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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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $89.5B | $7.4B | $2.2B | $-1.9B | 41.0% | 34.5% | -118.9% |
| 2024 | $66.5B | $-7.6B | $-11.8B | $-14.4B | 301.9% | -14.5% | 431.8% |
| 2023 | $77.8B | $2.3B | $-2.2B | $4.4B | 12.9% | 16.8% | -55.0% |
| 2022 | $66.6B | $-482M | $-4.9B | $2.3B | 31.1% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 66,608 | 77,794 | 66,517 | 89,463 |
| Operating Revenue | - | 66,608 | 77,794 | 66,517 | 89,463 |
| Cost Of Revenue | - | 63,078 | 70,070 | 68,508 | 85,174 |
| Gross Profit | - | 3,530 | 7,724 | -1,991 | 4,289 |
| Operating Expense | - | 7,039 | 8,545 | 8,833 | 9,705 |
| Research And Development | - | 2,852 | 3,377 | 3,812 | 3,615 |
| Selling General And Administration | - | 4,187 | 5,168 | 5,021 | 6,090 |
| Total Expenses | - | 70,117 | 78,615 | 77,341 | 94,879 |
| Operating Income | - | -3,509 | -821 | -10,824 | -5,416 |
| Total Operating Income As Reported | - | -3,519 | -773 | -10,707 | 4,281 |
| EBITDA | - | -482 | 2,315 | -7,649 | 7,359 |
| Normalized EBITDA | - | -472 | 2,267 | -7,766 | -2,338 |
| EBIT | - | -2,461 | 454 | -9,485 | 5,406 |
| Interest Expense | - | 2,561 | 2,459 | 2,725 | 2,771 |
| Net Interest Income | - | -2,561 | -2,459 | -2,725 | -2,771 |
| Other Non Operating Income Expenses | - | 1,058 | 1,227 | 1,222 | 1,125 |
| Other Income Expense | - | 1,048 | 1,275 | 1,339 | 10,822 |
| Interest Expense Non Operating | - | 2,561 | 2,459 | 2,725 | 2,771 |
| Net Non Operating Interest Income Expense | - | -2,561 | -2,459 | -2,725 | -2,771 |
| Pretax Income | - | -5,022 | -2,005 | -12,210 | 2,635 |
| Tax Provision | - | 31 | 237 | -381 | 397 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -2.10 | 10.08 | 3.65 | 1,460.99 |
| Net Income Continuous Operations | - | -5,053 | -2,242 | -11,829 | 2,238 |
| Net Income From Continuing And Discontinued Operation | - | -4,935 | -2,222 | -11,817 | 2,235 |
| Net Income From Continuing Operation Net Minority Interest | - | -4,935 | -2,222 | -11,817 | 2,235 |
| Net Income | - | -4,935 | -2,222 | -11,817 | 2,235 |
| Net Income Common Stockholders | - | -4,935 | -2,222 | -11,875 | 1,889 |
| Net Income Including Noncontrolling Interests | - | -5,053 | -2,242 | -11,829 | 2,238 |
| Normalized Income | - | -4,927.10 | -2,259.92 | -11,930.35 | -6,001.01 |
| Diluted NI Availto Com Stockholders | - | -4,935 | -2,222 | -11,875 | 1,889 |
| Basic Average Shares | - | 594.58 | 605.45 | 643.63 | 759.04 |
| Diluted Average Shares | - | 595.20 | 606.10 | 647.20 | 762.30 |
| Reconciled Depreciation | - | 1,979 | 1,861 | 1,836 | 1,953 |
| Reconciled Cost Of Revenue | - | 63,078 | 70,070 | 68,508 | 85,174 |
| Total Unusual Items | - | -10 | 48 | 117 | 9,697 |
| Total Unusual Items Excluding Goodwill | - | -10 | 48 | 117 | 9,697 |
| Preferred Stock Dividends | - | - | - | 58 | 345 |
| Minority Interests | - | 118 | 20 | 12 | -3 |
| Special Income Charges | - | 6 | 2 | 46 | 9,672 |
| Gain On Sale Of Security | - | -16 | 46 | 71 | 25 |
| General And Administrative Expense | - | 4,187 | 5,168 | 5,021 | 6,090 |
| Other Gand A | - | 4,187 | 5,168 | 5,021 | 6,090 |
| Gain On Sale Of Ppe | - | 6 | 2 | 46 | 9,672 |
| Otherunder Preferred Stock Dividend | - | - | - | - | 1 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| The Boeing Companythis co. | BA | $171.4B | 90.73↑ premium | 31.43 | 34.6% | 26.69 |
| Eaton Corporation plc | ETN | $162.5B | 39.77 | 8.37 | 21.0% | 27.91 |
| Deere & Company | DE | $159.7B | 31.78 | 6.16 | 19.4% | 18.51 |
| Union Pacific Corporation | UNP | $156.7B | 21.95 | 8.48 | 38.7% | 14.55 |
| Honeywell International Inc. | HON | $137.9B | 29.16 |
| - |
| - |
| - |
| - |
| - |
| 9.92 |
| 34.0% |
| 19.61 |
| Vertiv Holdings Co | VRT | $124.4B | 93.35 | 31.57 | 33.8% | 58.93 |
| Lockheed Martin Corporation | LMT | $119.7B | 23.85 | 17.81 | 74.6% | 15.73 |
| Parker-Hannifin Corporation | PH | $110.0B | 31.15 | 8.04 | 25.8% | 21.91 |
| Quanta Services, Inc. | PWR | $107.9B | 104.94 | 12.07 | 11.5% | 44.47 |
| Peer Median | - | 31.46 | 9.20 | 29.8% | 20.76 | |