Financial Analysis

Spirit Acquisition On December 8, 2025, we completed our acquisition of Spirit AeroSystems Holdings, Inc. (Spirit) pursuant to the Agreement and Plan of Merger dated June 30, 2024 (Merger Agreement). In connection with the closing of the transactions contemplated by the Merger Agreement (Spirit Acquisition), Boeing became the ultimate parent company of Spirit and its respective subsidiaries, including Spirit AeroSystems, Inc. (Spirit Sub). The Spirit Acquisition enables Boeing and Spirit to align our commercial production systems, including our Safety and Quality Management Systems, and our workforces to the same priorities, incentives and outcomes. Total consideration for the Spirit Acquisition was $8,371 comprised of the following: Boeing common stock exchanged for Spirit common stock (1) $4,704 Settlement of loans, advances and other payments to Spirit 2,571 Debt repaid on Spirits behalf 948 Premium on assumed Spirit Exchangeable Notes 109 Exchange of Spirit share-based awards (1) 39 Fair value of total consideration $8,371 (1) Fair value of consideration reflects the price per share of Boeing common stock on the acquisition date. In accordance with the Merger Agreement, 117.5 million shares of Spirit common stock were exchanged for 22.98 million shares of Boeing common stock at an exchange ratio of 0.1955. The exchange ratio was calculated as $37.25 divided by the $190.493 volume weighted average price per share of Boeing common stock on the New York Stock Exchange for th …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

Liabilities, Commitments and Contingencies Accrued Liabilities Accrued liabilities at December 31 consisted of the following: 2025 2024 Accrued compensation and employee benefit costs $7,464 $6,110 Forward loss recognition 6,711 7,634 Product warranties 2,797 2,133 Other customer concessions and considerations 1,696 1,552 Off-market contracts 1,065 Environmental 877 834 Accrued interest payable 877 796 Current portion of retiree healthcare and pension liabilities 442 452 737 MAX customer concessions and other considerations 383 641 Current portion of lease liabilities 335 324 Other 4,494 3,627 Total $27,141 $24,103 737 MAX Customer Concessions and Other Considerations During 2024, we recorded an earnings charge of $443, net of insurance recoveries, in connection with estimated considerations to customers for disruption related to the January 2024 737-9 door plug accident and grounding. This charge is reflected in the financial statements as a reduction to Sales of products. The following table summarizes changes in the 737 MAX customer concessions and other considerations liability during 2025 and 2024. 2025 2024 Beginning balance January 1 $641 $1,327 Reductions for payments made (192) (929) Reductions for concessions and other in-kind considerations (66) (267) Changes in estimates 510 Ending balance December 31 $383 $641 At December 31, 2025, $89 of the liability balance remains subject to negotiations with customers. The remaining contracted amount is primarily expected to …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Debt In August 2025 , we entered into a $3,000 , 364-day revolving credit agreement expiring in August 2026 . This facility replaced the $3,000 , three-year revolving credit agreement which was scheduled to terminate in August 2025 . The 364-day credit facility has a one-year term out option which allows us to extend the maturity of any borrowings until August 2027. Our legacy $3,000 , five-year revolving credit agreement expiring in August 2028 and $4,000 , five-year revolving credit agreement expiring in May 2029 each remain in effect. As of December 31, 2025 , we had $10,000 available under credit line agreements. We continue to be in compliance with all covenants contained in our debt and credit facility agreements. In December 2025, as a result of the Spirit Acquisition, we assumed $3,608 of debt, $2,260 of which we immediately repaid. The remaining debt assumed primarily includes the following notes issued by Spirit Sub: $300 of 3.850% Senior Notes due 2026 (the Spirit 2026 Notes), $700 of 4.600% Senior Notes due 2028 (the Spirit 2028 Notes, and together with the Spirit 2026 Notes, the Spirit Senior Notes) and $230 of 3.250% Exchangeable Notes due 2028 (the Spirit Exchangeable Notes). The Spirit Exchangeable Notes mature on November 1, 2028, unless earlier exchanged, redeemed or repurchased, and are exchangeable at an initial rate of 6.7067 shares of Boeing common stock per $1,000 principal amount, in whole dollars, of the Spirit Exchangeable Notes. Prior to August 1, 2 …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

