Boeing Company – Final Results

Boeing Reports Fourth Quarter Results

ARLINGTON, Va., Jan. 27, 2026  —

Fourth Quarter 2025

· Acquired Spirit AeroSystems in December underscoring commitment to safety,
quality, and production stability
· Revenue increased to $23.9 billion primarily reflecting 160 commercial
deliveries
· Earnings reflects $9.6 billion gain on sale associated with closing the
Digital Aviation Solutions transaction
· Operating cash flow of $1.3 billion and free cash flow (non-GAAP)* of $0.4
billion

Full Year 2025

· Revenue of $89.5 billion and 600 commercial deliveries reflect the highest
annual totals since 2018
· Total company backlog grew to a record $682 billion, including over 6,100
commercial airplanes

Table 1. Fourth Full
Summary Quarter Year
Financial
Results
(Dollars 2025 2024 Change 2025
2024 Change
in
Millions,
except per
share
data)

Revenues $23,948 $15,242 57% $89,463
$66,517 34%

GAAP
Earnings/(l $8,777 ($3,770) NM $4,281
($10,707) NM
oss) from
operations
Operating 36.7 % (24.7) % NM 4.8 %
(16.1) % NM
margins
Net $8,220 ($3,861) NM $2,238
($11,829) NM
earnings/(l
oss)
Diluted $10.23 ($5.46) NM $2.48
($18.36) NM
earnings/(l
oss) per
share
Operating $1,331 ($3,450) NM $1,065
($12,080) NM
cash flow

Non-GAAP*
Core $8,519 ($4,042) NM $3,236
($11,811) NM
operating
earnings/(l
oss)
Core 35.6 % (26.5) % NM 3.6 %
(17.8) % NM
operating
margins
Core $9.92 ($5.90) NM $1.19
($20.38) NM
earnings/(l
oss) per
share

*Non-GAAP measure; complete definitions of Boeing’s non-GAAP measures are on
page 5, «Non-GAAP Measures Disclosures.»

The Boeing Company [NYSE: BA] recorded fourth quarter revenue of $23.9billion,
reflecting improved operational performance and higher commercial delivery
volume. GAAP earnings per share of $10.23 and core earnings per share (non
-GAAP)* of $9.92 primarily reflect a $9.6 billion gain on sale associated with
closing the Digital Aviation Solutions transaction, which increased earnings per
share by $11.83. The company reported operating cash flow of $1.3billion and
free cash flow (non-GAAP)* of $0.4 billion. Total company backlog grew to a
record $682billion primarily reflecting 1,173 Commercial Airplanes net orders in
the year, with all three segments at record levels.

«We made significant progress on our recovery in 2025 and have set the
foundation to keep our momentum going in the year ahead,» said Kelly Ortberg,
Boeing president and chief executive officer. «We completed the acquisition of
Spirit AeroSystems and the sale of portions of the Digital Aviation Solutions
business and remain focused on promoting stable operations, completing our
development programs, rebuilding trust with our stakeholders, and fully
restoring Boeing to the iconic company we all know it can be.»

Table 2. Fourth Full
Cash Flow Quarter Year
(Millions) 2025 2024 2025 2024
Operating $1,331 ($3,450) $1,065 ($12,080)
cash flow
Less ($956) ($648) ($2,942) ($2,230)
additions
to
property,
plant &
equipment
Free cash $375 ($4,098) ($1,877) ($14,310)
flow*

*Non-GAAP measure; complete definitions of Boeing’s non-GAAP measures are on
page 5, «Non-GAAP Measures Disclosures.»

Operating cash flow was $1.3 billion in the quarter reflecting higher commercial
deliveries, as well as working capital timing. Additions to property, plant and
equipment primarily reflects higher investments in Charleston and Saint Louis
sites.

Table 3. Quarter End
Cash,
Marketable
Securities
and Debt
Balances
(Billions) 4Q 2025 3Q 2025
Cash and $29.4 $23.0
investments
in
marketable
securities1
Consolidated $54.1 $53.4
debt

1 Marketable securities consist primarily of time deposits due within one year
classified as «short-term investments.»

Cash and investments in marketable securities totaled $29.4 billion, compared to
$23.0 billion at the beginning of the quarter, primarily driven by $10.6 billion
in proceeds associated with closing the Digital Aviation Solutions transaction
and free cash flow generated in the quarter, partially offset by debt repayment
associated with the acquisition of SpiritAeroSystems. Debt was $54.1 billion, up
from $53.4 billion at the beginning of the quarter, primarily reflecting the
acquisition of Spirit AeroSystems. The company maintains access to credit
facilities of $10.0 billion, which remain undrawn.

