Short answer
Boeing (BA) filed its fiscal 2025 10-K annual report with the SEC on Jan 30, 2026. It reported revenue of $89.5B (+34.5% year over year) and net income of $2.2B.
- Top risk flagged: Regulatory risk: FAA concurrence required for 737 production rate increases post-737-9 door plug accident Jan 2024
FY2025 key financial metrics · XBRL
- Revenue
- $89.5B
- +34.5% YoY
- Net income
- $2.2B
- +118.9% YoY
- Operating margin
- 4.8%
- +20.9 pp YoY
- Gross margin
- 4.8%
- EPS (diluted)
- $2.48
- +113.5% YoY
- ROE
- 41.0%
- −261.4 pp YoY
- Operating cash flow
- $1.1B
- +108.8% YoY
Source: XBRL data from the Boeing (BA) FY2025 10-K on SEC EDGAR. USD.
Boeing FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
Generated from the filing text; verify against the original. How to read a 10-K
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