Item 1. Financial Statements

The Boeing Company and Subsidiaries

Condensed Consolidated Statements of Operations

(Unaudited)

(Dollars in millions, except per share data)			Nine months ended September 30												Three months ended September 30
			2025						2024						2025						2024
Sales of products			$54,911						$41,326						$19,642						$14,534
Sales of services			10,604						9,949						3,628						3,306
Total revenues			65,515						51,275						23,270						17,840
Cost of products			(54,522)						(43,384)						(22,737)						(18,413)
Cost of services			(8,516)						(8,293)						(2,908)						(2,934)
Total costs and expenses			(63,038)						(51,677)						(25,645)						(21,347)
			2,477						(402)						(2,375)						(3,507)
Income/(loss) from operating investments, net			42						59						14						(15)
General and administrative expense			(4,427)						(3,623)						(1,522)						(1,085)
Research and development expense, net			(2,651)						(2,976)						(897)						(1,154)
Gain/(loss) on dispositions, net			63						5						(1)
Loss from operations			(4,496)						(6,937)						(4,781)						(5,761)
Other income, net			924						790						276						265
Interest and debt expense			(2,112)						(1,970)						(694)						(728)
Loss before income taxes			(5,684)						(8,117)						(5,199)						(6,224)
Income tax (expense)/benefit			(298)						149						(140)						50
Net loss			(5,982)						(7,968)						(5,339)						(6,174)
Less: Net earnings/(loss) attributable to noncontrolling interest			3						(16)						(2)						(4)
Net loss attributable to Boeing shareholders			(5,985)						(7,952)						(5,337)						(6,170)
Less: mandatory convertible preferred stock dividends accumulated during the period			259												87
Net loss attributable to Boeing common shareholders			($6,244)						($7,952)						($5,424)						($6,170)
Basic loss per share			($8.25)						($12.91)						($7.14)						($9.97)
Diluted loss per share			($8.25)						($12.91)						($7.14)						($9.97)

See Notes to the Condensed Consolidated Financial Statements.

The Boeing Company and Subsidiaries

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)

(Dollars in millions)			Nine months ended September 30									Three months ended September 30
			2025						2024			2025						2024
Net loss			($5,982)						($7,968)			($5,339)						($6,174)
Other comprehensive income/(loss), net of tax:
Currency translation adjustments			107						30			(1)						54
Unrealized gain on certain investments, net of tax of $0, $0, $0 and $0									1									1
Derivative instruments:
Unrealized gains/(losses) arising during period, net of tax of ($52), $3, $7 and ($19)			181						(13)			(25)						63
Reclassification adjustment for losses included in net loss, net of tax of ($9), ($7), ($1) and $1			32						26			4
Total unrealized gain/(loss) on derivative instruments, net of tax			213						13			(21)						63
Defined benefit pension plans and other postretirement benefits:
Net actuarial loss arising during the period, net of tax of $0, $16, $0 and ($1)			(2)						(18)
Amortization of actuarial losses included in net periodic benefit cost, net of tax of ($26), ($30), ($9) and ($10)			97						38			32						12
Amortization of prior service credits included in net periodic benefit cost, net of tax of $12, $31,$4 and $11			(44)						(38)			(15)						(12)
Pension and postretirement cost related to our equity method investments, net of tax of $0, ($2), $0 and $1									6									1
Total defined benefit pension plans and other postretirement benefits, net of tax			51						(12)			17						1
Other comprehensive income/(loss), net of tax			371						32			(5)						119
Comprehensive loss			(5,611)						(7,936)			(5,344)						(6,055)
Less: Comprehensive income/(loss) related to noncontrolling interest			3						(16)			(2)						(4)
Comprehensive loss attributable to Boeing Shareholders			($5,614)						($7,920)			($5,342)						($6,051)

See Notes to the Condensed Consolidated Financial Statements.

The Boeing Company and Subsidiaries

Condensed Consolidated Statements of Financial Position

(Unaudited)

(Dollars in millions, except per share data)			September 30 2025						December 31 2024
Assets
Cash and cash equivalents			$6,173						$13,801
Short-term and other investments			16,811						12,481
Accounts receivable, net			3,314						2,631
Unbilled receivables, net			9,032						8,363
Current portion of financing receivables, net									207
Inventories			82,425						87,550
Other current assets, net			2,904						2,965
Assets held for sale			1,473
Total current assets			122,132						127,998
Financing receivables and operating lease equipment, net			245						314
Property, plant and equipment, net of accumulated depreciation of $23,470 and $22,925			12,078						11,412
Goodwill			7,281						8,084
Acquired intangible assets, net			1,495						1,957
Deferred income taxes			44						185
Investments			1,050						999
Other assets, net of accumulated amortization of $947 and $1,085			5,698						5,414
Total assets			$150,023						$156,363
Liabilities and equity
Accounts payable			$11,732						$11,364
Accrued liabilities			24,364						24,103
Advances and progress billings			57,962						60,333
Short-term debt and current portion of long-term debt			8,742						1,278
Liabilities held for sale			524
Total current liabilities			103,324						97,078
Deferred income taxes			191						122
Accrued retiree health care			2,086						2,176
Accrued pension plan liability, net			5,714						5,997
Other long-term liabilities			2,350						2,318
Long-term debt			44,611						52,586
Total liabilities			158,276						160,277
Shareholders’ equity:
Mandatory convertible preferred stock, 6.00% Series A, par value $1.00 – 20,000,000 shares authorized; 5,750,000 shares issued; aggregate liquidation preference $5,750			6						6
Common stock, par value $5.00 – 1,200,000,000 shares authorized; 1,012,261,159 shares issued			5,061						5,061
Additional paid-in capital			19,218						18,964
Treasury stock, at cost – 252,587,506 and 263,044,840 shares			(31,109)						(32,386)
Retained earnings			9,118						15,362
Accumulated other comprehensive loss			(10,544)						(10,915)
Total shareholders’ deficit			(8,250)						(3,908)
Noncontrolling interests			(3)						(6)
Total equity			(8,253)						(3,914)
Total liabilities and equity			$150,023						$156,363

See Notes to the Condensed Consolidated Financial Statements.

