Boeing Reports Fourth Quarter Results
Fourth Quarter 2025
-- Acquired Spirit AeroSystems in December underscoring commitment to
safety, quality, and production stability
-- Revenue increased to $23.9 billion primarily reflecting 160 commercial
deliveries
-- Earnings reflects $9.6 billion gain on sale associated with closing the
Digital Aviation Solutions transaction
-- Operating cash flow of $1.3 billion and free cash flow (non-GAAP)* of
$0.4 billion
Full Year 2025
-- Revenue of $89.5 billion and 600 commercial deliveries reflect the
highest annual totals since 2018
-- Total company backlog grew to a record $682 billion , including over
6,100 commercial airplanes
Table 1. Summary Fourth Quarter Full Year Financial Results (Dollars in Millions, 2025 2024 Change 2025 2024 Change except per share data) Revenues$23,948 $15,242 57%$89,463 $66,517 34% GAAP Earnings/ (loss)$8,777 ($3,770 ) NM$4,281 ($10,707 ) NM from operations Operating 36.7 % (24.7) % NM 4.8 % (16.1) % NM margins Net earnings/$8,220 ($3,861 ) NM$2,238 ($11,829 ) NM (loss) Diluted earnings/$10.23 ($5.46 ) NM$2.48 ($18.36 ) NM (loss) per share Operating$1,331 ($3,450 ) NM$1,065 ($12,080 ) NM cash flow Non-GAAP* Core operating$8,519 ($4,042 ) NM$3,236 ($11,811 ) NM earnings/ (loss) Core operating 35.6 % (26.5) % NM 3.6 % (17.8) % NM margins Core earnings/$9.92 ($5.90 ) NM$1.19 ($20.38 ) NM (loss) per share
*Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on page 5, "Non-GAAP Measures Disclosures."
"We made significant progress on our recovery in 2025 and have set the foundation to keep our momentum going in the year ahead," said
Table 2. Cash Flow Fourth Quarter Full Year (Millions) 2025 2024 2025 2024 Operating cash flow$1,331 ($3,450 )$1,065 ($12,080 ) Less additions to property, plant & ($956 ) ($648 ) ($2,942 ) ($2,230 ) equipment Free cash flow*$375 ($4,098 ) ($1,877 ) ($14,310 )
*Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on page 5, "Non-GAAP Measures Disclosures."
Operating cash flow was
Table 3. Cash, Marketable Securities and Debt Balances Quarter End (Billions) 4Q 2025 3Q 2025 Cash and investments in marketable securities1$29.4 $23.0 Consolidated debt$54.1 $53.4
1 Marketable securities consist primarily of time deposits due within one year classified as "short-term investments."
Cash and investments in marketable securities totaled
Segment Results
Commercial Airplanes
Table 4. Commercial Fourth Quarter Full Year Airplanes (Dollars in 2025 2024 Change 2025 2024 Change Millions) Deliveries 160 57 181% 600 348 72% Revenues$11,379 $4,762 139%$41,494 $22,861 82% Loss from ($632 ) ($2,090 ) NM ($7,079 ) ($7,969 ) NM operations Operating (5.6) % (43.9) % NM (17.1) % (34.9) % NM margins
Commercial Airplanes fourth quarter revenue of
During the quarter, the 737 program increased the production rate to 42 per month and received approval from the
Commercial Airplanes booked 336 net orders in the quarter, including 105 737-10 and 5 787-9 airplanes for
Defense, Space & Security
Table 5. Defense, Fourth Quarter Full Year Space & Security (Dollars in 2025 2024 Change 2025 2024 Change Millions) Revenues$7,417 $5,411 37%$27,234 $23,918 14% Loss from ($507 ) ($2,267 ) NM ($128 ) ($5,413 ) NM operations Operating (6.8) % (41.9) % NM (0.5) % (22.6) % NM margins
Defense, Space & Security fourth quarter revenue of
During the quarter, Defense, Space & Security captured an award from the
Table 6. Global Fourth Quarter Full Year Services (Dollars in 2025 2024 Change 2025 2024 Change Millions) Revenues$5,209 $5,119 2%$20,923 $19,954 5% Earnings from$10,544 $998 NM$13,474 $3,618 NM operations Operating 202.4 % 19.5 % NM 64.4 % 18.1 % NM margins
Additional Financial Information
Table 7. Additional Fourth Quarter Full Year Financial Information (Dollars in Millions) 2025 2024 2025 2024 Revenues Unallocated items, ($57 ) ($50 ) ($188 ) ($216 ) eliminations and other Earnings/(loss) from operations Unallocated items, ($886 ) ($683 ) ($3,031 ) ($2,047 ) eliminations and other FAS/CAS service cost$258 $272 $1,045 $1,104 adjustment Other income, net$201 $432 $1,125 $1,222 Interest and debt expense ($659 ) ($755 ) ($2,771 ) ($2,725 ) Effective tax rate 1.2 % 5.7 % 15.1 % 3.1 %
Unallocated items, eliminations and other primarily reflects timing of allocations.
