Leeham News and Analysis
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Boeing FY2025: Company posts small profit on Services division; BCA still losing money
By Karl Sinclair
Jan. 27, 2026, © Leeham News: The Boeing Company (BA) released its full-year 2025 results, and indications are that the company is headed in the right direction. However, some monumental tasks face the corporation in the short-to-medium term.
Boeing Commercial Aircraft (BCA) is still in a loss-making position. BCA lost $7bn, compared with $8bn in 2024. Boeing Defense, Space and Security (BDS) was near break-even. Boeing Global Services (BGS) was the only profitable division, boosting the corporation to an annual profit on the back of the $10.6bn sale of part of its business.
BCA delivered 160 aircraft during 4Q2025, including 117 of the cash-cow 737 MAX series and 27 Dreamliners.
This boosted BCA revenues in the final quarter to $11.379bn, up from $4,762bn, year-over-year (YoY). Full-year revenues hit $41.494bn, almost doubling 2024 sales of $22.861bn.
Source: All tables and images via Boeing.
The company is adamant about demonstrating stability in production and the supply chain at rate 42/mo, before making the leap to 47/mo by mid-2026.
787 rates are expected to stabilize at 8/mo, as investments in the Charleston (SC) production facilities begin to take shape, boosting output into the double digits in 2026.
GE 2026 Outlook: From LEAP Momentum to 777X Certification and the Rise of RISE
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By Chris Sloan, Tom Batchelor and Charlotte Bailey
January 22, 2026, © Leeham News: After a strong 2025 marked by rising output, expanding services, and improving execution, GE Aerospace enters 2026 with momentum building across four major programs that define its near- and long-term outlook: the GE9X and the long-delayed Boeing 777X as certification advances toward a 2027 entry into service; the LEAP program as record production levels combine with durability improvements that are beginning to take hold; the widebody GEnx franchise steadily growing its installed base and aftermarket contribution; and the RISE Open Fan as a high-risk, high-reward investment in next-generation single-aisle propulsion.
Throughout the year, strengthening supply-chain performance, rising engine deliveries, and robust services growth translated into improved financial results, reinforcing confidence that GE Aerospace’s operational recovery is gaining traction. Further detail was revealed when the company reported full-year 2025 earnings on Jan. 22. The company will test whether this momentum can be sustained—converting higher volumes, maturing reliability initiatives, and disciplined investment in future technologies into durable earnings growth, even as certification timelines stretch and the industry remains cautious about launching the next clean-sheet aircraft.
GE Aerospace’s latest engine application. Credit: GE.
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Boeing planning to activate North Line with 737-8s/9s in advance of MAX 10 certification
By Scott Hamilton
Jan. 20, 2026, © Leeham News: Boeing is preparing to activate its North Line for 737 production by mid-year, with 737-8s and 737-9s first to be assembled as a prelude to its intended purpose: assembling the long-delayed 737-10.
Boeing has been informally asking the Federal Aviation Administration (FAA) a series of “what if” questions in advance of a formal request to activate the North Line. This is the first time the 737 will be assembled away from its Renton (WA) facility, which has served as its home since the original model program more than 50 years ago.
This is important because the North Line is brand new, it needs FAA certification, and the MAX 10 is new (only a couple have been built at Renton), pending certification. Employees who will be assigned to the North Line will be a mix of Renton transfers, new hires, and Everett incumbents. The latter has never built a 737.
Boeing 787 bay at the Everett factory in 2023. Boeing was engaged in reworking following discovery of a production flaw. Credit: Leeham News.
Gaining FAA approval to build the 737-8/9 on the North Line will smooth production certification and enable employees without 737 production experience to gain some before the MAX 10 is added to the line. While Boeing all along said the North Line is intended for the MAX 10, LNA confirmed that it is capable of assembling the MAX 8, 9, and 10.
Additionally, since the MAX 10 (and the smallest family member, the MAX 7) remain uncertified pending changes that must be made as a result of the overall 737 MAX crisis revelations, Boeing wants to avoid building up an inventory of MAX 10s that would require changes mandated by the FAA.
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The company wants to begin production as early as May or June. Earlier, Boeing previously said activating the line may not occur until the end of the year, awaiting certification of the 737-10. More recently, CEO Kelly Ortberg identified mid-year as the activation target date. A formal request to the FAA may come as early as March.
Ahead of its year-end 2025 earnings call and in its quiet period, Boeing declined to comment.
Dissecting Boeing’s 2025 orders and deliveries
By The Leeham News Team
Jan. 16, 2026, © Leeham News: Boeing won more orders than Airbus last year. Airbus delivered more airplanes, given its higher production rates and Boeing’s long, slow path to recovery.
But a dissection of the numbers also shows positive results for Boeing.
Boeing 737 MAXes awaiting delivery at Boeing Field. Credit: Leeham News.
On top of Delta Air Lines’ breakthrough order for the 787-10, its first for any 787, United Airlines converted 56 787-9s to the 787-10. The 787-10’s seat-mile costs are the lowest in its class. If an airline doesn’t need the longer range of the Airbus A330-900, the A350-900, or the 787-9, the extra passenger and cargo capacity of the -10 is a winning combination.
The total twin-aisle passenger aircraft deliveries were 179 (91 Airbus A330 and A350, 88 Boeing 787s). It is far below the peak of 2015 (362), at the level of 2011 (179), and below the peak of the late 1990s cycle (227 in 1999). Boeing needs the 777-9 certification to reclaim its historical lead in twin-aisle passenger aircraft deliveries. Boeing handily dominates the twin-aisle order book.
