BA

BOEING CO

NYSE · INDUSTRIALS · AIRCRAFT

192.28

+1.81 +0.95%

USD · close Oct 21

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MKT CAP $152BP/E 68.4DIV YIELD —FCF YIELD -0.14%REV TTM $94B +24.8%NET INCOME $2.4BNET DEBT $38.4B52W 179.12 – 252.15SEC XBRL · TTM TO Invalid Date

How BA rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

Text kept

38%

of sentences unchanged

Added

514

new sentences

Dropped

498

sentences removed

Length

+713

words, now 40,861

New in FY2025

At December 31, 2025 and 2024, our pension plans were $4.3 billion and $4.8 billion underfunded as measured under U.S. generally accepted accounting principles (GAAP).
On an ERISA basis, our plans are more than 90% funded at December 31, 2025.
We do not expect to make significant contributions to our pension plans in 2026.
Purchase obligations not recorded on the Consolidated Statements of Financial Position include agreements for inventory procurement, information technology software and hardware, aircraft trade-ins, engineering and research and development, property, plant and equipment, tooling costs, and other miscellaneous production related obligations.
During 2025, we incurred no such penalties.
As of December 31, 2025, we had outstanding industrial participation agreements totaling $16.4 billion that extend through 2034.
For discussion of these arrangements, see Note 16 to our Consolidated Financial Statements.
Commercial Commitments The following table summarizes our commercial commitments outstanding as of December 31, 2025.
(Dollars in millions) Total Amounts Committed/Maximum Amount of Loss Less than 1 year 1-3 years 4-5 years After 5 years Standby letters of credit and surety bonds $3,295 $1,729 $1,318 $20 $228 Commercial aircraft financing commitments 15,229 2,362 7,943 3,649 1,275 Total commercial commitments $18,524 $4,091 $9,261 $3,669 $1,503 Commercial aircraft financing commitments include commitments to provide financing related to aircraft on order, under option for deliveries or proposed as part of sales campaigns or refinancing with respect to delivered aircraft, based on estimated earliest potential funding dates.
Customer financing commitments totaled $15.2 billion and $17.1 billion at December 31, 2025 and 2024.
See Note 15 to our Consolidated Financial Statements.
Legal contingencies are discussed in Note 23 to our Consolidated Financial Statements.
Environmental Remediation We are involved with various environmental remediation activities and have recorded a liability of $877 million at December 31, 2025.
For additional information, see Note 15 to our Consolidated Financial Statements.
The Pension FAS/CAS service cost adjustments recognized in Earnings/(loss) from operations were benefits of $784 million in 2025, $811 million in 2024 and $799 million in 2023.
The lower benefits in 2025 were primarily due to reductions in allocated pension cost year over year, while the higher benefits in 2024 were primarily due to increases in allocated pension cost year over year.
The non-operating pension income included in Other income, net was $176 million in 2025, $476 million in 2024 and $529 million in 2023.
The lower benefits in 2025 were primarily due to lower expected return on plan assets.
For further discussion of pension and other postretirement costs, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations” on pages 28 and 29 of this Form 10-K and see Note 24 to our Consolidated Financial Statements.
Reconciliation of Non-GAAP Measures to GAAP Measures The table below reconciles the non-GAAP financial measures of 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.
(Dollars in millions, except per share data) Years ended December 31, 2025 2024 2023 Revenues $89,463 $66,517 $77,794 Earnings/(loss) from operations, as reported $4,281 ($10,707) ($773) Operating margins 4.8 % (16.1) % (1.0) % Pension FAS/CAS service cost adjustment (1) ($784) ($811) ($799) Postretirement FAS/CAS service cost adjustment (1) (261) (293) (257) FAS/CAS service cost adjustment (1) ($1,045) ($1,104) ($1,056) Core operating earnings/(loss) (non-GAAP) $3,236 ($11,811) ($1,829) Core operating margins (non-GAAP) 3.6 % (17.8) % (2.4) % Diluted earnings/(loss) per share, as reported $2.48 ($18.36) ($3.67) Pension FAS/CAS service cost adjustment (1) (1.03) (1.26) (1.32) Postretirement FAS/CAS service cost adjustment (1) (0.34) (0.45) (0.42) Non-operating pension income (2) (0.24) (0.74) (0.87) Non-operating postretirement income (2) (0.02) (0.11) (0.10) Provision for deferred income taxes on adjustments (3) 0.34 0.54 0.57 Core earnings/(loss) per share (non-GAAP) $1.19 ($20.38) ($5.81) Diluted weighted average common shares outstanding (in millions) 762.3 646.9 605.8 (1) FAS/CAS service cost adjustment represents the difference between the FAS pension and postretirement service costs calculated under GAAP and costs allocated to the business segments.
