Analyst Consensus ?
ConsensusBuy55 ratings
Bullish3869.1%
Neutral1221.8%
Bearish59.1%
The Boeing Company · BA · FY2025 Q4 · Calendar Q1 2026
Boeing pairs backlog strength with production and certification risks
The supplied analysis supports a constructive but execution-dependent view: commercial demand, defense awards, digital services, and a large backlog provide growth support, while production ramps, certification, Spirit integration, and cash conversion determine whether that opportunity translates into durable improvement.
Reported Before market openNYSEIndustrials
$148.34B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$9.92
Consensus $-0.44
EPS surprise
+2362.1%
Reported versus consensus
Reported revenue
$23.95B
Consensus $22.60B
Revenue surprise
+6.0%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-1.6%
Event window
SPY move
+0.4%
Same window
Abnormal move
-2.0%
Stock minus SPY
Volume
2.6×
Versus trailing sessions
Subsequent drift
-5.8%
Up to 20 sessions
BASPY benchmark
Ask FN2 about BA FY2025 Q4
Transcript, numbers and history already loaded
Why did BA fall 1.6% after beating EPS estimates in FY2025 Q4?What changed in BA's guidance and outlook in FY2025 Q4?Give me the bull and bear case for BA after FY2025 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior-quarter analysis, Boeing completed the Spirit AeroSystems acquisition, reported record commercial deliveries and a $567 billion backlog, turned free cash flow positive, and added a 2026 cash-flow target of $1–3 billion. The production and certification roadmap remains central, while integration and factory-expansion execution have become more prominent priorities.
Guidance delta
Management maintained its outlook, including a 2026 free-cash-flow target of $1–3 billion.
Key takeaways
- Record commercial deliveries and a $567 billion backlog support the growth case.
- Management is targeting higher 737 MAX and 787 production rates while completing factory expansions.
- Free cash flow turned positive, with a 2026 target of $1–3 billion and a longer-term $10 billion goal.
- Defense contracts, digital services, and Spirit integration are central to the operating plan.
- Certification delays, supply constraints, cash-margin effects, and trade risks remain material checks on execution.
Management priorities
- Raise 737 MAX production to 47 units per month this year and target 52 later
- Increase 787 production to 10 units per month in 2026
- Complete 777X certification work and target first delivery in 2027
- Execute the PAC-3 seeker contract and continue KC-46 deliveries
- Integrate Spirit AeroSystems, expand factories, and invest about $4 billion in 2026 capex
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Estimate
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Miss
Match
Analyst 52W Price Targets
$189.22Current
$109Low
$233.69Average
$305High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 30, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Jefferies | Buy | Buy | Maintain | Sep 21, 2026 |
| B of A Securities | Buy | Buy | Maintain | Sep 18, 2026 |
| Argus Research | Buy | Hold | Upgrade | Aug 11, 2026 |
| Tigress Financial | Buy | Buy | Maintain | Aug 6, 2026 |