Segment Results

Commercial Airplanes

Table 4. Commercial Airplanes Fourth Quarter
Full Year
(Dollars in Millions) 2025 2024 Change
2025 2024 Change

Deliveries 160 57 181%
600 348 72%

Revenues $11,379 $4,762 139%
$41,494 $22,861 82%
Loss from operations ($632) ($2,090) NM
($7,079) ($7,969) NM
Operating margins (5.6) % (43.9) % NM
(17.1) % (34.9) % NM

Commercial Airplanes fourth quarter revenue of $11.4billion and operating margin
of (5.6) percent primarily reflect higher deliveries and improved operational
performance. Results also include impacts associated with the acquisition of
Spirit AeroSystems.

During the quarter, the 737 program increased the production rate to 42 per
month and received approval from the Federal Aviation Administration to begin
the final phase of 737-10 certification flight testing. The 787 program began
transitioning production to eight per month and remains focused on stabilizing
at that rate. In the quarter, the 777X program began the Type Inspection
Authorization 3 phase of 777-9 certification flight testing, and the company
still anticipates first delivery in 2027.

Commercial Airplanes booked 336 net orders in the quarter, including 105 737-10
and 5 787-9 airplanes for Alaska Airlines and 65 777-9 airplanes for Emirates.
Commercial Airplanes delivered 160 airplanes and backlog included over 6,100
airplanes valued at a record $567 billion.

Defense, Space& Security

Table 5. Fourth Full
Defense, Quarter Year
Space &
Security
(Dollars 2025 2024 Change 2025
2024 Change
in
Millions)

Revenues $7,417 $5,411 37% $27,234
$23,918 14%
Loss from ($507) ($2,267) NM ($128)
($5,413) NM
operations
Operating (6.8) % (41.9) % NM (0.5) %
(22.6) % NM
margins

Defense, Space & Security fourth quarter revenue of $7.4 billion and operating
margin of (6.8) percent reflect stabilizing operational performance and higher
volume. Results also include $0.6 billion of losses on the KC-46A program
primarily driven by higher estimated production support and supply chain costs.

During the quarter, Defense, Space & Security captured an award from the U.S.
Air Force for 15 KC-46A Tankers, secured a contract from the U.S. Army for 96 AH
-64E Apache helicopters, and delivered the first operational T-7A Red Hawk to
the U.S. Air Force at Joint Base San Antonio-Randolph. Backlog at Defense, Space
& Security grew to a record $85 billion, with 26 percent representing orders
from customers outside the U.S.

Global Services

Table 6. Global Services Fourth Quarter
Full Year
(Dollars in Millions) 2025 2024 Change
2025 2024 Change

Revenues $5,209 $5,119 2%
$20,923 $19,954 5%
Earnings from operations $10,544 $998 NM
$13,474 $3,618 NM
Operating margins 202.4 % 19.5 % NM
64.4 % 18.1 % NM

Global Services fourth quarter revenue was $5.2 billion driven by higher
government volume. Operating margin of 202.4 percent primarily reflects a $9.6
billion gain on sale associated with closing the Digital Aviation Solutions
transaction.

Global Services secured record annual orders of $28 billion, including an award
in the quarter for C-17 flight deck replacement from the U.S. Air Force, and
ended the year with a record backlog of $30 billion.

Additional Financial Information

Table 7. Fourth Full
Additional Quarter Year
Financial
Information
(Dollars in 2025 2024 2025 2024
Millions)
Revenues
Unallocated ($57) ($50) ($188) ($216)
items,
eliminations
and other
Earnings/(los
s) from
operations
Unallocated ($886) ($683) ($3,031)
($2,047)
items,
eliminations
and other
FAS/CAS $258 $272 $1,045 $1,104
service cost
adjustment
Other $201 $432 $1,125 $1,222
income, net
Interest and ($659) ($755) ($2,771)
($2,725)
debt expense
Effective 1.2 % 5.7 % 15.1 % 3.1
%
tax rate

Unallocated items, eliminations and other primarily reflects timing of
allocations.

