BA
SP100NYSEThe Boeing Company
Industrials · Aerospace & Defense · United States
The Boeing Company, together with its subsidiaries, designs, develops, manufactures, sells, services, and supports commercial jetliners, military aircraft, satellites, missile defense, human space flight and launch systems, and services worldwide. The company operates through three segments: Commercial Airplanes; Defense, Space & Security; and Global Services. The Commercial Airplanes segment develops, produces, and markets commercial jet aircraft for passenger and cargo requirements. The Defense, Space & Security segment engages in the research, development, production, and modification of manned and unmanned military aircraft and weapons systems; strategic defense and intelligence systems, which include strategic missile and defense systems, command, control, communications, computers, intelligence, surveillance and reconnaissance, cyber and information solutions, and intelligence systems; and satellite systems, such as government and commercial satellites, and space exploration. The Global Services segment offers products and services, including supply chain and logistics management, engineering, maintenance and modifications, upgrades and conversions, spare parts, pilot and maintenance training systems and services, technical and maintenance documents, and data analytics and digital services to commercial and defense customers. The Boeing Company was incorporated in 1916 and is based in Arlington, Virginia.
www.boeing.com ↗Shares trade at a premium 89.2× trailing earnings, easing to 54.1× on forward estimates. Profitability shows a net margin of 2.5% and return on equity of 169.9%. Leverage is modest at -9.0× net debt/EBITDA. Revenue grew 14.0% year-on-year. The mean analyst target of USD270.00 sits 19.2% above the current price (Buy, 25 analysts).
business model
Boeing designs, manufactures, and services commercial jetliners, defense aircraft and systems, and space products. It earns revenue from selling and delivering aircraft (recognized on delivery), long-term defense contracts, and a growing aftermarket services business for parts, maintenance, and support.
revenue segments
Three segments: Commercial Airplanes (737, 787, 777/777X programs), Defense, Space & Security (military aircraft, weapons, satellites), and Global Services (parts, maintenance, modifications, and support). Revenue is global, split between commercial airlines/lessors and government/defense customers.
key dependencies
Depends on a complex global supply chain and key suppliers (e.g., engines from GE/CFM and others, structures from Spirit AeroSystems), FAA and global regulatory certification, airline demand and financing, and defense budgets. Production quality and safety oversight are critical after recent incidents.
competitors
Competes principally with Airbus in commercial aircraft (a duopoly), and with Lockheed Martin, RTX, Northrop Grumman, and General Dynamics in defense and space.
moat
Moat comes from the commercial-aircraft duopoly, enormous barriers to entry, certification and technology know-how, large multi-year order backlogs, and a lucrative installed-base services business, though the moat has been dented by execution and quality problems.
risks
Risks include 737 MAX and 787 quality/safety and certification issues, production and delivery delays, supply-chain constraints (including reintegrating Spirit AeroSystems), heavy debt, fixed-price defense contract losses, and reputational/regulatory scrutiny.
Financials & metrics
as of 26 Aug 2026Price is around the middle of its range. Green = nearer the yearly low, red = nearer the high — a position indicator, not a buy/sell signal.
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Full financial statements
Income statement
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total revenue | $89.46B | $66.52B | $77.79B | $66.61B | — |
| Cost of revenue | $85.17B | $68.51B | $70.07B | $63.08B | — |
| Gross profit | $4.29B | -$1.99B | $7.72B | $3.53B | — |
| Operating expense | $9.71B | $8.83B | $8.54B | $7.04B | — |
| R&D | $3.62B | $3.81B | $3.38B | $2.85B | — |
| Operating income | -$5.42B | -$10.82B | -$821.00M | -$3.51B | — |
| Interest expense | $2.77B | $2.73B | $2.46B | $2.56B | — |
| Pretax income | $2.63B | -$12.21B | -$2.00B | -$5.02B | — |
| Tax provision | $397.00M | -$381.00M | $237.00M | $31.00M | — |
| Net income | $2.23B | -$11.82B | -$2.22B | -$4.93B | — |
| EBITDA | $7.36B | -$7.65B | $2.31B | -$482.00M | — |
| Diluted EPS | $2.48 | -$18.36 | -$3.67 | -$8.30 | — |
Balance sheet
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total assets | $168.24B | $156.36B | $137.01B | $137.10B | — |
| Current assets | $128.46B | $128.00B | $109.28B | $109.52B | — |
| Cash & equivalents | $10.92B | $13.80B | $12.69B | $14.61B | — |
| Inventory | $84.68B | $87.55B | $79.74B | $78.15B | — |
| Total liabilities | $162.78B | $160.28B | $154.24B | $152.95B | — |
| Current liabilities | $108.11B | $97.08B | $95.83B | $90.05B | — |
| Total debt | $54.43B | $54.19B | $52.60B | $57.28B | — |
| Long-term debt | $45.50B | $52.43B | $46.93B | $51.67B | — |
| Shareholders' equity | $5.45B | -$3.91B | -$17.23B | -$15.88B | — |
| Retained earnings | $17.25B | $15.36B | $27.25B | $29.47B | — |
| Working capital | $20.34B | $30.92B | $13.45B | $19.47B | — |
Cash flow
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating cash flow | $1.06B | -$12.08B | $5.96B | $3.51B | — |
| Investing cash flow | $499.00M | -$11.97B | -$2.44B | $4.37B | — |
| Financing cash flow | -$3.76B | $25.21B | -$5.49B | -$1.27B | — |
| Capital expenditure | -$2.95B | -$2.32B | -$1.53B | -$1.22B | — |
| Free cash flow | -$1.89B | -$14.40B | $4.43B | $2.29B | — |
| Dividends paid | -$331.00M | — | — | — | — |
| End cash position | $10.92B | $13.80B | $12.69B | $14.61B | — |
Reported figures from public filings via Yahoo Finance. Line coverage varies by company. Not investment advice.
Dividends
Analyst assessment
as of 26 Aug 2026Aggregate consensus only. Named per-analyst targets require a premium source and are not shown; the data model is ready to hold them if one is added.
Technicals
as of 26 Aug 2026News
Sector peers
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