| BNP Paribas | Outperform | Underperform | Upgrade | Aug 3, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Jul 29, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Jul 29, 2026 |
| Citigroup | Buy | Buy | Maintain | May 18, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Apr 23, 2026 |
| Freedom Broker | Buy | Buy | Maintain | Feb 6, 2026 |
| UBS | Buy | Buy | Maintain | Jan 28, 2026 |
| Bernstein | Outperform | Outperform | Maintain | Jan 15, 2026 |
| Susquehanna | Positive | Positive | Maintain | Nov 12, 2025 |
| Freedom Capital Markets | Buy | Hold | Upgrade | Nov 3, 2025 |
| Vertical Research | Buy | Hold | Upgrade | Sep 8, 2025 |
| Barclays | Overweight | Overweight | Maintain | Jul 29, 2025 |
| Redburn Atlantic | Buy | Neutral | Upgrade | Jun 27, 2025 |
| Goldman Sachs | Buy | Buy | Maintain | Jun 12, 2025 |
| Wells Fargo | Underweight | Underweight | Maintain | Apr 24, 2025 |
| TD Securities | Buy | Buy | Maintain | Apr 24, 2025 |
| Benchmark | Buy | Buy | Maintain | Apr 21, 2025 |
| Deutsche Bank | Buy | Buy | Maintain | Jan 2, 2025 |
| Baird | Outperform | Outperform | Maintain | Oct 24, 2024 |
| TD Cowen | Buy | Buy | Maintain | Oct 14, 2024 |
| Stifel | Buy | Buy | Maintain | Aug 1, 2024 |
| Northcoast Research | Sell | Neutral | Downgrade | Apr 17, 2024 |
| Melius Research | Hold | Buy | Downgrade | Apr 1, 2024 |
| Wolfe Research | Outperform | Outperform | Maintain | Mar 13, 2024 |
| Credit Suisse | Neutral | Neutral | Maintain | Apr 27, 2023 |
| Redburn Partners | Neutral | Neutral | Maintain | Nov 7, 2022 |
| Cowen & Co. | Outperform | Outperform | Maintain | Mar 7, 2022 |
| Berenberg | Hold | Hold | Maintain | Jun 15, 2021 |
| Canaccord Genuity | Buy | Hold | Upgrade | Mar 5, 2021 |
| Redburn | Sell | Neutral | Downgrade | Dec 17, 2020 |
| Alembic Global | Overweight | Neutral | Upgrade | Sep 28, 2020 |
| Seaport Global | Buy | Buy | Maintain | Jun 8, 2020 |
| Buckingham Research | Neutral | Neutral | Maintain | Feb 5, 2020 |
| Buckingham | Neutral | Neutral | Maintain | Feb 5, 2020 |
| CFRA | Buy | Hold | Upgrade | Jan 22, 2020 |
| Longbow Research | Underperform | Underperform | Maintain | Jan 7, 2020 |
| Bank of America | Neutral | Neutral | Maintain | Dec 23, 2019 |
| Citi | Buy | Buy | Maintain | Oct 24, 2019 |
| Argus | Hold | Buy | Downgrade | Mar 19, 2019 |
| Societe Generale | Buy | Hold | Upgrade | Apr 26, 2018 |
| Edward Jones | Buy | Hold | Upgrade | Feb 13, 2018 |
| Standpoint Research | Sell | Buy | Downgrade | Oct 26, 2016 |
| Stifel Nicolaus | Buy | Buy | Maintain | Feb 23, 2015 |
| Drexel Hamilton | Buy | Hold | Upgrade | May 22, 2014 |
| CRT Capital | Buy | Buy | Maintain | Feb 6, 2014 |
| Oppenheimer | Perform | Outperform | Downgrade | Nov 20, 2013 |
| Sterne Agee | Buy | Buy | Maintain | Sep 16, 2013 |
| Imperial Capital | In Line | In Line | Maintain | May 24, 2013 |
| BB&T Capital | Buy | Hold | Upgrade | Apr 26, 2013 |
| Early Bird Capital | Buy | Buy | Maintain | Jul 25, 2012 |
| DA Davidson | Neutral | Neutral | Maintain | Jul 25, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $189.22. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Jefferies | Analyst unavailable | $265 | $200.76 | +40.0% | Sep 21, 2026 |
| Argus Research | Analyst unavailable | $265 | $232.79 | +40.0% | Aug 11, 2026 |
| Tigress Financial | Ivan Feinseth | $305 | $234.28 | +61.2% | Aug 6, 2026 |
