Boeing Company - Final Results

Boeing Reports Fourth Quarter Results ARLINGTON, Va., Jan. 27, 2026  -- Fourth Quarter 2025 · Acquired Spirit AeroSystems in December underscoring commitment to safety, quality, and production stability · Revenue increased to $23.9 billion primarily reflecting 160 commercial deliveries · Earnings reflects $9.6 billion gain on sale associated with closing the Digital Aviation Solutions transaction · Operating cash flow of $1.3 billion and free cash flow (non-GAAP)* of $0.4 billion Full Year 2025 · Revenue of $89.5 billion and 600 commercial deliveries reflect the highest annual totals since 2018 · Total company backlog grew to a record $682 billion, including over 6,100 commercial airplanes Table 1. Fourth Full Summary Quarter Year Financial Results (Dollars 2025 2024 Change 2025 2024 Change in Millions, except per share data) Revenues $23,948 $15,242 57% $89,463 $66,517 34% GAAP Earnings/(l $8,777 ($3,770) NM $4,281 ($10,707) NM oss) from operations Operating 36.7 % (24.7) % NM 4.8 % (16.1) % NM margins Net $8,220 ($3,861) NM $2,238 ($11,829) NM earnings/(l oss) Diluted $10.23 ($5.46) NM $2.48 ($18.36) NM earnings/(l oss) per share Operating $1,331 ($3,450) NM $1,065 ($12,080) NM cash flow Non-GAAP* Core $8,519 ($4,042) NM $3,236 ($11,811) NM operating earnings/(l oss) Core 35.6 % (26.5) % NM 3.6 % (17.8) % NM operating margins Core $9.92 ($5.90) NM $1.19 ($20.38) NM earnings/(l oss) per share *Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on page 5, "Non-GAAP Measures Disclosures." The Boeing Company [NYSE: BA] recorded fourth quarter revenue of $23.9billion, reflecting improved operational performance and higher commercial delivery volume. GAAP earnings per share of $10.23 and core earnings per share (non -GAAP)* of $9.92 primarily reflect a $9.6 billion gain on sale associated with closing the Digital Aviation Solutions transaction, which increased earnings per share by $11.83. The company reported operating cash flow of $1.3billion and free cash flow (non-GAAP)* of $0.4 billion. Total company backlog grew to a record $682billion primarily reflecting 1,173 Commercial Airplanes net orders in the year, with all three segments at record levels. "We made significant progress on our recovery in 2025 and have set the foundation to keep our momentum going in the year ahead," said Kelly Ortberg, Boeing president and chief executive officer. "We completed the acquisition of Spirit AeroSystems and the sale of portions of the Digital Aviation Solutions business and remain focused on promoting stable operations, completing our development programs, rebuilding trust with our stakeholders, and fully restoring Boeing to the iconic company we all know it can be." Table 2. Fourth Full Cash Flow Quarter Year (Millions) 2025 2024 2025 2024 Operating $1,331 ($3,450) $1,065 ($12,080) cash flow Less ($956) ($648) ($2,942) ($2,230) additions to property, plant & equipment Free cash $375 ($4,098) ($1,877) ($14,310) flow* *Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on page 5, "Non-GAAP Measures Disclosures." Operating cash flow was $1.3 billion in the quarter reflecting higher commercial deliveries, as well as working capital timing. Additions to property, plant and equipment primarily reflects higher investments in Charleston and Saint Louis sites. Table 3. Quarter End Cash, Marketable Securities and Debt Balances (Billions) 4Q 2025 3Q 2025 Cash and $29.4 $23.0 investments in marketable securities1 Consolidated $54.1 $53.4 debt 1 Marketable securities consist primarily of time deposits due within one year classified as "short-term investments." Cash and investments in marketable securities totaled $29.4 billion, compared to $23.0 billion at the beginning of the quarter, primarily driven by $10.6 billion in proceeds associated with closing the Digital Aviation Solutions transaction and free cash flow generated in the quarter, partially offset by debt repayment associated with the acquisition of