Non-GAAP Measures Disclosures

We supplement the reporting of our financial information determined under
Generally Accepted Accounting Principles in the United States of America (GAAP)
with certain non-GAAP financial information. The non-GAAP financial information
presented excludes certain significant items that may not be indicative of, or
are unrelated to, results from our ongoing business operations. We believe that
these non-GAAP measures provide investors with additional insight into the
company’s ongoing business performance. These non-GAAP measures should not be
considered in isolation or as a substitute for the related GAAP measures, and
other companies may define such measures differently. We encourage investors to
review our financial statements and publicly-filed reports in their entirety and
not to rely on any single financial measure. The following definitions are
provided:

Core Operating Earnings/(Loss), Core Operating Margins and Core Earnings/(Loss)
Per Share

Core operating earnings/(loss) is defined as GAAPEarnings/(loss) from operations
excluding the FAS/CAS service cost adjustment. The FAS/CAS service cost
adjustment represents the difference between the Financial Accounting Standards
(FAS) pension and postretirement service costs calculated under GAAP and costs
allocated to the business segments. Core operating margins is defined as Core
operating earnings/(loss) expressed as a percentage of revenue. Core
earnings/(loss) per share is defined as GAAP Diluted earnings/(loss) per share
excluding the net earnings/(loss) per share impact of the FAS/CAS service cost
adjustment and Non-operating pension and postretirement expenses. Non-operating
pension and postretirement expenses represent the components of net periodic
benefit costs other than service cost. Pension costs allocated to BDS and BGS
businesses supporting government customers are computed in accordance with U.S.
Government Cost Accounting Standards (CAS), which employ different actuarial
assumptions and accounting conventions than GAAP. CAS costs are allocable to
government contracts. Other postretirement benefit costs are allocated to all
business segments based on CAS, which is generally based on benefits paid.
Management uses core operating earnings/(loss), core operating margins and core
earnings/(loss) per share for purposes of evaluating and forecasting underlying
business performance. Management believes these core measures provide investors
additional insights into operational performance as they exclude non-service
pension and post-retirement costs, which primarily represent costs driven by
market factors and costs not allocable to government contracts. A reconciliation
of these non-GAAP measures to the most directly comparable GAAP measure is
provided on page 12 and 13.

Free Cash Flow

Free cash flow is GAAPoperating cash flow reduced by capital expenditures for
property, plant and equipment. Management believes free cash flow provides
investors with an important perspective on the cash available for shareholders,
debt repayment, and acquisitions after making the capital investments required
to support ongoing business operations and long term value creation. Free cash
flow does not represent the residual cash flow available for discretionary
expenditures as it excludes certain mandatory expenditures such as repayment of
maturing debt. Management uses free cash flow as a measure to assess both
business performance and overall liquidity. See Table 2 on page 2 for a
reconciliation of free cash flow to the most directly comparable GAAP measure,
operating cash flow.

Caution Concerning Forward-Looking Statements

This press release contains «forward-looking statements» within the meaning of
the Private Securities Litigation Reform Act of 1995. Words such as «may,»
«will,» «should,» «expects,» «intends,» «projects,» «plans,» «believes,»
«estimates,» «targets,» «anticipates,» and other similar words or expressions,
or the negative thereof, generally can be used to help identify these forward
-looking statements. Examples of forward-looking statements include statements
relating to our future financial condition and operating results, industry
projections and outlooks, plans, objectives and goals, as well as any other
statement that does not directly relate to any historical or current fact.
Forward-looking statements are based on expectations and assumptions that we
believe to be reasonable when made, but that may not prove to be accurate.

