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BABoeing

Industrials · Aerospace · NYSE

The Boeing Company, together with its subsidiaries (herein referred to as “Boeing,” the “Company,” “we,” “us,” “our”), is one of the world’s major aerospace firms. 10-K, Item 1

BA quote by TradingView
Headquarters
Arlington, VA
CEO
Robert Kelly Ortberg
Next results
around Jan 26, 2027
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10-K 0001628280-26-004357 (2026-01-30) vs 10-K 0000012927-25-000015 (2025-02-03)

SectionCompared textWords nowChanged
Risk FactorsItem 1A8,192 19.2%
MD&AItem 712,143 28.4%
Legal ProceedingsItem 3, via Note 23 – Legal Proceedings448 75.0%
Accounting PoliciesItem 8, Note 1 – Summary of Significant Accounting Policies6,362 1.6%

The redline: what was cut and what was added

In each section, the paragraph that changed most, 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 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.

All 183 Added 24Removed 29Reworded 129Quiet changes 1

Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier (may, could, will, not, significant, material…). A year or date rolling forward is not counted.

The full word listadverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would

AddedRisk Factors
future program opportunities. Any of these impacts could have a material effect on our financial position, results of operations and/or cash flows.

Read it in 10-K 2026-01-30 at sec.gov ↗

AddedRisk Factors
The global trade environment remains highly dynamic and continues to evolve. Current U.S. trade policy includes the imposition of baseline, sectoral or country-specific tariffs on imports. Other countries have announced retaliatory actions or plans for retaliatory actions. Tariffs and any retaliatory actions could significantly increase the cost of our products and, particularly with respect to our commercial aircraft, result in lower demand for our products, delivery delays, and terminations of orders by customers.

Read it in 10-K 2026-01-30 at sec.gov ↗

AddedRisk Factors
Impacts from potential deterioration in geopolitical or trade relationships between the U.S. and other countries, particularly China and European Union member states, including as a result of the risks described above, could have a material adverse impact on our financial position, results of operations and/or cash flows.

Read it in 10-K 2026-01-30 at sec.gov ↗

AddedRisk Factors
Airbus, and if we are unable to satisfy our obligations to these third parties or if they assert claims against us, our business and financial condition could be adversely affected.

Read it in 10-K 2026-01-30 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 ↗

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 ↗

RewordedRisk Factors
There have been significant delays on each of these development programs and if we experience additional delays in achieving certification, certification or meeting customer commitments, or if we or our suppliers are unable to timely and effectively address issues discovered during certification and testing and/or efficiently and cost-effectively incorporate required design changes into production aircraft, our financial position, results of operations and cash flows would be adversely impacted.

Read it in 10-K 2026-01-30 at sec.gov ↗

RewordedRisk Factors
While prior cyber-related attacks and incidents (including those at our wholly-owned subsidiaries Boeing Distribution, Inc. in 2023 and Jeppesen, Inc. in 2022) have not materially affected our business strategy, results of operations or financial condition, there There is no guarantee that a future cyber-related attack or incident would not result in significant operational, regulatory, or financial impacts that could materially affect our business strategy, results of operations or financial condition.

Read it in 10-K 2026-01-30 at sec.gov ↗

RewordedRisk Factors
The issuance of our common stock upon the closing of the Spirit acquisition and upon conversion of our Mandatory convertible preferred stock, and the possibility exchange of the sale or issuance Spirit Exchangeable Notes, as well as any other issuances of our common stock in the future, stock, could cause dilution to dilute the interests of our existing shareholders.

Read it in 10-K 2026-01-30 at sec.gov ↗

RewordedRisk Factors
DoD As a result of the significant ongoing uncertainty with respect to both U.S. defense spending and the evolving nature of the national security threat environment, we also expect the DoW to continue to emphasize affordability, innovation, cybersecurity and delivery of technical data and software in its procurement processes, including the implementation of cybersecurity compliance requirements on the Defense Industrial Base, for which the supply chain may not be fully prepared.

Read it in 10-K 2026-01-30 at sec.gov ↗

RewordedRisk Factors
For additional information on our accounting policies for recognizing sales and profits, see our discussion under “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Estimates – Accounting for Long-term Contracts/Program Accounting” on pages 49 - 50 and Note 1 to our Consolidated Financial Statements on pages 60 - 70 of this Form 10-K.

Read it in 10-K 2026-01-30 at sec.gov ↗

RewordedRisk Factors
In our BDS business, we anticipate that the effects of defense industry consolidation, shifting acquisition and budget priorities, the entry and growth of private capital-backed and other non-traditional defense companies, and continued cost pressure at our U.S. DoW and non-U.S. customers will intensify competition for many of our BDS products.