Boeing, SPEEA reach agreement at Boeing Wichita
Jan. 15, 2026, (c) Leeham News: Boeing and SPEEA, the engineers and technicians union, reached an agreement tonight for the Boeing Wichita operation. This is the former Spirit AeroSystems plant that was merged into Boeing last month. The labor contract was open during Spirit’s last days, and negotiations were paused upon the merger and through the holidays.
This is the first test of contract negotiations and SPEEA under Boeing’s CEO, Kelly Ortberg. The primary SPEEA is with Boeing in the great Seattle area. This contract expires in October.
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COMAC struggled in 2025; 2026 won’t be much better
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By Scott Hamilton
Jan. 15, 2026, © Leeham News: COMAC had a rough year in 2025. It’s unlikely that this year will be much better.
COMAC is China’s state-owned commercial aerospace company. It builds the C909 regional jet (formerly known as the AVIC ARJ21; AVIC is now part of COMAC). The C909 is a Douglas DC-9-10 look-alike with GE CF-34 engines, the same powerplant that’s on the Mitsubishi CRJ and Embraer E1 E-Jets.
The C909 is not a particularly commercially competitive airplane to the CRJ or E1, but that wasn’t the point of the aircraft. The C909 is China’s truly first effort to establish a commercial jet airliner industry after a false start decades ago with the Y-10, a Boeing 707 clone. China developed turboprop airliners with limited success.
COMAC also builds the C919 mainline jet. The C919 is a competitor with the Airbus A320neo and Boeing 737-8. This jet is China’s next step in developing a commercial airliner industry. More than 1,000 orders have been placed. All but a handful are orders dictated by the central government to China’s airlines and lessors.
Nevertheless, an analysis of the backlog of the 125-240 seat single aisle sector gives the C919 about a 7% share. With China evolving eventually into the single largest global market, this captive market share is evolving into a force to be reckoned with.
COMAC hoped to deliver 75 C919s last year. Hurt by Western sanctions for China’s support of Russia in the Ukraine War and by trade sanctions imposed by the Trump and Biden administrations, COMAC reduced the delivery forecast to 25. In reality, C919 deliveries last year fell to about 13, the same as in 2024. COMAC outlined its production goals in March; they are unrealistic.
Boeing reports best airliner delivery year since 2018
By Scott Hamilton
Jan. 13, 2026, © Leeham News: Boeing delivered 600 airliners last year, its best year since 2018—the last normal year before the 737 MAX grounding began in March 2020. In 2018, Boeing delivered 813 airliners.
The MAX grounding lasted 21 months. This was followed by the COVID-19 pandemic beginning in April 2020, lasting about two years. In October 2020, deliveries of most 787s were suspended due to a production flaw. From September to November in 2024, Boeing’s assembly workforce, the IAM 751, went on strike for 53 days, halting all deliveries.
Boeing, others up SAF plans in Washington State
Credit: Boeing.
Announced on Thursday at Boeing Future of Flight, the museum located adjacent to Boeing’s Everett production facility, the Cascadia Sustainable Aviation Accelerator (CSAA) aims to ramp the region’s SAF production capacity to one billion gallons per year by 2035.
Boeing is on its way back, but there’s a long way to go
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By Scott Hamilton and Karl Sinclair
Jan. 8, 2026, © Leeham News: Boeing is on its way back.
Not to its glory days of engineering prowess. This won’t happen until Boeing develops a new airplane, and just how advanced it will be.
Boeing hopes the long-delay certification of the 737-7 MAX will occur this year. Launch customer Southwest Airlines looks for entry into service in 2027. Credit: Boeing.
But it’s on its way back to returning to a profitable, reliable company that puts safety and quality first.
That said, there is still a long way to go. By LNA’s estimation, it will be well into the next decade before Boeing’s balance sheet bears any resemblance to its 2018 financial picture of solid profits and low debt. That was the last year before Boeing entered what became six years of one crisis after another. Boeing ended 2018 with a “mere” $10bn in long-term debt. Revenues hit $101bn with an operating profit of $10.4bn and operating cash flow of $15.3bn.
Boeing ended the third quarter last year with more than $50bn in long-term debt, and near-breakeven if slight positive cash flow. Full-year 2025 results will be announced at the end of this month.
Boeing Commercial Airplanes in 2018 produced about 60% of the company’s revenues.
This year will build on Boeing’s momentum from last year. As always, especially in Boeing’s case, any Outlook is contingent on things outside of the company’s control upsetting the business.
Here’s how LNA sees the 2026 Outlook for Boeing.
Boeing captures 33% of single-aisle sector, maintains big lead for wide-bodies
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By Scott Hamilton
Jan. 2, 2026, © Leeham News: Boeing’s 2011 decision to launch another derivative of the 737, a slow response to the Airbus A321neo, and the series of crises involving the 737 MAX beginning on March 10, 2019, caused a dramatic drop in market share that places Boeing at a distant No. 2 to Airbus.
The total program orders give Airbus a 54% share of the market for the A320neo family to Boeing’s 33% for the MAX. Adding the A220 into Airbus’ share, the European company has captured 58% of the single aisle market, an analysis of data from the companies as of Dec. 5 reveals.
China’s COMAC C919 captures 7% of the single-aisle market, according to data analyzed from Cirium and other sources. Embraer, with its two-class 100-seat E190-E2 and 120-seat E195-E2, captures a mere 2% of the 100-240 seat sector.
Russia’s Sukhoi MC-21 is not included in this analysis because the market is closed to Airbus, Boeing, and Embraer due to international sanctions on Russia due to the Ukraine war.