Boeing
BA · NYSEAircraft · Fiscal year ends Dec 31
Boeing reported revenue of $89.5B in the fiscal year ended Dec 2025, up 34.5% from the year before. Operating income was $4.3B, an operating margin of 4.8%, and net income was $2.2B. Operating cash flow of $1.1B less capital expenditure of $2.9B left free cash flow of −$1.9B. Net debt was $51.4B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $62.3B | $66.6B | $77.8B | $66.5B | $89.5B |
| Cost of revenue | $59.2B | $63.1B | $70.1B | $68.5B | $85.2B |
| Gross profit | $3B | $3.5B | $7.7B | −$2B | $4.3B |
| Research & development | $2.2B | $2.9B | $3.4B | $3.8B | $3.6B |
| Operating income | −$2.9B | −$3.5B | −$773M | −$10.7B | $4.3B |
| Pre-tax income | −$5B | −$5B | −$2B | −$12.2B | $2.6B |
| Income tax | −$743M | $31M | $237M | −$381M | $397M |
| Net income | −$4.2B | −$4.9B | −$2.2B | −$11.8B | $2.2B |
| Diluted EPS | −7.15 | −8.30 | −3.67 | −18.36 | 2.48 |
| Diluted shares | 588M | 595M | 606M | 647M | 762M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $8.1B | $14.6B | $12.7B | $13.8B | $10.9B |
| Receivables | $2.6B | $2.5B | $2.6B | $2.6B | $2.9B |
| Current assets | $109B | $110B | $109B | $128B | $128B |
| Net PP&E | $10.9B | $10.6B | $10.7B | $11.4B | $15.4B |
| Goodwill | $8.1B | $8.1B | $8.1B | $8.1B | $17.3B |
| Total assets | $139B | $137B | $137B | $156B | $168B |
| Payables | $9.3B | $10.2B | $12B | $11.4B | $13.1B |
| Deferred revenue | $53B | $53.1B | $56.3B | $60.3B | $59.4B |
| Current liabilities | $82B | $90.1B | $95.8B | $97.1B | $108B |
| Short-term debt | $1.3B | $5.2B | $5.2B | $1.3B | $8.5B |
| Long-term debt | $57.9B | $56.8B | $52.1B | $53.6B | $53.8B |
| Total liabilities | $153B | $153B | $154B | $160B | $163B |
| Shareholders' equity | −$15B | −$15.9B | −$17.2B | −$3.9B | $5.5B |
| Backlog (remaining obligations) | $377B | $404B | $520B | $521B | $682B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −$3.4B | $3.5B | $6B | −$12.1B | $1.1B |
| Capital expenditure | $980M | $1.2B | $1.5B | $2.2B | $2.9B |
| Free cash flow | −$4.4B | $2.3B | $4.4B | −$14.3B | −$1.9B |
| Depreciation & amortisation | $2.1B | $2B | $1.9B | $1.8B | $2B |
| Stock-based compensation | $833M | $725M | $690M | $407M | $426M |
| Acquisitions | $6M | – | $70M | $50M | $1.2B |
| Dividends paid | – | – | – | – | $331M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 6.9% | 16.8% | −14.5% | 34.5% |
| Gross margin | 4.9% | 5.3% | 9.9% | −3.0% | 4.8% |
| Operating margin | −4.6% | −5.3% | −1.0% | −16.1% | 4.8% |
| Net margin | −6.7% | −7.4% | −2.9% | −17.8% | 2.5% |
| Return on equityBlank when equity is negative | – | – | – | – | 41.0% |
| ROCEEBIT ÷ (assets − current liabilities) | −5.1% | −7.5% | −1.9% | −18.1% | 7.1% |
| Free cash flow margin | −7.1% | 3.4% | 5.7% | −21.5% | −2.1% |
| Cash conversion (CFO ÷ net income) | 0.81x | −0.71x | −2.68x | 1.02x | 0.48x |
| Receivable days | 15 | 14 | 12 | 14 | 12 |
| Payable days | 57 | 59 | 62 | 61 | 56 |
| Debt ÷ equity | – | – | – | – | 11.4x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $51.2B | $47.4B | $44.6B | $41.1B | $51.4B |
| Current ratio | 1.33x | 1.22x | 1.14x | 1.32x | 1.19x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.