BCA revenues by customer location consisted of the following: Years ended December 31, 2025 2024 2023 Revenue from contracts with customers: Asia $11,733 $8,060 $6,328 Europe 6,536 3,956 6,172 Middle East 4,202 2,012 4,311 Other non-U.S. 2,504 1,815 2,431 Total non-U.S. revenues 24,975 15,843 19,242 United States 16,357 7,326 14,501 Estimated potential concessions and other considerations to 737 MAX customers, net of insurance recoveries (443) 27 Total revenues from contracts with customers 41,332 22,726 33,770 Intersegment revenues, eliminated on consolidation 162 135 131 Total segment revenues $41,494 $22,861 $33,901 Revenue recognized on fixed-price contracts 100 % 100 % 100 % Revenue recognized at a point in time 100 % 99 % 99 % BDS revenues on contracts with customers, based on the customer's location, consisted of the following: Years ended December 31, 2025 2024 2023 Revenue from contracts with customers: U.S. customers $21,070 $18,589 $20,051 Non-U.S. customers (1) 6,164 5,329 4,882 Total segment revenue from contracts with customers $27,234 $23,918 $24,933 Revenue recognized over time 99 % 99 % 99 % Revenue recognized on fixed-price contracts 58 % 54 % 58 % Revenue from the U.S. government (1) 91 % 91 % 91 % (1) Includes revenues earned from FMS. BGS revenues consisted of the following: Years ended December 31, 2025 2024 2023 Revenue from contracts with customers: Commercial $12,015 $11,736 $11,020 Government 8,508 7,832 7,751 Total revenues from contracts with custo …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