Read it in 10-K 2026-01-30 at sec.gov ↗

RewordedRisk Factors
DoD In addition, there continues to be uncertainty with respect to future acquisition priorities and program-level appropriations for the DoW, NASA and other government agencies (including NASA), agencies, including changes to national security and defense priorities, and tension between modernization investments, sustainment investments, and investments in new technologies or emergent capabilities.

Read it in 10-K 2026-01-30 at sec.gov ↗

RewordedRisk Factors
As of December 31, 2024, we had 9 unions in the U.S. with 27 independent agreements and 18 employee representative bodies internationally, and we We cannot predict how stable our union relationships will be or whether we will be able to meet the unions’ requirements.

Read it in 10-K 2026-01-30 at sec.gov ↗

RewordedRisk Factors
In 2024, 2025, non-U.S. customers, which include foreign military sales Foreign Military Sales through the U.S. government (FMS), accounted for approximately 46% of our revenues. total revenues and 60% of Commercial Airplanes revenue from customer contracts.

Read it in 10-K 2026-01-30 at sec.gov ↗

RewordedRisk Factors
Our Commercial Airplanes business depends on our ability to maintain a healthy production system, ensure every airplane in our production system conforms to exacting specifications, achieve planned production rate targets, successfully develop and certify new aircraft or new derivative aircraft, and meet or exceed stringent performance and reliability standards.

Read it in 10-K 2026-01-30 at sec.gov ↗

RewordedRisk Factors
We As part of our portfolio management, we also may make strategic divestitures from time to time. time, such as our recent divestiture of portions of our Digital Aviation Solutions business.

Read it in 10-K 2026-01-30 at sec.gov ↗

RewordedRisk Factors
Overall, the U.S.-China trade relationship remains stalled is challenged due to tariffs, sanctions, and export restrictions, as well as other economic and national security concerns continue to be a challenge. concerns.

Read it in 10-K 2026-01-30 at sec.gov ↗

Quiet changesRisk Factors
If the satellite fails to meet contractual performance criteria, customers will may not be obligated to continue making in-orbit payments and/or we may be required to provide refunds to the customer and incur significant charges.

Read it in 10-K 2026-01-30 at sec.gov ↗

AddedMD&A
Our contracts with the Society of Professional Engineering Employees in Aerospace, representing approximately 16,000 Boeing employees, are scheduled to expire in October 2026, and could also have a material impact on our financial position, results of operations and cash flows.

Read it in 10-K 2026-01-30 at sec.gov ↗

AddedMD&A
During the fourth quarter of 2025, we completed a divestiture and an acquisition that are affecting our 2025 financial position, results of operations and cash flows. On October 31, 2025, we completed the divestiture of portions of our BGS segment’s Digital Aviation Solutions business (Digital Aviation Solutions Divestiture) for $10.55 billion in an all-cash transaction. On December 8, 2025, we completed the acquisition of Spirit AeroSystems Holdings, Inc. (Spirit) by exchanging approximately $4.7 billion of Boeing shares for all of Spirit’s outstanding shares (Spirit Acquisition). In connection with the Spirit Acquisition, we paid off certain Spirit debt and other obligations and assumed the remainder of Spirit’s outstanding debt and other obligations. Boeing’s acquisition includes all of Spirit’s Boeing-related commercial operations, including fuselages for the 737, P-8 and KC-46 Tanker programs, as well as major structures for the 767, 777 and 787 programs. It also includes Spirit’s defense and aftermarket businesses as well as portions of Spirit’s operations in Belfast, Ireland. Spirit employs approximately 15,000 people. For additional discussion related to the Digital Aviation Solutions Divestiture and Spirit Acquisition, see Note 3 and Note 2 of our Consolidated Financial Statements.

Read it in 10-K 2026-01-30 at sec.gov ↗

AddedMD&A
In 2025, global air traffic expanded near historical trend rates on an annual basis. This growth came despite a lower than usual contribution from the North American market, which saw stagnant demand particularly in the low-cost space. International demand outpaced domestic demand on an annual basis as the former built on the recovery momentum from 2024, including in China, lifting demand for wide-body airplanes. Based on these trends, both single-aisle and wide-body demand remain above current industry supply levels. We are experiencing strong demand from our airline customers globally.

Read it in 10-K 2026-01-30 at sec.gov ↗

AddedMD&A
From October 1 through November 12, 2025, funding for U.S. government departments and agencies, including the Department of War (DoW), the National Aeronautics and Space Administration (NASA), and the Department of Transportation (DOT), including the FAA, had lapsed. The Continuing Appropriations, Agriculture, Legislative Branch, Military Construction Veterans Affairs Appropriations Bill and Extensions Act, 2026, enacted November 12, 2025, largely funded the DoW, NASA and the DOT at fiscal year 2025 (FY25) appropriated levels through January 30, 2026. The Commerce, Justice Science; Energy and Water Development; and Interior and Environment Appropriations Act, 2026 (H.R. 6938), enacted January 23, 2026, funded certain federal departments and agencies, including NASA, through FY26.