The Boeing Company and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(Dollars in millions)			Nine months ended September 30
			2025						2024
Cash flows – operating activities:
Net loss			($5,982)						($7,968)
Adjustments to reconcile net loss to net cash used by operating activities:
Non-cash items –
Share-based plans expense			343						310
Treasury shares issued for 401(k) contributions			1,173						1,315
Depreciation and amortization			1,417						1,327
Investment/asset impairment charges, net			32						48
Gain on dispositions, net			(63)						(5)
777X and 767 reach-forward losses			5,140						3,006
Other charges and credits, net			217						270
Changes in assets and liabilities –
Accounts receivable			(836)						(275)
Unbilled receivables			(679)						(1,042)
Advances and progress billings			(2,065)						1,666
Inventories			(116)						(6,854)
Other current assets			227						(26)
Accounts payable			539						122
Accrued liabilities			574						327
Income taxes receivable, payable and deferred			93						(282)
Other long-term liabilities			(294)						(228)
Pension and other postretirement plans			(436)						(736)
Financing receivables and operating lease equipment, net			274						258
Other			176						137
Net cash used by operating activities			(266)						(8,630)
Cash flows – investing activities:
Payments to acquire property, plant and equipment			(1,986)						(1,582)
Proceeds from disposals of property, plant and equipment			5						46
Acquisitions, net of cash acquired									(50)
Proceeds from dispositions			35
Contributions to investments			(36,337)						(1,751)
Proceeds from investments			32,674						4,546
Supplier notes receivable			(292)						(494)
Repayments on supplier notes receivable									40
Purchase of distribution rights									(88)
Other									(14)
Net cash (used)/provided by investing activities			(5,901)						653
Cash flows – financing activities:
New borrowings			138						10,120
Debt repayments			(721)						(4,824)
Employee taxes on certain share-based payment arrangements			(28)						(73)
Dividends paid on mandatory convertible preferred stock			(244)
Other			43						15
Net cash (used)/provided by financing activities			(812)						5,238
Effect of exchange rate changes on cash and cash equivalents			39						8
Net decrease in cash & cash equivalents, including restricted			(6,940)						(2,731)
Cash & cash equivalents, including restricted, at beginning of year			13,822						12,713
Cash & cash equivalents, including restricted, at end of period			6,882						9,982
Less restricted cash & cash equivalents, included in Investments			709						21
Cash and cash equivalents at end of period			$6,173						$9,961

See Notes to the Condensed Consolidated Financial Statements.

The Boeing Company and Subsidiaries

Condensed Consolidated Statements of Equity

For the nine months ended September 30, 2025 and 2024

(Unaudited)

			Boeing shareholders
(Dollars in millions)			Mandatory convertible preferred stock			Common stock			Additional paid-in capital			Treasury stock			Retained earnings			Accumulated other comprehensive loss			Non- controlling interests			Total
Balance at January 1, 2024						$5,061			$10,309			($49,549)			$27,251			($10,305)			$5			($17,228)
Net loss															(7,952)						(16)			(7,968)
Other comprehensive income, net of tax of $11																		32						32
Share-based compensation									310															310
Treasury shares issued for other share-based plans, net									(129)			105												(24)
Treasury shares issued for 401(k) contributions									435			880												1,315
Other changes in noncontrolling interests																					1			1
Balance at September 30, 2024						$5,061			$10,925			($48,564)			$19,299			($10,273)			($10)			($23,562)
Balance at January 1, 2025			$6			$5,061			$18,964			($32,386)			$15,362			($10,915)			($6)			($3,914)
Net (loss)/earnings															(5,985)						3			(5,982)
Other comprehensive income, net of tax of ($75)																		371						371
Share-based compensation									343															343
Treasury shares issued for other share-based plans, net									(506)			523												17
Treasury shares issued for 401(k) contributions									419			754												1,173
Subsidiary shares purchased from noncontrolling interests									(2)															(2)
Cash dividends declared on Mandatory convertible preferred stock															(259)									(259)
Balance at September 30, 2025			$6			$5,061			$19,218			($31,109)			$9,118			($10,544)			($3)			($8,253)

See Notes to the Condensed Consolidated Financial Statements.

The Boeing Company and Subsidiaries

Condensed Consolidated Statements of Equity

For the three months ended September 30, 2025 and 2024

(Unaudited)

			Boeing shareholders
(Dollars in millions)			Mandatory convertible preferred stock			Common stock			Additional paid-in capital			Treasury stock			Retained earnings			Accumulated other comprehensive loss			Non- controlling interests			Total
Balance at July 1, 2024						$5,061			$10,727			($48,841)			$25,469			($10,392)			($6)			($17,982)
Net loss															(6,170)						(4)			(6,174)
Other comprehensive income, net of tax of ($17)																		119						119
Share-based compensation									102															102
Treasury shares issued for other share-based plans, net									(7)			18												11
Treasury shares issued for 401(k) contributions									103			259												362
Balance at September 30, 2024						$5,061			$10,925			($48,564)			$19,299			($10,273)			($10)			($23,562)
Balance at July 1, 2025			$6			$5,061			$19,238			($31,603)			$14,542			($10,539)			($1)			($3,296)
Net loss															(5,337)						(2)			(5,339)
Other comprehensive loss, net of tax of $1																		(5)						(5)
Share-based compensation									89															89
Treasury shares issued for other share-based plans, net									(278)			285												7
Treasury shares issued for 401(k) contributions									171			209												380
Subsidiary shares purchased from noncontrolling interests									(2)															(2)
Cash dividends declared on Mandatory convertible preferred stock															(87)									(87)
Balance at September 30, 2025			$6			$5,061			$19,218			($31,109)			$9,118			($10,544)			($3)			($8,253)

See Notes to the Condensed Consolidated Financial Statements.

The Boeing Company and Subsidiaries

Notes to Condensed Consolidated Financial Statements

Summary of Business Segment Data

(Unaudited)

(Dollars in millions)			Nine months ended September 30												Three months ended September 30
			2025						2024						2025						2024
Revenues:
Commercial Airplanes			$30,115						$18,099						$11,094						$7,443
Defense, Space & Security			19,817						18,507						6,902						5,536
Global Services			15,714						14,835						5,370						4,901
Unallocated items, eliminations and other			(131)						(166)						(96)						(40)
Total revenues			$65,515						$51,275						$23,270						$17,840
Loss from operations:
Commercial Airplanes			($6,447)						($5,879)						($5,353)						($4,021)
Defense, Space & Security			379						(3,146)						114						(2,384)
Global Services			2,930						2,620						938						834
Segment operating loss			(3,138)						(6,405)						(4,301)						(5,571)
Unallocated items, eliminations and other			(2,145)						(1,364)						(748)						(418)
FAS/CAS service cost adjustment			787						832						268						228
Loss from operations			(4,496)						(6,937)						(4,781)						(5,761)
Other income, net			924						790						276						265
Interest and debt expense			(2,112)						(1,970)						(694)						(728)
Loss before income taxes			(5,684)						(8,117)						(5,199)						(6,224)
Income tax (expense)/benefit			(298)						149						(140)						50
Net loss			(5,982)						(7,968)						(5,339)						(6,174)
Less: Net earnings/(loss) attributable to noncontrolling interest			3						(16)						(2)						(4)
Net loss attributable to Boeing shareholders			(5,985)						(7,952)						(5,337)						($6,170)
Less: Mandatory convertible preferred stock dividends accumulated during the period			259												87
Net loss attributable to Boeing common shareholders			($6,244)						($7,952)						($5,424)						($6,170)

This information is an integral part of the Notes to the Condensed Consolidated Financial Statements. See Note 20 for further segment results.

The Boeing Company and Subsidiaries

Notes to the Condensed Consolidated Financial Statements

(Dollars in millions, except per share amounts or as otherwise stated)

(Unaudited)

Note 1 – Basis of Presentation

The condensed consolidated interim 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”). In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary for a fair presentation are reflected in the interim financial statements. The results of operations for the period ended September 30, 2025, are not necessarily indicative of the operating results for the full year. The interim financial statements should be read in conjunction with the audited Consolidated Financial Statements, including the notes thereto, included in our 2024 Annual Report on Form 10-K.

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.