Share-Based Compensation and Other Compensation Arrangements Share-Based Compensation Our 2023 Incentive Stock Plan, permits awards of incentive and non-qualified stock options, stock appreciation rights, restricted stock or units, performance restricted stock or units, and other stock and cash-based awards to our employees, officers, directors, consultants, and independent contractors. The aggregate number of shares of our common stock authorized for issuance under the plan is 12,900,000, plus shares that remained or became available under our 2003 Incentive Stock Plan, as amended and restated. Following approval of our 2023 Incentive Stock Plan in 2023, no further awards have been or may be granted under our 2003 Incentive Stock Plan. Shares issued under the 2023 Incentive Stock Plan will be funded out of treasury shares, except to the extent there are insufficient treasury shares, in which case new shares will be issued. We believe we currently have adequate treasury shares to satisfy these issuances during 2026. Share-based plans expense is primarily included in Total costs and expenses and General and administrative expense, as well as a portion allocated to production as inventoried costs. The share-based plans expense and related income tax benefit were as follows: Years ended December 31, 2025 2024 2023 Restricted stock units and other awards $427 $409 $697 Income tax benefit (before consideration of valuation allowance) $92 $107 $157 Stock Options Options have been g …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Fair Value Measurements The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. Level 1 refers to fair values determined based on quoted prices in active markets for identical assets. Level 2 refers to fair values estimated using significant other observable inputs, and Level 3 includes fair values estimated using significant unobservable inputs. The following table presents our assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy. December 31, 2025 December 31, 2024 Total Level 1 Level 2 Total Level 1 Level 2 Assets Money market funds $3,793 $3,793 $6,475 $6,475 Available-for-sale debt investments: Commercial paper 163 $163 165 $165 Corporate notes 344 344 335 335 U.S. government agencies 27 27 17 17 Other equity investments 9 9 9 9 Derivatives 193 193 65 65 Total assets $4,529 $3,802 $727 $7,066 $6,484 $582 Liabilities Derivatives ($43) ($43) ($218) ($218) Total liabilities ($43) ($43) ($218) ($218) Money market funds, available-for-sale debt investments and equity securities are valued using a market approach based on the quoted market prices or broker/dealer quotes of identical or comparable instruments. Derivatives include foreign currency and commodity contracts. Our foreign currency forward contracts are valued using an income approach based on the present value of the forward rate less the contract rate multiplied by the notional amount. Com …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Goodwill and Acquired Intangibles Changes in the carrying amount of goodwill for the years ended December 31, 2025 and 2024 were as follows: Commercial Airplanes Defense, Space & Security Global Services Other Total Balance at December 31, 2023 $1,319 $3,235 $3,454 $85 $8,093 Acquisitions 9 9 18 Dispositions (17) (17) Goodwill adjustments (10) (10) Balance at December 31, 2024 $1,328 $3,218 $3,444 $94 $8,084 Spirit Acquisition 9,997 9,997 Digital Aviation Solutions Divestiture (810) (810) Other dispositions (6) (6) Goodwill adjustments 10 10 Balance at December 31, 2025 $11,325 $3,218 $2,638 $94 $17,275 As of December 31, 2025 and 2024, we had indefinite-lived intangible assets with carrying amounts of $0 and $197 relating to trade names. As of December 31, 2025 and 2024, we had an indefinite-lived intangible asset with a carrying amount of $202 related to in process research and development for a next-generation air vehicle. The gross carrying amounts and accumulated amortization of our acquired finite-lived intangible assets were as follows at December 31: 2025 2024 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Distribution rights $2,509 $1,670 $2,501 $1,554 Product know-how 222 213 546 475 Customer base 1,217 748 1,315 851 Developed technology 533 509 573 528 Other 219 195 278 247 Total $4,700 $3,335 $5,213 $3,655 Amortization expense for acquired finite-lived intangible assets for the years ended December 31, 2025 and 20 …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Income Taxes The components of Earnings/(loss) before income taxes were: Years ended December 31, 2025 2024 2023 U.S. ($3,492) ($12,813) ($2,512) Non-U.S. 6,127 603 507 Total $2,635 ($12,210) ($2,005) Income tax (benefit)/expense consisted of the following: Years ended December 31, 2025 2024 2023 Current tax expense/(benefit) U.S. federal $2 ($277) $9 Non-U.S. 287 184 179 U.S. state 9 14 19 Total current 298 (79) 207 Deferred tax expense/(benefit) U.S. federal 40 (71) 6 Non-U.S. (25) 3 5 U.S. state 84 (234) 19 Total deferred 99 (302) 30 Total income tax expense/(benefit) $397 ($381) $237 Net income tax payments in 2025 were as follows: Year ended December 31, 2025 U.S. federal $37 U.S. state (5) Non-U.S. Germany 83 Other 160 Total Non-U.S. 243 Total net income tax payments $275 Net income tax payments were $187 and $204 in 2024 and 2023. The following is a reconciliation of the U.S. federal statutory tax to actual income tax expense: Year ended December 31, 2025 Amount Rate U.S. federal statutory tax $553 21.0 % State and local income tax, net of federal income tax effect (1) 73 2.8 Foreign tax effects Germany - Digital Aviation Solutions Divestiture (2) (751) (28.5) Sweden - Digital Aviation Solutions Divestiture (2) (393) (14.9) Other foreign 121 4.6 Effect of cross-border tax laws - Global Intangible Low-Taxed Income - Digital Aviation Solutions Divestiture (3) 1,242 47.1 Tax Credits - Research and development credits (559) (21.2) Changes in valuation allowances (4) (50) ( …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Legal Proceedings We are subject, from time to time, to various legal proceedings and claims related to our business that cover a wide range of matters, including those related to products, contracts, labor and employment, securities, antitrust and trade regulations, intellectual property, and other matters. In addition, we are subject to various government inquiries and investigations from which civil, criminal or administrative proceedings could result or have resulted in the past. Such proceedings involve or could involve claims by the U.S. or foreign governments for fines, penalties, compensatory and treble damages, restitution and/or forfeitures. Under U.S. government regulations, a company, or one or more of its operating divisions or subdivisions, can be suspended or debarred from government contracts, have certain of its production certificates suspended or revoked, or lose its export privileges, based on the results of investigations. On May 29, 2025, Boeing and the Department of Justice (the Department) entered into a non-prosecution agreement (the Agreement) to resolve the Departments determination that Boeing did not fulfill its obligations under the January 2021 deferred prosecution agreement relating to the October 2018 Lion Air flight 610 accident and the March 2019 Ethiopian Airlines flight 302 accident (the MAX accidents). The Agreement requires, among other things, Boeing to pay a fine of $244 and provide $445 of additional compensation for the family member …

