New York, Jan 29, 2026, 12:03 ET — Regular session
- Boeing shares dropped roughly 2% by midday, wiping out gains from earlier in the session
- Air India adds 30 more Boeing 737 MAX jets to its fleet and moves part of its Airbus order over to the A321XLR
- Boeing’s recent earnings were boosted by a one-off asset-sale gain, while investors keep a close eye on cash flow and certification progress
Shares of Boeing (BA) slipped Thursday, erasing an early gain despite new orders from India. Around midday in New York, the stock was down 2.2% at $236.34, after closing Wednesday at $241.59. Trading volume hit roughly 3.3 million shares.
This move highlights Boeing’s top priority: converting production into delivered aircraft and cash flow, all while avoiding fresh quality issues. Orders are welcome, but deliveries are what really cover the costs.
Airplane manufacturers earn the bulk of their revenue when a jet is delivered, not at the booking stage. That’s why Boeing’s free cash flow — the cash remaining after capital expenditures — has emerged as a crucial metric as it pushes to ramp up 737 MAX and 787 production.
Air India announced plans to acquire 20 737 MAX 8s and 10 737 MAX 10s, pushing its total Boeing orders to 250 jets. The carrier also shifted part of its Airbus A321neo order to 15 long-range A321XLRs, with deliveries expected between 2029 and 2030, according to Airbus. Boeing confirmed the 30-aircraft deal was an exercise of existing options. (Reuters)
Air India CEO Campbell Wilson said the deal will keep the airline ahead with “steady deliveries and fleet upgrades” in the coming years. Boeing’s India sales chief Paul Righi pointed to the “strong performance” of Air India Express’ current 737 MAX fleet as a key factor. Meanwhile, Air India confirmed a new 787-9 will start Mumbai-Frankfurt flights on Feb. 1. (Air India)
Boeing reported fourth-quarter revenue of $23.9 billion, posting an $8.22 billion profit boosted by a $9.6 billion gain from selling part of its Digital Aviation Solutions business. Commercial Airplanes recorded a $632 million operating loss, while Defense, Space & Security lost $507 million, including roughly $600 million related to the KC-46A tanker program. The company’s full-year free cash flow was negative $1.9 billion, but its backlog hit a record $682 billion. CEO Kelly Ortberg said Boeing had “set the foundation” to maintain momentum as it focuses on “rebuilding trust.” The company ended the year producing 42 737s a month, received FAA clearance to start the final phase of 737-10 certification flight tests, advanced the 787 toward eight monthly deliveries, and still aims for the first 777X delivery in 2027. (MediaRoom)
During the earnings call, CFO Jay Malave projected positive free cash flow between $1 billion and $3 billion in 2026, with the range hinging on potential delays to the 777X and the smallest MAX models. Ortberg mentioned Boeing had identified a “potential durability issue” with the GE engines on the 777X but didn’t expect it to push back the first deliveries set for 2027. GE Aerospace said it’s running an on-wing inspection program while exploring fixes. Third Bridge analyst Peter McNally called the quarter a clear sign of the “complications” involved in managing the business. (Reuters)
Boeing raised its 20-year jet forecast for India and South Asia to 3,290 aircraft this week, up from 2,835 previously, with 2,875 of those being single-aisle planes. Ashwin Naidu, Boeing’s managing director of commercial marketing for India and South Asia, highlighted that India’s market is moving in the opposite direction of mature markets, which mostly replace existing fleets. He also noted that over 30% of India’s network remains concentrated around Delhi and Mumbai. (Reuters)
The immediate challenge isn’t demand. It’s about execution: securing FAA certification for the 737-7 and 737-10, progressing on the 777X engine, and ensuring suppliers can ramp up without another quality issue that triggers rework and delays deliveries.
Investors are now turning to see if the Air India order will show up in Boeing’s upcoming monthly order-and-delivery figures, and if more contracts emerge from Wings India. The bigger driver remains unchanged: updates on certification schedules and production speeds. Watch Feb. 1 closely—that’s when Air India plans to put its freshly delivered 787-9 into regular service.
