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Item 1. Financial Statements

2026-04-22 compared with 2025-10-29 · 259 added, 402 removed, 646 unchanged (51% of the section changed)

2 unchanged sentences

Condensed Consolidated Statements of Operations

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

2025 2024 2025 2024

(Dollars in millions, except per share data) Three months ended March 31

Sales of products $ 18,998 $ 16,147

4 unchanged sentences

Total costs and expenses ( 19,671 ) ( 17,079 )

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

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

(Loss)/income from operating investments, net ( 10 ) 3

General and administrative expense ( 1,197 ) ( 1,112 )

1 unchanged sentence

Gain/(loss) on dispositions, net 12 ( 3 )

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

Earnings from operations 448 461

Other income, net 194 323

Interest and debt expense ( 616 ) ( 708 )

Loss before income taxes ( 5,684 ) ( 8,117 ) ( 5,199 ) ( 6,224 )

Income tax (expense)/benefit ( 298 ) 149 ( 140 ) 50

Earnings before income taxes 26 76

Income tax expense ( 33 ) ( 107 )

Net loss ( 7 ) ( 31 )

Net earnings/(loss) attributable to noncontrolling interest 3 ( 16 ) ( 2 ) ( 4 )

Net (loss)/earnings attributable to noncontrolling interest ( 3 ) 6

Net loss attributable to Boeing shareholders ( 4 ) ( 37 )

6 unchanged sentences

Condensed Consolidated Statements of Comprehensive Income

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

2025 2024 2025 2024

(Dollars in millions) Three months ended March 31

Net loss ($ 7 ) ($ 31 )

Other comprehensive income/(loss), net of tax:

Other comprehensive income, net of tax:

Currency translation adjustments ( 63 ) 46

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

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

Derivative instruments:

Unrealized gains/(losses) arising during period, net of tax of ($ 52 ), $ 3 , $ 7 and ($ 19 )

181 ( 13 ) ( 25 ) 63

Reclassification adjustment for losses included in net loss, net of tax of ($ 9 ), ($ 7 ), ($ 1 ) and $ 1

Total unrealized gain/(loss) on derivative instruments, net of tax

213 13 ( 21 ) 63

Unrealized (loss)/gain arising during period, net of tax of $ 6 and ($ 20 )

Reclassification adjustment for (gain)/loss included in net loss, net of tax of $ 4 and ($ 5 )

Total unrealized (loss)/gain on derivative instruments, net of tax

Defined benefit pension plans and other postretirement benefits:

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 )

Net actuarial gain arising during the period, net of tax of ($ 2 ) and $ 0

Amortization of actuarial loss included in net periodic benefit cost, net of tax of ($ 25 ) and $ 3

Amortization of prior service credits included in net periodic benefit cost, net of tax of $ 4 and ($ 1 )

( 15 ) ( 20 )

Pension and postretirement cost related to our equity method investments, net of tax of $ 0 , ($ 2 ), $ 0 and $ 1

Total defined benefit pension plans and other postretirement benefits, net of tax 89 23

Other comprehensive income/(loss), net of tax

371 32 ( 5 ) 119

Comprehensive loss ( 5,611 ) ( 7,936 ) ( 5,344 ) ( 6,055 )

Comprehensive income/(loss) related to noncontrolling interest

3 ( 16 ) ( 2 ) ( 4 )

Comprehensive loss attributable to Boeing Shareholders ($ 5,614 ) ($ 7,920 ) ($ 5,342 ) ($ 6,051 )

Other comprehensive income, net of tax

Comprehensive income 4 124

Comprehensive (loss)/income related to noncontrolling interest

Comprehensive income attributable to Boeing Shareholders $ 7 $ 118

See Notes to the Condensed Consolidated Financial Statements.

1 unchanged sentence

Condensed Consolidated Statements of Financial Position

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

(Dollars in millions, except per share data) March 31

2026 December 31

3 unchanged sentences

Unbilled receivables, net 9,793 9,158

Current portion of financing receivables, net 207

Inventories 87,225 84,679

Other current assets, net 2,733 2,301

Assets held for sale 1,473

Total current assets 124,141 128,459

13 unchanged sentences

Short-term debt and current portion of long-term debt 2,855 8,461

Liabilities held for sale 524

Total current liabilities 105,547 108,115

16 unchanged sentences

Accumulated other comprehensive loss ( 10,266 ) ( 10,277 )

Total shareholders’ deficit ( 8,250 ) ( 3,908 )

Total shareholders' equity 5,987 5,454

Noncontrolling interests 3

4 unchanged sentences

Condensed Consolidated Statements of Cash Flows

(Dollars in millions) Nine months ended September 30

(Dollars in millions) Three months ended March 31

Cash flows – operating activities:

6 unchanged sentences

Investment/asset impairment charges, net 9 7

Gain on dispositions, net ( 63 ) ( 5 )

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

(Gain)/loss on dispositions, net ( 12 ) 3

Other charges and credits, net 45 99

11 unchanged sentences

Financing receivables and operating lease equipment, net ( 156 ) 12

Other 176 137

Net cash used by operating activities ( 179 ) ( 1,616 )

2 unchanged sentences

Proceeds from disposals of property, plant and equipment 2 3

Acquisitions, net of cash acquired ( 50 )

Proceeds from dispositions 35

Contributions to investments ( 9,265 ) ( 8,797 )

1 unchanged sentence

Supplier notes receivable ( 3 )

Repayments on supplier notes receivable 40

Purchase of distribution rights ( 88 )

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

Other ( 4 ) 1

Net cash provided/(used) by investing activities 5,711 ( 1,717 )

Cash flows – financing activities:

3 unchanged sentences

Dividends paid on mandatory convertible preferred stock ( 86 ) ( 72 )

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

Net cash used by financing activities ( 7,028 ) ( 338 )

Effect of exchange rate changes on cash and cash equivalents 1 12

7 unchanged sentences

Condensed Consolidated Statements of Equity

For the nine months ended September 30, 2025 and 2024

For the three months ended March 31, 2026 and 2025

Boeing shareholders

3 unchanged sentences

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

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

Other comprehensive income, net of tax of $ 11

Share-based compensation 310 310

Treasury shares issued for other share-based plans, net

( 129 ) 105 ( 24 )

Treasury shares issued for 401(k) contributions

435 880 1,315

Other changes in noncontrolling interests 1 1

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 )

Net (loss)/earnings

5 unchanged sentences

Treasury shares issued for 401(k) contributions

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

Cash dividends declared on Mandatory convertible preferred stock ( 86 ) ($ 86 )

( 259 ) ( 259 )

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.

