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

Headquarters: Arlington, VA
CEO: Robert Kelly Ortberg
Next results: around Jan 26, 2027

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All key numbers (35, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	9.69	Sales (ttm)	94.9B	Net income (ttm)	7.7B	Sales growth	+34.5%	EPS growth	-	Sales Q/Q	+3.9%
Free cash flow	16.0M	Gross margin	-	Oper. margin	10.3%	Net margin	8.1%	FCF margin	0.0%	ROE	116.9%
ROA	4.5%	R&D / sales	4.0%	Dividend	-	Debt/Eq	7.66	Curr. ratio	1.13	Cash	9.5B
Op. cash flow (ttm)	4.0B	EBITDA	6.2B	EBITDA margin	7.0%	Net debt	40.7B	Quick ratio	1.13	ROIC	6.4%
Tax rate	15.1%	Stock pay / sales	0.5%	Shares out.	792.4M	Shares Y/Y	+17.8%	Book / share	8.26	Cash / share	11.99
Sales / share	119.77	Asset turnover	0.56	Days sales out.	12	Sales 3Y CAGR	+10.3%	Sales 5Y CAGR	+9.0%

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024

Revenue growth sped up to +34.5%-14.5% → +34.5% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
Operating margin widened to 4.8%-16.1% → 4.8% · Operating income / revenue · 10-K ↗
Net income turned to a profit−$11.8B → $2.2B · Net income attributable to the company · 10-K ↗

What management wrote about it → · Every company →

BA against Industrials peers

Ten years, side by side → · All 83 →

BAPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 83 companies, the better end on the right. Hover a dot for the company.

Sales growth

+34.5%2nd of 82 · median +4.8%

Net margin

8.1%61st of 82 · median 13.0%

Return on equity

116.9%1st of 77 · median 24.9%

Free cash flow margin

0.0%77th of 79 · median 13.0%

Debt / equity (less is better)

7.6672nd of 72 · median 0.72

BA and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
BA Boeing	$94.9B	+34.5%	-	8.1%	116.9%	0.0%	7.66
FDX FedEx	$98.5B	+7.7%	-	8.8%	25.0%	5.0%	0.56
RTX RTX Corporation	$96.0B	+9.7%	-	8.8%	12.1%	9.9%	0.54
UPS United Parcel Service	$91.4B	-2.6%	-	4.8%	29.5%	7.0%	1.74
LMT Lockheed Martin	$79.1B	+5.6%	11.7%	8.2%	64.7%	10.6%	2.04
CAT Caterpillar Inc.	$77.8B	+4.3%	92.3%	15.2%	55.1%	14.5%	1.69

From $89.5B of sales to $2.2B of profit

FY2025, from the 10-K income statement and revenue by product

Swipe sideways for the whole flow →

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. The full income statement →

Profitability

2 of 4

!
Net margin below the peer median8.1% vs 13.0%
✓
Gross margin up over 5 years-9.8% → 4.8%
✓
Return on equity above 15%116.9%
!
A profit in 4 of 10 years

Net margin, FY2016 to FY2025: 5.4% → 2.5%

Balance sheet

1 of 3

!
Debt larger than equityDebt / equity 7.66 on the latest balance sheet (peer median 0.72)
✓
Current assets cover current liabilitiesCurrent ratio 1.13
!
Net debt over 3 years of free cash flow$22.2B net debt, 1387.4 years

Debt / equity at each year end, FY2016 to FY2025: 12.18 → 11.42

What the debt is made of ↓

Cash and shareholders

0 of 3

!
Free cash flow positive in 5 of 10 years−$1.9B last year
!
Share count up over 5 years+34.1%
!
Cash from operations below net income$1.1B vs $2.2B

Free cash flow, FY2016 to FY2025: 7.9B → -1.9B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Sep 30, 2026 · schedule of Dec 31, 2025

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. This company's debt note has no tagged lines yet, so fixed or floating rate is not shown. The full schedule →

Revenue and net income, FY2016 to FY2025

Revenue 89.5B Net income 2.2B

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

BA's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue89.5B

Net income2.2B

Free cash flow-1.9B

EPS (diluted)2.48

Dividend per share8.22

Diluted shares762.3M

The segments changed

10-K filed 2026-01-30

Compared with the 10-K of Feb 3, 2025: new segment Defense Space And Security; no longer reported: Boeing Defense Space Security.