Goodwill

We performed our annual goodwill impairment test as of April 1, 2025, using a qualitative assessment. We determined the fair value of each of our reporting units substantially exceeded their respective carrying values. Our Military Aircraft reporting unit within our Defense, Space & Security (BDS) segment had goodwill of $1,295 and a negative carrying value at September 30, 2025.

Long-term Contracts

Substantially all contracts at our BDS segment and certain contracts at our Global Services (BGS) segment are long-term contracts with the U.S. government and other customers that generally extend over several years. Changes in estimated revenues, cost of sales, and the related effect on operating income are recognized using a cumulative catch-up adjustment which recognizes, in the current period, the cumulative effect of the changes on current and prior periods based on a long-term contract’s percentage-of-completion. When the current estimates of total revenues and costs at completion for a long-term contract indicate a loss, a provision for the entire reach-forward loss on the long-term contract is recognized.

The table below reflects the impact of net cumulative catch-up adjustments for changes in estimated revenues and costs at completion across all long-term contracts, including the impact to Loss from operations from changes in estimated losses on unexercised options.

(In millions - except per share amounts)			Nine months ended September 30												Three months ended September 30
			2025						2024						2025						2024
Decrease to Revenue			($397)						($1,928)						($91)						($963)
Increase to Loss from operations			($544)						($4,322)						($206)						($2,622)
Increase to Diluted loss per share			($0.74)						($6.89)						($0.28)						($4.20)

Note 2 – Spirit Acquisition

On June 30, 2024, we entered into an Agreement and Plan of Merger (the Merger Agreement) pursuant to which we have agreed to acquire Spirit AeroSystems Holdings, Inc. (Spirit) in an all-stock transaction (the Boeing-Spirit Merger) at an equity value of approximately $4,700, or $37.25 per share of Spirit Class A

Common Stock (Spirit common stock). The Boeing-Spirit Merger will include the assumption of Spirit's net debt at closing. On January 31, 2025, Spirit's stockholders approved the Merger Agreement and the related transactions.

Each share of Spirit common stock will be exchanged for a number of shares of Boeing common stock equal to an exchange ratio between 0.18 and 0.25, calculated as $37.25 divided by the volume weighted average share price of Boeing shares over the 15-trading-day period ending on the second trading day prior to the closing (subject to a floor of $149.00 per share and a ceiling of $206.94 per share). Spirit stockholders will receive 0.25 Boeing shares for each of their Spirit shares if the volume-weighted average price is at or below $149.00, and 0.18 Boeing shares for each of their Spirit shares if the volume-weighted average price is at or above $206.94 per share.

The Merger Agreement contains certain termination rights, including that either Boeing or Spirit may terminate the Merger Agreement if, subject to certain limitations, the Boeing-Spirit Merger has not been consummated by March 31, 2025 (subject to three automatic three-month extensions if on each such date or the last day of each extension period, as applicable, all of the closing conditions except those relating to regulatory approvals have been satisfied or waived) (the Outside Date). The third automatic extension came into effect on October 1, 2025. Accordingly, the Outside Date is currently December 31, 2025. If either party breaches or fails to perform any of its representations, warranties or covenants under the Merger Agreement such that the related conditions to the other party's obligation to consummate the Boeing-Spirit Merger would not be satisfied, and such breach or failure is not curable by the Outside Date or, if curable by the Outside Date, has not been cured within 30 days following notice thereof, such other party may terminate the Merger Agreement.

The Merger Agreement also provides that we will be required to pay Spirit a termination fee of $300 if the Merger Agreement is terminated by Spirit or Boeing under certain specified circumstances as a result of the parties' failure to obtain the required regulatory approvals by the Outside Date or in the event that any law or order related to the required regulatory approvals or any applicable antitrust law or foreign investment law prohibits the consummation of the Merger.

The Boeing-Spirit Merger is expected to close in 2025 and is subject to the completion of the sale of Spirit operations related to certain Airbus SE (Airbus) commercial work packages and the satisfaction of customary closing conditions, including certain regulatory approvals.

On April 27, 2025, Spirit entered into a Stock and Asset Purchase Agreement (SAPA) with Airbus pursuant to which Airbus will, subject to the satisfaction of customary closing conditions, including certain regulatory approvals, acquire certain commercial work packages that Spirit performs for Airbus concurrently with the closing of the Boeing-Spirit Merger. As part of the transactions contemplated by the SAPA, Spirit will also make a cash payment to Airbus in an amount equal to $439, which amount is subject to adjustment in accordance with the terms of the SAPA (such adjusted amount, the Airbus Payment). Pursuant to the terms of the Merger Agreement, Boeing is required to fund any portion of the Airbus Payment that Spirit is unable to satisfy with cash on hand as of the closing of the transactions contemplated by the SAPA.

Since 2023, Boeing reached agreements to provide Spirit up to $1,199 to support its liquidity, rate readiness, and 787 tooling and capital expenditures, of which $16 has yet to be drawn. Spirit has repaid $40 with $1,143 still outstanding at September 30, 2025, of which $1,122 is recorded as supplier notes receivable, net of interest, within our Condensed Consolidated Statements of Financial Position. In 2025, Boeing and Spirit reached agreements to reschedule repayment dates for $527 to 2026. This includes changing repayment of $425 originally due in 2024 to 2026. In the event that the Merger Agreement is terminated in accordance with its terms, the then outstanding balances will become due and payable in full on April 1, 2026.

At September 30, 2025 and December 31, 2024, Other current assets included $724 and $539 and Other assets included $398 and $299 owed to us under these agreements. At September 30, 2025 and December 31, 2024, advance payments to Spirit of $161 and $165 were included in Inventories and are scheduled to be recovered as the related shipsets are received by Boeing from Spirit.

Note 3 – Digital Aviation Solutions Divestiture

On April 22, 2025, we announced that we entered into an agreement with Thoma Bravo to sell portions of our BGS segment’s Digital Aviation Solutions business for $10.55 billion. The sale will include Jeppesen, ForeFlight, AerData and OzRunways. We expect the transaction to close in 2025 and result in a gain at closing. The transaction is subject to regulatory approval and customary closing conditions.

At September 30, 2025, Digital Aviation Solutions assets of $1,473 and liabilities of $524 were classified as held for sale on our Condensed Consolidated Statements of Financial Position. Assets held for sale primarily include Goodwill of $810, Acquired intangible assets, net of $306, and Accounts receivable, net of $160. Liabilities held for sale primarily include Advances and progress billings of $306 and Accrued liabilities of $129.

Note 4 – Earnings Per Share

Basic and diluted earnings per share are computed using the two-class method, which is an earnings allocation method that determines earnings per share for common shares and participating securities. The undistributed earnings are allocated between common shares and participating securities as if all earnings had been distributed during the period. Participating securities and common shares have equal rights to undistributed earnings.

Basic earnings per share is calculated by taking net earnings attributable to Boeing shareholders, less Mandatory convertible preferred stock dividends accumulated during the period and earnings available to participating securities, divided by the basic weighted average common shares outstanding.

Diluted earnings per share is calculated by taking net earnings attributable to Boeing shareholders, less Mandatory convertible preferred stock dividends accumulated during the period and earnings available to participating securities, divided by the diluted weighted average common shares outstanding. Diluted weighted average common shares outstanding is calculated using the treasury stock method for share-based compensation awards and the if-converted method for Mandatory convertible preferred stock.

