What changed in this filing

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Item 1. Financial Statements

2025-10-29 compared with 2025-07-29 · 187 added, 184 removed, 861 unchanged (30% of the section changed)

2 unchanged sentences

Condensed Consolidated Statements of Operations

(Dollars in millions, except per share data) Six months ended June 30 Three months ended June 30

(Dollars in millions, except per share data) Nine months ended September 30 Three months ended September 30

2025 2024 2025 2024

6 unchanged sentences

2,477 ( 402 ) ( 2,375 ) ( 3,507 )

Income from operating investments, net 28 74 25 7

Income/(loss) from operating investments, net 42 59 14 ( 15 )

General and administrative expense ( 4,427 ) ( 3,623 ) ( 1,522 ) ( 1,085 )

Research and development expense, net ( 2,651 ) ( 2,976 ) ( 897 ) ( 1,154 )

Gain on dispositions, net 64 5 67 5

Earnings/(loss) from operations 285 ( 1,176 ) ( 176 ) ( 1,090 )

Gain/(loss) on dispositions, net 63 5 ( 1 )

Loss from operations ( 4,496 ) ( 6,937 ) ( 4,781 ) ( 5,761 )

Other income, net 924 790 276 265

12 unchanged sentences

Condensed Consolidated Statements of Comprehensive Income

(Dollars in millions) Six months ended June 30 Three months ended June 30

(Dollars in millions) Nine months ended September 30 Three months ended September 30

2025 2024 2025 2024

2 unchanged sentences

Currency translation adjustments 107 30 ( 1 ) 54

Unrealized gain on certain investments, net of tax of $ 0 , $ 0 , $ 0 and $ 0

Derivative instruments:

5 unchanged sentences

Defined benefit pension plans and other postretirement benefits:

Net actuarial (loss)/gain arising during the period, net of tax of $ 0 , $ 17 , $ 0 and $ 0

( 2 ) ( 18 ) ( 2 ) 1

Net actuarial loss arising during the period, net of tax of $ 0 , $ 16 , $ 0 and ($ 1 )

Amortization of actuarial losses included in net periodic benefit cost, net of tax of ($ 26 ), ($ 30 ), ($ 9 ) and ($ 10 )

12 unchanged sentences

Condensed Consolidated Statements of Financial Position

(Dollars in millions, except per share data) June 30

(Dollars in millions, except per share data) September 30

2025 December 31

48 unchanged sentences

Condensed Consolidated Statements of Cash Flows

(Dollars in millions) Six months ended June 30

(Dollars in millions) Nine months ended September 30

Cash flows – operating activities:

3 unchanged sentences

Share-based plans expense 343 310

Treasury shares issued for 401(k) contribution 793 953

Treasury shares issued for 401(k) contributions 1,173 1,315

Depreciation and amortization 1,417 1,327

1 unchanged sentence

Gain on dispositions, net ( 63 ) ( 5 )

777X and 767 reach-forward losses 5,140 3,006

Other charges and credits, net 217 270

11 unchanged sentences

Financing receivables and operating lease equipment, net 274 258

Other 176 137

Net cash used by operating activities ( 266 ) ( 8,630 )

7 unchanged sentences

Supplier notes receivable ( 292 ) ( 494 )

Repayments on supplier notes receivable 40

Purchase of distribution rights ( 88 )

Net cash used by investing activities ( 3,946 ) ( 26 )

Net cash (used)/provided by investing activities ( 5,901 ) 653

Cash flows – financing activities:

3 unchanged sentences

Dividends paid on mandatory convertible preferred stock ( 244 )

Other 30 ( 3 )

Net cash (used)/provided by financing activities ( 812 ) 5,238

8 unchanged sentences

Condensed Consolidated Statements of Equity

For the six months ended June 30, 2025 and 2024

For the nine months ended September 30, 2025 and 2024

Boeing shareholders

4 unchanged sentences

Net loss ( 7,952 ) ( 16 ) ( 7,968 )

Other comprehensive loss, net of tax of $ 28

( 87 ) ( 87 )

Other comprehensive income, net of tax of $ 11

Share-based compensation 310 310

1 unchanged sentence

( 129 ) 105 ( 24 )

Treasury shares issued for 401(k) contribution 332 621 953

Treasury shares issued for 401(k) contributions

435 880 1,315

Other changes in noncontrolling interests 1 1

Balance at June 30, 2024 $ 5,061 $ 10,727 ($ 48,841 ) $ 25,469 ($ 10,392 ) ($ 6 ) ($ 17,982 )

Balance at September 30, 2024 $ 5,061 $ 10,925 ($ 48,564 ) $ 19,299 ($ 10,273 ) ($ 10 ) ($ 23,562 )

Balance at January 1, 2025 $ 6 $ 5,061 $ 18,964 ($ 32,386 ) $ 15,362 ($ 10,915 ) ($ 6 ) ($ 3,914 )

5 unchanged sentences

( 506 ) 523 17

Treasury shares issued for 401(k) contribution 248 545 793

Treasury shares issued for 401(k) contributions 419 754 1,173

Subsidiary shares purchased from noncontrolling interests ( 2 ) ( 2 )

Cash dividends declared on Mandatory convertible preferred stock

( 259 ) ( 259 )

Balance at June 30, 2025 $ 6 $ 5,061 $ 19,238 ($ 31,603 ) $ 14,542 ($ 10,539 ) ($ 1 ) ($ 3,296 )

Balance at September 30, 2025 $ 6 $ 5,061 $ 19,218 ($ 31,109 ) $ 9,118 ($ 10,544 ) ($ 3 ) ($ 8,253 )

See Notes to the Condensed Consolidated Financial Statements.

1 unchanged sentence

Condensed Consolidated Statements of Equity

For the three months ended June 30, 2025 and 2024

For the three months ended September 30, 2025 and 2024

Boeing shareholders

3 unchanged sentences

Accumulated other comprehensive loss

Balance at April 1, 2024 $ 5,061 $ 10,539 ($ 49,105 ) $ 26,908 ($ 10,412 ) ($ 7 ) ($ 17,016 )

Balance at July 1, 2024 $ 5,061 $ 10,727 ($ 48,841 ) $ 25,469 ($ 10,392 ) ($ 6 ) ($ 17,982 )

( 6,170 ) ( 4 ) ( 6,174 )

2 unchanged sentences

Treasury shares issued for other share-based plans, net

Treasury shares issued for 401(k) contribution 105 242 347

Other changes in noncontrolling interests

Balance at June 30, 2024 $ 5,061 $ 10,727 ($ 48,841 ) $ 25,469 ($ 10,392 ) ($ 6 ) ($ 17,982 )

Balance at April 1, 2025 $ 6 $ 5,061 $ 19,008 ($ 31,879 ) $ 15,239 ($ 10,760 ) ($ 3,325 )

Treasury shares issued for 401(k) contributions

Balance at September 30, 2024 $ 5,061 $ 10,925 ($ 48,564 ) $ 19,299 ($ 10,273 ) ($ 10 ) ($ 23,562 )

