Industrials · NYSE: BA
Boeing: how the business works
Boeing builds commercial jets and military aircraft and services them, with revenue of $89.5 billion in FY2025.
By Hardik Bhandare · Checked against filings:
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The Boeing Company · Arlington, Virginia · Founded 1916
Last updated
- Revenue, FY2025
- $89.5B
- Net income to common stockholders, FY2025 (incl. $9.6B sale gain)
- $1.9B
- Commercial airplanes delivered, FY2025
- 600
- Workforce, Dec 31, 2025
- About 182,000
- Incorporated
- 1916
The short version
Boeing in 5 points
1 · What it sells
Boeing builds commercial jets such as the 737 and 787, makes military aircraft, weapons and satellites, and sells parts and services for aircraft, with $89.5 billion of revenue in FY2025.
2 · Who pays it
In FY2025, the U.S. government, including Foreign Military Sales, paid 35% of Boeing's revenue and all other customers, including airlines, paid 65%.
3 · What it keeps from $100
Of every $100 that came in during FY2025, Boeing kept $1.88 for common stockholders, including a one-off sale gain; operating earnings were $4.79 per $100 of revenue, or a $6.03 loss without such gains (Cityfort calculation from FY2025 10-K).
4 · Where the operating profit comes from
In FY2025 Global Services earned $13,474 million of operating earnings, or $3,908 million (Cityfort calculation from FY2025 10-K) without a $9,566 million sale gain, while Commercial Airplanes lost $7,079 million and Defense, Space & Security lost $128 million.
5 · The one thing to watch
Commercial Airplanes lost $697 million in Q3 FY2026 on revenue of $10,720 million, and Boeing's Oct 27, 2026 10-Q says it now expects 737 production to stabilize at 47 a month in 2027.
Sources: From Boeing's FY2025 10-K, Q3 FY2026 10-Q and Q3 FY2026 earnings release · checked
See the full receipt and the management scorecard below
01Where the money goes · FY2025
Where does $100 of Boeing's money go?
Boeing · FY2025
Receipt for every $100
| Cost of products and services | $84.9 |
|---|---|
| General and administrative | $6.1 |
| Research and development | $3.6 |
| Interest on debt | $2.8 |
| Income tax | $0.4 |
| Preferred dividends, noncontrolling holders | $0.3 |
| Kept for common stockholders | $1.9 |
| Total | $100 |
Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.
How this is worked out
Of every $100 that came in during FY2025 (revenue $89,463 million + gains, investment income and other income $10,822 million = $100,285 million). Cityfort calculation from FY2025 10-K. The $9,672 million of gains on selling businesses is about $9.64 of each $100. Before rounding, Boeing kept $1.88 for common stockholders.
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02The business in one line
What does Boeing do?
Airlines, the U.S. government and other customers pay Boeing for jets, defense and space products and aviation services; most of the money goes on building them, and Global Services was the only segment with an operating profit in FY2025.
- In FY2025, Commercial Airplanes brought in 46.4% of revenue, Defense, Space & Security 30.4% and Global Services 23.4%.
- FY2025 operating earnings of $4,281 million include $9,672 million of gains on selling businesses; without those gains the result was an operating loss of $5,391 million (Cityfort calculation from FY2025 10-K).
03Who pays it
Who pays Boeing?
U.S. government
35%
of revenue
Defense and space work, including for the Department of War and NASA. This includes Foreign Military Sales, which are arms sales to other countries through the U.S. government. It paid 91% of Defense, Space & Security revenue and 31% of Global Services revenue.
All other customers
65%
of revenue
Airlines and other customers. This share is 100 minus the U.S. government's 35%. Commercial Airplanes customers paid $41,332 million: $16,357 million from the United States, $11,733 million from Asia, $6,536 million from Europe, $4,202 million from the Middle East and $2,504 million from elsewhere.
- U.S. government35%
- All other customers65%
Customer concentration
The U.S. government paid 35% of FY2025 revenue. Non-U.S. customers paid 46%, including Foreign Military Sales, so that share overlaps with the 35%. Non-U.S. customers also paid 60% of Commercial Airplanes customer revenue. About 85% of that segment's backlog (orders not yet delivered) by value is with non-U.S. airlines. The sections of Boeing's filings used here give no single airline's share.
- Largest customer
- 35%
04Why it makes money
Why does Boeing make money?
Customers pay before delivery, and profit depends on how many jets Boeing can build and at what cost.
At Sep 30, 2026, Boeing held $67,502 million of customer advances and progress billings against $90,948 million of inventories. Program profit rests on estimates of quantity and cost. Commercial Airplanes lost $697 million in Q3 FY2026. The 10-Q ties lower margins to delayed 737 and 787 rate increases and higher supply chain costs; the earnings release adds delivery mix.
Operating earnings per $100 of revenue (FY2025 includes gains on selling businesses)
−$4.6$4.8
FY2021 to FY2025
- Airlines and governments sign long contracts
- Customers pay advances before delivery
- Boeing buys parts and builds inventory
- Deliveries turn contracts into revenue
- Aircraft in service need parts and training
- Cash repays debt and funds higher production
↺ Step 6 feeds back into step 1.
05Business segments · FY2025
Which businesses make up Boeing?
Commercial Airplanes
46%Jets for airlines. FY2025 operating loss of $7,079 million; Q3 FY2026 loss of $697 million on revenue of $10,720 million. Includes Spirit from Dec 8, 2025. FY2021 and FY2022 history uses the recast figures in the FY2023 10-K.
Revenue $41.5B · Operating profit −$7.1B
Defense, Space & Security
30%Military aircraft, weapons, satellites and space. FY2025 operating loss of $128 million; 91% of revenue came from the U.S. government, including Foreign Military Sales, and 58% was fixed-price.
