What changed in this filing

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Item 1. Business

2026-01-30 compared with 2025-02-03 · 33 added, 25 removed, 112 unchanged (34% of the section changed)

15 unchanged sentences

In addition, this segment engages in the research, development, production and modification of the following products and related services:

strategic defense and intelligence systems, including strategic missile and defense systems, command, control, communications, computers, intelligence, surveillance and reconnaissance (C4ISR), cyber and information solutions, and intelligence systems, satellite systems, including government and commercial satellites and space exploration.

strategic defense and intelligence systems, including strategic missile and defense systems, command, control, communications, computers, intelligence, surveillance and reconnaissance, cyber and information solutions, and intelligence systems, satellite systems, including government and commercial satellites and space exploration.

Global Services Segment

This segment provides services to our commercial and defense customers worldwide.

Global Services sustains aerospace platforms and systems with a full spectrum of products and services, including supply chain and logistics management, engineering, maintenance and modifications, upgrades and conversions, spare parts, pilot and maintenance training systems and services, technical and maintenance documents, and data analytics and digital services.

Intellectual Property

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As of December 31, 2025, Boeing’s total workforce was approximately 182,000 with 14% located outside of the U.S.

As of December 31, 2024, our global workforce was comprised of approximately 24% women, and our U.S.

workforce was comprised of 39% racial and ethnic minorities and 14% U.S.

As of December 31, 2025, our workforce included approximately 72,000 union members.

Our principal collective bargaining agreements and their current status are summarized in the following table:

Union Percent of our Total Workforce Represented Status of Major Agreements with Union

The International Association of Machinists and Aerospace Workers (IAM) 21% We have two major agreements;

one with IAM District 837 (Missouri) expiring in July 2025 and one with IAM District 751 (Washington) expiring in September 2028.

The Society of Professional Engineering Employees in Aerospace (SPEEA) 10% We have two major agreements;

one with SPEEA Professional and one with SPEEA Technical, both expiring in October 2026.

The United Automobile, Aerospace and Agricultural Implement Workers of America (UAW) 1% We have one major agreement with UAW District 1069 (Pennsylvania) expiring in April 2027.

Our prior contract with the International Association of Machinists and Aerospace Workers District 751 (IAM 751) expired on September 12, 2024, and 96% of IAM 751 members voted to initiate a strike.

The strike lasted until November 4, 2024, when IAM 751 members voted to ratify a new contract.

As a result of the strike, we paused production of our commercial aircraft (other than the 787 production in Charleston) and certain of our BDS products, adversely impacting our business and financial position.

During the strike, we implemented hiring freezes and announced plans to reduce our overall workforce.

As of December 31, 2025, we had 32 independent agreements with nine different unions in the U.S., and we had agreements with 18 employee representative bodies internationally.

Information about our principal collective bargaining agreements is set forth in the following table:

Union % of Total Workforce Major Agreements with Union

Principal Location

Expiration Date

The International Association of Machinists and Aerospace Workers (IAM) 25% IAM District 70

IAM District 751

September 2028

IAM District 837

The Society of Professional Engineering Employees in Aerospace (SPEEA) 11% SPEEA Professional

SPEEA Technical

SPEEA Professional

SPEEA Technical

December 2028

The United Automobile, Aerospace and Agricultural Implement Workers of America (UAW) 1% UAW Local 952

UAW Local 1069

During 2024, employees represented by IAM District 751, which represents over 30,000 Boeing manufacturing employees primarily located in Washington state, went out on strike for 53 days, halting production of most of our commercial aircraft and certain of our Defense, Space & Security products, and materially adversely impacting our business and financial position.

During 2025, employees represented by IAM District 837, which represents approximately 3,200 employees at our St.

Louis area sites, went out on strike for 101 days, disrupting our St.

Louis operations and impacting programs including F/A-18, F-15, T-7A, MQ-25 and Weapons.

We may experience additional work stoppages in the future, which could materially adversely affect our business, financial position, results of operations and cash flows and result in the diversion of management’s attention from other ongoing business concerns.

For information on risks related to our human capital, see “Risks Related to Our Business and Operations” in Item 1A.

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We are committed to creating a work environment where every teammate around the world can perform at their best and grow their careers while supporting our company’s mission to protect, connect and explore our world and beyond.

