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The Boeing Company 2025 Annual Report
The Boeing Company 2025 Annual Report Table of Contents Restoring Trust, Moving Forward A letter from President and CEO Kelly Ortberg 1 Leadership Message more work ahead of us. With progress comes expectations, and we need to continue elevating our performance. 4 Board of Directors and Company Officers What gives me con dence in our path forward is our team and the foundation we ve built to stabilize our business, strengthen our culture, and accelerate our progress as we work together to bring out the very best in Boeing. 5 Financial Overview 6 Form 10-K 142 Caution Concerning Forward-Looking Statements 143 Non-GAAP Measures 144 Selected Programs, Products and Services 159 Shareholder Information To our shareholders and teammates, To move our company forward, we re making important progress and taking the right steps to restore Boeing s position as an iconic global company at the forefront of aerospace innovation. Looking back at where we were this time last year, we re building momentum and restoring trust with those who count on us. Our customers, suppliers, regulators and stakeholders are experiencing the tangible results of our commitment to delivering highquality, safe products and services around the world. Staying focused on safety, quality and performance, we re stabilizing operations and increasing production, delivering more airplanes, and strengthening development program execution. Across our business, we re winning in the market with recordbreaking orders and big wins pushing our company backlog to a record $682 billion last year. While I m proud of what we ve accomplished so far, we have not turned the corner just yet, and there s 1 Our Path Forward By strengthening safety and quality throughout our factories, operations and supply chain, we re delivering stronger performance across our commercial, defense and services businesses. Following our Safety & Quality Plan, we re tracking key performance indicators to maintain stable production across Commercial Airplanes. This resulted in our team increasing deliveries to 600 airplanes last year our most since 2018. We also won more than 1,100 commercial orders last year, including the largest widebody purchase in Boeing history. As we look to move to higher rates on the 737 MAX and 787 Dreamliner this year, we will methodically use the same process to guide our decisions while continuously monitoring our production system to ensure stability. Looking ahead, some of our biggest opportunities are completing certi cation of the 737-7, 737-10 and 777-9. We have a clear-eyed view of what s needed, and our adjusted timelines re ect these realities.
In Defense, Space & Security, we ve made great strides to stabilize our business while securing a transformational win to build the U.S. Air Force s sixth-generation ghter. We re reducing the risk pro le of our development programs and leveraging active management to deliver better outcomes for our customers. The lessons we learn through these efforts will help us work closer with our customers and ensure we start new programs with the right foundation to consistently deliver on our commitments. Global Services continues to perform and add customer value across our commercial and defense businesses, delivering capabilities in parts and distribution, maintenance and modi cations, cabins, digital services, and training. Our government services business received its highest annual orders last year, and the Global Services team also launched a uni ed e-commerce platform that brings together all of our distribution services into a streamlined digital destination, simplifying how customers and suppliers connect, transact and grow their businesses. Safety & Quality Safety is foundational to all that we do in the workplace and in the products we design, build and support. Along with our efforts to strengthen factory health and long-term stability, we continue to implement initiatives focused on workforce training, process improvements and employee engagement. We ve bolstered mandatory Product Safety and Quality training for all employees, with enhanced support systems such as workplace coaches, peer trainers and skill enhancement centers. More than 600 hours of new curriculum have been added, covering critical areas like quality pro ciency and Safety Management System (SMS). We activated enhanced specialized training programs targeting six essential manufacturing skills, and we launched a mandatory immersive Leaders in Foundational Training program to ensure managers are fully equipped to lead effectively, with safety at the forefront. Digitization of training systems, simpli cation of processes, and the introduction of randomized quality audits further reinforce compliance and performance tracking. These types of activities reduce complexity, improve performance and strengthen factory health. What gives me con dence in our path forward is our team and the foundation we ve built to stabilize our business, strengthen our culture, and accelerate our progress. To foster a positive safety culture, employee involvement is encouraged through quarterly manager-led safety events and continuous feedback. Improvements to our Speak Up system and rigorous hazard assessments during production line moves further demonstrate Boeing s holistic approach to safety and quality across our operations. 2