Revenue $27.2B · Operating profit −$128M
Global Services
23%Parts, maintenance and training. FY2025 operating earnings of $13,474 million include the $9,566 million gain on selling Digital Aviation Solutions; without it they were $3,908 million (Cityfort calculation from FY2025 10-K). Those sold assets left on Oct 31, 2025.
Revenue $20.9B · Operating profit $13.5B
How the mix changed
- Commercial Airplanes
- Defense, Space & Security
- Global Services
Revenue by segment, FY2021 to FY2025.
US$
See the numbers
06The numbers · Consolidated · US$
How has Boeing done?
Revenue
$89.5BFY2025
Revenue fell to $66.5 billion in FY2024 and reached $89.5 billion in FY2025; Q3 FY2026 revenue was $24.2 billion, up 4% from $23.3 billion a year earlier.
US$
See the numbers
Net profit
$1.9BFY2025
Common stockholders' result was a loss every year from FY2021 to FY2024; FY2025's $1,890 million includes a $9,566 million pre-tax sale gain, and Q3 FY2026 was a $203 million loss ($116 million total net loss).
US$
See the numbers
Profit kept per $100 of revenue
$2.1FY2025
Net income to common per $100 of revenue was $2.11 in FY2025, while operating earnings were $4.79 per $100, or a loss of $6.03 without gains on selling businesses (Cityfort calculation from FY2025 10-K).
$ of profit per $100 of revenue (net margin)
See the numbers
Free cash flow
−$1.9BFY2025
Free cash flow here is cash from operations minus purchases of property and equipment, which matches Boeing's own definition: −$1,877 million in FY2025 on operating cash flow of $1,065 million, after −$14,310 million in FY2024 on −$12,080 million.
US$ · cash from operations minus spending on plants and equipment
See the numbers
See all yearly numbers
EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (Dec 31; Boeing's fiscal year is the calendar year, so Q3 FY2026 is July to September 2026). Net profit is the share belonging to the company's owners. Total net income differs from net profit to the company's owners: In FY2025 total net earnings were $2,238 million. Noncontrolling holders took $3 million and preferred dividends $345 million, leaving $1,890 million for common stockholders.
Learn: Fiscal years that don't end in December: Nvidia's FY2027 explained · Stock-based compensation and dilution: pay that becomes shares
07Who runs it
Who runs Boeing, and did they deliver?
Robert K. (Kelly) Ortberg
President and Chief Executive Officer · since 2024
CEO since August 2024. His 2025 total pay was $23,581,389, about 166 times the median employee's $141,933.
Jesus (Jay) Malave
Executive Vice President and Chief Financial Officer · since 2025
Effective Aug 15, 2025.
Stephanie Pope
Executive Vice President; CEO, Commercial Airplanes
Stephen Parker
Executive Vice President; CEO, Defense, Space & Security
Steven Mollenkopf
Independent Board Chair
11 of the 12 director nominees at the 2026 annual meeting were independent.
What they said, and what happened
1 missed · 2 delivered · 1 partly delivered · 4 too early to tell
Said on Jan 31, 2024
Boeing's FY2023 10-K gave 2025 for the first 777-9 delivery.
MissedWhat happened
The date moved to 2026 (October 2024 10-Q), then to 2027 (October 2025 10-Q), with a $4,899 million loss in Q3 FY2025. The Oct 27, 2026 10-Q still says 2027.
Said on Jan 30, 2026
Boeing's FY2025 10-K said it expected 737-7 and 737-10 certification in 2026.
DeliveredWhat happened
The 737-7 was certified in Q3 FY2026 and the 737-10 in October 2026.
Said on Jul 28, 2026
Management said on the Q2 2026 call that 737 factory rollouts would reach 47 a month this summer.
Partly deliveredWhat happened
The move from 42 to 47 began in Q2 FY2026. The Oct 27, 2026 10-Q says Boeing now expects to stabilize at 47 in 2027.
Said on Jul 28, 2026
Management said on the Q2 2026 call that Boeing was on track to deliver 500 737s in 2026.
Too early to tellWhat happened
367 were delivered in the nine months to Sep 30, 2026. This is the latest stated target found: the Q3 call transcript was not available on Nov 1, 2026.
Said on Jul 28, 2026
Management said on the Q2 2026 call that Boeing was on track to deliver 90 to 100 787s in 2026.
Too early to tellWhat happened
62 were delivered in the nine months to Sep 30, 2026. This is the latest stated target found: the Q3 call transcript was not available on Nov 1, 2026.
Said on Jan 27, 2026
Management said on the Q4 2025 call that it expected about 19 KC-46 tanker deliveries in 2026.
Too early to tellWhat happened
15 were delivered in the nine months to Sep 30, 2026.
Said on Jan 27, 2026
Management said in January 2026 that it expected 2026 free cash flowCash from operations minus spending on buildings and equipment. Learn more of $1 billion to $3 billion.
Too early to tellWhat happened
Free cash flow was −$359 million in the nine months to Sep 30, 2026, on operating cash flow of $2,681 million. Boeing's Oct 27, 2026 deck estimates free cash flow of about $2 billion, on operating cash flow of about $6 billion.
Said on Jul 28, 2026
Management said on the Q2 2026 call that it expected positive Q3 free cash flow in the low hundreds of millions of dollars.
DeliveredWhat happened
Q3 FY2026 free cash flow was $464 million, on operating cash flow of $1,496 million.
08What could go wrong
What could go wrong for Boeing?
- Execution
Commercial Airplanes' production rates and losses
Commercial Airplanes lost $697 million in Q3 FY2026 on revenue of $10,720 million. Boeing's 10-Q ties lower margins to its decision to delay planned 737 and 787 rate increases and to higher estimated supply chain costs. Its earnings release also cites a less favorable delivery mix. The 10-Q says the delay is adversely affecting results.
Watch The 737 rate against 47 a month and the 787 rate against 8 a month, in each 10-Q.