These statements are not guarantees and are subject to risks, uncertainties, and
changes in circumstances that are difficult to predict. Many factors could cause
actual results to differ materially and adversely from these forward-looking
statements. Among these factors are risks related to: (1) general conditions in
the economy and our industry, including those due to regulatory changes; (2) our
reliance on our commercial airline customers; (3) the overall health of our
aircraft production system, production quality issues, commercial airplane
production rates, our ability to successfully develop and certify new aircraft
or new derivative aircraft, and the ability of our aircraft to meet stringent
performance and reliability standards; (4) changing budget and appropriation
levels and acquisition priorities of the U.S. government, as well as significant
delays in U.S. government appropriations; (5) our dependence on our
subcontractors and suppliers, as well as the availability of highly skilled
labor and raw materials; (6) work stoppages or other labor disruptions; (7)
competition within our markets; (8) our non-U.S. operations and sales to non
-U.S. customers, including tariffs, trade restrictions and government actions;
(9) changes in accounting estimates; (10) realizing the anticipated benefits of
mergers, acquisitions, joint ventures/strategic alliances or divestitures,
including anticipated synergies and quality improvements related to our
acquisition of Spirit AeroSystems Holdings, Inc.; (11) our dependence on U.S.
government contracts; (12) our reliance on fixed-price contracts; (13) our
reliance on cost-type contracts; (14) contracts that include in-orbit incentive
payments; (15) management of a complex, global IT infrastructure; (16)
compromised or unauthorized access to our, our customers’ and/or our suppliers’
information and systems; (17) potential business disruptions, including threats
to physical security or our information technology systems, extreme weather
(including effects of climate change) or other acts of nature, and pandemics or
other public health crises; (18) potential adverse developments in new or
pending litigation and/or government inquiries or investigations; (19) potential
environmental liabilities; (20) effects of climate change and legal, regulatory
or market responses to such change; (21) credit rating agency actions and our
ability to effectively manage our liquidity; (22) substantial pension and other
postretirement benefit obligations; (23) the adequacy of our insurance coverage;
(24) the dilutive effect of future issuances of our common stock; and (25) the
preferential treatment of our 6.00% mandatory convertible preferred stock.

Additional information concerning these and other factors can be found in our
filings with the Securities and Exchange Commission, including our most recent
Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports
on Form 8-K. Any forward-looking statement speaks only as of the date on which
it is made, and we assume no obligation to update or revise any forward-looking
statement, whether as a result of new information, future events, or otherwise,
except as required by law.

Contact:

InvestorRelations: Eric Hill or David Dufault
[email protected]
Communications: Wilson Chow [email protected]

The Boeing Company
and Subsidiaries

Consolidated
Statements of
Operations

(Unaudited)

Twelve Three
months months
ended ended
December December
31 31
(Dollars in 2025 2024 2025 2024
millions, except per
share
data)
Sales of products $75,356 $53,227 $20,445 $11,901
Sales of services 14,107 13,290 3,503 3,341
Total revenues 89,463 66,517 23,948 15,242

Cost of products (73,761) (57,394) (19,239) (14,010)
Cost of services (11,413) (11,114) (2,897) (2,821)
Total costs and (85,174) (68,508) (22,136) (16,831)
expenses
4,289 (1,991) 1,812 (1,589)
Income/(loss) from 25 71 (17) 12
operating
investments,
net
General and (6,090) (5,021) (1,663) (1,398)
administrative
expense
Research and (3,615) (3,812) (964) (836)
development expense,
net
Gain on 9,672 46 9,609 41
dispositions, net
Earnings/(loss) from 4,281 (10,707) 8,777 (3,770)
operations
Other income, net 1,125 1,222 201 432
Interest and debt (2,771) (2,725) (659) (755)
expense
Earnings/(loss) 2,635 (12,210) 8,319 (4,093)
before income taxes
Income tax (397) 381 (99) 232
(expense)/benefit
Net earnings/(loss) 2,238 (11,829) 8,220 (3,861)
Less: net 3 (12) 4
earnings/(loss)
attributable to
noncontrolling
interest
Net earnings/(loss) 2,235 (11,817) 8,220 (3,865)
attributable to
Boeing shareholders
Less: Mandatory 345 58 86 58
convertible
preferred
stock dividends
accumulated during
the
period
Net earnings/(loss) $1,890 ($11,875) $8,134 ($3,923)
attributable to
Boeing common
shareholders
Basic $2.49 ($18.36) $10.59 ($5.46)
earnings/(loss) per
share
Diluted $2.48 ($18.36) $10.23 ($5.46)
earnings/(loss) per
share

The Boeing Company and Subsidiaries

Consolidated Statements of Financial
Position

(Unaudited)