LegalMattersAndContingenciesTextBlock · excerpt; the full note is in the filing

Leases Our operating lease assets primarily represent manufacturing and research and development facilities, warehouses and offices. Total operating lease expense was $601, $530 and $457 for the years ended December 31, 2025, 2024 and 2023, of which $83, $75 and $76 was attributable to variable lease expenses, respectively. For the years ended December 31, 2025, 2024 and 2023, cash payments against operating lease liabilities totaled $467, $408 and $323, and non-cash transactions totaled $414, $490 and $488 to recognize operating assets and liabilities for new leases and modifications. Supplemental information related to leases included in the Consolidated Statements of Financial Position at December 31 is as follows: 2025 2024 Operating leases: Operating lease right-of-use assets $2,123 $1,984 Operating lease liabilities: Current portion of lease liabilities 335 324 Non-current portion of lease liabilities 1,932 1,770 Total operating lease liabilities $2,267 $2,094 Weighted average remaining lease term (years) 13 12 Weighted average discount rate 3.97% 3.43% Operating lease assets are included in Other assets, net, with the related liabilities included in Accrued liabilities and Other long-term liabilities. Scheduled payments for operating lease liabilities are as follows: Operating leases 2026 $433 2027 571 2028 330 2029 250 2030 203 Thereafter 1,233 Total lease payments 3,020 Less imputed interest (753) Total $2,267 As of December 31, 2025, we have entered into leases that …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Postretirement Plans Many of our employees have earned benefits under defined benefit pension plans. The majority of employees that had participated in defined benefit pension plans have transitioned to a company-funded defined contribution retirement savings plan. We fund our major pension plans through trusts. Pension assets are placed in trust solely for the benefit of the plans participants and are structured to maintain liquidity that is sufficient to pay benefit obligations as well as to keep pace over the long-term with the growth of obligations for future benefit payments. We also have other postretirement benefits (OPB) other than pensions which consist principally of health care coverage for eligible retirees and qualifying dependents, and to a lesser extent, life insurance to certain groups of retirees. Retiree health care is provided principally until age 65 for approximately three-fourths of those participants who are eligible for post-retirement health care coverage. Certain employee groups, including employees covered by most United Auto Workers bargaining agreements, are provided lifetime health care coverage. The funded status of the plans is measured as the difference between the plan assets at fair value and the projected benefit obligation (PBO). On December 31, 2025, we merged seven of our pension plans to make use of overfunding in certain plans, reducing future required pension plan contributions. We have recognized the aggregate of all overfunded plans …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