- Regulation
The FAA's say over production
Boeing's FY2025 10-K says the 737 program may raise production rates or add lines only with the FAA's concurrence. Its Oct 27, 2026 10-Q says the new 737 line must be production-certified by the FAA before first delivery.
Watch FAA production certification of the new 737 line and any change in oversight stated in filings.
- Legal
Accidents, lawsuits and investigations
Boeing's Oct 27, 2026 10-Q lists pending civil and securities lawsuits tied to the October 2018 and March 2019 MAX accidents. It also lists investigations and legal actions after the January 2024 door plug accident. Boeing says it "cannot reasonably estimate a range of loss, if any, not covered by available insurance and in excess of any accrued amounts".
Watch The legal note in each 10-Q and the appeal of the Mar 16, 2026 class certification ruling.
- Debt
Debt and credit ratings
Total debt was $45,920 million at Sep 30, 2026, against $20,714 million of cash and short-term investments. Boeing repaid $8,415 million in the first nine months of 2026. The 10-Q lists ratings of BBB- from Fitch and S&P and Baa3 from Moody's.
Watch Debt due each year, free cash flow and any rating change.
- Cash and liquidity
Reliance on customer advances
Advances and progress billings were $67,502 million at Sep 30, 2026, and added $8,113 million to nine-month operating cash flow of $2,681 million. Boeing's financing commitments were $16,470 million, of which $11,329 million are to customers it believes are below investment grade.
Watch The change in advances and in inventories on the cash flow statement.
- Execution
777X cost and timing
Boeing took a $4,899 million loss on the 777X in Q3 FY2025. At Sep 30, 2026 the program held $7,608 million of work in process and $2,177 million of tooling. Boeing's 10-Q says the 777 and 777X programs have near break-even gross margins. It says parts shortages from a key 777 supplier have disrupted the factory, and it expects operations to continue to be disrupted through the first half of 2027.
Watch Approval of the final flight test phases, the engine durability fix and the first 777-9 delivery.
- Concentration
U.S. government work and fixed-price contracts
The U.S. government paid 35% of FY2025 revenue, and 58% of Defense, Space & Security revenue was fixed-price. That segment took $5.0 billion of losses on five fixed-price development programs in FY2024. The VC-25B loss grew by $312 million in the first nine months of 2026.
Watch Losses on KC-46, VC-25B and Starliner in the program notes, and government funding after Dec 11, 2026.
- Other
More shares from the preferred class and notes
The preferred class converts on Oct 15, 2027 into 33.5 million to 40.2 million new common shares, or 4.2% to 5.1% of the 792.45 million outstanding (Cityfort calculation from Q3 FY2026 10-Q). The rate depends on a 20-day average price before that date. Spirit exchangeable notes of $230 million may also become exchangeable for stock.
Watch The conversion rate when it is set and the share count on each 10-Q cover.
09Both sides
What do supporters and critics point to?
What supporters point to
- Undelivered firm orders at Sep 30, 2026 included 4,537 737s and 1,128 787s; Boeing reports over 6,300 commercial airplanes in backlog.
- Commercial deliveries rose from 348 in FY2024 to 600 in FY2025, and reached 475 in the first nine months of 2026.
- The FAA certified the 737-7 in Q3 FY2026 and the 737-10 in October 2026, and the U.S. Navy selected Boeing for the F/A-XX.
- Total debt fell from $54,098 million at Dec 31, 2025 to $45,920 million at Sep 30, 2026, and Q3 FY2026 free cash flow was $464 million on operating cash flow of $1,496 million.
- Global Services earned $1,019 million on $5,574 million of revenue in Q3 FY2026.
What critics point to
- Commercial Airplanes had an operating loss every year from FY2021 to FY2025 and in every quarter from Q1 FY2024 to Q3 FY2026.
- FY2025 net income of $1,890 million includes a $9,566 million sale gain; without disposition gains, operations lost $5,391 million (Cityfort calculation from FY2025 10-K).
- The first 777-9 delivery moved from 2025 to 2027 in Boeing's filings, and Boeing delayed 737 and 787 rate increases in Q3 FY2026.
- Common shares rose 35.9% from January 2022 to October 2026, and no common dividend has been paid since Boeing suspended it in March 2020.
- Boeing's Oct 27, 2026 10-Q lists pending lawsuits and investigations tied to the MAX and door plug accidents, with no estimated range of loss not covered by available insurance and in excess of any accrued amounts.
10What to watch next
What should you watch next at Boeing?
Next event
Q4 FY2026 results
Date not announced yet.
737 production at 47 a month
Boeing's Oct 27, 2026 10-Q says it now expects to stabilize at 47 in 2027. Boeing delivered 367 737s in the first nine months of 2026.
777X certification
Boeing expects approval on the final flight test phases by the end of 2026 and first 777-9 delivery in 2027, its Oct 27, 2026 10-Q says.
Free cash flow against Boeing's estimate
Free cash flow was −$359 million in the first nine months of 2026, on operating cash flow of $2,681 million. Boeing's Oct 27, 2026 deck estimates free cash flow of about $2 billion for the year, on operating cash flow of about $6 billion.
11Key dates
What are the key dates for Boeing?
| Event | Date | Source |
|---|---|---|
| U.S. government departments, including the Department of War, funded throughAs stated in Boeing's Oct 27, 2026 10-Q. | Form 10-Q, third quarter 2026 (ended Sep 30, 2026) | |
| Sale of Insitu, Wisk Aero and SkyGrid to Archer Aviation expected to closeBoeing's Oct 27, 2026 10-Q says later in 2026; it gives no date. | Not yet stated | Form 10-Q, third quarter 2026 (ended Sep 30, 2026) |
| Preferred stock converts automatically into common stockEach preferred share becomes 5.8280 to 6.9940 common shares. | Form 10-Q, third quarter 2026 (ended Sep 30, 2026) |
Learn: IPO lock-up agreements: what they are and when they end
12Key facts
Key facts about Boeing
- What does Boeing do?