The elements used in the computation of Basic and Diluted loss per share were as follows:

(In millions - except per share amounts)			Nine months ended September 30												Three months ended September 30
			2025						2024						2025						2024
Net loss attributable to Boeing shareholders			($5,985)						($7,952)						($5,337)						($6,170)
Less: Mandatory convertible preferred stock dividends accumulated during the period			259												87
Less: earnings available to participating securities
Net loss available to common shareholders			($6,244)						($7,952)						($5,424)						($6,170)
Basic
Basic weighted average shares outstanding			756.9						616.1						760.1						618.8
Less: participating securities(1)			0.2						0.3						0.2						0.2
Basic weighted average common shares outstanding			756.7						615.8						759.9						618.6
Diluted
Diluted weighted average shares outstanding			756.9						616.1						760.1						618.8
Less: participating securities(1)			0.2						0.3						0.2						0.2
Diluted weighted average common shares outstanding			756.7						615.8						759.9						618.6
Net loss per share:
Basic			($8.25)						($12.91)						($7.14)						($9.97)
Diluted			(8.25)						(12.91)						(7.14)						(9.97)

**(1)**Participating securities include certain instruments in our deferred compensation plan.

The following table represents potential common shares that were not included in the computation of Diluted loss per share because the effect was antidilutive based on their strike price or the performance condition was not met.

(Shares in millions)			Nine months ended September 30												Three months ended September 30
			2025						2024						2025						2024
Performance restricted stock units			0.5						0.7						0.5						0.7
Restricted stock units			0.2						0.7
Stock options			0.8						0.8						0.6						0.8

In addition, potential common shares of 36.5 million and 35.9 million for the nine and three months ended September 30, 2025, and 2.9 million for the nine and three months ended September 30, 2024, were excluded from the computation of Diluted loss per share, because the effect would have been antidilutive as a result of incurring a net loss in those periods.

Note 5 – Income Taxes

We computed our 2025 interim tax provision using an estimated annual effective tax rate of (3.2)%. Our 2025 estimated annual effective tax rate is primarily driven by taxes on non-U.S. operations. Our effective tax rates were (5.2)% and 1.8% for the nine months ended September 30, 2025 and 2024. Our effective tax rates were (2.7)% and 0.8% for the three months ended September 30, 2025 and 2024.

As of December 31, 2024, we had recorded valuation allowances of $7,837 primarily for certain domestic deferred tax assets, and certain domestic net operating losses, tax credits 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.

Federal income tax audits have been settled for all years prior to 2021. We expect the next cycle to cover the 2021-2023 tax years; however, the Internal Revenue Service has not confirmed a start date. We are also subject to examination in major state and international jurisdictions for the 2010-2024 tax years. We believe appropriate provisions for all outstanding tax issues have been made for all jurisdictions and all open years.

On July 4, 2025, the President signed into law the One Big Beautiful Bill Act (OBBBA). The OBBBA maintains the 21 percent corporate tax rate and makes permanent many of the beneficial expired and expiring tax provisions originally enacted in the Tax Cuts and Jobs Act of 2017, including the immediate expensing of domestic R&D expenditures, more favorable interest deductibility and 100 percent bonus depreciation with effective dates in 2025. Revisions to the international tax framework are effective in 2026. In the third quarter of 2025, we recorded impacts of the OBBBA, which were not material.

Note 6 – Allowances for Losses on Financial Assets

The changes in allowances for expected credit losses for the nine months ended September 30, 2025 and 2024, consisted of the following:

			Accounts receivable			Unbilled receivables			Other current assets			Financing receivables			Other assets			Total
Balance at January 1, 2024			($89)			($19)			($50)			($51)			($122)			($331)
Changes in estimates			(28)			(2)			(2)			41			(66)			(57)
Write-offs			15						11									26
Recoveries			1															1
Balance at September 30, 2024			($101)			($21)			($41)			($10)			($188)			($361)
Balance at January 1, 2025			($92)			($38)			($47)			($7)			($199)			($383)
Changes in estimates			(11)			(4)			(17)			7			(25)			(50)
Write-offs			15						17									32
Recoveries			1															1
Other			12															12
Balance at September 30, 2025			($75)			($42)			($47)						($224)			($388)

Note 7 – Inventories

Inventories consisted of the following:

			September 30 2025						December 31 2024
Commercial aircraft programs			$69,289						$75,192
Long-term contracts in progress			447						752
Capitalized precontract costs(1)			1,260						1,176
Commercial spare parts, used aircraft, general stock materials and other			11,429						10,430
Total			$82,425						$87,550

(1)Capitalized precontract costs at September 30, 2025 and December 31, 2024, included amounts related to Commercial Crew, T-7A Red Hawk Production Options and KC-46A Tanker. See Note 11.

Commercial Aircraft Programs

At September 30, 2025 and December 31, 2024, commercial aircraft programs inventory included the following amounts related to the 737 program: deferred production costs of $11,082 and $9,679 and unamortized tooling and other non-recurring costs of $828 and $909. At September 30, 2025, $11,871 of 737 deferred production costs, unamortized tooling and other non-recurring costs are expected to be recovered from units included in the program accounting quantity that have firm orders, and $39 is expected to be recovered from units included in the program accounting quantity that represent expected future orders.

At September 30, 2025 and December 31, 2024, commercial aircraft programs inventory included the following amounts related to the 777X program: $3,697 and $3,476 of work in process (including deferred production costs of $0 and $0) and $1,486 and $4,122 of unamortized tooling and other non-recurring costs. During the third quarter of 2025, we determined that estimated costs to complete the 777X program plus the costs already included in 777X inventory exceed estimated revenues from the program. The resulting reach-forward loss of $4,899 was recorded as a reduction of deferred production costs, unamortized tooling and other non-recurring costs. The level of profitability on the 777X program will be subject to several factors. These factors include aircraft certification requirements and timing, change incorporation on completed aircraft, production disruption due to labor instability and supply chain disruption, customer considerations, delivery timing and negotiations, further production rate adjustments for the 777X or other commercial aircraft programs, and any change in the accounting quantity. One or more of these factors could result in additional reach-forward losses in future periods.

At September 30, 2025 and December 31, 2024, commercial aircraft programs inventory included the following amounts related to the 787 program: deferred production costs of $14,088 and $13,178, supplier advances of $1,100 and $1,379, and unamortized tooling and other non-recurring costs of $1,246 and $1,370. At September 30, 2025, $12,597 of 787 deferred production costs, unamortized tooling and other non-recurring costs are expected to be recovered from units included in the program accounting quantity that have firm orders, and $2,737 are expected to be recovered from units included in the program accounting quantity that represent expected future orders. We expensed abnormal production costs of $30 and $209 during the nine months ended September 30, 2025 and 2024.

Commercial aircraft programs inventory included amounts credited in cash or other consideration (early issue sales consideration) to airline customers totaling $6,070 and $5,837 at September 30, 2025 and December 31, 2024.

Note 8 – Contracts with Customers

Unbilled receivables increased from $8,363 at December 31, 2024, to $9,032 at September 30, 2025, primarily driven by revenue recognized in excess of billings at BDS and BGS.

