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Boeing

Boeing's revenue rose in 2025 as airplane deliveries recovered, and it reported net income after large losses

Revenue rose 34.5% to $89.5B, and Commercial Airplanes revenue grew 81.5%. Net income was $2.2B, after a loss of $11.8B in 2024.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Jan 30, 2026) · Latest quarter: 10-Q for the quarter ended Jun 30, 2026 (filed Jul 28, 2026) · Data pulled Oct 25, 2026

Key facts

Boeing (NYSE: BA) closed fiscal 2025 on Dec 31, 2025 with total revenues of $89.5B, up 34.5% from a year before; net income to Boeing came to $2.2B, compared with −$11.8B. Its newest quarterly report covers the three months to Jun 30, 2026: revenue of $24.6B, up 8.0% on the same stretch of the prior year, and net income of −$444M. Broken down by segment (before eliminations), Commercial Airplanes led with 46% of fiscal 2025 total revenues. Sources: 10-K for fiscal 2025 (filed Jan 30, 2026) and 10-Q for the quarter ended Jun 30, 2026 (filed Jul 28, 2026).

Revenue$89.5BFY2025 · +34.5% vs FY2024
Net income to Boeing$2.2BFY2025 · vs −$11.8B in FY2024
Operating cash flow$1.1BFY2025
Cash & equivalents$7.2Bat Jun 30, 2026 · −33.7% vs FY2025 end
Total debt$45.9Bat Jun 30, 2026 · −15.2% vs FY2025 end
Diluted shares762MFY2025 avg · +17.8% vs FY2024
Total revenues and net income to Boeing, three fiscal yearsBy fiscal year, $bn
Total revenuesNet income to Boeing
Total revenues and net income to Boeing by fiscal yearTotal revenues FY2023: $77.8B77.8Net income to Boeing FY2023: −$2.2B-2.2FY2023Total revenues FY2024: $66.5B66.5Net income to Boeing FY2024: −$11.8B-11.8FY2024Total revenues FY2025: $89.5B89.5Net income to Boeing FY2025: $2.2B2.2FY2025

Source: 10-K FY2025, filed Jan 30, 2026

Quarterly total revenues: fiscal 2026 vs a year earlierFiscal Q1–Q2, $bn (each quarter from that quarter's 10-Q)
FY2025FY2026
Quarterly total revenues, fiscal 2026 vs 2025FY2025 Q1: $19.5B19.5FY2026 Q1: $22.2B22.2Q1FY2025 Q2: $22.7B22.7FY2026 Q2: $24.6B24.6Q2

Source: 10-Q filed Apr 22, 2026 · 10-Q filed Jul 28, 2026

How it makes money

FY2025 total by categoryCommercial Airplanes: $41.5B (46%)Defense, Space & Security: $27.2B (30%)Global Services: $20.9B (23%)$89.7BFY2025 total

By segment (before eliminations), FY2025

  • LineAmountSharevs FY2024
  • Commercial Airplanes$41.5B46%+81.5%
  • Defense, Space & Security$27.2B30%+13.9%
  • Global Services$20.9B23%+4.9%

Source: 10-K FY2025, XBRL breakdown

Commercial Airplanes was 46% of 2025 segment revenue, Defense, Space & Security 30% and Global Services 23%.

By segment (before eliminations): three-year mixShare of the total each fiscal year
Commercial AirplanesDefense, Space & SecurityGlobal Services

Source: 10-K FY2025

What changed last quarter

How the quarter compared with a year earlier

Comparing Q2 2026 (Apr to Jun 2026) compared with Q2 2025 (Apr to Jun 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q2 2026Q2 2025

Company

Revenue
$24.6B Q2 2026
$22.7B Q2 2025
8.0% increase
Net income
−$444M Q2 2026
−$611M Q2 2025
n/m (change not meaningful)

A hatched bar is a loss, drawn by its size. The % change isn't shown when either quarter is a loss.

Source: Boeing 10-Q for the quarter ended Jun 30, 2026, filed Jul 28, 2026

By segment

Commercial Airplanes
$11.8B Q2 2026
$10.9B Q2 2025
8.1% increase

Source: Boeing 10-Q for the quarter ended Jun 30, 2026, filed Jul 28, 2026

  • Cash & equivalents $7.2B at Jun 30, 2026, vs $10.9B at FY2025 end.
  • Total debt $45.9B at Jun 30, 2026, vs $54.1B at FY2025 end.
  • Operating cash flow, first 6 months of fiscal 2026: $1.2B vs −$1.4B a year earlier.

The bull case and the bear case

The bull case

  • Revenue rose 34.5% in 2025 to $89.5B, and Commercial Airplanes revenue grew 81.5% to $41.5B. 10-K, FY2025
  • Net income was $2.2B in 2025, after a loss of $11.8B in 2024. 10-K, FY2025
  • Revenue in the quarter ended Jun 30, 2026 was $24.6B, up 8.0% on a year earlier. 10-Q, quarter ended Jun 30, 2026

The bear case

  • Net income in 2025 included a large gain from selling businesses, which the 10-K describes; it posted net losses in 2023 and 2024. 10-K, FY2025
  • It reported a net loss of $444M in the quarter ended Jun 30, 2026. 10-Q, quarter ended Jun 30, 2026
  • Total debt was $54.1B at the end of 2025, against cash of $10.9B. 10-K, FY2025
  • The 10-K lists production quality and safety, supply chain and labor, airplane certification, fixed-price defense contracts and its debt among its risks. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Boeing builds commercial airplanes, military aircraft, satellites and defense systems, and services the planes it sells.

