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The Boeing Company
929 Long Bridge Drive
Arlington, VA 22202
USA
The Boeing Company
2024
Annual
Report
Portions of The Boeing Company
Annual Report were printed with 100%
certified wind-powered energy on Forestry
Stewardship Council -certified paper that
contains at least 10% postconsumer waste.
Copyright 2025 Boeing. All rights reserved.
Printed in the USA.
The Boeing Company 2024 Annual Report
Table of
Contents
1
Leadership
Message
Defining our future, together
A letter from President and CEO Kelly Ortberg
4
Board of
Directors and
Company Officers
5
Financial
Overview
6
Form 10-K
139
Caution
Concerning
Forward-Looking
Statements
140
Non-GAAP
Measures
141
Selected Programs,
Products and
Services
151
Shareholder
Information
To the Shareholders and Employees
of Boeing,
Over the course of our 108-year
history, a number of consequential
moments have defined our company,
our industry and our world.
Today is one of those moments
that will set the course for our
future success as a company.
We are implementing the fundamental
changes we need to stabilize our
business, improve our culture, and
restore the trust of employees,
customers, investors, suppliers,
regulators and others who count on us.
While there are challenges ahead, the
change at Boeing has already begun
as we work together to uphold the
iconic legacy of our great company.
Boeing has always been at the
forefront of aerospace innovation,
and we intend to stay there.
Strengthening Safety
& Quality
Following the 737-9 mid-exit door
plug accident in January 2024, our
1
team took a hard look at our culture,
systems and processes to ensure the
safety, quality and compliance of every
product and service that is delivered
to our customers something I was
energized to partner on when I joined
the Boeing team in August. Under the
oversight of the U.S. Federal Aviation
Administration (FAA), I am extremely
proud of the progress we are making
on our Safety & Quality Plan to address
issues, reduce defects and strengthen
our workforce with additional training
and other improvements.
Many of these improvements came
directly from our dedicated team.
During safety and quality standdowns, more than 100,000 teammates
across the company participated and
shared ideas to improve our processes.
From enhancing training and adding
inspections to instituting new random
quality audits and simplifying
installation plans, these changes
are redefining how we work today
and in the future.
In parallel, we further matured our
Safety Management System (SMS)
throughout the company. For example,
within our commercial airplane
production system, the SMS is helping
guide critical decisions to identify and
address potential issues across 737
and 787 final assembly, along with
portions of our 767 and 777 production
lines. This work will continue to move
forward as we further embed our SMS
across Boeing.
The Boeing Advanced F-15QA
demonstration team takes flight
at the Spirit of St. Louis Air Show.
Rebuilding Our Culture
Working together to fix our culture will
take time, but it is perhaps the most
important change we need to make as
a company. Restoring the values that
were foundational to Boeing s storied
history and setting expectations for
behavior will move us forward.
Change must start at the top and
includes getting our leaders back to
the factory floor, into our engineering
labs and connected to other places
where our people work every day.
We must understand and remove the
challenges our teams face to make it
easier for them to do their jobs. For
our teammates, we need to restore
our trust in one another and break
down the barriers that prevent us from
working together across the company.
To get us started, we have already
launched a culture working group of
teammates focused on sharing ideas
and perspectives from our sites around
the world. Going forward, we will be
transparent about the things we need
to change and improve. Our team is
committed to this work, and when
we get this right, it will lead to our
future success.
Delivering On Our
Customer Commitments
We are focusing on what is core to
our company. That means returning
to our engineering roots as we
continue to design, build and deliver
products to meet the strong demand
for commercial airplanes and defense
platforms while providing the services
to keep them operational for decades.
The 737 MAX and 787 Dreamliner
are sold out through the end of the
decade, and our most recent forecast
projects demand for nearly 44,000
new airplanes by 2043. To meet this
demand and our commitments to our
customers, we are working to ensure
stability across our production system
and within our supply chain. We plan
to increase production to reach 38
737 MAX airplanes per month later
this year. The 787 program reached
a rate of five airplanes per month at
the end of 2024, and we plan to
increase the production rate to
seven per month in 2025.
conversations with our customer to
support schedules, requirements and
performance on the VC-25B program.