Advances and progress billings decreased from $60,333 at December 31, 2024, to $57,962 at September 30, 2025, primarily driven by revenue recognized at BDS and Commercial Airplanes (BCA), partially offset by advances on orders received at BGS.

Revenues recognized during the nine months ended September 30, 2025 and 2024, from amounts recorded as Advances and progress billings at the beginning of each year were $16,431 and $11,804. Revenues recognized during the three months ended September 30, 2025 and 2024, from amounts recorded as Advances and progress billings at the beginning of each year were $5,254 and $3,927.

Note 9 – Financing Receivables and Operating Lease Equipment

Financing receivables and operating lease equipment, net consisted of the following:

			September 30 2025						December 31 2024
Financing receivables:
Investment in sales-type leases									$203
Notes									85
Total financing receivables									288
Less allowance for losses on receivables									7
Financing receivables, net									281
Operating lease equipment, at cost, less accumulated depreciation of $57 and $46			$245						240
Total			$245						$521

During the nine months ended September 30, 2025, our financing receivables were fully collected. Our financing arrangements at September 30, 2025, consist solely of operating leases that range in terms from one to four years and may include options to terminate. Certain operating leases include provisions to allow the lessee to purchase the underlying aircraft at a specified price.

At December 31, 2024, the components of investment in sales-type leases consisted of gross lease payments receivable of $229 and unearned income of $26. There were no unguaranteed residual assets at September 30, 2025, and December 31, 2024.

The majority of our financing receivables and operating lease equipment portfolio is concentrated in the following aircraft models:

			September 30 2025						December 31 2024
777 Aircraft (Accounted for as operating leases)			$173						$183
747-8 Aircraft (Primarily accounted for as notes)									92
737 Aircraft (Primarily accounted for as operating leases)			46						47
717 Aircraft (Accounted for as sales-type leases)									196

Lease income recorded in Sales of services on the Condensed Consolidated Statements of Operations for the nine months ended September 30, 2025 and 2024, included $6 and $39 of interest income from sales-type leases and $35 and $45 from operating lease payments. Lease income recorded in Sales of services on the Condensed Consolidated Statements of Operations for the three months ended September 30, 2025 and 2024, included $0 and $18 of interest income from sales-type leases and $12 and $13 from operating lease payments.

All financing interest income and variable lease payments on our financing arrangements for the nine and three months ended September 30, 2025 and 2024, were insignificant.

Profit at the commencement of sales-type leases for the nine and three months ended September 30, 2025 and 2024, was insignificant.

Note 10 – Investments

Our investments, which are recorded in Short-term and other investments or Investments, consisted of the following:

			September 30 2025						December 31 2024
Time deposits (1)			$15,590						$11,960
Equity method investments (2)			998						948
Available-for-sale debt investments (1)			529						517
Equity and other investments			35						34
Restricted cash & cash equivalents (1)(3)			709						21
Total			$17,861						$13,480

(1)Primarily included in Short-term and other investments on our Condensed Consolidated Statements of Financial Position.

(2)Dividends received were $13 and $3 during the nine and three months ended September 30, 2025, and $41 and $4 for the same periods in 2024.

(3)At September 30, 2025, Restricted cash & cash equivalents includes $689 placed in escrow pursuant to the May 2025 non-prosecution agreement with the U.S. Department of Justice. See Note 19 for additional discussion.

Contributions to investments and Proceeds from investments on our Condensed Consolidated Statements of Cash Flows primarily relate to time deposits and available-for-sale debt investments. Cash used for the purchase of time deposits during the nine months ended September 30, 2025 and 2024, was $35,865 and $1,298. Cash proceeds from the maturities of time deposits during the nine months ended September 30, 2025 and 2024, were $32,235 and $4,053.

Allowance for losses on available-for-sale debt investments is assessed quarterly. These instruments are considered investment grade, and we have not recognized an allowance for credit losses as of September 30, 2025. The fair value of available-for-sale debt investments approximates amortized cost.

Note 11 – Liabilities, Commitments and Contingencies

737 MAX Customer Concessions and Other Considerations

During the first quarter of 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 737-9 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 the nine months ended September 30, 2025 and 2024.

			2025						2024
Beginning balance – January 1			$641						$1,327
Reductions for payments made			(135)						(767)
Reductions for concessions and other in-kind considerations			(66)						(256)
Changes in estimates			(5)						510
Ending balance – September 30			$435						$814

At September 30, 2025, $87 of the liability balance remains subject to negotiations with customers. The contracted amount includes $55 expected to be paid in cash, approximately half of which we expect to pay in 2025, while the remaining amounts are primarily expected to be liquidated by lower customer delivery payments.

Environmental

The following table summarizes changes in environmental remediation liabilities during the nine months ended September 30, 2025 and 2024.

			2025						2024
Beginning balance – January 1			$834						$844
Reductions for payments made, net of recoveries			(53)						(67)
Changes in estimates			127						98
Ending balance – September 30			$908						$875

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 high end of a range of reasonably possible cost estimates for all remediation sites for which we have sufficient information based on our experience and existing laws and regulations. There are some potential remediation obligations where the costs of remediation cannot be reasonably estimated. At September 30, 2025 and December 31, 2024, the high end of the estimated range of reasonably possible remediation costs exceeded our recorded liabilities by $1,175 and $1,002.

Product Warranties

The following table summarizes changes in product warranty liabilities recorded during the nine months ended September 30, 2025 and 2024.

			2025						2024
Beginning balance – January 1			$2,133						$2,448
Additions for current year deliveries			136						67
Reductions for payments made			(254)						(297)
Changes in estimates			384						(27)
Ending balance – September 30			$2,399						$2,191

Commercial Aircraft Trade-In Commitments

In conjunction with signing definitive agreements for the sale of new aircraft, we have entered into trade-in commitments with certain customers that give them the right to trade in used aircraft at a specified price. The probability that trade-in commitments will be exercised is determined by using both quantitative information from valuation sources and qualitative information from other sources. The probability of exercise is assessed quarterly, or as events trigger a change, and takes into consideration the current economic and airline industry environments. Trade-in commitments, which can be terminated by mutual consent with the customer, may be exercised only during the period specified in the agreement, and require advance notice by the customer.

Trade-in commitment agreements at September 30, 2025, have expiration dates from 2025 through 2033. At September 30, 2025, and December 31, 2024, total contractual trade-in commitments were $1,332 and $1,393. As of September 30, 2025 and December 31, 2024, we estimated it was probable we would be obligated to perform on certain of these commitments with net amounts payable to customers totaling $67 and $275 and the fair value of the related trade-in aircraft was $63 and $270.

Financing Commitments

Financing commitments related to aircraft on order, including options and those proposed in sales campaigns, and refinancing of delivered aircraft, totaled $15,460 and $17,124 as of September 30, 2025 and December 31, 2024. The estimated earliest potential funding dates for these commitments as of September 30, 2025 are as follows:

			Total
October through December 2025			$582
2026			2,186
2027			3,704
2028			3,750
2029			2,356
Thereafter			2,882
Total			$15,460

As of September 30, 2025, $12,131 of these financing commitments relate to customers we believe have less than investment-grade credit. We have concluded that no reserve for future potential losses is required for these financing commitments based upon the terms, such as collateralization and interest rates, under which funding would be provided.