- Boeing builds commercial jets, military aircraft, weapons and satellites, and sells aviation services. Boeing had FY2025 revenue of $89,463 million, delivered 600 commercial airplanes and had a workforce of about 182,000 on Dec 31, 2025.
- How does Boeing make money, and what is its business model?
- Boeing's business model is selling aircraft and defense systems under long contracts, then selling parts, maintenance and training for them. In FY2025, Boeing's sales of products were $75,356 million and its sales of services were $14,107 million.
- Is Boeing profitable?
- Boeing's FY2025 net income to common stockholders was $1,890 million, including a $9,566 million pre-tax gain on selling Digital Aviation Solutions. FY2025 earnings from operations were $4,281 million, or a $5,391 million loss without $9,672 million of disposition gains (Cityfort calculation from FY2025 10-K). In Q3 FY2026 Boeing had a net loss of $116 million, and $203 million for common stockholders.
- What is Boeing's revenue by segment?
- Boeing's FY2025 revenue was $41,494 million from Commercial Airplanes, $27,234 million from Defense, Space & Security and $20,923 million from Global Services, less $188 million of unallocated items and eliminations.
- Who are Boeing's customers?
- The U.S. government, including Foreign Military Sales, paid 35% of Boeing's FY2025 revenue. Non-U.S. customers, also including Foreign Military Sales, paid 46%, so the two shares overlap. Boeing's Commercial Airplanes segment sells mainly to airlines.
- Who owns Boeing?
- Boeing's reported 5% holders include Vanguard Capital Management with 7.45% (Mar 31, 2026), FMR with 7.0% (Dec 31, 2025), BlackRock with 6.8% (Dec 31, 2024) and Capital World Investors with 5.2% (Mar 31, 2026). Boeing's officers and directors as a group owned less than 1% on Feb 17, 2026.
- What is Boeing's Commercial Airplanes business?
- Boeing Commercial Airplanes makes the 737, 767, 777 and 787 jets. In FY2025 the segment had revenue of $41,494 million, Boeing delivered 600 commercial airplanes, and the segment had an operating loss of $7,079 million.
- What is Boeing's Defense, Space & Security business?
- Boeing Defense, Space & Security makes military aircraft, weapons and satellites and works on space exploration. In FY2025 the segment had revenue of $27,234 million, 91% of it from the U.S. government, including Foreign Military Sales, and an operating loss of $128 million.
- What is Boeing's Global Services business?
- Boeing Global Services sells spare parts, maintenance, upgrades, training and logistics to commercial and defense customers. In FY2025 the segment had revenue of $20,923 million and operating earnings of $13,474 million, or $3,908 million (Cityfort calculation from FY2025 10-K) without a $9,566 million sale gain.
- How much debt does Boeing have?
- Boeing had total debt of $45,920 million and cash and short-term investments of $20,714 million on Sep 30, 2026. Boeing's total debt was $54,098 million on Dec 31, 2025.
Go deeper
More detail from the same filings. Open any section.
13What it sells
13What it sells
What does Boeing sell?
Narrow-body jets (737)
Single-aisle jets. The 737 was 447 of Boeing's 600 commercial deliveries in FY2025.
Wide-body jets (767, 777, 787)
Twin-aisle passenger and cargo jets. Boeing delivered 88 787s, 35 777s and 30 767s in FY2025. The 777X is still in development.
Defense and space
Fighter, trainer, tanker and surveillance aircraft, helicopters, missile defense, weapons, satellites and space exploration.
Global Services
Spare parts, maintenance, modifications, upgrades, logistics, pilot and maintenance training, and digital tools for commercial and defense customers.
What it does
- Does: Builds and delivers commercial jets to airlines worldwide.
- Does: Builds military aircraft and weapons, mostly for the U.S. government.
- Does: Sells parts, maintenance and training for aircraft in service.
What it does not do
- Does not: Run an airline: it sells jets to airlines.
- Does not: Own Jeppesen, ForeFlight, AerData or OzRunways any more: it sold them on Oct 31, 2025.
- Does not: Pay a common dividend: it suspended it in March 2020.
14How the money flows
14How the money flows · FY2025
How does money flow through Boeing?
Money in
- Sales of products (jets, military aircraft, weapons)$75.4B
- Sales of services$14.1B
- Gains on selling businesses ($9,672M), investment income ($25M), other income ($1,125M)$10.8B
The company
Boeing
$100.3B came in
Money out
- Cost of making and delivering products and services$85.2B
- General and administrative$6.1B
- Research and development$3.6B
- Interest on debt$2.8B
- Income tax$397M
- Preferred dividends and noncontrolling holders$348M
- Net income to common stockholders$1.9B
- Customers paid Boeing $89.5 billion in FY2025: $75.4 billion for products and $14.1 billion for services.
- Making and delivering them cost $85.2 billion. Administration took $6.1 billion and research and development $3.6 billion.
- With $25 million of investment income, that left an operating loss of $5,391 million before gains on selling businesses (Cityfort calculation from FY2025 10-K).
- Those gains added $9,672 million, of which $9,566 million came from Digital Aviation Solutions. Operating earnings were $4,281 million.
- Other income added $1,125 million. Interest, tax, preferred dividends and outside owners of subsidiaries (noncontrolling holders) left $1,890 million for common stockholders.
15What it needs to run
15What it needs to run
What does Boeing need to run?
A skilled workforce
About 182,000 people at Dec 31, 2025, of whom about 72,000 were union members. Engineers and technicians in SPEEA ratified contracts through 2030 on Oct 1, 2026.
Suppliers
Boeing bought its supplier Spirit AeroSystems on Dec 8, 2025, adding 16,961 employees. A key 777 supplier's parts shortages began in Q3 FY2026.
