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XBRL · SEC EDGAR2007–2025(19yr)| Metric | FY 2007 | FY 2008 | FY 2009 | FY 2010 | FY 2011 | FY 2012 | FY 2013 | FY 2014 | FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025Latest | YoY |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $66.4B | $60.9B | $68.3B | $64.3B | $68.7B | $81.7B | $86.6B | $90.8B | $96.1B | $94.6B | $93.4B | $101.1B | $76.6B | $58.2B | $62.3B | $66.6B | $77.8B | $66.5B | $89.5B | +34.5% |
| Gross Profit | $13.0B | $10.6B | $11.7B | $12.5B | $12.9B | $13.1B | $13.4B | $14.0B | $14.0B | $13.8B | $17.3B | $19.6B | $4.5B | -$5.7B | $3.0B | $3.5B | $7.7B | -$2.0B | $4.3B | +315.4% |
| Gross Margin | 19.6% | 17.3% | 17.2% | 19.4% | 18.7% | 16.0% | 15.4% | 15.4% | 14.6% | 14.6% | 18.6% | 19.4% | 5.8% | -9.8% | 4.8% | 5.3% | 9.9% | -3.0% | 4.8% | +7.8pp |
| Operating Income | $5.8B | $4.0B | $2.1B | $5.0B | $5.8B | $6.3B | $6.6B | $7.5B | $7.4B | $5.8B | $10.3B | $12.0B | -$2.0B | -$12.8B | -$2.9B | -$3.5B | -$773.0M | -$10.7B | $4.3B | +140.0% |
| Operating Margin | 8.8% | 6.5% | 3.1% | 7.7% | 8.5% | 7.7% | 7.6% | 8.2% | 7.7% | 6.2% | 11.0% | 11.9% | -2.6% | -22.0% | -4.7% | -5.3% | -1.0% | -16.1% | 4.8% | +20.9pp |
| Net Income | $4.1B | $2.7B | $1.3B | $3.3B | $4.0B | $3.9B | $4.6B | $5.4B | $5.2B | $4.9B | $8.2B | $10.5B | -$636.0M | -$11.9B | -$4.2B | -$4.9B | -$2.2B | -$11.8B | $2.2B | +118.9% |
| Net Margin | 6.1% | 4.4% | 1.9% | 5.1% | 5.8% | 4.8% | 5.3% | 6.0% | 5.4% | 5.2% | 8.8% | 10.3% | -0.8% | -20.4% | -6.7% | -7.4% | -2.9% | -17.8% | 2.5% | +20.3pp |
| Free Cash Flow | $7.9B | -$2.1B | $4.4B | $1.8B | $2.3B | $5.8B | $6.1B | $6.6B | $6.9B | $7.9B | $11.6B | $13.6B | -$4.3B | -$19.7B | -$4.4B | $2.3B | $4.4B | -$14.3B | -$1.9B | +86.9% |
| FCF Margin | 11.8% | -3.4% | 6.5% | 2.8% | 3.4% | 7.1% | 7.0% | 7.3% | 7.2% | 8.3% | 12.4% | 13.4% | -5.6% | -33.9% | -7.1% | 3.4% | 5.7% | -21.5% | -2.1% | +19.4pp |
| EPS (Diluted) | $5.28 | $3.67 | $1.84 | $4.45 | $5.34 | $5.11 | $5.96 | $7.38 | $7.44 | $7.61 | $13.43 | $17.85 | $-1.12 | $-20.88 | $-7.15 | $-8.30 | $-3.67 | $-18.36 | $2.48 | +113.5% |
1. THE BIG PICTURE
Boeing is currently a company of two halves: a high-growth recovery story masked by severe operational bleeding. While revenue is surging as deliveries resume, the business remains structurally unprofitable, relying on massive asset sales rather than core operations to generate a bottom-line profit.
2. WHERE THE RISKS HIT HARDEST
Boeing’s primary competitive advantage—the breadth of its aerospace portfolio—is directly threatened by its reliance on firm fixed-price contracts. This "strength" has become a liability in the Defense, Space & Security segment, where cost overruns on five major programs led to $5.0 billion in additional losses (10-K Item 1A). Similarly, management’s strategic priority of "operational stabilization" is repeatedly undermined by labor instability. Recent strikes by IAM Districts 751 and 837 halted production for a combined 154 days, directly contradicting the "One Company" culture transformation Boeing is attempting to implement.
3. WHAT THE NUMBERS SAY TOGETHER
The financial data reveals a stark disconnect between top-line momentum and cash reality. While Boeing leads its peer group with 34.5% revenue growth (XBRL), it is the only firm in the group with negative margins across the board, including a -5.0% free cash flow margin. The recent $8.2 billion in quarterly net earnings is misleading; it was almost entirely driven by a $9.6 billion one-time gain from the sale of Digital Aviation Solutions (8-K). Without this divestiture, Boeing’s -12.3% operating margin would have resulted in a significant loss.