Segment and Revenue Information We operate in three reportable segments: BCA, BDS, and BGS. All other activities fall within Unallocated items, eliminations and other. See page 59 for the Summary of Business Segment Data, which is an integral part of this note. BCA develops, produces and markets commercial jet aircraft principally to the commercial airline industry worldwide. Revenue on commercial aircraft contracts is recognized at the point in time when an aircraft is completed and accepted by the customer. BDS engages in the research, development, production and modification of the following products and related services: manned and unmanned military aircraft and weapons systems, surveillance and engagement, strategic defense and intelligence systems, satellite systems and space exploration. BDS revenue is generally recognized over the contract term (over time) as costs are incurred. BGS provides parts, maintenance, modifications, logistics support, training, data analytics and information-based services to commercial and government customers worldwide. BGS segment revenue and costs include certain products and services provided to other segments. Revenue on commercial spare parts contracts is recognized at the point in time when a spare part is delivered to the customer. Revenue on other contracts is generally recognized over the contract term (over time) as costs are incurred. Our chief operating decision maker is currently our President and Chief Executive Officer (CEO) …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation The Consolidated Financial Statements included in this report have been prepared by management of The Boeing Company (herein referred to as Boeing, the Company, we, us or our). These statements include the accounts of all majority-owned subsidiaries and variable interest entities that are required to be consolidated. All significant intercompany accounts and transactions have been eliminated. As described in Note 24, we operate in three reportable segments: Commercial Airplanes (BCA), Defense, Space & Security (BDS), and Global Services (BGS). Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Operating Cycle For classification of certain current assets and liabilities, we use the duration of the related contract or program as our operating cycle, which is generally longer than one year. Revenue and Related Cost Recognition Commercial aircraft contracts The majority of our BCA segment revenue is derived from commercial aircraft contracts. For each contract, we determine th …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

Shareholders' Equity As of December 31, 2025 and 2024, there were 1,200,000,000 shares of common stock and 20,000,000 shares of preferred stock authorized. Changes in Share Balances The following table shows changes in each class of shares: Common stock Treasury stock Mandatory convertible preferred stock Balance at January 1, 2023 1,012,261,159 414,671,383 Issued (13,651,201) Acquired 1,725,954 Balance at December 31, 2023 1,012,261,159 402,746,136 Issued (140,120,845) 5,750,000 Acquired 419,549 Balance at December 31, 2024 1,012,261,159 263,044,840 5,750,000 Issued (35,657,515) Acquired 175,562 Balance at December 31, 2025 1,012,261,159 227,562,887 5,750,000 On December 8, 2025, we issued 22,977,008 shares of common stock, $5.00 par value per share, from shares held in Treasury Stock in exchange for Spirit common stock as a result of the Spirit Acquisition. For additional discussion, see Note 2 to our Consolidated Financial Statements. On October 30, 2024, we issued 129,375,000 shares of common stock, $5.00 par value per share, from shares held in Treasury Stock. As a result of the transaction, we received cash proceeds of $18,181, net of underwriting fees and other issuance costs. Mandatory Convertible Preferred Stock On October 31, 2024, we issued 115,000,000 depositary shares, representing 5,750,000 shares of our 6.00% Series A Mandatory Convertible Preferred Stock (Mandatory convertible preferred stock). The Mandatory convertible preferred stock has a $1,000.00 per shar …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Spirit Acquisition On December 8, 2025, we completed our acquisition of Spirit AeroSystems Holdings, Inc. (Spirit) pursuant to the Agreement and Plan of Merger dated June 30, 2024 (Merger Agreement). In connection with the closing of the transactions contemplated by the Merger Agreement (Spirit Acquisition), Boeing became the ultimate parent company of Spirit and its respective subsidiaries, including Spirit AeroSystems, Inc. Total consideration for the Spirit Acquisition was $8,389 comprised of the following: Boeing common stock exchanged for Spirit common stock (1) $4,704 Settlement of loans, advances and other payments to Spirit 2,589 Debt repaid on Spirits behalf 948 Premium on assumed Spirit Exchangeable Notes 109 Exchange of Spirit share-based awards (1) 39 Fair value of total consideration $8,389 (1) Fair value of consideration reflects the price per share of Boeing common stock on the acquisition date. The preliminary allocation of the purchase price was as follows: Description As of December 31, 2025 As of June 30, 2026 Cash and cash equivalents $281 $281 Accounts receivable 339 396 Unbilled receivables 126 128 Inventories 1,438 1,408 Property, plant and equipment 2,419 2,447 Goodwill 9,997 10,278 Acquired intangible assets 109 173 Other assets 116 121 Accounts payable (953) (963) Accrued liabilities (1,784) (2,202) Advances and progress billings (97) (92) Short-term debt and current portion of long-term debt (329) (329) Other long-term liabilities (178) (140) Long-t …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

