Boeing reported a significant turnaround in Q4 2025, driven by a substantial gain on sale from the Digital Aviation Solutions transaction and increased commercial delivery volume. The company achieved record backlog and improved operational performance across segments, laying a foundation for continued recovery.
Revenue increased 57% to $23.9 billion in Q4 2025, reflecting higher commercial deliveries and improved operational performance.
positiveFull year revenue reached $89.5 billion, the highest annual total since 2018, with 600 commercial deliveries.
positiveTotal company backlog grew to a record $682 billion, with all three segments at record levels.
positiveOperating cash flow was $1.3 billion in Q4 2025, a significant improvement from the prior year's negative $3.5 billion.
positiveGlobal Services segment reported a strong operating margin of 202.4% in Q4 2025, primarily due to the gain on sale.
positiveCommercial Airplanes segment reported a loss from operations of $632 million and an operating margin of -5.6% in Q4 2025, impacted by the acquisition of Spirit AeroSystems.
attentionDefense, Space & Security segment reported a loss from operations of $507 million and an operating margin of -6.8% in Q4 2025, including $0.6 billion of losses on the KC-46A program.
attentionFull year 2025 operating margin was 4.8%, a significant improvement from -16.1% in 2024, but still reflects challenges in core operations.
attentionInventories decreased slightly year-over-year to $84.7 billion from $87.6 billion, but remain a significant balance.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Commercial Airplanes | N/A | — | — | — |
Defense, Space & Security | N/A | — | — | — |
Global Services | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
We made significant progress on our recovery in 2025 and have set the foundation to keep our momentum going in the year ahead.
We completed the acquisition of Spirit AeroSystems and the sale of portions of the Digital Aviation Solutions business.
We remain focused on promoting stable operations, completing our development programs, rebuilding trust with our stakeholders, and fully restoring Boeing to the iconic company we all know it can be.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.