The Boeing Company

During 2025 options were granted (366,869 on 2/19/2025 at 120% of grant-date fair market value; 17,785 on 2/24/2025; 44,321 on 8/15/2025), with exercise prices of $221.44, $215.75 and $280.73 per share respectively in the NEO grant tables; 428,975 options were granted in 2025 at a weighted average exercise price of $227.33, and 18,729 expired and 15,150 were forfeited. Stock options were not described as repriced or modified; the premium-priced options were granted at 120% of grant-date fair market value and no repricing was reported in the passages. The filing’s words: “These stock options have an exercise price equal to 120% of the fair market value of our stock on the date of grant”. 2025 PPSOs were granted at 120% of fair market value, e.g. $221.44 per share on Feb 19, 2025, with Ortberg receiving 121,023 (DEF 14A filed 2026-03-06). On February 19, 2025 Boeing granted 366,869 premium-priced options at 120% of fair market value and 2,244,444 RSUs with $184.53 grant-date fair value. The filing’s words: “we granted 366,869 premium-priced stock options to our executive officers”. Boeing’s non-prosecution agreement with the U.S. Department of Justice, entered May 29, 2025, resolves the Department’s determination that Boeing did not fulfill its January 2021 deferred prosecution agreement relating to the Lion Air flight 610 and Ethiopian Airlines flight 302 (MAX) accidents. Boeing must pay a $244 million fine and provide $445 million of additional compensation for family members. The filing’s words: “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 million fine was accrued and expensed in 2024, and the $445 million family compensation fund was accrued and expensed in the second quarter of 2025; both are held in escrow pending final court approval of the Department’s motion to dismiss the criminal information. The filing’s words: “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”. On November 6, 2025, the U.S. District Court for the Northern District of Texas approved the Department’s motion to dismiss the criminal information against Boeing. The filing’s words: “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 seeking to overturn the district court’s approval of the dismissal motion. The filing’s words: “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”. Change in the window: the Q1 2026 10-Q said family representatives had filed a further appeal, while the Q2 2026 10-Q says they have until late August 2026 to decide whether to pursue any further appeal. The filing’s words: “Those representatives have until late August 2026 to decide whether to pursue any further appeal”. Securities class action: Boeing is 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. The filing’s words: “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”. Fewer than five civil lawsuits by family members of those who died in the MAX accidents remain pending, along with other pending MAX-related legal actions and investigations; Boeing states it cannot reasonably estimate a range of loss not covered by insurance. The filing’s words: “including fewer than five civil lawsuits by family members of those who died in the MAX accidents”. Multiple investigations and legal actions, including securities lawsuits, were initiated as a result of the January 2024 737-9 door plug accident and remain pending. The filing’s words: “Multiple investigations and legal actions, including securities lawsuits, were also initiated as a result of the January 2024 737-9 door plug accident”. As of the 2025 10-K, the Board-approved district court approval of the dismissal was on appeal to the Fifth Circuit by family representatives, and the securities class certification motion was pending in the Northern District of Illinois. The filing’s words: “however, representatives of family members appealed the Court’s decision, which appeal is pending before the U.S. Court of Appeals for the Fifth Circuit”. G&A included earnings charges of $445M in 2025 and $244M in 2024 related to agreements with the U.S. Department of Justice. The filing’s words: “includes earnings charges of $445 million and $244 million related to agreements with the U.S. Department of Justice”. Audit Committee reviewed obligations from the May 2025 non-prosecution agreement with the DOJ and whistleblower allegations (DEF 14A filed 2026-03-06). The filing’s words: “compliance-related obligations from the May 2025 non-prosecution agreement with the Department of Justice and investigations into whistleblowers’ allegations” (DEF 14A filed 2026-03-06). Boeing and the DOJ agreed a non-prosecution agreement on May 29, 2025: $244 million fine, at least $455 million compliance investment, $445 million for family members; a hearing on dismissal was held September 3, 2025, and the court had not yet ruled. The filing’s words: “Boeing will pay a fine of $244; commit to invest at least $455 in compliance, quality and safety programs over a three-year period”. Boeing and the DOJ entered a non-prosecution agreement on May 29, 2025 with a $244 fine and $445 compensation fund held in escrow; the court approved the dismissal motion Nov 6, 2025 and family representatives appealed to the Fifth Circuit. The Board appointed Ryan L. Shedd as Senior Vice President and Controller, effective the first business day after the Company files its Form 10-K for fiscal 2026, and he will act as principal accounting officer. He succeeds Michael J. Cleary, who plans to retire in 2027. Shedd joins in September 2026 as Senior Vice President, Finance. He is not a CEO or CFO change. The filing’s words: “appointed Ryan L. Shedd as the Company’s Senior Vice President and Controller”. The Board elected Bradley D. Tilden, former Chairman, President and CEO of Alaska Air Group, as a director effective December 3, 2025. He joins the Aerospace Safety Committee and the Finance Committee. This is a new director, not a CEO or CFO change. The filing’s words: “elected Bradley D. Tilden, former Chairman, President and Chief Executive Officer of Alaska Air Group, Inc., as a director effective December 3, 2025”. Jesus Malave, Jr. has served as Executive Vice President and Chief Financial Officer since August 2025, succeeding Brian J. West, who is now listed as former Chief Financial Officer. This is a CFO change. The filing’s words: “Executive Vice President and Chief Financial Officer since August 2025”. Other executive role statements in the 10-K list: Stephen K. Parker became Executive Vice President and President and CEO of Boeing Defense, Space & Security effective July 2025; Jeffrey S. Shockey became Executive Vice President of Government Operations, Global Public Policy & Corporate Strategy effective February 2025; Stephanie F. Pope has been President and CEO of Boeing Commercial Airplanes since March 2024. The filing’s words: “Executive Vice President; President and Chief Executive Officer of Boeing Defense, Space & Security since July 2025”. Jesus Malave, Jr. was elected Executive Vice President and CFO effective August 15, 2025; Brian West, the prior CFO, became Special Advisor to the CEO (DEF 14A filed 2026-03-06). The filing’s words: “Mr. Malave was elected Executive Vice President and Chief Financial Officer effective August 15, 2025” (DEF 14A filed 2026-03-06). Brian West notified the company he will resign as Special Advisor to the CEO in March 2026 and will forfeit 20,706 RSUs, 13,326 PSUs and 41,493 PPSOs (DEF 14A filed 2026-03-06). The filing’s words: “which consist of 20,706 RSUs, 13,326 PSUs and 41,493 PPSOs” (DEF 14A filed 2026-03-06). Jesus Malave, Jr. became CFO in August 2025; Stephen Parker became head of BDS in July 2025; Jeffrey Shockey joined Feb 2025. On December 1, 2025, Boeing’s Board elected Bradley D. Tilden, former Chairman, President and CEO of Alaska Air Group, as a director effective December 3, 2025. The filing’s words: “the Board of Directors of The Boeing Company (the “Company”) elected Bradley D. Tilden, former Chairman, President and Chief Executive Officer of Alaska Air Group, Inc., as a director effective December 3, 2025”. On December 1, 2025, Boeing’s Board of Directors “elected Bradley D. Tilden, former Chairman, President and Chief Executive Officer of Alaska Air Group, Inc., as a director effective December 3, 2025.” Mr. Tilden will serve on the Aerospace Safety Committee and the Finance Committee (8-K filed 2025-12-03, Item 5.02).

Ulta: Vulcan launch anomaly paused ULA launches, negatively affecting ULA (50% owned). Spirit Acquisition closed December 8, 2025 for total consideration of $8.39 billion; allocation remains preliminary, with provisional goodwill of $10.3 billion assigned to BCA. Spirit acquisition closed December 8, 2025 for total consideration of $8.39 billion; provisional goodwill of $10.4 billion assigned to BCA; allocation still preliminary. The filing contains no going-concern doubt language; it states Boeing expects to access capital markets and holds $6.2 billion cash and $16.8 billion short-term investments. Total shareholders' deficit was $(8,250) million and total equity $(8,253) million at September 30, 2025, versus $(3,914) million at year-end 2024.