Read it in 10-K 2026-01-30 at sec.gov ↗

AddedMD&A
Global Trade The global trade landscape is currently highly volatile. Various countries have announced plans for and/or have implemented new or modified tariffs or have eliminated tariffs previously imposed.

Read it in 10-K 2026-01-30 at sec.gov ↗

AddedMD&A
During 2025, the U.S. reached bilateral trade agreements that recognize tariff-free trade of products within the scope of the World Trade Organization Agreement on Trade in Civil Aircraft with countries including the United Kingdom, Japan, South Korea, Malaysia, and the European Union. As of December 31, 2025, the U.S. applies a diverse range of reciprocal tariffs to imports originating from countries that have not concluded bilateral trade agreements with the U.S. The updated reciprocal tariff rates originally announced during the second quarter of 2025 became effective on August 7, 2025. On November 1, 2025, the U.S. and China announced a bilateral trade arrangement and further extended the pause on the reciprocal and retaliatory tariffs on each other's imports until November 10, 2026. However, the current state of U.S.-China trade relations remains an ongoing watch item.

Read it in 10-K 2026-01-30 at sec.gov ↗

AddedMD&A
In addition, as of December 31, 2025, the U.S. maintains tariffs announced during the first quarter of 2025 on goods imported from China, as well as goods imported from Canada and Mexico that are not compliant with the United States-Mexico-Canada Agreement (USMCA). We believe that the majority of our imports from Canada and Mexico are compliant with the provisions of the USMCA.

Read it in 10-K 2026-01-30 at sec.gov ↗

AddedMD&A
As of December 31, 2025, the U.S. also maintains new and modified tariffs on aluminum, steel, and copper imports implemented during 2025, and has announced reviews of additional sectors.

Read it in 10-K 2026-01-30 at sec.gov ↗

AddedMD&A
Collectively, these tariffs, and any retaliatory actions taken by countries in response to the U.S. tariffs, could have a material impact on our financial position, results of operations and/or cash flows. Our year-to-date results reflect our best estimate of the impacts of the tariffs enacted as of December 31, 2025, and certain potential mitigating actions.

Read it in 10-K 2026-01-30 at sec.gov ↗

AddedMD&A
737 Program The 737 production rate was significantly disrupted in 2024 because of the 737-9 door plug accident and the IAM labor strike. Throughout 2025, the rate recovered from below 38 aircraft per month at the beginning of the year to 42 per month during the fourth quarter. In October 2025, after extensive reviews of the key performance indicators (KPIs), the FAA and Boeing jointly agreed the KPIs and rate readiness process guided by our Safety Management System supported an increase of the 737 production rate to 42 per month. The program plans to increase the production rate from 42 to 47 in 2026 with the concurrence of the FAA. We are also planning for additional production rate increases beyond 47 per month as well as adding a 737 production line.

Read it in 10-K 2026-01-30 at sec.gov ↗

AddedMD&A
777 and 777X Programs The accounting quantity for the 777 program extends through year-end 2027 and reflects the number of units we expect to produce and deliver by 2027. During 2025, we increased the accounting quantity by six units reflecting increased demand and our decision to produce more 777 models by 2027. We increased the accounting quantity for the 777X program by 100 units in the third quarter of 2025 and 50 units in the fourth quarter of 2025 reflecting strong order activity in 2025 and production plan updates. Cumulative firm orders for the 777X increased from 358 units at December 31, 2024, to 560 units at December 31, 2025.

Read it in 10-K 2026-01-30 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 ↗

RewordedMD&A
(Dollars in millions) Years ended December 31, 2025 2024 2023 2022 Net loss earnings/(loss) $2,238 ($11,829) ($2,242) ($5,053) Non-cash items (171) 8,517 4,113 4,426 Changes in assets and liabilities (1,002) (8,768) 4,089 4,139 Net cash provided/(used) by operating activities 1,065 (12,080) 5,960 Net cash provided/(used) by investing activities 499 (11,973) (2,437) Net cash (used)/provided by operating activities (12,080) 5,960 3,512 Net cash (used)/provided by investing activities (11,973) (2,437) 4,370 Net cash provided/(used) by financing activities (3,763) 25,209 (5,487) (1,266) Effect of exchange rate changes on cash and cash equivalents 40 (47) 30 (73) Net increase/(decrease) (decrease)/increase in cash & cash equivalents, including restricted (2,159) 1,109 (1,934) 6,543 Cash & cash equivalents, including restricted, at beginning of year 13,822 12,713 14,647 8,104 Cash & cash equivalents, including restricted, at end of year $11,663 $13,822 $12,713 $14,647

Read it in 10-K 2026-01-30 at sec.gov ↗

RewordedMD&A
On November 4, 2024, 13, 2025, the International Association of Machinists and Aerospace Workers District 751 837 (IAM 751) 837), representing approximately 3,200 Boeing employees, voted to ratify a new contract, contract thereby ending the work stoppage initiated on September 13, 2024, August 4, 2025, which paused production of certain commercial aircraft models (737, 767, 777 and 777X aircraft) as well as production of commercial derivative aircraft for disrupted our Defense, Space & Security business (KC-46A Tanker and P-8A Poseidon). St.

