Why Is Boeing (BA) Down 4.7% Since Last Earnings Report?

It has been about a month since the last earnings report for Boeing (BA). Shares have lost about 4.7% in that time frame, underperforming the S&P 500.

Will the recent negative trend continue leading up to its next earnings release, or is Boeing due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers.

Boeing's Q4 Loss Wider Than Estimates, Revenues Increase Y/Y

The Boeing Company incurred an adjusted loss of $1.91 per share in the fourth quarter of 2025, wider than the Zacks Consensus Estimate of a loss of 40 cents. However, the bottom line improved from the year-ago quarter’s reported loss of $5.90 per share.

For 2025, the company reported adjusted earnings of $1.19 per share against the loss of $20.38 per share in the previous year.

BA’s Total Revenues

Revenues amounted to $23.95 billion, which outpaced the Zacks Consensus Estimate of $21.73 billion by 8%. The top line also surged 57.1% from the year-ago quarter’s reported figure of $15.24 billion.

For 2025, the company reported revenues of $89.46 billion compared with $66.52 billion in the previous year.

Total Backlog

Backlog at the end of 2025 totaled $682.2 billion, up from $521.3 billion recorded at the end of 2024.

Segmental Performances

Commercial Airplane: Revenues in this segment surged 139% year over year to $11.38 billion, driven by higher jet deliveries. The segment incurred an operating loss of $0.63 billion compared with the year-ago quarter’s reported operating loss of $2.1 billion.

During the quarter under review, Boeing delivered 160 commercial planes. The figure improved 181% year over year.

Boeing Defense, Space & Security (BDS): The segment recorded revenues of $7.42 billion, indicating year-over-year growth of 37%. It generated an operating loss of $0.51 billion compared with the year-ago quarter’s operating loss of $2.27 billion.

Global Services: The segment recorded revenues of $5.21 billion, indicating year-over-year growth of 2%. This unit generated an operating income of $10.54 billion compared with the year-ago quarter’s figure of $0.998 billion.

BA’s Financial Condition

Boeing exited fourth-quarter 2025 with cash and cash equivalents of $10.92 billion and short-term and other investments of $18.48 billion. At the end of 2024, the company had cash and cash equivalents of $13.80 billion and short-term and other investments worth $12.48 billion.

Long-term debt amounted to $45.64 billion, down from $52.59 billion recorded at the end of 2024.

The company’s net cash provided by operating activities at the end of 2025 was $1.07 billion against cash used of $12.08 billion at the end of 2024.

How Have Estimates Been Moving Since Then?

It turns out, fresh estimates have trended downward during the past month.

The consensus estimate has shifted -254.12% due to these changes.

VGM Scores

Currently, Boeing has a average Growth Score of C, though it is lagging a lot on the Momentum Score front with an F. Charting a somewhat similar path, the stock was allocated a score of D on the value side, putting it in the bottom 40% for value investors.

Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Boeing has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

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This article originally published on Zacks Investment Research (zacks.com).

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