The Boeing Company 2025 Annual Report Additionally, we rolled out a new performance management process for much of our workforce that emphasizes growth, development and accountability. We re not just measuring what people do, but how they do their work. We re also building our future by investing in our frontline and senior leaders through new and innovative leadership development programs. Our acquisition of Spirit AeroSystems reinforces our efforts to improve safety and quality. Across the company, we re seeing a change in our team and people as our new culture takes hold. Leaders are spending more time on the factory oor and in engineering labs to remove barriers and better understand daily work. While change takes time, our culture change drives our performance and success. Investing in Our Future Working Together How we work is just as important as what we work on, and getting our culture right is foundational to everything that we do. Over the past year, we ve listened to our employees through two high-participation, con dential surveys that produced important feedback and insights, informing our efforts to strengthen our culture. Based on survey results and input from our teammates, we created new company values and behaviors: Safety & Quality, People Focus, Trust, Ownership, and Innovation. Our teams are rallying around these values and embracing the behaviors that guide our everyday work. 3 As we strengthen performance and change our culture, stabilizing our nancial health allows us to make investments that will position us for the future. Our acquisition of Spirit AeroSystems reinforces our efforts to improve safety and quality throughout our factories, operations and supply chain. With our $10.6 billion sale of portions of the Digital Aviation Solutions business, we streamlined our portfolio and solidi ed our balance sheet while retaining key digital capabilities to support our customers and enable continued growth in digital offerings and tools. Our investments in research and development, capital expenditures, and factory expansions which totaled $6.6 billion in 2025 support higher production rates, improved quality and next-generation capabilities. Site expansions and investments, from the Puget Sound to Charleston, St. Louis to Germany, will position Boeing to meet customer demand and execute reliably for decades to come. We also continue to invest in the communities in which we live and work. Whether supporting disaster relief, advancing STEM education or contributing through Boeing Global Engagement, our teams are making a meaningful difference in the places we call home. Restoring Trust Together Every day is an opportunity to earn back trust by delivering on our commitments. While we ve made progress, we re focused on maintaining our momentum while building a culture where every teammate can do their best work and contribute to our inspiring mission to connect, protect and explore our world and beyond. To our teammates, thank you for doing your part to move Boeing forward. The progress we made in 2025 is the result of your efforts. Together, we ll continue to restore trust with those who are counting on us and return Boeing to the iconic company we re all proud of. To our shareholders, thank you for your continued trust, support and con dence as we position Boeing for the future. Restoring trust together, Kelly Ortberg President and CEO
Board of Directors (as of Feb. 23, 2026) Akhil Johri Former Executive Vice President and Chief Financial Officer, United Technologies Corporation Boeing director since 2020 Committees: Finance (Chair), Audit Robert A. Bradway Chairman and CEO, Amgen Inc. Boeing director since 2016 Committees: Governance & Public Policy (Chair), Compensation David L. Gitlin Chairman and CEO, Carrier Global Corporation Boeing director since 2022 Committees: Aerospace Safety, Audit Mortimer J. Buckley Former Chairman and CEO, The Vanguard Group Boeing director since 2025 Committees: Finance, Governance & Public Policy Lynn J. Good Former Chairman and CEO, Duke Energy Corporation Boeing director since 2015 Committees: Compensation (Chair), Audit Lynne M. Doughtie Former U.S. Chair and CEO, KPMG Boeing director since 2021 Committees: Audit (Chair), Compensation 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 Company Officers Uma M. Amuluru Executive Vice President and Chief Human Resources Officer Michael J. Cleary* Controller Dana S. Deasy Chief Information Digital Officer and Senior Vice President, Information Digital Technology & Security John C. Demers* 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 Independent Board Chair, The Boeing Company; Former CEO, Qualcomm Incorporated Boeing director since 2020 Committees: Compensation, Governance & Public Policy, Special Programs Robert Kelly Ortberg President and CEO, The Boeing Company Boeing director since 2024 Committees: None 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 Bradley D. Tilden Former Chairman, President and CEO, Alaska Air Group Inc. Boeing director since 2025 Committees: Aerospace Safety, Finance (as of Feb. 23, 2026) Brett C. Gerry Chief Legal Officer and Executive Vice President, Global Compliance Robert Kelly Ortberg President and CEO Jesus Malave, Jr. Executive Vice President and Chief Financial Officer Stephen K. Parker Executive Vice President; President and CEO, Boeing Defense, Space & Security Howard E. McKenzie Chief Engineer and Executive Vice President, Engineering, Test & Technology Stephanie F. Pope Executive Vice President; President and CEO, Boeing Commercial Airplanes Dr. Brendan Nelson AO Senior Vice President; President, Boeing Global D. Christopher Raymond Executive Vice President; President and CEO, Boeing Global Services 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 David R. Whitehouse* Treasurer *Appointed officer. 4
 • shareholder letter icon 3/6/2026 Letter Continued (Full PDF)
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BA Shareholder/Stockholder Letter Transcript:

The Boeing Company
2025 Annual Report

The Boeing Company 2025 Annual Report
Table of
Contents
Restoring Trust, Moving Forward
A letter from President and CEO Kelly Ortberg
1
Leadership
Message
more work ahead of us. With progress
comes expectations, and we need to
continue elevating our performance.
4
Board of
Directors and
Company Officers
What gives me con   dence in our path
forward is our team and the foundation
we   ve built to stabilize our business,
strengthen our culture, and accelerate
our progress as we work together to
bring out the very best in Boeing.
5
Financial
Overview
6
Form 10-K
142
Caution
Concerning
Forward-Looking
Statements
143
Non-GAAP
Measures
144
Selected Programs,
Products and
Services
159
Shareholder
Information
To our shareholders and teammates,
To move our company forward, we   re
making important progress and taking
the right steps to restore Boeing   s
position as an iconic global company at
the forefront of aerospace innovation.
Looking back at where we were
this time last year, we   re building
momentum and restoring trust with
those who count on us. Our customers,
suppliers, regulators and stakeholders
are experiencing the tangible results of
our commitment to delivering highquality, safe products and services
around the world.
Staying focused on safety, quality
and performance, we   re stabilizing
operations and increasing production,
delivering more airplanes, and
strengthening development program
execution. Across our business, we   re
winning in the market with recordbreaking orders and big wins    
pushing our company backlog to a
record $682 billion last year.
While I   m proud of what we   ve
accomplished so far, we have not
turned the corner just yet, and there   s
1
Our Path Forward
By strengthening safety and
quality throughout our factories,
operations and supply chain, we   re
delivering stronger performance
across our commercial, defense
and services businesses.
Following our Safety & Quality Plan,
we   re tracking key performance
indicators to maintain stable
production across Commercial
Airplanes. This resulted in our team
increasing deliveries to 600 airplanes
last year     our most since 2018. We
also won more than 1,100 commercial
orders last year, including the largest
widebody purchase in Boeing history.
As we look to move to higher rates
on the 737 MAX and 787 Dreamliner
this year, we will methodically use the
same process to guide our decisions
while continuously monitoring our
production system to ensure stability.
Looking ahead, some of our biggest
opportunities are completing
certi   cation of the 737-7, 737-10 and
777-9. We have a clear-eyed view
of what   s needed, and our adjusted
timelines re   ect these realities.

In Defense, Space & Security, we   ve
made great strides to stabilize
our business while securing a
transformational win to build the U.S.
Air Force   s sixth-generation    ghter.
We   re reducing the risk pro   le of our
development programs and leveraging
active management to deliver better
outcomes for our customers. The
lessons we learn through these efforts
will help us work closer with our
customers and ensure we start new
programs with the right foundation
to consistently deliver on our
commitments.
Global Services continues to perform
and add customer value across our
commercial and defense businesses,
delivering capabilities in parts
and distribution, maintenance and
modi   cations, cabins, digital services,
and training. Our government services
business received its highest annual
orders last year, and the Global
Services team also launched a uni   ed
e-commerce platform that brings
together all of our distribution services
into a streamlined digital destination,
simplifying how customers and
suppliers connect, transact and
grow their businesses.
Safety & Quality
Safety is foundational to all that we
do     in the workplace and in the
products we design, build and support.
Along with our efforts to strengthen
factory health and long-term
stability, we continue to implement
initiatives focused on workforce
training, process improvements
and employee engagement.
We   ve bolstered mandatory Product
Safety and Quality training for
all employees, with enhanced
support systems such as workplace
coaches, peer trainers and skill
enhancement centers. More than
600 hours of new curriculum have
been added, covering critical areas
like quality pro   ciency and Safety
Management System (SMS).
We activated enhanced specialized
training programs targeting six
essential manufacturing skills, and
we launched a mandatory immersive
Leaders in Foundational Training
program to ensure managers are
fully equipped to lead effectively,
with safety at the forefront.
Digitization of training systems,
simpli   cation of processes, and
the introduction of randomized
quality audits further reinforce
compliance and performance tracking.
These types of activities reduce
complexity, improve performance
and strengthen factory health.
   What gives me
con   dence in our path
forward is our team
and the foundation
we   ve built to
stabilize our business,
strengthen our culture,
and accelerate our
progress.   
To foster a positive safety culture,
employee involvement is encouraged
through quarterly manager-led safety
events and continuous feedback.
Improvements to our Speak Up system
and rigorous hazard assessments
during production line moves further
demonstrate Boeing   s holistic
approach to safety and quality across
our operations.
2