Balance at July 1, 2025 $ 6 $ 5,061 $ 19,238 ($ 31,603 ) $ 14,542 ($ 10,539 ) ($ 1 ) ($ 3,296 )

Net loss ( 5,337 ) ( 2 ) ( 5,339 )

Other comprehensive income, net of tax of ($ 53 )

Other comprehensive loss, net of tax of $ 1

Share-based compensation 89 89

Treasury shares issued for other share-based plans, net ( 278 ) 285 7

Treasury shares issued for 401(k) contribution 125 250 375

Treasury shares issued for 401(k) contributions

Subsidiary shares purchased from noncontrolling interests ( 2 ) ( 2 )

Cash dividends declared on Mandatory convertible preferred stock

( 87 ) ( 87 )

Balance at June 30, 2025 $ 6 $ 5,061 $ 19,238 ($ 31,603 ) $ 14,542 ($ 10,539 ) ($ 1 ) ($ 3,296 )

Balance at September 30, 2025 $ 6 $ 5,061 $ 19,218 ($ 31,109 ) $ 9,118 ($ 10,544 ) ($ 3 ) ($ 8,253 )

See Notes to the Condensed Consolidated Financial Statements.

2 unchanged sentences

Summary of Business Segment Data

(Dollars in millions) Six months ended June 30 Three months ended June 30

(Dollars in millions) Nine months ended September 30 Three months ended September 30

2025 2024 2025 2024

4 unchanged sentences

Total revenues $ 65,515 $ 51,275 $ 23,270 $ 17,840

Earnings/(loss) from operations:

Loss from operations:

Commercial Airplanes ($ 6,447 ) ($ 5,879 ) ($ 5,353 ) ($ 4,021 )

1 unchanged sentence

Global Services 2,930 2,620 938 834

Segment operating earnings/(loss) 1,163 ( 834 ) 602 ( 758 )

Segment operating loss ( 3,138 ) ( 6,405 ) ( 4,301 ) ( 5,571 )

Unallocated items, eliminations and other ( 2,145 ) ( 1,364 ) ( 748 ) ( 418 )

FAS/CAS service cost adjustment 787 832 268 228

Earnings/(loss) from operations 285 ( 1,176 ) ( 176 ) ( 1,090 )

Loss from operations ( 4,496 ) ( 6,937 ) ( 4,781 ) ( 5,761 )

Other income, net 924 790 276 265

15 unchanged sentences

In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary for a fair presentation are reflected in the interim financial statements.

The results of operations for the period ended June 30, 2025, are not necessarily indicative of the operating results for the full year.

The results of operations for the period ended September 30, 2025, are not necessarily indicative of the operating results for the full year.

The interim financial statements should be read in conjunction with the audited Consolidated Financial Statements, including the notes thereto, included in our 2024 Annual Report on Form 10-K.

5 unchanged sentences

We determined the fair value of each of our reporting units substantially exceeded their respective carrying values.

Our Military Aircraft reporting unit within our Defense, Space & Security (BDS) segment had goodwill of $ 1,295 and a negative carrying value at June 30, 2025.

Our Military Aircraft reporting unit within our Defense, Space & Security (BDS) segment had goodwill of $ 1,295 and a negative carrying value at September 30, 2025.

Long-term Contracts

3 unchanged sentences

When the current estimates of total revenues and costs at completion for a long-term contract indicate a loss, a provision for the entire reach-forward loss on the long-term contract is recognized.

The table below reflects the impact of net cumulative catch-up adjustments for changes in estimated revenues and costs at completion across all long-term contracts, including the impact to Earnings/(loss) from operations from changes in estimated losses on unexercised options.

(In millions - except per share amounts) Six months ended June 30 Three months ended June 30

The table below reflects the impact of net cumulative catch-up adjustments for changes in estimated revenues and costs at completion across all long-term contracts, including the impact to Loss from operations from changes in estimated losses on unexercised options.

(In millions - except per share amounts) Nine months ended September 30 Three months ended September 30

2025 2024 2025 2024

Decrease to Revenue ($ 397 ) ($ 1,928 ) ($ 91 ) ($ 963 )

(Decrease) to Earnings/increase to (loss) from operations

Increase to Loss from operations

($ 544 ) ($ 4,322 ) ($ 206 ) ($ 2,622 )

3 unchanged sentences

On June 30, 2024, we entered into an Agreement and Plan of Merger (the Merger Agreement) pursuant to which we have agreed to acquire Spirit AeroSystems Holdings, Inc.

(Spirit) in an all-stock transaction (the

Boeing-Spirit Merger) at an equity value of approximately $ 4,700 , or $ 37.25 per share of Spirit Class A Common Stock (Spirit common stock).

(Spirit) in an all-stock transaction (the Boeing-Spirit Merger) at an equity value of approximately $ 4,700 , or $ 37.25 per share of Spirit Class A

Common Stock (Spirit common stock).

The Boeing-Spirit Merger will include the assumption of Spirit's net debt at closing.

3 unchanged sentences

The Merger Agreement contains certain termination rights, including that either Boeing or Spirit may terminate the Merger Agreement if, subject to certain limitations, the Boeing-Spirit Merger has not been consummated by March 31, 2025 (subject to three automatic three-month extensions if on each such date or the last day of each extension period, as applicable , all of the closing conditions except those relating to regulatory approvals have been satisfied or waived) (the Outside Date).

The second automatic extension came into effect on July 1, 2025.

Accordingly, the Outside Date is currently September 30, 2025.

The third automatic extension came into effect on October 1, 2025.

Accordingly, the Outside Date is currently December 31, 2025.

If either party breaches or fails to perform any of its representations, warranties or covenants under the Merger Agreement such that the related conditions to the other party's obligation to consummate the Boeing-Spirit Merger would not be satisfied, and such breach or failure is not curable by the Outside Date or, if curable by the Outside Date, has not been cured within 30 days following notice thereof, such other party may terminate the Merger Agreement.

4 unchanged sentences

Pursuant to the terms of the Merger Agreement, Boeing is required to fund any portion of the Airbus Payment that Spirit is unable to satisfy with cash on hand as of the closing of the transactions contemplated by the SAPA.

During 2023 and 2024, Boeing reached agreements to provide Spirit up to $ 1,067 to support its liquidity, rate readiness, and 787 tooling and capital expenditures, of which $ 16 has yet to be drawn.

Spirit has repaid $ 40 with $ 1,011 still outstanding at June 30, 2025, of which $ 973 is recorded as supplier notes receivable, net of interest, within our Condensed Consolidated Statements of Financial Position.

On January 22, 2025, Boeing and Spirit reached an agreement to reschedule repayment dates for $ 515 to 2026.

Since 2023, Boeing reached agreements to provide Spirit up to $ 1,199 to support its liquidity, rate readiness, and 787 tooling and capital expenditures, of which $ 16 has yet to be drawn.

Spirit has repaid $ 40 with $ 1,143 still outstanding at September 30, 2025, of which $ 1,122 is recorded as supplier notes receivable, net of interest, within our Condensed Consolidated Statements of Financial Position.

In 2025, Boeing and Spirit reached agreements to reschedule repayment dates for $ 527 to 2026.

