Summary
Boeing's 2025 10-K filing reveals a year of significant financial recovery and strategic acquisitions, marked by a substantial increase in revenues to $89.5 billion, primarily driven by higher deliveries across all segments. Despite a net loss attributable to common shareholders of $1.89 billion due to preferred stock dividends, the company returned to profitability on a GAAP basis with net earnings of $2.2 billion and earnings from operations of $4.3 billion. This turnaround is bolstered by the successful acquisition of Spirit AeroSystems, aimed at integrating supply chains and improving production efficiency. The Commercial Airplanes (BCA) segment continues to navigate challenges, with a reduced operating loss driven by increased deliveries, though still impacted by significant reach-forward losses on the 777X and 767 programs. The Defense, Space & Security (BDS) segment showed improved performance with reduced operating losses, benefiting from lower unfavorable contract adjustments. The Global Services (BGS) segment demonstrated strong growth and profitability, significantly boosted by a substantial gain from the divestiture of Digital Aviation Solutions. The company's backlog increased significantly, providing a strong foundation for future revenue, though risks related to production rates, certifications, and supply chain stability persist.
Financial Highlights
54 data points| Revenue | $89.46B |
| Cost of Revenue | $85.17B |
| Gross Profit | $4.29B |
| R&D Expenses | $3.62B |
| Operating Income | $4.28B |
| Net Income | $2.23B |
| EPS (Basic) | $2.49 |
| EPS (Diluted) | $2.48 |
| Shares Outstanding (Basic) | 759.80M |
| Shares Outstanding (Diluted) | 762.30M |
Key Highlights
- 1Revenues surged by 34.5% to $89.5 billion, driven by higher deliveries across all segments.
- 2GAAP Net Earnings Attributable to Boeing Shareholders turned positive at $2.2 billion, a significant improvement from the prior year's loss.
- 3Operating Income improved substantially to $4.3 billion, a significant recovery from the prior year's operating loss.
- 4Acquisition of Spirit AeroSystems completed in December 2025 to enhance production integration and efficiency.
- 5Divestiture of Digital Aviation Solutions business for $10.55 billion, contributing a gain of $9.6 billion.
- 6Backlog increased to $682.2 billion, reflecting strong demand for Boeing's products and services.
- 7Commercial Airplanes segment's operating loss decreased, but remains impacted by significant reach-forward losses on key programs like the 777X and 767.