Our services business continues to
provide stability for the company while
delivering for commercial and defense
737 MAX airplanes outside the Renton,
Washington, factory.
We also remain focused on executing
on our development programs. Safely
advancing the 737-7, 737-10 and 777X
through certification and welcoming
them into the global fleet is a key
priority for us and our customers.
Around the world, the U.S. armed
forces and allies depend on our defense
products to secure and protect freedom
and provide humanitarian
aid in times of crisis. We
continue to see stable
and solid demand across
While there is more work ahead,
the defense and space
our backlog of more than half
portfolio as governments
a trillion dollars demonstrates
prioritize security,
the value of our portfolio. It is
defense technology and
global cooperation given
up to us to execute with a focus
evolving threats.
on safety and quality.
We have also taken action
to improve performance
and reduce risk on our
fixed-priced development programs,
working closely with our customers
to deliver safe and high-performing
products. That includes an updated
acquisition approach with the U.S.
Air Force to accelerate the timeline
for initial operating capability on the
T-7A Red Hawk program and ongoing
operators through solid operational
performance and solutions centered
on safety, efficiency and sustainability.
From modifications, maintenance and
digital solutions to our parts distribution
and training, our global teams provide
innovative solutions to customers when
and where they need us.
2
The Boeing Company 2024 Annual Report
We are implementing the fundamental
changes we need to stabilize our business,
improve our culture, and restore the trust of
employees, customers, investors, suppliers,
regulators and others who count on us.
production sites including the
787 factory in North Charleston,
South Carolina, and a fourth 737 MAX
production line in Everett, Washington.
We also continue to invest in research
with global partners that will support
future products.
Our success is connected to the
communities around the world where
we live and work, and we remain
committed to providing meaningful
support. In 2024, Boeing and our
employees invested millions in the
areas of education, disaster relief,
veterans and more to support the
communities we call home.
A teammate receives training on the 737 MAX production line in Renton, Washington.
Stabilizing Our Business
Refocusing on our core business led
to important decisions as we navigate
our recovery. We did not take lightly
the restructuring of our teams and the
workforce adjustments as they affected
friends and colleagues, but they were
necessary to position us for the future.
At the same time, we continue
evaluating our product portfolio to
ensure we are focused on what will
keep us growing and competitive in
the long term.
These efforts complement actions
we completed last year that were
critical to building the foundation for
our recovery and long-term health,
including a $24 billion capital raise.
The size of this raise reflected the
market s confidence in our turnaround
and future as well as our commitment to
managing our balance sheet to maintain
our investment grade credit rating.
3
We also completed contract
negotiations with our unionized
production workforce in Washington
state and Oregon and worked
to stabilize our supply chain in
preparation for increasing production
rates. The planned acquisition of
Spirit AeroSystems, approved by its
shareholders earlier this year, will
enable us to further strengthen safety
and quality. We expect this transaction
to close in mid-2025.
Building Our Future
Our actions above are setting us
on a path to recovery and enabling
Boeing to make additional strategic
investments for the future. In 2024,
Boeing invested $6 billion in
research and development and
capital expenditures. This includes
expansions for advanced combat
aircraft manufacturing, maintenance
facilities and parts, and commercial
In the moments that have defined us,
our people have always led the way,
guided by the culture and values that
were foundational to our success.
Boeing is powered by the bright minds
and innovative thinkers who design,
build and deliver our products and
services. Harnessing their ingenuity
and working together are how we will
move forward together.
While there is more work ahead, our
backlog of more than half a trillion
dollars demonstrates the value of our
portfolio. It is up to us to execute with
a focus on safety and quality. I have
confidence in our plan and our people
as we continue to connect the world,
protect our freedoms and support the
global economy.
Getting back to the Boeing that
revolutionized air travel and pushed
the boundaries of innovation is within
our reach.
Our work today is what will define
our future.