This includes changing repayment of $ 425 originally due in 2024 to 2026.

In the event that the Merger Agreement is terminated in accordance with its terms, the then outstanding balances will become due and payable in full on April 1, 2026.

At June 30, 2025 and December 31, 2024, Other current assets included $ 414 and $ 539 and Other assets included $ 559 and $ 299 owed to us under these agreements.

At June 30, 2025 and December 31,

2024, advance payments to Spirit of $ 161 and $ 165 were included in Inventories and are scheduled to be recovered as the related shipsets are received by Boeing from Spirit.

At September 30, 2025 and December 31, 2024, Other current assets included $ 724 and $ 539 and Other assets included $ 398 and $ 299 owed to us under these agreements.

At September 30, 2025 and December 31, 2024, advance payments to Spirit of $ 161 and $ 165 were included in Inventories and are scheduled to be recovered as the related shipsets are received by Boeing from Spirit.

Note 3 – Digital Aviation Solutions Divestiture

2 unchanged sentences

We expect the transaction to close in 2025 and result in a gain at closing.

The transaction is subject to regulatory approval and customary closing conditions.

At June 30, 2025, Digital Aviation Solutions assets of $ 1,451 and liabilities of $ 504 were classified as held for sale on our Condensed Consolidated Statements of Financial Position.

The transaction is subject to regula tory approval and customary closing conditions.

At September 30, 2025, Digital Aviation Solutions assets of $ 1,473 and liabilities of $ 524 were classified as held for sale on our Condensed Consolidated Statements of Financial Position.

Assets held for sale primarily include Goodwill of $ 810 , Acquired intangible assets, net of $ 306 , and Accounts receivable, net of $ 160 .

8 unchanged sentences

The elements used in the computation of Basic and Diluted loss per share were as follows:

(In millions - except per share amounts) Six months ended June 30 Three months ended June 30

(In millions - except per share amounts) Nine months ended September 30 Three months ended September 30

2025 2024 2025 2024

21 unchanged sentences

The following table represents potential common shares that were not included in the computation of Diluted loss per share because the effect was antidilutive based on their strike price or the performance condition was not met.

(Shares in millions) Six months ended June 30 Three months ended June 30

(Shares in millions) Nine months ended September 30 Three months ended September 30

2025 2024 2025 2024

2 unchanged sentences

Stock options 0.8 0.8 0.6 0.8

In addition, potential common shares of 36.8 million and 2.9 million for the six months ended June 30, 2025 and 2024 and 36.9 million and 2.7 million for the three months ended June 30, 2025 and 2024 were excluded from the computation of Diluted loss per share, because the effect would have been antidilutive as a result of incurring a net loss in those periods.

In addition, potential common shares of 36.5 million and 35.9 million for the nine and three months ended September 30, 2025, and 2.9 million for the nine and three months ended September 30, 2024, were excluded from the computation of Diluted loss per share, because the effect would have been antidilutive as a result of incurring a net loss in those periods.

Note 5 – Income Taxes

1 unchanged sentence

Our 2025 estimated annual effective tax rate is primarily driven by taxes on non-U.S.

Our effective tax rates were ( 32.6 )% and 5.2 % for the six months ended June 30, 2025 and 2024.

The ( 32.6 )% effective tax rate for the six months ended June 30, 2025 is primarily driven by discrete items related to increases in the valuation allowance.

Our effective tax rates for the three months ended June 30, 2025 and 2024 were ( 9.1 )% and 5.0 %.

Our effective tax rates were ( 5.2 )% and 1.8 % for the nine months ended September 30, 2025 and 2024.

Our effective tax rates were ( 2.7 )% and 0.8 % for the three months ended September 30, 2025 and 2024.

As of December 31, 2024, we had recorded valuation allowances of $ 7,837 primarily for certain domestic deferred tax assets, and certain domestic net operating losses, tax credits and interest carryforwards.

To measure the valuation allowance, the Company estimated in what year each of its deferred tax assets

and liabilities would reverse using systematic and logical methods to estimate the reversal patterns.

To measure the valuation allowance, the Company estimated in what year each of its deferred tax assets and liabilities would reverse using systematic and logical methods to estimate the reversal patterns.

The valuation allowance results from not having sufficient income from deferred tax liability reversals in the appropriate future periods to support the realization of deferred tax assets.

7 unchanged sentences

Revisions to the international tax framework are effective in 2026.

We do not expect the OBBBA to have a material effect on our financial position, results of operations or cash flows in 2025.

In the third quarter of 2025, we recorded impacts of the OBBBA, which were not material.

Note 6 – Allowances for Losses on Financial Assets

The changes in allowances for expected credit losses for the six months ended June 30, 2025 and 2024, consisted of the following:

The changes in allowances for expected credit losses for the nine months ended September 30, 2025 and 2024, consisted of the following:

Accounts receivable Unbilled receivables Other current assets Financing receivables

4 unchanged sentences

Recoveries 1 1

Balance at June 30, 2024

Balance at September 30, 2024

($ 101 ) ($ 21 ) ($ 41 ) ($ 10 ) ($ 188 ) ($ 361 )

3 unchanged sentences

Recoveries 1 1

Balance at June 30, 2025

Balance at September 30, 2025

($ 75 ) ($ 42 ) ($ 47 ) ($ 224 ) ($ 388 )

8 unchanged sentences

Total $ 82,425 $ 87,550

(1) Capitalized precontract costs at June 30, 2025 and December 31, 2024, included amounts related to Commercial Crew, T-7A Red Hawk Production Options and KC-46A Tanker.

(1) Capitalized precontract costs at September 30, 2025 and December 31, 2024, included amounts related to Commercial Crew, T-7A Red Hawk Production Options and KC-46A Tanker.

Commercial Aircraft Programs

At June 30, 2025 and December 31, 2024, commercial aircraft programs inventory included the following amounts related to the 737 program:

At September 30, 2025 and December 31, 2024, commercial aircraft programs inventory included the following amounts related to the 737 program:

deferred production costs of $ 11,082 and $ 9,679 and unamortized tooling and other non-recurring costs of $ 828 and $ 909 .

At June 30, 2025, $ 11,831 of 737 deferred production costs, unamortized tooling and other non-recurring costs are expected to be recovered from units included in the program accounting quantity that have firm orders, and $ 37 is expected to be recovered from units included in the program accounting quantity that represent expected future orders.

At June 30, 2025 and December 31, 2024, commercial aircraft programs inventory included the following amounts related to the 777X program:

At September 30, 2025, $ 11,871 of 737 deferred production costs, unamortized tooling and other non-recurring costs are expected to be recovered from units included in the program accounting quantity that have firm orders, and $ 39 is expected to be recovered from units included in the program accounting quantity that represent expected future orders.

At September 30, 2025 and December 31, 2024, commercial aircraft programs inventory included the following amounts related to the 777X program:

$ 3,697 and $ 3,476 of work in process (including deferred production costs of $ 0 and $ 0 ) and $ 1,486 and $ 4,122 of unamortized tooling and other non-recurring costs.

