Boeing updated its 2022 financial reports and its long-term goals.

Boeing is presently gradually stabilizing after encountering headwinds from the business. produced $3.1 billion in free cash flow in addition to $3.5 billion in operating cash flow. and revised the total orders and deliveries made between January and December 2022.

The 737 program is stabilizing the production rate at 31 per month with plans to ramp production to approximately 50 per month in the 2025/2026 timeframe. Additionally, the 787 program continues at a low production rate with plans to ramp production to five per month in late 2023 and to 10 per month in the 2025/2026 timeframe.

During the quarter, the company secured net orders for 376 aircraft, including an order from United Airlines for 100 737 MAX and 100 787 airplanes. Commercial Airplanes delivered 152 airplanes during the quarter and the backlog included over 4,500 airplanes valued at $330 billion.

Defense, Space & Security’s fourth-quarter revenue was $6.2 billion. Fourth-quarter operating margin of 1.8 percent reflects the continued operational impact of labor instability and supply chain disruption.

Defense, Space & Security delivered 45 aircraft and three satellites, including the first P-8A Poseidon to New Zealand. Also in the quarter, the Boeing-built Space Launch System core stage powered the first Artemis I mission to the moon and the T-7A program completed engine testing.

During the quarter, Defense, Space & Security captured awards from Japan for two KC-46A Tankers and from the Egyptian Air Force for 12 CH-47F Chinook helicopters. The backlog at Defense, Space & Security was $54 billion, of which 28 percent represents orders from customers outside the U.S.

Global Services’ fourth-quarter revenue of $4.6 billion and operating margin of 13.9 percent reflect higher commercial volume, partially offset by lower government volume.

During the quarter, Global Services finalized the U.S. Air Force F-15 depot support order and opened the Germany Distribution Center to serve 6,000+ customers with chemicals and specialty materials.

At quarter-end, Boeing Capital’s net portfolio balance was $1.5 billion. The increase in loss from other unallocated items and eliminations was driven by the timing of allocations, share-based compensation and deferred compensation expense. The change in other income was primarily due to increased interest rates driving increased investment income. The fourth quarter effective tax rate primarily reflects tax expense driven by an increase in the valuation allowance.

Fourth Quarter 2022

• Generated $3.5 billion of operating cash flow and $3.1 billion of free cash flow (non-GAAP); cash and marketable securities of $17.2 billion
• Certification efforts continue on 737-7 and 737-10
• Delivered 152 commercial airplanes and recorded 376 net orders

The full Year 2022

• Generated $3.5 billion of operating cash flow and $2.3 billion of free cash flow (non-GAAP)
• Delivered 480 commercial airplanes and recorded 808 net orders
• Total company backlog grew to $404 billion; including over 4,500 commercial airplanes

Outlook for 2023

• Reaffirming guidance: $4.5–$6.5 billion of operating cash flow and $3.0–$5.0 billion free cash flow (non-GAAP)