The Boeing Company is a leading aerospace and defense corporation that operates in multiple segments, focusing on the development, production, and marketing of commercial and military aircraft, as well as providing a range of services to both commercial and government customers . The company sells commercial jet aircraft models such as the 737, 767, 777, and 787, and is actively working on the 777X program and 737 derivatives . Boeing's diverse operations are reflected in its three primary segments, each contributing significantly to its financial performance .
- Defense, Space & Security - Focuses on military aircraft, weapons systems, strategic defense, intelligence systems, and satellite systems .
- Commercial Airplanes - Develops, produces, and markets commercial jet aircraft, including models such as the 737, 767, 777, and 787, and is working on the 777X program and 737 derivatives .
- Global Services - Provides parts, maintenance, modifications, logistics support, training, and data analytics services to both commercial and government customers .
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Robert K. Ortberg ExecutiveBoard | President and CEO | Board Member at Aptiv PLC | Aerospace leader with over 35 years of experience; former CEO of Rockwell Collins and Collins Aerospace; joined Boeing in 2024. | |
Brian J. West Executive | EVP and CFO | None | Joined Boeing in 2021; former CFO at Refinitiv and Nielsen; extensive experience in financial leadership and operations. | |
Stephanie F. Pope Executive | EVP, COO, and CEO of Boeing Commercial Airplanes | None | Joined Boeing in 1994; previously CEO of Boeing Global Services; recognized for operational and financial expertise across Boeing's business units. | |
Akhil Johri Board | Director and Chair of Audit Committee | Board Member at Cardinal Health | Former EVP and CFO of United Technologies; expert in financial reporting, internal controls, and risk management; joined Boeing's Board in 2020. | |
David L. Joyce Board | Director and Chair of Aerospace Safety Committee | Senior Advisor at AE Industrial Partners, LP | Former President and CEO of GE Aviation; expert in aerospace engineering, product development, and safety management systems; joined Boeing's Board in 2021. | |
John M. Richardson Board | Director and Chair of Special Programs Committee | Board Member at BWX Technologies and Constellation Energy | Former Chief of Naval Operations; expert in managing complex, high-risk systems; joined Boeing's Board in 2019. | |
Lynne M. Doughtie Board | Director | Board Member at Workday, Inc. | Former U.S. Chairman and CEO of KPMG; expert in accounting, risk management, and regulatory compliance; joined Boeing's Board in 2021. | |
Mortimer J. Buckley Board | Director | Board Member at Pfizer Inc. | Former Chairman and CEO of Vanguard; expert in investment management, cybersecurity, and corporate governance; joined Boeing's Board in 2025. | |
Robert A. Bradway Board | Director and Chair of Finance Committee | Chairman and CEO of Amgen Inc. | CEO of Amgen since 2012; expert in corporate finance, risk management, and executive leadership; joined Boeing's Board in 2016. | |
Sabrina Soussan Board | Director | Chairman and CEO of SUEZ SA | Former Siemens executive; expert in engineering, cybersecurity, and sustainability; joined Boeing's Board in 2023. | |
Stayce D. Harris Board | Director | Board Member at BlackRock Fixed-Income Funds | Retired U.S. Air Force Reserve Lieutenant General and former Boeing 747 pilot; expert in aviation safety, cybersecurity, and audit matters. | |
Steve Mollenkopf Board | Independent Chair of the Board | Board Member at Dell Technologies | Former CEO of Qualcomm; expert in engineering, risk management, and global business operations; joined Boeing's Board in 2020. |
- With the persistent cost overruns and execution issues in your defense programs, particularly those with fixed-price contracts, what specific measures are you implementing to improve risk management and prevent future charges, and how confident are you in their effectiveness?
- Given your plans to reduce the workforce to streamline operations, how do you intend to retain critical talent and expertise necessary for stabilizing the business and improving execution while also reshaping the company culture?
- Can you provide more clarity on your strategy to address the balance sheet and maintain your investment-grade credit rating, including details on the potential size, timing, and impact of any equity or equity-linked offerings?
- Considering the recent IAM strike and supply chain disruptions, what are your updated production targets for the 737 program through next year, and what steps are you taking to mitigate the risks of not meeting these targets?
- As you contemplate developing a new commercial aircraft in the future, how will you balance the significant investment required with your current financial constraints, and what milestones should investors anticipate along this path?
Research analysts who have asked questions during BOEING earnings calls.
David Strauss
Barclays
4 questions for BA
Douglas Harned
Sanford C. Bernstein & Co., LLC
4 questions for BA
Myles Walton
Wolfe Research, LLC
4 questions for BA
Noah Poponak
Goldman Sachs
4 questions for BA
Peter Arment
Robert W. Baird & Co.
