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BABoeing

Industrials · Aerospace · NYSE
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The 10-K against last year's

183 changes: 24 added, 29 removed, 129 reworded, 1 quiet changes

10-K Jan 30, 2026 vs Feb 3, 2025
Risk FactorsRedline ↓
19.2%
of the text changed · 8,192 words now
28.4%
of the text changed · 12,143 words now
Legal ProceedingsRedline ↓
75.0%
of the text changed · 448 words now
Accounting PoliciesRedline ↓
1.6%
of the text changed · 6,362 words now

10-K 0001628280-26-004357 (2026-01-30) vs 10-K 0000012927-25-000015 (2025-02-03)

The redline

The paragraph that changed most in each section

Marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

Risk Factors 267 words changed in this paragraph; it is 44% similar to last year's version.
Approximately 58,000 72,000 employees, which constitute 34% or 40% of our total workforce, were union represented as of December 31, 2024 2025, under collective bargaining agreements with varying durations and expiration dates. As of December 31, 2024, 2025, we had 9 32 independent agreements with nine different unions in the U.S. U.S., and we had agreements with 27 independent agreements and 18 employee representative bodies internationally, and we internationally. We cannot predict how stable our union relationships will be or whether we will be able to meet the unions’ requirements. On September 12, During 2024, our contract with IAM employees represented by International Association of Machinists and Aerospace Workers (IAM) District 751, which represents over 30,000 Boeing manufacturing employees primarily located in Washington state, expired and 96% went out on strike for 53 days, halting production of IAM 751 members voted to initiate a strike. On November 4, 2024, members of IAM 751 voted to ratify a new contract, thereby ending the strike. As a result of the strike, production most of our commercial aircraft, other than the 787 production in Charleston, aircraft and certain of our Defense, Space & Security products halted, products, and materially adversely impacting our business and financial position. Net cash used During 2025, employees represented by operating activities IAM District 837, which represents approximately 3,200 employees at our St. Louis area sites, went out on strike for 101 days, disrupting our St. Louis operations and impacting programs including F/A-18, F-15, T-7A, MQ-25 and Weapons. Both the year ended December 31, 2024, was $12.1 billion and we expect further negative operating cash flows to continue in future quarters as we work to ramp up production and deliveries. The new contract with IAM District 751 and pay enhancements for certain non-union the IAM District 837 strikes occurred despite having in each case reached a tentative agreement with union leadership on the terms of the proposed contract and union leadership having recommended its members vote to ratify the proposed contract. If we are unable to successfully negotiate successor agreements with our unions that our employees is adversely impacting our financial position, results of operations and cash flows. We may experience additional work stoppages in the future, which could adversely affect our business. will ratify

Source: Item 1A, 10-K 0001628280-26-004357 vs Item 1A, 10-K 0000012927-25-000015

MD&A 180 words changed in this paragraph; it is 30% similar to last year's version.
787 Program The accounting quantity for During 2024, the 787 program increased by 100 units during the year ended December 31, 2024, due to the program's normal progress of obtaining additional orders and delivering airplanes. During 2024, we production rate was slowed production to below 5 five per month due to supply chain constraints as well as other production issues. While we continue to be impacted by while addressing performance challenges and supply chain constraints, constraints. In 2025, while continuing to monitor supply chain health and factory performance, we are working increased the production rate from five to increase seven per month. We began increasing the production rates. Delays associated with business class seats adversely impacted 2024 deliveries rate to eight per month during the fourth quarter of 2025 and will continue to impact deliveries in 2025. As of work toward stabilizing production. In February 2025, we completed the remaining rework on aircraft produced prior to 2023. At December 31, 2024, 2025, we had approximately 25 five of those aircraft in inventory that were produced prior to 2023 and required rework. We expect to complete the rework and deliver the majority of these aircraft them in 2025. The inspections and rework costs on inventoried aircraft are accounted for as abnormal production costs, and we expensed $256 million during the year ended December 31, 2024. 2026.

Source: Item 7, 10-K 0001628280-26-004357 vs Item 7, 10-K 0000012927-25-000015

Legal Proceedings 86 words changed in this paragraph; it is 70% similar to last year's version.
Various We are subject, from time to time, to various legal proceedings, proceedings and claims and investigations related to our business that cover a wide range of matters, including those related to products, contracts, labor and employment, securities securities, antitrust and trade regulations, intellectual property, and other matters are pending against us. matters. In addition, we are subject to various government inquiries and investigations from which civil, criminal or administrative proceedings could result or have resulted in the past. Such proceedings involve or could involve claims by the government U.S. or foreign governments for fines, penalties, compensatory and treble damages, restitution and/or forfeitures. Under U.S. government regulations, a company, or one or more of its operating divisions or subdivisions, can also be suspended or debarred from government contracts, have certain of its production certificates suspended or revoked, or lose its export privileges, based on the results of investigations. We believe, based upon current information, that the outcome of any currently pending legal proceeding, claim, or government dispute, inquiry or investigation will not have a material effect on our financial position, results of operations or cash flows.