(Dollars in millions, except per share December 31 December 31
data) 2025 2024
Assets
Cash and cash equivalents $10,921 $13,801
Short-term and other investments 18,479 12,481
Accounts receivable, net 2,921 2,631
Unbilled receivables, net 9,158 8,363
Current portion of financing 207
receivables, net
Inventories 84,679 87,550
Other current assets, net 2,301 2,965
Total current assets 128,459 127,998
Financing receivables and operating 241 314
lease equipment, net
Property, plant and equipment, net of 15,361 11,412
accumulated depreciation of $23,613
and

$22,925
Goodwill 17,275 8,084
Acquired intangible assets, net 1,567 1,957
Deferred income taxes 107 185
Investments 1,048 999
Other assets, net of accumulated 4,177 5,414
amortization of $1,014 and $1,085
Total assets $168,235 $156,363
Liabilities and equity
Accounts payable $13,109 $11,364
Accrued liabilities 27,141 24,103
Advances and progress billings 59,404 60,333
Short-term debt and current portion of 8,461 1,278
long-term debt
Total current liabilities 108,115 97,078
Deferred income taxes 216 122
Accrued retiree health care 2,091 2,176
Accrued pension plan liability, net 4,287 5,997
Other long-term liabilities 2,432 2,318
Long-term debt 45,637 52,586
Total liabilities 162,778 160,277
Shareholders’ equity:
Mandatory convertible preferred stock, 6 6
6.00% Series A, par value $1.00 –
20,000,000 shares authorized;
5,750,000 shares issued; aggregate

liquidation preference $5,750
Common stock, par value $5.00 – 5,061 5,061
1,200,000,000 shares authorized;
1,012,261,159 shares issued
Additional paid-in capital 21,441 18,964
Treasury stock, at cost – 227,562,889 (28,029) (32,386)
and 263,044,840 shares
Retained earnings 17,252 15,362
Accumulated other comprehensive loss (10,277) (10,915)
Total shareholders’ equity/(deficit) 5,454 (3,908)
Noncontrolling interests 3 (6)
Total equity 5,457 (3,914)
Total liabilities and equity $168,235 $156,363

The Boeing Company and Subsidiaries

Consolidated Statements of Cash Flows
(Unaudited)

Twelve months ended

December 31
(Dollars in millions) 2025 2024
Cash flows-operating activities:
Net earnings/(loss) $2,238 ($11,829)
Adjustments to reconcile net loss to
net cash used by operating
activities:
Non-cash items –
Share-based plans expense 426 407
Treasury shares issued for 401(k) 1,530 1,601
contributions
Depreciation and amortization 1,953 1,836
Investment/asset impairment charges, 45 112
net
Gain on dispositions, net (9,672) (46)
777X and 767 reach-forward losses 5,283 4,079
Other charges and credits, net 264 528
Changes in assets and liabilities –
Accounts receivable (95) (37)
Unbilled receivables (677) (60)
Advances and progress billings (723) 4,069
Inventories (1,501) (12,353)
Other current assets 155 (16)
Accounts payable 724 (793)
Accrued liabilities 1,341 1,563
Income taxes receivable, payable and 115 (567)
deferred
Other long-term liabilities (346) (329)
Pension and other postretirement (593) (959)
plans
Financing receivables and operating 274 512
lease equipment, net
Other 324 202
Net cash provided/(used) by operating 1,065 (12,080)
activities
Cash flows – investing activities:
Payments to acquire property, plant (2,942) (2,230)
and equipment
Proceeds from disposals of property, 82 49
plant and equipment
Acquisitions, net of cash acquired (1,248) (50)
Proceeds from dispositions 10,585 124
Contributions to investments (51,938) (13,856)
Proceeds from investments 46,628 4,743
Supplier notes receivable (662) (694)
Repayments on supplier notes 2 40
receivable
Purchase of distribution rights (9) (88)
Other 1 (11)
Net cash provided/(used) by investing 499 (11,973)
activities
Cash flows – financing activities:
New borrowings 165 10,161
Debt repayments (3,621) (8,673)
Common stock issuance, net of 18,200
issuance costs
Mandatory convertible preferred stock 5,657
issuance, net of issuance costs
Employee taxes on certain share-based (34) (83)
payment arrangements
Dividends paid on mandatory (331) –
convertible preferred stock
Other 58 (53)
Net cash (used)/provided by financing (3,763) 25,209
activities
Effect of exchange rate changes on 40 (47)
cash and cash equivalents
Net (decrease)/increase in cash & (2,159) 1,109
cash equivalents, including
restricted
Cash & cash equivalents, including 13,822 12,713
restricted, at beginning of year
Cash & cash equivalents, including 11,663 13,822
restricted, at end of year
Less restricted cash & cash 742 21
equivalents, included in Investments
Cash & cash equivalents at end of $10,921 $13,801
year

