737 program: Production rate increased from 42 to 47 per month during H1 2026 with FAA concurrence; accounting quantity rose 400 units to 12,800. Boeing began low-rate production on a new 737 line in July 2026 (requiring FAA production certification before first delivery) and plans additional rate increases beyond 47/month. Certification of the 737-7 and 737-10 (including the engine anti-ice solution) remains expected in 2026; approximately 40 units of those models were in inventory at June 30, 2026. H1 2026 deliveries totaled 314 (Q2: 171), up from 280 (Q2: 150) in H1 2025.
777X/777: FAA approval to begin the fourth phase of 777X certification flight testing was obtained in H1 2026; approval on final phases is expected in H2 2026. First delivery of the 777-9 remains targeted for 2027, and Boeing is still working with the supplier and FAA on the engine durability issue identified in 2025. 787: Production was briefly slowed in April 2026 due to supply chain shortages but recovered in May and is now stabilized at 8 per month.
MQ-25 and T-7A milestones: During Q2 2026, the MQ-25 completed its first flight and the U.S. Navy approved Milestone C, with an LRIP contract expected later in 2026. In the same quarter, the USAF approved Milestone C for the T-7A Red Hawk and authorized the first low-rate initial production lot of 14 aircraft; flight testing on the five EMD aircraft is ongoing.
VC-25B and Starliner: Boeing recorded an additional $280 million reach-forward loss on the VC-25B (Air Force One) contract in Q2 2026, driven by higher estimated costs for structural and wiring installation and airworthiness certification; contract finalization is expected to reset schedule in Q3 2026. For Commercial Crew, Boeing revised its expectation for the next uncrewed Starliner mission to no earlier than Q4 2026 (previously targeted for 2026) and is in discussions with NASA on timing and requirements for follow-on missions.
ULA Vulcan launch pause and credit guarantee: ULA's Vulcan rocket experienced a launch anomaly in Q1 2026 that paused all additional Vulcan launches pending root-cause analysis. In May 2026, Boeing and Lockheed each agreed to guarantee $500 million of certain ULA credit facilities maturing July 30, 2027; Boeing stated both parties expect to provide additional financial support and could incur losses if Vulcan launches do not resume consistent with ULA's assumptions.
Spirit AeroSystems integration (completed Dec 8, 2025): The preliminary purchase price allocation as of June 30, 2026 reflects total consideration of $8,389 million, with $10,278 million of provisional goodwill assigned to the Commercial Airplanes segment and $1,520 million of off-market customer contract liabilities (amortizing over ~5 years). Primary areas remaining preliminary include goodwill, off-market contract liabilities, and certain accrued liabilities; finalization is due within one year of the acquisition date.
(Filed on April 22, 2026)
+14.0%
11.5%
$9.4B
Boeing's Spirit AeroSystems acquisition, completed December 8, 2025, is now reflected in Q1 2026 results with total consideration of $8,389M and provisional goodwill of $10,360M assigned to Commercial Airplanes; BDS revenue growth was partly attributed to the inclusion of Spirit's defense business, and the purchase price allocation remains preliminary pending finalization within one year of the acquisition date.
The 737 program continued producing at 42 aircraft per month in Q1 2026; Boeing plans to raise the rate to 47 in 2026 with FAA concurrence and is adding a fourth 737 production line with low-rate production expected to begin later in 2026. Certification of the 737-7 and 737-10 (including a final engine anti-ice solution) remains targeted for 2026, with approximately 35 units of those models in inventory as of March 31, 2026.
Boeing received FAA approval in Q1 2026 to begin the Type Inspection Authorization 4a phase of 777X flight testing while continuing to work on the engine durability issue identified in 2025; first delivery of the 777-9 remains expected in 2027, with the 777-8 Freighter roughly two years later and the 777-8 passenger variant not expected before 2030.
The 787 program increased its accounting quantity by 100 units during Q1 2026 (to 2,000) but experienced factory disruption from supply chain shortages that impacted production; the company stated it is working with its supply chain to enable recovery of the targeted eight-per-month rate. BCA total deliveries were 143 aircraft in Q1 2026 versus 130 in Q1 2025, and aircraft order cancellations during the quarter totaled $933M, primarily 737 and 787 models.
ULA's Vulcan rocket experienced a launch anomaly during Q1 2026, pausing additional Vulcan launches pending root cause analysis and corrective actions; the suspension is negatively affecting ULA's financial condition, and Boeing and Lockheed Martin (joint 50/50 partners) stated they may provide financial support or incur losses if Vulcan launches cannot resume consistent with ULA's assumptions.