| RBC Capital | Analyst unavailable | $265 | $212.4 | +40.0% | Jul 29, 2026 |
| Robert W. Baird | Peter Arment | $300 | $221.56 | +58.5% | Jul 29, 2026 |
| BTG Pactual | Analyst unavailable | $260 | $217.11 | +37.4% | Jul 14, 2026 |
| Tigress Financial | Analyst unavailable | $295 | $222.22 | +55.9% | Apr 29, 2026 |
| Wolfe Research | Analyst unavailable | $275 | $233.86 | +45.3% | Apr 23, 2026 |
| Morgan Stanley | Analyst unavailable | $250 | $233.66 | +32.1% | Apr 23, 2026 |
| Jefferies | Analyst unavailable | $295 | $233.72 | +55.9% | Feb 1, 2026 |
| RBC Capital | Ken Herbert | $275 | $241.42 | +45.3% | Jan 28, 2026 |
| Morgan Stanley | Analyst unavailable | $245 | $240.54 | +29.5% | Jan 28, 2026 |
| UBS | Gavin Parsons | $285 | $244.56 | +50.6% | Jan 28, 2026 |
| Vertical Research | Robert Stallard | $281 | $244.56 | +48.5% | Jan 27, 2026 |
| Susquehanna | Analyst unavailable | $280 | $247.24 | +48.0% | Jan 15, 2026 |
| Bernstein | Douglas Harned | $298 | $242.61 | +57.5% | Jan 15, 2026 |
| Bernstein | Analyst unavailable | $277 | $230.02 | +46.4% | Jan 6, 2026 |
| Tigress Financial | Analyst unavailable | $275 | $216.21 | +45.3% | Dec 29, 2025 |
| New Street | Analyst unavailable | $257 | $200.54 | +35.8% | Dec 9, 2025 |
| BNP Paribas | Analyst unavailable | $150 | $189.63 | -20.7% | Nov 18, 2025 |
| Bernstein | Douglas Harned | $267 | $194.85 | +41.1% | Nov 14, 2025 |
| Susquehanna | Analyst unavailable | $255 | $195.21 | +34.8% | Nov 12, 2025 |
| Loop Capital Markets | Sergey Glinyanov | $223 | $201.02 | +17.9% | Nov 3, 2025 |
| UBS | Analyst unavailable | $275 | $213.58 | +45.3% | Oct 30, 2025 |
| Jefferies | Analyst unavailable | $255 | $215.81 | +34.8% | Sep 30, 2025 |
| Vertical Research | Robert Stallard | $270 | $230.53 | +42.7% | Sep 8, 2025 |
| UBS | Analyst unavailable | $280 | $225.84 | +48.0% | Jul 30, 2025 |
| Barclays | Analyst unavailable | $255 | $226.08 | +34.8% | Jul 29, 2025 |
| RBC Capital | Ken Herbert | $230 | $203.75 | +21.6% | Jun 12, 2025 |
| Morgan Stanley | Kristine Liwag | $200 | $203.75 | +5.7% | Jun 12, 2025 |
| Goldman Sachs | Noah Poponak | $212 | $214 | +12.0% | Jun 11, 2025 |
| Melius Research | Analyst unavailable | $204 | $180.9 | +7.8% | Mar 24, 2025 |
| Deutsche Bank | Scott Deuschle | $215 | $171.87 | +13.6% | Jan 2, 2025 |
| Bernstein | Douglas Harned | $169 | $152.98 | -10.7% | Oct 29, 2024 |
| Susquehanna | Charles Minervino | $200 | $157.06 | +5.7% | Oct 24, 2024 |
| Robert W. Baird | Peter Arment | $200 | $157.06 | +5.7% | Oct 24, 2024 |
| Wells Fargo | Matthew Akers | $109 | $159.88 | -42.4% | Oct 23, 2024 |
| Citigroup | Jason Gursky | $209 | $148.99 | +10.5% | Oct 15, 2024 |
| Deutsche Bank | Scott Deuschle | $195 | $152.89 | +3.1% | Oct 3, 2024 |
| Wolfe Research | Myles Walton | $210 | $156.3 | +11.0% | Sep 24, 2024 |
| Goldman Sachs | Noah Poponak | $202 | $156.3 | +6.8% | Sep 24, 2024 |
| Jefferies | Sheila Kahyaoglu | $240 | $153.29 | +26.8% | Sep 23, 2024 |
| Citigroup | Jason Gursky | $224 | $156.77 | +18.4% | Sep 16, 2024 |
| CFRA | Stewart Glickman | $151 | $156.77 | -20.2% | Sep 13, 2024 |
| Wolfe Research | Myles Walton | $215 | $162.77 | +13.6% | Sep 13, 2024 |
| Goldman Sachs | Noah Poponak | $232 | $161.02 | +22.6% | Sep 3, 2024 |
| Wells Fargo | Matthew Akers | $119 | $173.74 | -37.1% | Sep 3, 2024 |