Regulators' approval
New models need FAA certification before entering service. Boeing's FY2025 10-K says the 737 program may raise production rates or add lines only with the FAA's concurrence.
Money tied up in jets
At Sep 30, 2026, inventories were $90,948 million, including $14,036 million of 737 and $14,444 million of 787 deferred production costs.
16Where it sells
16Where it sells · FY2025
Where does Boeing sell?
- Non-U.S. customers (including Foreign Military Sales)46%
- U.S. customers (100 minus the non-U.S. share)54%
17Competitors and what protects it
17Competitors and what protects it
Who does Boeing compete with?
Airbus
Boeing's 10-K names Airbus as a commercial jet competitor. Airbus is not an SEC filer and reports in euros, so this page shows no Airbus figures.
RTX
Named by Boeing as a defense competitor. RTX's FY2025 10-K reports revenue of $88,603 million and net income attributable to common stockholders of $6,732 million (net income $7,069 million).
Lockheed Martin
Named by Boeing as a defense competitor. Lockheed Martin's FY2025 10-K reports revenue of $75,048 million and net earnings of $5,017 million.
General Dynamics
Named by Boeing as a defense competitor. General Dynamics' FY2025 10-K reports revenue of $52,550 million and net earnings of $4,210 million.
Northrop Grumman
Named by Boeing as a defense competitor. Northrop Grumman's FY2025 10-K reports revenue of $41,954 million and net earnings of $4,182 million.
What protects the business
Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.
- Few makers of large jets4 of 5
Boeing describes itself as one of two major makers of 100+ seat airplanes, and also names entrants from China as competitors.
- Orders already signed4 of 5
Undelivered firm orders at Sep 30, 2026 included 4,537 737s, 1,128 787s and 570 777Xs. Orders can still be canceled: cancellations in the first nine months of 2026 totaled $3,164 million.
- Certification4 of 5
New aircraft models and derivatives need FAA certification before entering service. The 737-7 was certified in Q3 FY2026 and the 737-10 in October 2026.
- Aircraft already flying3 of 5
Boeing had delivered 9,240 737s and 1,249 787s by Dec 31, 2025. Global Services kept 18.3% of revenue as operating earnings in Q3 FY2026.
Weak spot
Commercial Airplanes losses
Commercial Airplanes had an operating loss in every year from FY2021 to FY2025 and in Q3 FY2026, when Boeing delayed planned 737 and 787 production rate increases.
18Where growth could come from
18Where growth could come from
Where could Boeing's growth come from?
Boeing said in its Q3 2026 earnings presentation (Oct 27, 2026) that it estimates free cash flow of about $2 billion in 2026 and $3 billion in 2027. Its estimates for 2028 and 2029 are about $6 billion and $10 billion. It estimates operating cash flow of about $6 billion, $8 billion, $10 billion and $14 billion for those years. These are Boeing's estimates. The Q3 call transcript was not available on Nov 1, 2026, so 2026 delivery targets appear only as dated statements in the promises section.
737 production rate
BehindMoving from 42 to 47 a month
The move began in Q2 FY2026 with the FAA's concurrence. Boeing's Oct 27, 2026 10-Q says it now expects to stabilize at 47 in 2027, then plans for 52. Low-rate production began on a new line in July 2026.
Status: Behind, behind the company's own plan.
787 production rate
Behind8 a month
Boeing decided in Q3 FY2026 to delay planned increases. Its Oct 27, 2026 10-Q says the next increase is now planned to begin in December 2026.
Status: Behind, behind the company's own plan.
737-7 and 737-10
WorkingCertified in 2026
The 737-7 was certified in Q3 FY2026 and the 737-10 in October 2026. They make up 6% and 33% of 737 firm orders. About 45 were in inventory at Sep 30, 2026.
Status: Working, on track against what the company said.
777X
BehindFirst delivery now 2027
Boeing's Oct 27, 2026 10-Q expects approval on the final flight test phases by the end of 2026. It is still working with the FAA and its supplier on an engine durability issue.
Status: Behind, behind the company's own plan.
Navy F/A-XX fighter
NewSelected in Q3 FY2026
The U.S. Navy selected Boeing to design, build and deliver the F/A-XX. Boeing says the order is not in backlog, pending the source selection and evaluation review.
Status: New, recently announced.
Services
Working$5,574M revenue in Q3 FY2026
Global Services earned $1,019 million in Q3 FY2026, up from $938 million a year earlier. Revenue was $5,370 million a year earlier, when it still included the sold digital assets.
Status: Working, on track against what the company said.
Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.
19The company's own measures (non-GAAP)
19The company's own measures · FY2025 and Q3 FY2026, unless the row says otherwise
What do Boeing's own measures show?
Official (GAAP): Earnings from operations, FY2025
$4.3B
Company's own measure: Core operating earnings, FY2025
$3.2B
Leaves out the FAS/CAS service cost adjustment, a pension and retiree cost difference that is a benefit, so core is lower than GAAP. It does not add back program charges.
Official (GAAP): Diluted EPS, FY2025
$2.48
Company's own measure: Core EPS, FY2025
$1.19
Also leaves out non-operating pension and postretirement items.
Official (GAAP): Earnings from operations, Q3 FY2026
$354M
Company's own measure: Core operating earnings, Q3 FY2026
$204M
Same definition as above.
Official (GAAP): Diluted EPS, Q3 FY2026
−$0.26
Company's own measure: Core EPS, Q3 FY2026
−$0.34
Same definition as above.
Official (GAAP): Advances and progress billings, Sep 30, 2026
$67.5B
Company's own measure: Total backlog, Sep 30, 2026
$745.4B
Boeing's measure of work it is committed to perform. It is not revenue and excludes options and orders subject to customer contingencies. It includes $52,664 million without obligated funding, and not the F/A-XX. At Sep 30, 2026 Boeing expected about 17% to become revenue through 2027 and about 57% through 2030.