Kelly Ortberg
President and CEO
•
3/7/2025 Letter Continued (Full PDF)
•
3/3/2023 BA Stockholder Letter
•
4/5/2024 BA Stockholder Letter
•
More "Aerospace & Defense" Category Stockholder Letters
•
BA Benford's Law Stock Score = 100
BA Shareholder/Stockholder Letter Transcript:

The Boeing Company
929 Long Bridge Drive
Arlington, VA 22202
USA
The Boeing Company
2024
Annual
Report
Portions of The Boeing Company
Annual Report were printed with 100%
certified wind-powered energy on Forestry
Stewardship Council  -certified paper that
contains at least 10% postconsumer waste.
Copyright    2025 Boeing. All rights reserved.
Printed in the USA.

The Boeing Company 2024 Annual Report
Table of
Contents
1
Leadership
Message
Defining our future, together
A letter from President and CEO Kelly Ortberg
4
Board of
Directors and
Company Officers
5
Financial
Overview
6
Form 10-K
139
Caution
Concerning
Forward-Looking
Statements
140
Non-GAAP
Measures
141
Selected Programs,
Products and
Services
151
Shareholder
Information
To the Shareholders and Employees
of Boeing,
Over the course of our 108-year
history, a number of consequential
moments have defined our company,
our industry and our world.
Today is one of those moments
that will set the course for our
future success as a company.
We are implementing the fundamental
changes we need to stabilize our
business, improve our culture, and
restore the trust of employees,
customers, investors, suppliers,
regulators and others who count on us.
While there are challenges ahead, the
change at Boeing has already begun
as we work together to uphold the
iconic legacy of our great company.
Boeing has always been at the
forefront of aerospace innovation,
and we intend to stay there.
Strengthening Safety
& Quality
Following the 737-9 mid-exit door
plug accident in January 2024, our
1
team took a hard look at our culture,
systems and processes to ensure the
safety, quality and compliance of every
product and service that is delivered
to our customers     something I was
energized to partner on when I joined
the Boeing team in August. Under the
oversight of the U.S. Federal Aviation
Administration (FAA), I am extremely
proud of the progress we are making
on our Safety & Quality Plan to address
issues, reduce defects and strengthen
our workforce with additional training
and other improvements.
Many of these improvements came
directly from our dedicated team.
During safety and quality standdowns, more than 100,000 teammates
across the company participated and
shared ideas to improve our processes.
From enhancing training and adding
inspections to instituting new random
quality audits and simplifying
installation plans, these changes
are redefining how we work today
and in the future.
In parallel, we further matured our
Safety Management System (SMS)
throughout the company. For example,
within our commercial airplane
production system, the SMS is helping
guide critical decisions to identify and
address potential issues across 737
and 787 final assembly, along with
portions of our 767 and 777 production
lines. This work will continue to move
forward as we further embed our SMS
across Boeing.
The Boeing Advanced F-15QA
demonstration team takes flight
at the Spirit of St. Louis Air Show.

Rebuilding Our Culture
Working together to fix our culture will
take time, but it is perhaps the most
important change we need to make as
a company. Restoring the values that
were foundational to Boeing   s storied
history and setting expectations for
behavior will move us forward.
Change must start at the top and
includes getting our leaders back to
the factory floor, into our engineering
labs and connected to other places
where our people work every day.
We must understand and remove the
challenges our teams face to make it
easier for them to do their jobs. For
our teammates, we need to restore
our trust in one another and break
down the barriers that prevent us from
working together across the company.
To get us started, we have already
launched a culture working group of
teammates focused on sharing ideas
and perspectives from our sites around
the world. Going forward, we will be
transparent about the things we need
to change and improve. Our team is
committed to this work, and when
we get this right, it will lead to our
future success.
Delivering On Our
Customer Commitments
We are focusing on what is core to
our company. That means returning
to our engineering roots as we
continue to design, build and deliver
products to meet the strong demand
for commercial airplanes and defense
platforms while providing the services
to keep them operational for decades.