On August 24, 2026, Boeing entered into a $3.0 billion, 364-day revolving credit agreement with Citibank, N.A. and JPMorgan Chase Bank, N.A. as joint lead arrangers, replacing its prior $3.0 billion, 364-day facility that was scheduled to terminate on August 24, 2026. The passages give no amount drawn, so no cash proceeds are stated, and no registration statement or planned size or price is referenced. Pricing of the 364-Day Credit Agreement: a commitment fee of 0.125% to 0.300% per annum, depending on Boeing’s credit rating, and SOFR-based borrowings at Term SOFR plus 1.250% to 1.700% per annum, depending on credit rating. The prior 364-day credit facility, which expired in August 2026, replaced a $3.00 billion three-year revolving credit agreement scheduled to terminate in August 2025. As of December 31, 2025, Boeing had $10.0 billion available under credit line agreements. Earlier financing outside the window: on October 31, 2024, Boeing issued 115,000,000 depositary shares representing 5,750,000 shares of 6.00% Series A Mandatory Convertible Preferred Stock at a $1,000.00 liquidation preference per share, for net cash proceeds of $5.65 billion after underwriting fees and issuance costs. The passages do not show the offering’s planned size or price. Spirit AeroSystems acquisition closed Dec 8, 2025; total consideration $8.37 billion including $4.70 billion of Boeing stock (22.98M shares at 0.1955 exchange ratio). Malave received new hire awards of $18.0M: $8.5M cash, RSUs $5.0M and PPSOs $4.5M exercisable at $280.73; cash repayable if he leaves within two years (DEF 14A filed 2026-03-06). Oct 2024 offerings: 129,375,000 common shares from treasury for net proceeds of $18,181, and 5,750,000 6.00% mandatory convertible preferred shares for net proceeds of $5,651. 2024 financing: common stock issuance of $18.2 billion and mandatory convertible preferred issuance of $5.66 billion; preferred dividends paid in 2025 were $331M. Nine-month 2025 new borrowings were $138M versus $10.1 billion in 2024; debt repayments were $721M versus $4.82 billion. Shares outstanding on the 10-K cover were 785,347,096 as of January 23, 2026. Stock options outstanding at December 31, 2025 totaled 1,299,095 shares at a weighted average exercise price of $239.49, with 721,844 exercisable at $254.33. Potential common shares excluded from diluted EPS for the six months ended June 30, 2026 included 0.7 million stock options, and 36.9 million potential shares from convertible instruments were antidilutive; shares outstanding rose from 756,157,695 (2025-07-22) to 790,370,020 (2026-07-21). Weighted average diluted common shares rose to 790.6 million in Q2 2026 from 756.6 million in Q2 2025, and to 788.0 million in Q1 2026 from 753.4 million in Q1 2025. Shares outstanding were 788,302,331 at April 15, 2026; treasury shares 224,344,344; 37.0M potential shares excluded as antidilutive. On Feb 17, 2026, 1,922,574 RSUs granted to executives at $242.18 grant-date fair value. Mandatory convertible preferred (6.00%) converts about Oct 15, 2027 into 5.8280–6.9940 common shares each; dividends of up to $345M per year. Shares outstanding were 785,347,096 at Jan 23, 2026. Shares outstanding were 790,370,020 as of July 21, 2026; treasury shares fell to 222,468,625 from 227,562,887. On February 17, 2026 Boeing granted 1,922,574 RSUs to executives at a grant-date fair value of $242.18 per unit. The 6.00% Series A mandatory convertible preferred (5,750,000 shares) converts automatically October 15, 2027 into 5.8280 to 6.9940 common shares per share. As of October 22, 2025, 760,095,468 common shares were outstanding; the 6.00% mandatory convertible preferred (5,750,000 shares, $5.75 billion liquidation preference) converts October 15, 2027 into 5.8280 to 6.9940 common shares each. Treasury shares fell to 227,562,887 at Dec 31, 2025; 22,977,008 shares were issued for Spirit on Dec 8, 2025; 1,012,261,159 shares issued. As of December 31, 2025 there were 784,669,191 shares outstanding; as of the February 17, 2026 record date approximately 785,844,140 were outstanding, of which approximately 785,804,913 were eligible to vote (DEF 14A filed 2026-03-06). Footnote lists shares including options vesting within 60 days: Gerry 45,528; Pope 19,684; West 78,230; Malave, Ortberg and Shockey 0; group of 23 people 79,006 (DEF 14A filed 2026-03-06). Principal holders: Vanguard 70,989,325 shares (9.0%), FMR 54,979,044 (7.0%), BlackRock 52,979,795 (6.8%) (DEF 14A filed 2026-03-06). Diluted weighted average shares were 790.6 million in Q2 2026 versus 756.6 million; treasury shares outstanding fell to 222,468,625 from 227,562,887. Treasury shares were 252,587,506 versus 263,044,840 at year-end; 1,012,261,159 shares issued; total shareholders' deficit was $8.25 billion; diluted weighted shares in Q3 were 759.9M versus 618.6M. The cover page lists Boeing’s registered securities: common stock ($5.00 par value, BA) and depositary shares each representing a 1/20th interest in a share of 6.00% Series A Mandatory Convertible Preferred Stock (BA-PRA), both on the New York Stock Exchange.

Total debt was $45.9 billion at June 30, 2026, down from $54.1 billion at December 31, 2025, with $4.6 billion classified as short-term. At March 31, 2026, total debt was $47.2 billion, with $2.9 billion classified as short-term. Debt excluding finance lease obligations had a carrying amount of $45.6 billion at June 30, 2026, against a fair value of $45.4 billion. Revolving credit facilities: a $3.0 billion 364-day facility expiring August 2026 (one-year term-out option to August 2027), a $3.0 billion five-year facility expiring August 2028, and a $4.0 billion five-year facility expiring May 2029; $10.0 billion of unused borrowing capacity remained. The company states it is in compliance with all covenants in its debt and credit facility agreements. The most restrictive covenants are limits on mortgage debt and sale-leaseback transactions as a percentage of consolidated net tangible assets, and on consolidated debt as a percentage of total capital. Credit ratings: Fitch BBB- with positive outlook (affirmed June 2026), S&P BBB- stable, Moody’s Baa3 stable; all investment grade. Spirit AeroSystems senior notes: $300 million of 3.850% notes matured in Q2 2026, and $700 million of 4.600% notes are due 2028. Boeing guarantees the Spirit Senior Notes fully and unconditionally on a senior unsecured basis, ranking equally with its other senior unsecured debt. Spirit Exchangeable Notes: $230 million of 3.250% notes due November 1, 2028, assumed in the Spirit Acquisition, exchangeable at an initial rate of 6.7067 Boeing shares per $1,000 principal; the company may settle in cash and/or shares. At December 31, 2025, total debt was $54.1 billion (2024: $53.9 billion), and short-term debt and current portion was $8.46 billion. Debt in the year-end table was carried at rates from 2.20% to 8.75% with maturities through 2064. In December 2025, as a result of the Spirit Acquisition, the company assumed $3.61 billion of debt, of which $2.26 billion was immediately repaid. Interest incurred, including capitalized amounts, was $2.96 billion in 2025, $2.87 billion in 2024 and $2.56 billion in 2023. Boeing and Lockheed Martin each agreed in May 2026 to guarantee $500 million of certain ULA credit facilities maturing July 30, 2027, while ULA’s Vulcan launches are suspended; the company expects to provide additional financial support and could incur losses if ULA cannot resume Vulcan launches. Credit guarantees (payment obligations if an original lessee or debtor defaults) are generally extended for parties with less than investment-grade credit and expire through 2036. Standby letters of credit and surety bonds aggregated approximately $3.48 billion at June 30, 2026, up from $3.30 billion at December 31, 2025. Financing commitments totaled $16.8 billion at June 30, 2026, of which $11.7 billion relate to customers the company believes have less than investment-grade credit; the company concluded no reserve is required. Other indemnifications: for Electron Dynamic Devices, Rocketdyne Propulsion and Power sales, Boeing indemnifies buyers for pre-closing environmental conditions for an indefinite period; the maximum potential payment cannot be estimated. Financial commitments to make additional capital contributions to certain joint ventures total $278 million over the next 12 years. Covenant compliance was also stated at March 31, 2026 and December 31, 2025 in the company’s filings. Total debt fell to $47.2 billion from $54.1 billion; $2.9 billion short-term; $6.95 billion debt repaid in Q1. Boeing guarantees Spirit’s $300M 3.850% notes due 2026 and $700M 4.600% notes due 2028; the company is in covenant compliance. Credit facilities: $3.0B 364-day (Aug 2026), $3.0B five-year (Aug 2028), $4.0B five-year (May 2029); $10.0B unused capacity; ratings BBB-/Baa3 stable. Net debt repayment cited as cause of lower interest expense ($616M vs $708M). Debt totaled $54.1B at Dec 31, 2025 ($8.5B short-term), up from $53.9B; $230M of 3.250% Spirit Exchangeable Notes due Nov 1, 2028 assumed. Credit facilities: new $3.0B 364-day revolver (Aug 2026), $3.0B expiring Aug 2028, $4.0B expiring May 2029; $10.0B unused capacity; ratings BBB-/Baa3 with outlooks revised to stable. Spirit’s $300M 3.850% Senior Notes matured in Q2 2026; $700M 4.600% Senior Notes due 2028 remain, guaranteed by Boeing. Credit ratings: Fitch BBB- revised to positive outlook in June 2026; S&P BBB- stable; Moody’s Baa3 stable. Total debt was $53.4 billion at September 30, 2025 (down from $53.9 billion), with $8.7 billion short-term; $10.0 billion was available under credit lines and Boeing was in covenant compliance. Short-term debt and current portion of long-term debt rose to $8.74 billion from $1.28 billion, while long-term debt fell to $44.6 billion from $52.6 billion. Total debt was $54,098 at Dec 31, 2025 vs $53,864; short-term debt and current portion was $8,461 vs $1,278. In August 2025 Boeing entered a $3,000 364-day revolver; $10,000 is available under credit lines and covenant compliance is stated. In the Spirit Acquisition Boeing assumed $3,608 of debt and immediately repaid $2,260; remaining includes Spirit notes guaranteed by Boeing and $230 3.250% Exchangeable