The Boeing Company and Subsidiaries

Condensed Consolidated Statements of Equity

For the three months ended September 30, 2025 and 2024

Boeing shareholders

(Dollars in millions)

Mandatory convertible preferred stock

Treasury stock

Accumulated other comprehensive loss

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

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

Balance at January 1, 2026 $ 6 $ 5,061 $ 21,441 ($ 28,029 ) $ 17,252 ($ 10,277 ) $ 3 $ 5,457

( 4 ) ( 3 ) ( 7 )

2 unchanged sentences

Treasury shares issued for other share-based plans, net

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 loss, net of tax of $ 1

Share-based compensation 89 89

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

( 142 ) 127 ( 15 )

Treasury shares issued for 401(k) contributions 211 255 466

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

Cash dividends declared on Mandatory convertible preferred stock ( 86 ) ( 86 )

( 87 ) ( 87 )

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

Balance at March 31, 2026 $ 6 $ 5,061 $ 21,671 ($ 27,647 ) $ 17,162 ($ 10,266 ) $ 5,987

See Notes to the Condensed Consolidated Financial Statements.

2 unchanged sentences

Summary of Business Segment Data

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

2025 2024 2025 2024

(Dollars in millions) Three months ended March 31

Commercial Airplanes $ 9,203 $ 8,147

3 unchanged sentences

Total revenues $ 22,217 $ 19,496

Loss from operations:

Earnings from operations:

Commercial Airplanes ($ 563 ) ($ 537 )

1 unchanged sentence

Global Services 971 943

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

Segment operating earnings 641 561

Unallocated items, eliminations and other ( 348 ) ( 362 )

FAS/CAS service cost adjustment 155 262

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

Earnings from operations 448 461

Other income, net 194 323

Interest and debt expense ( 616 ) ( 708 )

Loss before income taxes ( 5,684 ) ( 8,117 ) ( 5,199 ) ( 6,224 )

Income tax (expense)/benefit ( 298 ) 149 ( 140 ) 50

Earnings before income taxes 26 76

Income tax expense ( 33 ) ( 107 )

Net loss ( 7 ) ( 31 )

Net earnings/(loss) attributable to noncontrolling interest 3 ( 16 ) ( 2 ) ( 4 )

Net (loss)/earnings attributable to noncontrolling interest ( 3 ) 6

Net loss attributable to Boeing shareholders ( 4 ) ( 37 )

9 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 September 30, 2025, are not necessarily indicative of the operating results for the full year.

The results of operations for the period ended March 31, 2026, 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 2025 Annual Report on Form 10-K.

3 unchanged sentences

Actual results could differ from those estimates.

We performed our annual goodwill impairment test as of April 1, 2025, using a qualitative assessment.

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 September 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 March 31, 2026.

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 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

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 from operations from changes in estimated losses on unexercised options.

(In millions - except per share amounts) Three months ended March 31

Increase/(decrease) to Revenue

$ 22 ($ 140 )

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

Increase to Loss from operations

Decrease to Earnings from operations

($ 31 ) ($ 151 )

2 unchanged sentences

Note 2 – Spirit Acquisition

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).

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

On January 31, 2025, Spirit's stockholders approved the Merger Agreement and the related transactions.

Each share of Spirit common stock will be exchanged for a number of shares of Boeing common stock equal to an exchange ratio between 0.18 and 0.25 , calculated as $ 37.25 divided by the volume weighted average share price of Boeing shares over the 15 -trading-day period ending on the second trading day prior to the closing (subject to a floor of $ 149.00 per share and a ceiling of $ 206.94 per share).

Spirit stockholders will receive 0.25 Boeing shares for each of their Spirit shares if the volume-weighted average price is at or below $ 149.00 , and 0.18 Boeing shares for each of their Spirit shares if the volume-weighted average price is at or above $ 206.94 per share.

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 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.

The Merger Agreement also provides that we will be required to pay Spirit a termination fee of $ 300 if the Merger Agreement is terminated by Spirit or Boeing under certain specified circumstances as a result of the parties' failure to obtain the required regulatory approvals by the Outside Date or in the event that any law or order related to the required regulatory approvals or any applicable antitrust law or foreign investment law prohibits the consummation of the Merger.

The Boeing-Spirit Merger is expected to close in 2025 and is subject to the completion of the sale of Spirit operations related to certain Airbus SE (Airbus) commercial work packages and the satisfaction of customary closing conditions, including certain regulatory approvals.

On April 27, 2025, Spirit entered into a Stock and Asset Purchase Agreement (SAPA) with Airbus pursuant to which Airbus will, subject to the satisfaction of customary closing conditions, including certain regulatory approvals, acquire certain commercial work packages that Spirit performs for Airbus concurrently with the closing of the Boeing-Spirit Merger.

As part of the transactions contemplated by the SAPA, Spirit will also make a cash payment to Airbus in an amount equal to $ 439 , which amount is subject to adjustment in accordance with the terms of the SAPA (such adjusted amount, the Airbus Payment).

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.

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 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

On April 22, 2025, we announced that we entered into an agreement with Thoma Bravo to sell portions of our BGS segment’s Digital Aviation Solutions business for $ 10.55 billion.

The sale will include Jeppesen, ForeFlight, AerData and OzRunways.

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

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 .

Liabilities held for sale primarily include Advances and progress billings of $ 306 and Accrued liabilities of $ 129 .

On December 8, 2025, we completed our acquisition of Spirit AeroSystems Holdings, Inc.

(Spirit) pursuant to the Agreement and Plan of Merger dated June 30, 2024 (Merger Agreement).

In connection with the closing of the transactions contemplated by the Merger Agreement (Spirit Acquisition), Boeing became the ultimate parent company of Spirit and its respective subsidiaries, including Spirit AeroSystems, Inc.

Total consideration for the Spirit Acquisition was $ 8,389 comprised of the following:

Boeing common stock exchanged for Spirit common stock (1)

Settlement of loans, advances and other payments to Spirit

Debt repaid on Spirit’s behalf 948

Premium on assumed Spirit Exchangeable Notes

Exchange of Spirit share-based awards (1)

Fair value of total consideration

(1) Fair value of consideration reflects the price per share of Boeing common stock on the acquisition date.