During 2025, we continued to make progress in our culture transformation, including through launching our new Values and Behaviors, revising our performance management system to hold employees accountable not only for what they achieve but for how they achieve it, and enhancing training and leadership development programs.

Our compensation program is designed to attract, reward and retain the best-qualified talent with competitive compensation and benefits, including healthcare, paid time off, parental leave, retirement benefits, tuition assistance, employee skills and leadership development programs, and mental and physical well-being programs.

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The commercial jet aircraft market and the airline industry remain extremely competitive.

We face aggressive international competitors who are intent on increasing their market share, such as Airbus and entrants from China.

BCA faces aggressive international competitors who are intent on increasing their market share, such as Airbus and entrants from China.

We are focused on improving our products and processes and continuing cost reduction efforts.

We intend to continue to compete with other aircraft manufacturers by providing customers with airplanes and services that deliver superior design, safety, quality, efficiency and value to customers around the world.

BDS faces strong competition primarily from Lockheed Martin Corporation, Northrop Grumman Corporation, RTX Corporation, General Dynamics Corporation and SpaceX.

BDS faces strong competition primarily from General Dynamics Corporation, Lockheed Martin Corporation, Northrop Grumman Corporation, RTX Corporation and SpaceX.

companies such as BAE Systems and Airbus Group continue to build a strategic presence in the U.S.

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government contracts were to be terminated for convenience, we generally would be entitled to receive payment for work completed and allowable termination or cancellation costs.

If any of our government contracts were to be terminated for default, generally the U.S.

government would pay only for the work that has been accepted and could require us to pay the difference between the original contract price and the cost to re-procure the contract items,

net of the work accepted from the original contract.

If any of our government contracts were to be terminated for default,

generally the U.S.

government would pay only for the work that has been accepted and could require us to pay the difference between the original contract price and the cost to re-procure the contract items, net of the work accepted from the original contract.

government can also hold us liable for damages resulting from the default.

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In the U.S., our commercial aircraft products are required to comply with FAA regulations governing production and quality systems, airworthiness and installation approvals, repair procedures and continuing operational safety.

For example, as a result of the Alaska Airlines 737-9 accident in January 2024, the FAA investigated the 737 quality control system, including Spirit AeroSystems Holdings, Inc.

For example, as a result of the 737-9 door plug accident in January 2024, the FAA investigated the 737 quality control system, including Spirit AeroSystems Holdings, Inc.

(Spirit), and increased its oversight of our production and quality and safety management systems.

In addition, the FAA communicated it will not approve production rate increases beyond 38 per month or additional production lines until Boeing has complied with required quality and safety standards.

The 737 program may only increase production rates and/or implement new production lines with the concurrence of the FAA .

New aircraft models and new derivative aircraft are required to obtain FAA certification prior to entry into service.

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suppliers and subcontractors to meet performance specifications, quality standards and delivery schedules at our anticipated costs.

While we maintain an extensive qualification and performance surveillance system to control risk

associated with such reliance on third parties, failure of suppliers or subcontractors to meet commitments has and could continue to adversely affect product quality, production schedules and program/contract profitability, thereby jeopardizing our ability to fulfill commitments to our customers.

While we maintain an extensive qualification and performance surveillance system to control risk associated with such reliance on third parties, failure of suppliers or subcontractors to meet commitments has and could continue to adversely affect product quality, production schedules and program/contract profitability, thereby jeopardizing our ability to fulfill commitments to our customers.

We have also experienced significant increases in supplier prices which are adversely affecting our business.

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Words such as “may,” “will,” “should,” “expects,” “intends,” “projects,” “plans,” “believes,” “estimates,” “targets,” “anticipates” and other similar words or expressions, or the negative thereof, generally can be used to help identify these forward-looking statements.

Examples of forward-looking statements include statements relating to our future financial condition and operating results, as well as any other statement that does not directly relate to any historical or current fact.

Examples of forward-looking statements include statements relating to our future financial condition and operating results, industry projections and outlooks, plans, objectives and goals, as well as any other statement that does not directly relate to any historical or current fact.

Forward-looking statements are based on expectations and assumptions that we believe to be reasonable when made, but that may not prove to be accurate.

3 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-K

Item 1. Business