At June 30, 2025 and December 31, 2024, commercial aircraft programs inventory included the following amounts related to the 787 program:

deferred production costs of $ 13,320 and $ 13,178 , supplier advances of $ 1,277 and $ 1,379 , and unamortized tooling and other non-recurring costs of $ 1,310 and $ 1,370 .

At June 30, 2025, $ 12,248 of 787 deferred production costs, unamortized tooling and other non-recurring costs are expected to be recovered from units included in the program accounting quantity that have firm orders, and $ 2,382 are expected to be recovered from units included in the program accounting quantity that represent expected future orders.

We expensed abnormal production costs of $ 30 and $ 157 during the six months ended June 30, 2025 and 2024.

Commercial aircraft programs inventory included amounts credited in cash or other consideration (early issue sales consideration) to airline customers totaling $ 6,245 and $ 5,837 at June 30, 2025 and December 31, 2024.

During the third quarter of 2025, we determined that estimated costs to complete the 777X program plus the costs already included in 777X inventory exceed estimated revenues from the program.

The resulting reach-forward loss of $ 4,899 was recorded as a reduction of deferred production costs, unamortized tooling and other non-recurring costs.

The level of profitability on the 777X program will be subject to several factors.

These factors include aircraft certification requirements and timing, change incorporation on completed aircraft, production disruption due to labor instability and supply chain disruption, customer considerations, delivery timing and negotiations, further production rate adjustments for the 777X or other commercial aircraft programs, and any change in the accounting quantity.

One or more of these factors could result in additional reach-forward losses in future periods.

At September 30, 2025 and December 31, 2024, commercial aircraft programs inventory included the following amounts related to the 787 program:

deferred production costs of $ 14,088 a nd $ 13,178 , supplier advances of $ 1,100 and $ 1,379 , and unamortized tooling and other non-recurring costs of $ 1,246 and $ 1,370 .

At September 30, 2025, $ 12,597 of 787 deferred production costs, unamortized tooling and other non-recurring costs are expected to be recovered from units included in the program accounting quantity that have firm orders, and $ 2,737 are expected to be recovered from units included in the program accounting quantity that represent expected future orders.

We expensed abnormal production costs of $ 30 and $ 209 during the nine months ended September 30, 2025 and 2024.

Commercial aircraft programs inventory included amounts credited in cash or other consideration (early issue sales consideration) to airline customers totaling $ 6,070 and $ 5,837 at September 30, 2025 and December 31, 2024.

Note 8 – Contracts with Customers

Unbilled receivables increased from $ 8,363 at December 31, 2024, to $ 9,261 at June 30, 2025, primarily driven by revenue recognized in excess of billings at BDS and BGS.

Advances and progress billings decreased from $ 60,333 at December 31, 2024, to $ 59,407 at June 30, 2025, primarily driven by revenue recognized at BDS, partially offset by advances on orders received at Commercial Airplanes (BCA) and BGS.

Revenues recognized during the six months ended June 30, 2025 and 2024, from amounts recorded as Advances and progress billings at the beginning of each year were $ 11,177 and $ 7,877 .

Revenues recognized during the three months ended June 30, 2025 and 2024, from amounts recorded as Advances and progress billings at the beginning of each year were $ 5,689 and $ 3,696 .

Unbilled receivables increased from $ 8,363 at December 31, 2024, to $ 9,032 at September 30, 2025, primarily driven by revenue recognized in excess of billings at BDS and BGS.

Advances and progress billings decreased from $ 60,333 at December 31, 2024, to $ 57,962 at September 30, 2025, primarily driven by revenue recognized at BDS and Commercial Airplanes (BCA), partially offset by advances on orders received at BGS.

Revenues recognized during the nine months ended September 30, 2025 and 2024, from amounts recorded as Advances and progress billings at the beginning of each year were $ 16,431 and $ 11,804 .

Revenues recognized during the three months ended September 30, 2025 and 2024, from amounts recorded as Advances and progress billings at the beginning of each year were $ 5,254 and $ 3,927 .

Note 9 – Financing Receivables and Operating Lease Equipment

8 unchanged sentences

Total $ 245 $ 521

Our financing arrangements range in terms from one to seven years , and include $ 5 of Investment in sales-type leases, net of allowances, that will be repaid in one year or less.

Financing arrangements may include options to extend or terminate.

Certain leases include provisions to allow the lessee to purchase the underlying aircraft at a specified price.

At June 30, 2025 and December 31, 2024, $ 4 and $ 7 were determined to be uncollectible financing receivables and placed on non-accrual status.

The allowance for losses on financing receivables decreased primarily due to cash collections during the six months ended June 30, 2025.

The components of investment in sales-type leases consisted of the following:

2025 December 31

Gross lease payments receivable $ 26 $ 229

Unearned income ( 17 ) ( 26 )

Net lease payments receivable $ 9 $ 203

There were no unguaranteed residual assets at June 30, 2025, and December 31, 2024.

Financing interest income recorded for the six months ended June 30, 2025 and 2024, was $ 3 and $ 4 .

Our financing receivable balances at June 30, 2025 by internal credit rating category and year of origination consisted of the following:

Rating categories 2021 and Prior

Total carrying value of financing receivables $ 89

At June 30, 2025, our allowance for losses related to receivables with ratings of CCC, B and BBB.

We applied default rates that averaged 99.9 %, 0.0 % and 0.1 %, respectively, to the exposure associated with those receivables.

During the nine months ended September 30, 2025, our financing receivables were fully collected.

Our financing arrangements at September 30, 2025, consist solely of operating leases that range in terms from one to four years and may include options to terminate.

Certain operating leases include provisions to allow the lessee to purchase the underlying aircraft at a specified price.

At December 31, 2024, the components of investment in sales-type leases consisted of gross lease payments receivable of $ 229 and unearned income of $ 26 .

There were no unguaranteed residual assets at September 30, 2025, and December 31, 2024.

The majority of our financing receivables and operating lease equipment portfolio is concentrated in the following aircraft models:

4 unchanged sentences

717 Aircraft (Accounted for as sales-type leases)

Lease income recorded in Sales of services on the Condensed Consolidated Statements of Operations for the six months ended June 30, 2025 and 2024, included $ 6 and $ 21 of interest income from sales-type leases and $ 23 and $ 32 from operating lease payments.

Variable lease payments for sales-type leases recognized in interest income for the six months ended June 30, 2025 and 2024, were insignificant.

Variable lease payments on operating leases for the six and three months ended June 30, 2025 and 2024, were insignificant.

Profit at the commencement of sales-type leases for the six months ended June 30, 2025 and 2024, was insignificant.

Lease income recorded in Sales of services on the Condensed Consolidated Statements of Operations for the nine months ended September 30, 2025 and 2024, included $ 6 and $ 39 of interest income from sales-type leases and $ 35 and $ 45 from operating lease payments.

Lease income recorded in Sales of services on the Condensed Consolidated Statements of Operations for the three months ended September 30, 2025 and 2024, included $ 0 and $ 18 of interest income from sales-type leases and $ 12 and $ 13 from operating lease payments.

