REG-Boeing Company: Final Results
27/01/2026 12:30
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. Summary Financial Results Fourth Quarter Full Year
(Dollars in Millions, except per share data) 2025 2024 Change 2025 2024 Change
Revenues $23,948 $15,242 57 % $89,463 $66,517 34 %
GAAP
Earnings/(loss) from operations $8,777 ($3,770) NM $4,281 ($10,707) NM
Operating margins 36.7 % (24.7) % NM 4.8 % (16.1) % NM
Net earnings/(loss) $8,220 ($3,861) NM $2,238 ($11,829) NM
Diluted earnings/(loss) per share $10.23 ($5.46) NM $2.48 ($18.36) NM
Operating cash flow $1,331 ($3,450) NM $1,065 ($12,080) NM
Non-GAAP*
Core operating earnings/(loss) $8,519 ($4,042) NM $3,236 ($11,811) NM
Core operating margins 35.6 % (26.5) % NM 3.6 % (17.8) % NM
Core earnings/(loss) per share $9.92 ($5.90) NM $1.19 ($20.38) NM
*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 $23.9
billion, 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 $1.3 billion and free cash flow (non-GAAP)*
of $0.4 billion. Total company backlog grew to a record $682
billion 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. Cash Flow Fourth Quarter Full Year
(Millions) 2025 2024 2025 2024
Operating cash flow $1,331 ($3,450) $1,065 ($12,080)
Less additions to property, plant & equipment ($956) ($648) ($2,942) ($2,230)
Free cash flow* $375 ($4,098) ($1,877) ($14,310)
*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. Cash, Marketable Securities and Debt Balances Quarter End
(Billions) 4Q 2025 3Q 2025
Cash and investments in marketable securities1 $29.4 $23.0
Consolidated debt $54.1 $53.4
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 Spirit
AeroSystems. 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 $11.4
billion 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. Defense, Space & Security Fourth Quarter Full Year
(Dollars in Millions) 2025 2024 Change 2025 2024 Change
Revenues $7,417 $5,411 37 % $27,234 $23,918 14 %
Loss from operations ($507) ($2,267) NM ($128) ($5,413) NM
Operating margins (6.8) % (41.9) % NM (0.5) % (22.6) % NM
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. Additional Financial Information Fourth Quarter Full Year
(Dollars in Millions) 2025 2024 2025 2024
Revenues
Unallocated items, eliminations and other ($57) ($50) ($188) ($216)
Earnings/(loss) from operations
Unallocated items, eliminations and other ($886) ($683) ($3,031) ($2,047)
FAS/CAS service cost adjustment $258 $272 $1,045 $1,104
Other income, net $201 $432 $1,125 $1,222
Interest and debt expense ($659) ($755) ($2,771) ($2,725)
Effective tax rate 1.2 % 5.7 % 15.1 % 3.1 %
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 GAAP
Earnings/( l oss) 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 GAAP operating 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:
Investor Relations: Eric Hill or David Dufault BoeingInvestorRelations@boeing.com
Communications: Wilson Chow media@boeing.com
The Boeing Company and Subsidiaries Consolidated Statements of Operations (Unaudited)
Twelve months ended Three months ended
December 31 December 31
(Dollars in millions, except per share data) 2025 2024 2025 2024
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 expenses (85,174) (68,508) (22,136) (16,831)
4,289 (1,991) 1,812 (1,589)
Income/(loss) from operating investments, net 25 71 (17) 12
General and administrative expense (6,090) (5,021) (1,663) (1,398)
Research and development expense, net (3,615) (3,812) (964) (836)
Gain on dispositions, net 9,672 46 9,609 41
Earnings/(loss) from operations 4,281 (10,707) 8,777 (3,770)
Other income, net 1,125 1,222 201 432
Interest and debt expense (2,771) (2,725) (659) (755)
Earnings/(loss) before income taxes 2,635 (12,210) 8,319 (4,093)
Income tax (expense)/benefit (397) 381 (99) 232
Net earnings/(loss) 2,238 (11,829) 8,220 (3,861)
Less: net earnings/(loss) attributable to noncontrolling interest 3 (12) 4
Net earnings/(loss) attributable to Boeing shareholders 2,235 (11,817) 8,220 (3,865)
Less: Mandatory convertible preferred stock dividends accumulated during the period 345 58 86 58
