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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, a near-breakeven if slight positive cash flow, and small profits. 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.