4 questions for BA
Scott Deuschle
Deutsche Bank
4 questions for BA
Seth Seifman
JPMorgan Chase & Co.
4 questions for BA
Sheila Kahyaoglu
Jefferies
4 questions for BA
Ronald Epstein
Bank of America
3 questions for BA
Jason Gursky
Citigroup Inc.
2 questions for BA
Richard Safran
Seaport Research Partners
2 questions for BA
Cai von Rumohr
TD Cowen
1 question for BA
Gavin Parsons
UBS Group AG
1 question for BA
Ken Herbert
RBC Capital Markets
1 question for BA
Kristine Liwag
Morgan Stanley
1 question for BA
Robert Stallard
Vertical Research Partners
1 question for BA
Scott Mikus
Melius Research
1 question for BA
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
The company faces aggressive international competition in the commercial jet aircraft market, with this competitor being intent on increasing its market share. Additionally, it continues to build a strategic presence in the U.S. market by strengthening its North American operations and partnering with U.S. defense companies. | |
This competitor provides strong competition in the Defense, Space & Security (BDS) segment, particularly in areas such as military aircraft and weapons systems. | |
This competitor is a key player in the defense market, competing with the company's BDS segment in areas like military aircraft and defense systems. | |
This competitor is noted for its strong presence in the defense sector, competing with the company's BDS segment. | |
This competitor is a significant player in the defense industry, providing competition to the company's BDS segment. | |
SpaceX | This competitor is highlighted as a strong competitor in the space and defense markets, particularly in areas like satellite systems and space exploration. |
This non-U.S. competitor is expanding its presence in the U.S. market by strengthening its North American operations and partnering with U.S. defense companies. |
| Customer | Relationship | Segment | Details |
|---|---|---|---|
U.S. Government | Major defense and government services partner | All | 42% of consolidated revenues in 2024 , 91% of BDS segment revenues , 29% of BGS segment revenues. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Spirit AeroSystems Holdings, Inc. | 2025 | Boeing’s acquisition of Spirit AeroSystems Holdings, Inc. is an all-stock transaction valued at approximately $4,700 million, with an exchange ratio ranging from 0.18 to 0.25 Boeing shares per Spirit share. The deal includes the assumption of Spirit's net debt, is subject to regulatory approvals and the sale of certain operations, includes stockholder approval and termination rights with a $300 million fee if terminated, and is expected to close mid-2025. |
Recent press releases and 8-K filings for BA.
- Boeing CEO Kelly Ortberg announced further delays in 777X certification and delivery potentially into 2027, well beyond the initial 2020 target.
- The 777X program, with over 600 orders, has already cost Boeing several billion dollars amid manufacturing defects and heightened regulatory scrutiny.
- Certification flights for the 777X resumed in July 2024 but were grounded a month later due to damage in the primary pylon structural component, which has since been resolved.
- Boeing plans to increase 737 MAX production to 42 aircraft per month by year-end and raise 787 Dreamliner output from seven to ten per month by 2026 to help offset the 777X delays.
- CEO Kelly Ortberg highlighted a company-wide culture overhaul, including relocating leadership to Seattle, unifying incentives into a “one Boeing” plan, rolling out new values and behaviors, and conducting the first employee survey in four years to drive accountability.
- 737 MAX production remains at the FAA cap of 38 aircraft/month, with plans to lift the cap to 42 aircraft/month by year-end subject to stability across six key performance indicators and a “capstone review” with the FAA.
- 787 Dreamliner output has stabilized at 7 aircraft/month, with an immediate mini-rate bump to 8 aircraft/month and a target of 10 aircraft/month next year, supported by a Charleston expansion on track for completion in 2028.
- The 777X certification is behind schedule due to pending Type Inspection Authorization approvals, though airframe and engine performance in testing have shown no new technical issues and customer demand remains strong.
- Boeing expects ~$3 billion of free cash flow usage in 2025, including a $700 million DOJ settlement in Q3, and is prioritizing returning to positive cash in Q4 and deleveraging to maintain investment-grade status.
- Culture transformation: CEO Kelly Ortberg highlights steps to rebuild Boeing’s culture, including a unified incentive program, new values and behaviors, and an employee survey to drive multi-year improvements.
- 737 MAX production: Deliveries stable at 38 jets/month under FAA cap; aiming for 42/month by year-end, pending KPI stability and FAA capstone review.
- 787 ramp-up: Reached 7/month, with a near-term mini-rate increase to 8/month and plan to achieve 10/month in 2026; Charleston capacity expansion targeted for 2028.
- 777X certification: Program faces schedule delays due to pending Test Inspection Authority approvals, impacting reach-forward losses; working closely with FAA to finalize the test and certification plan.