Official (GAAP): Reported Global Services revenue growth, Q3 FY2026 (Cityfort calculation from Q3 FY2026 earnings release)
3.8%
Company's own measure: Global Services revenue growth excluding sold assets, Q3 FY2026
11.0%
Boeing removes the digital assets it sold on Oct 31, 2025 from the year-ago quarter: $5,574 million against $5,033 million.
Official (GAAP)
No official figure measures this; it is the company's own operating measure.
Company's own measure: Commercial airplane deliveries, FY2025
600 airplanes
Includes 22 delivered inside Boeing for defense programs (737s for the P-8, 767s for the KC-46). Nearest official figure: Commercial Airplanes revenue of $41,494 million.
Official (GAAP): Operating cash flow, Q3 FY2026
$1.5B
Company's own measure: Free cash flow, Q3 FY2026
$464M
Boeing's measure: operating cash flow minus capital expenditures for property, plant and equipment.
Official (GAAP): Operating cash flow, nine months to Sep 30, 2026
$2.7B
Company's own measure: Free cash flow, nine months to Sep 30, 2026
−$359M
Same definition as above.
These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.
Sources
Form 10-K, fiscal year 2025 (ended Dec 31, 2025); Third quarter 2026 earnings release (Form 8-K, Exhibit 99.1); Form 10-Q, third quarter 2026 (ended Sep 30, 2026) and 1 more
Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out
20Financial strength and debt
20Financial strength · Sep 30, 2026
How much debt does Boeing have?
- Total debt$45.9B
- Cash and investments$20.7B
- Net debt (debt minus cash)$25.2B
- Net worth (shareholders' money)$6.5B
- Debt to equity
- 7.01×
- $ of debt for every $1 of shareholders' money
- Debt is $4,569 million short-term plus $41,351 million long-term, down from $54,098 million at Dec 31, 2025. It excludes operating lease liabilities ($2,267 million at Dec 31, 2025). Net debt is simple subtraction, a Cityfort calculation from Q3 FY2026 earnings release.
- Debt to equity of 7.01 uses shareholders' equity of $6,547 million. Equity was a deficit at every year end from 2021 to 2024 ($3,908 million at Dec 31, 2024), so the ratio has no meaning before FY2025.
- Interest cover is left blank. FY2025 operating earnings were 1.54 times interest of $2,771 million, but only with $9,672 million of gains on selling businesses.
- Customer advances fund part of the business: advances and progress billings were $67,502 million against inventories of $90,948 million. Nine-month operating cash flow of $2,681 million includes +$8,113 million of advances and −$6,733 million of inventories. Boeing's release says about $0.7 billion of Department of Justice settlement payments reduced Q3 operating cash flow.
- Undrawn credit lines were $10.0 billion. Financing commitments were $16,470 million, of which $11,329 million are to customers Boeing believes are below investment grade.
21Who owns it
21Who owns it · ownership as of Feb 17, 2026
Who owns Boeing?
- Officers and directors (as a group), shares
- 0.0%
Shares vs votes by class
Boeing has more than one class of shares, and the classes carry different votes. The share of votes a class holds can differ a lot from its share of the shares.
- Common stock: share of all votes100.0%
- 6.00% Series A Mandatory Convertible Preferred Stock: share of all votes0.0%
Each class's part of all votes = its shares outstanding × votes per share ÷ the total for all classes.
Share classes
Holders of 5% or more
From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.
Sources
Form 10-Q, third quarter 2026 (ended Sep 30, 2026); Form 10-K, fiscal year 2021 (ended Dec 31, 2021); Form 8-K, mandatory convertible preferred stock terms (Certificate of Designations, Exhibit 3.1) and 5 more
Learn: Dual-class shares: when votes and ownership don't match · How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes
22What it does with profit
22What it does with profit
What does Boeing do with its profit?
Money raised · Oct 30, 2024
Sold 129,375,000 common shares, including the underwriters' option; net proceeds as shown in the FY2024 cash flow statement.
$18.2B
Money raised · Oct 31, 2024
Sold depositary shares in 6.00% mandatory convertible preferred stock; net proceeds as shown in the FY2024 cash flow statement.
$5.7B
23Governance signals
23Governance signals
What do Boeing's governance filings show?
- Auditor
- Deloitte & Touche LLP, since 1934
- Auditor changes
- None in the period covered
- Audit qualifications
- None reported
- Related-party dealings
- BlackRock, a 6.8% holder in the proxy, had affiliates that received about $10.6 million in 2025 for managing retirement plan assets. Director Tim Buckley, on the board since Jan 1, 2025, is the former Vanguard chairman and CEO.
- Credit rating
- Fitch / S&P / Moody's BBB- / BBB- / Baa3 (Positive (since June 2026) / Stable / Stable), Oct 27, 2026
A credit rating describes the company's ability to repay debt. It is not a rating of the share.
Flags to know about
regulatory · Jan 5, 2024
FAA oversight after the January 2024 door plug accident
Boeing's FY2025 10-K says that on Jan 5, 2024 a 737-9 made an emergency landing after a mid-exit door plug detached in flight. It says the FAA investigated the 737 quality control system, imposed additional requirements and restrictions, and increased its oversight.
regulatory · May 29, 2025
Non-prosecution agreement with the Department of Justice
Boeing's 8-K says the May 29, 2025 agreement resolves the Department's determination that Boeing did not fulfill its obligations under a January 2021 deferred prosecution agreement. The terms include a $487.2 million criminal monetary penalty, of which $243.6 million was paid in 2021. They also include $444.5 million for heirs and beneficiaries of those who died in the Lion Air 610 and Ethiopian 302 accidents, and $455.0 million invested in compliance, safety and quality programs. Boeing's 10-Q says $689 million was released from escrow in September 2026 for required payments.