The 737 MAX and 787 Dreamliner
are sold out through the end of the
decade, and our most recent forecast
projects demand for nearly 44,000
new airplanes by 2043. To meet this
demand and our commitments to our
customers, we are working to ensure
stability across our production system
and within our supply chain. We plan
to increase production to reach 38
737 MAX airplanes per month later
this year. The 787 program reached
a rate of five airplanes per month at
the end of 2024, and we plan to
increase the production rate to
seven per month in 2025.
conversations with our customer to
support schedules, requirements and
performance on the VC-25B program.
Our services business continues to
provide stability for the company while
delivering for commercial and defense
737 MAX airplanes outside the Renton,
Washington, factory.
We also remain focused on executing
on our development programs. Safely
advancing the 737-7, 737-10 and 777X
through certification and welcoming
them into the global fleet is a key
priority for us and our customers.
Around the world, the U.S. armed
forces and allies depend on our defense
products to secure and protect freedom
and provide humanitarian
aid in times of crisis. We
continue to see stable
and solid demand across
   While there is more work ahead,
the defense and space
our backlog of more than half
portfolio as governments
a trillion dollars demonstrates
prioritize security,
the value of our portfolio. It is
defense technology and
global cooperation given
up to us to execute with a focus
evolving threats.
on safety and quality.   
We have also taken action
to improve performance
and reduce risk on our
fixed-priced development programs,
working closely with our customers
to deliver safe and high-performing
products. That includes an updated
acquisition approach with the U.S.
Air Force to accelerate the timeline
for initial operating capability on the
T-7A Red Hawk program and ongoing
operators through solid operational
performance and solutions centered
on safety, efficiency and sustainability.
From modifications, maintenance and
digital solutions to our parts distribution
and training, our global teams provide
innovative solutions to customers when
and where they need us.
2

The Boeing Company 2024 Annual Report
   We are implementing the fundamental
changes we need to stabilize our business,
improve our culture, and restore the trust of
employees, customers, investors, suppliers,
regulators and others who count on us.   
production sites including the
787 factory in North Charleston,
South Carolina, and a fourth 737 MAX
production line in Everett, Washington.
We also continue to invest in research
with global partners that will support
future products.
Our success is connected to the
communities around the world where
we live and work, and we remain
committed to providing meaningful
support. In 2024, Boeing and our
employees invested millions in the
areas of education, disaster relief,
veterans and more to support the
communities we call home.
A teammate receives training on the 737 MAX production line in Renton, Washington.
Stabilizing Our Business
Refocusing on our core business led
to important decisions as we navigate
our recovery. We did not take lightly
the restructuring of our teams and the
workforce adjustments as they affected
friends and colleagues, but they were
necessary to position us for the future.
At the same time, we continue
evaluating our product portfolio to
ensure we are focused on what will
keep us growing and competitive in
the long term.
These efforts complement actions
we completed last year that were
critical to building the foundation for
our recovery and long-term health,
including a $24 billion capital raise.
The size of this raise reflected the
market   s confidence in our turnaround
and future as well as our commitment to
managing our balance sheet to maintain
our investment grade credit rating.
3
We also completed contract
negotiations with our unionized
production workforce in Washington
state and Oregon and worked
to stabilize our supply chain in
preparation for increasing production
rates. The planned acquisition of
Spirit AeroSystems, approved by its
shareholders earlier this year, will
enable us to further strengthen safety
and quality. We expect this transaction
to close in mid-2025.
Building Our Future
Our actions above are setting us
on a path to recovery and enabling
Boeing to make additional strategic
investments for the future. In 2024,
Boeing invested $6 billion in
research and development and
capital expenditures. This includes
expansions for advanced combat
aircraft manufacturing, maintenance
facilities and parts, and commercial
In the moments that have defined us,
our people have always led the way,
guided by the culture and values that
were foundational to our success.
Boeing is powered by the bright minds
and innovative thinkers who design,
build and deliver our products and
services. Harnessing their ingenuity
and working together are how we will
move forward together.
