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Boeing (NYSE: BA) stock fundamentals

NYSE: BA · Industrials · United States

Signed off by OffScriptBySami on  · Updated

Data as of  · For information only, not investment advice.

In brief

Boeing (NYSE: BA) builds commercial airplanes, defence and space systems, and aerospace services. Its Form 10-K reports revenue of USD 89.5 billion for FY2025. Its Form 10-Q for Q2 2026, the quarter ended 30 Jun 2026, reports revenue of USD 24.6 billion and net debt, our calculation, of USD 25.9 billion.

Data as of Source: Form 10-K for FY2025 and Form 10-Q for Q2 2026

Key facts

Data as of

Boeing (NYSE: BA) · USD · fiscal year ends 31 December · figures from SEC filings; derived values are marked.

Revenue (USD bn)
89.5
FY2025 (ended ) · Form 10-K
Revenue, TTM (USD bn)
94.0
TTM to · derived
Revenue by quarter, from USD 17.8 bn in Q3 2024 to USD 24.6 bn in Q2 2026
Net income attributable to shareholders (USD bn)
2.24
FY2025 (ended ) · Form 10-K
Operating margin
4.8%
FY2025 (ended ) · derived
Free cash flow (USD bn)
−1.88
FY2025 (ended ) · derived
Net debt (USD bn)
25.9
at · derived: total debt minus cash and short-term investments
Shares outstanding (m)
790
at · Form 10-Q cover page

Fundamentals profile

vs Boeing's own FY2021–FY2025 range (fewer than 5 covered peers) · TTM to Q2 2026 · Data as of

Each row places Boeing's value against its own FY2021–FY2025 range. It describes; it does not rate. There is no overall score. How we calculate this

Boeing fundamentals profile compared with its own FY2021–FY2025 range. Each row names its period; values are percentages, multiples or years.
DimensionMetricBoeingOwn 5-year medianPositionRange
GrowthRevenue, 3-year CAGR to FY202510.3%Own 5-year median 2.2%Above its 5-year median
Lower (−14.9%) Higher (10.3%)
MarginsOperating margin (TTM to Q2 2026)4.9%Own 5-year median −4.6%Above its 5-year median
Lower (−16.1%) Higher (4.8%)
LeverageNet debt / EBITDA (TTM to Q2 2026; below zero means net cash)3.8×Own 5-year median not availablenot availablenot available
Cash flowFCF margin (TTM to Q2 2026)−0.2%Own 5-year median −2.1%Near its 5-year median
Lower (−21.5%) Higher (5.7%)

Source: Boeing Forms 10-Q and 10-K, SEC EDGAR. Derived by StockFactsheet. Data as of

Compared with Boeing's own FY2021–FY2025 range because fewer than 5 covered peers exist. Descriptive only; not a rating.

How did Boeing's quarterly operating income move from Q3 2024 to Q2 2026?

Boeing's operating income went from a loss of USD 5,761 million in Q3 2024 to a profit of USD 8,777 million in Q4 2025, and was USD 156 million in Q2 2026. Revenue rose from USD 17.8 billion to USD 24.6 billion across the same 8 quarters.

Chart 1

Boeing quarterly revenue, Q3 2024 to Q2 2026

USD bn · quarters ended to

Revenue by quarter, from USD 17.8 bn in Q3 2024 to USD 24.6 bn in Q2 2026.010203024.6Q32024Q4Q12025Q2Q3Q4Q12026Q2stockfactsheet.com
Source: Boeing Forms 10-Q and 10-K, SEC EDGAR Data as of
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Table 1 Boeing quarterly revenue, margins and profit, Q3 2024–Q2 2026 (USD millions) USD millions, except per-share data (USD) and percentages · Fiscal year ends 31 December
USD mQ2 2026ended Q1 2026ended Q4 2025ended Q3 2025ended Q2 2025ended Q1 2025ended Q4 2024ended Q3 2024ended
Revenue24,56022,21723,948 D23,27022,74919,49615,242 D17,840
Revenue YoY %increased 8.0%increased 14.0%increased 57.1%increased 30.4%increased 34.9%increased 17.7%decreased 30.8%decreased 1.5%
Gross margin %9.8%11.5%7.6%−10.2%10.7%12.4%−10.4%−19.7%
Operating income1564488,777 D−4,781−176461−3,770 D−5,761
Operating margin %0.6%2.0%36.7%−20.5%−0.8%2.4%−24.7%−32.3%
Net income attributable to shareholders−444−48,220 D−5,337−611−37−3,865 D−6,170
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Source: Boeing Forms 10-Q and 10-K, SEC EDGAR Data as of

  • D Fourth quarter derived as the fiscal year minus the nine-month year-to-date total.