Notes due 2028. Scheduled debt principal payments: $8,351 in 2026, $4,403 in 2027, $2,739 in 2028, $2,508 in 2029, $5,274 in 2030. Interest incurred was $2,956 in 2025. Financing commitments were $15,229 (of which $11,904 relate to less-than-investment-grade customers); letters of credit and surety bonds about $3,295. Boeing has $10.0 billion of credit facilities, which remain undrawn; first-half debt repayments were $8.38 billion versus new borrowings of $35 million. Full-year 2025 new borrowings were $165M and debt repayments $3.62 billion; short-term debt was $8.46 billion and long-term debt $45.6 billion. On August 24, 2026 Boeing entered into a $3.0 billion 364-day revolving credit agreement with Citibank and JPMorgan as joint lead arrangers, replacing its previous $3.0 billion 364-day facility that was due to terminate August 24, 2026. The commitment fee is 0.125%-0.300% per annum depending on credit rating; SOFR-based borrowings bear interest at Term SOFR plus 1.250%-1.700%; other borrowings at the highest of base rate, fed funds plus 0.50%, or one-month Term SOFR plus 1.00%, plus 0.250%-0.700%. The 364-day facility terminates August 23, 2027, with Boeing able to convert borrowings into term loans maturing one year after termination, or request a 364-day extension. Covenants limit consolidated debt to 60% of total capital, restrict liens and mergers, and require minimum liquidity of $5.0 billion; events of default are listed, with acceleration on continuing default. On August 24, 2026 the 2024 Five-Year ($4.0 billion, now terminating May 15, 2030) and 2023 Five-Year ($3.0 billion, now terminating August 24, 2029) credit agreements were amended to extend terms 365 days and add a $5.0 billion minimum liquidity covenant. Consolidated debt was $53.4B versus $53.3B at Q2; $10.0B credit facilities are undrawn; short-term debt rose to $8.74 billion from $1.28 billion at year-end. BDS revenue from the U.S. government was 93% (92% prior year); BGS 32% (30%). 35% of 2025 revenues came from U.S. government contracts including FMS. BDS derives 93% of six-month revenue from the U.S. government, and BGS 31%. Revenue from the U.S. government was 91% of BDS and 30% of BGS revenue for the nine months of 2025. U.S. government was 35%, 42% and 37% of consolidated revenues in 2025, 2024, 2023. Q4 orders included 105 737-10 and 5 787-9 for Alaska Airlines and 65 777-9 for Emirates; total backlog $682.2 billion. Q3 net orders included 50 787s for Turkish Airlines and 30 737-8s for Norwegian Group; 161 net orders in total. The company reports three reportable segments: Commercial Airplanes (BCA), Defense, Space & Security (BDS), and Global Services (BGS). All other activities fall within Unallocated items, eliminations and other. Six months ended June 30, 2026 segment revenues were: Commercial Airplanes $21.0 billion; Defense, Space & Security $15.1 billion; Global Services $10.7 billion; Unallocated items, eliminations and other $27 million; total revenues $46.8 billion. Three months ended June 30, 2026 segment revenues were: Commercial Airplanes $11.8 billion; Defense, Space & Security $7.48 billion; Global Services $5.34 billion; total revenues $24.6 billion. Six months ended June 30, 2026 segment operating results: Commercial Airplanes loss of $885 million; Defense, Space & Security earnings of $218 million; Global Services earnings of $1.94 billion; total segment operating earnings $1.27 billion. Three months ended June 30, 2026 segment operating results: Commercial Airplanes loss of $322 million; Defense, Space & Security loss of $15 million; Global Services earnings of $968 million; total segment operating earnings $631 million. Six months ended June 30, 2026 Commercial Airplanes revenue by customer location: Europe $5.11 billion; Asia $4.46 billion; Middle East $2.91 billion; Other non-U.S. $1.38 billion; total non-U.S. $13.9 billion; United States $6.89 billion. Six months ended June 30, 2026 Defense, Space & Security revenue from contracts with customers by customer location: U.S. customers $12.1 billion; non-U.S. customers $2.99 billion (includes Foreign Military Sales through the U.S. government). The filing gives Global Services revenue only by commercial and government customer type ($6.03 billion commercial and $4.47 billion government for six months ended June 30, 2026), not by geography; the 10-Q does not give consolidated revenue by geography. Q1 2026 revenues were $22.2 billion versus $19.5 billion in Q1 2025, an increase of $2.72 billion. Earnings from operations were $448 million versus $461 million; operating margin 2.0% versus 2.4%. Net loss was $7 million versus $31 million; loss attributable to common shareholders $90 million versus $123 million; diluted loss per share $(0.11) versus $(0.16). Net cash used by operating activities was $179 million versus $1.62 billion a year earlier. Core operating earnings were $293 million versus $199 million; core loss per share $(0.20) versus $(0.49). Segment results Q1 2026: BCA revenue $9.20 billion and loss $563M; BDS revenue $7.60 billion and earnings $233M; BGS revenue $5.37 billion and earnings $971M. BCA revenue from Europe rose to $2.54 billion from $508M while Asia fell to $2.01 billion from $2.96 billion. Backlog was $694.7 billion at March 31, 2026 versus $682.2 billion at December 31, 2025. FY2025 revenue was $89.5 billion versus $66.5 billion in 2024 and $77.8 billion in 2023. Earnings from operations were $4.28 billion in 2025 versus a loss of $10.7 billion in 2024; net earnings attributable to Boeing shareholders were $2.24 billion versus a loss of $11.8 billion; diluted EPS $2.48 versus ($18.36). Operating cash flow was $1.07 billion in 2025 versus cash used of $12.1 billion in 2024. Cost of sales was 95.2% of revenue in 2025 versus 103.0% in 2024; cost of sales rose $16.7 billion. Segment 2025 revenue/operating result: BCA $41.5 billion / ($7.08 billion); BDS $27.2 billion / ($128M); BGS $20.9 billion / $13.5 billion. Non-U.S. customers were 46% of total revenues and 60% of BCA customer-contract revenue in 2025. BGS earnings included a $9.57 billion gain on the Digital Aviation Solutions Divestiture, sold to Thoma Bravo for $10.6 billion on Oct 31, 2025. Backlog rose to $682.2 billion from $521.3 billion; BCA backlog $567.3 billion. Q2 2026 revenue was $24.6 billion versus $22.7 billion in Q2 2025; six-month revenue was $46.8 billion versus $42.2 billion. Earnings from operations were $156M in Q2 2026 versus a loss of $176M in Q2 2025; six-month earnings were $604M versus $285M. Net loss attributable to Boeing shareholders was $444M in Q2 2026, with diluted loss per share of $0.67. Both the quarterly loss and the six-month loss were narrower than in the same periods of 2025. Operating cash flow was $1.19 billion provided in the first six months of 2026 versus $1.39 billion used in 2025. Cost of sales rose 12% for six months and 9% for the quarter, to 89.4% and 90.2% of revenues; G&A fell to $1.43 billion in Q2 from $1.79 billion. BDS US government revenue was 93% of segment revenue for six months; 27% of BDS backlog is non-U.S. Total backlog was $715.3 billion versus $682.2 billion at year-end; about 21% expected to convert through 2027. Net income for 2025 was $2.24 billion versus a $11.8 billion loss in 2024; free cash flow was $(1,877) million versus $(14,310) million (DEF 14A filed 2026-03-06). Commercial deliveries rose 72% vs 2024 to 600 aircraft; total backlog approximately $680 billion at year-end 2025 (DEF 14A filed 2026-03-06). Global services ended 2025 with record orders of $28 billion and record backlog of $30 billion (DEF 14A filed 2026-03-06). CEO Ortberg 2025 total compensation was $23,581,389, about 166 times median employee pay of $141,933 (DEF 14A filed 2026-03-06). Q3 2025 revenues were $23.3 billion versus $17.8 billion in Q3 2024, with a loss from operations of $4.78 billion versus $5.76 billion. Q3 2025 net loss attributable to Boeing shareholders was $5.34 billion and diluted loss per share was $7.14, versus $6.17 billion and $9.97 a year earlier. Nine-month 2025 revenues rose to $65.5 billion from $51.3 billion, and net loss attributable to Boeing shareholders narrowed to $5.99 billion from $7.95 billion. Nine-month 2025 net cash used by operating activities was $266 million versus $8.63 billion in 2024. Cost of sales was 110.2% of revenues in Q3 2025 versus 119.7% in Q3 2024. Commercial Airplanes nine-month revenue was $30.1 billion with a segment loss of $6.45 billion; BDS had $19.8 billion revenue and $379 million earnings; BGS had $15.7 billion revenue and $2.93 billion earnings. BCA nine-month revenue by region: Europe $3.79 billion, Asia $8.89 billion, Middle East $3.03 billion, other non-U.S. $1.97 billion, United States $12.3 billion. Backlog was $635.7 billion at September 30, 2025 versus $521.3 billion at December 31, 2024. Total revenues were $89,463 in 2025 vs $66,517 in 2024 and $77,794 in 2023. Segment operating results 2025: BCA loss $7,079, BDS loss $128, BGS earnings $13,474 including a $9,566 gain on the Digital Aviation Solutions divestiture; 2024: BCA loss $7,969, BDS loss $5,413, BGS earnings $3,618. Revenue by region 2025: Asia $16,466, Europe $11,419, Middle East $7,023, US $48,083; non-U.S. total $41,380. Backlog was $682,207 at Dec 31, 2025; about 13% converts in 2026 and 55% through 2029. 