SpiritAeroSystems. Debt was $54.1 billion, up from $53.4 billion at the beginning of the quarter, primarily reflecting the acquisition of Spirit AeroSystems. The company maintains access to credit facilities of $10.0 billion, which remain undrawn. Segment Results Commercial Airplanes Table 4. Commercial Airplanes Fourth Quarter Full Year (Dollars in Millions) 2025 2024 Change 2025 2024 Change Deliveries 160 57 181% 600 348 72% Revenues $11,379 $4,762 139% $41,494 $22,861 82% Loss from operations ($632) ($2,090) NM ($7,079) ($7,969) NM Operating margins (5.6) % (43.9) % NM (17.1) % (34.9) % NM Commercial Airplanes fourth quarter revenue of $11.4billion and operating margin of (5.6) percent primarily reflect higher deliveries and improved operational performance. Results also include impacts associated with the acquisition of Spirit AeroSystems. During the quarter, the 737 program increased the production rate to 42 per month and received approval from the Federal Aviation Administration to begin the final phase of 737-10 certification flight testing. The 787 program began transitioning production to eight per month and remains focused on stabilizing at that rate. In the quarter, the 777X program began the Type Inspection Authorization 3 phase of 777-9 certification flight testing, and the company still anticipates first delivery in 2027. Commercial Airplanes booked 336 net orders in the quarter, including 105 737-10 and 5 787-9 airplanes for Alaska Airlines and 65 777-9 airplanes for Emirates. Commercial Airplanes delivered 160 airplanes and backlog included over 6,100 airplanes valued at a record $567 billion. Defense, Space& Security Table 5. Fourth Full Defense, Quarter Year Space & Security (Dollars 2025 2024 Change 2025 2024 Change in Millions) Revenues $7,417 $5,411 37% $27,234 $23,918 14% Loss from ($507) ($2,267) NM ($128) ($5,413) NM operations Operating (6.8) % (41.9) % NM (0.5) % (22.6) % NM margins Defense, Space & Security fourth quarter revenue of $7.4 billion and operating margin of (6.8) percent reflect stabilizing operational performance and higher volume. Results also include $0.6 billion of losses on the KC-46A program primarily driven by higher estimated production support and supply chain costs. During the quarter, Defense, Space & Security captured an award from the U.S. Air Force for 15 KC-46A Tankers, secured a contract from the U.S. Army for 96 AH -64E Apache helicopters, and delivered the first operational T-7A Red Hawk to the U.S. Air Force at Joint Base San Antonio-Randolph. Backlog at Defense, Space & Security grew to a record $85 billion, with 26 percent representing orders from customers outside the U.S. Global Services Table 6. Global Services Fourth Quarter Full Year (Dollars in Millions) 2025 2024 Change 2025 2024 Change Revenues $5,209 $5,119 2% $20,923 $19,954 5% Earnings from operations $10,544 $998 NM $13,474 $3,618 NM Operating margins 202.4 % 19.5 % NM 64.4 % 18.1 % NM Global Services fourth quarter revenue was $5.2 billion driven by higher government volume. Operating margin of 202.4 percent primarily reflects a $9.6 billion gain on sale associated with closing the Digital Aviation Solutions transaction. Global Services secured record annual orders of $28 billion, including an award in the quarter for C-17 flight deck replacement from the U.S. Air Force, and ended the year with a record backlog of $30 billion. Additional Financial Information Table 7. Fourth Full Additional Quarter Year Financial Information (Dollars in 2025 2024 2025 2024 Millions) Revenues Unallocated ($57) ($50) ($188) ($216) items, eliminations and other Earnings/(los s) from operations Unallocated ($886) ($683) ($3,031) ($2,047) items, eliminations and other FAS/CAS $258 $272 $1,045 $1,104 service cost adjustment Other $201 $432 $1,125 $1,222 income, net Interest and ($659) ($755) ($2,771) ($2,725) debt expense Effective 1.2 % 5.7 % 15.1 % 3.1 % tax rate Unallocated items, eliminations and other primarily