Liabilities, Commitments and Contingencies 737 MAX Customer Concessions and Other Considerations The following table summarizes changes in the 737 MAX customer concessions and other considerations liability during the six months ended June 30, 2026 and 2025. 2026 2025 Beginning balance January 1 $383 $641 Reductions for payments made (19) (64) Reductions for concessions and other in-kind considerations (66) Changes in estimates (80) (5) Ending balance June 30 $284 $506 At June 30, 2026, the remaining liability is expected to be liquidated by lower payments from customers upon delivery. Environmental The following table summarizes changes in environmental remediation liabilities during the six months ended June 30, 2026 and 2025. 2026 2025 Beginning balance January 1 $877 $834 Reductions for payments made, net of recoveries (43) (35) Changes in estimates 137 49 Ending balance June 30 $971 $848 The liabilities recorded represent our best estimate or the low end of a range of reasonably possible costs expected to be incurred to remediate sites, including operation and maintenance over periods of up to 30 years. It is reasonably possible that we may incur costs that exceed these recorded amounts because of regulatory agency orders and directives, changes in laws and/or regulations, higher than expected costs and/or the discovery of new or additional contamination. As part of our estimating process, we develop a range of reasonably possible alternate scenarios that includes the hi …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Debt In connection with our acquisition of Spirit, we assumed Spirit's debt, including the following notes issued by Spirit AeroSystems, Inc.: $300 of 3.850% Senior Notes which matured in the second quarter of 2026 (the Spirit 2026 Notes) and $700 of 4.600% Senior Notes due 2028 (the Spirit 2028 Notes, and together with the Spirit 2026 Notes, the Spirit Senior Notes). The Boeing Company guaranteed the obligations of Spirit AeroSystems, Inc. with respect to the Spirit Senior Notes, and as a result, each of The Boeing Company and Spirit fully and unconditionally guarantee the Spirit Senior Notes on a senior unsecured basis. The guarantees rank equally in right of payment with all of Boeings existing and future senior unsecured indebtedness. …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

BCA revenues by customer location consisted of the following: (Dollars in millions) Six months ended June 30 Three months ended June 30 2026 2025 2026 2025 Revenue from contracts with customers: Europe $5,107 $1,498 $2,568 $990 Asia 4,464 5,379 2,459 2,422 Middle East 2,906 1,760 2,140 1,277 Other non-U.S. 1,381 1,188 938 799 Total non-U.S. revenues 13,858 9,825 8,105 5,488 United States 6,890 9,144 3,483 5,361 Estimated potential concessions and other considerations to 737 MAX customers 80 5 80 5 Total revenues from contracts with customers 20,828 18,974 11,668 10,854 Intersegment revenues eliminated on consolidation 126 47 83 20 Total segment revenues $20,954 $19,021 $11,751 $10,874 Revenue recognized on fixed-price contracts 100 % 100 % 100 % 100 % Revenue recognized at a point in time 100 % 100 % 100 % 100 % BDS revenues on contracts with customers, based on the customer's location, consisted of the following: (Dollars in millions) Six months ended June 30 Three months ended June 30 2026 2025 2026 2025 Revenue from contracts with customers: U.S. customers $12,095 $10,160 $5,983 $5,227 Non-U.S. customers (1) 2,987 2,755 1,500 1,390 Total segment revenue from contracts with customers $15,082 $12,915 $7,483 $6,617 Revenue recognized over time 100 % 100 % 100 % 100 % Revenue recognized on fixed-price contracts 60 % 58 % 58 % 58 % Revenue from the U.S. government (1) 93 % 92 % 92 % 92 % (1) Includes revenues earned from Foreign Military Sales through the U.S. government (FMS). …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

