Boeing (BA) FY2025 10-K Annual Report
Boeing (BA) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Jan 30, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Boeing FY2025 10-K Analysis
Business Overview
- • Core business model: global aerospace products/services across Commercial Airplanes, Defense, Space & Security, and Global Services segments
- • Continued development focus on 777X program and 737-7/737-10 derivatives within Commercial Airplanes segment
- • Labor disruptions: 53-day strike at IAM District 751 in 2024 and 101-day strike at IAM District 837 in 2025 materially impacted production and financials
- • Workforce of approximately 182,000 employees as of December 31, 2025, with 14% located outside the U.S. and 72,000 union members
- • Intellectual property portfolio includes significant patents and licenses, but no material impact expected from expiration of any rights this year
Management Discussion & Analysis
- • Revenue $89,463M in 2025, up $22,946M (35%) YoY driven by Commercial Airplanes (BCA) $41,494M (+$18,633M), Defense, Space & Security (BDS) $27,234M (+$3,316M), Global Services (BGS) $20,923M (+$969M)
- • Operating margin 4.8% in 2025 vs -16.1% in 2024; net earnings attributable to shareholders $2,235M vs net loss $11,817M in 2024
- • Best performing segment: Global Services operating earnings $13,474M in 2025 vs $3,618M in 2024; worst: Commercial Airplanes operating loss $7,079M in 2025 vs loss $7,969M in 2024
- • Cash flow & capital allocation: Completed $10.55B divestiture of Digital Aviation Solutions, acquired Spirit AeroSystems for ~$4.7B shares; no explicit buyback/dividend/capex amounts disclosed
- • Outlook & risks: Cautious airline demand recovery, inflation and supply chain challenges persist; risk from U.S. government shutdown, trade tariffs, labor disputes, production delays on 737, 777X, 767 programs
Risk Factors
- • Regulatory risk: FAA concurrence required for 737 production rate increases post-737-9 door plug accident Jan 2024
- • Geopolitical/macroeconomic: $16.4B industrial participation agreements extend through 2034 with potential penalty risks
- • Operational/supply chain: Long-term contracts subject to cost overruns on KC-46A, VC-25B, T-7A, MQ-25, and Commercial Crew programs
- • Competitive/market disruption: Significant certification delays on new aircraft models 777X, 737-7, 737-10 threaten delivery and profitability
- • Financial/structural: Pension plans $4.3B underfunded at 2025 year-end; $9.75B deferred tax asset valuation allowance increased $1.9B in 2025
Boeing FY2025 Key Financial MetricsXBRL
Revenue
$89.5B
▲ +34.5% YoY
Net Income
$2.2B
▲ +118.9% YoY
Gross Margin
4.8%
Operating Margin
4.8%
▲ +2088bp YoY
Net Margin
2.5%
▲ +2026bp YoY
ROE
41.0%
▼ -26140bp YoY
Total Assets
$168.2B
▲ +7.6% YoY
EPS (Diluted)
$2.48
▲ +113.5% YoY
Operating Cash Flow
$1.1B
▲ +108.8% YoY
Source: XBRL data from Boeing FY2025 10-K filing on SEC EDGAR. All figures in USD.
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