BOEING CO (BA)

Latest 10-K (filed 2026-01-30)

Income Statement

Consolidated Statement of Income

BOEING CO (BA-PRA)

Year Ended (In millions, except shares and per share data)

Dec 31, 2025 Dec 31, 2024 Dec 31, 2023
        Total revenues $89,463 $66,517 $77,794
Sales of products $75,356 $53,227 $65,581
Sales of services $14,107 $13,290 $12,213
      Cost of goods and services sold $(85,174) $(68,508) $(70,070)
Sales of products $(73,761) $(57,394) $(59,864)
Sales of services $(11,413) $(11,114) $(10,206)
        Total costs and expenses $(85,174) $(68,508) $(70,070)
      Gross profit $4,289 $(1,991) $7,724
      Income from operating investments, net $25 $71 $46
      General and administrative expense $(6,090) $(5,021) $(5,168)
      Research and development expense, net $(3,615) $(3,812) $(3,377)
      Gain on dispositions, net $(9,672) $(46) $(2)
        Earnings/(loss) from operations 4,281 (10,707) (773)
        Other income, net $1,125 $1,222 $1,227
        Interest and debt expense $(2,771) $(2,725) $(2,459)
      Earnings/(loss) before income taxes $2,635 $(12,210) $(2,005)
      Income tax (expense)/benefit $(397) $381 $(237)
        Net earnings/(loss) $2,238 $(11,829) $(2,242)
        Less: Net earnings/(loss) attributable to noncontrolling interest $3 $(12) $(20)
        Net earnings/(loss) attributable to Boeing shareholders $2,235 $(11,817) $(2,222)
        Less: Mandatory convertible preferred stock dividends accumulated during the period $345 $58
      Net earnings/(loss) attributable to Boeing common shareholders $1,890 $(11,875) $(2,222)
      Net earnings/(loss) attributable to Boeing common shareholders $1,890 $(11,875) $(2,222)
      Basic earnings/(loss) per share (in dollars per share) 2.49 -18.36 -3.67
      Diluted earnings/(loss) per share (in dollars per share) 2.48 -18.36 -3.67

Balance Sheet

Consolidated Balance Sheets

BOEING CO (BA-PRA)

As of December 31, 2025 and December 31, 2024 (In millions, except shares and per share data)

Dec 31, 2025 Dec 31, 2024
          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 receivables, net $207
          Inventories $84,679 $87,550
          Other current assets, net $2,301 $2,965
        Total current assets $128,459 $127,998
        Financing receivables and operating lease equipment, net $241 $314
        Property, plant and equipment, net $15,361 $11,412
        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 amortization of $1,014 and $1,085 $4,177 $5,414
        Total assets $168,235 $156,363
          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 long-term debt $8,461 $1,278
          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
            Mandatory convertible preferred stock, 6.00% Series A, par value $1.00 – 20,000,000 shares authorized; 5,750,000 shares issued; aggregate liquidation preference $5,750 $6 $6
Mandatory convertible preferred stock $6 $6
            Common stock, par value $5.00 – 1,200,000,000 shares authorized; 1,012,261,159 shares issued $5,061 $5,061
            Additional paid-in capital $21,441 $18,964
            Treasury stock, at cost $(28,029) $(32,386)
            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

Cash Flow

Consolidated Statement of Cash Flows

BOEING CO (BA-PRA)

Year Ended (In millions, except shares and per share data)

Dec 31, 2025 Dec 31, 2024 Dec 31, 2023
      Net earnings/(loss) $2,238 $(11,829) $(2,242)
        Share-based plans expense $426 $407 $690
        Treasury shares issued for 401(k) contribution $1,530 $1,601 $1,515
        Depreciation and amortization $1,953 $1,836 $1,861
        Investment/asset impairment charges, net $45 $112 $46
Operating Lease Assets $5
        Gain on dispositions, net $(9,672) $(46) $(2)
        777X and 767 reach-forward losses $5,283 $4,079
Airplane Program 777x $4,899 $3,499
        Other charges and credits, net $264 $528 $3
        Accounts receivable $(95) $(37) $(128)
        Unbilled receivables $(677) $(60) $321
        Advances and progress billings $(723) $4,069 $3,365
        Inventories $(1,501) $(12,353) $(1,681)
        Other current assets $155 $(16) $389
        Accounts payable $724 $(793) $1,672
        Accrued liabilities $1,341 $1,563 $779
        Income taxes receivable, payable and deferred $115 $(567) $44
        Other long-term liabilities $(346) $(329) $(313)
        Pension and other postretirement plans $(593) $(959) $(1,049)
        Financing receivables and operating lease equipment, net $274 $512 $571
        Other $324 $202 $119
    Net cash provided/(used) by operating activities $1,065 $(12,080) $5,960
      Payments to acquire property, plant and equipment $(2,942) $(2,230) $(1,527)
      Proceeds from disposals of property, plant and equipment $82 $49 $27
      Acquisitions, net of cash acquired $(1,248) $(50) $(70)
      Proceeds from dispositions $10,585 $124
      Contributions to investments $(51,938) $(13,856) $(16,448)
Time Deposits $(51,295) $(13,258) $(15,794)
      Proceeds from investments $46,628 $4,743 $15,739
Time Deposits $46,025 $4,053 $15,140
      Supplier notes receivable $(662) $(694) $(162)
      Repayments on supplier notes receivable $2 $40
      Purchase of distribution rights $(9) $(88)
      Other $1 $(11) $4
    Net cash provided/(used) by investing activities $499 $(11,973) $(2,437)
      New borrowings $165 $10,161 $75
      Debt repayments $(3,621) $(8,673) $(5,216)
      Common stock issuance, net of issuance costs $18,200
      Mandatory convertible preferred stock issuance, net of issuance costs $5,657
      Stock options exercised $45
      Employee taxes on certain share-based payment arrangements $(34) $(83) $(408)
      Dividends paid on Mandatory convertible preferred stock $(331)
Mandatory convertible preferred stock $(331)
      Other $58 $(53) $17
    Net cash (used)/provided by financing activities $(3,763) $25,209 $(5,487)
    Effect of exchange rate changes on cash and cash equivalents $40 $(47) $30
  Net (decrease)/increase in cash & cash equivalents, including restricted $(2,159) $1,109 $(1,934)
  Cash & cash equivalents, including restricted, at end of year
  Cash & cash equivalents, including restricted, at end of year
  Less restricted cash & cash equivalents, included in Investments
  Cash and cash equivalents at end of year