Boeing
BA NYSE Aerospace & Defense Financials FY2016–FY2025
Boeing's revenue rose 34.5% to $89.5 billion in fiscal 2025. Its operating margin was 4.8%, up from −16.1% a year earlier. Free cash flow was −$1.9 billion. It paid out $331 million in dividends and buybacks. The diluted share count rose 17.8%.
What Boeing does
Boeing designs and builds commercial jetliners, military aircraft, weapons, satellites and spacecraft, and services the planes and systems it sells. Its customers are mainly airlines around the world and governments, above all the U.S. military and NASA.
It reports three segments. Commercial Airplanes makes the 737 narrow-body jet and the 767, 777 and 787 wide-body jets, and is still developing a new version of the 777 and two new versions of the 737. Defense, Space & Security builds fighters, trainers, helicopters, tankers, missile defense systems and satellites. Global Services supplies spare parts, maintenance, upgrades, pilot training and data tools to commercial and defense customers. In 2025, 35% of revenue came from U.S. government contracts, and customers outside the U.S. accounted for 46%. Boeing names Airbus and new entrants from China as its main rivals in jetliners, and General Dynamics, Lockheed Martin, Northrop Grumman, RTX and SpaceX in defense.
Boeing had about 182,000 workers at the end of 2025, roughly 72,000 of them union members. A strike at its St. Louis area sites lasted 101 days in 2025. Since a door plug blew out of a 737-9 in January 2024, the FAA has watched its production more closely, and the 737 can only raise output with the agency's agreement. In late 2025 Boeing sold parts of its Digital Aviation Solutions business for $10.55 billion and completed its purchase of Spirit AeroSystems, a key supplier.
- Legal name
- THE BOEING COMPANY
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Jan 30, 2026
- Accession · CIK
- 0001628280-26-004357
0000012927
Revenue and margins
Boeing had $89.5B of revenue in fiscal 2025, up 34.5% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew −12.0% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was −$1.9B in fiscal 2025, −2.1% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Boeing returned $331M to shareholders in fiscal 2025. The diluted share count rose 17.8%.
Value Boeing yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$24.7B and divides by 762.3M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 67.0x · peers 27.2x · sector 26.0x.
Balance sheet
Cash, debt and the ratios that show how comfortably Boeing can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $16.2B | $17.2B | $16.0B | $26.3B | $29.4B |
| Debt incl. finance leases | $57.9B | $56.8B | $52.1B | $53.9B | $54.1B |
| Net debt / EBITDA | — | — | 33.2x | — | 4.0x |
| Interest coverage | −1.1x | −1.4x | −0.3x | −3.9x | 1.5x |
| Current ratio | 1.3x | 1.2x | 1.1x | 1.3x | 1.2x |
| Quick ratio | 0.4x | 0.4x | 0.3x | 0.4x | 0.4x |
| Total assets | $138.6B | $137.1B | $137.0B | $156.4B | $168.2B |
| Total liabilities | $153.4B | $152.9B | $154.2B | $160.3B | $162.8B |
| Shareholders' equity | −$15.0B | −$15.9B | −$17.2B | −$3.9B | $5.5B |
| Net debt (− = net cash) | $41.7B | $39.6B | $36.1B | $27.6B | $24.7B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.9M
3 insiders
Sold, 12 months
$5.3M
3 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| May 20, 2026 | Bradley D TildenDirector | Bought | 1,370 | $218.50 | $0.3M | Form 4 |