2025 operating cash flow was $1.07 billion versus ($12,080) million in 2024; free cash flow was ($1,877) million versus ($14,310) million after capex of $2.94 billion vs $2.23 billion (DEF 14A filed 2026-03-06). Diluted EPS was $2.48 in 2025 versus ($18.36) in 2024; core EPS was $1.19 versus ($20.38); diluted weighted shares were 762.3 million vs 646.9 million (DEF 14A filed 2026-03-06). Q2 2026 revenue was $24.6 billion, up 8% from $22.7 billion; GAAP operating earnings were $156 million versus a loss of $176 million. Q2 2026 net loss was $428 million versus $612 million, with diluted loss per share of $0.67 versus $0.92; core loss per share was $0.76 versus $1.24. First half 2026 revenue was $46.8 billion, up 11%; operating earnings were $604 million versus $285 million; net loss was $435 million versus $643 million; diluted loss per share was $0.79 versus $1.09. Q2 operating cash flow was $1.36 billion versus $227 million; first-half operating cash flow was $1.19 billion versus an outflow of $1.39 billion. Q2 free cash flow was $631 million versus negative $200 million; first-half free cash flow was negative $823 million versus negative $2.49 billion. Commercial Airplanes Q2 revenue was $11.8 billion with a loss from operations of $322 million (margin (2.7)%); deliveries were 171 versus 150. Defense, Space & Security Q2 revenue was $7.48 billion, with an operating loss of $15 million versus earnings of $110 million. Global Services Q2 revenue was $5.34 billion with earnings of $968 million (18.1% margin) versus $1.05 billion (19.9%). Total backlog reached a record $715.3 billion versus $682.2 billion at year-end 2025. The acquisition includes Spirit’s Boeing-related commercial operations: 737 fuselages, major structures for the 767, 777 and 787, and commercially procured fuselages for the P-8 and KC-46. Q1 2026 revenue was $22.2 billion versus $19.5 billion in Q1 2025, up 14%. Earnings from operations were $448 million versus $461 million, down 3%; operating margin 2.0% versus 2.4%. Net loss was $7 million versus $31 million; diluted loss per share was $0.11 versus $0.16; core loss per share was $0.20 versus $0.49. Core operating earnings rose 47% to $293 million; core operating margin 1.3% versus 1.0%. Operating cash flow was negative $179 million versus negative $1.62 billion; free cash flow was negative $1.45 billion versus negative $2.29 billion. Commercial Airplanes revenue was $9.20 billion with a loss from operations of $563 million (margin -6.1%); deliveries were 143 versus 130. Defense, Space & Security revenue was $7.60 billion, up 21%, with earnings of $233 million (3.1% margin). Global Services revenue was $5.37 billion, up 6%, with earnings of $971 million (18.1% margin) reflecting the Digital Aviation Solutions divestiture. Total backlog reached a record $694.7 billion versus $682.2 billion at year-end; Commercial Airplanes booked 140 net orders. Q4 2025 revenue was $23.9 billion, up 57% from $15.2 billion in Q4 2024. Q4 2025 earnings from operations were $8.78 billion (36.7% margin) versus a loss of $3.77 billion in Q4 2024; full year was $4.28 billion versus a loss of $10.7 billion. Q4 net earnings were $8.22 billion versus a loss of $3.86 billion; full year net earnings were $2.24 billion versus a loss of $11.8 billion. Diluted EPS was $10.23 (Q4) and $2.48 (full year). Operating cash flow turned positive in Q4 2025 against an outflow in Q4 2024, and turned positive for full-year 2025 against an outflow in full-year 2024. Full-year free cash flow nonetheless remained negative. Gross margin proxy: Q4 2025 revenue less total costs and expenses was $1.81 billion versus -$1.59 billion; full year $4.29 billion versus -$1.99 billion. Operating expenses: full-year G&A was $6.09 billion (vs. $5.02 billion) and R&D was $3.62 billion (vs. $3.81 billion); Gain on dispositions was $9.67 billion. Core operating earnings were $8.52 billion in Q4 and $3.24 billion for the full year; core EPS was $9.92 and $1.19. Q4 segment revenue: Commercial Airplanes $11.4 billion, Defense Space & Security $7.42 billion, Global Services $5.21 billion; full year $41.5 billion, $27.2 billion, $20.9 billion. Segment operating results full year: Commercial Airplanes loss $7.08 billion, DS&S loss $128M, Global Services earnings $13.5 billion. Global Services Q4 operating margin of 202.4% reflects the $9.6 billion Digital Aviation Solutions gain on sale. Boeing issued a press release on July 28, 2026 reporting its second quarter 2026 financial results, furnished as Exhibit 99.1; the 8-K itself gives no financial figures. Q3 2025 revenue was $23.3 billion versus $17.8 billion in Q3 2024, up 30%; nine-month revenue was $65.5 billion versus $51.3 billion, up 28%. Q3 2025 loss from operations was $4.78 billion (margin -20.5%) versus $5.76 billion (-32.3%) a year earlier; nine-month loss was $4.50 billion versus $6.94 billion. Q3 2025 net loss was $5.34 billion versus $6.17 billion; diluted loss per share was $7.14 versus $9.97; nine-month net loss was $5.98 billion and loss per share $8.25 versus $12.91. Q3 2025 operating cash flow was $1.12 billion versus -$1.35 billion; free cash flow was $238M versus -$1.96 billion; nine-month operating cash flow was -$266M and free cash flow -$2.25 billion. Core operating loss was $5.05 billion in Q3 2025 (margin -21.7%) versus $5.99 billion; core loss per share was $7.47 versus $10.44. Commercial Airplanes Q3 revenue was $11.1 billion (up 49%) with an operating loss of $5.35 billion; 160 deliveries versus 116. Defense, Space & Security Q3 revenue was $6.90 billion with operating earnings of $114M (1.7%) versus a $2.38 billion loss a year ago. Global Services Q3 revenue was $5.37 billion (up 10%) with operating earnings of $938M and a 17.5% margin. Total backlog was $635.7B versus $521.3B at year-end 2024, with Commercial Airplanes at $534.6B. On April 22, 2026, Boeing issued a press release reporting its financial results for the first quarter of 2026, furnished as Exhibit 99.1; the 8-K itself contains no figures for revenue, margin, income, EPS or cash flow. Boeing issued a press release on January 27, 2026 reporting its financial results for the fourth quarter of 2025, furnished as Exhibit 99.1. The 8-K itself contains no revenue, margin, income, EPS or cash flow figures. Boeing issued a press release on October 29, 2025 reporting its third quarter 2025 financial results, furnished as Exhibit 99.1; the 8-K itself contains no figures for revenue, margin, income, EPS or cash flow.

The auditor is Deloitte & Touche LLP (Seattle, Washington), which signed the report dated January 30, 2026; it has served as the Company’s auditor since at least 1934. Opinion on the financial statements: unqualified. The financial statements (as of December 31, 2025 and 2024, and for each of the three years ended December 31, 2025) are presented fairly, in all material respects, in conformity with U.S. GAAP. Opinion on internal control over financial reporting: unqualified; the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, under COSO 2013. The audit excluded Spirit AeroSystems Holdings, Inc., acquired December 8, 2025, whose financial statements are about 9 percent of total assets and less than 1 percent of each of total revenues and earnings from operations. Critical audit matters named: (1) Cost Estimates for Fixed-Price Development Contracts (KC-46A Tanker, Commercial Crew, VC-25B Presidential Aircraft, T-7A Redhawk, MQ-25; Notes 1 and 15); (2) Program Accounting Estimates for the 777X program (Notes 1 and 9), with about $4.9 billion of reach-forward losses recognized in 2025; (3) Program Accounting Estimates for the 737 program (production rate schedule; Notes 1 and 9). Deloitte & Touche LLP issued a review report on the interim information, noting no material modifications needed; it had given an unqualified opinion on 2025 statements dated January 30, 2026. Deloitte & Touche LLP is the independent auditor; it was reappointed for 2026 and is put to shareholder ratification (DEF 14A filed 2026-03-06). Deloitte audit fees were $39.1M in 2025 vs $37.2M in 2024; audit-related fees $4.5M in 2025 (none in 2024), reimbursed by the buyer of the digital aviation business; other fees $0.2M in 2024 only (DEF 14A filed 2026-03-06). Deloitte & Touche LLP gave an unqualified opinion on the financial statements as of Dec 31, 2025 and 2024, and has served as auditor since at least 1934. Shareholders ratified Deloitte & Touche LLP as independent auditor for 2026: 633,969,482 for, 21,574,114 against, 3,174,274 abstain. At June 30, 2026, the CEO and CFO concluded disclosure controls and procedures are effective. No material weakness is stated. For Q2 2026, the company reported no changes in internal control over financial reporting that materially affected or are reasonably likely to materially affect ICFR. No material weakness or remediation is described. At March 31, 2026, the CEO and CFO concluded disclosure controls and procedures are effective. No material weakness is stated. For Q1 2026, the company reported no changes in internal control over financial reporting that materially affected or are reasonably likely to materially affect ICFR. At December 31, 2025, the CEO and CFO concluded disclosure controls and procedures are effective. Management concluded ICFR was effective as of December 31, 2025, based on COSO 2013. Deloitte issued an unqualified opinion on ICFR. No material weakness is reported. Management excluded Spirit AeroSystems Holdings, Inc. from its FY2025 ICFR assessment. Spirit was acquired December 8, 2025, represents about nine percent of total assets, and less than one percent of revenues and earnings from operations. The company will assess Spirit’s ICFR within one year of acquisition. This is a scope exclusion, not a material weakness. For Q4 2025, the company reported no changes in ICFR that materially affected or are reasonably likely to materially affect ICFR. At September 30, 2025, the CEO and CFO concluded disclosure controls and procedures are effective. For Q3 2025, no ICFR changes were reported. No material weakness is stated. Management concluded disclosure controls were effective as of March 31, 2026, with no changes in internal control over financial reporting in Q1. The CEO and CFO concluded disclosure controls were effective as of September 30, 2025, with no material changes in internal control during Q3 2025. DS&S Q4 results include $0.6 billion of KC-46A program losses. BlackRock, Inc., a beneficial holder of more than 5% of Boeing’s outstanding common stock, had affiliates that provided investment management services and analytics to the Retirement Plans Trust in 2025 and received approximately $10.6 million for those services (DEF 14A filed 2026-03-06). BlackRock affiliates also provided investment management services and analytics to the Savings Plans Trust in 2025 and received approximately $4.8 million (DEF 14A filed 2026-03-06). Capital Research Global Investors, a beneficial holder of more than 5% of Boeing’s common stock during 2025, had affiliates that provided investment management services to the Retirement Plans Trust and received approximately $3.7 million in 2025 (DEF 14A