Boeing Co. (BA) is making progress, but it's the kind of progress that highlights just how far behind the company still finds itself. The aerospace giant delivered 44 aircraft in November, which sounds pretty good until you realize that's fewer than October's 53 deliveries and dramatically fewer than what rival Airbus (EADSY) managed during the same period.

The November numbers tell a story of uneven recovery. Compared to last year's 13 deliveries in November—when Boeing was dealing with various disruptions—44 planes represents meaningful improvement. But month-to-month consistency remains elusive, and that inconsistency matters when you're trying to convince investors, customers, and regulators that you've got your production house in order.

The deliveries spanned a genuinely global customer base, with aircraft heading to airlines and leasing companies across North America, Europe, Asia, the Middle East, Africa, and Latin America. That geographic spread at least demonstrates that demand for single-aisle jets remains strong worldwide, even if Boeing's ability to consistently satisfy that demand remains a work in progress.

The 737 MAX Carries the Load

Boeing's 737 MAX program shouldered most of the delivery work in November, which makes sense given the plane's role as the company's volume workhorse. The customer list reads like a who's who of global aviation: American Airlines Group, Inc. (AAL), Southwest Airlines (LUV), United Airlines Holdings, Inc. (UAL), Ryanair Holdings plc (RYAAY), Alaska Air Group, Inc. (ALK), and China Southern Airlines Co. Ltd. (CHKIF) all took delivery of MAX aircraft during the month. Vietnamese carrier VietJet Air also received planes.

The leasing companies got their share too, with major lessors like AerCap Holdings N.V. (AER) and BOC Aviation Ltd. (BCVVF) taking aircraft that will eventually make their way to airline customers around the world.

Boeing also delivered some widebody aircraft, including 787 Dreamliners and 767 freighters. Lufthansa picked up widebody jets, while cargo giants FedEx Corporation (FDX) and United Parcel Service, Inc. (UPS) took delivery of freighters to support their global shipping networks.

Southwest Airlines emerged as one of November's biggest single recipients, continuing its long relationship with Boeing's narrowbody aircraft. Meanwhile, numerous international carriers each received one or two planes, reflecting Boeing's effort to work through stored inventory while meeting delivery schedules across different regions and time zones.

On the order front, Boeing brought in 164 new aircraft orders during November. That sounds impressive until you account for 38 cancellations, which brings the net order tally down to 126 aircraft. Still, net positive orders beat the alternative.

Meanwhile, in Europe

While Boeing delivered 44 planes, Airbus was busy handing over 72 aircraft to 42 different customers in November. The European manufacturer also secured 75 gross orders during the month, maintaining the steady operational tempo that's characterized its year.

Through the end of November, Airbus has delivered 657 aircraft to 87 customers in 2025. That consistent execution stands in stark contrast to Boeing's stop-and-start production challenges, and the gap between the two manufacturers continues to widen rather than narrow.

The comparison isn't entirely fair—Airbus has benefited from fewer production interruptions and less regulatory scrutiny this year. But fair or not, the delivery numbers speak to fundamentally different operational realities at the two companies right now. Airbus is executing with relative consistency, while Boeing is still trying to stabilize its manufacturing processes and satisfy heightened regulatory requirements.

Why This Matters Beyond Aviation Geeks

For investors watching Boeing, delivery numbers aren't just operational metrics—they're financial lifelines. Aircraft manufacturers typically receive final payment when planes are delivered, which means each handover translates directly into revenue recognition and cash inflow. Monthly delivery performance essentially provides a real-time window into Boeing's near-term financial health and cash generation capability.

November's 44 deliveries send a constructive signal that Boeing is gradually improving execution, especially on the all-important 737 MAX program. The year-over-year comparison looks encouraging, and the company is clearly making aircraft and getting them to customers.

But the sequential decline from October's 53 deliveries highlights the challenge ahead. Boeing needs sustained, predictable month-over-month consistency to narrow the substantial delivery gap with Airbus and to materially restore confidence among investors, customers, and industry observers. One decent month doesn't establish a trend, and right now, what Boeing needs most is boring, steady, predictable execution—month after month after month.

The company has the order book and the customer demand. What it needs to demonstrate is the ability to consistently convert those orders into delivered aircraft at a pace that closes the gap with its European rival.

Price Action: Boeing shares were down 2.53% at $201.05 at the time of publication on Tuesday. Airbus shares were down 2.31% at $56.73.