| Mar 3, 2026 | Mortimer J BuckleyDirector | Bought | 2,230 | $224.20 | $0.5M | Form 4 |
| Feb 24, 2026 | Uma M AmuluruEVP and Chief HR Officer | Sold | 1,503 | $233.79 | $0.4M | Form 4 |
| Feb 17, 2026 | Ann M SchmidtSVP, Chief Com & Brand Officer | Sold | 6,281 | $243.37 | $1.5M | Form 4 |
| Feb 5, 2026 | Howard E McKenzieChief Engineer & EVP, Et&t | Sold | 10,497 | $233.99 | $2.5M | Form 4 |
| Feb 4, 2026 | Uma M AmuluruEVP and Chief HR Officer | Sold | 2,731 | $236.00 | $0.6M | Form 4 |
| Nov 24, 2025 | Dana S DeasyCido, SVP Idt&s | Bought | 554 | $178.89 | $0.1M | Form 4 |
| Nov 6, 2025 | Uma M AmuluruEVP and Chief HR Officer | Sold | 1,366 | $197.66 | $0.3M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✓ |
| Cash from operations is positive | ✓ | ✕ | ✓ |
| Return on assets rose | ✓ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✕ | ✕ |
| Debt fell relative to assets | ✓ | ✓ | ✓ |
| Current ratio rose | ✕ | ✓ | ✕ |
| Share count didn't rise | ✕ | ✕ | ✕ |
| Gross margin rose | ✓ | ✕ | ✓ |
| Revenue rose relative to assets | ✓ | ✕ | ✓ |
| F-score | 6 / 9 | 2 / 9 | 6 / 9 |
| Accruals ratio | −6.0% | 0.2% | 0.7% |
| Altman Z'' | 1.14 | 1.13 | 1.33 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Boeing BA | $148.9B | 34.5% | 4.8% | −2.1% | 13.5% | 67.0x | 6 | |
| Lockheed Martin LMT | $139.9B | 5.6% | 10.3% | 9.2% | 27.1% | 21.5x | 5 | Compare → |
| GE Aerospace GE | $297.4B | 18.5% | — | 15.8% | 35.8% | 33.0x | 5 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $93.5B | $94.0B | $101.1B | $76.6B | $58.2B | $62.3B | $66.6B | $77.8B | $66.5B | $89.5B |
| Gross profit | $14.5B | $17.4B | $19.6B | $4.5B | −$5.7B | $3.0B | $3.5B | $7.7B | −$2.0B | $4.3B |
| Research and development | $4.6B | $3.2B | $3.3B | $3.2B | $2.5B | $2.2B | $2.9B | $3.4B | $3.8B | $3.6B |
| Operating income | $6.5B | $10.3B | $12.0B | −$2.0B | −$12.8B | −$2.9B | −$3.5B | −$773M | −$10.7B | $4.3B |
| Interest expense | $306M | $360M | $475M | $722M | $2.2B | $2.7B | $2.6B | $2.5B | $2.7B | $2.8B |
| Pretax income | $5.8B | $10.1B | $11.6B | −$2.3B | −$14.5B | −$5.0B | −$5.0B | −$2.0B | −$12.2B | $2.6B |
| Income tax | $749M | $1.6B | $1.1B | −$1.6B | −$2.5B | −$743M | $31.0M | $237M | −$381M | $397M |
| Net income | $5.0B | $8.5B | $10.5B | −$636M | −$11.9B | −$4.2B | −$4.9B | −$2.2B | −$11.8B | $2.2B |
| Diluted EPS | $7.83 | $13.85 | $17.85 | −$1.12 | −$20.88 | −$7.15 | −$8.30 | −$3.67 | −$18.36 | $2.48 |
| Diluted shares | 0.64B | 0.61B | 0.59B | 0.57B | 0.57B | 0.59B | 0.59B | 0.61B | 0.65B | 0.76B |
| Cash flow | ||||||||||
| Cash from operations | $10.5B | $13.3B | $15.3B | −$2.4B | −$18.4B | −$3.4B | $3.5B | $6.0B | −$12.1B | $1.1B |
| Capital expenditure | $2.6B | $1.7B | $1.7B | $1.8B | $1.3B | $980M | $1.2B | $1.5B | $2.2B | $2.9B |
| Free cash flow | $7.9B | $11.6B | $13.6B | −$4.3B | −$19.7B | −$4.4B | $2.3B | $4.4B | −$14.3B | −$1.9B |
| Depreciation and amortization | $1.9B | $2.0B | $2.1B | $2.3B | $2.2B | $2.1B | $2.0B | $1.9B | $1.8B | $2.0B |
| Stock-based compensation | $190M | $202M | $202M | $212M | $250M | $833M | $725M | $690M | $407M | $426M |
| Acquisitions | $297M | $324M | $3.2B | $455M | $0.0M | $6.0M | $0.0M | $70.0M | $50.0M | $1.2B |
| Share buybacks | $7.0B | $9.2B | $9.0B | $2.7B | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends paid | $2.8B | $3.4B | $3.9B | $4.6B | $1.2B | $0.0M | $0.0M | $0.0M | $0.0M | $331M |