The divergence between the 57% quarterly revenue spike and the negative TTMTTMTrailing Twelve Months — the most recent full year of financial data, updated on a rolling basis each quarter margins is structural, not seasonal. It reflects the high cost of clearing a "record backlog" while operating under FAA production caps and addressing quality issues following the January 2024 door plug accident. Sentiment remains cautious but not panicked, with short interest at a modest 1.7% of the float (Yahoo Finance).
4. IS IT WORTH IT AT THIS PRICE?
At 46.7x Forward P/EP/EPrice-to-Earnings ratio — share price divided by annual earnings per share; how much investors pay per dollar of profit. Higher P/E = higher growth expectations, Boeing trades at a 69% premium to the peer median of 27.6x. The market is currently pricing in approximately 8.4% long-term growth (CAPM analysis). This valuation appears aggressive given that Boeing ranks last among its peers in every profitability and cash flow metric.
For this price to be right, Boeing must execute a flawless ramp-up in production—specifically reaching the 42-per-month target for the 737—and stop the bleeding in its defense segment. If long-term growth instead aligns with a standard GDP pace of 2.5%, the sensitivity analysis suggests a justified multiple of only 12.5x, representing significant downside from current levels. Investors are paying a premium for a turnaround that has yet to manifest in Boeing's cash flow.
5. WHAT WOULD CHANGE THIS VIEW?
- Constructive if the free cash flow margin turns positive and the 777X program meets its revised 2027 first-delivery milestone without further reach-forward losses.
- Cautious if the FAA maintains or tightens production caps beyond current levels or if the Defense, Space & Security segment records further billion-dollar charges on fixed-price development programs.
6. BOTTOM LINE
Structural Advantage: A massive intellectual property portfolio and an extensive Global Services network that provides lifecycle support for a record aircraft backlog.
Bottom Line: Boeing is a high-risk turnaround play where the stock price reflects future potential that the current negative cash flow and operational hurdles do not yet support.
1. Top 5 Material Risks
- Fixed-Price Contract Losses: Boeing utilizes firm fixed-price contracts that subject Boeing to losses if cost overruns occur. In 2024, the Defense, Space & Security (BDS) segment recorded $5.0 billion in additional losses on five major development programs, including the KC-46A Tanker and T-7A Red Hawk.
- Production and Certification Delays: The 777X program, launched in 2013, has faced significant delays and is now expecting first delivery in 2027. These challenges, alongside 737 and 787 program issues, have led to $8.4 billion in reach-forward losses for the 777X program across 2024 and 2025.
- Labor Union Work Stoppages: Approximately 40% of Boeing's workforce is union-represented. Recent strikes, including a 53-day stoppage by IAM District 751 and a 101-day stoppage by IAM District 837, halted production and materially impacted financial results.
- Supply Chain and Operational Constraints: Boeing faces risks from inflationary pressures, labor instability, and supplier financial difficulties. These factors have necessitated production slowdowns, such as the reduction in 737 rates following the January 2024 door plug accident, to address quality and safety issues.
- U.S. Government Funding and Procurement: With 35% of 2025 revenue derived from U.S. government contracts, Boeing is vulnerable to changes in defense spending, budget lapses, and evolving procurement regulations that could lead to contract modifications or terminations.
2. Company-Specific Risks
- Mandatory Convertible Preferred Stock Obligations: Boeing expects to require up to $345 million in cash annually for dividends on its 6.00% Series A Mandatory Convertible Preferred Stock through October 2027.
- Spirit Acquisition Integration: The December 2025 acquisition of Spirit introduces risks related to the failure to realize anticipated synergies, safety improvements, and the potential for unforeseen expenses or operational challenges.
- In-Orbit Satellite Incentives: Certain satellite contracts include in-orbit incentive payments that are at risk for up to 15 years post-acceptance if performance specifications are not met, potentially requiring refunds or significant charges.
- Debt Maturity Profile: As of December 31, 2025, Boeing had $54.1 billion in total debt, with $15.5 billion in principal payments scheduled over the next three years.
3. Regulatory/Legal Risks
- Government Audits: Boeing is subject to routine audits by the Defense Contract Audit Agency and the Defense Contract Management Agency. Misclassified costs must be refunded, and findings of improper activity could lead to civil or criminal penalties, contract termination, or debarment.
- Environmental Liabilities: Boeing faces potential costs for cleanup, fines, and third-party claims related to the treatment and disposal of hazardous substances, including liabilities inherited from acquired companies.
- Climate Change Regulation: Increasingly stringent sustainability standards and greenhouse gas reporting requirements, such as those in California and the European Union, may increase compliance costs and limit the ability to market certain products.
- International Trade and Tariffs: Boeing is subject to risks from trade restrictions and tariffs, including retaliatory actions that could increase costs and reduce demand for commercial aircraft.
4. Financial Impact Map
Fixed-Price Development Losses → Cost of Sales / Operating Margins → $5.0 billion in additional losses recorded by BDS in 2024 on five major programs. 777X Program Challenges → Cost of Sales / Operating Margins → $4.9 billion and $3.5 billion in reach-forward losses recognized in 2025 and 2024, respectively. U.S. Government Contract Revenue → Total Revenues → 35% of 2025 revenues earned pursuant to U.S. government contracts. Mandatory Convertible Preferred Stock → Cash Flow / Shareholders' Equity → Up to $345 million in annual cash required for dividends through October 2027. Debt Obligations → Liquidity / Balance Sheet → $54.1 billion in total debt as of December 31, 2025, with $15.5 billion due within three years.