Net earnings/(loss) attributable to Boeing common shareholders $1,890 ($11,875) $8,134 ($3,923)
Basic earnings/(loss) per share $2.49 ($18.36) $10.59 ($5.46)
Diluted earnings/(loss) per share $2.48 ($18.36) $10.23 ($5.46)
The Boeing Company and Subsidiaries Consolidated Statements of Financial Position (Unaudited)
(Dollars in millions, except per share data) December 31 December 31
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 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 of accumulated depreciation of $23,613 and $22,925 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
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 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
Shareholders' equity:
Mandatory convertible preferred stock, 6.00% Series A, par value $1.00 - 6 6
20,000,000 shares authorized; 5,750,000 shares issued; aggregate liquidation preference $5,750
Common stock, par value $5.00 – 1,200,000,000 shares authorized; 5,061 5,061
1,012,261,159 shares issued
Additional paid-in capital 21,441 18,964
Treasury stock, at cost - 227,562,889 and 263,044,840 shares (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
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) contributions 1,530 1,601
Depreciation and amortization 1,953 1,836
Investment/asset impairment charges, net 45 112
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 deferred 115 (567)
Other long-term liabilities (346) (329)
Pension and other postretirement plans (593) (959)
Financing receivables and operating lease equipment, net 274 512
Other 324 202
Net cash provided/(used) by operating activities 1,065 (12,080)
Cash flows – investing activities:
Payments to acquire property, plant and equipment (2,942) (2,230)
Proceeds from disposals of property, plant and equipment 82 49
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 receivable 2 40
Purchase of distribution rights (9) (88)
Other 1 (11)
Net cash provided/(used) by investing activities 499 (11,973)
Cash flows – financing activities:
New borrowings 165 10,161
Debt repayments (3,621) (8,673)
Common stock issuance, net of issuance costs 18,200
Mandatory convertible preferred stock issuance, net of issuance costs 5,657
Employee taxes on certain share-based payment arrangements (34) (83)
Dividends paid on mandatory convertible preferred stock (331) —
Other 58 (53)
Net cash (used)/provided by financing activities (3,763) 25,209
Effect of exchange rate changes on cash and cash equivalents 40 (47)
Net (decrease)/increase in cash & cash equivalents, including restricted (2,159) 1,109
Cash & cash equivalents, including restricted, at beginning of year 13,822 12,713
Cash & cash equivalents, including restricted, at end of year 11,663 13,822
Less restricted cash & cash equivalents, included in Investments 742 21
Cash & cash equivalents at end of year $10,921 $13,801
The Boeing Company and Subsidiaries Summary of Business Segment Data (Unaudited)
Twelve months ended Three months ended
December 31 December 31
(Dollars in millions) 2025 2024 2025 2024
Revenues:
Commercial Airplanes $41,494 $22,861 $11,379 $4,762
Defense, Space & Security 27,234 23,918 7,417 5,411
Global Services 20,923 19,954 5,209 5,119
Unallocated items, eliminations and other (188) (216) (57) (50)
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 & Security (128) (5,413) (507) (2,267)
Global Services 13,474 3,618 10,544 998
Segment operating earnings/(loss) 6,267 (9,764) 9,405 (3,359)
Unallocated items, eliminations and other (3,031) (2,047) (886) (683)
FAS/CAS service cost adjustment 1,045 1,104 258 272
Earnings/(loss) from operations 4,281 (10,707) 8,777 (3,770)
Other income, net 1,125 1,222 201 432
Interest and debt expense (2,771) (2,725) (659) (755)
Earnings/(loss) before income taxes 2,635 (12,210) 8,319 (4,093)
Income tax (expense)/benefit (397) 381 (99) 232
Net earnings/(loss) 2,238 (11,829) 8,220 (3,861)
Less: net earnings/(loss) attributable to noncontrolling interest 3 (12) 4