| Dividends and buybacks | $9.8B | $12.7B | $12.9B | $7.3B | $1.2B | $0.0M | $0.0M | $0.0M | $0.0M | $331M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $10.0B | $10.0B | $8.6B | $10.0B | $25.6B | $16.2B | $17.2B | $16.0B | $26.3B | $29.4B |
| Total debt | $9.8B | $11.0B | $13.7B | $27.1B | — | $57.9B | $56.8B | $52.1B | $53.6B | $53.8B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $239M | $250M |
| Current assets | $62.5B | $85.2B | $87.8B | $102.2B | $121.6B | $108.7B | $109.5B | $109.3B | $128.0B | $128.5B |
| Current liabilities | $50.1B | $74.6B | $81.6B | $97.3B | $87.3B | $82.0B | $90.1B | $95.8B | $97.1B | $108.1B |
| Inventory | $43.2B | $61.4B | $62.6B | $76.6B | $81.7B | $78.8B | $78.2B | $79.7B | $87.6B | $84.7B |
| Property and equipment, net | $12.8B | $12.7B | $12.6B | $12.5B | $11.8B | $10.9B | $10.6B | $10.7B | $11.4B | $15.4B |
| Total assets | $90.0B | $112.4B | $117.4B | $133.6B | $152.1B | $138.6B | $137.1B | $137.0B | $156.4B | $168.2B |
| Total liabilities | $88.1B | $110.6B | $116.9B | $141.9B | $170.2B | $153.4B | $152.9B | $154.2B | $160.3B | $162.8B |
| Shareholders' equity | $817M | $1.7B | $339M | −$8.6B | −$18.3B | −$15.0B | −$15.9B | −$17.2B | −$3.9B | $5.5B |
| Margins | ||||||||||
| Gross margin | 15.5% | 18.5% | 19.4% | 5.8% | −9.8% | 4.9% | 5.3% | 9.9% | −3.0% | 4.8% |
| Operating margin | 7.0% | 11.0% | 11.9% | −2.6% | −22.0% | −4.6% | −5.3% | −1.0% | −16.1% | 4.8% |
| EBITDA margin | 9.0% | 13.2% | 13.9% | 0.4% | −18.1% | −1.2% | −2.3% | 1.4% | −13.3% | 7.0% |
| Net margin | 5.4% | 9.0% | 10.3% | −0.8% | −20.4% | −6.8% | −7.4% | −2.9% | −17.8% | 2.5% |
| FCF margin | 8.4% | 12.4% | 13.5% | −5.6% | −33.9% | −7.1% | 3.4% | 5.7% | −21.5% | −2.1% |
| Returns | ||||||||||
| Return on capital | — | — | — | — | — | — | −11.0% | −2.9% | −39.8% | 13.5% |
| Return on capital employed | 15.6% | 26.7% | 32.6% | −5.5% | −25.2% | −4.7% | −6.8% | −1.8% | −21.3% | 7.2% |
| Return on assets | 5.5% | 8.4% | 9.1% | −0.5% | −8.3% | −2.9% | −3.6% | −1.6% | −8.1% | 1.4% |
| Growth | ||||||||||
| Revenue growth | −2.7% | 0.5% | 7.6% | −24.3% | −24.0% | 7.1% | 6.9% | 16.8% | −14.5% | 34.5% |
| Net income growth | −2.7% | 68.0% | 23.7% | −106.1% | — | — | — | — | — | — |
| EPS growth | 5.2% | 76.9% | 28.9% | −106.3% | — | — | — | — | — | — |
| FCF growth | 14.0% | 47.2% | 17.2% | −131.5% | — | — | — | 93.6% | −422.8% | — |
| Share count change | −7.5% | −5.1% | −4.0% | −3.4% | 0.6% | 3.3% | 1.2% | 1.8% | 6.8% | 17.8% |
| Financial health | ||||||||||
| Net debt / EBITDA | −0.0x | 0.1x | 0.4x | 57.6x | — | — | — | 33.2x | — | 4.0x |
| Interest coverage | 21.3x | 28.7x | 25.2x | −2.7x | −5.9x | −1.1x | −1.4x | −0.3x | −3.9x | 1.5x |
| Current ratio | 1.3x | 1.1x | 1.1x | 1.1x | 1.4x | 1.3x | 1.2x | 1.1x | 1.3x | 1.2x |
| Quick ratio | 0.4x | 0.3x | 0.3x | 0.3x | 0.5x | 0.4x | 0.4x | 0.3x | 0.4x | 0.4x |
| Capital allocation | ||||||||||
| Capex / revenue | 2.8% | 1.9% | 1.7% | 2.4% | 2.2% | 1.6% | 1.8% | 2.0% | 3.4% | 3.3% |
| Stock comp / revenue | 0.2% | 0.2% | 0.2% | 0.3% | 0.4% | 1.3% | 1.1% | 0.9% | 0.6% | 0.5% |
| Payouts / FCF | 123.8% | 109.0% | 95.2% | — | — | — | 0.0% | 0.0% | — | — |
| Quality scores | ||||||||||
| Piotroski F-score | 5.0 | 7.0 | 5.0 | 1.0 | — | — | 4.0 | 6.0 | 2.0 | 6.0 |
| Altman Z'' | 2.9 | 2.7 | 2.6 | 1.3 | 1.6 | 1.8 | 1.4 | 1.1 | 1.1 | 1.3 |
| Accruals ratio | −5.9% | −4.8% | −4.2% | 1.4% | 4.6% | −0.5% | −6.1% | −6.0% | 0.2% | 0.7% |
Source: SEC EDGAR XBRL filings (CIK 0000012927). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.