Boeing (BA) Stock on November 29, 2025: $189 Close, $7 Billion Defense Wins and a Starliner Setback

Boeing Co. (NYSE: BA) heads into the final days of November with its share price stabilizing around $189 after a bruising month in the markets, as investors digest a wave of contrasting headlines: multi‑billion‑dollar Pentagon contracts, a sharply trimmed NASA Starliner deal, improving jet deliveries, and another quarter of steep losses. ^[1]

On Friday, November 28, Boeing closed at $189.00, up about 1.1% in the shortened post‑Thanksgiving trading session, with an intraday range between roughly $186.9 and $189.8 and volume of about 3.7 million shares. ^[2] That bounce comes after weeks of selling: different data providers estimate Boeing has fallen roughly high‑single to low‑double digits over the past month, leaving the stock well below its summer highs even though it remains modestly positive year‑to‑date. ^[3]

Against that price action, the newsflow around Boeing this week has been unusually dense. Here’s how the moving pieces fit together as of November 29, 2025.

Boeing stock price snapshot: trading in the middle of a very wide range

As of the latest close:

Last close: $189.00 (November 28, 2025), up 1.11% on the day
Recent intraday range: about $186.9–$189.8
52‑week range: roughly $128.88 – $242.69
Market capitalisation: about $144 billion
Trailing P/E: negative, around –14, reflecting continued losses rather than normalized earnings TechStock²+2MarketBeat+2

The stock now trades more than 20% below its 52‑week high but still well above its lows, underscoring how volatile the Boeing story has been through 2025. TechStock²+1

Over longer horizons, Boeing’s performance is mixed:

Over the past three months, BA has dropped about 20%, underperforming the Industrial Select Sector SPDR (XLI), which is roughly flat over the same period. ^[4]
Year‑to‑date, though, BA is still up mid‑single digits and about 24% higher than a year ago, outpacing the broader industrial sector over 12 months. ^[5]

In short: the stock is no longer in crisis territory, but the market is still charging a high volatility tax for anyone stepping into the name.

Q3 2025 results: big revenue, bigger loss

Much of the current debate around Boeing stock still traces back to its third‑quarter 2025 earnings, released on October 29.

Key numbers:

Adjusted EPS: –$7.47 per share, far worse than analyst expectations (around –$3.7 to –$3.9) but an improvement on the prior year’s –$10.44. ^[6]
GAAP EPS: –$7.14 per share, also narrower than last year’s roughly –$9.97. ^[7]
Revenue: $23.27–$23.3 billion, beating Wall Street estimates of roughly $21.9–$22.0 billion and up about 30% year‑on‑year. ^[8]

By segment, Boeing’s top line is clearly recovering:

Commercial Airplanes: revenue jumped about 49% to $11.1 billion, driven by higher 737 and 787 deliveries, though the unit still generated a multi‑billion‑dollar operating loss. ^[9]
Defense, Space & Security (BDS): revenue grew roughly 25% to $6.9 billion and returned to positive operating income after prior‑year losses. ^[10]
Global Services: revenue rose about 10% to $5.37 billion with double‑digit operating income growth. ^[11]

Operationally, Boeing delivered 160 commercial aircraft in Q3, up 38% from 116 a year earlier. ^[12] That helped push total company backlog to roughly $636 billion, including a commercial backlog representing more than 5,900 aircraft valued around $535 billion. ^[13]

But the quarter came with a huge sting: a $4.9 billion charge related to continued delays and certification challenges on the long‑delayed 777X program, one of the key reasons the bottom line remained deeply negative despite strong demand. ^[14]

Cash flow is finally moving in the right direction. Boeing generated positive operating cash flow and reported significantly smaller free‑cash outflows than a year earlier, although free cash flow for the first nine months of 2025 remained modestly negative. ^[15]

The earnings mix explains why opinion on the stock is so polarized: the revenue and backlog picture looks more “early recovery,” while the income statement still screams “turnaround in progress.”

Pentagon awards: more than $7 billion in new defense work

The most market‑moving news this week came from Washington rather than Seattle.

$4.7 billion Apache deal anchored by a record Polish order

On November 26, the U.S. Army awarded Boeing a Foreign Military Sales contract worth nearly $4.7 billion to produce AH‑64E Apache attack helicopters, simulators and support equipment for several international customers. ^[16]

The headline component: 96 Apaches for the Polish Armed Forces, the largest Apache fleet ever ordered by a country outside the United States. Deliveries are expected to begin in 2028, making Poland the 19th global Apache operator and giving Boeing long‑term visibility on high‑margin rotorcraft work. ^[17]

Beyond Poland, the broader package covers aircraft for other U.S. allies including Kuwait and Egypt, further entrenching Boeing in the global attack‑helicopter market. ^[18]

$2.47 billion for 15 more KC‑46A Pegasus tankers

The same week, the U.S. Air Force signed a $2.4–$2.47 billionLot 12 contract with Boeing for 15 additional KC‑46A Pegasus aerial refueling tankers. ^[19]