Totals may not add up because of rounding.

Arrows show direction of change only, not whether a change is good or bad.

The Q4 2025 profit includes a gain. Boeing's 10-K for FY2025 reports a gain of USD 9,566 million on the divestiture of portions of its Digital Aviation Solutions business, which closed on 31 Oct 2025.[3] We derive each Q4 column as the full-year figure less the first nine months. Q4 2025 operating margin was 36.7% (our calculation), against a negative operating margin of 20.5% in Q3 2025.

Boeing's gross margin, our calculation, was below zero in Q3 2024, Q4 2024 and Q3 2025, and was 9.8% in Q2 2026. Its operating margin was 2.0% in Q1 2026 and 0.6% in Q2 2026. Boeing reported a net loss in 7 of the 8 quarters. Q4 2025 was the only net profit, at USD 8,220 million, and Q2 2026 was a net loss of USD 444 million.

Revenue grew year on year in each of the 6 quarters from Q1 2025 to Q2 2026, by 8.0% in Q2 2026 (our calculation). The full income statement for these quarters, with each column linked to its filing, is on the Boeing financial statements page.

Why do Boeing's FY2022 and FY2021 cost of revenue figures differ from the originals?

Boeing's 10-K filed 31 Jan 2024 shows FY2022 cost of revenue of USD 63,078 million.[13] The 10-K filed 27 Jan 2023 had USD 63,106 million.[9] For FY2021, the later filing shows USD 59,237 million.[13] The 10-K filed 31 Jan 2022 had USD 59,269 million.[10]

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Table 2 Boeing restated annual figures, FY2021–FY2022 (USD millions) USD millions, except per-share data (USD) and percentages
USD mFY2022ended FY2021ended
Cost of revenue63,078 R59,237 R
Gross profit3,530 R3,049 R
Gross margin %5.3% R4.9% R
Operating income−3,519 R−2,870 R
Operating margin %−5.3% R−4.6% R
(opens in new tab)

Source: Boeing Forms 10-Q and 10-K, SEC EDGAR Data as of

  • R Restated in Form 10-K filed ; originally reported USD 63,106 m in Form 10-K filed .
  • R Restated in Form 10-K filed ; originally reported USD 59,269 m in Form 10-K filed .
  • R Restated in Form 10-K filed ; originally reported USD 3,502 m in Form 10-K filed .
  • R Restated in Form 10-K filed ; originally reported USD 3,017 m in Form 10-K filed .
  • R Uses FY2022 gross profit as restated in Form 10-K filed (USD 3,530 m; originally reported USD 3,502 m in Form 10-K filed ).
  • R Uses FY2021 gross profit as restated in Form 10-K filed (USD 3,049 m; originally reported USD 3,017 m in Form 10-K filed ).
  • R Restated in Form 10-K filed ; originally reported USD −3,547 m in Form 10-K filed .
  • R Restated in Form 10-K filed ; originally reported USD −2,902 m in Form 10-K filed .
  • R Uses FY2022 operating income as restated in Form 10-K filed (USD −3,519 m; originally reported USD −3,547 m in Form 10-K filed ).
  • R Uses FY2021 operating income as restated in Form 10-K filed (USD −2,870 m; originally reported USD −2,902 m in Form 10-K filed ).

Totals may not add up because of rounding.

The segment note in the 10-K filed 31 Jan 2024 says interest and debt expense now includes amounts previously attributable to Boeing Capital and classified in cost of sales.[13] It adds that prior period amounts were reclassified.[13] A lower cost of revenue lifts gross profit and operating income by the same amounts. FY2022 gross profit is USD 3,530 million, against USD 3,502 million originally, and the FY2022 operating loss is USD 3,519 million, against USD 3,547 million.