On March 31, 2026, the U.S. Court of Appeals for the Fifth Circuit denied a petition by representatives of certain 737 MAX accident family members to overturn the district court's November 2025 approval of the DOJ's motion to dismiss the criminal information under the May 2025 non-prosecution agreement; the representatives subsequently filed a further appeal, and fewer than five civil family lawsuits plus securities litigation remain pending.
(Filed on January 30, 2026)
+57.1%
7.6%
$10.9B
Spirit Acquisition (completed Dec 8, 2025, Q4): Boeing acquired Spirit AeroSystems for ~$8.37B total consideration, exchanging ~$4.7B in Boeing common stock (22.98M shares) for all 117.5M Spirit shares, plus settling $2.57B in prior loans/advances and repaying $948M of Spirit debt. The acquisition includes all Spirit Boeing-related commercial operations (737, 767, 777, 787 fuselages and major structures; P-8 and KC-46 fuselages), Spirit's defense and aftermarket businesses, and Belfast, Ireland operations, adding ~15,000 employees. Provisional goodwill of ~$10B was assigned to the BCA segment. Boeing also assumed $3.6B of Spirit debt (net of $2.26B repaid at close), including $230M of 3.250% Exchangeable Notes maturing 2028. Spirit's results from acquisition date through year-end were not material. Annual context: Boeing had been providing funding to Spirit since 2023 to support liquidity and rate readiness.
Digital Aviation Solutions Divestiture (completed Oct 31, 2025, Q4): Boeing sold portions of its BGS Digital Aviation Solutions business (Jeppesen, ForeFlight, AerData, OzRunways) to Thoma Bravo for $10.55B in an all-cash transaction, recording a $9.57B gain. This was the primary driver of BGS segment operating earnings of $13.47B for the full year 2025 (annual context) and contributed to total company GAAP net earnings of $2.24B in 2025 versus an $11.8B loss in 2024.
Production rate increases (Q4): In October 2025, the FAA and Boeing jointly agreed that Safety Management System KPIs supported increasing the 737 production rate to 42 per month; Boeing plans to raise this to 47 in 2026 (subject to FAA concurrence) and is also planning a new 737 production line. The 787 rate was increased from 5 to 7 per month during 2025, and Boeing began ramping to 8 per month in Q4 2025. Annual context: 737 production had been disrupted by the January 2024 door plug accident and the 53-day IAM 751 strike in late 2024, recovering from below 38/month at the start of 2025 to 42/month by year-end. BCA delivered 600 commercial aircraft in 2025 (447 x 737, 30 x 767, 35 x 787) versus 348 in 2024. The 737-7 and 737-10 remain in certification with a final set of engine anti-ice design changes; ~35 of each model were in inventory at year-end 2025, with FAA certification still expected in 2026.
777X certification and program status (Q4 events, with annual context): In November 2025 (Q4), Boeing obtained FAA approval to begin the third major phase of 777X certification flight testing, which was ongoing at year-end. In Q3 2025, Boeing reassessed and delayed first delivery of the 777-9 to 2027 (from an earlier target), slowed production rate plans, and recorded an incremental $4.9B reach-forward loss for the year (cumulative 2025 losses on 777X and 767 totaled $5.28B). Boeing increased the 777X accounting quantity by 100 units in Q3 and 50 units in Q4 2025, bringing cumulative firm orders to 560 units (up from 358 at year-end 2024). A potential engine durability issue was identified during recent inspections; Boeing is working with the supplier on root cause while continuing flight testing. First delivery of the 777-8 Freighter is anticipated approximately two years after 777-9; 777-8 passenger delivery is not expected before 2030.
Labor and regulatory developments (Q4): The 101-day IAM District 837 strike at St. Louis (affecting ~3,200 employees and programs including F/A-18, F-15, T-7A Red Hawk, MQ-25, and Weapons) ended on November 13, 2025 when the union ratified a new contract. SPEEA contracts for ~16,000 employees expire in October 2026, representing the next labor risk. On November 6, 2025 (Q4), the U.S. District Court for the Northern District of Texas approved dismissal of the criminal information against Boeing under the May 2025 non-prosecution agreement resolving the 2021 DPA related to the 737 MAX accidents; family members' representatives filed an appeal with the Fifth Circuit, which remains pending. The agreement requires a $244M fine (accrued 2024) and a $445M compensation fund for families (accrued Q2 2025), both held in escrow. Annual context: In Q2 2025, certain Chinese customers temporarily paused accepting Boeing deliveries during U.S.-China tariff negotiations; deliveries resumed, and on November 1, 2025, the U.S. and China extended the tariff pause through November 10, 2026.
