FirmAtlas
Company handbook · BA · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
BA · CIK 12927 · LATEST FILING: 10-Q JUN '26 · FILED JUL 28, 2026
BOEING CO
$190.21
+1.48 (+0.78%)
Close, Oct 16, 2026 · 52-week $177–254
Last fiscal year
BOEING CO reported revenue of $89.5B for the year ended Dec 31, 2025 (FY25), up 34.5% from FY24. Net income was $2.2B, operating cash flow $1.1B and free cash flow −$1.9B. Source: 10-K filed Jan 30, 2026.
Market cap
$192.5B
P/E
79.1
EV/EBITDA
34.7x
P/B
31.6
ROIC
13.7%
Revenue 1Y
34.5%/yr
EPS 1Y
n/m
Shares 1Y
+0.0%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEORobert K. Ortberg
HQArlington, VA
AuditorDeloitte & Touche LLP
Year endsDecember
Revenue by segment · FY25
Commercial Airplanes46%
Boeing Defense Space Security30%
Global Services23%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
3.6%
−2.6%
0.9%
−10.2%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$6.8B deployed
Capex
$5.2B
76.0%
Acquisitions
$1.3B
19.1%
Dividends
$331M
4.9%
Operating cash flow over the period: −$11.0B. Total debt changed by +$234M. R&D of $7.4B is already inside operating costs.
Capex was more than operating cash flow in FY25.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
66,517
89,463+34.5%
93,995
YoY
+34.5%
Gross profit
(1,991)
4,289n/m
4,397
Gross margin
−3.0%
4.8%+7.8 pp
—
Operating income
(10,707)
4,281n/m
4,600
Operating margin
−16.1%
4.8%+20.9 pp
—
EBITDA
(8,871)
6,234n/m
—
EBITDA margin
−13.3%
7.0%+20.3 pp
—
Interest expense
2,725
2,771+1.7%
—
Interest coverage
−3.26x
2.25x+5.51x
—
Net income
(11,817)
2,235n/m
2,435
YoY
n/m
Net margin
−17.8%
2.5%+20.3 pp
—
EPS (diluted, $)
−18.36
2.48n/m
—
YoY
n/m
Balance sheet
Total assets
156,363
168,235+7.6%
165,870
Cash & short-term investments
26,303
30,142+14.6%
—
Accounts receivable
2,631
2,921+11.0%
—
Net PP&E
11,412
15,361+34.6%
—
Other assets
116,017
119,811+3.3%
—
Total liabilities
160,271
162,781+1.6%
159,770
Accounts payable
11,364
13,109+15.4%
—
Total debt
53,864
54,098+0.4%
41,335
Other liabilities
95,043
95,574+0.6%
—
Shareholders’ equity
(3,908)
5,454n/m
6,100
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
(12,080)
1,065n/m
3,639
Net income
(11,829)
2,238n/m
—
Depreciation & amortization
1,836
1,953+6.4%
—
Stock-based compensation
407
426+4.7%
—
Working capital & other
(2,494)
(3,552)n/m
—
Cash from investing
(11,973)
499n/m
—
Capex
(2,230)
(2,942)n/m
—
PP&E sold
49
82+67.3%
—
Acquisitions
(50)
(1,248)n/m
—
Investments bought
(13,856)
(51,938)n/m
—
Investments sold / matured
4,743
46,628+883.1%
—
Other investing
(629)
9,917n/m
—
Cash from financing
25,209
(3,763)−114.9%
—
Debt raised
10,161
165−98.4%
—
Debt repaid
(8,673)
(3,621)n/m
—
Dividends
—
(331)
—
Shares issued
18,200
—
—
Other financing
5,521
24−99.6%
—
Net change in cash
1,109
(2,159)−294.7%
—
Free cash flow (OCF − capex)
(14,310)
(1,877)n/m
(210)
Where the cash went
Operating cash flow
(12,080)
1,065n/m
3,639
Reinvested in the business
2,280
4,190+83.8%
—
% of operating cash flow
—
393.4%
Capex
2,230
2,942+31.9%
3,849
Acquisitions
50
1,248+2396.0%
—
R&D (memo, already in costs)
3,812
3,615−5.2%
—
Free cash flow
(14,310)
(1,877)n/m
(210)
YoY
n/m
Returned to shareholders
—
331
—
% of free cash flow
—
—
Dividends
—
331
—
Change in total debt
—
234
—
Cash left over
—
(3,222)
—
FCF conversion (FCF ÷ net income)
—
−84.0%
—
Owner earnings
—
2,701
—
Owner earnings margin
—
3.0%
—
Returns & ratios
ROIC (all capital)
−43.9%
13.7%+57.6 pp
—
ROIC (operating)
−387.2%
92.6%+479.8 pp
—
Net debt / EBITDA
—
3.84x
—
Debt / equity
n/m
9.92x
—
Cash conversion cycle (days)
−46
−44+2 d
—
ROE
302.4%
41.0%−261.4 pp
—
ROA
−7.6%
1.3%+8.9 pp
—
ROCE
−18.1%
7.1%+25.2 pp
—
NOPAT
(10,373)
3,636n/m
—
Invested capital (operating)
2,679
5,173+93.1%
—
Invested capital (all)
23,653
29,410+24.3%
—
Reinvestment rate
—
68.6%
—
Debtor days
14
12−3 d
—
Days payable
61
56−4 d
—
Net debt is 3.8x EBITDA (FY25).
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
23,270
23,948
22,217
24,560
vs year-ago quarter
Gross profit
(2,375)
1,812
2,546
2,414
Gross margin
−10.2%
7.6%
11.5%
9.8%
Operating income
(4,781)
8,777
448
156
Net income
(5,337)
8,220
(4)
(444)
vs year-ago quarter
Net margin
−22.9%
34.3%
−0.0%
−1.8%
EPS (diluted, $)
−7.14
8.12
−0.11
−0.67
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
150,023
168,235
164,787
165,870
Cash & equivalents
6,882
30,142
10,168
7,966
Total debt
44,611
54,098
44,354
41,335
Shareholders’ equity
(8,250)
5,454
5,987
6,100
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
1,123
1,331
(179)
1,364
Capex
885
956
1,275
733
Free cash flow
238
375
(1,454)
631
vs year-ago quarter