regulatory · Oct 27, 2026
Open lawsuits and investigations
Boeing's Oct 27, 2026 10-Q says fewer than five civil lawsuits by family members of those who died in the MAX accidents are pending, as are securities lawsuits. Boeing is appealing a Mar 16, 2026 partial grant of class certification. Investigations and legal actions followed the door plug accident. Boeing says it "cannot reasonably estimate a range of loss, if any, not covered by available insurance and in excess of any accrued amounts".
auditor
Critical audit matters
Deloitte's FY2025 report names three critical audit matters: cost estimates for fixed-price development contracts, and program accounting estimates for the 777X and 737 programs. Boeing's CEO and CFO concluded that disclosure controls were effective.
other
Stock as collateral and hedging barred
Boeing's proxy says directors and executive officers may not use Boeing stock as collateral for loans or hedge it.
other · Apr 17, 2026
Say-on-pay vote, April 2026
484,097,165 votes for, 55,595,642 against and 5,981,267 abstentions.
disclosure
No single airline's share
The sections of Boeing's filings used here give no single airline's share of revenue, and no date for resuming the common dividend.
24What the market paid
24What the market paid · price as of Oct 30, 2026
What did the market pay for Boeing on Oct 30, 2026?
Price as of Oct 30, 2026 (shown for education; prices change daily).
Price as of Oct 30, 2026: a $171.55 close, from Nasdaq's historical price table for BA; Boeing's shares are listed on the NYSE. Market value = $171.55 × 792,449,940 common shares (10-Q cover, Oct 20, 2026) = $135,945 million (Cityfort calculation from the Oct 30, 2026 closing price and the Q3 FY2026 10-Q cover), common stock only. P/E is price ÷ earnings per share: 69.2 on FY2025 diluted EPS of $2.48. On the sum of the last four quarters' EPS, $9.19, it is 18.7; quarterly EPS do not strictly add up. Both include the sale gain, and the nine months to Sep 30, 2026 are a net loss.
- Share price
- $171.55
- Market value (market cap)
- $135.9B
- P/E
- 69.2×
Source: Boeing (BA) historical closing prices, Oct 26-30, 2026; Form 10-Q, third quarter 2026 (ended Sep 30, 2026); Form 10-K, fiscal year 2025 (ended Dec 31, 2025) and 4 more
25How it got here
25How it got here
How did Boeing get here?
1916
Milestone
Incorporated
Boeing was incorporated in Washington in 1916 and reincorporated in Delaware in 1934.
2019
Crisis
737 MAX operations suspended
The Lion Air 610 accident was in October 2018 and the Ethiopian 302 accident in March 2019. Boeing's FY2021 10-K says the FAA issued an order on Mar 13, 2019 suspending 737 MAX operations in the U.S. and by U.S. operators. Deliveries were suspended until December 2020.
2020
Crisis
Dividend and buyback stopped
Boeing suspended its common dividend in March 2020 and ended its buyback authorization on Mar 21, 2020.
2021
Crisis
Deferred prosecution agreement
Boeing's filings say it entered a deferred prosecution agreement with the Department of Justice on Jan 6, 2021, relating to the MAX accidents.
2024
Crisis
Door plug accident
On Jan 5, 2024 a mid-exit door plug detached from a 737-9 in flight, Boeing's FY2025 10-K says. Boeing slowed production, and the FAA increased its oversight.
2024
Business-model change
New CEO, strike and new capital
Kelly Ortberg became CEO in August 2024. IAM 751 members, about 30,000 employees, struck from Sep 13 to Nov 4. In October Boeing raised $18,200 million in common stock and $5,657 million in preferred, net.
2025
Crisis
Non-prosecution agreement
Boeing's 8-K says it entered a non-prosecution agreement with the Department of Justice on May 29, 2025, with a $487.2 million criminal monetary penalty.
2025
Business-model change
Sold digital assets, bought Spirit
Boeing sold Jeppesen, ForeFlight, AerData and OzRunways to Thoma Bravo for $10,550 million on Oct 31, 2025. It closed the Spirit AeroSystems purchase on Dec 8, 2025, for $8,389 million of total consideration.
2026
Milestone
737-7 and 737-10 certified, F/A-XX selection
The 737-7 was certified in Q3 FY2026 and the 737-10 in October 2026. The U.S. Navy selected Boeing for the F/A-XX fighter during Q3 FY2026.