This adjustment is excluded from Core operating earnings/(loss) (non-GAAP).
This income is included in Other income, net and is excluded from Core earnings/(loss) per share (non-GAAP).
Net cumulative catch-up adjustments for changes in estimated revenues and costs at completion across all long-term contracts, including the impact of estimated losses on unexercised options, decreased Earnings from operations by $1,377 million in 2025 and increased Loss from operations by $6,562 million and $2,943 million in 2024 and 2023, respectively, and were primarily due to losses recognized on the KC-46A Tanker, VC-25B, T-7A Red Hawk, MQ-25, and Commercial Crew programs.
If the combined gross margins for our profitable long-term contracts had been estimated to be higher or lower by 1% during 2025, it would have increased or decreased pre-tax income for the year by approximately $320 million.
Since the 737-9 door plug accident in January 2024, the 737 program may only increase production rates and/or implement new production lines with the concurrence of the FAA .
The 777X and 767 programs recognized earnings charges totaling $4,899 million and $384 million during the year ended December 31, 2025.
If the combined gross margin percentages for our commercial airplane programs had been estimated to be 1% higher or lower it would have an approximately $390 million impact on operating earnings for the year ended December 31, 2025.
The projected benefit obligation would decrease by $1,185 million or increase by $1,310 million if the discount rate increased or decreased by 25 basis points.
A decrease or increase of 25 basis points in the expected long-term rate of asset return would have increased or decreased 2025 net periodic pension cost by $134 million.
See Note 18 to our Consolidated Financial Statements, which includes the discount rate and expected long-term rate of asset return assumptions for the last three years.
Deferred Income Taxes – Valuation Allowance The Company had deferred income tax assets of $21,065 million at December 31, 2025, that can be used in future years to offset taxable income and reduce income taxes payable.
The Company had deferred income tax liabilities of $11,420 million at December 31, 2025, that will partially offset deferred income tax assets and result in higher taxable income in future years and increase income taxes payable.
The Company’s valuation allowance of $9,754 million at December 31, 2025, primarily relates to certain domestic deferred tax assets and domestic tax net operating losses, tax credits and interest carryforwards that are assumed to reverse beyond the period in which reversals of deferred tax liabilities are assumed to occur.
The Company’s valuation allowance increased by $1,917 million in 2025 primarily reflecting $1,833 million recorded as part of acquisition accounting against acquired Spirit deferred tax assets as well as tax credits and other carryforwards generated in 2025 that cannot be realized in 2025.
For additional information regarding income taxes, see Note 6 to our Consolidated Financial Statements.
At December 31, 2025, a 10% increase or decrease in the exchange rate in our portfolio of foreign currency contracts would have increased or decreased our unrealized gains by $425 million.
At December 31, 2025, a 10% increase or decrease in the market price in our commodity derivatives would have increased or decreased our unrealized gains by $38 million.
As of December 31, 2025, the deferred compensation liability, which is being marked to market, was $1.7 billion.
A 10% change in the fair value of these investment funds would increase or decrease the liability by $169 million.