Non-GAAP Measures Disclosures
We supplement the reporting of our financial information determined under Generally Accepted Accounting Principles in
Core Operating Earnings/(Loss), Core Operating Margins and Core Earnings/(Loss) Per Share
Core operating earnings/(loss) is defined as GAAP
Earnings/(
l
oss) from operations
excluding the
FAS/CAS service cost adjustment.
The
FAS/CAS service cost adjustment
represents the difference between the Financial Accounting Standards (FAS) pension and postretirement service costs calculated under GAAP and costs allocated to the business segments. Core operating margins is defined as Core operating earnings/(loss) expressed as a percentage of revenue. Core earnings/(loss) per share is defined as GAAP
Diluted earnings/(loss) per share
excluding the net earnings/(loss) per share impact of the
FAS/CAS service cost adjustment
and
Non-operating pension and postretirement expenses
. Non-operating pension and postretirement expenses represent the components of net periodic benefit costs other than service cost. Pension costs allocated to BDS and BGS businesses supporting government customers are computed in accordance with
Free Cash Flow
Free cash flow is GAAP operating cash flow reduced by capital expenditures for property, plant and equipment . Management believes free cash flow provides investors with an important perspective on the cash available for shareholders, debt repayment, and acquisitions after making the capital investments required to support ongoing business operations and long term value creation. Free cash flow does not represent the residual cash flow available for discretionary expenditures as it excludes certain mandatory expenditures such as repayment of maturing debt. Management uses free cash flow as a measure to assess both business performance and overall liquidity. See Table 2 on page 2 for a reconciliation of free cash flow to the most directly comparable GAAP measure, operating cash flow.
Caution Concerning Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "may," "will," "should," "expects," "intends," "projects," "plans," "believes," "estimates," "targets," "anticipates," and other similar words or expressions, or the negative thereof, generally can be used to help identify these forward-looking statements. Examples of forward-looking statements include statements relating to our future financial condition and operating results, industry projections and outlooks, plans, objectives and goals, as well as any other statement that does not directly relate to any historical or current fact. Forward-looking statements are based on expectations and assumptions that we believe to be reasonable when made, but that may not prove to be accurate.
These statements are not guarantees and are subject to risks, uncertainties, and changes in circumstances that are difficult to predict. Many factors could cause actual results to differ materially and adversely from these forward-looking statements. Among these factors are risks related to: (1) general conditions in the economy and our industry, including those due to regulatory changes; (2) our reliance on our commercial airline customers; (3) the overall health of our aircraft production system, production quality issues, commercial airplane production rates, our ability to successfully develop and certify new aircraft or new derivative aircraft, and the ability of our aircraft to meet stringent performance and reliability standards; (4) changing budget and appropriation levels and acquisition priorities of the
Additional information concerning these and other factors can be found in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Any forward-looking statement speaks only as of the date on which it is made, and we assume no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.
