Boeing (BA) Q4 2025 (USD): Adj. EPS 9.92 (exp. -0.43), Revenue 23.9bln (exp. 22.48bln); Q4 results included USD 9.6bln gain on digital aviation solutions deal and increased EPS by 11.83

• Adj. FCF 375mln (exp. 271.9mln)

Commentary:

• During quarter, 737 programme increased production rate to 42/mnth.
• In quarter, 777x programme began type inspection authorisation 3 phase of 777-9 certification flight testing, and anticipates first delivery in 2027.
• 787 programme began transitioning production to 8/mnth and remains focused on stabilising at that rate.