When a company changes its segments, the years before are usually recast, so growth by segment is not comparable with what earlier 10-Ks showed. Found by comparing the segments with revenue in the last two 10-Ks (XBRL) and by the 10-K's own words, without AI.

Revenue by business segment

year to Dec 31, 2025

	Revenue	Share	vs year before
Commercial Airplanes	41.5B	46.4%	+81.5%
Defense Space And Security	27.2B	30.4%	+13.9%
Global Services	20.9B	23.4%	+4.9%

10-K 0001628280-26-004357, segment and revenue notes (XBRL).

Revenue by product or service

year to Dec 31, 2025

	Revenue	Share	vs year before
Sales of products	75.4B	84.2%	+41.6%
Sales of services	14.1B	15.8%	+6.1%

10-K 0001628280-26-004357, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025

	Revenue	Share	vs year before
United States	48.1B	53.7%	+32.9%
Total non-U.S. revenues	41.4B	46.3%	+34.4%
Asia	16.5B	18.4%	+37.3%
Europe	11.4B	12.8%	+30.7%
Middle East	7.0B	7.9%	+51.5%
Canada	1.8B	2.0%	+21.0%
Africa	1.6B	1.8%	+42.2%
Oceania	1.6B	1.8%	+1.4%
Latin America, Caribbean and other	1.5B	1.7%	+18.7%

10-K 0001628280-26-004357, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	93.5B	94.0B	101.1B	76.6B	58.2B	62.3B	66.6B	77.8B	66.5B	89.5B
Cost of revenue	79.0B	76.6B	81.5B	72.1B	63.8B	59.2B	63.1B	70.1B	68.5B	85.2B
Gross profit	14.5B	17.4B	19.6B	4.5B	-5.7B	3.0B	3.5B	7.7B	-2.0B	4.3B
R&D	4.6B	3.2B	3.3B	3.2B	2.5B	2.2B	2.9B	3.4B	3.8B	3.6B
SG&A	3.6B	4.1B	4.6B	3.9B	4.8B	4.2B	4.2B	5.2B	5.0B	6.1B
Operating income	6.5B	10.3B	12.0B	-2.0B	-12.8B	-2.9B	-3.5B	-773.0M	-10.7B	4.3B
Pretax income	5.8B	10.1B	11.6B	-2.3B	-14.5B	-5.0B	-5.0B	-2.0B	-12.2B	2.6B
Income tax	749.0M	1.6B	1.1B	-1.6B	-2.5B	-743.0M	31.0M	237.0M	-381.0M	397.0M
Net income	5.0B	8.5B	10.5B	-636.0M	-11.9B	-4.2B	-4.9B	-2.2B	-11.8B	2.2B
EPS (diluted)	7.83	13.85	17.85	-1.12	-20.88	-7.15	-8.30	-3.67	-18.36	2.48
Diluted shares	642.8M	610.0M	585.5M	565.4M	568.6M	587.6M	594.9M	605.8M	646.9M	762.3M
Depreciation & amortization	1.9B	2.0B	2.1B	2.3B	2.2B	2.1B	2.0B	1.9B	1.8B	2.0B
EBITDA	8.4B	12.4B	14.1B	296.0M	-10.5B	-726.0M	-1.5B	1.1B	-8.9B	6.2B
Gross margin	15.5%	18.5%	19.4%	5.8%	-9.8%	4.9%	5.3%	9.9%	-3.0%	4.8%
Operating margin	7.0%	11.0%	11.9%	-2.6%	-22.0%	-4.6%	-5.3%	-1.0%	-16.1%	4.8%
Net margin	5.4%	9.0%	10.3%	-0.8%	-20.4%	-6.7%	-7.4%	-2.9%	-17.8%	2.5%
Revenue growth	-	+0.5%	+7.6%	-24.3%	-24.0%	+7.1%	+6.9%	+16.8%	-14.5%	+34.5%
EPS growth	-	+76.9%	+28.9%	-106%	-	-	-	-	-	-

