Boeing (BA) is heading into another demanding year as it works to complete its recovery from a string of setbacks, Chief Executive Officer Kelly Ortberg told employees on Thursday, striking a cautious tone even as he acknowledged recent progress.
“To continue our turnaround, we still have important work ahead of us — perhaps even more than what we accomplished last year,” Ortberg said in a companywide memo reviewed by Bloomberg News.
Ortberg is expected to offer a fuller assessment when the company reports fourth-quarter results on Jan. 27. In the memo, he reflected on gains made since early last year, when Boeing (BA) was restarting commercial aircraft production after a damaging strike and selling assets following a $14.3 billion cash burn in 2024.
“Looking back to where we were this time last year, we’ve made a lot of progress and have set the foundation to keep moving Boeing forward in 2026,” he said.
His measured message contrasts with growing optimism on Wall Street. Boeing (BA) shares have climbed about 23% since Chief Financial Officer Jay Malave said in early December that the company remains on track to generate billions of dollars in free cash flow in 2026 as factory output increases.
Matthew Akers of BNP Paribas Equity Research has warned that investors may be getting ahead of themselves on the pace of cash recovery.
“Investor sentiment swung from very negative on the FCF outlook to overly positive, in our view,” Akers wrote in a note to clients.
While Boeing (BA) and Airbus (EADSF) (EADSY) have yet to publish full order and delivery figures for 2025, Boeing appears positioned to outsell its European rival for the first time this decade. Momentum improved further this week after Alaska Air Group (ALK) announced the biggest aircraft purchase in its history.
That order includes 105 of Boeing’s 737 Max 10 jets, a model still awaiting safety certification approvals that have been delayed for years.
Ortberg told employees that he and Stephanie Pope, head of Boeing Commercial Airplanes, recently briefed U.S. Transportation Secretary Sean Duffy on progress toward certifying the long-delayed 737 Max and 777X programs following the Alaska announcement.
“Moving these development programs forward through certification is central to our path forward this year,” Ortberg said.