26Sources and changes
Where every number on this page comes from
Sources (40 documents)
- S1Form 10-K, fiscal year 2025 (ended Dec 31, 2025) · The Boeing Company (SEC EDGAR) · Tier 1: company or exchange filing · Jan 30, 2026
- S3Form 10-K, fiscal year 2023 (ended Dec 31, 2023) · The Boeing Company (SEC EDGAR) · Tier 1: company or exchange filing · Jan 31, 2024
- S5Form 10-K, fiscal year 2021 (ended Dec 31, 2021) · The Boeing Company (SEC EDGAR) · Tier 1: company or exchange filing · Jan 31, 2022
- S6Form 10-Q, third quarter 2026 (ended Sep 30, 2026) · The Boeing Company (SEC EDGAR) · Tier 1: company or exchange filing · Oct 27, 2026
- S9Form 10-Q, third quarter 2025 (ended Sep 30, 2025) · The Boeing Company (SEC EDGAR) · Tier 1: company or exchange filing · Oct 29, 2025
- S12Form 10-Q, third quarter 2024 (ended Sep 30, 2024) · The Boeing Company (SEC EDGAR) · Tier 1: company or exchange filing · Oct 23, 2024
- S15Third quarter 2026 earnings release (Form 8-K, Exhibit 99.1) · The Boeing Company (SEC EDGAR) · Tier 1: company or exchange filing · Oct 27, 2026
- S16Second quarter 2026 earnings release (Form 8-K, Exhibit 99.1) · The Boeing Company (SEC EDGAR) · Tier 1: company or exchange filing · Jul 28, 2026
- S17First quarter 2026 earnings release (Form 8-K, Exhibit 99.1) · The Boeing Company (SEC EDGAR) · Tier 1: company or exchange filing · Apr 22, 2026
- S18Fourth quarter and full year 2025 earnings release (Form 8-K, Exhibit 99.1) · The Boeing Company (SEC EDGAR) · Tier 1: company or exchange filing · Jan 27, 2026
- S19Third quarter 2025 earnings release (Form 8-K, Exhibit 99.1) · The Boeing Company (SEC EDGAR) · Tier 1: company or exchange filing · Oct 29, 2025
- S20Second quarter 2025 earnings release (Form 8-K, Exhibit 99.1) · The Boeing Company (SEC EDGAR) · Tier 1: company or exchange filing · Jul 29, 2025
- S21First quarter 2025 earnings release (Form 8-K, Exhibit 99.1) · The Boeing Company (SEC EDGAR) · Tier 1: company or exchange filing · Apr 23, 2025
- S22Fourth quarter and full year 2024 earnings release (Form 8-K, Exhibit 99.1) · The Boeing Company (SEC EDGAR) · Tier 1: company or exchange filing · Jan 28, 2025
- S23Third quarter 2024 earnings release (Form 8-K, Exhibit 99.1) · The Boeing Company (SEC EDGAR) · Tier 1: company or exchange filing · Oct 23, 2024
- S24Second quarter 2024 earnings release (Form 8-K, Exhibit 99.1) · The Boeing Company (SEC EDGAR) · Tier 1: company or exchange filing · Jul 31, 2024
- S25First quarter 2024 earnings release (Form 8-K, Exhibit 99.1) · The Boeing Company (SEC EDGAR) · Tier 1: company or exchange filing · Apr 24, 2024
- S26Fourth quarter and full year 2023 earnings release (Form 8-K, Exhibit 99.1) · The Boeing Company (SEC EDGAR) · Tier 1: company or exchange filing · Jan 31, 2024
- S27Proxy statement (DEF 14A) for the April 17, 2026 annual meeting · The Boeing Company (SEC EDGAR) · Tier 1: company or exchange filing · Mar 6, 2026
- S28Schedule 13G/A, FMR LLC (event date Dec 31, 2025) · FMR LLC (SEC EDGAR) · Tier 1: company or exchange filing · Feb 5, 2026
- S29Schedule 13G/A, The Vanguard Group (event date Mar 13, 2026; internal realignment, reports 0 shares) · The Vanguard Group (SEC EDGAR) · Tier 1: company or exchange filing · Mar 26, 2026
- S30Schedule 13G, Vanguard Capital Management (event date Mar 31, 2026) · Vanguard Capital Management (SEC EDGAR) · Tier 1: company or exchange filing · Apr 29, 2026
- S31Schedule 13G, Capital World Investors (event date Mar 31, 2026) · Capital World Investors (SEC EDGAR) · Tier 1: company or exchange filing · May 14, 2026
- S33Form 8-K, completion of the Spirit AeroSystems acquisition (press release, Exhibit 99.1) · The Boeing Company (SEC EDGAR) · Tier 1: company or exchange filing · Dec 8, 2025
- S35Form 8-K, non-prosecution agreement with the U.S. Department of Justice · The Boeing Company (SEC EDGAR) · Tier 1: company or exchange filing · Jun 4, 2025
- S36Form 8-K, Kelly Ortberg named CEO (press release, Exhibit 99.1) · The Boeing Company (SEC EDGAR) · Tier 1: company or exchange filing · Jul 31, 2024
- S37Form 8-K, Jay Malave named CFO (press release, Exhibit 99.1) · The Boeing Company (SEC EDGAR) · Tier 1: company or exchange filing · Jul 3, 2025
- S38Form 8-K, common stock and depositary share offerings, October 2024 · The Boeing Company (SEC EDGAR) · Tier 1: company or exchange filing · Oct 30, 2024
- S39Form 8-K, mandatory convertible preferred stock terms (Certificate of Designations, Exhibit 3.1) · The Boeing Company (SEC EDGAR) · Tier 1: company or exchange filing · Oct 31, 2024
- S42Form 8-K, 2026 annual meeting voting results · The Boeing Company (SEC EDGAR) · Tier 1: company or exchange filing · Apr 17, 2026
- S43Third quarter 2026 earnings presentation · The Boeing Company · Tier 1: company or exchange filing · Oct 27, 2026
- S47Second quarter 2026 earnings call transcript · The Boeing Company · Tier 1: company or exchange filing · Jul 28, 2026
- S48First quarter 2026 earnings call transcript · The Boeing Company · Tier 1: company or exchange filing · Apr 22, 2026
- S49Fourth quarter 2025 earnings call transcript · The Boeing Company · Tier 1: company or exchange filing · Jan 27, 2026
- S52Bank of America Global Industrials Conference transcript, Mar 17, 2026 · The Boeing Company · Tier 1: company or exchange filing · Mar 17, 2026
- S53Boeing (BA) historical closing prices, Oct 26-30, 2026 · Nasdaq · Tier 1: company or exchange filing · Oct 30, 2026
- S54Lockheed Martin Form 10-K, fiscal year 2025 · Lockheed Martin Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Jan 29, 2026
- S55RTX Form 10-K, fiscal year 2025 · RTX Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Feb 6, 2026
- S56General Dynamics Form 10-K, fiscal year 2025 · General Dynamics Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Jan 30, 2026
- S57Northrop Grumman Form 10-K, fiscal year 2025 · Northrop Grumman Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Jan 27, 2026
Changes to this page (v2 · Nov 1, 2026)
- v2 · Nov 1, 2026Standardized calculation labels to name the filing they come from; no figures changed. (editorial update, Q3 FY2026)
- v1 · Nov 1, 2026First version. (first version)
Numbers come only from tier 1 and tier 2 sources. Read how we research.
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