Share-Based Compensation and Other Compensation Arrangements Restricted Stock Units On February 17, 2026, we granted 1,922,574 restricted stock units (RSU) to our executives as part of our long-term incentive program. The RSUs granted under this program have a grant date fair value of $242.18 per unit and will generally vest in three approximately equal installments on the first, second, and third anniversaries of the grant date. These RSUs will settle in common stock (on a one-for-one basis). If an executive terminates employment because of retirement, layoff, disability, or death, the executive (or beneficiary) may receive some or all of their stock units depending on certain age and service conditions. In all other cases, the RSUs will not vest and all rights to the stock units will terminate

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Fair Value Measurements The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. Level 1 refers to fair values determined based on quoted prices in active markets for identical assets. Level 2 refers to fair values estimated using significant other observable inputs, and Level 3 includes fair values estimated using significant unobservable inputs. The following table presents our assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy. June 30, 2026 December 31, 2025 Total Level 1 Level 2 Total Level 1 Level 2 Assets Money market funds $2,324 $2,324 $3,793 $3,793 Available-for-sale debt investments: AFS - Commercial paper 210 $210 163 $163 AFS - Corporate notes 306 306 344 344 AFS - US government agencies 27 27 27 27 Other equity investments 5 5 9 9 Derivatives 182 182 193 193 Total assets $3,054 $2,329 $725 $4,529 $3,802 $727 Liabilities Derivatives ($45) ($45) ($43) ($43) Total liabilities ($45) ($45) ($43) ($43) Money market funds, available-for-sale debt investments and equity securities are valued using a market approach based on the quoted market prices or broker/dealer quotes of identical or comparable instruments. Derivatives include foreign currency and commodity contracts. Our foreign currency forward contracts are valued using an income approach based on the present value of the forward rate less the contract rate multiplied by the notional a …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Income Taxes We computed our 2026 interim tax provision using an estimated annual effective tax rate of (18.2)%. Our 2026 estimated annual effective tax rate is primarily driven by taxes on non-U.S. operations. Our effective tax rates were (28.3)% and (32.6)% for the six months ended June 30, 2026 and 2025. The effective tax rates for the three months ended June 30, 2026 and 2025 were (17.3)% and (9.1)%. As of December 31, 2025, we had recorded valuation allowances of $9,754 primarily for certain domestic deferred tax assets, and certain domestic net operating losses, tax credit and interest carryforwards. To measure the valuation allowance, the Company estimated in what year each of its deferred tax assets and liabilities would reverse using systematic and logical methods to estimate the reversal patterns. The valuation allowance results from not having sufficient income from deferred tax liability reversals in the appropriate future periods to support the realization of deferred tax assets. We are subject to examination in U.S. federal, state and international jurisdictions in which we operate. While U.S. federal income tax audits have been settled for all years prior to 2021, tax years 2010-2024 remain subject to audit in numerous jurisdictions. We believe appropriate provisions for all outstanding tax issues have been made for all jurisdictions and all open years.

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Legal Proceedings We are subject, from time to time, to various legal proceedings and claims related to our business that cover a wide range of matters, including those related to products, contracts, labor and employment, securities, antitrust and trade regulations, intellectual property, and other matters. In addition, we are subject to various government inquiries and investigations from which civil, criminal or administrative proceedings could result or have resulted in the past. Such proceedings involve or could involve claims by the U.S. or foreign governments for fines, penalties, compensatory and treble damages, restitution and/or forfeitures. Under U.S. government regulations, a company, or one or more of its operating divisions or subdivisions, can be suspended or debarred from government contracts, have certain of its production certificates suspended or revoked, or lose its export privileges, based on the results of investigations. On May 29, 2025, Boeing and the U.S. Department of Justice (the Department) entered into a non-prosecution agreement (the Agreement) to resolve the Departments determination that Boeing did not fulfill its obligations under the January 2021 deferred prosecution agreement relating to the October 2018 Lion Air flight 610 accident and the March 2019 Ethiopian Airlines flight 302 accident (the MAX accidents). The Agreement requires, among other things, Boeing to pay a fine of $244 and provide $445 of additional compensation for the family m …