This order:

Brings the total number of KC‑46As under contract worldwide to about 183 aircraft, including nearly 100 already delivered to the U.S. Air Force and a growing international fleet. ^[20]
Extends tankers’ production into 2029, supporting jobs at Boeing’s Everett, Washington facility and providing further backlog to the defense segment. ^[21]

Combined effect: more backlog, but not a silver bullet

Together, the Apache and KC‑46 contracts amount to more than $7 billion in new military work, according to Pentagon disclosures — a clear positive for Boeing’s Defense, Space & Security division and a reminder that the company is still a cornerstone of U.S. and allied defense planning. ^[22]

Short term, these awards support sentiment: several outlets note that Boeing shares climbed after the deals were announced, and multiple commentators now list BA among “top defense stocks to watch.” ^[23]

However, defense contracts are typically delivered over many years, and many are fixed‑price — so margins will ultimately depend on Boeing’s ability to execute without repeating the cost overruns that have plagued other programs.

NASA trims the Starliner contract: reputational hit, lower long‑term revenue

The good news in defense has been offset by fresh negative headlines in spaceflight.

On November 24, NASA and Boeing agreed to modify the Starliner commercial crew contract, cutting the number of guaranteed operational missions from six to four, with two additional flights now considered optional. ^[24]

Key details from NASA and subsequent reporting:

The value of Boeing’s Starliner contract has been reduced by about $768 million, from roughly $4.5 billion to $3.732 billion, though the total potential value (if optional missions are flown) remains higher. ^[25]
The next Starliner mission, targeted for no earlier than April 2026, will be uncrewed and cargo‑only, following the troubled 2024 crewed test flight that left two NASA astronauts stranded on the International Space Station for about nine months before returning to Earth on a SpaceX Dragon capsule. ^[26]
Boeing has already absorbed more than $2 billion in losses on Starliner development, separate from NASA’s payments, and must fund further redesign and testing of its propulsion systems. ^[27]

From a revenue perspective, Starliner is small next to Boeing’s jetliner and defense businesses. The bigger issue is signaling: the contract cut reinforces a narrative of execution risk and gives rival SpaceX an even stronger incumbency in NASA crew transport.

For investors already uneasy about 737 MAX, 777X and prior quality crises, another high‑profile stumble in a flagship program is not what you’d call confidence‑building.

Commercial aviation: deliveries rebound, orders surge, Airbus still leads

Underneath the headlines, Boeing’s core commercial business is slowly looking more like its pre‑crisis self — albeit with a lot of baggage.

Deliveries at highest pace since 2018

In October 2025, Boeing delivered 53 commercial jets, bringing total deliveries for the year to 493 aircraft. That includes 39 737 MAX jets plus a mix of 787 Dreamliners, 777 freighters and 767s. ^[28]

Compared with 2024, the step‑up is substantial:

Boeing has already surpassed its full‑year 2024 total of 348 deliveries with two months still to go. ^[29]
October deliveries are more than triple the number a year earlier, when a weeks‑long strike hammered output. ^[30]

Regulators have also loosened the reins. The FAA recently lifted its cap on 737 MAX production, allowing Boeing to increase output from 38 to around 42 aircraft per month, a key milestone in restoring volume and profitability. ^[31]

Still, Boeing continues to trail Airbus on deliveries: by late October, Airbus had handed over 585 aircraft versus Boeing’s 493. ^[32]

Orders: MAX and 787 demand stays strong

On the demand side, 2025 has been much kinder to Boeing:

The company has logged over 800 gross commercial orders this year, with a particularly strong showing for the 737 MAX and 787 Dreamliner. ^[33]
Boeing has secured around 320 orders for the 787 alone this year — the second‑best year ever for that program. ^[34]
Total unfilled orders are now estimated between about 5,900 and 6,500 aircraft, depending on the counting methodology — a decade‑plus of production at current rates. ^[35]

November’s Dubai Airshow brought more marquee deals:

Emirates ordered 65 additional 777‑9 jets, taking its total 777X commitments to 270 aircraft and keeping the delayed widebody program alive despite a charge‑ridden history and a roughly seven‑year slip in first delivery. ^[36]
flydubai signed a provisional order for 75 737 MAX jets, a partial comeback for Boeing after the airline had just handed Airbus a big win with 150 A321neo orders. ^[37]

All of this supports the bull case that, once Boeing can produce consistently and safely, its commercial backlog alone could power years of revenue and cash‑flow growth.

Labor peace at Boeing’s defense plants — with higher structural costs

Another important November development, largely overshadowed by the contract headlines, was the end of a long‑running labor dispute.