For FY2021, gross profit is USD 3,049 million, against USD 3,017 million, and the operating loss is USD 2,870 million, against USD 2,902 million. Gross margin, our calculation, is 5.3% for FY2022 on the changed figures. Our table marks the changed cells R, gives each original in a footnote, and carries no restatement mark on revenue or net loss for either year.

Our methodology explains how we mark restated and derived figures. None of the FY2023, FY2024 or FY2025 cells in our annual income statement carries a restatement mark.

How did Boeing's net debt change from Q2 2025 to Q2 2026?

Boeing's net debt, our calculation, was USD 25.9 billion at 30 Jun 2026, against USD 30.4 billion at 30 Jun 2025. Total debt fell from USD 53.3 billion to USD 45.9 billion over those 4 quarters, and cash and short-term investments fell from USD 23.0 billion to USD 20.0 billion.

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Table 3 Boeing cash, debt and net debt, Q2 2025–Q2 2026 (USD millions) USD millions · net cash shown as a negative net debt
USD mQ2 2026at Q1 2026at Q4 2025at Q3 2025at Q2 2025at
Cash and short-term investments20,022 D20,905 D29,400 D22,984 D22,967 D
Total debt45,900 D47,209 D54,098 D53,353 D53,323 D
Net debt / (net cash)25,878 D26,304 D24,698 D30,369 D30,356 D
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Source: Boeing Forms 10-Q and 10-K, SEC EDGAR Data as of

  • D Cash and cash equivalents plus the short-term investments, current marketable securities or current debt securities the filing tags, from the same filing.
  • D Total debt = short-term debt + long-term debt, from the same filing.
  • D Net debt = total debt minus cash and short-term investments; a negative value is net cash.

Cash and short-term investments rose to USD 29.4 billion at 31 Dec 2025, the quarter in which the Digital Aviation Solutions sale closed, and net debt was USD 24.7 billion. In Q1 2026 total debt fell to USD 47.2 billion, while cash fell further, so net debt rose to USD 26.3 billion. Boeing's 10-Q for Q2 2026 reports debt repayments of USD 8,376 million in the six months ended 30 Jun 2026.[1]

Boeing's 10-K for FY2025 says net cash provided by operating activities rose by USD 13.1 billion, primarily because of higher commercial airplane deliveries, lower customer considerations and working capital improvements.[3] Boeing's free cash flow, our calculation, was still negative in FY2025, at USD 1.88 billion after capital expenditure.

Net debt moves with cash as well as with borrowings, so the 2 lines are read together. The NVIDIA stock fundamentals page shows free cash flow for a company that designs chips.

How we got these numbers

Every figure comes from Boeing's Forms 10-Q and 10-K as filed with the SEC. Derived values are marked D and explained below.

Full method for this page
Source documents
Forms 10-Q (Q3 2023 to Q2 2026) and 10-K (FY2018 to FY2025)
Period covered
8 quarters and 5 fiscal years
Calculations
TTM = sum of the last 4 quarters. Q4 = fiscal year minus the nine-month YTD. Margins = line item ÷ revenue. FCF = cash from operations − capital expenditure. EBITDA = operating income + depreciation and amortisation (our calculation). Net debt = total debt − cash and short-term investments. CAGR = compound annual growth over three fiscal years.
Restatements
FY2022 gross profit, an input of the FY2022 ratio, was restated in Form 10-K filed (originally USD 3,502 m). FY2021 gross profit, an input of the FY2021 ratio, was restated in Form 10-K filed (originally USD 3,017 m). FY2022 operating income, an input of the FY2022 ratio, was restated in Form 10-K filed (originally USD −3,547 m). FY2021 operating income, an input of the FY2021 ratio, was restated in Form 10-K filed (originally USD −2,902 m). Restated figures carry the R marker; its footnote gives the originally reported value.
Comparator
Each profile row compares the current value with Boeing's own last five fiscal years, FY2021 to FY2025: the median of those five years and their range, from the lowest to the highest. A current value outside that range is drawn just past the end of the strip. Fewer than 5 covered peers exist, so there is no sector median yet.
Currency
As reported (USD); no FX conversion.
Read the full methodology

Latest filings and disclosures

SEC filings behind Boeing's figures, newest first.