filed 2026-03-06). FMR LLC (Fidelity), a beneficial holder of more than 5% of Boeing’s common stock, had affiliates that provided recordkeeping and consulting services to the Retirement Plans Trust and received approximately $9.8 million, and to the Savings Plans Trust and received approximately $0.4 million, in 2025 (DEF 14A filed 2026-03-06). Fidelity affiliates also provided recordkeeping and administrative services for certain non-qualified deferred compensation and equity plans and received approximately $1.0 million in 2025 (DEF 14A filed 2026-03-06). Following Mr. Malave’s election as Executive Vice President and Chief Financial Officer in June 2025, Boeing paid Lockheed Martin Corporation, his former employer, $2.0 million in connection with a release of claims relating to his employment with the company (DEF 14A filed 2026-03-06). The company states it may not extend or maintain personal loans to any director or executive officer, and that it has not adopted a specific written policy for reviewing related-person transactions, considering each case on its facts under SEC rules (DEF 14A filed 2026-03-06). All twelve nominees are rated independent except Robert Kelly Ortberg, who is President & CEO of Boeing; Steven M. Mollenkopf is Independent Board Chair (DEF 14A filed 2026-03-06). Mr. Tilden was recommended to the GPP Committee by an independent director (DEF 14A filed 2026-03-06). In May 2026 Boeing and Lockheed each agreed to guarantee $500M of ULA credit facilities maturing July 30, 2027, after the Vulcan launch suspension; Boeing owns 50% of ULA. 5%+ holders received fees from Boeing plans in 2025: BlackRock about $10.6M and $4.8M; Capital Research about $3.7M; Fidelity about $9.8M, $0.4M and $1.0M (DEF 14A filed 2026-03-06). Board determined all nominees except Mr. Ortberg are independent (92%) (DEF 14A filed 2026-03-06). Boeing provided Spirit up to $1.20 billion in liquidity support, with $1.14 billion outstanding; in 2025 repayments of $527 million were rescheduled to 2026. Governance: Board Chair must be independent, key committees fully independent, and the special meeting threshold is 25% (DEF 14A filed 2026-03-06). No arrangements or understandings exist between Mr. Tilden and any other person regarding his selection, and there are no related person transactions with the Company requiring Item 404(a) disclosure. Robert K. Ortberg remains President and Chief Executive Officer and a Board member, serving since August 8, 2024. No CEO change appears in the passages for the 2026 window. Exhibit 10.9 lists a Letter Agreement with Quantz Advisory LLC. Terry Rice joined Boeing in 2025 as Chief Security Officer, VP of Cybersecurity. Bradley D. Tilden joined the Boeing Board effective December 3, 2025, as the 10th new independent director since 2019 (DEF 14A filed 2026-03-06). Jeffrey Shockey was elected EVP of Government Operations, Global Public Policy & Corporate Strategy effective February 24, 2025 (DEF 14A filed 2026-03-06). Sabrina Soussan did not stand for re-election at the April 24, 2025 annual meeting (DEF 14A filed 2026-03-06). Brian West ceased to be EVP and Chief Financial Officer effective August 15, 2025 (DEF 14A filed 2026-03-06). Approximately 15,000 teammates across five sites are becoming part of Boeing; commercial and aftermarket operations in Wichita, Dallas, Tulsa and the Prestwick innovation center will begin integrating. Boeing’s Board elected Bradley D. Tilden as a director effective Dec. 3, 2025. Tilden will join the Aerospace Safety and Finance committees of the Board. Tilden, 64, was previously chairman, president and CEO of Alaska Air Group, Inc., parent of Alaska Airlines, Hawaiian Airlines and Horizon Air. Over a 31-year tenure at Alaska Air Group, Tilden was CFO, then president of Alaska Airlines, became President and CEO of the group in 2012, and executive chairman in 2021. Tilden is the 12th board member and the 10th new director added since 2019 as part of board refreshment. Boeing completed the acquisition of Spirit AeroSystems in December 2025 (net cash acquired outflow $1.25 billion); goodwill rose to $17.3 billion from $8.08 billion. On August 19, 2026 Boeing’s Board appointed Ryan L. Shedd as Senior Vice President and Controller, effective the first business day after the FY2026 Form 10-K filing, and he will also act as principal accounting officer. Mr. Shedd will join Boeing in September 2026 as Senior Vice President, Finance, and after a transition period will succeed Michael J. Cleary on the Effective Date. Michael J. Cleary, Senior Vice President and Controller since March 2023, plans to retire in 2027 after more than two decades of service. Mr. Shedd is 41 and has nearly two decades at Ernst & Young LLP, most recently as an Assurance Partner since July 2021. Mr. Shedd’s compensation: $600,000 base salary, annual incentive target of 70% of base, long-term incentive target of 170% of base beginning 2027, and a $300,000 cash sign-on award subject to repayment conditions; he will be based in Seattle with relocation eligibility. The report was signed by Michael J. Cleary, Senior Vice President and Controller, on January 27, 2026. The report was signed by John C. Demers, Corporate Secretary, Vice President & Assistant General Counsel, on December 8, 2025. Mr. Tilden will serve on the Aerospace Safety Committee and the Finance Committee. Mr. Tilden will participate in the nonemployee director compensation program, described from page 39 of the 2025 proxy statement filed March 7, 2025. The Boeing Company held its 2026 Annual Meeting of Shareholders on April 17, 2026, and the 8-K reports the final voting results for each proposal. Item 1, election of director Robert A. Bradway: 490,089,100 for, 51,733,670 against, 3,851,304 abstain, 113,043,796 broker non-votes. Item 1, election of director Mortimer “Tim” J. Buckley: 519,761,056 for, 22,168,481 against, 3,744,537 abstain, 113,043,796 broker non-votes. Item 1, election of director Lynne M. Doughtie: 523,801,130 for, 18,032,168 against, 3,840,776 abstain, 113,043,796 broker non-votes. Item 1, election of director David L. Gitlin: 528,541,833 for, 13,255,870 against, 3,876,371 abstain, 113,043,796 broker non-votes. Item 1, election of director Lynn J. Good: 517,522,472 for, 24,418,900 against, 3,732,702 abstain, 113,043,796 broker non-votes. Item 1, election of director Stayce D. Harris: 524,427,789 for, 17,028,796 against, 4,217,489 abstain, 113,043,796 broker non-votes. Item 1, election of director Akhil Johri: 527,103,114 for, 14,482,150 against, 4,088,810 abstain, 113,043,796 broker non-votes. Item 1, election of director David L. Joyce: 517,649,065 for, 24,227,151 against, 3,797,858 abstain, 113,043,796 broker non-votes. Item 1, election of director Steven M. Mollenkopf: 507,991,541 for, 33,942,567 against, 3,739,966 abstain, 113,043,796 broker non-votes. Item 1, election of director Robert Kelly Ortberg: 532,227,508 for, 10,371,269 against, 3,075,297 abstain, 113,043,796 broker non-votes. Item 1, election of director John M. Richardson: 526,550,186 for, 15,315,003 against, 3,808,885 abstain, 113,043,796 broker non-votes. Item 1, election of director Bradley D. Tilden: 530,948,794 for, 10,957,353 against, 3,767,927 abstain, 113,043,796 broker non-votes. Item 2, advisory vote on named executive officer compensation: 484,097,165 for, 55,595,642 against, 5,981,267 abstain, 113,043,796 broker non-votes. Item 3, ratification of Deloitte & Touche LLP as independent auditor for 2026: 633,969,482 for, 21,574,114 against, 3,174,274 abstain; no broker non-votes reported. Item 4, shareholder proposal on a Board committee on disability access: 13,933,081 for, 521,642,088 against, 10,098,905 abstain, 113,043,796 broker non-votes. The proposal did not pass. Item 5, shareholder proposal on action by written consent: 214,181,855 for, 325,275,102 against, 6,217,117 abstain, 113,043,796 broker non-votes. The proposal did not pass. The latest proxy statement (2026 Proxy Statement, filed 2026-03-06) asks shareholders to elect 12 directors (FOR), approve named executive officer compensation on an advisory basis (FOR), ratify Deloitte & Touche LLP as independent auditor for 2026 (FOR), and vote AGAINST Item 4 (disability access committee) and Item 5 (action by written consent) (DEF 14A filed 2026-03-06). The April 17, 2026 annual meeting (record date Feb 17, 2026) asks shareholders to elect 12 directors, hold an advisory say-on-pay vote, ratify Deloitte for 2026, and vote on two shareholder proposals (disability access committee; written consent), which the Board opposes (DEF 14A filed 2026-03-06). The 2025 say-on-pay vote received 85% support (DEF 14A filed 2026-03-06). The 2026 annual meeting is a virtual webcast on April 17, 2026 at 9:00 a.m (DEF 14A filed 2026-03-06). ET, and the Board recommends FOR 12 director nominees, FOR say-on-pay, FOR Deloitte ratification, and AGAINST both shareholder proposals (DEF 14A filed 2026-03-06). Item 5 (from John Chevedden, owner of 50 shares) asks for shareholder action by written consent; the Board unanimously opposes it and notes shareholders rejected similar proposals seven times since 2011, last in 2021 (DEF 14A filed 2026-03-06). Voting standards: directors need more FOR than AGAINST votes; Items 2–5 need a majority of shares present, so abstentions count as AGAINST; quorum is one-third of outstanding shares; proxy deadlines are April 16, 2026 (April 9 for 401(k) plan shares) (DEF 14A filed 2026-03-06). Morrow Sodali LLC was hired to solicit proxies for a $25,000 fee plus expenses (DEF 14A filed 2026-03-06). 2027 deadlines: Rule 14a-8 proposals by November 6, 2026; proxy access nominations between October 7 and November 6, 2026 (3% for three years, group up to 20); other notices between December 18, 2026 and January 17, 2027 (DEF 14A filed 2026-03-06). Twelve directors were elected; Robert A. Bradway received 490,089,100 for, 51,733,670 against, 3,851,304 abstain, and 113,043,796 broker non-votes, the lowest for-vote among nominees. Robert Kelly Ortberg received 532,227,508 votes for, 10,371,269 against and 3,075,297 abstentions, the highest for-vote among nominees. Other director nominees also received majority support, e.g., David L. Gitlin received 528,541,833 for and 13,255,870 against.