Annual context - 2025 full-year operating and financial highlights (not Q4-only): Total revenues were $89.5B (up from $66.5B in 2024), driven primarily by higher BCA deliveries. BCA posted a $7.1B operating loss (improved from $8.0B in 2024) despite $5.28B in 777X/767 reach-forward losses, aided by higher deliveries and absence of 737-9 customer considerations. BDS operating loss narrowed to $0.1B from $5.4B, with losses on five major fixed-price development programs totaling $802M in 2025 (vs. $5.0B in 2024), led by KC-46A ($714M). BDS delivered 131 production units in 2025. Total backlog grew to $682.2B (from $521.3B), with BCA backlog at $567.3B. U.S. government funding lapsed from October 1 through November 12, 2025, and DoW funding lapsed again after January 30, 2026, creating partial-shutdown risk. Credit ratings were affirmed with stable outlooks by Fitch (June), S&P (October), and Moody's (December) 2025. Non-U.S. customers accounted for 46% of 2025 total revenues. The One Big Beautiful Bill Act (July 2025) maintained the 21% corporate tax rate and accelerated R&D expensing into 2025.
(Filed on October 29, 2025)
+30.4%
-10.2%
$6.2B
777X: Boeing recorded a $4,899M reach-forward loss in Q3 2025 after FAA delayed approval of the third phase of certification flight testing (now expected later in 2025 or early 2026) and Boeing slowed production rate plans, driving higher production and change-incorporation costs. The 777X accounting quantity was increased by 100 units to 600 during the nine months, partially offsetting the loss impact. First delivery of the 777-9 is now expected in 2027; 777-8 Freighter approximately two years thereafter; 777-8 passenger not before 2030. Boeing flagged that certification timing, labor instability, supply chain disruption, and further rate adjustments could trigger additional reach-forward losses.
737 Production: Q3 2025 commercial airplane deliveries totaled 160 (737: 121, 767: 6, 777: 9, 787: 24) versus 116 in Q3 2024; nine-month deliveries reached 440. The 737 production rate had been ramped to 38 per month during H1 2025 under the FAA-mandated safety and quality plan. In October 2025 (post-quarter, disclosed in the filing), the FAA and Boeing jointly agreed the KPI and rate-readiness process supported increasing the 737 rate to 42 per month. Certification of the 737-7 and 737-10, delayed by an engine anti-ice system engineering issue, is now expected in 2026; approximately 35 units of both models were in inventory at quarter-end. The 787 began ramping to 7 per month in Q2 2025, and rework of the last of 25 pre-2023 aircraft was completed in February 2025, with 10 remaining for delivery in 2025-2026.
Defense, Space & Security: BDS swung to a $114M operating profit in Q3 2025 (vs. a $2,384M loss in Q3 2024), driven by $2,362M lower net unfavorable cumulative contract catch-up adjustments and higher volume on E-7, KC-46A, and weapons programs; nine-month BDS earnings were $379M versus a $3,146M loss. However, approximately 3,200 IAM 837 workers at St. Louis began a strike on August 4, 2025, disrupting F/A-18, F-15, T-7A, MQ-25, and Weapons production. The KC-46A reach-forward loss increased by a further $149M over nine months 2025, largely due to higher production cost allocations resulting from the 777X production slowdown. BDS backlog rose to $76.1B from $64.0B at year-end 2024, with 20% attributable to non-U.S. customers.
Spirit AeroSystems Acquisition and Digital Aviation Solutions Divestiture: The Boeing-Spirit merger (all-stock, ~$4.7B equity value) had its Outside Date extended to December 31, 2025 via a third automatic extension effective October 1, 2025; the transaction is expected to close in 2025 subject to completion of the sale of Spirit's Airbus commercial work packages (SAPA with Airbus, including a ~$439M Airbus Payment) and regulatory approvals. Boeing's outstanding loans to Spirit totaled $1,143M at September 30, 2025, with $527M rescheduled to 2026. Separately, Boeing agreed on April 22, 2025 to sell Jeppesen, ForeFlight, AerData, and OzRunways to Thoma Bravo for $10.55B; the transaction is expected to close in 2025, and the business was classified as held for sale ($1,473M assets) at quarter-end.
DOJ 737 MAX Resolution: A hearing was held on September 3, 2025 before the U.S. District Court for the Northern District of Texas to consider the DOJ's motion to dismiss the criminal information under the non-prosecution agreement reached May 29, 2025 (resolving the 2021 Deferred Prosecution Agreement regarding the 737 MAX FAA evaluation investigation). Under the NPA, Boeing will pay a $244M fine (accrued in 2024, held in escrow), invest at least $455M in compliance, quality, and safety programs over three years, retain an independent compliance consultant, and provide $445M of additional compensation to families of Lion Air and Ethiopian Airlines victims (accrued and expensed in Q2 2025, also in escrow). Family members' representatives have opposed the dismissal.