reflects timing of allocations. Non-GAAP Measures Disclosures We supplement the reporting of our financial information determined under Generally Accepted Accounting Principles in the United States of America (GAAP) with certain non-GAAP financial information. The non-GAAP financial information presented excludes certain significant items that may not be indicative of, or are unrelated to, results from our ongoing business operations. We believe that these non-GAAP measures provide investors with additional insight into the company's ongoing business performance. These non-GAAP measures should not be considered in isolation or as a substitute for the related GAAP measures, and other companies may define such measures differently. We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. The following definitions are provided: Core Operating Earnings/(Loss), Core Operating Margins and Core Earnings/(Loss) Per Share Core operating earnings/(loss) is defined as GAAPEarnings/(loss) from operations excluding the FAS/CAS service cost adjustment. The FAS/CAS service cost adjustment represents the difference between the Financial Accounting Standards (FAS) pension and postretirement service costs calculated under GAAP and costs allocated to the business segments. Core operating margins is defined as Core operating earnings/(loss) expressed as a percentage of revenue. Core earnings/(loss) per share is defined as GAAP Diluted earnings/(loss) per share excluding the net earnings/(loss) per share impact of the FAS/CAS service cost adjustment and Non-operating pension and postretirement expenses. Non-operating pension and postretirement expenses represent the components of net periodic benefit costs other than service cost. Pension costs allocated to BDS and BGS businesses supporting government customers are computed in accordance with U.S. Government Cost Accounting Standards (CAS), which employ different actuarial assumptions and accounting conventions than GAAP. CAS costs are allocable to government contracts. Other postretirement benefit costs are allocated to all business segments based on CAS, which is generally based on benefits paid. Management uses core operating earnings/(loss), core operating margins and core earnings/(loss) per share for purposes of evaluating and forecasting underlying business performance. Management believes these core measures provide investors additional insights into operational performance as they exclude non-service pension and post-retirement costs, which primarily represent costs driven by market factors and costs not allocable to government contracts. A reconciliation of these non-GAAP measures to the most directly comparable GAAP measure is provided on page 12 and 13. Free Cash Flow Free cash flow is GAAPoperating cash flow reduced by capital expenditures for property, plant and equipment. Management believes free cash flow provides investors with an important perspective on the cash available for shareholders, debt repayment, and acquisitions after making the capital investments required to support ongoing business operations and long term value creation. Free cash flow does not represent the residual cash flow available for discretionary expenditures as it excludes certain mandatory expenditures such as repayment of maturing debt. Management uses free cash flow as a measure to assess both business performance and overall liquidity. See Table 2 on page 2 for a reconciliation of free cash flow to the most directly comparable GAAP measure, operating cash flow. Caution Concerning Forward-Looking Statements This press release contains "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," "targets," "anticipates," and other similar words or expressions, or the negative thereof, generally can be used to help identify these forward -looking statements. Examples of forward-looking statements include statements relating to our future financial condition and operating results, industry projections and