The preliminary allocation of the purchase price was as follows:

Description As of December 31, 2025

As of March 31, 2026

Cash and cash equivalents $ 281 $ 281

Accounts receivable 339 396

Unbilled receivables 126 126

Inventories 1,438 1,445

Property, plant and equipment 2,419 2,447

Goodwill 9,997 10,360

Acquired intangible assets 109 109

Other assets 116 121

Accounts payable ( 953 ) ( 963 )

Accrued liabilities ( 1,784 ) ( 2,239 )

Advances and progress billings ( 97 ) ( 97 )

Short-term debt and current portion of long-term debt ( 329 ) ( 329 )

Other long-term liabilities ( 178 ) ( 152 )

Long-term debt ( 3,279 ) ( 3,279 )

Other 166 163

Total net assets acquired $ 8,371 $ 8,389

The amounts recorded for acquired assets and assumed liabilities are preliminary and are based on the information available as of the reporting date.

The primary areas that remain preliminary relate to the fair values of inventories, property, plant and equipment, goodwill, intangible assets, and off-market contracts.

The Company will continue to adjust the provisional estimates as additional information becomes available and final valuation and analyses are completed.

Provisional goodwill of $ 10,360 associated with the Spirit Acquisition was provisionally assigned to our Commercial Airplanes (BCA) segment as we expect the majority of synergies from the Spirit Acquisition to relate to the commercial airplane segment.

The acquired intangible assets primarily relate to customer relationships and have a weighted-average useful life of five years .

Accrued liabilities includes $ 1,500 for the fair value of off-market customer

contracts measured as the present value of the amount by which the terms of the contract deviated from the terms that a market participant could have achieved.

Future estimated revenues from the amortization of off-market contract liabilities is as follows:

Estimated revenue

$ 109 $ 128 $ 147 $ 150 $ 146

We expect to finalize the purchase price allocation as soon as practicable, but no later than one year from the acquisition date.

Note 3 – Earnings Per Share

4 unchanged sentences

Diluted earnings per share is calculated by taking net earnings attributable to Boeing shareholders, less Mandatory convertible preferred stock dividends accumulated during the period and earnings available to participating securities, divided by the diluted weighted average common shares outstanding.

Diluted weighted average common shares outstanding is calculated using the treasury stock method for share-based compensation awards and the if-converted method for Mandatory convertible preferred stock.

Under the if-converted method, if the potential conversion of our Mandatory convertible preferred stock and/or Spirit Exchangeable Notes is dilutive, net earnings attributable to Boeing shareholders is adjusted to add back the Mandatory convertible preferred stock dividends accumulated during the period and/or the periodic interest expense on the Spirit Exchangeable Notes, net of tax.

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

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

2025 2024 2025 2024

(In millions - except per share amounts) Three months ended March 31

Net loss attributable to Boeing shareholders ($ 4 ) ($ 37 )

2 unchanged sentences

Net loss available to common shareholders ($ 90 ) ($ 123 )

($ 6,244 ) ($ 7,952 ) ($ 5,424 ) ($ 6,170 )

Basic weighted average shares outstanding

756.9 616.1 760.1 618.8

participating securities (1)

0.2 0.3 0.2 0.2

Basic weighted average common shares outstanding

756.7 615.8 759.9 618.6

Diluted weighted average shares outstanding

756.9 616.1 760.1 618.8

participating securities (1)

0.2 0.3 0.2 0.2

Diluted weighted average common shares outstanding

756.7 615.8 759.9 618.6

Net loss per share:

2 unchanged sentences

(1) Participating securities include certain instruments in our deferred compensation plan.

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) Nine months ended September 30 Three months ended September 30

2025 2024 2025 2024

The following table represents potential common shares that were not included in the computation of Diluted loss per share.

Potential common shares from performance restricted stock units, restricted stock units and stock options were not included because their effect was antidilutive based on their strike price or the performance condition was not met.

(Shares in millions) Three months ended March 31

Performance restricted stock units 0.2 0.6

1 unchanged sentence

Stock options 0.7 0.9

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.

In addition, potential common shares of 37.0 million and 37.1 million for the three months ended March 31, 2026 and 2025, 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 available to common shareholders in those periods.

Note 4 – Income Taxes

We computed our 2025 interim tax provision using an estimated annual effective tax rate of ( 3.2 )%.

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

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.

Our effective tax rates were 126.9 % and 140.8 % for the three months ended March 31, 2026 and 2025.

The effective tax rate for the three months ended March 31, 2026, primarily reflects an increase in the domestic valuation allowance treated as a discrete expense.

As of December 31, 2025, we had recorded valuation allowances of $ 9,754 primarily for certain domestic deferred tax assets, and certain domestic net operating losses, tax credit 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.

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.

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.

Federal income tax audits have been settled for all years prior to 2021.

3 unchanged sentences

We believe appropriate provisions for all outstanding tax issues have been made for all jurisdictions and all open years.

On July 4, 2025, the President signed into law the One Big Beautiful Bill Act (OBBBA).

The OBBBA maintains the 21 percent corporate tax rate and makes permanent many of the beneficial expired and expiring tax provisions originally enacted in the Tax Cuts and Jobs Act of 2017, including the immediate expensing of domestic R&D expenditures, more favorable interest deductibility and 100 percent bonus depreciation with effective dates in 2025.

Revisions to the international tax framework are effective in 2026.

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

Note 5 – Allowances for Losses on Financial Assets

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

The changes in allowances for expected credit losses for the three months ended March 31, 2026 and 2025, consisted of the following:

Accounts receivable Unbilled receivables Other current assets Financing receivables

4 unchanged sentences

Recoveries 1 1

Balance at September 30, 2024

Balance at March 31, 2025

($ 87 ) ($ 41 ) ($ 46 ) ($ 4 ) ($ 237 ) ($ 415 )

3 unchanged sentences

Recoveries 1 1

Balance at September 30, 2025

Balance at March 31, 2026

($ 71 ) ($ 41 ) ($ 45 ) $ 0 ($ 108 ) ($ 265 )

8 unchanged sentences

Total $ 87,225 $ 84,679

(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.

(1) Capitalized precontract costs at March 31, 2026 and December 31, 2025, included amounts related to Commercial Crew, T-7A Red Hawk Production Options and KC-46A Tanker.