Read it in 10-K 2026-01-30 at sec.gov ↗

RewordedMD&A
BCA total backlog of $567,290 million at December 31, 2025 increased from $435,175 million at December 31, 2024 decreased from $440,507 million at December 31, 2023, 2024, reflecting an increase new orders in excess of deliveries and a decrease in the value of existing orders that that, in our assessment assessment, do not meet the accounting requirements of ASC 606 for inclusion in backlog, cancellations and decreases in estimated contractual prices, partially offset by new orders in excess of deliveries. cancellations.

Read it in 10-K 2026-01-30 at sec.gov ↗

RewordedMD&A
DoD), During a shutdown, requirements to furlough employees in the Department of Transportation, including DoW, the FAA, DOT or other government agencies could result in payment delays, impair our ability to perform work on existing contracts or otherwise impact our operations, negatively impact future orders, orders and/or cause other disruptions or delays. delays that could have a material effect on our financial position, results of operations and/or cash flows.

Read it in 10-K 2026-01-30 at sec.gov ↗

RewordedMD&A
Cost of sales as a percentage of Revenues increased decreased in 2024 2025 compared to 2023 2024 primarily due to the lower charges on BDS fixed-price development programs, partially offset by higher combined reach-forward losses on the 777X and 767 programs, lower margins programs at BCA, and higher charges on the BDS fixed-price development programs. BCA.

Read it in 10-K 2026-01-30 at sec.gov ↗

RewordedMD&A
Cost of sales decreased increased by $1,562 $16,666 million in 2024 2025 compared with 2023, 2024, primarily due to lower revenues higher deliveries and an increase in reach-forward losses at BCA, partially offset by the reach-forward losses on the 777X and 767 programs and higher lower charges on the BDS fixed-price development programs.

Read it in 10-K 2026-01-30 at sec.gov ↗

RewordedMD&A
The change in Non-cash items is of $8.7 billion compared with 2024 was primarily due to a gain on the Digital Aviation Solutions Divestiture in October 2025, partially offset by higher combined 777X and 767 reach-forward losses of $4.1 billion recorded in during 2025 compared to 2024.

Read it in 10-K 2026-01-30 at sec.gov ↗

RewordedMD&A
Net cumulative catch-up adjustments for changes in estimated revenues and costs at completion across all long-term contracts, including the impact of estimated losses on unexercised options, decreased Earnings from operations by $1,377 million in 2025 and increased Loss from operations by $6,562 million, million and $2,943 million in 2024 and $5,253 million in 2024, 2023 and 2022, 2023, respectively, and were primarily due to losses recognized on the KC-46A Tanker, VC-25B, T-7A Red Hawk, MQ-25, and Commercial Crew, VC-25B, and MQ-25 Crew programs.

Read it in 10-K 2026-01-30 at sec.gov ↗

RewordedMD&A
In July 2024, 2025, we obtained approval from the FAA to begin the first second major phase of FAA certification flight testing. testing, and we had anticipated beginning the third major phase of certification flight testing in the third quarter of 2025.

Read it in 10-K 2026-01-30 at sec.gov ↗

RewordedMD&A
Investing Activities Cash used Net cash provided by investing activities during 2024 2025 was $12.0 $0.5 billion, compared with cash used of $12.0 billion during 2024 and $2.4 billion during 2023 and cash provided by investment activities of $4.4 billion during 2022. 2023.

Read it in 10-K 2026-01-30 at sec.gov ↗

RewordedMD&A
Financing Activities Cash provided Net cash used by financing activities was $3.8 billion during 2025, compared with net cash provided of $25.2 billion during 2024, compared with and net cash used of $5.5 billion during 2023, and $1.3 billion in 2022. 2023.

Read it in 10-K 2026-01-30 at sec.gov ↗

RewordedMD&A
Cash Net cash provided by financing activities during 2024 was primarily driven by the issuance of common stock and Mandatory convertible preferred stock in the fourth quarter of 2024, which resulted in cash proceeds of $18.2 billion and $5.7 billion, net of issuance costs, as well as the issuance of $10.0 billion of fixed-rate senior notes in the second quarter of 2024. costs.

Read it in 10-K 2026-01-30 at sec.gov ↗

Work on BA in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/BA/export.csv") into a cell.