outlooks, plans, objectives and goals, as well as any other statement that does not directly relate to any historical or current fact. Forward-looking statements are based on expectations and assumptions that we believe to be reasonable when made, but that may not prove to be accurate. These statements are not guarantees and are subject to risks, uncertainties, and changes in circumstances that are difficult to predict. Many factors could cause actual results to differ materially and adversely from these forward-looking statements. Among these factors are risks related to: (1) general conditions in the economy and our industry, including those due to regulatory changes; (2) our reliance on our commercial airline customers; (3) the overall health of our aircraft production system, production quality issues, commercial airplane production rates, our ability to successfully develop and certify new aircraft or new derivative aircraft, and the ability of our aircraft to meet stringent performance and reliability standards; (4) changing budget and appropriation levels and acquisition priorities of the U.S. government, as well as significant delays in U.S. government appropriations; (5) our dependence on our subcontractors and suppliers, as well as the availability of highly skilled labor and raw materials; (6) work stoppages or other labor disruptions; (7) competition within our markets; (8) our non-U.S. operations and sales to non -U.S. customers, including tariffs, trade restrictions and government actions; (9) changes in accounting estimates; (10) realizing the anticipated benefits of mergers, acquisitions, joint ventures/strategic alliances or divestitures, including anticipated synergies and quality improvements related to our acquisition of Spirit AeroSystems Holdings, Inc.; (11) our dependence on U.S. government contracts; (12) our reliance on fixed-price contracts; (13) our reliance on cost-type contracts; (14) contracts that include in-orbit incentive payments; (15) management of a complex, global IT infrastructure; (16) compromised or unauthorized access to our, our customers' and/or our suppliers' information and systems; (17) potential business disruptions, including threats to physical security or our information technology systems, extreme weather (including effects of climate change) or other acts of nature, and pandemics or other public health crises; (18) potential adverse developments in new or pending litigation and/or government inquiries or investigations; (19) potential environmental liabilities; (20) effects of climate change and legal, regulatory or market responses to such change; (21) credit rating agency actions and our ability to effectively manage our liquidity; (22) substantial pension and other postretirement benefit obligations; (23) the adequacy of our insurance coverage; (24) the dilutive effect of future issuances of our common stock; and (25) the preferential treatment of our 6.00% mandatory convertible preferred stock. Additional information concerning these and other factors can be found in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Any forward-looking statement speaks only as of the date on which it is made, and we assume no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law. Contact: InvestorRelations: Eric Hill or David Dufault [email protected] Communications: Wilson Chow [email protected] The Boeing Company and Subsidiaries Consolidated Statements of Operations (Unaudited) Twelve Three months months ended ended December December 31 31 (Dollars in 2025 2024 2025 2024 millions, except per share data) Sales of products $75,356 $53,227 $20,445 $11,901 Sales of services 14,107 13,290 3,503 3,341 Total revenues 89,463 66,517 23,948 15,242 Cost of products (73,761) (57,394) (19,239) (14,010) Cost of services (11,413) (11,114) (2,897) (2,821) Total costs and (85,174) (68,508) (22,136) (16,831) expenses 4,289 (1,991) 1,812 (1,589) Income/(loss) from 25 71 (17) 12 operating