but the blowout EPS figure came from asset sales, not airplane margins.
Deliveries Tell the Real Story
The production metrics look genuinely encouraging.
Boeing delivered 160 aircraft in Q4 and 600 for the full year—the highest annual total since 2018. That's before the 737 MAX grounding, before the pandemic, and before the supply chain meltdown that followed.
Total company backlog reached a record $682 billion, including orders for over 6,100 commercial airplanes. And in a competitive win that matters for sentiment: Boeing outsold Airbus with 1,173 net orders in 2025, compared to the European rival's 889.
"We made significant progress on our recovery in 2025 and have set the foundation to keep our momentum going in the year ahead," CEO Kelly Ortberg told investors.
The 2026 Setup
Ortberg struck a careful tone when discussing the year ahead. Progress brings expectations, he noted, and "our customers and stakeholders are going to expect more from us this year."
Translation: the easy comparisons are behind them.
Boeing still faces elevated scrutiny from regulators after the door-plug blowout in early 2024, production rate constraints, and the structural challenge of scaling 737 and 787 output while maintaining quality standards. The 737 production ramp—a key metric for aerospace sector watchers—will be closely monitored.
Bernstein analyst Douglas Harned named Boeing his "top aerospace idea for 2026," citing accelerated production on both the 737 and 787 programs alongside improved operational execution. His view rests on Boeing sustaining momentum rather than resting on one strong quarter.
Where Shares Stand
Boeing stock fell 1.5% on Monday ahead of the report, underperforming the broader market rally. The numbers released Tuesday morning should reset expectations, though investors will focus on the conference call for forward guidance on cash flow and production rates.
The earnings beat is real in a technical sense. But the more relevant question is whether Boeing can demonstrate sustained profitability from building airplanes—not selling business units. That proof comes quarter by quarter in 2026.