Boeing suffers second-biggest yearly loss in its history
Boeing has reported its second-largest annual loss on record after one of the most turbulent 12-month periods in its history.
The US planemaker reported an annual net loss of $11.8bn (£9.5bn) on Tuesday and burned through some $14.3bn in free cash.
Revenue also fell 14 per cent to $66.5bn, while deliveries from its commercial airplanes unit dropped by just over a third to 348.
Boeing surprised investors last week after it announced wider-than-expected fourth quarter losses and revenue below analyst forecasts.
“We made progress on key areas to stabilize our operations during the quarter and continued to strengthen important aspects of our safety and quality plan,” Boeing chief executive Kelly Ortberg said on Tuesday.
“My team and I are focused on making the fundamental changes needed to fully recover our company’s performance and restore trust with our customers, employees, suppliers, investors, regulators and all others who are counting on us.”
Boeing grappled with a string of crises last year, which began after a door panel on one of its 737 Max 9 jets blew out midway through an Alaska Airlines flight.
The latter part of the year saw machinists walk-out in a two month dispute that knocked an estimated $5.5bn off the company’s bottom line.
The issues have piled pressure on Boeing at a time when the entire aviation supply chain is dealing with hold-ups and delivery delays.
Ryanair, Europe’s largest airline by passenger numbers, blamed Boeing after it slashed its forecast for passenger numbers in 2026.
Shares in Boeing are down 14.6 per cent over the last 12 months, while rival Airbus is up 12 per cent.