The Boeing Company 2025 Annual Report
Additionally, we rolled out a new
performance management process
for much of our workforce that
emphasizes growth, development
and accountability. We   re not just
measuring what people do, but
how they do their work. We   re also
building our future by investing in our
frontline and senior leaders through
new and innovative leadership
development programs.
   Our acquisition of
Spirit AeroSystems
reinforces our efforts
to improve safety
and quality.   
Across the company, we   re seeing a
change in our team and people as our
new culture takes hold. Leaders are
spending more time on the factory
   oor and in engineering labs to remove
barriers and better understand daily
work. While change takes time, our
culture change drives our performance
and success.
Investing in Our Future
Working Together
How we work is just as important
as what we work on, and getting
our culture right is foundational
to everything that we do. Over
the past year, we   ve listened
to our employees through two
high-participation, con   dential
surveys that produced important
feedback and insights, informing our
efforts to strengthen our culture.
Based on survey results and input
from our teammates, we created
new company values and behaviors:
Safety & Quality, People Focus, Trust,
Ownership, and Innovation. Our teams
are rallying around these values and
embracing the behaviors that guide
our everyday work.
3
As we strengthen performance and
change our culture, stabilizing our
   nancial health allows us to make
investments that will position us for
the future. Our acquisition of Spirit
AeroSystems reinforces our efforts to
improve safety and quality throughout
our factories, operations and supply
chain. With our $10.6 billion sale
of portions of the Digital Aviation
Solutions business, we streamlined
our portfolio and solidi   ed our balance
sheet while retaining key digital
capabilities to support our customers
and enable continued growth in digital
offerings and tools.
Our investments in research and
development, capital expenditures,
and factory expansions     which
totaled $6.6 billion in 2025     support
higher production rates, improved
quality and next-generation
capabilities. Site expansions and
investments, from the Puget Sound
to Charleston, St. Louis to Germany,
will position Boeing to meet customer
demand and execute reliably for
decades to come.
We also continue to invest in the
communities in which we live and
work. Whether supporting disaster
relief, advancing STEM education or
contributing through Boeing Global
Engagement, our teams are making a
meaningful difference in the places we
call home.
Restoring Trust Together
Every day is an opportunity to earn
back trust by delivering on our
commitments. While we   ve made
progress, we   re focused on maintaining
our momentum while building a
culture where every teammate can do
their best work and contribute to our
inspiring mission to connect, protect
and explore our world and beyond.
To our teammates, thank you for doing
your part to move Boeing forward. The
progress we made in 2025 is the result
of your efforts. Together, we   ll continue
to restore trust with those who are
counting on us and return Boeing to
the iconic company we   re all proud of.
To our shareholders, thank you for
your continued trust, support and
con   dence as we position Boeing for
the future.
Restoring trust together,
Kelly Ortberg
President and CEO

Board of Directors
(as of Feb. 23, 2026)
Akhil Johri
Former Executive Vice
President and Chief Financial
Officer, United Technologies
Corporation
Boeing director since 2020
Committees: Finance (Chair),
Audit
Robert A. Bradway
Chairman and CEO, Amgen Inc.
Boeing director since 2016
Committees: Governance
& Public Policy (Chair),
Compensation
David L. Gitlin
Chairman and CEO,
Carrier Global Corporation
Boeing director since 2022
Committees: Aerospace
Safety, Audit
Mortimer J. Buckley
Former Chairman and CEO,
The Vanguard Group
Boeing director since 2025
Committees: Finance,
Governance & Public Policy
Lynn J. Good
Former Chairman and CEO,
Duke Energy Corporation
Boeing director since 2015
Committees: Compensation
(Chair), Audit
Lynne M. Doughtie
Former U.S. Chair
and CEO, KPMG
Boeing director since 2021
Committees: Audit (Chair),
Compensation
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
Company Officers
Uma M. Amuluru
Executive Vice President and
Chief Human Resources Officer
Michael J. Cleary*
Controller
Dana S. Deasy
Chief Information Digital
Officer and Senior Vice President,
Information Digital
Technology & Security
John C. Demers*
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
Independent Board Chair, The
Boeing Company; Former CEO,
Qualcomm Incorporated
Boeing director since 2020
Committees: Compensation,
Governance & Public Policy,
Special Programs
Robert Kelly Ortberg
President and CEO,
The Boeing Company
Boeing director since 2024
Committees: None
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
Bradley D. Tilden
Former Chairman, President and
CEO, Alaska Air Group Inc.
Boeing director since 2025
Committees: Aerospace Safety,
Finance
(as of Feb. 23, 2026)
Brett C. Gerry
Chief Legal Officer and
Executive Vice President,
Global Compliance
Robert Kelly Ortberg
President and CEO
Jesus Malave, Jr.
Executive Vice President and
Chief Financial Officer
Stephen K. Parker
Executive Vice President;
President and CEO,
Boeing Defense,
Space & Security
Howard E. McKenzie
Chief Engineer and
Executive Vice President,
Engineering, Test & Technology
Stephanie F. Pope
Executive Vice President;
President and CEO,
Boeing Commercial Airplanes
Dr. Brendan Nelson AO
Senior Vice President;
President, Boeing Global
D. Christopher Raymond
Executive Vice President;
President and CEO,
Boeing Global Services
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
David R. Whitehouse*
Treasurer
*Appointed officer.
4


shareholder letter icon 3/6/2026 Letter Continued (Full PDF)
 

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