(opens in new tab)
  1. Filing Form 10-Q, quarter ended 30 Jun 2026 sec.gov
  2. Filing Form 10-Q, quarter ended 31 Mar 2026 sec.gov
  3. Filing Form 10-K, fiscal year ended 31 Dec 2025 sec.gov
  4. Filing Form 10-Q, quarter ended 30 Sep 2025 sec.gov
  5. Filing Form 10-Q, quarter ended 30 Jun 2025 sec.gov
  6. Filing Form 10-Q, quarter ended 31 Mar 2025 sec.gov
  7. Filing Form 10-K, fiscal year ended 31 Dec 2024 sec.gov
  8. Filing Form 10-Q, quarter ended 30 Sep 2024 sec.gov
All filings on SEC EDGAR

Company identifiers

Data as of
(opens in new tab)
Legal name
The Boeing Company
Exchange
NYSE
Ticker
BA
Sector
Industrials
Country
United States
Fiscal year end
31 December
Reporting currency
USD
Accounting standard
US GAAP
SEC CIK
0000012927
Latest filing in this page's data
Form 10-Q, quarter ended 30 Jun 2026 · filed

Sources and data

Data as of Figures are as reported in the filings below. Derived figures are our calculations (see Methodology).

(opens in new tab)
  1. [1] Filing Form 10-Q, quarter ended 30 Jun 2026 The Boeing Company · · sec.gov
  2. [2] Filing Form 10-Q, quarter ended 31 Mar 2026 The Boeing Company · · sec.gov
  3. [3] Filing Form 10-K, fiscal year ended 31 Dec 2025 The Boeing Company · · sec.gov
  4. [4] Filing Form 10-Q, quarter ended 30 Sep 2025 The Boeing Company · · sec.gov
  5. [5] Filing Form 10-Q, quarter ended 30 Jun 2025 The Boeing Company · · sec.gov
  6. [6] Filing Form 10-Q, quarter ended 31 Mar 2025 The Boeing Company · · sec.gov
  7. [7] Filing Form 10-K, fiscal year ended 31 Dec 2024 The Boeing Company · · sec.gov
  8. [8] Filing Form 10-Q, quarter ended 30 Sep 2024 The Boeing Company · · sec.gov
  9. [9] Filing Form 10-K, fiscal year ended 31 Dec 2022 The Boeing Company · · sec.gov
  10. [10] Filing Form 10-K, fiscal year ended 31 Dec 2021 The Boeing Company · · sec.gov
  11. [11] Filing Form 10-Q, quarter ended 30 Jun 2024 The Boeing Company · · sec.gov
  12. [12] Filing Form 10-Q, quarter ended 31 Mar 2024 The Boeing Company · · sec.gov
  13. [13] Filing Form 10-K, fiscal year ended 31 Dec 2023 The Boeing Company · · sec.gov
  14. [14] Filing Form 10-Q, quarter ended 30 Sep 2023 The Boeing Company · · sec.gov
  15. [15] Filing Form 10-K, fiscal year ended 31 Dec 2020 The Boeing Company · · sec.gov
  16. [16] Filing Form 10-K, fiscal year ended 31 Dec 2019 The Boeing Company · · sec.gov
  17. [17] Filing Form 10-K, fiscal year ended 31 Dec 2018 The Boeing Company · · sec.gov
  18. [18] Our dataset StockFactsheet fundamentals dataset, extracted from SEC EDGAR XBRL on ; derived values (Q4, TTM, free cash flow, net debt, margins, growth rates and ratios) are explained in Methodology.

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Cite this page

StockFactsheet (2026). "Boeing (NYSE: BA) stock fundamentals." Signed off by OffScriptBySami. Updated ; data as of . https://stockfactsheet.com/stocks/ba/

Not investment advice

For information only. StockFactsheet does not recommend buying, selling or holding any security. Figures can contain errors; always check the original filings. Full disclaimer

Author and editor

OffScriptBySami

Founder and editor, StockFactsheet

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