| Bank of America Securities | Ronald Epstein | $200 | $174.96 | +5.7% | Aug 26, 2024 |
| Seaport Global | Richard Safran | $207 | $174.73 | +9.4% | Aug 23, 2024 |
| Bernstein | Douglas Harned | $207 | $169.95 | +9.4% | Aug 5, 2024 |
| UBS | Gavin Parsons | $240 | $191.42 | +26.8% | Jun 7, 2024 |
| Robert W. Baird | Peter Arment | $240 | $177.61 | +26.8% | Jun 3, 2024 |
| Barclays | David Strauss | $190 | $177.61 | +0.4% | Jun 3, 2024 |
| Bernstein | Douglas Harned | $215 | $177.61 | +13.6% | Jun 3, 2024 |
| Stifel Nicolaus | Bert Subin | $230 | $172.21 | +21.6% | May 23, 2024 |
| CFRA | Stewart Glickman | $147 | $172.21 | -22.3% | May 23, 2024 |
| Wolfe Research | Myles Walton | $220 | $174.33 | +16.3% | May 23, 2024 |
| Deutsche Bank | Scott Deuschle | $225 | $162.98 | +18.9% | Apr 25, 2024 |
| Goldman Sachs | Noah Poponak | $243 | $164.33 | +28.4% | Apr 25, 2024 |
| Stifel Nicolaus | Bert Subin | $240 | $164.33 | +26.8% | Apr 24, 2024 |
| Northcoast Research | Chris Olin | $140 | $170.55 | -26.0% | Apr 17, 2024 |
| RBC Capital | Ken Herbert | $215 | $167.82 | +13.6% | Apr 16, 2024 |
| Morgan Stanley | Kristine Liwag | $180 | $178.12 | -4.9% | Apr 10, 2024 |
| Stifel Nicolaus | Bert Subin | $260 | $178.12 | +37.4% | Apr 9, 2024 |
| Bernstein | Douglas Harned | $240 | $183.14 | +26.8% | Apr 8, 2024 |
| Jefferies | Analyst unavailable | $85 | $184.92 | -55.1% | Apr 3, 2024 |
| CFRA | Analyst unavailable | $164 | $191.95 | -13.3% | Mar 28, 2024 |
| UBS | Gavin Parsons | $250 | $191.41 | +32.1% | Mar 25, 2024 |
| Morgan Stanley | Kristine Liwag | $235 | $191.41 | +24.2% | Mar 25, 2024 |
| Vertical Research | Robert Stallard | $230 | $191.41 | +21.6% | Mar 25, 2024 |
| Susquehanna | Charles Minervino | $230 | $187.7 | +21.6% | Mar 21, 2024 |
| Barclays | David Strauss | $235 | $187.7 | +24.2% | Mar 21, 2024 |
| Deutsche Bank | Scott Deuschle | $240 | $187.7 | +26.8% | Mar 21, 2024 |
| Wolfe Research | Myles Walton | $260 | $182.35 | +37.4% | Mar 13, 2024 |
| RBC Capital | Ken Herbert | $260 | $184.24 | +37.4% | Mar 12, 2024 |
| Jefferies | Shelia Kahyaoglu | $300 | $184.24 | +58.5% | Mar 12, 2024 |
| Citigroup | Jason Gursky | $271 | $200.44 | +43.2% | Jan 31, 2024 |
| Deutsche Bank | Scott Deuschle | $270 | $217.71 | +42.7% | Nov 20, 2023 |
| Susquehanna | Charles Minervino | $270 | $209.76 | +42.7% | Sep 13, 2023 |
| Credit Suisse | Scott Deuschle | $220 | $210.26 | +16.3% | Apr 10, 2023 |
| RBC Capital | Ken Herbert | $225 | $207.09 | +18.9% | Feb 3, 2023 |
| Wells Fargo | Analyst unavailable | $240 | $206.69 | +26.8% | Jan 11, 2023 |
| J.P. Morgan | Analyst unavailable | $207 | $206.69 | +9.4% | Jan 11, 2023 |
| Morgan Stanley | Kristine Liwag | $220 | $208.57 | +16.3% | Jan 10, 2023 |
| J.P. Morgan | Analyst unavailable | $200 | $183.74 | +5.7% | Dec 12, 2022 |
| Wells Fargo | Analyst unavailable | $218 | $180.91 | +15.2% | Dec 8, 2022 |
| RBC Capital | Ken Herbert | $170 | $156.75 | -10.2% | Nov 3, 2022 |
| New Street | Sam Boughedda Ahead | $175 | $131.57 | -7.5% | Oct 11, 2022 |
| Morgan Stanley | Kristine Liwag | $233 | $127.51 | +23.1% | Sep 27, 2022 |
| Goldman Sachs | Noah Poponak | $281 | $169.87 | +48.5% | Aug 1, 2022 |
| Wells Fargo | Analyst unavailable | $210 | $156.09 | +11.0% | Jul 28, 2022 |