In the Q2 2026 10-Q, Boeing states there are no material changes to its risk factors, and Part II Item 1 incorporates Note 18 on legal proceedings by reference. Earlier in 2025, a hearing on the Department’s motion to dismiss was held on September 3, 2025, after certain family members' representatives opposed the dismissal. Fifth Circuit on March 31, 2026 denied a family representatives' petition to overturn approval of DOJ’s motion to dismiss; a further appeal was filed. Securities class partially certified March 16, 2026, under appeal. Other proceedings continue: Ethiopian Airlines lawsuits, a pending class certification motion in a securities class action, and 737-9 door plug actions and investigations; Boeing cannot estimate a range of loss.

The Q2 2026 10-Q (filed 2026-07-28) states there were no material changes to the risk factors disclosed in the 10-K for fiscal 2025. The Q1 2026 10-Q (filed 2026-04-22) states there were no material changes to the risk factors disclosed in the 10-K for fiscal 2025. The Q3 2025 10-Q (filed 2025-10-29) included updated risk factors, led by a new risk on non-U.S. sales and exposure to tariffs and trade restrictions. It stated that non-U.S. customers, including foreign military sales, accounted for approximately 46% of 2024 total revenues and approximately 70% of Commercial Airplanes revenue from customer contracts. The 2025 10-K (filed 2026-01-30) contains a full Item 1A Risk Factors section, but the passages do not show a statement comparing its risk factors with the prior 10-K, so the specific new or changed risks cannot be determined from them. No material changes in risk factors from the 2025 Form 10-K. Labor: IAM 837 strike lasted 101 days in 2025 (ratified Nov 13, 2025); SPEEA contracts (~16,000 employees) expire October 2026. Risk factors were updated for non-U.S. sales risk, tariffs and trade restrictions, including China’s pause of deliveries in Q2 2025. Item 9B: no directors or officers adopted or terminated 10b5-1 arrangements in Q4 2025.

Management expected 737-7 and 737-10 certification in 2026 and first delivery in 2027. The Q2 report, filed 2026-07-28, repeated the 2026 certification expectation. Certification is not yet achieved, so the promise is still open. Certification delay is a recognized risk. Management planned to increase the 737 production rate from 42 to 47 per month in 2026, with FAA concurrence. By the Q2 report, the company said it had begun the transition to 47 per month, so this promise is on track or kept. Management expected low-rate production on a new 737 line later in 2026. The company reported it activated low-rate initial production on the 737 North Line in July 2026, earlier than the guided timing. This promise is kept. Management said it expected 777-9 first delivery in 2027 and expected approval of the final flight-test phases in the second half of 2026. The Q2 report, filed 2026-07-28, kept the 2027 first-delivery expectation, but the flight-test milestone is still pending and the company said the timing will be set by regulators. Management guided that 777-8 Freighter first delivery would be about two years after the 777-9, and that the 777-8 passenger aircraft would not be delivered before 2030. The Q2 report repeated both expectations, so they are still open. Management expected to complete production of the 767 commercial program by 2027. The Q2 report repeated this, so it is still open. Management expected 2026 capital expenditures to be higher than in 2025. Actual capex was $2.0 billion in the first half of 2026 versus $1.1 billion in the first half of 2025, so the expectation is tracking as stated. Management said it was working to stabilize 787 production at eight per month. The Q1 report said it was still working toward that goal and cited factory disruption from supply chain issues. The Q1 earnings release said production was continuing to stabilize at eight per month. Status is partly achieved and still in progress. Management expected first delivery of the VC-25B program in 2028, and the Q2 report said it still anticipated that date. The quarter included $280 million of VC-25B losses. Plans: 737 rate from 42 to 47 in 2026, fourth line, 737-7/-10 certification in 2026, 777-9 first delivery 2027; capex expected higher in 2026. 777X recorded a $4.90 billion reach-forward loss in 2025; first 777-9 delivery delayed to 2027; 737 rate planned to rise from 42 to 47 per month in 2026; 737-7/-10 certification expected in 2026. Capital expenditures were $2.9B in 2025 and are expected to grow in 2026. VC-25B reach-forward loss increased $280M in Q2 2026; contract terms reset expected in Q3 2026. Starliner: uncrewed mission now expected no earlier than Q4 2026, versus earlier expectation of uncrewed and crewed missions in 2026. Boeing expects 737-7 and 737-10 certification in 2026, 777-9 first delivery in 2027, and is moving 737 production from 42 to 47 per month. 2025 annual incentive paid at 131% of target; 2023 PSUs paid 0% due to below-threshold cumulative free cash flow (DEF 14A filed 2026-03-06). For 2026 the long-term incentive removes PPSOs and returns to PSUs (30%), RSUs with two-year hold (20%), and ratable RSUs (50%) (DEF 14A filed 2026-03-06). 737-7 and 737-10 certification is now expected in 2026; the 737 rate was agreed to increase to 42 per month in October 2025; 777-8 passenger first delivery not before 2030. Starliner plans an uncrewed mission in first half of 2026 and a crewed mission later in 2026; VC-25B contract finalization expected early 2026. Spirit Defense will operate as a non-integrated subsidiary of Boeing Defense, Space & Security, aligned for financial reporting but with independent governance and operations. Portions of Spirit’s Belfast operations were acquired and the site will operate as an independent subsidiary branded Short Brothers, a Boeing Company. Aftermarket business aligns under Global Services and brings Boeing’s largest spare parts supplier in house, expanding MRO footprint and rotable, lease and exchange portfolio. 777X first delivery still anticipated in 2027; 737 rate raised to 42 per month; 787 transitioning to eight per month. 737 production stabilized at 38 per month and was jointly agreed with the FAA in October to rise to 42 per month; 787 production is at seven per month.

