Boeing Reports Fourth Quarter Results

 

ARLINGTON, Va., Jan. 27, 2026  --

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."

The Boeing Company [NYSE: BA] recorded fourth quarter revenue of $23.9   billion, reflecting improved operational performance and higher commercial delivery volume. GAAP earnings per share of $10.23 and core earnings per share (non-GAAP)* of $9.92 primarily reflect a $9.6 billion gain on sale associated with closing the Digital Aviation Solutions transaction, which increased earnings per share by $11.83. The company reported operating cash flow of $1.3   billion and free cash flow (non-GAAP)* of $0.4 billion. Total company backlog grew to a record $682   billion primarily reflecting 1,173 Commercial Airplanes net orders in the year, with all three segments at record levels.

"We made significant progress on our recovery in 2025 and have set the foundation to keep our momentum going in the year ahead," said Kelly Ortberg, Boeing president and chief executive officer. "We completed the acquisition of Spirit AeroSystems and the sale of portions of the Digital Aviation Solutions business and remain focused on promoting stable operations, completing our development programs, rebuilding trust with our stakeholders, and fully restoring Boeing to the iconic company we all know it can be."

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 $1.3 billion in the quarter reflecting higher commercial deliveries, as well as working capital timing. Additions to property, plant and equipment primarily reflects higher investments in Charleston and Saint Louis sites.

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 $29.4 billion, compared to $23.0 billion at the beginning of the quarter, primarily driven by $10.6 billion in proceeds associated with closing the Digital Aviation Solutions transaction and free cash flow generated in the quarter, partially offset by debt repayment associated with the acquisition of Spirit   AeroSystems. Debt was $54.1 billion, up from $53.4 billion at the beginning of the quarter, primarily reflecting the acquisition of Spirit AeroSystems. The company maintains access to credit facilities of $10.0 billion, which remain undrawn.

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 $11.4   billion and operating margin of (5.6) percent primarily reflect higher deliveries and improved operational performance. Results also include impacts associated with the acquisition of Spirit AeroSystems.

During the quarter, the 737 program increased the production rate to 42 per month and received approval from the Federal Aviation Administration to begin the final phase of 737-10 certification flight testing. The 787 program began transitioning production to eight per month and remains focused on stabilizing at that rate. In the quarter, the 777X program began the Type Inspection Authorization 3 phase of 777-9 certification flight testing, and the company still anticipates first delivery in 2027.

Commercial Airplanes booked 336 net orders in the quarter, including 105 737-10 and 5 787-9 airplanes for Alaska Airlines and 65 777-9 airplanes for Emirates. Commercial Airplanes delivered 160 airplanes and backlog included over 6,100 airplanes valued at a record $567 billion.

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 $7.4 billion and operating margin of (6.8) percent reflect stabilizing operational performance and higher volume. Results also include $0.6 billion of losses on the KC-46A program primarily driven by higher estimated production support and supply chain costs.

During the quarter, Defense, Space & Security captured an award from the U.S. Air Force for 15 KC-46A Tankers, secured a contract from the U.S. Army for 96 AH-64E Apache helicopters, and delivered the first operational T-7A Red Hawk to the U.S. Air Force at Joint Base San Antonio-Randolph. Backlog at Defense, Space & Security grew to a record $85 billion, with 26 percent representing orders from customers outside the U.S.

Global Services

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

Global Services fourth quarter revenue was $5.2 billion driven by higher government volume. Operating margin of 202.4 percent primarily reflects a $9.6 billion gain on sale associated with closing the Digital Aviation Solutions transaction.

Global Services secured record annual orders of $28 billion, including an award in the quarter for C-17 flight deck replacement from the U.S. Air Force, and ended the year with a record backlog of $30 billion.

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 the United States of America (GAAP) with certain non-GAAP financial information. The non-GAAP financial information presented excludes certain significant items that may not be indicative of, or are unrelated to, results from our ongoing business operations. We believe that these non-GAAP measures provide investors with additional insight into the company's ongoing business performance. These non-GAAP measures should not be considered in isolation or as a substitute for the related GAAP measures, and other companies may define such measures differently. We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. The following definitions are provided:  

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 U.S. Government Cost Accounting Standards (CAS), which employ different actuarial assumptions and accounting conventions than GAAP. CAS costs are allocable to government contracts. Other postretirement benefit costs are allocated to all business segments based on CAS, which is generally based on benefits paid. Management uses core operating earnings/(loss), core operating margins and core earnings/(loss) per share for purposes of evaluating and forecasting underlying business performance. Management believes these core measures provide investors additional insights into operational performance as they exclude non-service pension and post-retirement costs, which primarily represent costs driven by market factors and costs not allocable to government contracts. A reconciliation of these non-GAAP measures to the most directly comparable GAAP measure is provided on page 12 and 13.

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 U.S. government, as well as significant delays in U.S. government appropriations; (5) our dependence on our subcontractors and suppliers, as well as the availability of highly skilled labor and raw materials; (6) work stoppages or other labor disruptions; (7) competition within our markets; (8) our non-U.S. operations and sales to non-U.S. customers, including tariffs, trade restrictions and government actions; (9) changes in accounting estimates; (10) realizing the anticipated benefits of mergers, acquisitions, joint ventures/strategic alliances or divestitures, including anticipated synergies and quality improvements related to our acquisition of Spirit AeroSystems Holdings, Inc.; (11) our dependence on U.S. government contracts; (12) our reliance on fixed-price contracts; (13) our reliance on cost-type contracts; (14) contracts that include in-orbit incentive payments; (15) management of a complex, global IT infrastructure; (16) compromised or unauthorized access to our, our customers' and/or our suppliers' information and systems; (17) potential business disruptions, including threats to physical security or our information technology systems, extreme weather (including effects of climate change) or other acts of nature, and pandemics or other public health crises; (18) potential adverse developments in new or pending litigation and/or government inquiries or investigations; (19) potential environmental liabilities; (20) effects of climate change and legal, regulatory or market responses to such change; (21) credit rating agency actions and our ability to effectively manage our liquidity; (22) substantial pension and other postretirement benefit obligations; (23) the adequacy of our insurance coverage; (24) the dilutive effect of future issuances of our common stock; and (25) the preferential treatment of our 6.00% mandatory convertible preferred stock.

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 or David DufaultBoeingInvestorRelations@boeing.com

Communications:      Wilson Chowmedia@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

 

The Boeing Company and Subsidiaries  
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 the U.S. corporate statutory tax
rate.

 

The Boeing Company and Subsidiaries  
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 the U.S. corporate statutory tax
rate.