Contact: Investor Relations:Eric Hill orDavid Dufault BoeingInvestorRelations@boeing.com Communications:Wilson Chow media@boeing.com
The Boeing Company and Subsidiaries
Consolidated Statements of Operations
(Unaudited)
Twelve months ended Three months ended
December 31 December 31
(Dollars in millions, except per 2025 2024 2025 2024
share data)
Sales of products $75,356 $53,227 $20,445 $11,901
Sales of services 14,107 13,290 3,503 3,341
Total revenues 89,463 66,517 23,948 15,242
Cost of products (73,761) (57,394) (19,239) (14,010)
Cost of services (11,413) (11,114) (2,897) (2,821)
Total costs and expenses (85,174) (68,508) (22,136) (16,831)
4,289 (1,991) 1,812 (1,589)
Income/(loss) from operating 25 71 (17) 12
investments, net
General and administrative expense (6,090) (5,021) (1,663) (1,398)
Research and development expense, (3,615) (3,812) (964) (836)
net
Gain on dispositions, net 9,672 46 9,609 41
Earnings/(loss) from operations 4,281 (10,707) 8,777 (3,770)
Other income, net 1,125 1,222 201 432
Interest and debt expense (2,771) (2,725) (659) (755)
Earnings/(loss) before income taxes 2,635 (12,210) 8,319 (4,093)
Income tax (expense)/benefit (397) 381 (99) 232
Net earnings/(loss) 2,238 (11,829) 8,220 (3,861)
Less: net earnings/(loss)
attributable to noncontrolling 3 (12) 4
interest
Net earnings/(loss) attributable to 2,235 (11,817) 8,220 (3,865)
Boeing shareholders
Less: Mandatory convertible
preferred stock dividends 345 58 86 58
accumulated during the period
Net earnings/(loss) attributable to $1,890 ($11,875 ) $8,134 ($3,923 )
Boeing common shareholders
Basic earnings/(loss) per share $2.49 ($18.36 ) $10.59 ($5.46 )
Diluted earnings/(loss) per share $2.48 ($18.36 ) $10.23 ($5.46 )
The Boeing Company and Subsidiaries
Consolidated Statements of Financial Position
(Unaudited)
(Dollars in millions, except per share data) December 31 December 31
2025 2024
Assets
Cash and cash equivalents $10,921 $13,801
Short-term and other investments 18,479 12,481
Accounts receivable, net 2,921 2,631
Unbilled receivables, net 9,158 8,363
Current portion of financing receivables, net 207
Inventories 84,679 87,550
Other current assets, net 2,301 2,965
Total current assets 128,459 127,998
Financing receivables and operating lease equipment, 241 314
net
Property, plant and equipment, net of accumulated
depreciation of $23,613 and 15,361 11,412
$22,925
Goodwill 17,275 8,084
Acquired intangible assets, net 1,567 1,957
Deferred income taxes 107 185
Investments 1,048 999
Other assets, net of accumulated amortization of 4,177 5,414
$1,014 and $1,085
Total assets $168,235 $156,363
Liabilities and equity
Accounts payable $13,109 $11,364
Accrued liabilities 27,141 24,103
Advances and progress billings 59,404 60,333
Short-term debt and current portion of long-term debt 8,461 1,278
Total current liabilities 108,115 97,078
Deferred income taxes 216 122
Accrued retiree health care 2,091 2,176
Accrued pension plan liability, net 4,287 5,997
Other long-term liabilities 2,432 2,318
Long-term debt 45,637 52,586
Total liabilities 162,778 160,277
Shareholders' equity:
Mandatory convertible preferred stock, 6.00% Series
A, par value $1.00 -
20,000,000 shares authorized; 5,750,000 shares 6 6
issued; aggregate
liquidation preference $5,750
Common stock, par value $5.00 – 1,200,000,000
shares authorized; 5,061 5,061
1,012,261,159 shares issued
Additional paid-in capital 21,441 18,964
Treasury stock, at cost - 227,562,889 and (28,029) (32,386)
263,044,840 shares
Retained earnings 17,252 15,362
Accumulated other comprehensive loss (10,277) (10,915)
Total shareholders' equity/(deficit) 5,454 (3,908)
Noncontrolling interests 3 (6)
Total equity 5,457 (3,914)
Total liabilities and equity $168,235 $156,363
The Boeing Company and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited)
Twelve months ended
December 31
(Dollars in millions) 2025 2024
Cash flows–operating activities:
Net earnings/(loss) $2,238 ($11,829 )
Adjustments to reconcile net loss to net cash used by
operating activities:
Non-cash items –
Share-based plans expense 426 407
Treasury shares issued for 401(k) contributions 1,530 1,601
Depreciation and amortization 1,953 1,836
Investment/asset impairment charges, net 45 112
Gain on dispositions, net (9,672) (46)
777X and 767 reach-forward losses 5,283 4,079
Other charges and credits, net 264 528
Changes in assets and liabilities –
Accounts receivable (95) (37)
Unbilled receivables (677) (60)
Advances and progress billings (723) 4,069
Inventories (1,501) (12,353)
Other current assets 155 (16)
Accounts payable 724 (793)
Accrued liabilities 1,341 1,563
Income taxes receivable, payable and deferred 115 (567)
Other long-term liabilities (346) (329)
Pension and other postretirement plans (593) (959)
Financing receivables and operating lease equipment, net 274 512
Other 324 202
Net cash provided/(used) by operating activities 1,065 (12,080)
Cash flows – investing activities:
Payments to acquire property, plant and equipment (2,942) (2,230)
Proceeds from disposals of property, plant and equipment 82 49
Acquisitions, net of cash acquired (1,248) (50)