Source: Item 3, via Note 23 – Legal Proceedings, 10-K 0001628280-26-004357 vs Item 3, via Note 22 – Legal Proceedings, 10-K 0000012927-25-000015

Accounting Policies 40 words changed in this paragraph; it is 80% similar to last year's version.
The Consolidated Financial Statements included in this report have been prepared by management of The Boeing Company (herein referred to as “Boeing,” the “Company,” “we,” “us” or “our”). These statements include the accounts of all majority-owned subsidiaries and variable interest entities that are required to be consolidated. All significant intercompany accounts and transactions have been eliminated. As described in Note 23, 24, we operate in three reportable segments: Commercial Airplanes (BCA), Defense, Space & Security (BDS), and Global Services (BGS). We added a new financial statement line item to the Consolidated Statements of Cash Flows for cash invested in Supplier notes receivable and reclassified the corresponding amounts in the prior period financial statements to conform to the current period presentation.

Source: Item 8, Note 1 – Summary of Significant Accounting Policies, 10-K 0001628280-26-004357 vs Item 8, Note 1 – Summary of Significant Accounting Policies, 10-K 0000012927-25-000015

Every change, by type

Sentences and paragraphs added, removed or reworded

Sentences and paragraphs of BA's Risk Factors and MD&A, 10-K 2026-01-30 against 10-K 2025-02-03. Each links to the text at sec.gov.

RemovedRisk Factors
A number of our customers have contractual remedies, including compensation for late deliveries or rights to reject individual airplane deliveries based on delivery delays. Delays on the 737, 777X and 787 programs have resulted in, and may continue to result in, customers having the right to terminate orders, be compensated for late deliveries and/or substitute orders for other Boeing aircraft.

Read it in 10-K 2025-02-03 at sec.gov ↗

RemovedRisk Factors
The markets in which we operate are highly competitive and one or more of our competitors may have more extensive or more specialized engineering, manufacturing and marketing capabilities than we do

Read it in 10-K 2025-02-03 at sec.gov ↗

RemovedRisk Factors
Accounting Estimates – Accounting for Long-term Contracts/Program Accounting” on pages 49 - 51 and Note 1 to our Consolidated Financial Statements on pages 60 - 70 of this Form 10-K.

Read it in 10-K 2025-02-03 at sec.gov ↗

RemovedRisk Factors
Our pending acquisition of Spirit AeroSystems Holdings, Inc. (Spirit) subjects us to various risks and uncertainties, including risks that we may not complete the acquisition or realize the anticipated benefits in the expected timeframe or at all.

Read it in 10-K 2025-02-03 at sec.gov ↗

RemovedRisk Factors
On June 30, 2024, we entered into an Agreement and Plan of Merger (Merger Agreement) to acquire Spirit in an all-stock transaction that will include the assumption of Spirit's net debt at closing. Completion of our acquisition of Spirit is subject to a number of conditions set forth in the Merger Agreement. On January 31, 2025, Spirit’s stockholders approved the Merger Agreement and the related transactions. Some of the remaining conditions, such as certain regulatory approvals and the ability of Spirit to enter into definitive agreements relating to the disposition of Spirit operations related to certain Airbus commercial work packages and consummate the related transactions, are beyond our control, which make the completion of our acquisition of Spirit (and the timing thereof) uncertain. In addition, if Spirit or Boeing exercise certain termination rights included in the Merger Agreement, the acquisition will not be consummated. Furthermore, the governmental authorities from which regulatory approvals related to the acquisition are required may impose burdensome or unacceptable conditions on the completion of the acquisition, require changes to the terms of the Merger Agreement, or prevent or delay the consummation of the acquisition. If the acquisition is not completed, our ongoing business may be adversely affected and we will be subject to a number of risks, including expenditure of time and resources, negative reactions from stakeholders, and potential stock price fluctuations. If we are successful in completing the acquisition, we will be subject to other risks, including those related to the assumption of Spirit's net debt and other obligations at closing, which could adversely impact our financial position, results of operations and cash flows. Difficulties in integrating Spirit may result in the failure to realize anticipated benefits of the acquisition (including anticipated synergies and quality improvements) in the expected timeframe or at all, as well as operational challenges, the diversion of management’s attention from other ongoing business concerns, and unforeseen expenses, which may have an adverse impact on our operations and our financial position, results of operations, and cash flows. For additional information on the acquisition, see Note 2 to our Consolidated Financial Statements.

Read it in 10-K 2025-02-03 at sec.gov ↗

RemovedRisk Factors
A significant portion of our customer financing portfolio is concentrated among certain customers and in certain types of Boeing aircraft, which exposes us to concentration risks.

Read it in 10-K 2025-02-03 at sec.gov ↗

Show the other 13
RemovedRisk Factors
A significant portion of our customer financing portfolio, which is comprised of financing receivables and operating lease equipment, is concentrated among certain customers and in distinct geographic regions. Our portfolio is also concentrated by varying degrees across Boeing aircraft product types, most notably 717 aircraft, and among customers that we believe have less than investment-grade credit. If one or more customers holding a significant portion of our portfolio assets experiences financial difficulties or otherwise defaults on or does not renew its leases with us at their expiration, and we are unable to redeploy the aircraft on reasonable terms, our financial position, results of operations and/or cash flows could be materially adversely affected.