Commercial Aircraft Programs

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

At March 31, 2026 and December 31, 2025, commercial aircraft programs inventory included the following amounts related to the 737 program:

deferred production costs of $ 12,549 and $ 11,777 and unamortized tooling and other non-recurring costs of $ 735 and $ 750 .

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:

At March 31, 2026, $ 13,243 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 $ 41 is expected to be recovered from units included in the program accounting quantity that represent expected future orders.

At March 31, 2026 and December 31, 2025, commercial aircraft programs inventory included the following amounts related to the 777X program:

$ 5,296 and $ 4,313 of work in process (including deferred production costs of $ 1,104 and $ 651 ) and $ 1,995 and $ 1,816 of unamortized tooling and other non-recurring costs.

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.

At March 31, 2026 and December 31, 2025, commercial aircraft programs inventory included the following amounts related to the 787 program:

deferred production costs of $ 14,310 and $ 13,859 , supplier advances of $ 921 and $ 932 , and unamortized tooling and other non-recurring costs of $ 1,348 and $ 1,366 .

At March 31, 2026, $ 13,403 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 $ 2,255 are expected to be recovered from units included in the program accounting quantity that represent expected future orders.

Commercial aircraft programs inventory included amounts credited in cash or other consideration (early issue sales consideration) to airline customers totaling $ 6,590 and $ 6,412 at March 31, 2026 and December 31, 2025.

Note 7 – Contracts with Customers

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 .

Unbilled receivables increased from $ 9,158 at December 31, 2025, to $ 9,793 at March 31, 2026, primarily driven by revenue recognized in excess of billings at BDS and BGS.

Advances and progress billings increased from $ 59,404 at December 31, 2025, to $ 62,591 at March 31, 2026, primarily driven by advances on orders received at BCA.

Revenues recognized during the three months ended March 31, 2026 and 2025, from amounts recorded as Advances and progress billings at the beginning of each year were $ 5,055 and $ 5,488 .

Note 8 – Financing Receivables and Operating Lease Equipment

Financing receivables and operating lease equipment, net consisted of the following:

2025 December 31

Financing receivables:

Investment in sales-type leases $ 203

Total financing receivables

Less allowance for losses on receivables 7

Financing receivables, net 281

Operating lease equipment, at cost, less accumulated depreciation of $ 57 and $ 46

Total $ 245 $ 521

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.

During 2025, our financing receivables were fully collected.

Our financing arrangements at March 31, 2026, 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:

At March 31, 2026 and December 31, 2025, Operating lease equipment, net, was $ 389 and $ 241 , and included accumulated depreciation of $ 64 and $ 60 .

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

2026 December 31

777 Aircraft (Accounted for as operating leases)

747-8 Aircraft (Primarily accounted for as notes)

737 Aircraft (Primarily accounted for as operating leases) 46 47

717 Aircraft (Accounted for as sales-type leases)

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.

Lease income recorded in Sales of services on the Condensed Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025, included $ 0 and $ 5 of interest income from sales-type leases and $ 12 and $ 12 from operating lease payments.

All financing interest income and variable lease payments on our financing arrangements for the three months ended March 31, 2026 and 2025, were insignificant.

Note 9 – Investments

3 unchanged sentences

$ 10,215 $ 17,230

Equity method investments (2)

Equity method investments - United Launch Alliance

Equity method investments - Other (2)

Restricted cash & cash equivalents (1)(3)

Available-for-sale debt investments (1)

Equity and other investments 34 34

Restricted cash & cash equivalents (1)(3)

Total $ 12,512 $ 19,527

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

(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.

(2) Dividends received were $ 0 and $ 2 during the three months ended March 31, 2026 and 2025.

(3) At March 31, 2026, and December 31, 2025, Restricted cash & cash equivalents included $ 689 placed in escrow pursuant to the May 2025 non-prosecution agreement with the U.S.

Department of Justice.

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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 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 .

Cash used for the purchase of time deposits during the three months ended March 31, 2026 and 2025, was $ 9,085 and $ 8,635 .

Cash proceeds from the maturities of time deposits during the three months ended March 31, 2026 and 2025, were $ 16,100 a nd $ 7,585 .

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.

These instruments are considered investment grade, and we have not recognized an allowance for credit losses as of March 31, 2026.

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

We have a 50 percent membership interest in United Launch Alliance (ULA) with Lockheed Martin Corporation (Lockheed) holding the other 50 percent interest.

During the first quarter of 2026, ULA’s Vulcan rocket experienced a launch anomaly that has paused additional Vulcan launches pending completion of root cause analysis and corrective actions.

The Vulcan launch suspension is negatively affecting ULA's financial condition and results of operations.

We and Lockheed may provide financial support and/or could incur losses if ULA is unable to resume Vulcan launches consistent with ULA’s assumptions .

Note 10 – Liabilities, Commitments and Contingencies

737 MAX Customer Concessions and Other Considerations

During the first quarter of 2024, we recorded an earnings charge of $ 443 , net of insurance recoveries, in connection with estimated considerations to customers for disruption related to the January 2024 737-9 door plug accident and 737-9 grounding.

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 nine months ended September 30, 2025 and 2024.

The following table summarizes changes in the 737 MAX customer concessions and other considerations liability during the three months ended March 31, 2026 and 2025.

Beginning balance – January 1 $ 383 $ 641

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Changes in estimates

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.

Ending balance – March 31 $ 373 $ 568

At March 31, 2026, $ 89 of the liability balance remains subject to negotiations with customers.

The remaining contracted amount is primarily expected to be liquidated by lower customer delivery payments.

Environmental

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

The following table summarizes changes in environmental remediation liabilities during the three months ended March 31, 2026 and 2025.

Beginning balance – January 1 $ 877 $ 834

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Changes in estimates 11 34

Ending balance – September 30 $ 908 $ 875

Ending balance – March 31 $ 876 $ 855

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 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 .

At March 31, 2026, and December 31, 2025, the high end of the estimated range of reasonably possible remediation costs exceeded our recorded liabilities by $ 1,171 and $ 1,171 .

Product Warranties

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

The following table summarizes changes in product warranty liabilities recorded during the three months ended March 31, 2026 and 2025.

Beginning balance – January 1 $ 2,797 $ 2,133

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Changes in estimates 108 240

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

Ending balance – March 31 $ 2,840 $ 2,323

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 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 .

Trade-in commitment agreements at March 31, 2026, have expiration dates from 2026 through 2033.

At March 31, 2026, and December 31, 2025, total contractual trade-in commitments were $ 1,228 and $ 1,267 .