Proceeds from dispositions 10,585 124
Contributions to investments (51,938) (13,856)
Proceeds from investments 46,628 4,743
Supplier notes receivable (662) (694)
Repayments on supplier notes receivable 2 40
Purchase of distribution rights (9) (88)
Other 1 (11)
Net cash provided/(used) by investing activities 499 (11,973)
Cash flows – financing activities:
New borrowings 165 10,161
Debt repayments (3,621) (8,673)
Common stock issuance, net of issuance costs 18,200
Mandatory convertible preferred stock issuance, net of 5,657
issuance costs
Employee taxes on certain share-based payment arrangements (34) (83)
Dividends paid on mandatory convertible preferred stock (331) —
Other 58 (53)
Net cash (used)/provided by financing activities (3,763) 25,209
Effect of exchange rate changes on cash and cash 40 (47)
equivalents
Net (decrease)/increase in cash & cash equivalents, (2,159) 1,109
including restricted
Cash & cash equivalents, including restricted, at 13,822 12,713
beginning of year
Cash & cash equivalents, including restricted, at end of 11,663 13,822
year
Less restricted cash & cash equivalents, included in 742 21
Investments
Cash & cash equivalents at end of year $10,921 $13,801
The Boeing Company and Subsidiaries
Summary of Business Segment Data
(Unaudited)
Twelve months ended Three months ended
December 31 December 31
(Dollars in millions) 2025 2024 2025 2024
Revenues:
Commercial Airplanes $41,494 $22,861 $11,379 $4,762
Defense, Space & Security 27,234 23,918 7,417 5,411
Global Services 20,923 19,954 5,209 5,119
Unallocated items, eliminations and (188) (216) (57) (50)
other
Total revenues $89,463 $66,517 $23,948 $15,242
Earnings/(loss) from operations:
Commercial Airplanes ($7,079 ) ($7,969 ) ($632 ) ($2,090 )
Defense, Space & Security (128) (5,413) (507) (2,267)
Global Services 13,474 3,618 10,544 998
Segment operating earnings/(loss) 6,267 (9,764) 9,405 (3,359)
Unallocated items, eliminations and (3,031) (2,047) (886) (683)
other
FAS/CAS service cost adjustment 1,045 1,104 258 272
Earnings/(loss) from operations 4,281 (10,707) 8,777 (3,770)
Other income, net 1,125 1,222 201 432
Interest and debt expense (2,771) (2,725) (659) (755)
Earnings/(loss) before income taxes 2,635 (12,210) 8,319 (4,093)
Income tax (expense)/benefit (397) 381 (99) 232
Net earnings/(loss) 2,238 (11,829) 8,220 (3,861)
Less: net earnings/(loss)
attributable to noncontrolling 3 (12) 4
interest
Net earnings/(loss) attributable to 2,235 (11,817) 8,220 (3,865)
Boeing shareholders
Less: Mandatory convertible preferred
stock dividends accumulated during 345 58 86 58
the period
Net earnings/(loss) attributable to $1,890 ($11,875 ) $8,134 ($3,923 )
Boeing common shareholders
Research and development expense,
net:
Commercial Airplanes $2,202 $2,386 $545 $534
Defense, Space & Security 877 917 259 189
Global Services 125 132 34 29
Other 411 377 126 84
Total research and development $3,615 $3,812 $964 $836
expense, net
Unallocated items, eliminations and
other:
Share-based plans ($49 ) $171 ($9 ) $53
Deferred compensation (182) (114) (32) (14)
Amortization of previously (92) (93) (28) (23)
capitalized interest
Research and development expense, net (411) (377) (126) (84)
Eliminations and other unallocated (2,297) (1,634) (691) (615)
items
Sub-total (included in Core operating (3,031) (2,047) (886) (683)
earnings/(loss))
Pension FAS/CAS service cost 784 811 196 203
adjustment
Postretirement FAS/CAS service cost 261 293 62 69
adjustment
FAS/CAS service cost adjustment 1,045 1,104 $258 $272
Total ($1,986 ) ($943 ) ($628 ) ($411 )
The Boeing Company and Subsidiaries
Operating and Financial Data
(Unaudited)
Twelve months ended Three months ended
Deliveries December 31
December 31
Commercial Airplanes 2025 2024 2025 2024
737 447 265 117 36
767 30 18 10 3
777 35 14 6 3
787 88 51 27 15
Total 600 348 160 57
Defense, Space & Security
AH-64 Apache (New) 19 16 5 6
AH-64 Apache (Remanufactured) 42 34 14 10
CH-47 Chinook (New) 3 4 2 2
CH-47 Chinook (Renewed) 11 9 2 2
F-15 Models 9 14 2 4
F/A-18 Models 14 11 2 6
KC-46 Tanker 14 10 5 —
MH-139 9 6 3 3
P-8 Models 6 4 2 —
T-7A Red Hawk — 2 — 1
Commercial Satellites 4 2 — 2
Total1 131 112 37 36
1 Deliveries of new-build production units, including remanufactures and modifications
Total backlog(Dollars in millions) December 31 December 31
2025 2024
Commercial Airplanes $567,290 $435,175
Defense, Space & Security 84,786 64,023
Global Services 29,720 21,403
Unallocated items, eliminations and other 411 735
Total backlog $682,207 $521,336
Contractual backlog $639,721 $498,802
Unobligated backlog 42,486 22,534
Total backlog $682,207 $521,336
Reconciliation of Non-GAAP Measures
(Unaudited)
The tables provided below reconcile the non-GAAP financial measures core operating earnings/(loss), core operating margins, and core earnings/(loss) per share with the most directly comparable GAAP financial measures of earnings/(loss) from operations, operating margins, and diluted earnings/(loss) per share. See page 5 of this release for additional information on the use of these non-GAAP financial measures.
