Boeing Breaks Quarterly Loss Streak: Jeppesen Sale Momentum and Delivery Rebound Mark Year-End

Boeing ended the fourth quarter with a decisive turn toward profitability, supported by the sale of its digital aviation services supplier and a gradual recovery in commercial aircraft production and deliveries. However, beneath the surface of positive numbers, the results again make clear that the American manufacturer’s main industrial and financial challenges remain far from resolved.

The combination of extraordinary revenue, increased production rates, and positive free cash flow allowed Boeing to report profits, although losses in its commercial and defense divisions exceeded market expectations, putting downward pressure on the company’s share price.

Jeppesen Effect: The Key Driver of Quarterly Profit

The primary catalyst for the positive result was the sale of Jeppesen for USD 10.6 billion, an operation that largely offset the operating losses from the commercial aviation and defense businesses.

Thanks to this transaction, Boeing recorded in the quarter ended in December:

• A net profit of USD 8.22 billion, equivalent to USD 10.23 per share.

• In the same period the previous year, the company had reported a loss of USD 3.86 billion or USD 5.46 per share.

On an adjusted basis, and including the Jeppesen sale, Boeing earned a quarterly profit of 32 cents per share, when analysts had expected a loss of 39 cents. It is worth noting that market consensus did not anticipate the operation being reflected in the results.

Production on the Rise: 737 MAX Reaches 42 Units Monthly

Beyond the one-time financial impact, Boeing continued to make progress on one of the fronts most closely watched by airlines and investors: production.

Current Rates and Targets

• 737 MAX: Closed the year at a rate of 42 aircraft per month.

• 2026 Goal: Increase production to 47 units monthly.

• 787 Dreamliner: In the process of increasing the rate to 8 aircraft per month, with a target of 10 monthly.

This increase, along with improved deliveries, contributed to Boeing achieving positive free cash flow, a key metric for evaluating the group’s financial recovery.

→ Delta Bets on Dreamliner: Orders Up to 60 787-10s to Modernize Its Long-Haul Fleet

Persistent Losses in Commercial Aviation and Defense

Despite industrial advances, the operational results show that financial pressure continues:

• Commercial Airplanes division: Quarterly loss of USD 632 million.

• Defense and Space: Loss of USD 507 million.

Furthermore, Boeing recorded a USD 565 million charge on its KC-46 program, stemming from higher estimated production support costs and supply chain issues. CEO Kelly Ortberg stated in an interview that he expects this impact to be a one-time event.

The market’s reaction was immediate. Boeing shares fell around 2.5% in early trading, partly due to the higher level of losses in these two divisions, according to Deutsche Bank analysts.

Spirit AeroSystems and the Service Business Redesign

The results also reflected two relevant strategic moves:

• Repurchase of Spirit AeroSystems for USD 4.7 billion in stock.

• Payment of over USD 3 billion of Spirit debt, resulting in an approximate net gain of USD 7.6 billion.

Meanwhile, Boeing’s services unit, excluding Jeppesen, reportedly generated nearly USD 1 billion in profit, according to Jefferies analysts, confirming that this segment remains one of the group’s most solid financial pillars.

600 Aircraft Delivered: The Best Figure Since 2018

In operational terms, Boeing delivered 600 commercial aircraft in 2025, the highest volume since 2018. The figure is significant considering the recent context:

• 737 MAX crisis.

• Pandemic impact.

• Supply chain bottlenecks.

• ystemic quality and safety problems.

• Labor conflicts.

The company expects to increase deliveries this year, although it acknowledges that the environment remains demanding.

“With progress come expectations, and our customers and stakeholders are going to expect more from us this year,” Ortberg noted in an internal memo.

Cash Flow, Certifications, and a Still Uncertain Horizon

Boeing generated USD 375 million in cash in the fourth quarter, but still ended the year with a cash burn of USD 1.9 billion, attributed in part to delays in the certification of the 737-7, 737-10, and 777X.

For 2026, the company estimates positive free cash flow of between USD 1 and 3 billion, depending on the progress of these programs. However, no financial projections were provided for this year, a point that remains a focus for the market.

Executives have reiterated that the long-term goal is to reach USD 10 billion in annual free cash flow, although without a defined timeline.

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