The Boeing Company
and Subsidiaries

Summary of Business
Segment Data

(Unaudited)
Twelve Three
months months
ended ended
December December
31 31
(Dollars in 2025 2024 2025 2024
millions)
Revenues:
Commercial Airplanes $41,494 $22,861 $11,379 $4,762
Defense, Space & 27,234 23,918 7,417 5,411
Security
Global Services 20,923 19,954 5,209 5,119
Unallocated items, (188) (216) (57) (50)
eliminations and
other
Total revenues $89,463 $66,517 $23,948 $15,242
Earnings/(loss) from
operations:
Commercial Airplanes ($7,079) ($7,969) ($632) ($2,090)
Defense, Space & (128) (5,413) (507) (2,267)
Security
Global Services 13,474 3,618 10,544 998
Segment operating 6,267 (9,764) 9,405 (3,359)
earnings/(loss)
Unallocated items, (3,031) (2,047) (886) (683)
eliminations and
other
FAS/CAS service cost 1,045 1,104 258 272
adjustment
Earnings/(loss) from 4,281 (10,707) 8,777 (3,770)
operations
Other income, net 1,125 1,222 201 432
Interest and debt (2,771) (2,725) (659) (755)
expense
Earnings/(loss) 2,635 (12,210) 8,319 (4,093)
before income taxes
Income tax (397) 381 (99) 232
(expense)/benefit
Net earnings/(loss) 2,238 (11,829) 8,220 (3,861)
Less: net 3 (12) 4
earnings/(loss)
attributable to
noncontrolling
interest
Net earnings/(loss) 2,235 (11,817) 8,220 (3,865)
attributable to
Boeing shareholders
Less: Mandatory 345 58 86 58
convertible
preferred
stock dividends
accumulated during
the
period
Net earnings/(loss) $1,890 ($11,875) $8,134 ($3,923)
attributable to
Boeing common
shareholders
Research and
development expense,
net:
Commercial Airplanes $2,202 $2,386 $545 $534
Defense, Space & 877 917 259 189
Security
Global Services 125 132 34 29
Other 411 377 126 84
Total research and $3,615 $3,812 $964 $836
development expense,
net
Unallocated items,
eliminations and
other:
Share-based plans ($49) $171 ($9) $53
Deferred (182) (114) (32) (14)
compensation
Amortization of (92) (93) (28) (23)
previously
capitalized
interest
Research and (411) (377) (126) (84)
development expense,
net
Eliminations and (2,297) (1,634) (691) (615)
other unallocated
items
Sub-total (included (3,031) (2,047) (886) (683)
in Core operating
earnings/(loss))
Pension FAS/CAS 784 811 196 203
service cost
adjustment
Postretirement 261 293 62 69
FAS/CAS service cost
adjustment
FAS/CAS service cost 1,045 1,104 $258 $272
adjustment
Total ($1,986) ($943) ($628) ($411)

The Boeing Company and Subsidiaries

Operating and Financial Data

(Unaudited)

Deliveries Twelve months ended Three months ended
December 31
December 31
Commercial Airplanes 2025 2024 2025 2024
737 447 265 117 36
767 30 18 10 3
777 35 14 6 3
787 88 51 27 15
Total 600 348 160 57

Defense, Space & Security
AH-64 Apache (New) 19 16 5 6
AH-64 Apache (Remanufactured) 42 34 14 10
CH-47 Chinook (New) 3 4 2 2
CH-47 Chinook (Renewed) 11 9 2 2
F-15 Models 9 14 2 4
F/A-18 Models 14 11 2 6
KC-46 Tanker 14 10 5 –
MH-139 9 6 3 3
P-8 Models 6 4 2 –
T-7A Red Hawk – 2 – 1
Commercial Satellites 4 2 – 2
Total1 131 112 37 36

1 Deliveries of new-build production units,
including remanufactures and modifications

Total December 31 December 31
backlog 2025 2024
(Dollars in
millions)
Commercial $567,290 $435,175
Airplanes
Defense, 84,786 64,023
Space &
Security
Global 29,720 21,403
Services
Unallocated 411 735
items,
eliminations
and other
Total $682,207 $521,336
backlog