(Dollars in millions, except per Fourth Quarter 2025 Fourth Quarter 2024
share data)
$ Per Share $ millions Per Share
millions
Revenues $23,948 $15,242
Earnings/(loss) from operations 8,777 (3,770)
(GAAP)
Operating margins (GAAP) 36.7 % (24.7) %
FAS/CAS service cost adjustment:
Pension FAS/CAS service cost (196) (203)
adjustment
Postretirement FAS/CAS service (62) (69)
cost adjustment
FAS/CAS service cost adjustment (258) (272)
Core operating earnings/(loss) $8,519 ($4,042 )
(non-GAAP)
Core operating margins (non-GAAP) 35.6 % (26.5) %
Diluted earnings/(loss) per share $10.23 ($5.46 )
(GAAP)
Pension FAS/CAS service cost ($196 ) ($0.24 ) ($203 ) ($0.28 )
adjustment
Postretirement FAS/CAS service (62) (0.08) (69) (0.10)
cost adjustment
Non-operating pension income (49) (0.06) (108) (0.15)
Non-operating postretirement (5) (0.01) (18) (0.03)
income
Provision for deferred income 66 0.08 84 0.12
taxes on adjustments 1
Subtotal of adjustments ($246 ) ($0.31 ) ($314 ) ($0.44 )
Core earnings/(loss) per share $9.92 ($5.90 )
(non-GAAP)
Diluted weighted average common 803.8 717.9
shares outstanding (in millions)
1The income tax impact is calculated using theU.S. corporate statutory tax rate.
Reconciliation of Non-GAAP Measures
(Unaudited)
The tables provided below reconcile the non-GAAP financial measures core operating earnings/(loss), core operating margins, and core earnings/(loss) per share with the most directly comparable GAAP financial measures of earnings/(loss) from operations, operating margins, and diluted earnings/(loss) per share. See page 5 of this release for additional information on the use of these non-GAAP financial measures.
(Dollars in millions, except per Full Year 2025 Full Year 2024
share data)
$ Per Share $ millions Per Share
millions
Revenues $89,463 $66,517
Earnings/(loss) from operations 4,281 (10,707)
(GAAP)
Operating margins (GAAP) 4.8 % (16.1) %
FAS/CAS service cost adjustment:
Pension FAS/CAS service cost (784) (811)
adjustment
Postretirement FAS/CAS service (261) (293)
cost adjustment
FAS/CAS service cost adjustment (1,045) (1,104)
Core operating earnings/(loss) $3,236 ($11,811 )
(non-GAAP)
Core operating margins 3.6 % (17.8) %
(non-GAAP)
Diluted earnings/(loss) per $2.48 ($18.36 )
share (GAAP)
Pension FAS/CAS service cost ($784 ) ($1.03 ) ($811 ) ($1.26 )
adjustment
Postretirement FAS/CAS service (261) (0.34) (293) (0.45)
cost adjustment
Non-operating pension income (176) (0.24) (476) (0.74)
Non-operating postretirement (19) (0.02) (73) (0.11)
income
Provision for deferred income 260 0.34 347 0.54
taxes on adjustments 1
Subtotal of adjustments ($980 ) ($1.29 ) ($1,306 ) ($2.02 )
Core earnings/(loss) per share $1.19 ($20.38 )
(non-GAAP)
Diluted weighted average common 762.3 646.9
shares outstanding (in millions)
1The income tax impact is calculated using theU.S. corporate statutory tax rate.