All financing interest income and variable lease payments on our financing arrangements for the nine and three months ended September 30, 2025 and 2024, were insignificant.

Profit at the commencement of sales-type leases for the nine and three months ended September 30, 2025 and 2024, was insignificant.

Note 10 – Investments

9 unchanged sentences

(1) Primarily included in Short-term and other investments on our Condensed Consolidated Statements of Financial Position.

(2) Dividends received were $ 10 and $ 8 during the six and three months ended June 30, 2025 and $ 37 and $ 17 for the same periods in 2024.

(3) At June 30, 2025, Restricted cash & cash equivalents includes $ 689 placed in escrow pursuant to the May 2025 non-prosecution agreement with the U.S.

(2) Dividends received were $ 13 and $ 3 during the nine and three months ended September 30, 2025, and $ 41 and $ 4 for the same periods in 2024.

(3) At September 30, 2025, Restricted cash & cash equivalents includes $ 689 placed in escrow pursuant to the May 2025 non-prosecution agreement with the U.S.

Department of Justice.

1 unchanged sentence

Contributions to investments and Proceeds from investments on our Condensed Consolidated Statements of Cash Flows primarily relate to time deposits and available-for-sale debt investments.

Cash used for the purchase of time deposits during the six months ended June 30, 2025 and 2024, was $ 21,245 and $ 1,298 .

Cash proceeds from the maturities of time deposits during the six months ended June 30, 2025 and 2024, were $ 18,540 a nd $ 2,845 .

Allowance for losses on available-for-sale debt investments are assessed quarterly.

These instruments are considered investment grade, and we have not recognized an allowance for credit losses as of June 30, 2025.

Fair value of available-for-sale debt investments approximates amortized cost.

Cash used for the purchase of time deposits during the nine months ended September 30, 2025 and 2024, was $ 35,865 and $ 1,298 .

Cash proceeds from the maturities of time deposits during the nine months ended September 30, 2025 and 2024, were $ 32,235 a nd $ 4,053 .

Allowance for losses on available-for-sale debt investments is assessed quarterly.

These instruments are considered investment grade, and we have not recognized an allowance for credit losses as of September 30, 2025.

The fair value of available-for-sale debt investments approximates amortized cost.

Note 11 – Liabilities, Commitments and Contingencies

2 unchanged sentences

This charge is reflected in the financial statements as a reduction to Sales of products.

The following table summarizes changes in the 737 MAX customer concessions and other considerations liability during the six months ended June 30, 2025 and 2024.

The following table summarizes changes in the 737 MAX customer concessions and other considerations liability during the nine months ended September 30, 2025 and 2024.

Beginning balance – January 1 $ 641 $ 1,327

2 unchanged sentences

Changes in estimates ( 5 ) 510

Ending balance – June 30 $ 506 $ 935

At June 30, 2025, $ 87 of the liability balance remains subject to negotiations with customers.

The contracted amount includes $ 95 expected to be paid in cash primarily in 2025, while the remaining amounts are primarily expected to be liquidated by lower customer delivery payments.

Ending balance – September 30 $ 435 $ 814

At September 30, 2025, $ 87 of the liability balance remains subject to negotiations with customers.

The contracted amount includes $ 55 expected to be paid in cash, approximately half of which we expect to pay in 2025, while the remaining amounts are primarily expected to be liquidated by lower customer delivery payments.

Environmental

The following table summarizes changes in environmental remediation liabilities during the six months ended June 30, 2025 and 2024.

The following table summarizes changes in environmental remediation liabilities during the nine months ended September 30, 2025 and 2024.

Beginning balance – January 1 $ 834 $ 844

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Changes in estimates 127 98

Ending balance – June 30 $ 848 $ 831

Ending balance – September 30 $ 908 $ 875

The liabilities recorded represent our best estimate or the low end of a range of reasonably possible costs expected to be incurred to remediate sites, including operation and maintenance over periods of up to 30 years.

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There are some potential remediation obligations where the costs of remediation cannot be reasonably estimated.

At June 30, 2025 and December 31, 2024, the high end of the estimated range of reasonably possible remediation costs exceeded our recorded liabilities by $ 1,000 and $ 1,002 .

At September 30, 2025 and December 31, 2024, the high end of the estimated range of reasonably possible remediation costs exceeded our recorded liabilities by $ 1,175 and $ 1,002 .

Product Warranties

The following table summarizes changes in product warranty liabilities recorded during the six months ended June 30, 2025 and 2024.

The following table summarizes changes in product warranty liabilities recorded during the nine months ended September 30, 2025 and 2024.

Beginning balance – January 1 $ 2,133 $ 2,448

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Changes in estimates 384 ( 27 )

Ending balance – June 30 $ 2,339 $ 2,255

Ending balance – September 30 $ 2,399 $ 2,191

Commercial Aircraft Trade-In Commitments

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Trade-in commitments, which can be terminated by mutual consent with the customer, may be exercised only during the period specified in the agreement, and require advance notice by the customer.

Trade-in commitment agreements at June 30, 2025, have expiration dates from 2025 through 2032.

At June 30, 2025, and December 31, 2024, total contractual trade-in commitments were $ 1,403 and $ 1,393 .

As of June 30, 2025 and December 31, 2024, we estimated it was probable we would be obligated to perform on certain of these commitments with net amounts payable to customers totaling $ 65 and $ 275 and the fair value of the related trade-in aircraft was $ 63 and $ 270 .

Trade-in commitment agreements at September 30, 2025, have expiration dates from 2025 through 2033.

At September 30, 2025, and December 31, 2024, total contractual trade-in commitments were $ 1,332 and $ 1,393 .

As of September 30, 2025 and December 31, 2024, we estimated it was probable we would be obligated to perform on certain of these commitments with net amounts payable to customers totaling $ 67 and $ 275 and the fair value of the related trade-in aircraft was $ 63 and $ 270 .

Financing Commitments

Financing commitments related to aircraft on order, including options and those proposed in sales campaigns, and refinancing of delivered aircraft, totaled $ 16,586 and $ 17,124 as of June 30, 2025 and December 31, 2024.

The estimated earliest potential funding dates for these commitments as of June 30, 2025 are as follows:

July through December 2025

Financing commitments related to aircraft on order, including options and those proposed in sales campaigns, and refinancing of delivered aircraft, totaled $ 15,460 and $ 17,124 as of September 30, 2025 and December 31, 2024.

The estimated earliest potential funding dates for these commitments as of September 30, 2025 are as follows:

October through December 2025

Thereafter 2,882

As of June 30, 2025, $ 13,260 of these financing commitments relate to customers we believe have less than investment-grade credit.

As of September 30, 2025, $ 12,131 of these financing commitments relate to customers we believe have less than investment-grade credit.

We have concluded that no reserve for future potential losses is required for these financing commitments based upon the terms, such as collateralization and interest rates, under which funding would be provided.

Other Financial Commitments

We have financial commitments to make additional capital contributions totaling $ 269 to certain joint ventures over the next eight years .

We have financial commitments to make additional capital contributions totaling $ 269 to certain joint ventures over the next 7 years.