Other Financial Commitments

We have financial commitments to make additional capital contributions totaling $269 to certain joint ventures over the next 7 years.

Standby Letters of Credit and Surety Bonds

We have entered into standby letters of credit and surety bonds with financial institutions primarily relating to the guarantee of our future performance on certain contracts and security agreements. Contingent liabilities on outstanding letters of credit agreements and surety bonds aggregated approximately $2,864 and $2,991 as of September 30, 2025 and December 31, 2024.

Supply Chain Financing Programs

The Company has supply chain financing programs in place under which participating suppliers may elect to obtain payment from an intermediary. The Company confirms the validity of invoices from participating suppliers and agrees to pay the intermediary an amount based on invoice totals. The majority of amounts payable under these programs are due within 30 to 90 days. At September 30, 2025 and December 31, 2024, Accounts payable included $1,919 and $2,703 payable to suppliers who have elected to participate in these programs. We do not believe that future changes in the availability of supply chain financing would have a significant impact on our liquidity.

Recoverable Costs on Government Contracts

Our final incurred costs for each year are subject to audit and review for allowability by the U.S. government, which can result in payment demands related to costs they believe should be disallowed. We work with the U.S. government to assess the merits of claims and where appropriate reserve for amounts disputed. If we are unable to satisfactorily resolve disputed costs, we could be required to record an earnings charge and/or provide refunds to the U.S. government.

Fixed-Price Contracts

Long-term contracts that are contracted on a fixed-price basis could result in losses in future periods. Certain of the fixed-price contracts are for the development of new products, services and related technologies. Estimating the cost and time for us and our suppliers to complete these contracts is inherently uncertain due to operational and technical complexities. This uncertainty requires us to make

significant judgments and assumptions about future operational and technical performance, and the outcome of customer and/or supplier contractual negotiations. The risk that actual performance, technical or contractual outcomes could be different than those previously assumed creates financial risk that could trigger additional material earnings charges, termination provisions, order cancellations, or other financially significant exposure.

VC-25B Presidential Aircraft

The Company’s firm fixed-price contract for the Engineering and Manufacturing Development (EMD) effort on the U.S. Air Force's (USAF) VC-25B Presidential Aircraft, commonly known as Air Force One, is a $4 billion program to develop and modify two 747-8 commercial aircraft. During 2024, we increased the reach-forward loss on the contract by $379. We are continuing to work with the customer to reset the schedule as they adjust requirements. Risk remains that we may record additional losses in future periods.

KC-46A Tanker

In 2011, we were awarded a contract from the USAF to design, develop, manufacture, and deliver four next-generation aerial refueling tankers as well as priced options for 13 annual production lots totaling 179 aircraft. Since 2016, the USAF has authorized 11 low rate initial production (LRIP) lots for a total of 154 aircraft. The EMD contract and authorized LRIP lots total approximately $29 billion as of September 30, 2025. The KC-46A Tanker is a derivative of the 767 commercial airplane program with the majority of the manufacturing costs being incurred in the 767 factory and the remaining costs being incurred in the military finishing and delivery centers. During 2024, we increased the reach-forward loss on the KC-46A Tanker program by $2,002. During the nine months ended September 30, 2025, we increased the reach-forward loss on the contract by $149 largely due to higher production cost allocations resulting from the decision to slow 777X production plans. As of September 30, 2025, we had approximately $99 of capitalized precontract costs and $170 of potential termination liabilities to suppliers related to Lots 12 and 13. Risk remains that we may record additional losses in future periods.

MQ-25

In the third quarter of 2018, we were awarded the MQ-25 EMD contract by the U.S. Navy. The contract is a fixed-price contract that now includes development and delivery of seven aircraft and test articles at a contract price of $890. In connection with winning the competition, we recognized a reach-forward loss of $291 in the third quarter of 2018. In the first quarter of 2024, we were awarded a cost-type contract modification totaling $657 for two additional test aircraft plus other scope increases. During 2024, we increased the reach-forward loss by $339. We expect the initial EMD units to complete production in 2025. During the first half of 2025, we initiated final assembly operations at our new facility at Mid-America St. Louis Airport in Mascoutah, Illinois, and began ground-based flight testing. Risk remains that we may record additional losses in future periods.

T-7A Red Hawk EMD Contract & Production Options

In 2018, we were awarded the T-7A Red Hawk program. The EMD portion of the contract was a $860 fixed-price contract and included five aircraft and seven simulators. The five EMD aircraft were delivered as of December 31, 2024, and the flight testing is ongoing. In January 2025, the USAF announced an updated acquisition approach for the T-7A Red Hawk that allows the Company to provide a production-ready configuration to the customer prior to low-rate initial production, which better supports the operational needs of the customer and reduces future production risk. In June 2025, the customer ordered four production representative test vehicles. The production portion of the contract now includes production lots for 342 T-7A Red Hawk aircraft and related services that we believe are probable of being exercised. During 2024, we increased the reach-forward loss on the T-7A Red Hawk program by $1,770. At September 30, 2025, we had approximately $333 of capitalized precontract costs and $849 of potential termination liabilities to suppliers related to certain long-lead items for future production lots. Risk remains that we may record additional losses in future periods.

Commercial Crew

The National Aeronautics and Space Administration has contracted us to design and build the CST-100 Starliner spacecraft to transport crews to the International Space Station. During 2024, we increased the reach-forward loss by $523. We are continuing to work toward crew certification and resolve the propulsion system anomalies. At September 30, 2025, we had approximately $407 of capitalized precontract costs and $141 of potential termination liabilities to suppliers related to unauthorized future missions. Risk remains that we may record additional losses in future periods.

Note 12 – Arrangements with Off-Balance Sheet Risk

We enter into arrangements with off-balance sheet risk in the normal course of business, primarily in the form of guarantees.

The following table provides quantitative data regarding our third-party guarantees. The maximum potential payments represent a “worst-case scenario” and do not necessarily reflect amounts that we expect to pay. The carrying amount of liabilities represents the amount included in Accrued liabilities.

			Maximum Potential Payments									Estimated Proceeds from Collateral/Recourse									Carrying Amount of Liabilities
			September 30 2025			December 31 2024						September 30 2025			December 31 2024						September 30 2025			December 31 2024
Contingent repurchase commitments			$186			$295						$186			$295
Credit guarantees			15			15															$14			$14

Contingent Repurchase Commitments In conjunction with signing a definitive agreement for the sale of commercial aircraft, we have entered into contingent repurchase commitments with certain customers wherein we agree to repurchase the sold aircraft at a specified price, generally 10 to 15 years after delivery. Our repurchase of the aircraft is contingent upon entering into a mutually acceptable agreement for the sale of additional new aircraft in the future. The commercial aircraft repurchase price specified in contingent repurchase commitments is generally lower than the expected fair value at the specified repurchase date. Estimated proceeds from collateral/recourse in the table above represent the lower of the contracted repurchase price or the expected fair value of each aircraft at the specified repurchase date.

If a future sale agreement is reached and a customer elects to exercise its right under a contingent repurchase commitment, the contingent repurchase commitment becomes a trade-in commitment. Our historical experience is that contingent repurchase commitments infrequently become trade-in commitments.