While there is more work ahead, our
backlog of more than half a trillion
dollars demonstrates the value of our
portfolio. It is up to us to execute with
a focus on safety and quality. I have
confidence in our plan and our people
as we continue to connect the world,
protect our freedoms and support the
global economy.
Getting back to the Boeing that
revolutionized air travel and pushed
the boundaries of innovation is within
our reach.
Our work today is what will define
our future.
Kelly Ortberg
President and CEO

Board of Directors
(as of February 24, 2025)
Robert A. Bradway
Chairman and CEO, Amgen Inc.
Boeing director since 2016
Committees: Governance
& Public Policy (Chair),
Compensation
Lynn J. Good
Chair and CEO, Duke Energy
Corporation
Boeing director since 2015
Committees: Compensation
(Chair), Audit
Mortimer J. Buckley
Former Chairman and CEO,
The Vanguard Group
Boeing director since 2025
Committees: Finance,
Governance & Public Policy
Stayce D. Harris
Retired United Airlines Pilot;
Retired Lt. General and Former
Inspector General, U.S. Air Force
Boeing director since 2021
Committees: Aerospace Safety,
Governance & Public Policy,
Special Programs
Lynne M. Doughtie
Former U.S. Chairman
and CEO, KPMG
Boeing director since 2021
Committees: Audit (Chair),
Compensation
David L. Gitlin
Chairman and CEO,
Carrier Global Corporation
Boeing director since 2022
Committees: Aerospace
Safety, Finance
Akhil Johri
Former Executive Vice
President and CFO, United
Technologies Corporation
Boeing director since 2020
Committees: Finance (Chair),
Audit
Company Officers
Uma M. Amuluru
Executive Vice President and
Chief Human Resources Officer
Michael J. Cleary*
Senior Vice President, Controller
Dana S. Deasy
Chief Information Digital
Officer and Senior Vice President,
Information Technology &
Data Analytics
John C. Demers*
Vice President, Assistant General
Counsel and Corporate Secretary
David L. Joyce
Former President and CEO,
GE Aviation; Former Vice Chair,
General Electric Company
Boeing director since 2021
Committees: Aerospace Safety
(Chair), Governance & Public
Policy, Special Programs
Steven M. Mollenkopf
Former CEO, Qualcomm
Incorporated
Boeing director since 2020;
independent Chair of the Board
since 2024
Committees: Compensation,
Governance & Public Policy,
Special Programs
John M. Richardson
31st Chief of Naval Operations;
Former Director of the Naval
Nuclear Propulsion Program,
U.S. Navy
Boeing director since 2019
Committees: Special Programs
(Chair), Aerospace Safety,
Finance
Sabrina Soussan
Former Chairman and CEO,
SUEZ SA
Boeing director since 2023
Committees: Audit, Finance
Robert Kelly Ortberg
President and CEO,
The Boeing Company
Boeing director since 2024
Committees: None
(as of February 24, 2025)
Brett C. Gerry
Chief Legal Officer and
Executive Vice President,
Global Compliance
Stephanie F. Pope
Executive Vice President;
President and CEO, Boeing
Commercial Airplanes
Howard E. McKenzie
Chief Engineer and
Executive Vice President,
Engineering, Test & Technology
D. Christopher Raymond
Executive Vice President;
President and CEO,
Boeing Global Services
Dr. Brendan Nelson
Senior Vice President;
President, Boeing Global
Ann M. Schmidt
Senior Vice President and
Chief Communications &
Brand Officer
Jeffrey S. Shockey
Executive Vice President of
Government Operations, Global
Public Policy & Corporate
Strategy
Brian J. West
Executive Vice President and
Chief Financial Officer
David R. Whitehouse*
Senior Vice President, Treasurer
*Appointed officer.
Robert Kelly Ortberg
President and CEO
4



 3/7/2025 Letter Continued (Full PDF)
BA Shareholder/Stockholder Letter Transcript:

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Copyright © 2023 - 2025, All Rights Reserved
