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.
Noah Poponak
Goldman Sachs
6 questions for BA
Scott Deuschle
Deutsche Bank
6 questions for BA
Sheila Kahyaoglu
Jefferies
6 questions for BA
Peter Arment
Robert W. Baird & Co.
5 questions for BA
Seth Seifman
JPMorgan Chase & Co.
5 questions for BA
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
Robert Stallard
Vertical Research Partners
3 questions for BA
Ronald Epstein
Bank of America
3 questions for BA
Scott Mikus
Melius Research
3 questions for BA
Gautam Khanna
TD Cowen
2 questions for BA
Jason Gursky
Citigroup Inc.
2 questions for BA
Kristine Liwag
Morgan Stanley
2 questions for BA
Myles Alexander Walton
Wolfe Research
2 questions for BA
Richard Safran
Seaport Research Partners
2 questions for BA
Cai von Rumohr
TD Cowen
1 question for BA
Doug Harned
Bernstein
1 question for BA
Douglas Stuart Harned
Sanford C. Bernstein & Co., LLC
1 question for BA
Gavin Parsons
UBS Group AG
1 question for BA
Ken Herbert
RBC Capital Markets
1 question for BA
Kristine T. Liwag
Morgan Stanley
1 question for BA
Peter J. Arment
Baird
1 question for BA
Ronald Jay Epstein
Bank of America
1 question for BA
Ron Epstein
Bank of America
1 question for BA
Seth Michael Seifman
JPMorgan Chase & Co.
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.
- Somon Air commits to up to 14 Boeing jets, including four 787-9 widebodies and ten 737-8 single-aisle aircraft.
- This represents Somon Air’s first widebody order, aimed at launching new intercontinental routes from Dushanbe.
- The new fleet will offer a 20–25% fuel-use improvement over the aircraft it replaces, reducing per-seat and maintenance costs.
- Upon finalization and listing, the deal is projected to support more than 11,000 U.S. jobs.
- Air Astana will purchase up to 15 Boeing 787-9 Dreamliners, marking its largest single airplane purchase to date.
- The deal will support over 20,000 jobs across the U.S., including three additional 787-9s delivered via lessors, bringing the total potential fleet to 18 Dreamliners.
- Each 787-9 seats 303 passengers, enabling Air Astana to expand capacity on routes across Europe, Asia, the Middle East and enter North America.
- The first 787-9 delivery is scheduled for 2026, aligning with the carrier’s decade-long strategy to boost long-haul service from Central Asia.
- AirAsia, under Capital A Berhad, will establish Bahrain as its key Middle East hub with over 25 daily flights by 2030, linking Southeast Asia with Europe and the U.S.
- The airline is considering a Bahrain-based Air Operator Certificate to operate narrowbody aircraft across the Middle East, Central Asia, Africa, and Europe
- Saudi Arabia’s Public Investment Fund has invested approximately $100 million to support AirAsia’s post-pandemic recovery and expansion
- AirAsia aims to grow its fleet from 255 to 600 aircraft and expand its network from 143 to 175 destinations over the next decade
- Boeing’s Q3 2025 revenue was $23.3 B, with a GAAP operating margin of -20.5%, a core loss per share of $7.47, and free cash flow of $0.2 B.
- In Q3, Commercial Airplanes delivered $11.1 B in revenue (margin -48.3%), Defense, Space & Security posted $6.9 B (margin 1.7%), and Global Services generated $5.4 B (margin 17.5%).
- Backlog stood at $535 B for over 5,900 commercial jets, with $76 B in Defense and $25 B in Services orders.
- Liquidity remains solid with $23.0 B in cash and marketable securities against $53.3 B of consolidated debt; S&P and Fitch rate Boeing BBB-, Moody’s at Baa3.
- Revenue rose 30% to $23.3 billion in Q3, with positive free cash flow of $238 million—the first positive quarter since Q4 2023.
- Commercial Airplanes delivered 160 jets, generating $11.1 billion in revenue; operating margin was –48.3% (impacted by a $4.9 billion 777X charge), and backlog reached $535 billion (5,900+ jets).