investments, net General and (6,090) (5,021) (1,663) (1,398) administrative expense Research and (3,615) (3,812) (964) (836) development expense, net Gain on 9,672 46 9,609 41 dispositions, net Earnings/(loss) from 4,281 (10,707) 8,777 (3,770) operations Other income, net 1,125 1,222 201 432 Interest and debt (2,771) (2,725) (659) (755) expense Earnings/(loss) 2,635 (12,210) 8,319 (4,093) before income taxes Income tax (397) 381 (99) 232 (expense)/benefit Net earnings/(loss) 2,238 (11,829) 8,220 (3,861) Less: net 3 (12) 4 earnings/(loss) attributable to noncontrolling interest Net earnings/(loss) 2,235 (11,817) 8,220 (3,865) attributable to Boeing shareholders Less: Mandatory 345 58 86 58 convertible preferred stock dividends accumulated during the period Net earnings/(loss) $1,890 ($11,875) $8,134 ($3,923) attributable to Boeing common shareholders Basic $2.49 ($18.36) $10.59 ($5.46) earnings/(loss) per share Diluted $2.48 ($18.36) $10.23 ($5.46) earnings/(loss) per share The Boeing Company and Subsidiaries Consolidated Statements of Financial Position (Unaudited) (Dollars in millions, except per share December 31 December 31 data) 2025 2024 Assets Cash and cash equivalents $10,921 $13,801 Short-term and other investments 18,479 12,481 Accounts receivable, net 2,921 2,631 Unbilled receivables, net 9,158 8,363 Current portion of financing 207 receivables, net Inventories 84,679 87,550 Other current assets, net 2,301 2,965 Total current assets 128,459 127,998 Financing receivables and operating 241 314 lease equipment, net Property, plant and equipment, net of 15,361 11,412 accumulated depreciation of $23,613 and $22,925 Goodwill 17,275 8,084 Acquired intangible assets, net 1,567 1,957 Deferred income taxes 107 185 Investments 1,048 999 Other assets, net of accumulated 4,177 5,414 amortization of $1,014 and $1,085 Total assets $168,235 $156,363 Liabilities and equity Accounts payable $13,109 $11,364 Accrued liabilities 27,141 24,103 Advances and progress billings 59,404 60,333 Short-term debt and current portion of 8,461 1,278 long-term debt Total current liabilities 108,115 97,078 Deferred income taxes 216 122 Accrued retiree health care 2,091 2,176 Accrued pension plan liability, net 4,287 5,997 Other long-term liabilities 2,432 2,318 Long-term debt 45,637 52,586 Total liabilities 162,778 160,277 Shareholders' equity: Mandatory convertible preferred stock, 6 6 6.00% Series A, par value $1.00 - 20,000,000 shares authorized; 5,750,000 shares issued; aggregate liquidation preference $5,750 Common stock, par value $5.00 - 5,061 5,061 1,200,000,000 shares authorized; 1,012,261,159 shares issued Additional paid-in capital 21,441 18,964 Treasury stock, at cost - 227,562,889 (28,029) (32,386) and 263,044,840 shares Retained earnings 17,252 15,362 Accumulated other comprehensive loss (10,277) (10,915) Total shareholders' equity/(deficit) 5,454 (3,908) Noncontrolling interests 3 (6) Total equity 5,457 (3,914) Total liabilities and equity $168,235 $156,363 The Boeing Company and Subsidiaries Consolidated Statements of Cash Flows (Unaudited) Twelve months ended December 31 (Dollars in millions) 2025 2024 Cash flows-operating activities: Net earnings/(loss) $2,238 ($11,829) Adjustments to reconcile net loss to net cash used by operating activities: Non-cash items - Share-based plans expense 426 407 Treasury shares issued for 401(k) 1,530 1,601 contributions Depreciation and amortization 1,953 1,836 Investment/asset impairment charges, 45 112 net Gain on dispositions, net (9,672) (46) 777X and 767 reach-forward losses 5,283 4,079 Other charges and credits, net 264 528 Changes in assets and liabilities - Accounts receivable (95) (37) Unbilled receivables (677) (60) Advances and progress billings (723) 4,069 Inventories (1,501) (12,353) Other current assets 155 (16) Accounts payable 724 (793) Accrued liabilities 1,341 1,563 Income taxes receivable, payable and 115 (567) deferred Other long-term liabilities (346) (329) Pension and other