21 hours ago
3
Trey Thoelcke
Mon, March 23, 2026 astatine 10:35 AM CDT 5 min read
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Boeing (BA) fell 12.9% to $200/share arsenic Q4 gross deed $23.95B (+57% YoY) but some Commercial Airplanes and Defense segments posted antagonistic operating margins of −5.6% and −6.8%; escaped currency travel was −$1.877B with $54.1B consolidated debt. 3M (MMM) declined 11.2% to $147 contempt coagulated operations with Q4 adjusted operating borderline expanding 140 ground points to 21.1%, but PFAS litigation consumed $3.5B successful 2025 currency payments and JPMorgan downgraded connected valuation risks. Honeywell (HON) retreated 7.0% to $226 with Aerospace Technologies posting 21% integrated income maturation and a grounds $37B+ backlog, but constricted near-term catalyst up of Q3 2026 concern separation.
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Boeing and 3M are experiencing abstracted pressures: Boeing remains successful betterment with antagonistic margins and currency pain contempt gross growth, portion 3M’s operational turnaround nether caller enactment is masked by litigation costs that are present much predictable pursuing large 2025 settlements.
Boeing (NYSE: BA), Honeywell (NASDAQ: HON), and 3M (NYSE: MMM) person each pulled backmost sharply implicit the past month. Each conscionable reported Q4 2025 earnings, and each tells a precise antithetic communicative astir what "dip" really means.
Boeing has taken the hardest hit, falling 12.9% implicit the past period and was past seen trading astir $200 a share. The underlying concern remains successful betterment mode. Q4 gross came successful astatine $23.95 billion, up 57% year-over-year, though the header EPS of $9.92 was astir wholly driven by a $9.67 cardinal summation from the Digital Aviation Solutions divestiture. Strip that retired and some Commercial Airplanes and Defense segments are inactive moving astatine antagonistic operating margins of −5.6% and −6.8%, respectively. Full-year escaped currency travel was −$1.877 billion, and consolidated indebtedness sits astatine $54.1 billion. CEO Kelly Ortberg called it a instauration year: "We made important advancement connected our betterment successful 2025 and person acceptable the instauration to support our momentum going successful the twelvemonth ahead."
3M's −11.2% one-month decline, presently trading astir $147, reflects a antithetic benignant of pressure. The concern is executing well. Adjusted operating borderline expanded 140 ground points to 21.1% successful Q4, and CEO William Brown guided for 2026 adjusted EPS of $8.50 to $8.70 with further borderline expansion. The occupation is litigation. PFAS-related nett pre-tax currency payments totaled $3.5 cardinal successful 2025, and JPMorgan downgraded the stock, citing lingering PFAS valuation risks. The spread betwixt adjusted and GAAP net tells the story: Q4 GAAP EPS was $1.07, down 20% year-over-year, versus adjusted EPS of $1.83.
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