As of March 31, 2026, and December 31, 2025, we estimated it was probable we would be obligated to perform on certain of these commitments with net amounts payable to customers totaling $ 61 and $ 67 and the fair value of the related trade-in aircraft was $ 56 and $ 61 .

Financing Commitments

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

Financing commitments related to aircraft on order, including options and those proposed in sales campaigns, and refinancing of delivered aircraft, totaled $ 17,730 and $ 15,229 as of March 31, 2026 and December 31, 2025.

The estimated earliest potential funding dates for these commitments as of March 31, 2026 are as follows:

April through December 2026

Thereafter 5,988

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

As of March 31, 2026, $ 12,590 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.

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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 $ 2,864 and $ 2,991 as of September 30, 2025 and December 31, 2024.

Contingent liabilities on outstanding letters of credit agreements and surety bonds aggregated approximately $ 3,340 and $ 3,295 as of March 31, 2026 and December 31, 2025.

Supply Chain Financing Programs

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

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.

At March 31, 2026, and December 31, 2025,

Accounts payable included $ 1,828 and $ 1,994 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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Fixed-Price Contracts

Long-term contracts that are contracted on a fixed-price basis could result in losses in future periods.

Certain of the fixed-price contracts are for the development of new products, services and related technologies.

Long-term contracts that are contracted on a fixed-price basis or have fixed-price options have resulted in losses being recorded in prior periods and could result in losses in future periods.

Certain of the fixed-price contracts are for the development of new products, services and related technologies, a number of which have reach-forward losses.

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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During 2025, we increased the reach-forward loss on the contract by $ 60 .

We are continuing to work with the customer to reset the schedule as they adjust requirements.

The increased reach-forward loss in 2025 was due to increases in supplier costs.

We expect finalization of the contract terms to reset the schedule and adjust the requirements in 2026.

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

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Since 2016, the USAF has authorized 12 low rate initial production (LRIP) lots for a total of 169 aircraft.

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

The EMD contract and authorized LRIP lots total approximately $ 32 billion as of March 31, 2026.

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 2025, we increased the reach-forward loss on the KC-46 A Tanker program by $ 714 .

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.

The additional reach-forward loss during 2025 was primarily driven by higher estimated manufacturing and engineering costs for production support.

A s of March 31, 2026, we had approximately $ 69 of capitalized precontract costs and $ 74 of potential termination liabilities to suppliers related to future production lots.

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

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In connection with winning the competition, we recognized a reach-forward loss of $ 291 in the third quarter of 2018.

In the first quarter of 2024, we were awarded a cost-type contract modification totaling $ 657 for two additional test aircraft plus other scope increases.

During 2024, we increased the reach-forward loss by $ 339 .

We expect the initial EMD units to complete production in 2025.

We have recognized additional losses in subsequent periods.

During the first half of 2025, we initiated final assembly operations at our new facility at Mid-America St.

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The EMD portion of the contract was a $ 860 fixed-price contract and included five aircraft and seven simulators.

The five EMD aircraft were delivered as of December 31, 2024, and the flight testing is ongoing.

In January 2025, the USAF announced an updated acquisition approach for the T-7A Red Hawk that allows the Company to provide a production-ready configuration to the customer prior to low-rate initial production, which better supports the operational needs of the customer and reduces future production risk.

In June 2025, the customer ordered four production representative test vehicles.

The production portion of the contract now includes production lots for 342 T-7A Red Hawk aircraft and related services that we believe are probable of being exercised.

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

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.

The production portion of the contract includes production lots for 342 T-7A Red Hawk aircraft and related services that we believe are probable of being exercised.

We recorded a reach-forward loss of $ 400 when the contract was awarded in 2018.

We have recognized additional losses in subsequent periods.

We have delivered the five EMD aircraft and the flight testing is ongoing.

At March 31, 2026, we had approximately $ 400 of capitalized precontract costs and $ 1,002 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.

Commercial Crew

The National Aeronautics and Space Administration has contracted us to design and build the CST-100 Starliner spacecraft to transport crews to the International Space Station.

During 2024, we increased the reach-forward loss by $ 523 .

In 2014, the National Aeronautics and Space Administration contracted us to design and build the CST-100 Starliner spacecraft to transport crews to the International Space Station (ISS).

We have recorded reach-forward losses on this program.

The first Crewed Flight Test launched on June 5, 2024, and docked with the ISS.

Its return to Earth was delayed to allow time to perform further testing of propulsion system anomalies and returned to Earth uncrewed in September 2024.

We expect to launch an uncrewed mission no earlier than June 2026 and a crewed mission later in 2026.

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

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.

At March 31, 2026, we had approximately $ 554 of capitalized precontract costs and $ 28 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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2026 December 31

2024 September 30

2025 March 31

2026 December 31

2024 September 30

2025 March 31

2026 December 31

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Other Indemnifications In conjunction with our sales of Electron Dynamic Devices, Inc.

and Rocketdyne Propulsion and Power businesses and our BCA facilities in Wichita, Kansas and Tulsa and McAlester, Oklahoma, we agreed to indemnify, for an indefinite period, the buyers for costs relating to pre-closing environmental conditions and certain other items.

and Rocketdyne Propulsion and Power businesses, we agreed to indemnify, for an indefinite period, the buyers for costs relating to pre-closing environmental conditions and certain other items.

We are unable to assess the potential number of future claims that may be asserted under these indemnifications, nor the amounts thereof (if any).

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Note 12 – 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.

In connection with our acquisition of Spirit, we assumed Spirit's debt, including the following notes issued by Spirit AeroSystems, Inc.:

$ 300 of 3.850 % Senior Notes due 2026 (the Spirit 2026 Notes) and $ 700 of 4.600 % Senior Notes due 2028 (the Spirit 2028 Notes, and together with the Spirit 2026 Notes, the Spirit Senior Notes).

The Boeing Company guaranteed the obligations of Spirit AeroSystems, Inc.

with respect to the Spirit Senior Notes, and as a result, each of The Boeing Company and Spirit fully and unconditionally guarantee the Spirit Senior Notes on a senior unsecured basis.

The guarantees rank equally in right of payment with all of Boeing’s existing and future senior unsecured indebtedness.