and 474 more.

Gone since FY2024

At December 31, 2024 and 2023, our pension plans were $4.8 billion and $5.4 billion underfunded as measured under U.S. generally accepted accounting principles (GAAP).
On an ERISA basis, our plans are more than 90% funded at December 31, 2024.
We do not expect to make significant contributions to our pension plans in 2025.
Purchase obligations not recorded on the Consolidated Statements of Financial Position include agreements for inventory procurement, information technology software and hardware, aircraft trade-ins, property, plant and equipment, electricity and natural gas contracts, tooling costs, and other miscellaneous production related obligations.
During 2024, we incurred no such penalties.
As of December 31, 2024, we had outstanding industrial participation agreements totaling $15.5 billion that extend through 2034.
For discussion of these arrangements, see Note 15 to our Consolidated Financial Statements.
Commercial Commitments The following table summarizes our commercial commitments outstanding as of December 31, 2024.
(Dollars in millions) Total Amounts Committed/Maximum Amount of Loss Less than 1 year 1-3 years 4-5 years After 5 years Standby letters of credit and surety bonds $2,991 $1,944 $880 $12 $155 Commercial aircraft financing commitments 17,124 3,449 7,673 4,046 1,956 Total commercial commitments $20,115 $5,393 $8,553 $4,058 $2,111 Commercial aircraft financing commitments include commitments to provide financing related to aircraft on order, under option for deliveries or proposed as part of sales campaigns or refinancing with respect to delivered aircraft, based on estimated earliest potential funding dates.
Customer financing commitments totaled $17.1 billion and $17.0 billion at December 31, 2024 and 2023.
See Note 14 to our Consolidated Financial Statements.
Legal contingencies are discussed in Note 22 to our Consolidated Financial Statements.
Environmental Remediation We are involved with various environmental remediation activities and have recorded a liability of $834 million at December 31, 2024.
For additional information, see Note 14 to our Consolidated Financial Statements.
The Pension FAS/CAS service cost adjustments recognized in Loss from operations were benefits of $811 million in 2024, $799 million in 2023 and $849 million in 2022.
The higher benefits in 2024 were primarily due to increases in allocated pension cost year over year, while the lower benefits in 2023 were primarily due to reductions in allocated pension cost year over year.
The non-operating pension income included in Other income, net was $476 million in 2024, $529 million in 2023 and $881 million in 2022.
The lower benefits in 2023 were primarily due to higher interest costs and lower expected return on plan assets, offset by lower amortization of net actuarial losses.
For further discussion of pension and other postretirement costs, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations” on page 28 of this Form 10-K and see Note 23 to our Consolidated Financial Statements.
Reconciliation of Non-GAAP Measures to GAAP Measures The table below reconciles the non-GAAP financial measures of Core operating loss, Core operating margins and Core loss per share with the most directly comparable GAAP financial measures of Loss from operations, Operating margins and Diluted loss per share.
(Dollars in millions, except per share data) Years ended December 31, 2024 2023 2022 Revenues $66,517 $77,794 $66,608 Loss from operations, as reported ($10,707) ($773) ($3,519) Operating margins (16.1) % (1.0) % (5.3) % Pension FAS/CAS service cost adjustment (1) ($811) ($799) ($849) Postretirement FAS/CAS service cost adjustment (1) (293) (257) (294) FAS/CAS service cost adjustment (1) ($1,104) ($1,056) ($1,143) Core operating loss (non-GAAP) ($11,811) ($1,829) ($4,662) Core operating margins (non-GAAP) (17.8) % (2.4) % (7.0) % Diluted loss per share, as reported ($18.36) ($3.67) ($8.30) Pension FAS/CAS service cost adjustment (1) (1.26) (1.32) (1.43) Postretirement FAS/CAS service cost adjustment (1) (0.45) (0.42) (0.49) Non-operating pension income (2) (0.74) (0.87) (1.47) Non-operating postretirement income (2) (0.11) (0.10) (0.10) Provision for deferred income taxes on adjustments (3) 0.54 0.57 0.73 Core loss per share (non-GAAP) ($20.38) ($5.81) ($11.06) Weighted average diluted shares (in millions) 647.2 606.1 595.2 (1) FAS/CAS service cost adjustment represents the difference between the FAS pension and postretirement service costs calculated under GAAP and costs allocated to the business segments.
This adjustment is excluded from Core operating loss (non-GAAP).
This income is included in Other income, net and is excluded from Core loss per share (non-GAAP).
Net cumulative catch-up adjustments for changes in estimated revenues and costs at completion across all long-term contracts, including the impact of estimated losses on unexercised options, increased Loss from operations by $6,562 million, $2,943 million and $5,253 million in 2024, 2023 and 2022, respectively, and were primarily due to losses recognized on the KC-46A Tanker, T-7A Red Hawk, Commercial Crew, VC-25B, and MQ-25 programs.
If the combined gross margins for our profitable long-term contracts had been estimated to be higher or lower by 1% during 2024, it would have increased or decreased pre-tax income for the year by approximately $290 million.
Certain production rate increases require regulatory approval.
For example, during 2024, the FAA communicated it will not approve production rate increases for the 737 program beyond 38 per month or additional production lines until Boeing has complied with required quality and safety standards.
The 777X and 767 programs recognized earnings charges totaling $3,499 million and $580 million during the year ended December 31, 2024.
Lower production rates and the IAM 751 work stoppage and new agreement as well as pay enhancements for certain other non-union employees have also pressured margins on other commercial airplane programs.
If the combined gross margin percentages for our commercial airplane programs had been estimated to be 1% higher or lower it would have an approximately $210 million impact on operating earnings for the year ended December 31, 2024.
The projected benefit obligation would decrease by $1,120 million or increase by $1,240 million if the discount rate increased or decreased by 25 basis points.
A decrease or increase of 25 basis points in the expected long-term rate of asset return would have increased or decreased 2024 net periodic pension cost by $143 million.
See Note 17 to our Consolidated Financial Statements, which includes the discount rate and expected long-term rate of asset return assumptions for the last three years.
Deferred Income Taxes – Valuation Allowance The Company had deferred income tax assets of $17,991 million at December 31, 2024, that can be used in future years to offset taxable income and reduce income taxes payable.
The Company had deferred income tax liabilities of $10,091 million at December 31, 2024, that will partially offset deferred income tax assets and result in higher taxable income in future years and increase income taxes payable.
Deferred tax liabilities represent the assumed source of future taxable income and the majority are assumed to generate taxable amounts during the next five years.
Deferred tax assets include amounts related to pension and other postretirement benefits that are assumed to generate significant deductible amounts beyond five years.
The Company’s valuation allowance of $7,837 million at December 31, 2024, primarily relates to pension and other postretirement benefit obligation deferred tax assets, tax net operating losses, tax credits and interest carryforwards that are assumed to reverse beyond the period in which reversals of deferred tax liabilities are assumed to occur.
During 2024, the Company increased the valuation allowance by $3,287 million primarily due to tax credits and other carryforwards generated in 2024 that cannot be realized in 2024.
For additional information regarding income taxes, see Note 5 to our Consolidated Financial Statements.

and 458 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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