Read it in 10-K 2025-02-03 at sec.gov ↗

RemovedMD&A
On January 5, 2024, an Alaska Airlines 737-9 flight made an emergency landing after a mid-exit door plug detached in flight. Following the accident, the Federal Aviation Administration (FAA) grounded and required inspections of all 737-9 aircraft with a mid-exit door plug, which constituted the large majority of the approximately 220 737-9 aircraft in the in-service fleet. On January 24, 2024, the FAA approved an enhanced maintenance and inspection process that was required to be performed on each of the grounded 737-9 aircraft. Our 737-9 operators returned their fleets to service in the first quarter. All 737-9 aircraft in production are undergoing this same enhanced inspection process prior to delivery.

Read it in 10-K 2025-02-03 at sec.gov ↗

RemovedMD&A
The Alaska Airlines accident and our resulting actions, including slowing production, to improve compliance with our manufacturing quality control requirements significantly impacted our financial position, results of operations and cash flows during 2024.

Read it in 10-K 2025-02-03 at sec.gov ↗

RemovedMD&A
The IAM 751 work stoppage significantly reduced aircraft deliveries in the second half of 2024. The new contract with IAM 751 and pay enhancements for certain non-union employees is adversely impacting our financial position, results of operations and cash flows.

Read it in 10-K 2025-02-03 at sec.gov ↗

RemovedMD&A
In 2024, global air traffic continued to expand beyond 2019 levels with domestic travel continuing to be the most robust and the single-aisle market following closely. International travel also surpassed pre-pandemic levels during 2024 and the wide-body market continues to improve with the international travel recovery. The transition in the international commercial market from recovery to normal market conditions is continuing to progress as China international travel remains below 2019 levels. We are experiencing strong demand from our airline customers globally.

Read it in 10-K 2025-02-03 at sec.gov ↗

RemovedMD&A
We expect that revenues will continue to be significantly impacted until deliveries ramp up, the global supply chain stabilizes, and labor instability diminishes.

Read it in 10-K 2025-02-03 at sec.gov ↗

RemovedMD&A
The U.S. government could experience a disruption to its operations and/or payments in 2025 as a result of the U.S. Treasury exhausting extraordinary measures after reaching its debt limit. In addition, U.S. government discretionary spending in FY24 and fiscal year 2025 (FY25), including defense spending, was capped by the Fiscal Responsibility Act of 2023 (FRA). If a CR for FY25 is in place on April 30, 2025, it would trigger a sequester under the FRA. These potential disruptions, and any broader macroeconomic impacts, could affect our current programs and contracts and have a material effect on our financial position, results of operations and/or cash flows.

Read it in 10-K 2025-02-03 at sec.gov ↗

RemovedMD&A
737 Program In January 2024, an Alaska Airlines 737-9 flight made an emergency landing after a mid-exit door plug detached in flight. Following the accident, the FAA grounded and required inspections of all 737-9 aircraft with a mid-exit door plug. All 737-9 aircraft returned to service in the first quarter of 2024.

Read it in 10-K 2025-02-03 at sec.gov ↗

RemovedMD&A
As a result of the accident, the FAA investigated the 737 quality control system, including Spirit AeroSystems Holdings, Inc. (Spirit), and increased its oversight of Boeing’s production and quality and safety management systems. In addition, the FAA communicated it will not approve production rate increases beyond 38 per month or additional production lines until Boeing has complied with required quality and safety standards.

Read it in 10-K 2025-02-03 at sec.gov ↗

RemovedMD&A
The FAA communicated findings from its investigation in February 2024 and identified multiple instances where Boeing and Spirit failed to comply with manufacturing quality control requirements. In the second quarter of 2024, we submitted a comprehensive safety and quality plan to the FAA to address the issues identified. We also began taking additional actions to improve safety and quality, which include investing in workforce training, simplifying plans and processes, eliminating defects, and enhancing our safety and quality culture.

Read it in 10-K 2025-02-03 at sec.gov ↗

RemovedMD&A
Prior to the Alaska Airlines accident, we were operating at a production rate of 38 per month. As part of our plan to improve quality and safety and to address the issues identified, we slowed production rates and delayed planned production rate increases to reduce traveled work in our factory, as well as at our suppliers. These actions also include conducting fuselage inspections at Spirit to improve quality prior to shipment to Boeing.

Read it in 10-K 2025-02-03 at sec.gov ↗

RemovedMD&A
Production was paused on September 13, 2024, because of the work stoppage initiated by IAM 751. A new IAM 751 contract was ratified in November 2024, and production resumed in early December 2024. Prior to the work stoppage, production rates gradually increased in 2024 as we implemented new processes aligned with our safety and quality plan. We plan to gradually increase the production rate.

Read it in 10-K 2025-02-03 at sec.gov ↗

RemovedMD&A
As of December 31, 2024, we had approximately 55 737-8 aircraft in inventory that were produced prior to 2023, including approximately 40 aircraft for customers in China. We expect to deliver these aircraft in 2025.

Read it in 10-K 2025-02-03 at sec.gov ↗

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