Note 13 – Postretirement Plans

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

Nine months ended September 30 Three months ended September 30

Pension Plans 2025 2024 2025 2024

Service cost $ 7 $ 5 $ 3 $ 2

Interest cost 2,007 1,976 669 658

Expected return on plan assets ( 2,308 ) ( 2,483 ) ( 769 ) ( 827 )

Amortization of prior service credits ( 55 ) ( 61 ) ( 18 ) ( 20 )

Recognized net actuarial loss 229 200 76 66

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

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 )

Net periodic benefit income included in Loss before income taxes

The components of net periodic benefit cost/(income) for the three months ended March 31 were as follows:

Pension Postretirement

2026 2025 2026 2025

Nine months ended September 30 Three months ended September 30

Other Postretirement Plans 2025 2024 2025 2024

Service cost $ 2 $ 1 $ 12 $ 13

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Amortization of prior service credits ( 18 ) ( 19 ) ( 1 )

Recognized net actuarial gain ( 106 ) ( 132 ) ( 35 ) ( 44 )

Recognized net actuarial loss/(gain) 155 76 ( 35 ) ( 36 )

Net periodic benefit cost/(income) $ 76 ($ 42 ) $ 3 $ 8

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 )

Net periodic benefit cost/(income) included in Loss before income taxes

Net periodic benefit cost included in Earnings from operations $ 1 $ 1 $ 12 $ 13

Net periodic benefit cost/(income) included in Other income, net 74 ( 43 ) ( 9 ) ( 5 )

Net periodic benefit cost/(income) included in Earnings before income taxes

$ 75 ($ 42 ) $ 3 $ 8

Note 14 – Share-Based Compensation and Other Compensation Arrangements

Stock Options

On February 19, 2025, we granted 366,869 premium-priced stock options to our executive officers as part of our long-term incentive program.

These stock options have an exercise price equal to 120.0 % of the fair market value of our stock on the date of grant.

The stock options are scheduled to vest and become exercisable three years after the grant date and expire ten years after the grant date.

If an executive terminates employment because of retirement, layoff, disability, or death, the executive (or beneficiary) may receive some or all of their stock options depending on certain age and service conditions.

The fair value of the stock options granted was $ 79.53 per unit and was estimated using a Monte-Carlo simulation model using the following assumptions:

expected life seven years , expected volatility 39.0 %, risk free interest rate 4.5 % and no expected dividend yield.

Restricted Stock Units

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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 $ 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.

Dividends paid on Mandatory convertible preferred stock were $ 86 and $ 72 for the three months ended March 31, 2026 and 2025.

In February 2026, dividends of $ 86 were declared to holders of record as of April 1, 2026, representing $ 15.00 per share, and were paid in cash on April 15, 2026.

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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6.9940 shares of common stock

Unless earlier converted, each share of Mandatory convertible preferred stock will automatically convert on October 15, 2027, into between 5.8280 shares and 6.9940 shares of our common stock, depending on the applicable market value of the common stock and subject to certain anti-dilution adjustments

described in the certificate of designations related to our Mandatory convertible preferred stock (Certificate of Designations).

The applicable market value of our common stock will be determined based on the average volume-weighted average price per share of the common stock over the 20 consecutive trading day period beginning on, and including, the 21 st scheduled trading day immediately prior to October 15, 2027.

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Accumulated Other Comprehensive Loss

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

Changes in Accumulated other comprehensive loss (AOCI) by component for the three months ended March 31, 2026 and 2025, were as follows:

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

1 unchanged sentence

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

Other comprehensive income/(loss) before reclassifications

30 1 ( 13 ) ( 12 ) 6

Amounts reclassified from AOCI

Net current period Other comprehensive income/(loss)

30 1 13 ( 12 ) 32

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

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

Other comprehensive income/(loss) before reclassifications

107 181 ( 2 ) 286

Amounts reclassified from AOCI

Net current period Other comprehensive income

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 )

Other comprehensive income before reclassifications 46 68 114

54 1 63 1 119

Amounts reclassified from AOCI

Net current period Other comprehensive income 46 86 23 155

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 )

Other comprehensive loss before reclassifications

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

Balance at January 1, 2026 $ 64 $ 2 $ 88 ($ 10,431 ) ($ 10,277 )

Other comprehensive (loss)/income before reclassifications

( 63 ) ( 1 ) ( 8 ) 9 ( 63 )

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( 63 ) ( 1 ) ( 14 ) 89 11

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

Balance at March 31, 2026 $ 1 $ 1 $ 74 ($ 10,342 ) ($ 10,266 )

(1) Net of tax.

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Derivative Instruments Not Receiving Hedge Accounting Treatment

We have entered into agreements to purchase and sell aluminum to address long-term strategic sourcing objectives and non-U.S.

business requirements.

These agreements are derivative instruments for accounting purposes.

The quantities of aluminum in these agreements offset and are priced at prevailing market prices.

We also hold certain foreign currency forward contracts and commodity swaps which do not qualify for hedge accounting treatment.

We hold certain foreign currency forward contracts which do not qualify for hedge accounting treatment.

Notional Amounts and Fair Values

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2026 December 31

2024 September 30

2025 March 31

2026 December 31

2024 September 30

2025 March 31

2026 December 31

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Foreign exchange contracts 290 320 4 3 ( 3 ) ( 10 )

Commodity contracts 32 129

Total derivatives $ 6,381 $ 6,491 $ 263 $ 238 ($ 127 ) ($ 88 )

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(1) Notional amounts represent the gross contract/notional amount of the derivatives outstanding.

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:

Nine months ended September 30 Three months ended September 30

2025 2024 2025 2024

Recognized in Other comprehensive income/(loss), net of tax:

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

Three months ended March 31

Recognized in Other comprehensive income, net of tax:

Foreign exchange contracts ($ 25 ) $ 67

Commodity contracts 17 1

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

Nine months ended September 30 Three months ended September 30

2025 2024 2025 2024

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

Three months ended March 31

Foreign exchange contracts

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General and administrative expense 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 nine and three months ended September 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.

Based on our portfolio of cash flow hedges, we expect to reclassify gains of $ 8 (pre-tax) out of AOCI into earnings during the next 12 months.

We have derivative instruments with credit-risk-related contingent features.

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 September 30, 2025 was $ 3 .

The fair value of those contracts in a net

liability position at March 31, 2026 was $ 4 .

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

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

At March 31, 2026, there was no collateral posted related to our derivatives.

Note 17 – 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.

