Boeing reported fourth-quarter revenue ahead of Wall Street expectations.

The company posted revenue of $23.95 billion in the final three months of 2025, up 57% from the same period a year earlier and above analysts’ expectations of $22.6 billion, according to estimates compiled by LSEG.

Strong aeroplane deliveries helped drive the result, with Boeing handing over more aircraft in 2025 than in any year since 2018.

Cash flow for the quarter came in at $400 million, roughly double what Wall Street had anticipated, underscoring improving operational performance as Boeing ramps up production and deliveries.

Chief Executive Kelly Ortberg, who returned from retirement to lead the company in 2024, struck a cautiously optimistic tone in comments to employees.

“At the same time, with progress comes expectations, and our customers and stakeholders are going to expect more from us this year,” Ortberg said. “There’s a lot to be optimistic about” heading into 2026, he added.

Boeing stock was down around 2.5% in early trading on Tuesday.

Boeing shares fell after the planemaker disclosed another accounting charge tied to its KC-46 tanker programme, one of the fixed-price development contracts in its defence division that has been hit by cost overruns in recent years.

The charge, which amounts to nearly $600 million, is a one-time item and reflects additional spending to support higher deliveries to the Pentagon this year, Chief Executive Officer Kelly Ortberg said in comments to CNBC.

Quarterly performance tops expectations

Boeing reported adjusted earnings per share of $9.92 for the quarter.

That figure was boosted by the sale of its Jeppesen aircraft navigation unit and is not directly comparable to analysts’ expectations, which had called for a loss of 39 cents per share.

Excluding that gain, Boeing’s loss per share was deeper than the 46-cent loss forecast by analysts, according to data compiled by Bloomberg.

Commercial aeroplane revenue exceeded expectations, coming in at $11.38 billion versus a StreetAccount estimate of $10.72 billion.

That marked a nearly 140% increase from a year earlier, reflecting the sharp rebound in deliveries.

Boeing’s defence unit also showed improvement, with revenue rising 37% year over year to $7.42 billion.

Deliveries drive the turnaround

Aircraft deliveries remain the most critical metric for Boeing’s recovery, as customers typically pay the bulk of an aircraft’s price when it is delivered.

The company delivered 600 aeroplanes to customers in 2025, nearly double the number delivered in 2024 and the highest total since 2018.

Last month alone, Boeing handed over 63 jetliners, including 44 of its bestselling 737 Max aircraft, the company said earlier this month.

Ortberg and other executives have signalled that further production increases are expected in the coming months, though they have cautioned that regulatory approvals and supply chain stability remain key constraints.

The delivery ramp-up marks a crucial inflection point for Boeing after years of cash burn.

The company has burned through roughly $40 billion from the first quarter of 2019—when the second of two fatal crashes involving the 737 Max plunged the company into crisis—through the third quarter of 2025.

That period also included the Covid-19 pandemic, lingering supply chain and labour shortages, and a series of manufacturing and quality issues that weighed heavily on output.

Competition and long-term demand

While Boeing’s recovery is gaining momentum, Airbus continues to lead in overall deliveries.

The European manufacturer delivered 793 aircraft in 2025, compared with Boeing’s 600, though Airbus’s total remained below its 2019 record of 863 planes.

Boeing, however, outpaced Airbus in new orders last year. The US manufacturer recorded 1,173 net orders in 2025, compared with Airbus’s 889.

Airlines are increasingly looking beyond the current decade, securing delivery slots into the 2030s as they plan fleet growth and replace older, less fuel-efficient aircraft.

Boeing counts Alaska Airlines and Delta Air Lines among customers that have placed orders in recent weeks for deliveries scheduled well into the next decade.

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