Commercial Airplanes builds the 737, 767, 777 and 787 jets for airlines and leasing companies. Defense, Space & Security builds military aircraft, weapons, satellites and space systems, mainly for the US government. Global Services provides parts, maintenance, training and data services.

Results swing with how many planes it delivers, since most of a plane's price is paid at delivery. Its fiscal year is the calendar year.

Source: 10-K, Item 1 Business

Main risks the company lists

Our plain-English paraphrase of the risk factors in Boeing's latest 10-K. Read the original for the full list.

  1. Quality and safetyProduction problems and accidents have led to regulatory limits and delivery delays.
  2. Supply chain and laborParts shortages and strikes can slow production.
  3. CertificationNew models and variants need regulators' approval, which can take longer than planned.
  4. Fixed-price contractsCost overruns on fixed-price defense programs have led to large charges.
  5. DebtIt carries a large amount of debt.
  6. Airline demandOrders and deliveries depend on airlines' finances and air travel.

Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$FY2023FY2024FY2025
Total revenues$77.8B$66.5B$89.5B
Net income to Boeing−$2.2B−$11.8B$2.2B
Operating cash flow$6.0B−$12.1B$1.1B
Cash & equivalents (year end)$12.7B$13.8B$10.9B
Total debt (year end)$52.3B$53.9B$54.1B
Diluted shares606M647M762M
  • Total revenues: Sales of commercial airplanes, defense and space systems, and services such as parts, maintenance and training.
  • Net income to Boeing: Net income or loss attributable to Boeing shareholders, after the share belonging to minority owners.
  • Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
  • Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
  • Total debt: Short-term debt and current maturities plus long-term debt, including finance leases, at carrying value.
  • Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

About these numbers

  • Segment revenue is before intersegment eliminations and Corporate items, so the segments don't add up exactly to total revenue.
  • Net income in 2025 includes a large gain on the sale of businesses, so it overstates the profit from ongoing operations; the 10-K gives the details.

Recent filings

FormFiledPeriod
10-QJul 28, 2026Jun 30, 2026
10-QApr 22, 2026Mar 31, 2026
DEF 14AMar 6, 2026Apr 17, 2026
10-KJan 30, 2026Dec 31, 2025

Latest filings

  1. No new 8-K, Form 4 or 13D/13G filings from Boeing in the last 30 days.

All Boeing filings notes →

Common questions about Boeing

How does Boeing make money?

Fiscal 2025 total revenues: $89.5B. Commercial Airplanes was 46% of 2025 segment revenue, Defense, Space & Security 30% and Global Services 23%. Source: 10-K for fiscal 2025, filed Jan 30, 2026.

What was Boeing's revenue in fiscal 2025?

$89.5B, up 34.5% from fiscal 2024 ($66.5B). The year ended Dec 31, 2025; for fiscal 2023 the figure was $77.8B. Source: 10-K for fiscal 2025, filed Jan 30, 2026.

Is Boeing profitable?

Net income to Boeing was $2.2B in fiscal 2025 (compared with −$11.8B; fiscal 2024 was −$11.8B). That counts as a GAAP profit. The latest quarter, ended Jun 30, 2026: net income was −$444M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Jan 30, 2026.

What did Boeing report in its latest quarterly filing?

For the three months to Jun 30, 2026: revenue $24.6B (up 8.0% from $22.7B) and net income −$444M (compared with −$611M from −$611M). Source: 10-Q for the quarter ended Jun 30, 2026, filed Jul 28, 2026.

How much cash and debt does Boeing have?

As of Jun 30, 2026: $7.2B of cash and cash equivalents, $45.9B of total debt. Total debt here is short-term debt and current maturities plus long-term debt, including finance leases, at carrying value. Source: 10-Q filed Jul 28, 2026.

What are the main risks Boeing lists?

The risk factors are in Item 1A of the 10-K filed Jan 30, 2026. This page sorts them into 6 groups (Quality and safety; supply chain and labor; certification; fixed-price contracts; debt; airline demand). The first group in plain English: Production problems and accidents have led to regulatory limits and delivery delays. Source: 10-K, Item 1A Risk Factors.

Where do these Boeing numbers come from?

The 10-K filed Jan 30, 2026 (fiscal 2025) and the 10-Q filed Jul 28, 2026 (quarter ended Jun 30, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in BA
The editor holds no position in Boeing (BA). As of Oct 25, 2026.
Trading rule
The editor does not buy or sell BA from 3 days before to 3 days after this page is published or substantively updated.
Compensation
Nobody paid for this page. No affiliate links on this page.
Sources
The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated
Oct 25, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold BA, and it doesn't consider your situation.

Compare with peers

CompanyFiscal yearRevenueRevenue growthNet income
BoeingBAFY2025$89.5B+34.5%$2.2B
RTXFY2025$88.6B+9.7%$6.7B
Lockheed MartinLMTFY2025$75.0B+5.6%$5.0B
GE AerospaceGEFY2025$45.9B+18.5%$8.7B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.