Standby Letters of Credit and Surety Bonds

We have entered into standby letters of credit and surety bonds with financial institutions primarily relating to the guarantee of our future performance on certain contracts and security agreements.

Contingent liabilities on outstanding letters of credit agreements and surety bonds aggregated approximately $ 2,976 and $ 2,991 as of June 30, 2025 and December 31, 2024.

Contingent liabilities on outstanding letters of credit agreements and surety bonds aggregated approximately $ 2,864 and $ 2,991 as of September 30, 2025 and December 31, 2024.

Supply Chain Financing Programs

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The majority of amounts payable under these programs are due within 30 to 90 days.

At June 30, 2025 and December 31, 2024, Accounts payable included $ 1,638 and $ 2,703 payable to suppliers who have elected to participate in these programs.

At September 30, 2025 and December 31, 2024, Accounts payable included $ 1,919 and $ 2,703 payable to suppliers who have elected to participate in these programs.

We do not believe that future changes in the availability of supply chain financing would have a significant impact on our liquidity.

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Estimating the cost and time for us and our suppliers to complete these contracts is inherently uncertain due to operational and technical complexities.

This uncertainty requires us to make significant judgments and assumptions about future operational and technical performance, and the outcome of customer and/or supplier contractual negotiations.

This uncertainty requires us to make

significant judgments and assumptions about future operational and technical performance, and the outcome of customer and/or supplier contractual negotiations.

The risk that actual performance, technical or contractual outcomes could be different than those previously assumed creates financial risk that could trigger additional material earnings charges, termination provisions, order cancellations, or other financially significant exposure.

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Since 2016, the USAF has authorized 11 low rate initial production (LRIP) lots for a total of 154 aircraft.

The EMD contract and authorized LRIP lots total approximately $ 29 billion as of June 30, 2025.

The EMD contract and authorized LRIP lots total approximately $ 29 billion as of September 30, 2025.

The KC-46A Tanker is a derivative of the 767 commercial airplane program with the majority of the manufacturing costs being incurred in the 767 factory and the remaining costs being incurred in the military finishing and delivery centers.

During 2024, we increased the reach-forward loss on the KC-46 A Tanker program by $ 2,002 .

As of June 30, 2025, we had approximately $ 93 of capitalized precontract costs and $ 245 of potential termination liabilities to suppliers related to Lots 12 and 13.

During the nine months ended September 30, 2025, we increased the reach-forward loss on the contract by $ 149 largely due to higher production cost allocations resulting from the decision to slow 777X production plans.

A s of September 30, 2025, we had approximately $ 99 of capitalized precontract costs and $ 170 of potential termination liabilities to suppliers related to Lots 12 and 13.

Risk remains that we may record additional losses in future periods.

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During 2024, we increased the reach-forward loss on the T-7A Red Hawk program by $ 1,770 .

At June 30, 2025, we had approximately $ 266 of capitalized precontract costs and $ 742 of potential termination liabilities to suppliers related to certain long-lead items for future production lots.

At September 30, 2025, we had approximately $ 333 of capitalized precontract costs and $ 849 of potential termination liabilities to suppliers related to certain long-lead items for future production lots.

Risk remains that we may record additional losses in future periods.

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We are continuing to work toward crew certification and resolve the propulsion system anomalies.

At June 30, 2025, we had approximately $ 404 of capitalized precontract costs and $ 144 of potential termination liabilities to suppliers related to unauthorized future missions.

At September 30, 2025, we had approximately $ 407 of capitalized precontract costs and $ 141 of potential termination liabilities to suppliers related to unauthorized future missions.

Risk remains that we may record additional losses in future periods.

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2025 December 31

2024 September 30

2025 December 31

2024 September 30

2025 December 31

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Our repurchase of the aircraft is contingent upon entering into a mutually acceptable agreement for the sale of additional new aircraft in the future.

The commercial aircraft repurchase price specified in contingent repurchase commitments is generally lower than the expected fair value at the specified

repurchase date.

The commercial aircraft repurchase price specified in contingent repurchase commitments is generally lower than the expected fair value at the specified repurchase date.

Estimated proceeds from collateral/recourse in the table above represent the lower of the contracted repurchase price or the expected fair value of each aircraft at the specified repurchase date.

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To the extent that claims have been made under these indemnities and/or are probable and reasonably estimable, liabilities associated with these indemnities are included in the environmental liability disclosure in Note 11.

Note 13 – Debt

In August 2025, we entered into a $ 3.0 billion, 364 -day revolving credit agreement expiring in August 2026.

This facility replaced the $ 3.0 billion, three-year revolving credit agreement which was scheduled to terminate in August 2025.

The 364 -day credit facility has a one-year term out option which allows us to extend the maturity of any borrowings until August 2027.

Our legacy $ 3.0 billion, five-year revolving credit agreement expiring in August 2028 and $ 4.0 billion, five-year revolving credit agreement expiring in May 2029 each remain in effect.

As of September 30, 2025, we had $ 10.0 billion available under credit line agreements.

We continue to be in full compliance with all covenants contained in our debt and credit facility agreements.

Note 14 – Postretirement Plans

The components of net periodic benefit cost/(income) were as follows:

Six months ended June 30 Three months ended June 30

Nine months ended September 30 Three months ended September 30

Pension Plans 2025 2024 2025 2024

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Net periodic benefit income ($ 120 ) ($ 363 ) ($ 39 ) ($ 121 )

Net periodic benefit cost included in Earnings/(loss) from operations $ 4 $ 3 $ 3 $ 1

Net periodic benefit cost included in Loss from operations $ 7 $ 5 $ 3 $ 2

Net periodic benefit income included in Other income, net ( 127 ) ( 368 ) ( 42 ) ( 123 )

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($ 120 ) ($ 363 ) ($ 39 ) ($ 121 )

Six months ended June 30 Three months ended June 30

Nine months ended September 30 Three months ended September 30

Other Postretirement Plans 2025 2024 2025 2024

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Net periodic benefit cost/(income) $ 24 ($ 17 ) $ 8 ($ 5 )

Net periodic benefit cost included in Earnings/(loss) from operations $ 25 $ 23 $ 12 $ 12

Net periodic benefit cost included in Loss from operations $ 38 $ 35 $ 13 $ 12

Net periodic benefit income included in Other income, net ( 14 ) ( 55 ) ( 5 ) ( 18 )

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Dividends that are declared will be payable on January 15, April 15, July 15 and October 15 to holders of record on the January 1, April 1, July 1, and October 1 immediately preceding the relevant dividend payment date.

Dividends paid on Mandatory convertible preferred stock were $ 158 and $ 86 for the six and three months ended June 30, 2025.

In June 2025, dividends of $ 86 were declared to holders of record as of July 1, 2025, representing $ 15.00 per share, and were paid in cash on July 15, 2025.

Dividends paid on Mandatory convertible preferred stock were $ 244 and $ 86 for the nine and three months ended September 30, 2025.

In August 2025, dividends of $ 87 were declared to holders of record as of October 1, 2025, representing $ 15.00 per share, and were paid in cash on October 15, 2025.