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Total Level 1 Level 2 Total Level 1 Level 2

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Available-for-sale debt investments:

Commercial paper 165 $ 165 165 $ 165

Corporate notes 337 337 335 335

government agencies 27 27 17 17

AFS - Commercial paper 176 $ 176 163 $ 163

AFS - Corporate notes 336 336 344 344

AFS - US government agencies 27 27 27 27

Other equity investments 9 9 9 9

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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 nine months ended September 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 three months ended March 31 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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Other assets $ 5 ( 2 )

Property, plant and equipment ( 10 )

Operating lease equipment

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Level 3 Investments and Other assets were primarily valued using an income approach based on the discounted cash flows associated with the underlying assets.

Level 2 Property, plant and equipment were valued based on a third-party valuation using a combination of income and market approaches and adjusted for as-is condition.

These approaches are considered estimates of net operating income, capitalization rates, and/or comparable property sales.

Level 3 operating lease equipment were valued by calculating a median collateral value from a consistent group of third-party aircraft value publications.

operating lease equipment was valued by calculating a median collateral value from a consistent group of third-party aircraft value publications.

The values provided by the third-party aircraft publications are derived from their knowledge of market trades and other market factors.

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Under certain circumstances, we adjust values based on the attributes and condition of the specific aircraft or equipment, usually when the features or use of the aircraft vary significantly from the more generic aircraft attributes covered by third-party publications, or on the expected net sales price for the aircraft.

For Level 3 operating lease equipment that were measured at fair value on a nonrecurring basis during the period ended March 31, 2026, the following table presents the fair value of those assets as of the measurement date, valuation techniques and related unobservable inputs of those assets.

Value Valuation

Unobservable Input Range

Median or Average

Operating lease equipment

$ 22 Market approach Aircraft value publications $ 21 - $ 24 (1)

(1) The range represents the sum of the highest and lowest values for all aircraft subject to fair value measurement, according to the third-party aircraft valuation publications that we use in our valuation process.

Fair Value Disclosures

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:

September 30, 2025

March 31, 2026

Amount Total Fair

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The fair value of our debt that is traded in the secondary market is classified as Level 2 and is based on current market yields.

For our debt that is not traded in the secondary market,

the fair value is classified as Level 2 and is based on our indicative borrowing cost derived from dealer quotes or discounted cash flows.

For our debt that is not traded in the secondary market, the fair value is classified as Level 2 and is based on our indicative borrowing cost derived from dealer quotes or discounted cash flows.

With regard to other financial instruments with off-balance sheet risk, it is not practicable to estimate the fair value of our indemnifications and financing commitments because the amount and timing of those arrangements are uncertain.

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 September 30, 2025 and December 31, 2024.

Items not included in the above disclosures include cash, restricted cash, time deposits and other deposits, 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 March 31, 2026 and December 31, 2025.

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).

Note 18 – Legal Proceedings

Various legal proceedings, claims and investigations related to products, contracts, employment, securities and other matters are pending against us.

We are subject, from time to time, to various legal proceedings and claims related to our business that cover a wide range of matters, including those related to products, contracts, labor and employment, securities, antitrust and trade regulations, intellectual property, and other matters.

In addition, we are subject to various government inquiries and investigations from which civil, criminal or administrative proceedings could result or have resulted in the past.

Such proceedings involve or could involve claims by the government for fines, penalties, compensatory and treble damages, restitution and/or forfeitures.

government regulations, a company, or one or more of its operating divisions or subdivisions, can also be suspended or debarred from government contracts, have certain of its production certificates suspended or revoked, or lose its export privileges, based on the results of investigations.

We believe, based upon current information, that the outcome of any currently pending legal proceeding, claim, or government dispute, inquiry or investigation will not have a material effect on our financial position, results of operations or cash flows.

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 Ethiopian Airlines accident.

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

District Court for the Northern District of Illinois in a federal securities class action arising out of the accidents and the subsequent grounding of the 737 MAX.

Furthermore, on January 7, 2021, we entered into a Deferred Prosecution Agreement (DPA) with the U.S.

Department of Justice (the Department) relating to the Department’s investigation into us regarding the evaluation of the 737 MAX by the Federal Aviation Administration (the Investigation).

Among other obligations, the DPA included a three-year reporting period, which ended in January 2024.

On May 14, 2024, the Department notified us of its determination that we did not fulfill our obligations under the DPA and that the Department would not move to dismiss the case.

On May 29, 2025, Boeing and the Department reached agreement on the terms of a resolution in the form of a non-prosecution agreement, and the following day the Department filed a motion with the U.S.

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 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;

and retain an independent compliance consultant.

In addition, Boeing will provide $ 445 of additional compensation for the family members of those who died in the accidents.

We have established escrow accounts for the $ 244 fine and $ 445 compensation fund for family members which will be disbursed if the Court dismisses the criminal information.

The $ 445 of additional compensation was accrued for and expensed in the second quarter of 2025 while the $ 244 fine was accrued for and expensed in 2024.

Multiple legal actions were initiated as a result of the January 5, 2024 737-9 door plug accident.

We are also subject to multiple governmental and regulatory investigations and inquiries relating to the 737-9 door plug accident and our commercial airplanes business.

We cannot reasonably estimate a range of loss, if any, not covered by available insurance and in excess of any accrued amounts that may result given the current status of pending lawsuits, investigations and inquiries arising from the 2018 and 2019 737 MAX accidents and the January 2024 737-9 door plug accident.

Such proceedings involve or could involve claims by the U.S.

or foreign governments for fines, penalties, compensatory and treble damages, restitution and/or forfeitures.

government regulations, a company, or one or more of its operating divisions or subdivisions, can be suspended or debarred from government contracts, have certain of its production certificates suspended or revoked, or lose its export privileges, based on the results of investigations.

On May 29, 2025, Boeing and the U.S.

Department of Justice (the Department) entered into a non-prosecution agreement (the Agreement) to resolve the Department’s determination that Boeing did not fulfill its obligations under the January 2021 deferred prosecution agreement relating to the October 2018 Lion Air flight 610 accident and the March 2019 Ethiopian Airlines flight 302 accident (the MAX accidents).

The Agreement requires, among other things, Boeing to pay a fine of $ 244 and provide $ 445 of additional compensation for the family members of those who died in the MAX accidents.

The $ 244 fine, which was accrued for and expensed in 2024, and the $ 445 compensation fund for family members, which was accrued for and expensed in the second quarter of 2025, are held in escrow accounts pending final court approval of the Department’s motion to dismiss the criminal information against Boeing (the Motion).

On November 6, 2025, the U.S.

District Court for the Northern District of Texas (the Court) approved the Motion.

On March 31, 2026, the U.S.

Court of Appeals for the Fifth Circuit denied a petition by representatives of certain family members to overturn the Court's approval of the Motion.

Those representatives have filed a further appeal.

Certain legal actions and investigations arising out of the MAX accidents and subsequent grounding of the 737 MAX are still pending, including fewer than five civil lawsuits by family members of those who died in the MAX accidents.

In addition, securities lawsuits are pending, and we are appealing the March 16, 2026, partial grant of a motion for class certification by the U.S.

District Court for the Northern District of Illinois.

Multiple investigations and legal actions, including securities lawsuits, were also initiated as a result of the January 2024 737-9 door plug accident.

Given the status of these legal actions and investigations, we cannot reasonably estimate a range of loss, if any, not covered by available insurance and in excess of any accrued amounts, that may result from these matters.

Note 19 – Segment and Revenue Information

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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 loss.

The following tables reconcile segment Revenues to Segment operating loss:

For the nine months ended September 30,

2025 2024 2025 2024 2025 2024

Revenues $ 30,115 $ 18,099 $ 19,817 $ 18,507 $ 15,714 $ 14,835

Research and development expense, net 1,657 1,852 618 728 91 103

Other segment items (1)

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

Segment operating (loss)/earnings

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

For the three months ended September 30,

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

The following table reconciles segment Revenues to Segment operating earnings:

For the three months ended March 31,

2026 2025 2026 2025 2026 2025

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BCA revenues by customer location consisted of the following:

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

2025 2024 2025 2024

(Dollars in millions) Three months ended March 31

Revenue from contracts with customers:

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Other non-U.S.

1,969 1,245 781 491

Total non-U.S.

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United States 3,407 3,783

Estimated potential concessions and other considerations to 737 MAX customers, net of insurance recoveries

Total revenues from contracts with customers 9,160 8,120

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

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

2025 2024 2025 2024

(Dollars in millions) Three months ended March 31

Revenue from contracts with customers:

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customers (1)

4,332 4,183 1,577 1,175

Total segment revenue from contracts with customers $ 7,599 $ 6,298

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government (1)

91 % 91 % 91 % 92 %

(1) Includes revenues earned from Foreign Military Sales through the U.S.

government (FMS).

BGS revenues consisted of the following:

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

2025 2024 2025 2024

(Dollars in millions) Three months ended March 31

Revenue from contracts with customers:

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government (1)

30 % 29 % 30 % 29 %

(1) Includes revenues earned from foreign military sales through the U.S.

(1) Includes revenues earned from FMS.

Earnings in Equity Method Investments

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.

During the three months ended March 31, 2026, our share of income/(loss) from equity method investments was $ 0 compared to ($ 4 ) during the same period in 2025.

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

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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 September 30, 2025 was $ 635,688 .

Our backlog at March 31, 2026 was $ 694,709 .

We expect approximately 24 % to be converted to revenue through 2027 and approximately 65 % through 2030, with the remainder thereafter.

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

Nine months ended September 30 Three months ended September 30

2025 2024 2025 2024

Three months ended March 31

Share-based plans ($ 55 ) ($ 30 )

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($ 348 ) ($ 362 )

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.

For additional discussion, see Note 19.

Pension and Other Postretirement Benefit Expense

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

Nine months ended September 30 Three months ended September 30

2025 2024 2025 2024

Three months ended March 31

Pension FAS/CAS service cost adjustment $ 93 $ 193

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Capital Expenditures

Nine months ended September 30 Three months ended September 30

2025 2024 2025 2024

Three months ended March 31

Commercial Airplanes $ 175 $ 106

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Depreciation and Amortization

Nine months ended September 30 Three months ended September 30

2025 2024 2025 2024

Three months ended March 31

Commercial Airplanes $ 190 $ 101

Defense, Space & Security

159 153 56 57

Global Services 69 73

Centrally Managed Assets (1)

710 664 245 224

Total $ 573 $ 466

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

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.

During the three months ended March 31, 2026, $ 188 was allocated to the primary business segments, of which $ 105 , $ 66 , and $ 17 was allocated to BCA, BDS and BGS, respectively.

During the three months ended March 31, 2025, $ 169 was allocated to the primary business segments, of which $ 82 , $ 68 , and $ 19 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 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").

We have reviewed the accompanying condensed consolidated statement of financial position of The Boeing Company and subsidiaries (the “Company”) as of March 31, 2026, the related condensed consolidated statements of operations, comprehensive income, equity, and cash flows for the three-month periods ended March 31, 2026 and 2025, 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.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statement of financial position of the Company as of December 31, 2025, and the related consolidated statements of operations, comprehensive income, equity, and cash flows for the year then ended (not presented herein);

and in our report dated February 3, 2025, we expressed an unqualified opinion on those consolidated financial statements.

and in our report dated January 30, 2026, we expressed an unqualified opinion on those consolidated financial statements.

In our opinion, the information set forth in the accompanying condensed consolidated statement of financial position as of December 31, 2025, is fairly stated, in all material respects, in relation to the consolidated statement of financial position from which it has been derived.

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Seattle, Washington

October 29, 2025

April 22, 2026

FORWARD-LOOKING STATEMENTS

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Among these factors are risks related to:

(1) general conditions in the economy and our industry, including those due to regulatory changes;

(1) general conditions in the economy and our industry, including those due to regulatory changes and geopolitical developments;

(2) our reliance on our commercial airline customers;

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

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

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

government appropriations;

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(9) changes in accounting estimates;

(10) our pending acquisition of Spirit AeroSystems Holdings, Inc.

(Spirit), including the satisfaction of closing conditions in the expected timeframe or at all;

(11) realizing the anticipated benefits of mergers, acquisitions, joint ventures/strategic alliances or divestitures, including anticipated synergies and quality improvements related to our pending acquisition of Spirit;

(10) realizing the anticipated benefits of mergers, acquisitions, joint ventures/strategic alliances or divestitures, including anticipated synergies and quality improvements related to our acquisition of Spirit AeroSystems Holdings, Inc.;

(11) our dependence on U.S.

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(23) the adequacy of our insurance coverage;

(25) customer and aircraft concentration in our customer financing portfolio;

(24) the dilutive effect of future issuances of our common stock;

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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