BA
The Boeing Company206.71
+1.21+0.59%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Q&A quantifies FCF headwinds, delivery plans
Q&A unpacked 2026 free cash flow drags, quantifying excess advances and customer considerations at low-to-high single-digit billions total, normalizing via production ramps over years while reaffirming $10B long-term attainable and potential upside. Management detailed ~500 737 and 90-100 787 deliveries next year. Ramps look stable to 47/month on 737 but tougher to 52 amid supply chain normalization and Spirit capacity needs; 787 seats snag deliveries. KC-46 charge secures 19 deliveries, paving sole-source repricing. Margins depressed short-term, rebounding on productivity and pricing. Ramps toughen ahead. Confident tone, but execution on rates and certs in focus.
Key Stats
Market Cap
161.87BP/E (TTM)
-Basic EPS (TTM)
-13.70Dividend Yield
0%Recent Filings
10-K
FY2025 results
Boeing swung to $2.2B net earnings in FY2025 ended December 31, 2025, from $11.8B loss in 2024, with revenues jumping 34% to $89.5B on 600 commercial deliveries versus 348—BCA revenue doubled to $41.5B despite $7.1B operating loss from $5.3B 777X/767 reach-forward losses. Q4 gained momentum as 737 production hit 42/month (from below 38 early-year), enabling FAA-approved ramp to 47 in 2026; BDS narrowed Q4 losses via lower fixed-price charges (KC-46A, T-7A); BGS soared on $9.6B Digital Aviation divestiture gain. Operating cash flipped to $1.1B positive; debt steady at $54B with $10B revolver capacity. Spirit Aero acquisition closed December, adding fuselages/integration synergies. Union strikes hit 2025 hard—101-day IAM District 837 stoppage disrupted St. Louis fighters—but resolved; SPEEA contracts expire October 2026. Supply disruptions threaten Q4 momentum.
8-K
Q4 revenue surges to $23.9B
Boeing reported Q4 2025 revenue of $23.9B, up 57% YoY on 160 commercial deliveries, but GAAP EPS of $10.23 stemmed from a $9.6B gain on the Digital Aviation Solutions sale. Full-year revenue hit $89.5B with record $682B backlog after acquiring Spirit AeroSystems. Cash swelled to $29.4B, yet debt ticked to $54.1B. Backlog booms.
8-K
Boeing completes Spirit acquisition
Boeing completed its acquisition of Spirit AeroSystems on December 8, 2025, integrating commercial operations like 737 fuselages and 767/777/787 structures under Commercial Airplanes, aftermarket into Global Services, and standing up Spirit Defense independently. This bolsters supply chain stability and quality. Integration starts at Wichita, Dallas, Tulsa, Prestwick, and Belfast sites with 15,000 teammates. Success hinges on realizing synergies amid integration risks.
8-K
Boeing adds airline vet Tilden
Boeing elected Bradley D. Tilden, ex-chairman, president, and CEO of Alaska Air Group, to its board effective December 3, 2025. He joins the Aerospace Safety and Finance committees, bringing airline customer perspective and 30+ years in aviation. Tilden marks the 10th new director since 2019. His safety and financial expertise bolsters recovery efforts.
10-Q
Q3 FY2025 results
Boeing's Q3 revenues jumped 31% y/y to $23.3B and 78% YTD to $65.5B, fueled by Commercial Airplanes deliveries (160 vs 116) while Defense, Space & Security swung to $114M profit from $2.4B loss. Operating loss narrowed to $4.8B from $5.8B y/y, hit by $4.9B 777X reach-forward loss, yet Global Services margins held at 17.5%. Cash fell to $6.2B with $17B short-term investments; $10B revolver available, total debt $53.4B. Digital Aviation Solutions sale ($10.6B) awaits close; Spirit deal extended to Dec 2025. Operating cash nearly broke even YTD at -$0.3B (derived). Losses pile up. Tariffs threaten non-U.S. sales (46% of revenue).
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