postretirement (593) (959) plans Financing receivables and operating 274 512 lease equipment, net Other 324 202 Net cash provided/(used) by operating 1,065 (12,080) activities Cash flows - investing activities: Payments to acquire property, plant (2,942) (2,230) and equipment Proceeds from disposals of property, 82 49 plant and equipment Acquisitions, net of cash acquired (1,248) (50) Proceeds from dispositions 10,585 124 Contributions to investments (51,938) (13,856) Proceeds from investments 46,628 4,743 Supplier notes receivable (662) (694) Repayments on supplier notes 2 40 receivable Purchase of distribution rights (9) (88) Other 1 (11) Net cash provided/(used) by investing 499 (11,973) activities Cash flows - financing activities: New borrowings 165 10,161 Debt repayments (3,621) (8,673) Common stock issuance, net of 18,200 issuance costs Mandatory convertible preferred stock 5,657 issuance, net of issuance costs Employee taxes on certain share-based (34) (83) payment arrangements Dividends paid on mandatory (331) - convertible preferred stock Other 58 (53) Net cash (used)/provided by financing (3,763) 25,209 activities Effect of exchange rate changes on 40 (47) cash and cash equivalents Net (decrease)/increase in cash & (2,159) 1,109 cash equivalents, including restricted Cash & cash equivalents, including 13,822 12,713 restricted, at beginning of year Cash & cash equivalents, including 11,663 13,822 restricted, at end of year Less restricted cash & cash 742 21 equivalents, included in Investments Cash & cash equivalents at end of $10,921 $13,801 year The Boeing Company and Subsidiaries Summary of Business Segment Data (Unaudited) Twelve Three months months ended ended December December 31 31 (Dollars in 2025 2024 2025 2024 millions) Revenues: Commercial Airplanes $41,494 $22,861 $11,379 $4,762 Defense, Space & 27,234 23,918 7,417 5,411 Security Global Services 20,923 19,954 5,209 5,119 Unallocated items, (188) (216) (57) (50) eliminations and other Total revenues $89,463 $66,517 $23,948 $15,242 Earnings/(loss) from operations: Commercial Airplanes ($7,079) ($7,969) ($632) ($2,090) Defense, Space & (128) (5,413) (507) (2,267) Security Global Services 13,474 3,618 10,544 998 Segment operating 6,267 (9,764) 9,405 (3,359) earnings/(loss) Unallocated items, (3,031) (2,047) (886) (683) eliminations and other FAS/CAS service cost 1,045 1,104 258 272 adjustment Earnings/(loss) from 4,281 (10,707) 8,777 (3,770) operations Other income, net 1,125 1,222 201 432 Interest and debt (2,771) (2,725) (659) (755) expense Earnings/(loss) 2,635 (12,210) 8,319 (4,093) before income taxes Income tax (397) 381 (99) 232 (expense)/benefit Net earnings/(loss) 2,238 (11,829) 8,220 (3,861) Less: net 3 (12) 4 earnings/(loss) attributable to noncontrolling interest Net earnings/(loss) 2,235 (11,817) 8,220 (3,865) attributable to Boeing shareholders Less: Mandatory 345 58 86 58 convertible preferred stock dividends accumulated during the period Net earnings/(loss) $1,890 ($11,875) $8,134 ($3,923) attributable to Boeing common shareholders Research and development expense, net: Commercial Airplanes $2,202 $2,386 $545 $534 Defense, Space & 877 917 259 189 Security Global Services 125 132 34 29 Other 411 377 126 84 Total research and $3,615 $3,812 $964 $836 development expense, net Unallocated items, eliminations and other: Share-based plans ($49) $171 ($9) $53 Deferred (182) (114) (32) (14) compensation Amortization of (92) (93) (28) (23) previously capitalized interest Research and (411) (377) (126) (84) development expense, net Eliminations and (2,297) (1,634) (691) (615) other unallocated items Sub-total (included (3,031) (2,047) (886) (683) in Core operating earnings/(loss)) Pension FAS/CAS 784 811 196 203 service cost adjustment Postretirement 261 293 62 69 FAS/CAS service cost adjustment FAS/CAS service cost 1,045 1,104 $258 $272 adjustment Total ($1,986) ($943) ($628) ($411) The Boeing Company and Subsidiaries Operating and Financial Data (Unaudited) Deliveries Twelve months ended Three months ended December 31 December 31 Commercial Airplanes 2025 2024 2025 2024 737 447 265 117 36 767 30 18 10 3 777 35 14 6 3 787 88 51 27 15 Total 600 348 160 57 Defense, Space & Security AH-64 Apache (New) 19 16 5 6 AH-64 Apache (Remanufactured) 42 34 14 10 CH-47 Chinook (New) 3 4 2 2 CH-47 Chinook (Renewed) 11 9 2 2 F-15 Models 9 14 2 4 F/A-18 Models 14 11 2 6 KC-46 Tanker 14 10 5 - MH-139 9 6 3 3 P-8 Models 6 4 2 - T-7A Red Hawk - 2 - 1 Commercial Satellites 4 2 - 2 Total1 131 112 37 36 1 Deliveries of new-build production units, including remanufactures and modifications Total December 31 December 31 backlog 2025 2024 (Dollars in millions) Commercial $567,290 $435,175 Airplanes Defense, 84,786 64,023 Space & Security Global 29,720 21,403 Services Unallocated 411 735 items, eliminations and other Total $682,207 $521,336 backlog Contractual $639,721 $498,802 backlog Unobligated 42,486 22,534 backlog Total $682,207 $521,336 backlog The Boeing Company and Subsidiaries Reconciliation of Non-GAAP Measures (Unaudited) 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, and diluted earnings/(loss) per share. See page 5 of this release for additional information on the use of these non-GAAP financial measures. (Dollars in Fourth Fourth millions, Quarter Quarter except per 2025 2024 share data) $ million Per $ million Per s Share s Share Revenues $23,948 $15,242 Earnings/(loss) 8,777 (3,770) from operations (GAAP) Operating 36.7 % (24.7) % margins (GAAP) FAS/CAS service cost adjustment: Pension (196) (203) FAS/CAS service cost adjustment Postretirement (62) (69) FAS/CAS service cost adjustment FAS/CAS (258) (272) service cost adjustment Core operating $8,519 ($4,042) earnings/(loss) (non-GAAP) Core operating 35.6 % (26.5) % margins (non -GAAP) Diluted $10.23 ($5.46) earnings/(loss) per share (GAAP) Pension ($196) ($0.24) ($203) ($0.28) FAS/CAS service cost adjustment Postretirement (62) (0.08) (69) (0.10) FAS/CAS service cost adjustment Non-operating (49) (0.06) (108) (0.15) pension income Non-operating (5) (0.01) (18) (0.03) postretirement income Provision for 66 0.08 84 0.12 deferred income taxes on adjustments 1 Subtotal of ($246) ($0.31) ($314) ($0.44) adjustments Core $9.92 ($5.90) earnings/(loss) per share (non -GAAP) Diluted 803.8 717.9 weighted average common shares outstanding (in millions) 1 The income tax impact is calculated using the U.S. corporate statutory tax rate. The Boeing Company and Subsidiaries Reconciliation of Non-GAAP Measures (Unaudited) 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, and diluted earnings/(loss) per share. See page 5 of this release for additional information on the use of these non-GAAP financial measures. (Dollars in Full Full Year millions, Year 2024 except per 2025 share data) $ million Per $ millions Per s Share Share Revenues $89,463 $66,517 Earnings/(loss) 4,281 (10,707) from operations (GAAP) Operating 4.8 % (16.1) % margins (GAAP) FAS/CAS service cost adjustment: Pension (784) (811) FAS/CAS service cost adjustment Postretirement (261) (293) FAS/CAS service cost adjustment FAS/CAS (1,045) (1,104) service cost adjustment Core operating $3,236 ($11,811) earnings/(loss) (non-GAAP) Core operating 3.6 % (17.8) % margins (non -GAAP) Diluted $2.48 ($18.36) earnings/(loss) per share (GAAP) Pension ($784) ($1.03) ($811) ($1.26) FAS/CAS service cost adjustment Postretirement (261) (0.34) (293) (0.45) FAS/CAS service cost adjustment Non-operating (176) (0.24) (476) (0.74) pension income Non-operating (19) (0.02) (73) (0.11) postretirement income Provision for 260 0.34 347 0.54 deferred income taxes on adjustments 1 Subtotal of ($980) ($1.29) ($1,306) ($2.02) adjustments Core $1.19 ($20.38) earnings/(loss) per share (non -GAAP) Diluted 762.3 646.9 weighted average common shares outstanding (in millions) 1 The income tax impact is calculated using the U.S. corporate statutory tax rate. 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