Credit Guarantees We have issued credit guarantees where we are obligated to make payments to a guaranteed party in the event that the original lessee or debtor does not make payments or perform certain specified services. Generally, these guarantees have been extended on behalf of guaranteed parties with less than investment-grade credit. Current outstanding credit guarantees expire through 2036.

Other Indemnifications In conjunction with our sales of Electron Dynamic Devices, Inc. and Rocketdyne Propulsion and Power businesses and our BCA facilities in Wichita, Kansas and Tulsa and McAlester, Oklahoma, we agreed to indemnify, for an indefinite period, the buyers for costs relating to pre-closing environmental conditions and certain other items. We are unable to assess the potential number of future claims that may be asserted under these indemnifications, nor the amounts thereof (if any). As a result, we cannot estimate the maximum potential amount of future payments under these indemnities. To the extent that claims have been made under these indemnities and/or are probable and reasonably estimable, liabilities associated with these indemnities are included in the environmental liability disclosure in Note 11.

Note 13 – Debt

In August 2025, we entered into a $3.0 billion, 364-day revolving credit agreement expiring in August 2026. This facility replaced the $3.0 billion, 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 $3.0 billion, five-year revolving credit agreement expiring in August 2028 and $4.0 billion, five-year revolving credit agreement expiring in May 2029 each remain in effect. As of September 30, 2025, we had $10.0 billion available under credit line agreements. We continue to be in full compliance with all covenants contained in our debt and credit facility agreements.

Note 14 – Postretirement Plans

The components of net periodic benefit cost/(income) were as follows:

			Nine months ended September 30												Three months ended September 30
Pension Plans			2025						2024						2025						2024
Service cost			$7						$5						$3						$2
Interest cost			2,007						1,976						669						658
Expected return on plan assets			(2,308)						(2,483)						(769)						(827)
Amortization of prior service credits			(55)						(61)						(18)						(20)
Recognized net actuarial loss			229						200						76						66
Net periodic benefit income			($120)						($363)						($39)						($121)
Net periodic benefit cost included in Loss from operations			$7						$5						$3						$2
Net periodic benefit income included in Other income, net			(127)						(368)						(42)						(123)
Net periodic benefit income included in Loss before income taxes			($120)						($363)						($39)						($121)

			Nine months ended September 30												Three months ended September 30
Other Postretirement Plans			2025						2024						2025						2024
Service cost			$38						$38						$13						$13
Interest cost			102						93						34						31
Expected return on plan assets			(9)						(8)						(3)						(2)
Amortization of prior service credits			(1)						(8)						(1)						(3)
Recognized net actuarial gain			(106)						(132)						(35)						(44)
Net periodic benefit cost/(income)			$24						($17)						$8						($5)
Net periodic benefit cost included in Loss from operations			$38						$35						$13						$12
Net periodic benefit income included in Other income, net			(14)						(55)						(5)						(18)
Net periodic benefit cost/(income) included in Loss before income taxes			$24						($20)						$8						($6)

Note 15 – Share-Based Compensation and Other Compensation Arrangements

Stock Options

On February 19, 2025, we granted 366,869 premium-priced stock options to our executive officers as part of our long-term incentive program. These stock options have an exercise price equal to 120.0% of the fair market value of our stock on the date of grant. The stock options are scheduled to vest and become exercisable three years after the grant date and expire ten years after the grant date. If an executive terminates employment because of retirement, layoff, disability, or death, the executive (or beneficiary) may receive some or all of their stock options depending on certain age and service conditions. The fair value of the stock options granted was $79.53 per unit and was estimated using a Monte-Carlo simulation model using the following assumptions: expected life seven years, expected volatility 39.0%, risk free interest rate 4.5% and no expected dividend yield.

Restricted Stock Units

On February 19, 2025, we granted 2,244,444 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 $184.53 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.

Note 16 – 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 $244 and $86 for the nine and three months ended September 30, 2025. In August 2025, dividends of $87 were declared to holders of record as of October 1, 2025, representing $15.00 per share, and were paid in cash on October 15, 2025.

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 common stock:

Applicable Market Value of Common Stock						Conversion Rate per Share of Mandatory Convertible Preferred Stock
Greater than $171.5854						5.8280 shares of common stock
Equal to or less than $171.5854 but greater than or equal to $142.9797						Between 5.8280 and 6.9940 shares of common stock, determined by dividing $1,000 by the applicable market value
Less than $142.9797						6.9940 shares of common stock

Unless earlier converted, each share of Mandatory convertible preferred stock will automatically convert on October 15, 2027, into between 5.8280 shares and 6.9940 shares of our common stock, depending on the applicable market value of the common stock and subject to certain anti-dilution adjustments

described in the certificate of designations related to our Mandatory convertible preferred stock (Certificate of Designations). The applicable market value of our common stock will be determined based on the average volume-weighted average price per share of the common stock over the 20 consecutive trading day period beginning on, and including, the 21st scheduled trading day immediately prior to October 15, 2027.

If a fundamental change, as defined in the Certificate of Designations, occurs on or prior to October 15, 2027, then holders of Mandatory convertible preferred stock will be entitled to convert all or any portion of their shares into shares of our common stock at the fundamental change conversion rate, as defined in the Certificate of Designations, for a specified period of time and also to receive an amount to compensate such holders for unpaid accumulated dividends and any remaining future scheduled dividend payments.

Other than during a fundamental change conversion period, at any time prior to October 15, 2027, holders of Mandatory convertible preferred stock may elect to convert all or any portion of their shares at a conversion rate of 5.8280 shares of common stock per share of Mandatory convertible preferred stock, subject to certain anti-dilution and other adjustments as described in the Certificate of Designations.

Accumulated Other Comprehensive Loss

Changes in Accumulated other comprehensive loss (AOCI) by component for the nine and three months ended September 30, 2025 and 2024, were as follows:

			Currency Translation Adjustments						Unrealized Gains and Losses on Certain Investments						Unrealized Gains and Losses on Derivative Instruments						Defined Benefit Pension Plans & Other Postretirement Benefits						Total (1)
Balance at January 1, 2024			($134)						$2						$12						($10,185)						($10,305)
Other comprehensive income/(loss) before reclassifications			30						1						(13)						(12)						6
Amounts reclassified from AOCI															26												26
Net current period Other comprehensive income/(loss)			30						1						13						(12)						32
Balance at September 30, 2024			($104)						$3						$25						($10,197)						($10,273)
Balance at January 1, 2025			($178)						$2						($211)						($10,528)						($10,915)
Other comprehensive income/(loss) before reclassifications			107												181						(2)						286
Amounts reclassified from AOCI															32						53						85
Net current period Other comprehensive income			107												213						51						371
Balance at September 30, 2025			($71)						$2						$2						($10,477)						($10,544)
Balance at June 30, 2024			($158)						$2						($38)						($10,198)						($10,392)
Other comprehensive income before reclassifications			54						1						63						1						119
Amounts reclassified from AOCI
Net current period Other comprehensive income			54						1						63						1						119
Balance at September 30, 2024			($104)						$3						$25						($10,197)						($10,273)
Balance at June 30, 2025			($70)						$2						$23						($10,494)						($10,539)
Other comprehensive loss before reclassifications			(1)												(25)												(26)
Amounts reclassified from AOCI															4						17						21
Net current period Other comprehensive (loss)/income			(1)												(21)						17						(5)
Balance at September 30, 2025			($71)						$2						$2						($10,477)						($10,544)

(1) Net of tax.