Net earnings/(loss) attributable to Boeing shareholders 2,235 (11,817) 8,220 (3,865)
Less: Mandatory convertible preferred stock dividends accumulated during the period 345 58 86 58
Net earnings/(loss) attributable to Boeing common shareholders $1,890 ($11,875) $8,134 ($3,923)
Research and development expense, net:
Commercial Airplanes $2,202 $2,386 $545 $534
Defense, Space & Security 877 917 259 189
Global Services 125 132 34 29
Other 411 377 126 84
Total research and development expense, net $3,615 $3,812 $964 $836
Unallocated items, eliminations and other:
Share-based plans ($49) $171 ($9) $53
Deferred compensation (182) (114) (32) (14)
Amortization of previously capitalized interest (92) (93) (28) (23)
Research and development expense, net (411) (377) (126) (84)
Eliminations and other unallocated items (2,297) (1,634) (691) (615)
Sub-total (included in Core operating earnings/(loss)) (3,031) (2,047) (886) (683)
Pension FAS/CAS service cost adjustment 784 811 196 203
Postretirement FAS/CAS service cost adjustment 261 293 62 69
FAS/CAS service cost adjustment 1,045 1,104 $258 $272
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
Total 1 131 112 37 36
1 Deliveries of new-build production units, including remanufactures and modifications
Total backlog (Dollars in millions) December 31 December 31
2025 2024
Commercial Airplanes $567,290 $435,175
Defense, Space & Security 84,786 64,023
Global Services 29,720 21,403
Unallocated items, eliminations and other 411 735
Total backlog $682,207 $521,336
Contractual backlog $639,721 $498,802
Unobligated backlog 42,486 22,534
Total backlog $682,207 $521,336
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 millions, except per share data) Fourth Quarter 2025 Fourth Quarter 2024
$ millions Per Share $ millions Per Share
Revenues $23,948 $15,242
Earnings/(loss) from operations (GAAP) 8,777 (3,770)
Operating margins (GAAP) 36.7 % (24.7) %
FAS/CAS service cost adjustment:
Pension FAS/CAS service cost adjustment (196) (203)
Postretirement FAS/CAS service cost adjustment (62) (69)
FAS/CAS service cost adjustment (258) (272)
Core operating earnings/(loss) (non-GAAP) $8,519 ($4,042)
Core operating margins (non-GAAP) 35.6 % (26.5) %
Diluted earnings/(loss) per share (GAAP) $10.23 ($5.46)
Pension FAS/CAS service cost adjustment ($196) ($0.24) ($203) ($0.28)
Postretirement FAS/CAS service cost adjustment (62) (0.08) (69) (0.10)
Non-operating pension income (49) (0.06) (108) (0.15)
Non-operating postretirement income (5) (0.01) (18) (0.03)
Provision for deferred income taxes on adjustments 1 66 0.08 84 0.12
Subtotal of adjustments ($246) ($0.31) ($314) ($0.44)
Core earnings/(loss) per share (non-GAAP) $9.92 ($5.90)
Diluted weighted average common shares outstanding (in millions) 803.8 717.9
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 millions, except per share data) Full Year 2025 Full Year 2024
$ millions Per Share $ millions Per Share
Revenues $89,463 $66,517
Earnings/(loss) from operations (GAAP) 4,281 (10,707)
Operating margins (GAAP) 4.8 % (16.1) %
FAS/CAS service cost adjustment:
Pension FAS/CAS service cost adjustment (784) (811)
Postretirement FAS/CAS service cost adjustment (261) (293)
FAS/CAS service cost adjustment (1,045) (1,104)
Core operating earnings/(loss) (non-GAAP) $3,236 ($11,811)
Core operating margins (non-GAAP) 3.6 % (17.8) %
Diluted earnings/(loss) per share (GAAP) $2.48 ($18.36)
Pension FAS/CAS service cost adjustment ($784) ($1.03) ($811) ($1.26)
Postretirement FAS/CAS service cost adjustment (261) (0.34) (293) (0.45)
Non-operating pension income (176) (0.24) (476) (0.74)
Non-operating postretirement income (19) (0.02) (73) (0.11)
Provision for deferred income taxes on adjustments 1 260 0.34 347 0.54
Subtotal of adjustments ($980) ($1.29) ($1,306) ($2.02)
Core earnings/(loss) per share (non-GAAP) $1.19 ($20.38)
Diluted weighted average common shares outstanding (in millions) 762.3 646.9
1 The income tax impact is calculated using the U.S. corporate statutory tax rate.
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