Proceeds from Divestiture of Businesses rose to $10.59B in 2025 from $124.0M in 2024. The 10-K attributes proceeds from dispositions in 2025 primarily to the Digital Aviation Solutions Divestiture in October 2025. Net investing cash flow was driven by investment flows. The 10-Q says the change was primarily due to net proceeds from investments of $5.6 billion in 2026 versus net contributions of $2.7 billion in 2025. The filings give no specific cause for the gross Payments to Acquire Investments line, so this is the closest stated cause. Repayments of Debt rose to $8.38B in the first half of 2026 from $677.0M in the first half of 2025. The 10-Q attributes the financing outflow to higher net repayments. Net cash used by financing activities in 2025 was primarily driven by net repayments of $3.5 billion. This is the closest stated cause for the lower Proceeds from Issuance of Debt ($10.16B to $165.0M) and related debt movements. The filings do not explain the debt issuance decline directly. Goodwill rose to $17.27B at 2025-12-31 from $8.08B. The filings link the December 2025 Spirit Acquisition to acquisition cash outflows but do not state that it caused the goodwill increase. Increase in contract liability (advances and progress billings) of $4.66B in the first half of 2026 is attributed to higher advances and progress billings at BCA and BDS. Increase in inventories (cash flow change of $3.86B in the first half of 2026) is attributed to increased production in the commercial airplanes business. Payments to Acquire Property, Plant and Equipment rose to $2.01B in the first half of 2026 from $1.10B. The 10-Q says capital expenditures are expected to be higher in 2026 than in 2025. Cash and short-term investment balances declined in the first half of 2026. The 10-Q attributes the financing outflow of $8.5 billion primarily to $7.8 billion higher net repayments. Payments to Acquire Investments went from $13.86B to $51.94B for the period 2024-01-01 to 2024-12-31 against 2025-01-01 to 2025-12-31 (+274.8%), as the 10-K filed 2026-01-30 prints it. Proceeds from Divestiture of Businesses went from $124.0M to $10.59B for the period 2024-01-01 to 2024-12-31 against 2025-01-01 to 2025-12-31 (+8436.3%), as the 10-K filed 2026-01-30 prints it. Proceeds from Issuance of Debt went from $10.16B to $165.0M for the period 2024-01-01 to 2024-12-31 against 2025-01-01 to 2025-12-31 (-98.4%), as the 10-K filed 2026-01-30 prints it. Goodwill went from $8.08B to $17.27B from 2024-12-31 to 2025-12-31 (+113.7%), as the 10-K filed 2026-01-30 prints it. Repayments of Debt went from $677.0M to $8.38B for the period 2025-01-01 to 2025-06-30 against 2026-01-01 to 2026-06-30 (+1137.2%), as the 10-Q filed 2026-07-28 prints it. Unsecured Debt, Current went from $850.0M to $8.25B from 2024-12-31 to 2025-12-31 (+870.5%), as the 10-K filed 2026-01-30 prints it. Other Short-term Investments went from $17.23B to $11.53B from 2025-12-31 to 2026-06-30 (-33.1%), as the 10-Q filed 2026-07-28 prints it. Short-term Investments went from $18.48B to $12.78B from 2025-12-31 to 2026-06-30 (-30.8%), as the 10-Q filed 2026-07-28 prints it. Investments went from $19.53B to $13.90B from 2025-12-31 to 2026-06-30 (-28.8%), as the 10-Q filed 2026-07-28 prints it. Increase (Decrease) in Contract with Customer, Liability went from $-616.0M to $4.66B for the period 2025-01-01 to 2025-06-30 against 2026-01-01 to 2026-06-30 (+856.5%), as the 10-Q filed 2026-07-28 prints it. Property, Plant and Equipment, Net went from $11.41B to $15.36B from 2024-12-31 to 2025-12-31 (+34.6%), as the 10-K filed 2026-01-30 prints it. Debt, Current went from $8.46B to $4.57B from 2025-12-31 to 2026-06-30 (-46%), as the 10-Q filed 2026-07-28 prints it. Cash and short-term investments fell: short-term investments $11.5 billion from $18.5 billion; inventories rose to $87.2 billion; advances rose to $62.6 billion. Operating cash flow improvement was driven by favorable working capital, advances ($2.4B) and payables ($1.2B). Operating cash flow improved $13.1B, driven by higher deliveries, lower customer considerations and working capital; inventories fell to $84.7 billion; cash $10.9B, short-term investments $18.5B. Advances and progress billings rose to $64.1 billion from $59.4 billion; inventories rose to $88.4 billion from $84.7 billion. Boeing completed the acquisition of Spirit AeroSystems in December 2025 and sold portions of its digital aviation solutions business (DEF 14A filed 2026-03-06). Cash and equivalents fell to $6.17 billion from $13.8 billion, driven largely by net contributions to investments of $3.7 billion, capex, and debt repayments; short-term investments rose to $16.8 billion. In Q3 2025 the 777X program recorded a $4.90 billion reach-forward loss due to delays, slower production rate plans and higher costs; first 777-9 delivery is now expected in 2027. Reach-forward losses: KC-46A increased $714 in 2025 ($2,002 in 2024); VC-25B $60 ($379); T-7A, MQ-25 and Commercial Crew immaterial in 2025 versus $1,770, $339, $523 in 2024. Accrued liabilities rose to $27,141 from $24,103; product warranties rose to $2,797 from $2,133 with $737 estimate changes; off-market contracts $1,065 new. Time deposit purchases were $51,295 in 2025 versus $13,258 in 2024; restricted cash rose to $742 including $689 DOJ escrow. Pension plans: net amount recognized improved to ($4,278) from ($4,847); pension discount rate 5.30% vs 5.60%; seven plans merged Dec 31, 2025; no discretionary contributions expected in 2026. Cash and investments in marketable securities fell to $20.0 billion from $20.9 billion in the prior quarter, reflecting debt repayments partially offset by cash flow; consolidated debt fell to $45.9 billion from $47.2 billion. Defense results include $280 million of losses on the VC-25B program, driven by investment in additional production and certification resources. Cash and cash equivalents fell to $7.24 billion from $10.9 billion and short-term investments to $12.8 billion from $18.5 billion, while debt repayments totaled $8.38 billion; advances and progress billings rose to $64.1 billion. Cash and marketable securities fell to $20.9 billion from $29.4 billion and consolidated debt fell to $47.2 billion from $54.1 billion, reflecting debt repayments and free cash flow usage. Cash and marketable securities rose to $29.4B from $23.0B, driven by $10.6B Digital Aviation Solutions proceeds and FCF, partly offset by debt repayment tied to Spirit AeroSystems. A $4.9B pre-tax charge on the 777X program, tied to the updated 777-9 certification timeline (first delivery now 2027), increased the loss per share by $6.45. Cash and equivalents fell to $6.17 billion from $13.8 billion at year-end, while short-term investments rose to $16.8 billion from $12.5 billion; net cash used in investing was $5.90 billion.

The FY2025 10-K MD&A says BGS earnings from operations were $13.5 billion with a 64.4% operating margin on revenue of $20.9 billion. $13,474/$20,923 is 64.4%, so this figure is consistent. However, the same 10-K’s BGS 'Revenues % of total company revenues' of 23% for 2025 matches 20,923/89,463, while BDS’s 30% matches 27,234/89,463, so no conflict there. The 10-K says the 2025 BGS margin is 64.4% versus 18.1% in 2024, and the 2025 jump is attributed to the $9.57 billion Digital Aviation Solutions gain. That gain is stated as $9.67 billion total gain on dispositions in the income statement, which is a different scope and not a conflict. Treasury shares at December 31, 2025 are stated as 227,562,889 in the Q4 2025 earnings release but as 227,562,887 in the Q1 and Q2 2026 releases, a small discrepancy for the same balance-sheet date. The Q2 2026 release says the first-half 2026 core loss per share is ($0.97). However, the Q1 core loss per share was ($0.20) and Q2 was ($0.76), which sum to ($0.96), a one-cent rounding gap that is not a true conflict. The Q3 2025 release states 160 commercial deliveries in the quarter and 440 for nine months, while the Q4 release states 600 full-year deliveries and 160 in Q4. Q3 2025 and Q4 2025 both show 160, which is consistent with 440 plus 160 equals 600. The 10-K says BDS backlog attributable to non-U.S. customers was 26% at December 31, 2025, while the Q3 2025 release said 20% at Q3 2025 and the Q2 2026 release said 27%. These are different dates, not a conflict. The 10-K says the legacy $3.0 billion credit agreement expires August 2028 and the $4.0 billion agreement May 2029. The August 2026 8-K says they were extended to August 24, 2029 and May 15, 2030, which are amendments, not a conflict. The 8-K also calls the 2023 agreement 'five-year' while the 10-K calls the 364-day replaced facility from the earlier 'three-year' agreement. The filings give two values for Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, Tax (2023-01-01 to 2023-12-31): -13,000,000 in the 10-K filed 2024-01-31 and 13,000,000 in the 10-K filed 2026-01-30 (EDGAR’s structured data). The filings give two values for Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax (2023-01-01 to 2023-12-31): 11,000,000 in the 10-K filed 2024-01-31 and -11,000,000 in the 10-K filed 2026-01-30 (EDGAR’s structured data). The filings give two values for Other Comprehensive Income (Loss), Tax (2023-01-01 to 2023-12-31): -4,000,000 in the 10-K filed 2024-01-31 and 4,000,000 in the 10-K filed 2026-01-30 (EDGAR’s structured data). The filings give two values for Other Comprehensive Income (Loss), Tax (2024-01-01 to 2024-09-30): -11,000,000 in the 10-Q filed 2024-10-23 and 11,000,000 in the 10-Q filed 2025-10-29 (EDGAR’s structured data). The filings give two values for Other Comprehensive Income (Loss), Tax (2025-01-01 to 2025-03-31): 23,000,000 in the 10-Q filed 2025-04-23 and -23,000,000 in the 10-Q filed 2026-04-22 (EDGAR’s structured data). The filings give two values for Other Comprehensive Income (Loss), Tax (2025-01-01 to 2025-06-30): 76,000,000 in the 10-Q filed 2025-07-29 and -76,000,000 in the 10-Q filed 2026-07-28 (EDGAR’s structured data). The filings give two values for Other Comprehensive Income (Loss), Tax (2025-04-01 to 2025-06-30): 53,000,000 in the 10-Q filed 2025-07-29 and -53,000,000 in the 10-Q filed 2026-07-28 (EDGAR’s structured data). The filings give two values for Payments for (Proceeds from) Other Investing Activities (2023-01-01 to 2023-12-31): 158,000,000 in the 10-K filed 2024-01-31 and -4,000,000 in the 10-K filed 2026-01-30 (EDGAR’s structured data). The filings give two values for Deferred Tax Assets, Other (2024-12-31): 473,000,000 in the 10-K filed 2025-02-03 and 403,000,000 in the 10-K filed 2026-01-30 (EDGAR’s structured data). The filings give two values for Effective Income Tax Rate Reconciliation, Tax Contingency, Amount (2024-04-01 to 2024-06-30): 335,000,000 in the 10-Q filed 2024-07-31 and 490,000,000 in the 10-K filed 2026-01-30 (EDGAR’s structured data). Document states preferred dividends 'accumulated' as 86 added to loss, while loss to common is ($90) from ($4): consistent; but text says Q1 net debt repayment $6.9B vs cash-flow debt repayments $6,950 and new borrowings $24 (net $6,926). 777X 2024 reach-forward loss stated as $3.5B in risk factors and $3.50 billion in notes, and combined 777X/767 2024 figure is $4.08 billion vs 4.1B; consistent rounding. Also revenue share of BGS shown as 23% while 20,923/89,463 is 23.4%. Cash flow statement lists Q2 BDS catch-up; BGS text says revenue effect of catch-up differs: text calls six-month BDS catch-up $135M lower unfavorable while note table shows total decrease to revenue $120M vs $306M (consistent). Separately, inventory change in MD&A text is $3.5B vs cash flow table $3.86 billion vs $374M. Core EPS for incentive purposes was adjusted 'downward' from $1.19 to ($10.72), which is in fact a large downward move while free cash flow and revenue were adjusted upward; the stated direction and figures are worth checking (DEF 14A filed 2026-03-06). Mr. Tilden is said to have director-level independence, yet the director table gives him no stock award; text says he was awarded RSUs in early 2026 valued at $15,761 while the table shows $0 stock awards with cash $10,639 (DEF 14A filed 2026-03-06). Malave’s salary is shown as 1,050,000 but SCT salary paid was 399,808 (partial year); pay table lists 'Long-Term Incentive Target' N/A while new hire awards were $18,000,000 (DEF 14A filed 2026-03-06). Preferred dividends paid in the nine months are stated as $244 million in the cash flow statement but as $259 million accumulated; the statements show the difference (accumulated vs paid), and the text describes dividends 'declared' of $87M in Q3. The proponent says the written-consent topic won 44% support in 2021, while the Board says shareholders rejected the proposal in 2021; the Board also says written consent could exclude up to 49% of shareholders (DEF 14A filed 2026-03-06). Net loss attributable to common shareholders of $90 million does not equal net loss attributable to Boeing shareholders of $4 million plus $86 million preferred dividends in the stated sign convention (the sum is $90 loss, consistent), but the non-operating pension line shows 2025 as (43) while described as income. Release says Q4 cash flow benefited from $10.6B proceeds, yet Q4 free cash flow is $0.4B; also text says Q4 operating margin 'Core' 35.6% consistent. Notable: balance sheet 'cash' total $29.4B vs cash $10.9 billion plus short-term investments $18.5 billion = $29.4 billion (consistent). The press release says the 777X charge increased loss per share by $6.45, while the GAAP loss per share is $7.14, and the cash flow statement shows 777X and 767 reach-forward losses of $5.14 billion against the $4.9B 777X charge (different scope).

