As Boeing (BA) entered Tuesday’s Q4 earnings to prove it can outshine a rocky 2025, analysts braced for a roughly $0.39 per share loss on $21.7 billion in revenue, but ​the aerospace giant delivered a $9.92 per share profit, largely driven by a $9.6 billion one-time business gain.

The main emphasis is on the 737 MAX production rate, which is set to jump to 47 from 42 aircraft per month. Since the U.S. Government’s $1.6 billion investment in USA Rare Earth (USAR) — via the CHIPS Act– Boeing is positioned to turn its supply chain liability into a cost advantage, protecting against commercial magnet demand and high-margin defenses against Beijing’s export controls.

Boeing‘s fourth-quarter financials beat Wall Street earnings estimates, but it faces ongoing profit and supply chain challenges in 2026.

Boeing Q4 revenue, production, deliveries, & hard metrics

Getty Images Boeing’s revenue for the full year 2025 came to $89.5 billion, which increased 34% from 2024. Net earnings were $2.2 billion, a massive jump from 2024’s $11.8 billion loss. Boeing’s backlog is at $682 billion, signaling a massive amount of work, around 6,100 airplanes, waiting to be completed.

The core of Boeing’s total commercial deliveries was up 72%, or 600 planes for the year. The 737 program production hit 42 planes per month by the end of the year. Boeing’s 787 program came to 8 planes per month, and the 777X program is estimated for 2027.

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Looking at the Q4 earnings alone, you can see that Boeing had a massive $8.2 billion profit, but note that this is a one-time gain due to Boeing selling its Digital Aviation Solutions Business, giving them a ($9.6 billion gain).

​Boeing’s commercial Airplanes (BCA) lost $632 million in Q4.

Within the Defense, Space & Security (BDS) segment, Boeing lost $507 million in Q4, with the main driver a $600 million loss from costs associated with the KC-46A Tanker program.  Boeing’s cash cow is Global Services (BGS), which brings in $5.2 billion in revenue.

The good news is that Boeing’s revenue of $23.9 billion and a record-high backlog of $682 billion signal strong demand for BA planes.  The reality is that the actual segments within Commercial and Defense are losing money due to supply chain issues related to the Spirit AeroSystems’ acquisition.

USA Rare Earth deal eases Boeing’s supply chain pressure

Boeing relies on rare-earth magnets for everything from navigation systems and heads-up displays to electronic control surfaces and fuel-efficient engines. That exposes them to the risk of rising prices, especially given tougher restrictions in China, the major global supplier of the minerals necessary to make them.

“When China tightens its grip on rare earth exports, avionics makers feel the ripple effects, and aircraft asset managers adjust residual values and lease assumptions,” wrote Avionics International in December.

However, rare earth risks may shrink soon.

On January 26, 2026, USA Rare Earth announced a Letter of Intent (LOI) with the U.S Government, allowing for $1.6 billion in funding (from the Department of Commerce) and an additional $1.5 billion raised in private sector funding. The deal gives the U.S. government a 10% ownership stake in USAR.

Secretary of CommerceHoward Lutnicksaid, “This investment ensures our supply chains are resilient and no longer reliant on foreign nations.”

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USAR’s large funding is specifically for magnets containing neodymium-iron-boron (NdFeB) magnets. Boeing is a large consumer of (NdFeB) magnets for 737 flight controls and AH-64 Apache and F-15 defense systems.  

USAR projects that by 2030, 10,000 metric tons of magnets will be produced annually 2030. Currently, China controls the majority of 85%-90% of (NdFeB) magnets.

Boeing backlog, fragile fundamentals

Boeing’s numbers looked solid with record-breaking backlog and annual revenue. But, without the one-time due to selling its Digital Aviation Solutions Business, the company’s financials and core work, airplane production, remained grey.

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More Airlines: USAR’s stat signals to Boeing a shift from Beijing-dependent magnets to soon “Texas-sourced” magnets (West Texas’ rare-earth project in the Round Top deposit).

Boeing outpaced Airbus in net aircraft orders (1173 vs 889) for the first time since 2018. The demand for Boeing and its stock’s trajectory depend on whether these hefty targets of 500 narrow-body deliveries can be met without supply chain pain or production pressures.

Related: White House makes surprising $1.6 billion rare earth bet