What changed in this filing

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Item 1. Financial Statements

2026-07-28 compared with 2026-04-22 · 257 added, 155 removed, 750 unchanged (35% of the section changed)

2 unchanged sentences

Condensed Consolidated Statements of Operations

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

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

2026 2025 2026 2025

Sales of products $ 40,364 $ 35,269 $ 21,366 $ 19,122

4 unchanged sentences

Total costs and expenses ( 41,817 ) ( 37,393 ) ( 22,146 ) ( 20,314 )

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

4,960 4,852 2,414 2,435

Income from operating investments, net 14 28 24 25

General and administrative expense ( 2,625 ) ( 2,905 ) ( 1,428 ) ( 1,793 )

Research and development expense, net ( 1,824 ) ( 1,754 ) ( 921 ) ( 910 )

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

Earnings from operations 448 461

Gain on dispositions, net 79 64 67 67

Earnings/(loss) from operations 604 285 156 ( 176 )

Other income, net 273 648 79 325

Interest and debt expense ( 1,216 ) ( 1,418 ) ( 600 ) ( 710 )

Earnings before income taxes 26 76

Loss before income taxes ( 339 ) ( 485 ) ( 365 ) ( 561 )

Income tax expense ( 96 ) ( 158 ) ( 63 ) ( 51 )

Net loss ( 435 ) ( 643 ) ( 428 ) ( 612 )

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

Net earnings/(loss) attributable to noncontrolling interest 13 5 16 ( 1 )

Net loss attributable to Boeing shareholders ( 448 ) ( 648 ) ( 444 ) ( 611 )

6 unchanged sentences

Condensed Consolidated Statements of Comprehensive Income

(Dollars in millions) Three months ended March 31

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

2026 2025 2026 2025

Net loss ($ 435 ) ($ 643 ) ($ 428 ) ($ 612 )

3 unchanged sentences

Derivative instruments:

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

Unrealized gain arising during period, net of tax of ($ 1 ), ($ 59 ), ($ 7 ) and ($ 39 )

16 206 24 138

Reclassification adjustment for (gains)/losses included in net loss, net of tax of $ 5 , ($ 8 ), $ 1 and ($ 3 )

( 9 ) 28 ( 3 ) 10

Total unrealized gain on derivative instruments, net of tax 7 234 21 148

Defined benefit pension plans and other postretirement benefits:

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

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

9 ( 2 ) ( 2 )

Amortization of actuarial loss included in net periodic benefit cost, net of tax of ($ 52 ), ($ 17 ), ($ 27 ) and ($ 20 )

3 unchanged sentences

Other comprehensive income, net of tax 145 376 134 221

Comprehensive income 4 124

Comprehensive (loss)/income related to noncontrolling interest

Comprehensive income attributable to Boeing Shareholders $ 7 $ 118

Comprehensive loss ( 290 ) ( 267 ) ( 294 ) ( 391 )

Comprehensive income/(loss) related to noncontrolling interest 13 5 16 ( 1 )

Comprehensive loss attributable to Boeing Shareholders ($ 303 ) ($ 272 ) ($ 310 ) ($ 390 )

See Notes to the Condensed Consolidated Financial Statements.

1 unchanged sentence

Condensed Consolidated Statements of Financial Position

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

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

2026 December 31

45 unchanged sentences

Condensed Consolidated Statements of Cash Flows

(Dollars in millions) Three months ended March 31

(Dollars in millions) Six months ended June 30

Cash flows – operating activities:

Net loss ($ 435 ) ($ 643 )

Adjustments to reconcile net loss to net cash used by operating activities:

Adjustments to reconcile net loss to net cash provided/(used) by operating activities:

Non-cash items –

3 unchanged sentences

Investment/asset impairment charges, net 18 30

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

Gain on dispositions, net ( 79 ) ( 64 )

Other charges and credits, net 149 162

11 unchanged sentences

Financing receivables and operating lease equipment, net ( 137 ) 185

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

Net cash provided/(used) by operating activities 1,185 ( 1,389 )

Cash flows – investing activities:

1 unchanged sentence

Proceeds from disposals of property, plant and equipment 3 4

Proceeds from dispositions 35

Contributions to investments ( 19,444 ) ( 21,581 )

1 unchanged sentence

Supplier notes receivable ( 11 ) ( 150 )

Other ( 4 ) 1

Net cash provided/(used) by investing activities 3,629 ( 3,946 )

14 unchanged sentences

Condensed Consolidated Statements of Equity

For the three months ended March 31, 2026 and 2025

For the six months ended June 30, 2026 and 2025

Boeing shareholders

11 unchanged sentences

Cash dividends declared on Mandatory convertible preferred stock ( 172 ) ( 172 )

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

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

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

( 4 ) ( 3 ) ( 7 )

Net (loss)/earnings ( 448 ) 13 ( 435 )

Other comprehensive income, net of tax of ($ 42 )

4 unchanged sentences

Cash dividends declared on Mandatory convertible preferred stock ( 172 ) ( 172 )

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

Other changes in noncontrolling interests ( 1 ) ( 1 )

Balance at June 30, 2026 $ 6 $ 5,061 $ 21,949 ($ 27,416 ) $ 16,632 ($ 10,132 ) $ 15 $ 6,115

See Notes to the Condensed Consolidated Financial Statements.

The Boeing Company and Subsidiaries

Condensed Consolidated Statements of Equity

For the three months ended June 30, 2026 and 2025

Boeing shareholders

(Dollars in millions)

Mandatory convertible preferred stock

Treasury stock

Accumulated other comprehensive loss

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

( 611 ) ($ 1 ) ( 612 )

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

Share-based compensation 119 119

Treasury shares issued for other share-based plans, net

Treasury shares issued for 401(k) contributions

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

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

Balance at April 1, 2026 $ 6 $ 5,061 $ 21,671 ($ 27,647 ) $ 17,162 ($ 10,266 ) $ 5,987

Net (loss)/earnings ( 444 ) $ 16 ( 428 )

Other comprehensive income, net of tax of ($ 29 )

Share-based compensation 103 103

Treasury shares issued for other share-based plans, net 1 16 17

Treasury shares issued for 401(k) contributions

Cash dividends declared on Mandatory convertible preferred stock

( 86 ) ( 86 )

Other changes in noncontrolling interests

Balance at June 30, 2026 $ 6 $ 5,061 $ 21,949 ($ 27,416 ) $ 16,632 ($ 10,132 ) $ 15 $ 6,115

See Notes to the Condensed Consolidated Financial Statements.

The Boeing Company and Subsidiaries

Notes to Condensed Consolidated Financial Statements

Summary of Business Segment Data

(Dollars in millions) Three months ended March 31

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

2026 2025 2026 2025

Commercial Airplanes $ 20,954 $ 19,021 $ 11,751 $ 10,874

3 unchanged sentences

Total revenues $ 46,777 $ 42,245 $ 24,560 $ 22,749

Earnings from operations:

Earnings/(loss) from operations:

Commercial Airplanes ($ 885 ) ($ 1,094 ) ($ 322 ) ($ 557 )

4 unchanged sentences

FAS/CAS service cost adjustment 310 519 155 257

Earnings from operations 448 461

Earnings/(loss) from operations 604 285 156 ( 176 )

Other income, net 273 648 79 325

Interest and debt expense ( 1,216 ) ( 1,418 ) ( 600 ) ( 710 )

Earnings before income taxes 26 76

Loss before income taxes ( 339 ) ( 485 ) ( 365 ) ( 561 )

Income tax expense ( 96 ) ( 158 ) ( 63 ) ( 51 )

Net loss ( 435 ) ( 643 ) ( 428 ) ( 612 )

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

Net earnings/(loss) attributable to noncontrolling interest 13 5 16 ( 1 )

Net loss attributable to Boeing shareholders ( 448 ) ( 648 ) ( 444 ) ( 611 )

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 March 31, 2026, are not necessarily indicative of the operating results for the full year.

The results of operations for the period ended June 30, 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.

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.

We performed our annual goodwill impairment test as of April 1, 2026, 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 June 30, 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 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 Earnings from operations

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

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

2026 2025 2026 2025

Decrease to Revenue ($ 120 ) ($ 306 ) ($ 142 ) ($ 166 )

(Decrease) to Earnings/Increase to (loss) from operations ($ 381 ) ($ 338 ) ($ 350 ) ($ 187 )

Increase to Diluted loss per share

14 unchanged sentences

Description As of December 31, 2025

As of March 31, 2026

As of June 30, 2026

Cash and cash equivalents $ 281 $ 281

15 unchanged sentences

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 primary areas that remain preliminary relate to the fair values of goodwill, off-market contract liabilities and certain other accrued liabilities.

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

Provisional goodwill of $ 10,278 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.

The acquired intangible assets include customer relationships of $ 109 which have a weighted-average useful life of five years and in-process research and development of $ 64 .

Accrued liabilities includes $ 1,520 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:

11 unchanged sentences

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

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

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

2026 2025 2026 2025

Net loss attributable to Boeing shareholders ($ 448 ) ($ 648 ) ($ 444 ) ($ 611 )

3 unchanged sentences

Basic weighted average shares outstanding

789.4 755.2 790.8 756.8

participating securities (1)

0.2 0.2 0.2 0.2

Basic weighted average common shares outstanding

789.2 755.0 790.6 756.6

Diluted weighted average shares outstanding

789.4 755.2 790.8 756.8

participating securities (1)

0.2 0.2 0.2 0.2

Diluted weighted average common shares outstanding

789.2 755.0 790.6 756.6

Net loss per share:

4 unchanged sentences

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

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

2026 2025 2026 2025

Performance restricted stock units 0.2 0.6 0.2 0.5

1 unchanged sentence

Stock options 0.7 0.9 0.7 0.8

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.

In addition, potential common shares of 36.9 million and 36.8 million for the six months ended June 30, 2026 and 2025 and 36.7 million and 36.9 million for the three months ended June 30, 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

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.

We computed our 2026 interim tax provision using an estimated annual effective tax rate of ( 18.2 )%.

Our 2026 estimated annual effective tax rate is primarily driven by taxes on non-U.S.

Our effective tax rates were ( 28.3 )% and ( 32.6 )% for the six months ended June 30, 2026 and 2025.

The effective tax rates for the three months ended June 30, 2026 and 2025 were ( 17.3 )% and ( 9.1 )%.

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.

1 unchanged sentence

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.

We expect the next cycle to cover the 2021-2023 tax years;

however, the Internal Revenue Service has not confirmed a start date.

We are also subject to examination in major state and international jurisdictions for the 2010-2024 tax years.

We are subject to examination in U.S.

federal, state and international jurisdictions in which we operate.

federal income tax audits have been settled for all years prior to 2021, tax years 2010-2024 remain subject to audit in numerous jurisdictions.

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

Note 5 – Allowances for Losses on Financial Assets

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

The changes in allowances for expected credit losses for the six months ended June 30, 2026 and 2025, consisted of the following:

Accounts receivable Unbilled receivables Other current assets Financing receivables

4 unchanged sentences

Recoveries 1 1

Balance at March 31, 2025

Balance at June 30, 2025

($ 77 ) ($ 43 ) ($ 55 ) ($ 4 ) ($ 243 ) ($ 422 )

3 unchanged sentences

Recoveries 1 1

Balance at March 31, 2026

Balance at June 30, 2026

($ 82 ) ($ 32 ) ($ 42 ) $ 0 ($ 118 ) ($ 274 )

8 unchanged sentences

Total $ 88,388 $ 84,679

(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.

(1) Capitalized precontract costs at June 30, 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 March 31, 2026 and December 31, 2025, commercial aircraft programs inventory included the following amounts related to the 737 program:

At June 30, 2026 and December 31, 2025, commercial aircraft programs inventory included the following amounts related to the 737 program:

deferred production costs of $ 13,081 and $ 11,777 and unamortized tooling and other non-recurring costs of $ 723 and $ 750 .

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:

At June 30, 2026, $ 13,773 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 $ 31 are expected to be recovered from units included in the program accounting quantity that represent expected future orders.

At June 30, 2026 and December 31, 2025, commercial aircraft programs inventory included the following amounts related to the 777X program:

$ 6,366 and $ 4,313 of work in process (including deferred production costs of $ 1,659 and $ 651 ) and $ 2,048 and $ 1,816 of unamortized tooling and other non-recurring costs.

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

At June 30, 2026 and December 31, 2025, commercial aircraft programs inventory included the following amounts related to the 787 program:

deferred production costs of $ 14,428 and $ 13,859 , supplier advances of $ 918 and $ 932 , and unamortized tooling and other non-recurring costs of $ 1,316 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.

At June 30, 2026, $ 13,596 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 $ 2,148 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 $ 6,584 and $ 6,412 at June 30, 2026 and December 31, 2025.

Note 7 – Contracts with Customers

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 .

Unbilled receivables increased from $ 9,158 at December 31, 2025, to $ 9,660 at June 30, 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 $ 64,059 at June 30, 2026, primarily driven by advances on orders received at BCA and progress billings at BDS.

Revenues recognized during the six months ended June 30, 2026 and 2025, from amounts recorded as Advances and progress billings at the beginning of each year were $ 10,362 and $ 11,177 .

Revenues recognized during the three months ended June 30, 2026 and 2025, from amounts recorded as Advances and progress billings at the beginning of each year were $ 5,307 and $ 5,689 .

Note 8 – Financing Receivables and Operating Lease Equipment

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.

Our financing arrangements at June 30, 2026, consist of operating leases and notes that range in terms from one to twelve years and may include options to terminate.

At June 30, 2026 and December 31, 2025, notes were $ 25 and $ 0 .

At June 30, 2026 and December 31, 2025, Operating lease equipment, net, was $ 340 and $ 241 , and included accumulated depreciation of $ 69 and $ 60 .

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

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

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.

Lease income from operating lease payments recorded in Sales of services on the Condensed Consolidated Statements of Operations was $ 25 and $ 13 for the six and three months ended June 30, 2026, and $ 23 and $ 11 for the six and three months ended June 30, 2025.

We have no lease income from sales-type leases in 2026 and amounts in 2025 were insignificant.

All financing interest income and variable lease payments on our financing arrangements for the six and three months ended June 30, 2026 and 2025, were insignificant.

At June 30, 2026 and December 31, 2025, no assets were determined to be uncollectible and placed on non-accrual status, and we have not recognized an allowance for credit losses.

Note 9 – Investments

10 unchanged sentences

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

(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.

(2) Dividends received were $ 5 and $ 5 during the six and three months ended June 30, 2026 and $ 10 and $ 8 for the same periods in 2025.

(3) At June 30, 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.

1 unchanged sentence

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

Cash used for the purchase of time deposits during the 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 .

Cash used for the purchase of time deposits during the six months ended June 30, 2026 and 2025, was $ 19,090 and $ 21,245 .

Cash proceeds from the maturities of time deposits during the six months ended June 30, 2026 and 2025, were $ 24,790 a nd $ 18,540 .

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 March 31, 2026.

These instruments are considered investment grade, and we have not recognized an allowance for credit losses as of June 30, 2026.

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

1 unchanged sentence

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 .

The Vulcan launch suspension is negatively affecting ULA's financial condition and results of operations, and in May 2026, we and Lockheed each agreed to guarantee $ 500 of certain ULA credit facilities maturing on July 30, 2027.

We and Lockheed expect to provide additional financial support and 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

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.

The following table summarizes changes in the 737 MAX customer concessions and other considerations liability during the six months ended June 30, 2026 and 2025.

Beginning balance – January 1 $ 383 $ 641

2 unchanged sentences

Changes in estimates ( 80 ) ( 5 )

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.

Ending balance – June 30 $ 284 $ 506

At June 30, 2026, the remaining liability is expected to be liquidated by lower payments from customers upon delivery.

Environmental

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

The following table summarizes changes in environmental remediation liabilities during the six months ended June 30, 2026 and 2025.

Beginning balance – January 1 $ 877 $ 834

1 unchanged sentence

Changes in estimates 137 49

Ending balance – March 31 $ 876 $ 855

Ending balance – June 30 $ 971 $ 848

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.

2 unchanged sentences

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

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 .

At June 30, 2026, and December 31, 2025, the high end of the estimated range of reasonably possible remediation costs exceeded our recorded liabilities by $ 1,115 and $ 1,171 .

Product Warranties

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

The following table summarizes changes in product warranty liabilities recorded during the six months ended June 30, 2026 and 2025.

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

2 unchanged sentences

Changes in estimates 521 298

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

Ending balance – June 30 $ 3,273 $ 2,339

Commercial Aircraft Trade-In Commitments

3 unchanged sentences

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 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 .

Trade-in commitment agreements at June 30, 2026, have expiration dates from 2026 through 2033.

At June 30, 2026, and December 31, 2025, total contractual trade-in commitments were $ 1,130 and $ 1,267 .

As of June 30, 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 $ 54 and $ 67 and the fair value of the related trade-in aircraft was $ 52 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 $ 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

Financing commitments related to aircraft on order, including options and those proposed in sales campaigns, and refinancing of delivered aircraft, totaled $ 16,836 and $ 15,229 as of June 30, 2026 and December 31, 2025.

The estimated earliest potential funding dates for these commitments as of June 30, 2026 are as follows:

July through December 2026

Thereafter 5,987

As of March 31, 2026, $ 12,590 of these financing commitments relate to customers we believe have less than investment-grade credit.

As of June 30, 2026, $ 11,698 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.

3 unchanged sentences

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 $ 3,340 and $ 3,295 as of March 31, 2026 and December 31, 2025.

Contingent liabilities on outstanding letters of credit agreements and surety bonds aggregated approximately $ 3,479 and $ 3,295 as of June 30, 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 March 31, 2026, and December 31, 2025,

At June 30, 2026, and December 31, 2025,

Accounts payable included $ 2,003 and $ 1,994 payable to suppliers who have elected to participate in these programs.

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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.

During the three months ended June 30, 2026, we increased the reach-forward loss by $ 280 due to higher estimated costs required to complete structural and wiring installation and to satisfy air worthiness certification requirements.

We expect finalization of the contract terms to reset the schedule and adjust the requirements in the third quarter of 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 $ 32 billion as of March 31, 2026.

The EMD contract and authorized LRIP lots total approximately $ 33 billion as of June 30, 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.

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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.

A s of June 30, 2026, we had approximately $ 86 of capitalized precontract costs and $ 194 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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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.

Louis Airport in Mascoutah, Illinois, and began ground-based flight testing.

During the three months ended June 30, 2026, MQ-25 completed its first flight and the U.S.

Navy approved

We expect an LRIP contract later in 2026.

Flight test and assembly of the remaining EMD aircraft is continuing.

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

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

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

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

The production portion of the contract includes 10 production lots for 342 T-7A Red Hawk aircraft and related services that we believe are probable of being exercised.

During the three months ended June 30, 2026, the USAF approved Milestone C and authorized the first LRIP lot for a total of 14 aircraft.

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.

At June 30, 2026, we had approximately $ 267 of capitalized precontract costs and $ 865 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

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).

In 2014, the National Aeronautics and Space Administration (NASA) 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.

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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 March 31, 2026, we had approximately $ 554 of capitalized precontract costs and $ 28 of potential termination liabilities to suppliers related to unauthorized future missions.

We had expected to launch an uncrewed mission followed by a crewed mission during 2026.

Based on recent discussions with NASA, we now expect to complete an uncrewed mission no earlier than the fourth quarter of 2026.

We and NASA are currently in discussions regarding timing and requirements for follow-on missions and the outcome of those discussions is uncertain.

Mission schedule and requirements for future missions remain critical assumptions and will be informed by the ongoing discussions with NASA.

At June 30, 2026, we had approximately $ 558 of capitalized precontract costs and $ 19 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

2025 March 31

2026 December 31

2025 March 31

2026 December 31

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

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

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

repurchase date.

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

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Current outstanding credit guarantees expire through 2036.

In May 2026, we and Lockheed each agreed to guarantee $ 500 of certain ULA credit facilities.

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

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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).

$ 300 of 3.850 % Senior Notes which matured in the second quarter of 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.

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Note 13 – Postretirement Plans

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

Pension Postretirement

2026 2025 2026 2025

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

Six months ended June 30 Three months ended June 30

Pension Plans 2026 2025 2026 2025

Service cost $ 4 $ 4 $ 2 $ 3

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Amortization of prior service credits ( 36 ) ( 37 ) ( 18 ) ( 18 )

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

Recognized net actuarial loss 310 153 155 77

Net periodic benefit cost/(income) $ 151 ($ 81 ) $ 75 ($ 39 )

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

Net periodic benefit cost included in Earnings/(loss) from operations $ 2 $ 4 $ 1 $ 3

Net periodic benefit cost/(income) included in Other income, net 147 ( 85 ) 73 ( 42 )

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

$ 75 ($ 42 ) $ 3 $ 8

Net periodic benefit expense/(income) included in Loss before income taxes $ 149 ($ 81 ) $ 74 ($ 39 )

Six months ended June 30 Three months ended June 30

Other Postretirement Plans 2026 2025 2026 2025

Service cost $ 25 $ 25 $ 13 $ 12

Interest cost 60 68 30 34

Expected return on plan assets ( 6 ) ( 6 ) ( 3 ) ( 3 )

Amortization of prior service credits ( 2 ) ( 1 )

Recognized net actuarial gain ( 70 ) ( 71 ) ( 35 ) ( 35 )

Net periodic benefit cost $ 7 $ 16 $ 4 $ 8

Net periodic benefit cost included in Earnings/(loss) from operations $ 25 $ 25 $ 13 $ 12

Net periodic benefit income included in Other income, net ( 18 ) ( 9 ) ( 9 ) ( 4 )

Net periodic benefit cost included in Loss before income taxes $ 7 $ 16 $ 4 $ 8

Note 14 – Share-Based Compensation and Other Compensation Arrangements

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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 $ 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.

Dividends paid on Mandatory convertible preferred stock were $ 172 and $ 86 for the six and three months ended June 30, 2026, compared with $ 158 and $ 86 for the same periods in 2025.

In June 2026, dividends of $ 86 were declared to holders of record as of July 1, 2026, representing $ 15.00 per share, and were paid in cash on July 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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Accumulated Other Comprehensive Loss

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

Changes in Accumulated other comprehensive loss (AOCI) by component for the six and three months ended June 30, 2026 and 2025, were as follows:

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

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

Other comprehensive income before reclassifications 46 68 114

Other comprehensive income/(loss) before reclassifications 108 206 ( 2 ) 312

Amounts reclassified from AOCI

Net current period Other comprehensive income 108 234 34 376

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

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

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

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Amounts reclassified from AOCI

( 9 ) 158 149

Net current period Other comprehensive (loss)/income

( 28 ) ( 1 ) 7 167 145

Balance at June 30, 2026 $ 36 $ 1 $ 95 ($ 10,264 ) ($ 10,132 )

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

Other comprehensive income/(loss) before reclassifications 62 138 ( 2 ) 198

Amounts reclassified from AOCI

Net current period Other comprehensive income

62 148 11 221

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

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

Other comprehensive income before reclassifications 35 24 59

Amounts reclassified from AOCI

Net current period Other comprehensive income 35 21 78 134

Balance at June 30, 2026 $ 36 $ 1 $ 95 ($ 10,264 ) ($ 10,132 )

(1) Net of tax.

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2026 December 31

2025 March 31

2026 December 31

2025 March 31

2026 December 31

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

(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

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

Six months ended June 30 Three months ended June 30

2026 2025 2026 2025

Recognized in Other comprehensive income, net of tax:

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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

Six months ended June 30 Three months ended June 30

2026 2025 2026 2025

Foreign exchange contracts

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General and administrative expense 3 3 1 1

Gains/(losses) related to undesignated derivatives on foreign exchange and commodity cash flow hedging transactions recognized in Other income, net were insignificant for the three months ended March 31, 2026 and 2025.

Based on our portfolio of cash flow hedges, we expect to reclassify gains of $ 36 (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 March 31, 2026 was $ 4 .

If we default on our five-year credit facilities, our derivative counterparties could require settlement for foreign exchange and certain

commodity contracts with original maturities of at least five years .

The fair value of those contracts in a net liability position at June 30, 2026 was $ 4 .

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

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

At June 30, 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.

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Total Level 1 Level 2 Total Level 1 Level 2

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

The following table presents the nonrecurring losses recognized for the three months ended March 31 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 six months ended June 30 due to long-lived asset impairment and the fair value of the related assets as of the impairment date:

Fair Value Total

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

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

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

These approaches are considered

estimates of net operating income, capitalization rates, and/or comparable property sales.

Level 3 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.

For Level 3 operating lease equipment that were measured at fair value on a nonrecurring basis during the period ended June 30, 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

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

March 31, 2026

June 30, 2026

Amount Total Fair

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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, 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.

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 June 30, 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).

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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.

Those representatives have until late August 2026 to decide whether to pursue any 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.

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The following table reconciles segment Revenues to Segment operating earnings:

For the three months ended March 31,

For the six months ended June 30,

2026 2025 2026 2025 2026 2025

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Segment operating (loss)/earnings ($ 885 ) ($ 1,094 ) $ 218 $ 265 $ 1,939 $ 1,992

For the three months ended June 30,

2026 2025 2026 2025 2026 2025

Revenues $ 11,751 $ 10,874 $ 7,483 $ 6,617 $ 5,344 $ 5,281

Research and development expense, net 597 558 192 221 26 30

Other segment items (1)

11,476 10,873 7,306 6,286 4,350 4,202

Segment operating (loss)/earnings ($ 322 ) ($ 557 ) ($ 15 ) $ 110 $ 968 $ 1,049

(1) Primarily includes costs of products and services and general and administrative expenses.

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BCA revenues by customer location consisted of the following:

(Dollars in millions) Three months ended March 31

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

2026 2025 2026 2025

Revenue from contracts with customers:

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Other non-U.S.

1,381 1,188 938 799

Total non-U.S.

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United States 6,890 9,144 3,483 5,361

Estimated potential concessions and other considerations to 737 MAX customers 80 5 80 5

Total revenues from contracts with customers 20,828 18,974 11,668 10,854

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

(Dollars in millions) Three months ended March 31

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

2026 2025 2026 2025

Revenue from contracts with customers:

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customers (1)

2,987 2,755 1,500 1,390

Total segment revenue from contracts with customers $ 15,082 $ 12,915 $ 7,483 $ 6,617

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government (1)

93 % 92 % 92 % 92 %

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

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BGS revenues consisted of the following:

(Dollars in millions) Three months ended March 31

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

2026 2025 2026 2025

Revenue from contracts with customers:

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government (1)

31 % 30 % 31 % 31 %

(1) Includes revenues earned from FMS.

Earnings in Equity Method Investments

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.

During the six and three months ended June 30, 2026, our share of income from equity method investments was $ 32 and $ 32 , compared to $ 30 and $ 34 during the same periods in 2025.

Income from equity method investments in 2026 and 2025 was primarily driven by investments held in Unallocated items, eliminations, and other and at our BDS segment.

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 March 31, 2026 was $ 694,709 .

Our backlog at June 30, 2026 was $ 715,261 .

We expect approximately 21 % to be converted to revenue through 2027 and approximately 62 % through 2030, with the remainder thereafter.

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Government Cost Accounting Standards (CAS).

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

Three months ended March 31

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

Six months ended June 30 Three months ended June 30

2026 2025 2026 2025

Share-based plans ($ 52 ) ($ 51 ) $ 3 ($ 21 )

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

Three months ended March 31

Six months ended June 30 Three months ended June 30

2026 2025 2026 2025

Pension FAS/CAS service cost adjustment $ 185 $ 390 $ 92 $ 197

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FAS/CAS service cost adjustment $ 310 $ 519 $ 155 $ 257

Effective June 30, 2026, we revised our presentation of segment assets to exclude investments in wholly-owned subsidiaries.

Prior period amounts have been adjusted to conform to the current period presentation.

Segment assets are summarized in the table below:

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Capital Expenditures

Three months ended March 31

Six months ended June 30 Three months ended June 30

2026 2025 2026 2025

Commercial Airplanes $ 402 $ 243 $ 227 $ 137

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Depreciation and Amortization

Three months ended March 31

Six months ended June 30 Three months ended June 30

2026 2025 2026 2025

Commercial Airplanes $ 367 $ 212 $ 177 $ 111

Defense, Space & Security

116 103 56 53

Global Services 139 146 70 73

Centrally Managed Assets (1)

547 465 293 223

Total $ 1,169 $ 926 $ 596 $ 460

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

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.

During the six months ended June 30, 2026, $ 426 was allocated to the primary business segments, of which $ 238 , $ 149 , and $ 39 was allocated to BCA, BDS and BGS, respectively.

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

During the three months ended June 30, 2026, $ 238 was allocated to the primary business segments, of which $ 133 , $ 83 , and $ 22 was allocated to BCA, BDS and BGS, respectively.

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

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 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").

We have reviewed the accompanying condensed consolidated statement of financial position of The Boeing Company and subsidiaries (the “Company”) as of June 30, 2026, the related condensed consolidated statements of operations, comprehensive income, and equity for the three-month and six-month periods ended June 30, 2026 and 2025, and of cash flows for the six-month periods ended June 30, 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.

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Seattle, Washington

April 22, 2026

July 28, 2026

FORWARD-LOOKING STATEMENTS

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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