10-KPeriod: FY2025

BOEING CO Annual Report, Year Ended Dec 31, 2025

Filed January 30, 2026For Securities:BABA-PA

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
Beta

Revenue

$89.46B

4.8% Gross Margin

Net Income

$2.23B

2.5% Net Margin

EPS (Diluted)

$2.48

Total Assets

$168.24B

Cash & Equivalents

$10.92B

Free Cash Flow

-$1.88B

Financial Statements
Beta
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.

Frequently Asked Questions

Boeing showed a significant financial improvement in 2025. Revenues increased by 34.5% to $89.5 billion. The company reported GAAP Net Earnings Attributable to Boeing Shareholders of $2.2 billion, a strong turnaround from a net loss of $11.8 billion in 2024. Earnings from operations also recovered to $4.3 billion from a loss of $10.7 billion in the prior year.

Boeing completed two major strategic transactions in 2025: the acquisition of Spirit AeroSystems Holdings, Inc., aimed at improving supply chain integration and production, and the divestiture of its Digital Aviation Solutions business for $10.55 billion, which generated a gain of $9.6 billion. These moves reflect a strategy to streamline operations and focus on core aerospace manufacturing and services.

The Commercial Airplanes segment, while seeing higher deliveries, continues to be impacted by reach-forward losses on programs like the 777X and 767, totaling $5.3 billion in 2025. The 777X program experienced further delays in certification and production, leading to an incremental reach-forward loss of $4.9 billion. The 737 program saw production rates increase through 2025, with plans to further increase rates in 2026, pending FAA concurrence. Certification for the 737-7 and 737-10 derivatives is still expected in 2026.

The BDS segment reported a significant reduction in operating loss, decreasing from $5.4 billion in 2024 to $0.1 billion in 2025. This improvement was driven by lower unfavorable contract catch-up adjustments and higher volume. The segment's backlog also increased, reflecting strong demand in the defense sector.

The BGS segment delivered strong results, with revenues increasing by nearly $1 billion and earnings from operations rising significantly to $13.5 billion. This strong performance was largely due to a $9.6 billion gain from the divestiture of the Digital Aviation Solutions business. The segment's commercial services revenue remained robust, and the government services business outlook is stable.