Boeing Company (the) · NYSE:BA
Boeing Company (the) — Q4 2025 Earnings Presentation
14 slides from Boeing Company (the)'s earnings presentation, Jan 27, 2026
Slide 1: Fourth Quarter 2025 Earnings Review
Fourth Quarter 2025 Earnings Review Kelly Ortberg President and Chief Executive Officer Jay Malave Executive Vice President and Chief Financial Officer January 27, 2026 Copyright © 2026 Boeing. All rights reserved.
Slide 2: Caution Concerning Forward-Looking Statements
Caution Concerning Forward-Looking Statements Certain statements made today constitute “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,” “
Slide 3: Business Update
Business Update Focused on stabilizing the business, improving execution, changing culture and building our future Completed Spirit AeroSystems Acquisition Awarded C-17 Flight Deck Replacement Announced Alaska’s Largest-Ever Order Copyright © 2026 Boeing. All rights reserved.
Slide 4: Fourth Quarter Financial Results
Fourth Quarter Financial Results Results reflect improved BCA operational performance and Digital Aviation Solutions gain on sale Revenue Operating Margin Core Earnings Per Share* Free Cash Flow* 36.7% $0.4B $23.9B $9.92 $15.2B (24.7)% ($5.90) ($4.1B) 4Q24 4Q25 4Q24 4Q25 4Q24 4Q25 4Q24 4Q25 * Non-GA
Slide 5: Commercial Airplanes
Commercial Airplanes Focused on safety, quality and development program execution Revenue Operating Margin $11.4B • 737 increased production rate to 42 per month (5.6)% • 787 began transitioning production to 8 per month and remains focused on stabilizing at that rate $4.8B • Received FAA approval t
Slide 6: Defense, Space & Security
Defense, Space & Security Focused on production stability and development program execution Revenue Operating Margin • Results up on stabilizing operational performance and volume; partially offset by KC-46A impact $7.4B (6.8)% • Secured awards for 15 KC-46A Tankers from U.S. $5.4B Air Force and 96
Slide 7: Global Services
Global Services Continued strong performance... focused on meeting customer commitments Revenue Operating Margin $5.1B $5.2B 202.4% • Results reflect $9.6B gain on sale associated with closing the Digital Aviation Solutions transaction • Received an award for C-17 flight deck replacement from the U.
Slide 8: Cash and Debt Balances
Cash and Debt Balances $10.6B Digital Aviation Solutions proceeds partially offset by Spirit AeroSystems debt repayment Cash and Marketable Securities Consolidated Debt S&P: BBB- $53.4B $54.1B $29.4B Moody’s: Baa3 Fitch: BBB- $23.0B 3Q25 4Q25 3Q25 4Q25 Copyright © 2026 Boeing. All rights reserved.
Slide 9: Full Year Financial Results
Full Year Financial Results Results reflect improved BCA and BDS operational performance and Digital Aviation Solutions gain Revenue Operating Margin Core Earnings Per Share* Free Cash Flow* $89.5B $1.19 4.8% ($1.9B) $66.5B ($14.3B) (16.1)% ($20.38) FY24 FY25 FY24 FY25 FY24 FY25 FY24 FY25 * Non-GAAP
Slide 10: Copyright © 2026 Boeing. All rights reserved.
Copyright © 2026 Boeing. All rights reserved.
Slide 11: Non-GAAP Measure Disclosure
Non-GAAP Measure Disclosure The tables provided below reconcile the non-GAAP financial measures core operating earnings/(loss), core operating margins, and core earnings/(loss) per share with the most directly comparable GAAP financial measures of earnings/(loss) from operations, operating margins,
Slide 12: Non-GAAP Measure Disclosure
Non-GAAP Measure Disclosure The tables provided below reconcile the non-GAAP financial measures core operating earnings/(loss), core operating margins, and core earnings/(loss) per share with the most directly comparable GAAP financial measures of earnings/(loss) from operations, operating margins,
Slide 13: Non-GAAP Measure Disclosure
Non-GAAP Measure Disclosure The table provided below reconciles the non-GAAP financial measure free cash flow with the most directly comparable GAAP financial measure operating cash flow. See The Boeing Company’s earnings press release dated January 27, 2026, for additional information on the use of
Slide 14: Non-GAAP Measure Disclosure
Non-GAAP Measure Disclosure DAS reflects those portions of the Digital Aviation Solutions business sold on October 31, 2025. Fourth Quarter (Millions) 2025 2024 BGS Revenue $5,209 $5,119 DAS Revenue ($113) ($313) BGS Revenue excluding DAS $5,096 $4,806 BGS Earnings from Operations $10,544 $998 Gain