- Defense portfolio management: New BDS head Steve Harker driving contract discipline on fixed-price programs and renegotiating baselines to restore high-single-digit margins.
- Boeing CEO Kelly Ortberg marked one year in role, implementing cultural changes including a “one Boeing” incentive program, new values and behaviors, and the first voice-of-employee survey in four years, while noting culture transformation remains a multi-year effort for its 170,000 employees .
- 737 MAX production is stable at 38 aircraft/month under the FAA cap, with the safety and quality plan on track; Boeing aims to secure FAA approval and lift the cap to 42 aircraft/month by year-end .
- The 737 supply chain currently holds excess MAX inventory—some suppliers already build at 42 aircraft/month—providing a buffer for ramping to 47 aircraft/month, where inventory and supplier output align .
- Development updates: 737 MAX 7/10 engine anti-ice designs are advancing toward certification and deliveries next year; the 787 line will ramp from 7→8→10 aircraft/month with Charleston capacity expanded by 2028; 777X certification is delayed pending FAA TIA approvals ** **.
- Financial focus remains on cash generation and debt reduction: Boeing expects about –$3 billion free cash flow in 2025 (including a $700 million DOJ settlement), with a structural path to $10 billion annual FCF once production and defense margins normalize ** **.
- CEO Kelly Ortberg highlighted progress on Boeing’s cultural turnaround, including a one-Boeing incentive program and a new performance management system to reinforce updated values and behaviors.
- The 737 MAX production rate is stable at 38 aircraft/month, with a target of 42/month by year-end pending FAA KPI approvals through a capstone review process similar to the 787 uplift.
- 787 output will rise from 7 to 8 aircraft/month shortly and reach 10 aircraft/month in 2026, supported by a new Charleston facility slated for completion in 2028 to enable further increases.
- Certification of the 737 MAX 7/10 has slipped into 2026 due to engine anti-ice redesign work, while 777X certification is behind schedule awaiting FAA test authorization increments (TIAs), with potential financial implications under the current reach-forward loss position.
- Boeing expects –$3 billion in free cash flow for 2025 with a return to positive cash in Q4; management reiterated a long-term $10 billion FCF goal tied to higher production rates and improved defense margins.
- Canadian carrier WestJet has placed an order for 67 Boeing jets, bringing its firm order book to 123 airplanes (60 737-10s with options for 25 more; 7 787-9s with options for 4 more).
- The deal will double WestJet’s Dreamliner fleet, underpinning the airline’s plans to expand domestic and international routes and improve fuel efficiency.
- WestJet’s 737-10 order book now stands at 107 aircraft, enhancing operational commonality and maintaining the lowest cost per seat among single-aisle jets.
- Macquarie AirFinance increased its commitment to 30 Boeing 737-8 jets, expanding its 737 MAX portfolio to 70 aircraft.
- The 737-8 seats up to 210 passengers with a range of 3,500 nautical miles and cuts fuel use and carbon emissions by 20% versus older models.
- Lessor orders now represent nearly one-quarter of Boeing’s 737 MAX order book; Boeing forecasts 33,000 new single-aisle jets needed over the next 20 years.
- Boeing Company has established a $3.0 billion syndicated revolving credit facility, fully committed by a group of 28 banks to support its liquidity needs.
- Key covenants require Boeing to maintain consolidated debt at no more than 60% of total capital and to keep minimum liquidity of $5.0 billion, along with regular quarterly and annual financial reporting.
- The company may extend the facility’s termination date by up to 364 days, subject to consent from lenders representing over 50% of the commitments.
- Top commitments under the facility include Citibank, N.A. and JPMorgan Chase Bank, N.A. each providing approximately $228 million.
- Atlas Air Worldwide announced a long-term dedicated airfreight agreement with DSV, deploying a newly delivered 777-200F exclusively for DSV on key lanes.
- The agreement covers operations across Asia, Europe, and the United States, including the critical Huntsville (HSV)–Luxembourg (LUX) corridor.
- The Boeing 777 Freighter offers a 103-ton payload and 4,970-nautical-mile range, delivering improved fuel efficiency and reduced emissions.
- Atlas Air’s extensive operating footprint and traffic rights will provide DSV enhanced control over capacity, schedules, and connectivity.
- Korean Air places $50 billion order for 103 Boeing aircraft (787s, 777s, 737s), marking its largest purchase to date and valued at about $36.5 billion for the planes
- The deal also encompasses $13.7 billion in GE Aerospace engine purchases and servicing
- Korean Air CEO Cho Won-tae says the order will support route expansion to the US, Latin America, and South America, and help integrate Asiana Airlines
- US Commerce Secretary Howard Lutnick notes the Boeing and GE deals will boost US aerospace exports