Recent Filings
| Form | Filed | Period |
|---|---|---|
| 14A | Mar 2026 | — |
| 10-K | Jan 2026 | Dec 2025 |
| 8-K | Jan 2026 | — |
| 10-Q | Oct 2025 | Sep 2025 |
AI-extracted key facts from press releases and SEC filings. Significance 1–10.
SpaceX eyes record-breaking IPO potentially raising $75 billion this summer
- ▸SpaceX preparing potential IPO for summer, targeting up to $75 billion
- ▸Company integrated xAI into rocket business operations in February
- ▸NASA Artemis program increases reliance on Starship for lunar transport
- ▸Musk plans lunar colony and space-based AI data centers
- ▸SpaceX remains a private company; no official ticker symbol exists
Boeing and Lockheed Martin Secure 7-Year Pentagon Deal to Triple PAC-3 Missile Seeker Production
- ▸Pentagon awarded 7-year framework deal to triple PAC-3 MSE seeker production capacity
- ▸Agreement provides long-term revenue visibility for both Boeing and Lockheed Martin
- ▸Lockheed Martin Q4 2025 Missiles and Fire Control revenue +18% YoY to $4.02B
- ▸Lockheed Martin Missiles segment swung to $535M profit from $804M loss in Q4 2024
- ▸Boeing shares rose 5% and Lockheed Martin shares rose 2% following announcement
Boeing shares jump 4% on 7-year Defense Department Patriot missile production contract
- ▸Boeing awarded 7-year contract by US Defense Department
- ▸Production of Patriot Advanced Capability-3 missile seekers to triple
- ▸Boeing shares rose 4% following contract announcement
- ▸Nike shares declined on weak earnings and market share loss
Boeing Secures New Aircraft Orders From Sun PhuQuoc Airways And Vietnam Airlines
- ▸Confirmed new aircraft orders from Sun PhuQuoc Airways and Vietnam Airlines
- ▸Revenue backlog currently valued at approximately US$89.5 billion
- ▸Consensus revenue growth projected at ~13.6% annually through 2027
- ▸Current share price $190.52 vs analyst price target of $271.21
- ▸Year-to-date share price decline of 16.4%
Boeing Q4 Revenue $23.95B +57% YoY, Beats Estimates by 6.9%
- ▸Boeing Q4 revenue $23.95B, +57.1% YoY, beat estimates by 6.9%
- ▸Boeing stock down 20% since earnings report
- ▸Woodward Q4 revenue $996.5M, +29% YoY, beat estimates by 11.9%
- ▸Woodward stock up 15.7% since earnings report
- ▸AerSale Q4 revenue $90.94M, -4% YoY, missed estimates by 8.8%
Boeing 777-9 enters fourth phase of FAA certification testing
- ▸FAA approved 777-9 jet for fourth phase of certification testing
- ▸777X program currently six years behind schedule
- ▸Program has incurred $15 billion in total charges to date
- ▸First production 777X flight scheduled for April
- ▸Emirates committed to $38 billion order including 65 777-9 units
Boeing Backlog Hits $682B; 2025 Aircraft Deliveries Reach 600 Units
- ▸Backlog increased to $682 billion
- ▸2025 aircraft deliveries reached 600 units, highest since 2018
- ▸Manufacturing defects declined by 40% year-over-year
- ▸Commercial airplanes division margins expected to be flat or positive
- ▸737 Max 7 and 10 certification flight testing nearing completion
Boeing Q4 aircraft deliveries reach 160 units as production stabilizes toward 2026 recovery
- ▸Q4 aircraft deliveries rose to 160 units versus 57 in Q4 2024
- ▸Defense segment backlog stands at $84 billion with improving margins
- ▸Free cash flow expected to turn positive in 2026
- ▸Production rates for 737 MAX and 787 programs increasing steadily
- ▸Management designates 2026 as a transition year for margin recovery
Boeing secures $2.83B in combined defense contracts from Navy and Air Force
- ▸Secured $489.31M Navy contract for EA-18G platform upgrades through February 2030
- ▸Awarded $2.34B Air Force contract modification for E-7A prototype development
- ▸Obligated $31M in fiscal 2026 R&D funding for E-7A program
- ▸E-7A contract completion scheduled for August 2032
- ▸77% of analysts maintain Buy rating with 29.99% average upside potential
Boeing commercial margins to hit negative 7.5%-8% on Spirit AeroSystems integration costs
- ▸Commercial division operating margins forecast at negative 7.5% to 8% for current quarter
- ▸Integration of Spirit AeroSystems driving higher-than-expected operational costs
- ▸Spirit AeroSystems acquisition closed in December to consolidate manufacturing
- ▸CFO Jay Malave cites near-term margin pressure from supply chain absorption
- ▸Boeing absorbing Spirit's elevated expense structure into commercial division financials