01—Abstract
Summary
Summary of the 10-K filed January 30, 2026. Cited figures are marked; the original filing is the authoritative source.
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 billiona, primarily driven by higher deliveries across all segments.
Despite a net loss attributable to common shareholders of $1.89 billionb 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.
02—Key points
Key Highlights
- Revenues surged by 34.5% to $89.5 billion, driven by higher deliveries across all segments.
- GAAP Net Earnings Attributable to Boeing Shareholders turned positive at $2.2 billion, a significant improvement from the prior year's loss.
- Operating Income improved substantially to $4.3 billion, a significant recovery from the prior year's operating loss.
- Acquisition of Spirit AeroSystems completed in December 2025 to enhance production integration and efficiency.
- Divestiture of Digital Aviation Solutions business for $10.55 billion, contributing a gain of $9.6 billion.
- Backlog increased to $682.2 billion, reflecting strong demand for Boeing's products and services.
- Commercial Airplanes segment's operating loss decreased, but remains impacted by significant reach-forward losses on key programs like the 777X and 767.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2025, Boeing Co kept $0.02.
- Revenue$89.46B100.0%
- Cost of revenue−$85.17B95.2%
- Gross profit$4.29B4.8%
- Operating costs−$8.0M0.0%
- Operating income$4.28B4.8%
- Interest, other & tax−$2.05B2.3%
- Net income$2.23B2.5%
04—Financials
Financial Highlights
Figures from 10-KFY2025filed January 30, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $89.46B$66.52B | +34.5% |
| Cost of Revenue | $85.17B$68.51B | +24.3% |
| Gross Profit | $4.29B-$1.99B | +315.4% |
| R&D Expenses | $3.62B$3.81B | −5.2% |
| Operating Income | $4.28B-$10.71B | +140.0% |
| Net Income | $2.23B-$11.82B | +118.9% |
| EPS (Basic) | $2.49$-18.36 | +113.6% |
| EPS (Diluted) | $2.48$-18.36 | +113.5% |
| Shares Outstanding (Basic) | 759.80M646.90M | +17.5% |
| Shares Outstanding (Diluted) | 762.30M646.90M | +17.8% |
05—Questions
Frequently Asked Questions
How did Boeing perform financially in 2025 compared to 2024?
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.
What were the key strategic moves made by Boeing in 2025?
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.
What is the current status of Boeing's major aircraft programs, particularly the 777X and 737?
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.
How is the Defense, Space & Security (BDS) segment performing?
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.
What is the outlook for Boeing's Global Services (BGS) segment?
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.
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