Boeing delivered 600 commercial aircraft in 2025, marking its strongest delivery year since 2018 and representing a stunning 435% increase from the 132 planes handed over in 2024. The milestone signals that the aerospace giant's multiyear turnaround effort is finally gaining traction, though significant challenges remain before the company can claim a full recovery.

Perhaps more striking than the delivery figures: Boeing outsold European rival Airbus for the first time since 2018, logging net orders for 1,173 aircraft compared to Airbus's orders. December alone saw 63 deliveries and 174 net orders, including a blockbuster deal for more than 100 737 MAX jets from Alaska Airlines.

The Road to Recovery

Boeing's path from crisis to cautious optimism has been one of the most closely watched corporate turnarounds in recent memory. The company faced an existential reckoning following two fatal 737 MAX crashes in 2018 and 2019 that killed 346 people, leading to a worldwide grounding of the aircraft and fundamental questions about Boeing's engineering culture and regulatory relationship.

Just when recovery seemed possible, the January 2024 Alaska Airlines door-plug blowout incident triggered fresh scrutiny from the Federal Aviation Administration, which capped 737 MAX production at 38 aircraft per month and intensified oversight of Boeing's manufacturing processes.

"The 600 delivery milestone is an important proof point that our production system is stabilizing and our quality improvements are taking hold. But we're not declaring victory—there's still significant work ahead to meet customer demand and rebuild trust."

— Boeing spokesperson

Production Ramp-Up Accelerates

The FAA recently lifted its production cap from 38 to 42 aircraft per month, and Boeing expects to reach 47 monthly by mid-2026. Executives will provide updated guidance when the company reports quarterly earnings on January 27.

Key production targets for 2026 include:

  • 737 MAX: Ramping from 42 to 47 per month, with certification of the MAX 7 and MAX 10 variants expected
  • 787 Dreamliner: Production increasing to approximately 8 per month as supply chain constraints ease
  • 777X: The delayed next-generation wide-body continues testing, with first delivery now targeted for 2027

Cash Flow Turning Positive

For investors, the most important metric may be Boeing's cash generation. After burning through billions during the crisis years, the company expects 2026 to mark its first year of positive free cash flow since the pandemic, targeting "low single-digit" billions.

The drivers of this improvement include higher delivery volumes, reduced rework costs as quality issues diminish, and gradual liquidation of inventory that accumulated during the production slowdowns. Boeing's shares have rallied nearly 44% over the past year as investors price in the improving outlook.

Defense Provides a Cushion

While commercial aircraft grab headlines, Boeing's defense business has provided crucial stability. In late December, the Pentagon awarded Boeing two major contracts worth a combined $12.8 billion:

  • $8.6 billion to build at least 25 F-15IA fighter jets for the Israeli Air Force, with an option for 25 more
  • $4.2 billion for E-4B contractor logistics services for the U.S. Air Force

These awards highlight Boeing's continued importance as a defense contractor even as it works to restore its commercial reputation.

Competition Heats Up

Despite Boeing's impressive order tally, Airbus still delivered more aircraft in 2025—793 compared to Boeing's 600. The European manufacturer has maintained production discipline throughout Boeing's struggles and continues to enjoy a substantial backlog advantage.

However, Boeing's order surge suggests airlines are growing more confident in the company's ability to deliver. Delta Air Lines' decision this week to order at least 30 787 Dreamliners marks its first-ever order for the wide-body jet and represents a significant vote of confidence from a carrier known for conservative fleet planning.

Challenges Remain

Investors should temper their enthusiasm with recognition of ongoing risks:

  • Supply chain fragility: The aerospace supply chain remains strained, and any disruptions could slow the production ramp
  • Regulatory scrutiny: The FAA maintains enhanced oversight, and any quality incidents could trigger new restrictions
  • Labor relations: Boeing's workforce has expressed frustration during the crisis years, and management must maintain morale during the ramp-up
  • Balance sheet repair: Years of losses have elevated debt levels, and the company must balance production investments with financial rebuilding

What to Watch January 27

When Boeing reports fourth-quarter results later this month, analysts will focus on several key items:

  • 2026 delivery guidance: How many planes does management expect to hand over this year?
  • Free cash flow forecast: Will the "low single-digit billions" target hold?
  • MAX certification timeline: Any updates on when the MAX 7 and MAX 10 variants will receive FAA approval?
  • 777X first delivery: Is the 2027 target still achievable?

Boeing's 600-plane delivery year proves the company can execute when conditions allow. The question now is whether management can sustain this momentum while rebuilding the quality culture and customer trust that made Boeing an aerospace icon for over a century.