LegalMattersAndContingenciesTextBlock · excerpt; the full note is in the filing

Postretirement Plans The components of net periodic benefit cost/(income) were as follows: Six months ended June 30 Three months ended June 30 Pension Plans 2026 2025 2026 2025 Service cost $4 $4 $2 $3 Interest cost 1,311 1,338 653 669 Expected return on plan assets (1,438) (1,539) (717) (770) Amortization of prior service credits (36) (37) (18) (18) Recognized net actuarial loss 310 153 155 77 Net periodic benefit cost/(income) $151 ($81) $75 ($39) Net periodic benefit cost included in Earnings/(loss) from operations $2 $4 $1 $3 Net periodic benefit cost/(income) included in Other income, net 147 (85) 73 (42) Net periodic benefit expense/(income) included in Loss before income taxes $149 ($81) $74 ($39) Six months ended June 30 Three months ended June 30 Other Postretirement Plans 2026 2025 2026 2025 Service cost $25 $25 $13 $12 Interest cost 60 68 30 34 Expected return on plan assets (6) (6) (3) (3) Amortization of prior service credits (2) (1) Recognized net actuarial gain (70) (71) (35) (35) Net periodic benefit cost $7 $16 $4 $8 Net periodic benefit cost included in Earnings/(loss) from operations $25 $25 $13 $12 Net periodic benefit income included in Other income, net (18) (9) (9) (4) Net periodic benefit cost included in Loss before income taxes $7 $16 $4 $8

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Segment and Revenue Information We operate in three reportable segments: BCA, BDS, and BGS. All other activities fall within Unallocated items, eliminations and other. See page 7 for the Summary of Business Segment Data, which is an integral part of this note. BCA develops, produces and markets commercial jet aircraft principally to the commercial airline industry worldwide. Revenue on commercial aircraft contracts is recognized at the point in time when an aircraft is completed and accepted by the customer. BDS engages in the research, development, production and modification of the following products and related services: manned and unmanned military aircraft and weapons systems, surveillance and engagement, strategic defense and intelligence systems, satellite systems and space exploration. BDS revenue is generally recognized over the contract term (over time) as costs are incurred. BGS provides parts, maintenance, modifications, logistics support, training, data analytics and information-based services to commercial and government customers worldwide. BGS segment revenue and costs include certain products and services provided to other segments. Revenue on commercial spare parts contracts is recognized at the point in time when a spare part is delivered to the customer. Revenue on other contracts is generally recognized over the contract term (over time) as costs are incurred. The primary profitability measurement used by our chief operating decision maker to review segme …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Shareholders' Equity Mandatory Convertible Preferred Stock On October 31, 2024, we issued 115,000,000 depositary shares, representing 5,750,000 shares of our 6.00% Series A Mandatory Convertible Preferred Stock (Mandatory convertible preferred stock). The Mandatory convertible preferred stock has a $1,000.00 per share liquidation preference and $1.00 per share par value. As a result of the transaction, we received cash proceeds of $5,651, net of underwriting fees and other issuance costs. Dividends are cumulative at an annual rate of 6.00% on the liquidation preference of $1,000.00 per share of Mandatory convertible preferred stock and may be paid in cash, shares of our common stock or a combination of cash and shares of our common stock. Dividends that are declared will be payable on January 15, April 15, July 15 and October 15 to holders of record on the January 1, April 1, July 1, and October 1 immediately preceding the relevant dividend payment date. Dividends paid on Mandatory convertible preferred stock were $172 and $86 for the six and three months ended June 30, 2026, compared with $158 and $86 for the same periods in 2025. In June 2026, dividends of $86 were declared to holders of record as of July 1, 2026, representing $15.00 per share, and were paid in cash on July 15, 2026. The following table illustrates the conversion rate per share of Mandatory convertible preferred stock, subject to certain anti-dilution adjustments, based on the applicable market value of the …

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