Boeing (BA) FY2025 results: revenue $89.5 billion, up 34.5% on the year

Boeing is one of the world's major aerospace firms, organised around the products and services it offers into three reportable segments: Commercial Airplanes, Defense, Space and Security, and Global Services.

Commercial Airplanes

The segment develops, produces and markets commercial jet aircraft, principally to the commercial airline industry worldwide, offering a family of jetliners built for a broad range of passenger and cargo requirements. In production are the 737 narrow-body and the 767, 777 and 787 wide-bodies, with development continuing on the 777X programme and on the 737-7 and 737-10 derivatives.

Defense, Space and Security

The segment researches, develops, produces and modifies manned and unmanned military aircraft and weapons systems for strike, surveillance and mobility, including fighter and trainer aircraft, rotorcraft and tilt-rotor aircraft, and commercial derivative aircraft such as anti-submarine and tanker aircraft. It also covers strategic defence and intelligence systems, including strategic missile and defence systems, command, control, communications, computers, intelligence, surveillance and reconnaissance, cyber and information solutions, intelligence systems, government and commercial satellites, and space exploration.

Global Services

The segment serves commercial and defence customers worldwide, sustaining aerospace platforms and systems through supply chain and logistics management, engineering, maintenance and modifications, upgrades and conversions, spare parts, pilot and maintenance training systems and services, technical and maintenance documents, and digital solutions and analytics.

Competition

The commercial jet aircraft market and the airline industry are described as extremely competitive, with Commercial Airplanes facing Airbus and entrants from China, and the company focused on improving products and processes and reducing cost. Defense, Space and Security competes primarily with General Dynamics, Lockheed Martin, Northrop Grumman, RTX and SpaceX, while BAE Systems and the Airbus Group build presence in the United States market by strengthening North American operations and partnering with domestic defence companies, and competitors sometimes team up on a particular customer requirement. The services markets bring many of those same rivals plus others, and Global Services competes across the life cycle of defence and commercial aircraft programmes, from training, fleet services and logistics to maintenance, engineering, modifications and upgrades and the daily gate-to-gate cycle.

Regulation and government contracts

The businesses are heavily regulated in most markets, and the company works with numerous United States government agencies including all branches of the military, NASA, the Federal Aviation Administration and the Department of Homeland Security, with equivalent authorities abroad. Governments may terminate contracts at their convenience or for default on performance requirements. On a termination for convenience the company would generally be paid for work completed plus allowable termination costs; on a default the government would pay only for work accepted, could require the company to pay the difference between the original price and the cost of re-procuring the items, and could hold it liable for damages. In the United States, commercial aircraft products must comply with Federal Aviation Administration rules covering production and quality systems, airworthiness and installation approvals, repair procedures and continuing operational safety.

Materials and suppliers

The company depends on the availability and quality of materials, parts and subassemblies from suppliers and subcontractors. The most important raw materials are aluminium, titanium and composites including carbon and boron, in sheet, plate, forging and extrusion form. Alternative sources generally exist, but qualifying them could take a year or more, and many major components and equipment items are procured or subcontracted on a sole-source basis, with the company working with a small number of those suppliers to keep supply continuous.

People and unions

The total workforce was approximately 182,000 at 31 December 2025, with 14% located outside the United States, and approximately 72,000 of them were union members. There were 32 independent agreements with nine different unions in the United States and agreements with 18 employee representative bodies internationally. The International Association of Machinists and Aerospace Workers covers 25% of the workforce, the Society of Professional Engineering Employees in Aerospace 11% and the United Automobile Workers 1%, with contracts expiring between January 2026 and July 2030. In 2024 employees represented by IAM District 751, covering over 30,000 manufacturing employees mainly in Washington state, struck for 53 days, halting production of most commercial aircraft and certain defence products. In 2025 employees represented by IAM District 837, approximately 3,200 people at the St. Louis area sites, struck for 101 days, disrupting those operations and affecting the F/A-18, F-15, T-7A and MQ-25 programmes. In 2025 employees completed approximately 5.8 million hours of learning and approximately 12,000 used the tuition assistance programme.

From Boeing's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 30 January 2026: read the full 10-K.