- The 777X program was reset, delaying first delivery to 2027 and incurring a $4.9 billion non-cash charge; certification now expected later due to TIA process delays.
- 737 production was ramped from 38 to 42 aircraft per month with FAA approval; a move to 47/month is targeted after at least six months of stability.
- 2025 guidance updated: full-year free cash flow usage narrowed to $2.5 billion, with Q4 FCF expected positive pre-DOJ payment; cash & equivalents at $23 billion, debt at $53.4 billion.
- Revenue rose 30% y/y to $23.3 B, yielding a core loss per share of $7.47 and positive free cash flow of $238 M, the first quarterly FCF since Q4 2023.
- Boeing Commercial Airplanes delivered 160 jets in Q3—the highest since 2018—driving BCA revenue up nearly 50% to $11.1 B and ending the quarter with a backlog of $535 B across 5,900 aircraft.
- The 777X program incurred a $4.9 B non-cash charge, pushing first delivery to 2027 amid extended FAA certification testing.
- FAA approved ramping 737 production from 38 to 42 airplanes per month, with subsequent rate hikes to follow in five-unit increments no sooner than six months apart.
- Boeing closed Q3 with $23 B in cash and marketable securities, $53.4 B in debt, and updated its 2025 free cash flow usage outlook to –$2.5 B (versus prior –$3 B).
- Boeing posted Q3 revenue of $23.3 billion (up 30% YoY) and generated positive free cash flow of $238 million, its first FCF-positive quarter since Q4 2023.
- Boeing Commercial Airplanes delivered 160 jets (highest since 2018), drove Q3 BCA revenue to $11.1 billion (up nearly 50%), reported a –48.3% operating margin (impacted by 777X charge), booked 161 net orders, and ended the quarter with a $535 billion backlog (5,900 airplanes).
- The 777X program incurred a $4.9 billion loss provision due to certification delays, pushing first delivery to 2027 and creating an estimated $2 billion cash headwind in 2026; cash-flow neutrality is expected around 2028.
- Liquidity at quarter-end included $23 billion in cash, $53.4 billion in debt, and $10 billion of undrawn credit; Boeing updated 2025 FCF usage outlook to $2.5 billion, excluding any DOJ payment or prolonged government shutdown.
- Boeing booked a $5.4 billion third-quarter loss after taking a $4.9 billion charge for 777X certification and delivery delays, now targeting early 2027 for first deliveries.
- Revenue climbed to $23.3 billion, up about 30% year-over-year, with 55 jets delivered in September and 440 in the first nine months.
- The Commercial Airplanes unit generated $11 billion in Q3 revenue (vs. $7.4 billion a year ago) and Boeing achieved $238 million in free cash flow—the first positive quarter since 2023.
- Cumulative 777X-related charges have reached $15 billion, and CEO Kelly Ortberg cited FAA certification delays, while affirming no airframe or engine issues.
- Revenue in Q3 grew 30% to $23.3 billion, driven by 160 commercial deliveries.
- GAAP diluted loss per share of ($7.14) and core (non-GAAP) loss per share of ($7.47) reflect a $4.9 billion charge on the 777X certification delay.
- Operating cash flow was $1.1 billion and free cash flow (non-GAAP) $0.2 billion, marking positive FCF for the quarter.
- Total backlog grew to $636 billion, including over 5,900 commercial airplanes, and 737 production stabilized at 38 per month with FAA agreement to raise to 42.
- Boeing reported third quarter 2025 revenue of $23.3 billion (up 30% year-over-year), driven by 160 commercial deliveries.
- GAAP diluted loss per share was ($7.14) and core loss per share (non-GAAP) was ($7.47), reflecting a $4.9 billion charge on the 777X certification delay.
- Operating cash flow was $1.1 billion and non-GAAP free cash flow was $0.2 billion for the quarter.
- Total backlog grew to $636 billion, including over 5,900 commercial airplanes.
- Agreed with the FAA to increase 737 production from 38 to 42 planes per month starting in October.