Balance sheet

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash	8.8B	8.8B	7.6B	9.5B	7.8B	8.1B	14.6B	12.7B	13.8B	10.9B
Short-term investments	1.2B	1.2B	927.0M	545.0M	17.8B	8.2B	2.6B	3.3B	12.5B	18.5B
Receivables	8.8B	2.9B	3.9B	3.3B	2.0B	2.6B	2.5B	2.6B	2.6B	2.9B
Current assets	62.5B	85.2B	87.8B	102.2B	121.6B	108.7B	109.5B	109.3B	128.0B	128.5B
Property & equipment	12.8B	12.7B	12.6B	12.5B	11.8B	10.9B	10.6B	10.7B	11.4B	15.4B
Goodwill	5.3B	5.6B	7.8B	8.1B	8.1B	8.1B	8.1B	8.1B	8.1B	17.3B
Total assets	90.0B	112.4B	117.4B	133.6B	152.1B	138.6B	137.1B	137.0B	156.4B	168.2B
Accounts payable	11.2B	12.2B	12.9B	15.6B	12.9B	9.3B	10.2B	12.0B	11.4B	13.1B
Current liabilities	50.1B	74.6B	81.6B	97.3B	87.3B	82.0B	90.1B	95.8B	97.1B	108.1B
Total debt	10.0B	10.4B	12.6B	27.1B	65.1B	59.2B	62.0B	57.3B	54.9B	62.3B
Total liabilities	-	-	-	141.9B	170.2B	153.4B	152.9B	154.2B	160.3B	162.8B
Shareholders' equity	817.0M	1.7B	339.0M	-8.6B	-18.3B	-15.0B	-15.9B	-17.2B	-3.9B	5.5B
Retained earnings	40.7B	49.6B	55.9B	50.6B	38.6B	34.4B	29.5B	27.3B	15.4B	17.3B

Cash flow

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	10.5B	13.3B	15.3B	-2.4B	-18.4B	-3.4B	3.5B	6.0B	-12.1B	1.1B
Capital spending	2.6B	1.7B	1.7B	1.8B	1.3B	980.0M	1.2B	1.5B	2.2B	2.9B
Free cash flow	7.9B	11.6B	13.6B	-4.3B	-19.7B	-4.4B	2.3B	4.4B	-14.3B	-1.9B
Stock-based pay (added back)	190.0M	202.0M	202.0M	212.0M	250.0M	833.0M	725.0M	690.0M	407.0M	426.0M
Dividends paid	2.8B	3.4B	3.9B	4.6B	1.2B	-	-	-	-	331.0M
Buybacks	7.0B	9.2B	9.0B	2.7B	-	-	-	-	-	-
Acquisitions	297.0M	324.0M	3.2B	455.0M	-	6.0M	-	70.0M	50.0M	1.2B
Debt raised	1.3B	2.1B	8.5B	25.4B	47.2B	9.8B	34.0M	75.0M	10.2B	165.0M
Debt repaid	1.4B	953.0M	7.2B	12.2B	11.0B	15.4B	1.3B	5.2B	8.7B	3.6B
Investing cash flow	-3.4B	-2.1B	-4.6B	-1.5B	-18.4B	9.3B	4.4B	-2.4B	-12.0B	499.0M
Financing cash flow	-9.6B	-11.3B	-11.7B	5.7B	35.0B	-5.6B	-1.3B	-5.5B	25.2B	-3.8B
Dividend per share	4.69	5.97	7.19	8.22	-	-	-	-	-	-

Stock-based pay and leases

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Stock-based pay (expense)	190.0M	202.0M	202.0M	212.0M	250.0M	833.0M	725.0M	690.0M	407.0M	426.0M
Stock-based pay / revenue	0.2%	0.2%	0.2%	0.3%	0.4%	1.3%	1.1%	0.9%	0.6%	0.5%
Operating lease cost	-	-	-	326.0M	360.0M	380.0M	421.0M	457.0M	530.0M	601.0M
Operating lease cash paid	-	-	-	277.0M	299.0M	301.0M	294.0M	323.0M	408.0M	467.0M
Right-of-use assets	-	-	-	1.2B	1.3B	1.4B	1.5B	1.7B	2.0B	2.1B
Operating lease liabilities	-	-	-	1.2B	-	1.5B	1.6B	1.8B	2.1B	2.3B
Finance lease liabilities	-	-	-	-	-	-	-	-	239.0M	250.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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