The following table illustrates the conversion rate per share of Mandatory convertible preferred stock, subject to certain anti-dilution adjustments, based on the applicable market value of the common stock:

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Accumulated Other Comprehensive Loss

Changes in Accumulated other comprehensive loss (AOCI) by component for the six and three months ended June 30, 2025 and 2024, were as follows:

Changes in Accumulated other comprehensive loss (AOCI) by component for the nine and three months ended September 30, 2025 and 2024, were as follows:

Currency Translation Adjustments Unrealized Gains and Losses on Certain Investments Unrealized Gains and Losses on Derivative Instruments

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Balance at January 1, 2024 ($ 134 ) $ 2 $ 12 ($ 10,185 ) ($ 10,305 )

Other comprehensive loss before reclassifications

Other comprehensive income/(loss) before reclassifications

30 1 ( 13 ) ( 12 ) 6

Amounts reclassified from AOCI

Net current period Other comprehensive loss

Net current period Other comprehensive income/(loss)

30 1 13 ( 12 ) 32

Balance at June 30, 2024 ($ 158 ) $ 2 ($ 38 ) ($ 10,198 ) ($ 10,392 )

Balance at September 30, 2024 ($ 104 ) $ 3 $ 25 ($ 10,197 ) ($ 10,273 )

Balance at January 1, 2025 ($ 178 ) $ 2 ($ 211 ) ($ 10,528 ) ($ 10,915 )

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107 213 51 371

Balance at September 30, 2025 ($ 71 ) $ 2 $ 2 ($ 10,477 ) ($ 10,544 )

Balance at June 30, 2024 ($ 158 ) $ 2 ($ 38 ) ($ 10,198 ) ($ 10,392 )

Balance at March 31, 2024 ($ 169 ) $ 2 ($ 46 ) ($ 10,199 ) ($ 10,412 )

Other comprehensive income/(loss) before reclassifications

Other comprehensive income before reclassifications

54 1 63 1 119

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Net current period Other comprehensive income

54 1 63 1 119

Balance at September 30, 2024 ($ 104 ) $ 3 $ 25 ($ 10,197 ) ($ 10,273 )

Balance at June 30, 2025 ($ 70 ) $ 2 $ 23 ($ 10,494 ) ($ 10,539 )

Balance at March 31, 2025 ($ 132 ) $ 2 ($ 125 ) ($ 10,505 ) ($ 10,760 )

Other comprehensive income/(loss) before reclassifications

Other comprehensive loss before reclassifications

( 1 ) ( 25 ) ( 26 )

Amounts reclassified from AOCI

Net current period Other comprehensive income

Net current period Other comprehensive (loss)/income

( 1 ) ( 21 ) 17 ( 5 )

Balance at June 30, 2025 ($ 70 ) $ 2 $ 23 ($ 10,494 ) ($ 10,539 )

Balance at September 30, 2025 ($ 71 ) $ 2 $ 2 ($ 10,477 ) ($ 10,544 )

(1) Net of tax.

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2025 December 31

2024 September 30

2025 December 31

2024 September 30

2025 December 31

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Gains/(losses) associated with our hedging transactions and forward points recognized in Other comprehensive income/(loss), net of tax are presented in the following table:

Six months ended June 30 Three months ended June 30

Nine months ended September 30 Three months ended September 30

2025 2024 2025 2024

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(Losses)/gains associated with our hedging transactions and forward points reclassified from AOCI to earnings are presented in the following table:

Six months ended June 30 Three months ended June 30

Nine months ended September 30 Three months ended September 30

2025 2024 2025 2024

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General and administrative expense 5 5 2 2

Gains/(losses) related to undesignated derivatives on foreign exchange and commodity cash flow hedging transactions recognized in Other income, net were insignificant for the six and three months ended June 30, 2025 and 2024.

Based on our portfolio of cash flow hedges, we expect to reclassify losses of $ 11 (pre-tax) out of AOCI into earnings during the next 12 months.

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If we default on our five-year credit facilities, our derivative counterparties could require settlement for foreign exchange and certain commodity contracts with original maturities of at least five years .

The fair value of those contracts in a net liability position at June 30, 2025 was $ 4 .

The fair value of those contracts in a net liability position at September 30, 2025 was $ 3 .

For other particular commodity contracts, our counterparties could require collateral posted in an amount determined by our credit ratings.

At June 30, 2025, there was no collateral posted related to our derivatives.

At September 30, 2025, there was no collateral posted related to our derivatives.

Note 18 – Fair Value Measurements

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The following table presents our assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy.

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Total Level 1 Level 2 Total Level 1 Level 2

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Certain assets have been measured at fair value on a nonrecurring basis.

The following table presents the nonrecurring losses recognized for the six months ended June 30 due to long-lived asset impairment and the fair value of the related assets as of the impairment date:

The following table presents the nonrecurring losses recognized for the nine months ended September 30 due to long-lived asset impairment and the fair value of the related assets as of the impairment date:

Fair Value Total

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The fair values and related carrying values of financial instruments that are not required to be remeasured at fair value on the Condensed Consolidated Statements of Financial Position were as follows:

June 30, 2025

September 30, 2025

Amount Total Fair

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Items not included in the above disclosures include cash, restricted cash, time deposits and other deposits, commercial paper, money market funds, Accounts receivable, Unbilled receivables, Other current assets, Accounts payable and long-term payables.

The carrying values of those items, as reflected in the Condensed Consolidated Statements of Financial Position, approximate their fair value at June 30, 2025 and December 31, 2024.

The carrying values of those items, as reflected in the Condensed Consolidated Statements of Financial Position, approximate their fair value at September 30, 2025 and December 31, 2024.

The fair value of assets and liabilities whose carrying value approximates fair value is determined using Level 2 inputs, with the exception of cash (Level 1).

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Multiple legal actions, investigations and inquiries were initiated concerning the October 29, 2018 accident of Lion Air Flight 610 and the March 10, 2019 accident of Ethiopian Airlines Flight 302.

While many of these legal actions and investigations have been resolved, others are still pending, including a number of civil lawsuits and claims brought by family members of those who died in the accidents.

In addition, a motion to certify a class of plaintiffs is pending before the U.S.

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District Court for the Northern District of Texas (the Court) to dismiss the criminal information.

Certain family members' representatives have opposed the dismissal, and a hearing to consider the Department's motion has been scheduled with the Court for September 3, 2025.

Under the terms of the non-prosecution agreement, Boeing will pay a fine of $ 244 ;

Certain family members' representatives have opposed the dismissal, and a hearing to consider the Department's motion was held on September 3, 2025.

Under the terms of the non-prosecutio n agreement, Boeing will pay a fine of $ 244 ;

commit to invest at least $ 455 in compliance, quality and safety programs over a three-year period;

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Revenue on other contracts is generally recognized over the contract term (over time) as costs are incurred.

The primary profitability measurement used by our chief operating decision maker to review segment operating results is Segment operating earnings/(loss).

The following tables reconcile segment Revenues to Segment operating earnings/(loss):

For the six months ended June 30,

The primary profitability measurement used by our chief operating decision maker to review segment operating results is Segment operating loss.