As of December 31, 2025, Boeing had recorded valuation allowances of $9.75 billion, primarily for certain domestic deferred tax assets and certain domestic net operating losses, tax credit and interest carryforwards. The valuation allowance increased by $1.92 billion in 2025, primarily reflecting $1.83 billion recorded as part of acquisition accounting against acquired Spirit deferred tax assets. Federal net operating loss, credit, interest and other carryovers deferred tax asset was $9.57 billion at December 31, 2025; of this, $2.33 billion expires on or before December 31, 2045 and $7.24 billion may be carried over indefinitely. State net operating loss, credit, interest and other carryovers deferred tax asset was $2.04 billion at December 31, 2025; $1.04 billion expires on or before December 31, 2045 and $1.00 billion may be carried over indefinitely. Boeing generated tax net operating losses in 2021, 2024 and 2025 and interest carryovers in 2021 through 2025 that can be carried forward indefinitely; federal R&D credits carry forward 20 years. Unrecognized tax benefits were $1.02 billion at December 31, 2025, up from $688 million at December 31, 2024; $975 million of the 2025 amount would affect the effective tax rate if recognized, primarily associated with research tax credits claimed. The 2025 tax reconciliation included a $1.24 billion Global Intangible Low-Taxed Income inclusion from the Digital Aviation Solutions Divestiture, offset by a decrease in the federal valuation allowance, and foreign rate benefits of $751 million (Germany) and $393 million (Sweden) from the divestiture. The One Big Beautiful Bill Act was signed July 4, 2025; Boeing recorded its impacts in Q3 2025 and said they were not material. The Company has said that until it generates sustained levels of profitability, additional valuation allowances may have to be recorded with adverse impacts on earnings. As of March 31, 2026, the effective tax rate of 126.900% reflected an increase in the domestic valuation allowance treated as a discrete expense; the 2026 estimated annual effective tax rate is (18.2)% and six-month effective rate was (28.3)%. Boeing expects the next IRS audit cycle to cover 2021-2023 tax years, but the IRS has not confirmed a start date; tax years 2010-2024 remain open to examination in major state and international jurisdictions. As of June 30, 2026, the Company’s 10-Q stated that tax years 2010-2024 remain subject to audit in numerous jurisdictions and that federal audits are settled for years before 2021. Boeing said it had not confirmed the status of earnings reinvestment: earnings from non-U.S. subsidiaries are no longer considered indefinitely reinvested beginning in 2024. Pillar Two has not materially increased Boeing’s global tax costs; the United States has not adopted Pillar Two. Net deferred tax liabilities after valuation allowance were $109 million at December 31, 2025, compared with net deferred tax assets of $63 million at December 31, 2024. Effective tax rate was 126.9% versus 140.8%, driven by a discrete domestic valuation allowance increase; valuation allowances were $9.75 billion at Dec 31, 2025. Valuation allowance was $9.75 billion at Dec 31, 2025, up $1.92 billion ($1.83 billion from Spirit acquisition accounting); federal NOL/credit carryovers DTA $9.57 billion; unrecognized tax benefits $1.02 billion. 2025 effective tax rate 15.1%; Digital Aviation divestiture produced $1.24 billion GILTI offset by valuation allowance decrease, plus German and Swedish participation-exemption benefits. 2026 estimated annual effective tax rate is (18.2)%; valuation allowances were $9.75 billion at December 31, 2025. Nine-month income tax expense was $298 million versus a $149 million benefit a year earlier. Q2 income tax expense was $63 million versus $51 million; first half was $96 million versus $158 million. Income tax expense was $33 million on pre-tax earnings of $26 million, versus $107 million on $76 million. Effective tax rate was 15.1% for 2025 versus 3.1%; Q4 1.2% versus 5.7%; income tax expense was $397M. Q3 income tax expense was $140M on a pre-tax loss, an effective tax rate of (2.7)% versus 0.8%; nine-month rate was (5.2)%. In the quarter ended June 30, 2026, Boeing made no open-market share repurchases under a repurchase program. The only share acquisitions were 3,488 shares transferred from employees to satisfy minimum tax withholding on RSU vesting, at an average price of $221.92. In the quarter ended March 31, 2026, Boeing likewise made no open-market repurchases under a repurchase program. The only share acquisitions were 137,405 shares transferred from employees for tax withholding on RSU vesting, at an average price of $228.14. Boeing paid $86 million in cash dividends on its 6.00% Series A Mandatory Convertible Preferred Stock in the second quarter of 2026, and $172 million in the first half. Dividends declared in June 2026 were $15.00 per share, paid July 15, 2026. Boeing paid $86 million in preferred dividends in the first quarter of 2026, with $86 declared in February 2026 at $15.00 per share and paid April 15, 2026. No common stock dividend has been issued since March 2020 (DEF 14A filed 2026-03-06). The company expects up to $345 million per year of cash needed for preferred dividends through the October 15, 2027 mandatory conversion date (DEF 14A filed 2026-03-06). Preferred dividend of $86M ($15.00 per share) declared in Feb 2026, paid in cash April 15, 2026. Open market repurchase program terminated March 2020; Q4 2025 shares acquired (33,665 at $194.23 average) were employee tax withholding transfers; common dividend suspended since 2020. Preferred dividends of $86M ($15.00 per share) were declared in June 2026, paid July 15, 2026; $172M paid in six months. Preferred dividends of $244 million were paid in the nine months; $87 million ($15.00 per share) declared in August 2025 was paid October 15, 2025. Preferred dividends paid were $331 in 2025 versus $0 in 2024; $86 declared Dec 2025, paid Jan 15, 2026. Boeing paid $172 million of dividends on its 6.00% mandatory convertible preferred stock in the first half of 2026 versus $158 million. Government funding lapses Jan 30, 2026 unless Congress acts; H.R. 6938 enacted Jan 23, 2026 funded NASA through FY26. Preferred dividend of $86M was paid in cash on July 15, 2026, and the first low-rate production on a new 737 line began in July 2026. Mr. West’s vested 2021 and 2022 PPSOs were amended effective Feb 16, 2026 to extend the exercise period (DEF 14A filed 2026-03-06). Spirit merger outside date was extended to December 31, 2025 after an automatic extension on October 1, 2025; Boeing owes a $300 million termination fee in certain circumstances. Boeing agreed in April 2025 to sell portions of Digital Aviation Solutions to Thoma Bravo for $10.55 billion, expected to close in 2025 with a gain. Government funding lapsed October 1, 2025; about 3,200 IAM 837 employees in St. Louis have been on strike since August 4, 2025. The $86 preferred dividend declared in December 2025 was paid in cash on January 15, 2026. Boeing announced on December 8, 2025 that it completed its acquisition of Spirit AeroSystems. The pending Spirit AeroSystems acquisition is described as not yet closed; assets and liabilities held for sale appear on the balance sheet. On December 8, 2025, Boeing issued a press release announcing it completed its acquisition of Spirit AeroSystems Holdings, Inc., a Delaware corporation.