Contractual $639,721 $498,802
backlog
Unobligated 42,486 22,534
backlog
Total $682,207 $521,336
backlog

The Boeing Company and Subsidiaries
Reconciliation of Non-GAAP Measures
(Unaudited)

The tables provided below reconcile the non-GAAP financial measures core
operating earnings/(loss), core operating margins, and core earnings/(loss) per
share with the most directly comparable GAAP financial measures of
earnings/(loss) from operations, operating margins, and diluted earnings/(loss)
per share. See page 5 of this release for additional information on the use of
these non-GAAP financial measures.

(Dollars in Fourth Fourth
millions, Quarter Quarter
except per 2025 2024
share data)
$ million Per $ million Per
s Share s Share
Revenues $23,948 $15,242
Earnings/(loss) 8,777 (3,770)
from
operations
(GAAP)
Operating 36.7 % (24.7) %
margins (GAAP)

FAS/CAS
service cost
adjustment:
Pension (196) (203)
FAS/CAS
service cost
adjustment
Postretirement (62) (69)
FAS/CAS
service cost
adjustment
FAS/CAS (258) (272)
service cost
adjustment
Core operating $8,519 ($4,042)
earnings/(loss)
(non-GAAP)
Core operating 35.6 % (26.5) %
margins (non
-GAAP)

Diluted $10.23 ($5.46)
earnings/(loss)
per share
(GAAP)
Pension ($196) ($0.24) ($203) ($0.28)
FAS/CAS
service cost
adjustment
Postretirement (62) (0.08) (69) (0.10)
FAS/CAS
service cost
adjustment
Non-operating (49) (0.06) (108) (0.15)
pension income
Non-operating (5) (0.01) (18) (0.03)
postretirement
income
Provision for 66 0.08 84 0.12
deferred
income taxes
on adjustments
1
Subtotal of ($246) ($0.31) ($314) ($0.44)
adjustments
Core $9.92 ($5.90)
earnings/(loss)
per share (non
-GAAP)

Diluted 803.8 717.9
weighted
average common
shares
outstanding
(in millions)

1 The income tax impact is calculated
using the U.S. corporate statutory tax
rate.

The Boeing Company and Subsidiaries
Reconciliation of Non-GAAP Measures
(Unaudited)

The tables provided below reconcile the non-GAAP financial measures core
operating earnings/(loss), core operating margins, and core earnings/(loss) per
share with the most directly comparable GAAP financial measures of
earnings/(loss) from operations, operating margins, and diluted earnings/(loss)
per share. See page 5 of this release for additional information on the use of
these non-GAAP financial measures.

(Dollars in Full Full Year
millions, Year 2024
except per 2025
share data)
$ million Per $ millions Per
s Share Share
Revenues $89,463 $66,517
Earnings/(loss) 4,281 (10,707)
from
operations
(GAAP)
Operating 4.8 % (16.1) %
margins (GAAP)

FAS/CAS
service cost
adjustment:
Pension (784) (811)
FAS/CAS
service cost
adjustment
Postretirement (261) (293)
FAS/CAS
service cost
adjustment
FAS/CAS (1,045) (1,104)
service cost
adjustment
Core operating $3,236 ($11,811)
earnings/(loss)
(non-GAAP)
Core operating 3.6 % (17.8) %
margins (non
-GAAP)

Diluted $2.48 ($18.36)
earnings/(loss)
per share
(GAAP)
Pension ($784) ($1.03) ($811) ($1.26)
FAS/CAS
service cost
adjustment
Postretirement (261) (0.34) (293) (0.45)
FAS/CAS
service cost
adjustment
Non-operating (176) (0.24) (476) (0.74)
pension income
Non-operating (19) (0.02) (73) (0.11)
postretirement
income
Provision for 260 0.34 347 0.54
deferred
income taxes
on adjustments
1
Subtotal of ($980) ($1.29) ($1,306) ($2.02)
adjustments
Core $1.19 ($20.38)
earnings/(loss)
per share (non
-GAAP)

Diluted 762.3 646.9
weighted
average common
shares
outstanding
(in millions)

1 The income tax impact is calculated
using the U.S. corporate statutory tax
rate.

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