The following tables reconcile segment Revenues to Segment operating loss:

For the nine months ended September 30,

2025 2024 2025 2024 2025 2024

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34,905 22,126 18,820 20,925 12,693 12,112

Segment operating earnings/(loss) ($ 1,094 ) ($ 1,858 ) $ 265 ($ 762 ) $ 1,992 $ 1,786

For the three months ended June 30,

Segment operating (loss)/earnings

($ 6,447 ) ($ 5,879 ) $ 379 ($ 3,146 ) $ 2,930 $ 2,620

For the three months ended September 30,

2025 2024 2025 2024 2025 2024

Revenues $ 11,094 $ 7,443 $ 6,902 $ 5,536 $ 5,370 $ 4,901

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BCA revenues by customer location consisted of the following:

(Dollars in millions) Six months ended June 30 Three months ended June 30

(Dollars in millions) Nine months ended September 30 Three months ended September 30

2025 2024 2025 2024

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BDS revenues on contracts with customers, based on the customer's location, consisted of the following:

(Dollars in millions) Six months ended June 30 Three months ended June 30

(Dollars in millions) Nine months ended September 30 Three months ended September 30

2025 2024 2025 2024

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BGS revenues consisted of the following:

(Dollars in millions) Six months ended June 30 Three months ended June 30

(Dollars in millions) Nine months ended September 30 Three months ended September 30

2025 2024 2025 2024

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Earnings in Equity Method Investments

During the six and three months ended June 30, 2025, our share of income from equity method investments was $ 30 and $ 34 , compared to $ 90 and $ 18 during the same periods in 2024.

The income in 2025 was primarily driven by investments held at our BDS segment and in Unallocated items, eliminations, and other.

The income in 2024 was primarily driven by investments held at our BDS segment.

During the nine and three months ended September 30, 2025, our share of income/(loss) from equity method investments was $ 47 and $ 17 , compared to $ 87 and ($ 3 ) during the same periods in 2024.

The income/(loss) on equity method investments in 2025 and 2024 was primarily driven by investments held at our BDS segment and in Unallocated items, eliminations, and other.

Our total backlog includes contracts that we and our customers are committed to perform.

1 unchanged sentence

Backlog is converted into revenue, primarily based on the cost incurred or at delivery and acceptance of products, depending on the applicable revenue recognition model.

Our backlog at June 30, 2025 was $ 618,538 .

Our backlog at September 30, 2025 was $ 635,688 .

We expect approximately 17 % to be converted to revenue through 2026 and approximately 61 % through 2029, with the remainder thereafter.

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Components of Unallocated items, eliminations and other income/(expense) are shown in the following table.

Six months ended June 30 Three months ended June 30

Nine months ended September 30 Three months ended September 30

2025 2024 2025 2024

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($ 2,145 ) ($ 1,364 ) ($ 748 ) ($ 418 )

Eliminations and other unallocated items expense for the six and three months ended June 30, 2025 and 2024, includes earnings charges of $ 445 and $ 244 related to agreements with the U.S.

Eliminations and other unallocated items expense for the nine months ended September 30, 2025 and 2024, includes earnings charges of $ 445 and $ 244 related to agreements with the U.S.

Department of Justice.

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Components of FAS/CAS service cost adjustment are shown in the following table:

Six months ended June 30 Three months ended June 30

Nine months ended September 30 Three months ended September 30

2025 2024 2025 2024

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Capital Expenditures

Six months ended June 30 Three months ended June 30

Nine months ended September 30 Three months ended September 30

2025 2024 2025 2024

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Depreciation and Amortization

Six months ended June 30 Three months ended June 30

Nine months ended September 30 Three months ended September 30

2025 2024 2025 2024

1 unchanged sentence

Defense, Space & Security

159 153 56 57

Global Services 225 227 79 75

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Depreciation and amortization for centrally managed assets are allocated to business segments based on usage and occupancy.

During the six months ended June 30, 2025, $ 351 was allocated to the primary business segments, of which $ 172 , $ 140 , and $ 39 was allocated to BCA, BDS and BGS, respectively.

During the six months ended June 30, 2024, $ 342 was allocated to the primary business segments, of which $ 166 , $ 138 , and $ 38 was allocated to BCA, BDS and BGS, respectively.

During the three months ended June 30, 2025, $ 182 was allocated to the primary business segments, of which $ 90 , $ 72 , and $ 20 was allocated to BCA, BDS and BGS, respectively.

During the three months ended June 30, 2024, $ 179 was allocated to the primary business segments, of which $ 86 , $ 73 , and $ 20 was allocated to BCA, BDS and BGS, respectively.

Note 20 – Subsequent Events

On July 27, 2025 members of The International Association of Machinists and Aerospace Workers District 837 (Missouri) (IAM 837) rejected our contract offer and authorized a work stoppage as early as August 4, 2025.

Their contract expired on July 27, 2025.

If we are unable to reach agreement with IAM 837 members and avoid a work stoppage, our operations will be disrupted, particularly in our BDS and BGS Government businesses, and our financial position, results of operations and cash flows will be adversely impacted.

During the nine months ended September 30, 2025, $ 524 was allocated to the primary business segments, of which $ 252 , $ 212 , and $ 60 was allocated to BCA, BDS and BGS, respectively.

During the nine months ended September 30, 2024, $ 460 was allocated to the primary business segments, of which $ 225 , $ 182 , and $ 53 was allocated to BCA, BDS and BGS, respectively.

During the three months ended September 30, 2025, $ 173 was allocated to the primary business segments, of which $ 80 , $ 72 , and $ 21 was allocated to BCA, BDS and BGS, respectively.

During the three months ended September 30, 2024, $ 118 was allocated to the primary business segments, of which $ 59 , $ 44 , and $ 15 was allocated to BCA, BDS and BGS, respectively.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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Results of Review of Interim Financial Information

We have reviewed the accompanying condensed consolidated statement of financial position of The Boeing Company and subsidiaries (the “Company”) as of June 30, 2025, the related condensed consolidated statements of operations, comprehensive income, and equity for the three-month and six-month periods ended June 30, 2025 and 2024, and of cash flows for the six-month periods ended June 30, 2025 and 2024, and the related notes (collectively referred to as the "condensed consolidated interim financial information").

We have reviewed the accompanying condensed consolidated statement of financial position of The Boeing Company and subsidiaries (the “Company”) as of September 30, 2025, the related condensed consolidated statements of operations, comprehensive income, and equity for the three-month and nine-month periods ended September 30, 2025 and 2024, and of cash flows for the nine-month periods ended September 30, 2025 and 2024, and the related notes (collectively referred to as the "condensed consolidated interim financial information").

Based on our reviews, we are not aware of any material modifications that should be made to the accompanying condensed consolidated interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

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Seattle, Washington

July 29, 2025

October 29, 2025

FORWARD-LOOKING STATEMENTS

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(4) changing budget and appropriation levels and acquisition priorities of the U.S.

government, as well as significant delays in U.S.

government, as well as the government shutdown and/or significant delays in U.S.

government appropriations;

29 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements