BOEING CO 10-Q

Item 1. Financial Statements The Boeing Company and Subsidiaries Condensed Consolidated Statements of Operations (Unaudited) (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 Sales of services 6,413 6,976 3,194 3,627 Total revenues 46,777 42,245 24,560 22,749 Cost of products ( 36,518 ) ( 31,785 ) ( 19,487 ) ( 17,406 ) Cost of services ( 5,299 ) ( 5,608 ) ( 2,659 ) ( 2,908 ) Total costs and expenses ( 41,817 ) ( 37,393 ) ( 22,146 ) ( 20,314 ) 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 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 ) Loss before income taxes ( 339 ) ( 485 ) ( 365 ) ( 561 ) Income tax expense ( 96 ) ( 158 ) ( 63 ) ( 51 ) Net loss ( 435 ) ( 643 ) ( 428 ) ( 612 ) Less: Net earnings/(loss) attributable to noncontrolling interest 13 5 16 ( 1 ) Net loss attributable to Boeing shareholders ( 448 ) ( 648 ) ( 444 ) ( 611 ) Less: Mandatory convertible preferred stock dividends accumulated during the period 172 172 86 86 Net loss attributable to Boeing common shareholders ($ 620 ) ($ 820 ) ($ 530 ) ($ 697 ) Basic loss per share ($ 0.79 ) ($ 1.09 ) ($ 0.67 ) ($ 0.92 ) Diluted loss per share ($ 0.79 ) ($ 1.09 ) ($ 0.67 ) ($ 0.92 ) See Notes to the Condensed Consolidated Financial Statements. 1 Table of Contents The Boeing Company and Subsidiaries Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Dollars in millions) Six months ended June 30 Three months ended June 30 2026 2025 2026 2025 Net loss ($ 435 ) ($ 643 ) ($ 428 ) ($ 612 ) Other comprehensive income, net of tax: Currency translation adjustments ( 28 ) 108 35 62 Unrealized loss on certain investments, net of tax of $ 0 , $ 0 , $ 0 and $ 0 ( 1 ) Derivative instruments: 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/(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 ) 188 65 93 22 Amortization of prior service credits included in net periodic benefit cost, net of tax of $ 8 , $ 8 , $ 4 and $ 9 ( 30 ) ( 29 ) ( 15 ) ( 9 ) Total defined benefit pension plans and other postretirement benefits, net of tax 167 34 78 11 Other comprehensive income, net of tax 145 376 134 221 Comprehensive loss ( 290 ) ( 267 ) ( 294 ) ( 391 ) Less: 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. 2 Table of Contents The Boeing Company and Subsidiaries Condensed Consolidated Statements of Financial Position (Unaudited) (Dollars in millions, except per share data) June 30 2026 December 31 2025 Assets Cash and cash equivalents $ 7,239 $ 10,921 Short-term and other investments 12,783 18,479 Accounts receivable, net 3,515 2,921 Unbilled receivables, net 9,660 9,158 Inventories 88,388 84,679 Other current assets, net 3,045 2,301 Total current assets 124,630 128,459 Financing receivables and operating lease equipment, net 365 241 Property, plant and equipment, net of accumulated depreciation of $ 24,318 and $ 23,613 16,321 15,361 Goodwill 17,554 17,275 Acquired intangible assets, net 1,531 1,567 Deferred income taxes 152 107 Investments 1,117 1,048 Other assets, net of accumulated amortization of $ 1,138 and $ 1,014 4,200 4,177 Total assets $ 165,870 $ 168,235 Liabilities and equity Accounts payable $ 14,346 $ 13,109 Accrued liabilities 26,593 27,141 Advances and progress billings 64,059 59,404 Short-term debt and current portion of long-term debt 4,565 8,461 Total current liabilities 109,563 108,115 Deferred income taxes 260 216 Accrued retiree health care 2,027 2,091 Accrued pension plan liability, net 4,108 4,287 Other long-term liabilities 2,462 2,432 Long-term debt 41,335 45,637 Total liabilities 159,755 162,778 Shareholders’ equity: Mandatory convertible preferred stock, 6.00 % Series A, par value $ 1.00 – 20,000,000 shares authorized; 5,750,000 shares issued; aggregate liquidation preference $ 5,750 6 6 Common stock, par value $ 5.00 – 1,200,000,000 shares authorized; 1,012,261,159 shares issued 5,061 5,061 Additional paid-in capital 21,949 21,441 Treasury stock, at cost – 222,468,625 and 227,562,887 shares ( 27,416 ) ( 28,029 ) Retained earnings 16,632 17,252 Accumulated other comprehensive loss ( 10,132 ) ( 10,277 ) Total shareholders' equity 6,100 5,454 Noncontrolling interests 15 3 Total equity 6,115 5,457 Total liabilities and equity $ 165,870 $ 168,235 See Notes to the Condensed Consolidated Financial Statements. 3 Table of Contents The Boeing Company and Subsidiaries Condensed Consolidated Statements of Cash Flows (Unaudited) (Dollars in millions) Six months ended June 30 2026 2025 Cash flows – operating activities: Net loss ($ 435 ) ($ 643 ) Adjustments to reconcile net loss to net cash provided/(used) by operating activities: Non-cash items – Share-based plans expense 264 254 Treasury shares issued for 401(k) contributions 855 793 Depreciation and amortization 1,169 926 Investment/asset impairment charges, net 18 30 Gain on dispositions, net ( 79 ) ( 64 ) Other charges and credits, net 149 162 Changes in assets and liabilities – Accounts receivable ( 553 ) ( 683 ) Unbilled receivables ( 504 ) ( 908 ) Advances and progress billings 4,660 ( 616 ) Inventories ( 3,859 ) ( 374 ) Other current assets ( 642 ) 265 Accounts payable 1,381 ( 46 ) Accrued liabilities ( 1,070 ) ( 248 ) Income taxes receivable, payable and deferred ( 20 ) ( 3 ) Other long-term liabilities ( 92 ) ( 212 ) Pension and other postretirement plans ( 55 ) ( 292 ) Financing receivables and operating lease equipment, net ( 137 ) 185 Other 135 85 Net cash provided/(used) by operating activities 1,185 ( 1,389 ) Cash flows – investing activities: Payments to acquire property, plant and equipment ( 2,008 ) ( 1,101 ) Proceeds from disposals of property, plant and equipment 3 4 Proceeds from dispositions 35 Contributions to investments ( 19,444 ) ( 21,581 ) Proceeds from investments 25,090 18,847 Supplier notes receivable ( 11 ) ( 150 ) Other ( 1 ) Net cash provided/(used) by investing activities 3,629 ( 3,946 ) Cash flows – financing activities: New borrowings 35 98 Debt repayments ( 8,376 ) ( 677 ) Employee taxes on certain share-based payment arrangements ( 32 ) ( 18 ) Dividends paid on mandatory convertible preferred stock ( 172 ) ( 158 ) Other 32 30 Net cash used by financing activities ( 8,513 ) ( 725 ) Effect of exchange rate changes on cash and cash equivalents 2 34 Net decrease in cash & cash equivalents, including restricted ( 3,697 ) ( 6,026 ) Cash & cash equivalents, including restricted, at beginning of year 11,663 13,822 Cash & cash equivalents, including restricted, at end of period 7,966 7,796 Less restricted cash & cash equivalents, included in Investments 727 709 Cash and cash equivalents at end of period $ 7,239 $ 7,087 See Notes to the Condensed Consolidated Financial Statements. 4 Table of Contents The Boeing Company and Subsidiaries Condensed Consolidated Statements of Equity For the six months ended June 30, 2026 and 2025 (Unaudited) Boeing shareholders (Dollars in millions) Mandatory convertible preferred stock Common stock Additional paid-in capital Treasury stock Retained earnings Accumulated other comprehensive loss Non- controlling interests Total Balance at January 1, 2025 $ 6 $ 5,061 $ 18,964 ($ 32,386 ) $ 15,362 ($ 10,915 ) ($ 6 ) ($ 3,914 ) Net (loss)/earnings ( 648 ) 5 ( 643 ) Other comprehensive income, net of tax of ($ 76 ) 376 376 Share-based compensation 254 254 Treasury shares issued for other share-based plans, net ( 228 ) 238 10 Treasury shares issued for 401(k) contributions 248 545 793 Cash dividends declared on Mandatory convertible preferred stock ( 172 ) ( 172 ) 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 Net (loss)/earnings ( 448 ) 13 ( 435 ) Other comprehensive income, net of tax of ($ 42 ) 145 145 Share-based compensation 264 264 Treasury shares issued for other share-based plans, net ( 141 ) 143 2 Treasury shares issued for 401(k) contributions 385 470 855 Cash dividends declared on Mandatory convertible preferred stock ( 172 ) ( 172 ) 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. 5 Table of Contents The Boeing Company and Subsidiaries Condensed Consolidated Statements of Equity For the three months ended June 30, 2026 and 2025 (Unaudited) Boeing shareholders (Dollars in millions) Mandatory convertible preferred stock Common stock Additional paid-in capital Treasury stock Retained earnings Accumulated other comprehensive loss Non- controlling interests Total Balance at April 1, 2025 $ 6 $ 5,061 $ 19,008 ($ 31,879 ) $ 15,239 ($ 10,760 ) ($ 3,325 ) Net loss ( 611 ) ($ 1 ) ( 612 ) Other comprehensive income, net of tax of ($ 53 ) 221 221 Share-based compensation 119 119 Treasury shares issued for other share-based plans, net ( 14 ) 26 12 Treasury shares issued for 401(k) contributions 125 250 375 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 ) 134 134 Share-based compensation 103 103 Treasury shares issued for other share-based plans, net 1 16 17 Treasury shares issued for 401(k) contributions 174 215 389 Cash dividends declared on Mandatory convertible preferred stock ( 86 ) ( 86 ) 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. 6 Table of Contents The Boeing Company and Subsidiaries Notes to Condensed Consolidated Financial Statements Summary of Business Segment Data (Unaudited) (Dollars in millions) Six months ended June 30 Three months ended June 30 2026 2025 2026 2025 Revenues: Commercial Airplanes $ 20,954 $ 19,021 $ 11,751 $ 10,874 Defense, Space & Security 15,082 12,915 7,483 6,617 Global Services 10,714 10,344 5,344 5,281 Unallocated items, eliminations and other 27 ( 35 ) ( 18 ) ( 23 ) Total revenues $ 46,777 $ 42,245 $ 24,560 $ 22,749 Earnings/(loss) from operations: Commercial Airplanes ($ 885 ) ($ 1,094 ) ($ 322 ) ($ 557 ) Defense, Space & Security 218 265 ( 15 ) 110 Global Services 1,939 1,992 968 1,049 Segment operating earnings 1,272 1,163 631 602 Unallocated items, eliminations and other ( 978 ) ( 1,397 ) ( 630 ) ( 1,035 ) FAS/CAS service cost adjustment 310 519 155 257 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 ) Loss before income taxes ( 339 ) ( 485 ) ( 365 ) ( 561 ) Income tax expense ( 96 ) ( 158 ) ( 63 ) ( 51 ) Net loss ( 435 ) ( 643 ) ( 428 ) ( 612 ) Less: Net earnings/(loss) attributable to noncontrolling interest 13 5 16 ( 1 ) Net loss attributable to Boeing shareholders ( 448 ) ( 648 ) ( 444 ) ( 611 ) Less: Mandatory convertible preferred stock dividends accumulated during the period 172 172 86 86 Net loss attributable to Boeing common shareholders ($ 620 ) ($ 820 ) ($ 530 ) ($ 697 ) This information is an integral part of the Notes to the Condensed Consolidated Financial Statements. See Note 19 for further segment results. 7 Table of Contents The Boeing Company and Subsidiaries Notes to the Condensed Consolidated Financial Statements (Dollars in millions, except per share amounts or as otherwise stated) (Unaudited) Note 1 – Basis of Presentation The condensed consolidated interim financial statements included in this report have been prepared by management of The Boeing Company (herein referred to as “Boeing”, the “Company”, “we”, “us”, or “our”). In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary for a fair presentation are reflected in the interim financial statements. The results of operations for the period ended June 30, 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. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Goodwill 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 Substantially all contracts at our BDS segment and certain contracts at our Global Services (BGS) segment are long-term contracts with the U.S. government and other customers that generally extend over several years. Changes in estimated revenues, cost of sales and the related effect on operating income are recognized using a cumulative catch-up adjustment which recognizes in the current period the cumulative effect of the changes on current and prior periods based on a long-term contract’s percentage-of-completion. When the current estimates of total revenues and costs at completion for a long-term contract indicate a loss, a provision for the entire reach-forward loss on the long-term contract is recognized. The table below reflects the impact of net cumulative catch-up adjustments for changes in estimated revenues and costs at completion across all long-term contracts, including the impact to Earnings/(loss) from operations from changes in estimated losses on unexercised options. (In millions - except per share amounts) Six months ended June 30 Three months ended June 30 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 ($ 0.57 ) ($ 0.49 ) ($ 0.52 ) ($ 0.27 ) 8 Table of Contents Note 2 – Spirit Acquisition 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) $ 4,704 Settlement of loans, advances and other payments to Spirit 2,589 Debt repaid on Spirit’s behalf 948 Premium on assumed Spirit Exchangeable Notes 109 Exchange of Spirit share-based awards (1) 39 Fair value of total consideration $ 8,389 (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 June 30, 2026 Cash and cash equivalents $ 281 $ 281 Accounts receivable 339 396 Unbilled receivables 126 128 Inventories 1,438 1,408 Property, plant and equipment 2,419 2,447 Goodwill 9,997 10,278 Acquired intangible assets 109 173 Other assets 116 121 Accounts payable ( 953 ) ( 963 ) Accrued liabilities ( 1,784 ) ( 2,202 ) Advances and progress billings ( 97 ) ( 92 ) Short-term debt and current portion of long-term debt ( 329 ) ( 329 ) Other long-term liabilities ( 178 ) ( 140 ) Long-term debt ( 3,279 ) ( 3,279 ) Other 166 162 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 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 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 9 Table of Contents 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: 2026 2027 2028 2029 2030 Estimated revenue $ 64 $ 154 $ 162 $ 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 Basic and diluted earnings per share are computed using the two-class method, which is an earnings allocation method that determines earnings per share for common shares and participating securities. The undistributed earnings are allocated between common shares and participating securities as if all earnings had been distributed during the period. Participating securities and common shares have equal rights to undistributed earnings. Basic 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 basic weighted average common shares outstanding. 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 and Spirit Exchangeable Notes. 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. 10 Table of Contents The elements used in the computation of Basic and Diluted loss per share were as follows: (In millions - except per share amounts) Six months ended June 30 Three months ended June 30 2026 2025 2026 2025 Net loss attributable to Boeing shareholders ($ 448 ) ($ 648 ) ($ 444 ) ($ 611 ) Less: Mandatory convertible preferred stock dividends accumulated during the period 172 172 86 86 Less: earnings available to participating securities Net loss available to common shareholders ($ 620 ) ($ 820 ) ($ 530 ) ($ 697 ) Basic Basic weighted average shares outstanding 789.4 755.2 790.8 756.8 Less: 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 Diluted weighted average shares outstanding 789.4 755.2 790.8 756.8 Less: 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: Basic ($ 0.79 ) ($ 1.09 ) ($ 0.67 ) ($ 0.92 ) Diluted ( 0.79 ) ( 1.09 ) ( 0.67 ) ( 0.92 ) (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. 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) 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 Restricted stock units 0.4 0.3 Stock options 0.7 0.9 0.7 0.8 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 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. operations. 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. 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 11 Table of Contents 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. We are subject to examination in U.S. federal, state and international jurisdictions in which we operate. While U.S. 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 six months ended June 30, 2026 and 2025, consisted of the following: Accounts receivable Unbilled receivables Other current assets Financing receivables Other assets Total Balance at January 1, 2025 ($ 92 ) ($ 38 ) ($ 47 ) ($ 7 ) ($ 199 ) ($ 383 ) Changes in estimates ( 4 ) ( 5 ) ( 9 ) 3 ( 44 ) ( 59 ) Write-offs 7 1 8 Recoveries 1 1 Other 11 11 Balance at June 30, 2025 ($ 77 ) ($ 43 ) ($ 55 ) ($ 4 ) ($ 243 ) ($ 422 ) Balance at January 1, 2026 ($ 76 ) ($ 42 ) ($ 43 ) $ 0 ($ 111 ) ($ 272 ) Changes in estimates ( 9 ) 10 ( 14 ) ( 13 ) Write-offs 3 1 6 10 Recoveries 1 1 Balance at June 30, 2026 ($ 82 ) ($ 32 ) ($ 42 ) $ 0 ($ 118 ) ($ 274 ) Note 6 – Inventories Inventories consisted of the following: June 30 2026 December 31 2025 Commercial aircraft programs $ 74,375 $ 70,785 Long-term contracts in progress 642 720 Capitalized precontract costs (1) 1,222 1,411 Commercial spare parts, used aircraft, general stock materials and other 12,149 11,763 Total $ 88,388 $ 84,679 (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. See Note 10. Commercial Aircraft Programs 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 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. 12 Table of Contents 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 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 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 $ 9,660 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 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. The majority of our operating lease equipment portfolio is concentrated in the following aircraft models: June 30 2026 December 31 2025 777 Aircraft $ 164 $ 170 737 Aircraft $ 145 $ 45 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. 13 Table of Contents Note 9 – Investments Our investments, which are recorded in Short-term and other investments or Investments, consisted of the following: June 30 2026 December 31 2025 Time deposits (1) $ 11,530 $ 17,230 Equity method investments - United Launch Alliance 585 556 Equity method investments - Other (2) 486 441 Restricted cash & cash equivalents (1)(3) 727 742 Available-for-sale debt investments (1) 542 524 Equity and other investments 30 34 Total $ 13,900 $ 19,527 (1) Primarily included in Short-term and other investments on our Condensed Consolidated Statements of Financial Position. (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. See Note 18 for additional discussion. Contributions to investments and Proceeds from investments on our Condensed Consolidated Statements of Cash Flows primarily relate to time deposits and available-for-sale debt investments. Cash used for the purchase of time deposits during the six months ended June 30, 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 June 30, 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, 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 . See Note 11. 14 Table of Contents 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 six months ended June 30, 2026 and 2025. 2026 2025 Beginning balance – January 1 $ 383 $ 641 Reductions for payments made ( 19 ) ( 64 ) Reductions for concessions and other in-kind considerations ( 66 ) Changes in estimates ( 80 ) ( 5 ) 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 six months ended June 30, 2026 and 2025. 2026 2025 Beginning balance – January 1 $ 877 $ 834 Reductions for payments made, net of recoveries ( 43 ) ( 35 ) Changes in estimates 137 49 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. It is reasonably possible that we may incur costs that exceed these recorded amounts because of regulatory agency orders and directives, changes in laws and/or regulations, higher than expected costs and/or the discovery of new or additional contamination. As part of our estimating process, we develop a range of reasonably possible alternate scenarios that includes the high end of a range of reasonably possible cost estimates for all remediation sites for which we have sufficient information based on our experience and existing laws and regulations. There are some potential remediation obligations where the costs of remediation cannot be reasonably estimated. 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 six months ended June 30, 2026 and 2025. 2026 2025 Beginning balance – January 1 $ 2,797 $ 2,133 Additions for current year deliveries 129 82 Reductions for payments made ( 174 ) ( 174 ) Changes in estimates 521 298 Ending balance – June 30 $ 3,273 $ 2,339 15 Table of Contents Commercial Aircraft Trade-In Commitments In conjunction with signing definitive agreements for the sale of new aircraft, we have entered into trade-in commitments with certain customers that give them the right to trade in used aircraft at a specified price. The probability that trade-in commitments will be exercised is determined by using both quantitative information from valuation sources and qualitative information from other sources. The probability of exercise is assessed quarterly, or as events trigger a change, and takes into consideration the current economic and airline industry environments. Trade-in commitments, which can be terminated by mutual consent with the customer, may be exercised only during the period specified in the agreement and require advance notice by the customer. Trade-in commitment agreements at June 30, 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 $ 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: Total July through December 2026 $ 1,186 2027 3,679 2028 2,808 2029 2,227 2030 949 Thereafter 5,987 Total $ 16,836 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. Other Financial Commitments We have financial commitments to make additional capital contributions totaling $ 278 to certain joint ventures over the next 12 years. Standby Letters of Credit and Surety Bonds We have entered into standby letters of credit and surety bonds with financial institutions primarily relating to the guarantee of our future performance on certain contracts and security agreements. Contingent liabilities on outstanding letters of credit agreements and surety bonds aggregated approximately $ 3,479 and $ 3,295 as of June 30, 2026 and December 31, 2025. Supply Chain Financing Programs The Company has supply chain financing programs in place under which participating suppliers may elect to obtain payment from an intermediary. The Company confirms the validity of invoices from participating suppliers and agrees to pay the intermediary an amount based on invoice totals. The majority of amounts payable under these programs are due within 30 to 90 days. At June 30, 2026, and December 31, 2025, 16 Table of Contents Accounts payable included $ 2,003 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. Recoverable Costs on Government Contracts Our final incurred costs for each year are subject to audit and review for allowability by the U.S. government, which can result in payment demands related to costs they believe should be disallowed. We work with the U.S. government to assess the merits of claims and where appropriate reserve for amounts disputed. If we are unable to satisfactorily resolve disputed costs, we could be required to record an earnings charge and/or provide refunds to the U.S. government. Fixed-Price Contracts 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. 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. VC-25B Presidential Aircraft The Company’s firm fixed-price contract for the Engineering and Manufacturing Development (EMD) effort on the U.S. Air Force's (USAF) VC-25B Presidential Aircraft, commonly known as Air Force One, is a $ 4 billion program to develop and modify two 747-8 commercial aircraft. During 2025, we increased the reach-forward loss on the contract by $ 60 . The increased reach-forward loss in 2025 was due to increases in supplier costs. 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. KC-46A Tanker In 2011, we were awarded a contract from the USAF to design, develop, manufacture, and deliver four next-generation aerial refueling tankers as well as priced options for 13 annual production lots totaling 179 aircraft. 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 $ 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. During 2025, we increased the reach-forward loss on the KC-46 A Tanker program by $ 714 . The additional reach-forward loss during 2025 was primarily driven by higher estimated manufacturing and engineering costs for production support. 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. MQ-25 In the third quarter of 2018, we were awarded the MQ-25 EMD contract by the U.S. Navy. The contract is a fixed-price contract that now includes development and delivery of seven aircraft and test articles at a contract price of $ 890 . In connection with winning the competition, we recognized a reach-forward loss of $ 291 in the third quarter of 2018. We have recognized additional losses in subsequent periods. During the three months ended June 30, 2026, MQ-25 completed its first flight and the U.S. Navy approved 17 Table of Contents Milestone C. 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. T-7A Red Hawk EMD Contract & Production Options In 2018, we were awarded the T-7A Red Hawk program. 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. 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 (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. 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 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. Note 11 – Arrangements with Off-Balance Sheet Risk We enter into arrangements with off-balance sheet risk in the normal course of business, primarily in the form of guarantees. The following table provides quantitative data regarding our third-party guarantees. The maximum potential payments represent a “worst-case scenario” and do not necessarily reflect amounts that we expect to pay. The carrying amount of liabilities represents the amount included in Accrued liabilities. Maximum Potential Payments Estimated Proceeds from Collateral/Recourse Carrying Amount of Liabilities June 30 2026 December 31 2025 June 30 2026 December 31 2025 June 30 2026 December 31 2025 Contingent repurchase commitments $ 163 $ 186 $ 163 $ 186 Credit guarantees 522 15 $ 34 $ 14 Contingent Repurchase Commitments In conjunction with signing a definitive agreement for the sale of commercial aircraft, we have entered into contingent repurchase commitments with certain customers wherein we agree to repurchase the sold aircraft at a specified price, generally 10 to 15 years after delivery. 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 18 Table of Contents 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. If a future sale agreement is reached and a customer elects to exercise its right under a contingent repurchase commitment, the contingent repurchase commitment becomes a trade-in commitment. Our historical experience is that contingent repurchase commitments infrequently become trade-in commitments. Credit Guarantees We have issued credit guarantees where we are obligated to make payments to a guaranteed party in the event that the original lessee or debtor does not make payments or perform certain specified services. Generally, these guarantees have been extended on behalf of guaranteed parties with less than investment-grade credit. Current outstanding credit guarantees expire through 2036. In May 2026, we and Lockheed each agreed to guarantee $ 500 of certain ULA credit facilities. See Note 9. Other Indemnifications In conjunction with our sales of Electron Dynamic Devices, Inc. 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). As a result, we cannot estimate the maximum potential amount of future payments under these indemnities. To the extent that claims have been made under these indemnities and/or are probable and reasonably estimable, liabilities associated with these indemnities are included in the environmental liability disclosure in Note 10. Note 12 – Debt 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 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. 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. 19 Table of Contents Note 13 – Postretirement Plans 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 Interest cost 1,311 1,338 653 669 Expected return on plan assets ( 1,438 ) ( 1,539 ) ( 717 ) ( 770 ) Amortization of prior service credits ( 36 ) ( 37 ) ( 18 ) ( 18 ) Recognized net actuarial loss 310 153 155 77 Net periodic benefit cost/(income) $ 151 ($ 81 ) $ 75 ($ 39 ) 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 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 Restricted Stock Units On February 17, 2026, we granted 1,922,574 restricted stock units (RSU) to our executives as part of our long-term incentive program. The RSUs granted under this program have a grant date fair value of $ 242.18 per unit and will generally vest in three approximately equal installments on the first, second, and third anniversaries of the grant date. These RSUs will settle in common stock (on a one -for-one basis). If an executive terminates employment because of retirement, layoff, disability, or death, the executive (or beneficiary) may receive some or all of their stock units depending on certain age and service conditions. In all other cases, the RSUs will not vest and all rights to the stock units will terminate . 20 Table of Contents Note 15 – Shareholders' Equity Mandatory Convertible Preferred Stock On October 31, 2024, we issued 115,000,000 depositary shares, representing 5,750,000 shares of our 6.00 % Series A Mandatory Convertible Preferred Stock (Mandatory convertible preferred stock). The Mandatory convertible preferred stock has a $ 1,000.00 per share liquidation preference and $ 1.00 per share par value. As a result of the transaction, we received cash proceeds of $ 5,651 , net of underwriting fees and other issuance costs. Dividends are cumulative at an annual rate of 6.00 % on the liquidation preference of $ 1,000.00 per share of Mandatory convertible preferred stock and may be paid in cash, shares of our common stock or a combination of cash and shares of our common stock. 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 $ 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: Applicable Market Value of Common Stock Conversion Rate per Share of Mandatory Convertible Preferred Stock Greater than $ 171.5854 5.8280 shares of common stock Equal to or less than $ 171.5854 but greater than or equal to $ 142.9797 Between 5.8280 and 6.9940 shares of common stock, determined by dividing $ 1,000 by the applicable market value Less than $ 142.9797 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. If a fundamental change, as defined in the Certificate of Designations, occurs on or prior to October 15, 2027, then holders of Mandatory convertible preferred stock will be entitled to convert all or any portion of their shares into shares of our common stock at the fundamental change conversion rate, as defined in the Certificate of Designations, for a specified period of time and also to receive an amount to compensate such holders for unpaid accumulated dividends and any remaining future scheduled dividend payments. Other than during a fundamental change conversion period, at any time prior to October 15, 2027, holders of Mandatory convertible preferred stock may elect to convert all or any portion of their shares at a conversion rate of 5.8280 shares of common stock per share of Mandatory convertible preferred stock, subject to certain anti-dilution and other adjustments as described in the Certificate of Designations. 21 Table of Contents Accumulated Other Comprehensive Loss 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 Defined Benefit Pension Plans & Other Postretirement Benefits Total (1) Balance at January 1, 2025 ($ 178 ) $ 2 ($ 211 ) ($ 10,528 ) ($ 10,915 ) Other comprehensive income/(loss) before reclassifications 108 206 ( 2 ) 312 Amounts reclassified from AOCI 28 36 64 Net current period Other comprehensive income 108 234 34 376 Balance at June 30, 2025 ($ 70 ) $ 2 $ 23 ($ 10,494 ) ($ 10,539 ) Balance at January 1, 2026 $ 64 $ 2 $ 88 ($ 10,431 ) ($ 10,277 ) Other comprehensive (loss)/income before reclassifications ( 28 ) ( 1 ) 16 9 ( 4 ) 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 10 13 23 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 ( 3 ) 78 75 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. Note 16 – Derivative Financial Instruments Cash Flow Hedges Our cash flow hedges include foreign currency forward contracts, commodity swaps and commodity purchase contracts. We use foreign currency forward contracts to manage currency risk associated with certain expected sales and purchases through 2032. We use commodity derivatives, such as fixed-price purchase commitments and swaps to hedge against potentially unfavorable price changes for commodities used in production. Our commodity contracts hedge forecasted transactions through 2029. Derivative Instruments Not Receiving Hedge Accounting Treatment We hold certain foreign currency forward contracts which do not qualify for hedge accounting treatment. 22 Table of Contents Notional Amounts and Fair Values The notional amounts and fair values of derivative instruments in the Condensed Consolidated Statements of Financial Position were as follows: Notional amounts (1) Other assets Accrued liabilities June 30 2026 December 31 2025 June 30 2026 December 31 2025 June 30 2026 December 31 2025 Derivatives designated as hedging instruments: Foreign exchange contracts $ 5,593 $ 5,736 $ 156 $ 143 ($ 102 ) ($ 77 ) Commodity contracts 353 435 83 92 ( 1 ) Derivatives not receiving hedge accounting treatment: Foreign exchange contracts 325 320 5 3 ( 5 ) ( 10 ) Total derivatives $ 6,271 $ 6,491 $ 244 $ 238 ($ 107 ) ($ 88 ) Netting arrangements ( 62 ) ( 45 ) 62 45 Net recorded balance $ 182 $ 193 ($ 45 ) ($ 43 ) (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, 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: Foreign exchange contracts $ 4 $ 201 $ 29 $ 134 Commodity contracts 12 5 ( 5 ) 4 Gains/(losses) associated with our hedging transactions and forward points reclassified from AOCI to earnings are presented in the following table: Six months ended June 30 Three months ended June 30 2026 2025 2026 2025 Foreign exchange contracts Revenues $ 1 Costs and expenses ( 13 ) ($ 12 ) ($ 7 ) ($ 8 ) General and administrative expense 19 ( 9 ) 8 1 Commodity contracts Costs and expenses $ 4 ($ 18 ) $ 2 ($ 7 ) 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 six and three months ended June 30, 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 23 Table of Contents 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 June 30, 2026, there was no collateral posted related to our derivatives. Note 17 – Fair Value Measurements The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. Level 1 refers to fair values determined based on quoted prices in active markets for identical assets. Level 2 refers to fair values estimated using significant other observable inputs, and Level 3 includes fair values estimated using significant unobservable inputs. The following table presents our assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy. June 30, 2026 December 31, 2025 Total Level 1 Level 2 Total Level 1 Level 2 Assets Money market funds $ 2,324 $ 2,324 $ 3,793 $ 3,793 Available-for-sale debt investments: AFS - Commercial paper 210 $ 210 163 $ 163 AFS - Corporate notes 306 306 344 344 AFS - US government agencies 27 27 27 27 Other equity investments 5 5 9 9 Derivatives 182 182 193 193 Total assets $ 3,054 $ 2,329 $ 725 $ 4,529 $ 3,802 $ 727 Liabilities Derivatives ($ 45 ) ($ 45 ) ($ 43 ) ($ 43 ) Total liabilities ($ 45 ) ($ 45 ) ($ 43 ) ($ 43 ) Money market funds, available-for-sale debt investments and equity securities are valued using a market approach based on the quoted market prices or broker/dealer quotes of identical or comparable instruments. Derivatives include foreign currency and commodity contracts. Our foreign currency forward contracts are valued using an income approach based on the present value of the forward rate less the contract rate multiplied by the notional amount. Commodity derivatives are valued using an income approach based on the present value of the commodity index prices less the contract rate multiplied by the notional amount. Certain assets have been measured at fair value on a nonrecurring basis. The following table presents the nonrecurring losses recognized for the six months ended June 30 due to long-lived asset impairment and the fair value of the related assets as of the impairment date: 2026 2025 Fair Value Total Losses Fair Value Total Losses Investments ($ 17 ) ($ 28 ) Other assets $ 5 ( 2 ) Operating lease equipment $ 22 ( 1 ) Total $ 22 ($ 18 ) $ 5 ($ 30 ) 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 24 Table of Contents 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. Management reviews the publications quarterly to assess the continued appropriateness and consistency with market trends. 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 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. Fair Value Valuation Technique Unobservable Input Range Median or Average Operating lease equipment $ 22 Market approach Aircraft value publications $ 21 - $ 24 (1) Median $ 22 (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: June 30, 2026 Carrying Amount Total Fair Value Level 1 Level 2 Level 3 Assets Notes receivable, net $ 46 $ 49 $ 41 $ 8 Liabilities Debt, excluding finance lease obligations ( 45,596 ) ( 45,374 ) ( 45,374 ) December 31, 2025 Carrying Amount Total Fair Value Level 1 Level 2 Level 3 Assets Notes receivable, net $ 21 $ 21 $ 13 $ 8 Liabilities Debt, excluding finance lease obligations ( 53,848 ) ( 53,769 ) ( 53,769 ) The fair value of Notes receivable classified as Level 2 is estimated with discounted cash flow analysis using interest rates currently offered on loans with similar terms to borrowers of similar credit quality. The fair value of Notes receivable classified as Level 3 is based on our best estimate using available counterparty financial data. 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. 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, 25 Table of Contents 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). Note 18 – Legal Proceedings 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 U.S. or foreign governments for fines, penalties, compensatory and treble damages, restitution and/or forfeitures. Under U.S. 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 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. 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 We operate in three reportable segments: BCA, BDS, and BGS. All other activities fall within Unallocated items, eliminations and other. See page 7 for the Summary of Business Segment Data, which is an integral part of this note. BCA develops, produces and markets commercial jet aircraft principally to the commercial airline industry worldwide. Revenue on commercial aircraft contracts is recognized at the point in time when an aircraft is completed and accepted by the customer. BDS engages in the research, development, production and modification of the following products and related services: manned and unmanned military aircraft and weapons systems, surveillance and engagement, strategic defense and intelligence systems, satellite systems and space exploration. BDS revenue is generally recognized over the contract term (over time) as costs are incurred. 26 Table of Contents BGS provides parts, maintenance, modifications, logistics support, training, data analytics and information-based services to commercial and government customers worldwide. BGS segment revenue and costs include certain products and services provided to other segments. Revenue on commercial spare parts contracts is recognized at the point in time when a spare part is delivered to the customer. Revenue on other contracts is generally recognized over the contract term (over time) as costs are incurred. The primary profitability measurement used by our chief operating decision maker to review segment operating results is Segment operating earnings. The following table reconciles segment Revenues to Segment operating earnings: BCA BDS BGS For the six months ended June 30, 2026 2025 2026 2025 2026 2025 Revenues $ 20,954 $ 19,021 $ 15,082 $ 12,915 $ 10,714 $ 10,344 Less: Research and development expense, net 1,200 1,092 366 420 48 59 Other segment items (1) 20,639 19,023 14,498 12,230 8,727 8,293 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 Less: 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. The following tables present BCA, BDS and BGS revenues from contracts with customers disaggregated in a number of ways, such as geographic location, contract type and the method of revenue recognition. We believe these best depict how the nature, amount, timing and uncertainty of our revenues and cash flows are affected by economic factors. 27 Table of Contents BCA revenues by customer location consisted of the following: (Dollars in millions) Six months ended June 30 Three months ended June 30 2026 2025 2026 2025 Revenue from contracts with customers: Europe $ 5,107 $ 1,498 $ 2,568 $ 990 Asia 4,464 5,379 2,459 2,422 Middle East 2,906 1,760 2,140 1,277 Other non-U.S. 1,381 1,188 938 799 Total non-U.S. revenues 13,858 9,825 8,105 5,488 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 Intersegment revenues eliminated on consolidation 126 47 83 20 Total segment revenues $ 20,954 $ 19,021 $ 11,751 $ 10,874 Revenue recognized on fixed-price contracts 100 % 100 % 100 % 100 % Revenue recognized at a point in time 100 % 100 % 100 % 100 % BDS revenues on contracts with customers, based on the customer's location, consisted of the following: (Dollars in millions) Six months ended June 30 Three months ended June 30 2026 2025 2026 2025 Revenue from contracts with customers: U.S. customers $ 12,095 $ 10,160 $ 5,983 $ 5,227 Non-U.S. 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 Revenue recognized over time 100 % 100 % 100 % 100 % Revenue recognized on fixed-price contracts 60 % 58 % 58 % 58 % Revenue from the U.S. government (1) 93 % 92 % 92 % 92 % (1) Includes revenues earned from Foreign Military Sales through the U.S. government (FMS). 28 Table of Contents BGS revenues consisted of the following: (Dollars in millions) Six months ended June 30 Three months ended June 30 2026 2025 2026 2025 Revenue from contracts with customers: Commercial $ 6,033 $ 5,967 $ 3,001 $ 2,996 Government 4,471 4,168 2,243 2,172 Total revenues from contracts with customers 10,504 10,135 5,244 5,168 Intersegment revenues eliminated on consolidation 210 209 100 113 Total segment revenues $ 10,714 $ 10,344 $ 5,344 $ 5,281 Revenue recognized at a point in time 55 % 53 % 55 % 52 % Revenue recognized on fixed-price contracts 86 % 86 % 86 % 86 % Revenue from the U.S. government (1) 31 % 30 % 31 % 31 % (1) Includes revenues earned from FMS. Earnings in Equity Method Investments 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. Backlog Our total backlog includes contracts that we and our customers are committed to perform. The value in backlog represents the estimated transaction prices on performance obligations to our customers for which work remains to be performed. Backlog is converted into revenue, primarily based on the cost incurred or at delivery and acceptance of products, depending on the applicable revenue recognition model. Our backlog at June 30, 2026 was $ 715,261 . We expect approximately 21 % to be converted to revenue through 2027 and approximately 62 % through 2030, with the remainder thereafter. There is significant uncertainty regarding the timing of when backlog will convert into revenue. We may experience reductions to backlog and/or significant order cancellations due to various factors including delivery delays, production disruptions and delays to entry into service of the 777X, 737-7 and/or 737-10. 29 Table of Contents Unallocated Items, Eliminations and Other Unallocated items, eliminations and other include common internal services that support Boeing’s global business operations and eliminations of certain sales between segments. We generally allocate costs to business segments based on the U.S. Government Cost Accounting Standards (CAS). 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 ) Deferred compensation ( 107 ) ( 80 ) ( 124 ) ( 85 ) Amortization of previously capitalized interest ( 45 ) ( 42 ) ( 23 ) ( 21 ) Research and development expense, net ( 210 ) ( 183 ) ( 106 ) ( 101 ) Eliminations and other unallocated items ( 564 ) ( 1,041 ) ( 380 ) ( 807 ) Unallocated items, eliminations and other ($ 978 ) ($ 1,397 ) ($ 630 ) ($ 1,035 ) Pension and Other Postretirement Benefit Expense Pension costs are allocated to BDS and BGS businesses supporting government customers using CAS, which employ different actuarial assumptions and accounting conventions than GAAP. These costs are allocable to government contracts. Other postretirement benefit costs are allocated to business segments based on CAS, which is generally based on benefits paid. FAS/CAS service cost adjustment represents the difference between the Financial Accounting Standards (FAS) pension and postretirement service costs calculated under GAAP and costs allocated to the business segments. Non-operating pension and postretirement expenses represent the components of net periodic benefit costs other than service cost. These expenses are included in Other income, net. Components of FAS/CAS service cost adjustment are shown in the following table: Six months ended June 30 Three months ended June 30 2026 2025 2026 2025 Pension FAS/CAS service cost adjustment $ 185 $ 390 $ 92 $ 197 Postretirement FAS/CAS service cost adjustment 125 129 63 60 FAS/CAS service cost adjustment $ 310 $ 519 $ 155 $ 257 Assets 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: June 30 2026 December 31 2025 Commercial Airplanes $ 96,493 $ 91,878 Defense, Space & Security 17,379 16,604 Global Services 16,966 16,871 Unallocated items, eliminations and other 35,032 42,882 Total $ 165,870 $ 168,235 Assets included in Unallocated items, eliminations and other primarily consist of Cash and cash equivalents, Short-term and other investments, tax assets, capitalized interest and assets managed centrally on behalf of the three principal business segments and intercompany eliminations. 30 Table of Contents Capital Expenditures Six months ended June 30 Three months ended June 30 2026 2025 2026 2025 Commercial Airplanes $ 402 $ 243 $ 227 $ 137 Defense, Space & Security 204 113 122 59 Global Services 52 69 28 43 Unallocated items, eliminations and other 1,350 676 356 188 Total $ 2,008 $ 1,101 $ 733 $ 427 Capital expenditures for Unallocated items, eliminations and other relate primarily to assets managed centrally on behalf of the three principal business segments. Depreciation and Amortization 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 (1) Amounts shown in the table represent depreciation and amortization expense recorded by the individual business segments. Depreciation and amortization for centrally managed assets are allocated to business segments based on usage and occupancy. 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. 31 Table of Contents REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Shareholders of The Boeing Company Arlington, Virginia Results of Review of Interim Financial Information We have reviewed the accompanying condensed consolidated statement of financial position of The Boeing Company and subsidiaries (the “Company”) as of June 30, 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. 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 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. Basis for Review Results This condensed consolidated interim financial information is the responsibility of the Company's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our reviews in accordance with standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion. /s/ Deloitte & Touche LLP Seattle, Washington July 28, 2026 32 Table of Contents FORWARD-LOOKING STATEMENTS This report contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “should,” “expects,” “intends,” “projects,” “plans,” “believes,” “estimates,” “targets,” “anticipates,” and other similar words or expressions, or the negative thereof, generally can be used to help identify these forward-looking statements. Examples of forward-looking statements include statements relating to our future financial condition and operating results, industry projections and outlooks, plans, objectives and goals, as well as any other statement that does not directly relate to any historical or current fact. Forward-looking statements are based on expectations and assumptions that we believe to be reasonable when made, but that may not prove to be accurate. These statements are not guarantees and are subject to risks, uncertainties, and changes in circumstances that are difficult to predict. Many factors could cause actual results to differ materially and adversely from these forward-looking statements. Among these factors are risks related to: (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; (3) the overall health of our aircraft production system, production quality issues, commercial airplane production rates, our ability to successfully develop and certify new aircraft or new derivative aircraft, and the ability of our aircraft to meet stringent performance and reliability standards; (4) changing budget and appropriation levels and acquisition priorities of the U.S. government, as well as significant delays in U.S. government appropriations; (5) our dependence on our subcontractors and suppliers, as well as the availability of highly skilled labor and raw materials; (6) work stoppages or other labor disruptions; (7) competition within our markets; (8) our non-U.S. operations and sales to non-U.S. customers, including tariffs, trade restrictions and government actions; (9) changes in accounting estimates; (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. government contracts; (12) our reliance on fixed-price contracts; (13) our reliance on cost-type contracts; (14) contracts that include in-orbit incentive payments; (15) management of a complex, global IT infrastructure; 33 Table of Contents (16) compromised or unauthorized access to our, our customers’ and/or our suppliers' information and systems; (17) potential business disruptions, including threats to physical security or our information technology systems, extreme weather (including effects of climate change) or other acts of nature, and pandemics or other public health crises; (18) potential adverse developments in new or pending litigation and/or government inquiries or investigations; (19) potential environmental liabilities; (20) effects of climate change and legal, regulatory or market responses to such change; (21) credit rating agency actions and our ability to effectively manage our liquidity; (22) substantial pension and other postretirement benefit obligations; (23) the adequacy of our insurance coverage; (24) the dilutive effect of future issuances of our common stock; and (25) the preferential treatment of our 6.00% mandatory convertible preferred stock. Additional information concerning these and other factors can be found in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Any forward-looking statement speaks only as of the date on which it is made, and we assume no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law. 34 Table of Contents