| RBC Capital | Ken Herbert | $200 | $144.66 | +5.7% | Jul 14, 2022 |
| RBC Capital | Analyst unavailable | $200 | $144.18 | +5.7% | Jul 14, 2022 |
| J.P. Morgan | Analyst unavailable | $188 | $143.09 | -0.6% | Jul 13, 2022 |
| Morgan Stanley | Kristine Liwag | $215 | $120.7 | +13.6% | May 22, 2022 |
| Susquehanna | Charles Minervino | $192 | $120.7 | +1.5% | May 21, 2022 |
| Vertical Research | Robert Stallard | $193 | $127.2 | +2.0% | May 15, 2022 |
| RBC Capital | Ken Herbert | $220 | $148.84 | +16.3% | May 1, 2022 |
| Robert W. Baird | Peter Arment | $245 | $148.84 | +29.5% | Apr 30, 2022 |
| Bernstein | Douglas Harned | $216 | $154.22 | +14.2% | Apr 29, 2022 |
| J.P. Morgan | Analyst unavailable | $190 | $152.22 | +0.4% | Apr 28, 2022 |
| Susquehanna | Analyst unavailable | $193 | $152.72 | +2.0% | Apr 28, 2022 |
| Wells Fargo | Analyst unavailable | $214 | $152.47 | +13.1% | Apr 28, 2022 |
| Cowen & Co. | Cai von Rumohr | $230 | $154.46 | +21.6% | Apr 28, 2022 |
| Vertical Research | Robert Stallard | $198 | $154.46 | +4.6% | Apr 27, 2022 |
| Benchmark Co. | Josh Sullivan | $250 | $171.05 | +32.1% | Apr 26, 2022 |
| Morgan Stanley | Kristine Liwag | $230 | $175.03 | +21.6% | Apr 11, 2022 |
| Robert W. Baird | Peter Arment | $306 | $192.83 | +61.7% | Mar 20, 2022 |
| Goldman Sachs | Noah Poponak | $307 | $178.39 | +62.2% | Mar 10, 2022 |
| Jefferies | Sheila Kahyaoglu | $270 | $206.45 | +42.7% | Feb 6, 2022 |
| Argus Research | John Eade | $210 | $200.24 | +11.0% | Jan 31, 2022 |
| Morgan Stanley | Kristine Liwag | $288 | $190.57 | +52.2% | Jan 29, 2022 |
| Wells Fargo | Matthew Akers | $250 | $189.75 | +32.1% | Jan 27, 2022 |
| Vertical Research | Robert Stallard | $234 | $194.27 | +23.7% | Jan 26, 2022 |
| Citigroup | Charles Armitage | $238 | $214.19 | +25.8% | Jan 20, 2022 |
| Bernstein | Douglas Harned | $259 | $225.01 | +36.9% | Jan 18, 2022 |
| Barclays | David E. Strauss | $225 | $211.34 | +18.9% | Jan 6, 2022 |
| Susquehanna | Charles Minervino | $243 | $211.34 | +28.4% | Jan 6, 2022 |
| Seaport Global | Richard Safran | $298 | $209.9 | +57.5% | Nov 22, 2021 |
| Credit Suisse | Robert Spingarn | $265 | $217.15 | +40.0% | Jul 20, 2021 |
| Capital One Financial | Jonathan Raviv | $240 | $234.82 | +26.8% | May 21, 2021 |
Track every rating change on BA the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationThe Boeing Company is a global aerospace powerhouse specializing in the design, development, manufacture, sale, and comprehensive support of commercial airliners, military aircraft, satellites, missile defense systems, human space flight, and launch technologies, along with related services across the globe. Its operations are organized into four key segments. The Commercial Airplanes division delivers commercial jet aircraft for passenger and cargo transport, alongside essential fleet support services.…
Historical context
All BA earningsIndustrials peers this season
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Get the BA recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:36:15.940040+00:00
- Polygon adjusted daily market bars · 2026-09-30T12:56:16.226580+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-30T12:56:16.223680+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-09-30. For educational purposes only; not investment advice.