Roughly 3,200 machinists at Boeing defense plants in the St. Louis area approved a new five‑year contract on November 13, ending a strike that began on August 4 and was described as the longest in the facilities’ history. ^[38]

The deal includes:

A 24% wage increase over the life of the contract
A $6,000 signing bonus and enhanced benefits

For investors, the agreement is a mixed bag: it removes the immediate risk of further disruption to fighter‑jet and weapons production, but it also locks in higher labor costs in a business where many contracts are fixed‑price.

Competitor turbulence: Airbus faces a major A320 software recall

Boeing’s own safety history still hangs over the stock, but this week’s news cycle also brought fresh problems for its biggest rival.

Airbus disclosed a major recall and software fix for around 6,000 A320‑family jets worldwide after a flight‑control incident linked to a potential vulnerability in extreme radiation conditions. Regulators and airlines are moving quickly to roll out the patch, and some carriers have warned of possible short‑term disruption as aircraft are cycled through upgrades. ^[39]

Market commentators have framed the Airbus issue as a modest sentiment tailwind for Boeing, both by denting its rival’s stock and by reminding investors that safety scrutiny is a fact of life for the entire industry, not just one side of the duopoly. ^[40]

Analyst and investor sentiment: “Moderate Buy” on paper, disagreement in practice

Despite the volatility, the consensus Wall Street view on Boeing remains cautiously constructive — at least on paper.

Street targets still point to upside

MarketBeat data show 27 brokerage firms covering Boeing, with an average rating of “Moderate Buy”: six analysts rate the stock a sell, three a hold, fifteen a buy and three a strong buy. ^[41]
That same survey puts the average 12‑month price target at about $232, implying upside of roughly 20–25% from current levels. ^[42]
Barchart’s analysis, based on a slightly different analyst universe, cites a mean target closer to $250, which would imply upside of more than 30%. ^[43]

Some valuation models go even further: one recent discounted‑cash‑flow analysis estimated Boeing’s “intrinsic value” around $351 per share, roughly 48% above today’s price — though that model also assumes a smooth ramp in production and margins that is far from guaranteed. ^[44]

Not everyone is bullish

In sharp contrast to the consensus rating, Zacks currently assigns Boeing a Rank #4 (“Sell”), citing steep estimate cuts over the past month, continued losses and a poor “value” score despite the share price pullback. ^[45]

Social‑media and retail‑investor sentiment is equally split:

Some traders frame the nearly month‑long slide as a buy‑the‑dip opportunity, pointing to defense contracts, improving deliveries and the possibility of a powerful rebound if execution improves. ^[46]
Others stress the long list of unresolved risks: 777X delays and charges, Starliner’s reputation damage, regulatory scrutiny on 737 production, heavy leverage and the possibility of further labor or supply‑chain hiccups. ^[47]

The net result: Boeing is trading like a high‑beta, high‑uncertainty turnaround, not a steady “industrial blue chip.”

What to watch next for Boeing shareholders

As of November 29, the Boeing story is being driven by a handful of dominant themes that investors will be watching into 2026:

Execution on new defense contracts
The Apache and KC‑46A awards meaningfully strengthen Boeing’s defense backlog, but the company’s ability to execute profitably on long‑dated, fixed‑price programs will determine whether those contracts create value or future write‑downs. ^[48]
Progress on 737 MAX, 787 and 777X
The FAA’s decision to lift the production cap for the 737 MAX is a major step, but Boeing needs to prove it can sustain higher output while keeping quality and safety issues out of the headlines. The timing and cost of 777X certification remains one of the biggest swing factors for both earnings and sentiment. ^[49]
Starliner’s future role — or lack of one
NASA’s downsized contract doesn’t kill Starliner, but it reduces long‑term revenue and cements SpaceX’s status as the primary U.S. crew transport provider. Any further technical problems could increase the pressure on Boeing to reconsider its ambitions in crewed spaceflight. ^[50]
Macro and interest rates
Like all capital‑goods stocks, Boeing is sensitive to the economic cycle and financing conditions. Higher rates raise the cost of debt for both Boeing and its airline customers, while a softening global economy could eventually slow new jet orders.
Regulatory and competitive shocks
Airbus’s A320 software recall is a reminder that unexpected safety issues can reshuffle sentiment and short‑term demand in either direction. Investors will be watching to see whether any airlines shift incremental orders toward Boeing — and whether Boeing itself can avoid similar negative surprises. ^[51]

Bottom line

As of November 29, 2025, Boeing stock sits at the intersection of strong demand and fragile execution. The company is:

Winning large, long‑dated defense contracts
Delivering commercial aircraft at the fastest rate since 2018
Sitting on a massive order backlog that could sustain production for a decade or more

Yet it is also:

Posting multi‑billion‑dollar quarterly losses
Absorbing huge charges on delayed programs such as the 777X and Starliner
Paying more for labor and carrying a heavy debt load as it tries to climb out of a multi‑year crisis

That combination explains why analysts’ price targets still point to upside while the stock’s recent path has felt more like a roller coaster than a straight‑line recovery.

Boeing Stock at Crossroads: Korean Air Boost vs Union Strikes & FAA Delays