Note 17 – Derivative Financial Instruments

Cash Flow Hedges

Our cash flow hedges include foreign currency forward contracts, commodity swaps and commodity purchase contracts. We use foreign currency forward contracts to manage currency risk associated with certain expected sales and purchases through 2031. We use commodity derivatives, such as fixed-price purchase commitments and swaps to hedge against potentially unfavorable price changes for commodities used in production. Our commodity contracts hedge forecasted transactions through 2029.

Derivative Instruments Not Receiving Hedge Accounting Treatment

We have entered into agreements to purchase and sell aluminum to address long-term strategic sourcing objectives and non-U.S. business requirements. These agreements are derivative instruments for accounting purposes. The quantities of aluminum in these agreements offset and are priced at prevailing market prices. We also hold certain foreign currency forward contracts and commodity swaps which do not qualify for hedge accounting treatment.

Notional Amounts and Fair Values

The notional amounts and fair values of derivative instruments in the Condensed Consolidated Statements of Financial Position were as follows:

			Notional amounts (1)						Other assets						Accrued liabilities
			September 30 2025			December 31 2024			September 30 2025			December 31 2024			September 30 2025			December 31 2024
Derivatives designated as hedging instruments:
Foreign exchange contracts			$4,252			$5,139			$126			$23			($66)			($213)
Commodity contracts			469			388			63			65			(1)			(12)
Derivatives not receiving hedge accounting treatment:
Foreign exchange contracts			521			103			6			1			(11)			(17)
Commodity contracts			32			129
Total derivatives			$5,274			$5,759			$195			$89			($78)			($242)
Netting arrangements									(38)			(24)			38			24
Net recorded balance									$157			$65			($40)			($218)

(1)Notional amounts represent the gross contract/notional amount of the derivatives outstanding.

Gains/(losses) associated with our hedging transactions and forward points recognized in Other comprehensive income/(loss), net of tax are presented in the following table:

			Nine months ended September 30												Three months ended September 30
			2025						2024						2025						2024
Recognized in Other comprehensive income/(loss), net of tax:
Foreign exchange contracts			$166						($18)						($35)						$57
Commodity contracts			15						5						10						6

(Losses)/gains associated with our hedging transactions and forward points reclassified from AOCI to earnings are presented in the following table:

			Nine months ended September 30												Three months ended September 30
			2025						2024						2025						2024
Foreign exchange contracts
Costs and expenses			($21)						($19)						($9)						($7)
General and administrative expense			(4)						(13)						5
Commodity contracts
Costs and expenses			($21)						($6)						($3)						$6
General and administrative expense			5						5						2						2

Gains/(losses) related to undesignated derivatives on foreign exchange and commodity cash flow hedging transactions recognized in Other income, net were insignificant for the nine and three months ended September 30, 2025 and 2024.

Based on our portfolio of cash flow hedges, we expect to reclassify losses of $11 (pre-tax) out of AOCI into earnings during the next 12 months.

We have derivative instruments with credit-risk-related contingent features. If we default on our five-year credit facilities, our derivative counterparties could require settlement for foreign exchange and certain commodity contracts with original maturities of at least five years. The fair value of those contracts in a net liability position at September 30, 2025 was $3. For other particular commodity contracts, our counterparties could require collateral posted in an amount determined by our credit ratings. At September 30, 2025, there was no collateral posted related to our derivatives.

Note 18 – 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.

			September 30, 2025																					December 31, 2024
			Total						Level 1						Level 2												Total						Level 1						Level 2
Assets
Money market funds			$2,260						$2,260																		$6,475						$6,475
Available-for-sale debt investments:
Commercial paper			165												$165												165												$165
Corporate notes			337												337												335												335
U.S. government agencies			27												27												17												17
Other equity investments			10						10																		9						9
Derivatives			157												157												65												65
Total assets			$2,956						$2,270						$686												$7,066						$6,484						$582
Liabilities
Derivatives			($40)												($40)												($218)												($218)
Total liabilities			($40)												($40)												($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. Commodity derivatives are valued using an income approach based on the present value of the commodity index prices less the contract rate multiplied by the notional amount.

Certain assets have been measured at fair value on a nonrecurring basis. The following table presents the nonrecurring losses recognized for the nine months ended September 30 due to long-lived asset impairment and the fair value of the related assets as of the impairment date:

			2025												2024
			Fair Value																		Total Losses						Fair Value																		Total Losses
Investments																					($29)																								($30)
Other assets			$3																		(3)																								(3)
Property, plant and equipment																																													(10)
Operating lease equipment																											$15																		(5)
Total			$3																		($32)						$15																		($48)

Level 3 Investments and Other assets were primarily valued using an income approach based on the discounted cash flows associated with the underlying assets. Level 2 Property, plant and equipment were valued based on a third-party valuation using a combination of income and market approaches and adjusted for as-is condition. These approaches are considered estimates of net operating income, capitalization rates, and/or comparable property sales. Level 3 operating lease equipment were valued by calculating a median collateral value from a consistent group of third-party aircraft value publications. The values provided by the third-party aircraft publications are derived from their knowledge of market trades and other market factors. Management reviews the publications quarterly to assess the continued appropriateness and consistency with market trends. Under certain circumstances, we adjust values based on the attributes and condition of the specific aircraft or equipment, usually when the features or use of the aircraft vary significantly from the more generic aircraft attributes covered by third-party publications, or on the expected net sales price for the aircraft.

Fair Value Disclosures

The fair values and related carrying values of financial instruments that are not required to be remeasured at fair value on the Condensed Consolidated Statements of Financial Position were as follows:

			September 30, 2025
			Carrying Amount			Total Fair Value			Level 1			Level 2			Level 3
Assets
Notes receivable, net			$1,114			$1,117						$1,109			$8
Liabilities
Debt, excluding finance lease obligations			(53,177)			(53,286)						(53,286)

			December 31, 2024
			Carrying Amount			Total Fair Value			Level 1			Level 2			Level 3
Assets
Notes receivable, net			$940			$953						$941			$12
Liabilities
Debt, excluding finance lease obligations			(53,625)			(51,089)						(51,089)

The fair value of Notes receivable classified as Level 2 is estimated with discounted cash flow analysis using interest rates currently offered on loans with similar terms to borrowers of similar credit quality. The fair value of Notes receivable classified as Level 3 is based on our best estimate using available counterparty financial data. The fair value of our debt that is traded in the secondary market is classified as Level 2 and is based on current market yields. For our debt that is not traded in the secondary market,

the fair value is classified as Level 2 and is based on our indicative borrowing cost derived from dealer quotes or discounted cash flows. With regard to other financial instruments with off-balance sheet risk, it is not practicable to estimate the fair value of our indemnifications and financing commitments because the amount and timing of those arrangements are uncertain. Items not included in the above disclosures include cash, restricted cash, time deposits and other deposits, commercial paper, money market funds, Accounts receivable, Unbilled receivables, Other current assets, Accounts payable and long-term payables. The carrying values of those items, as reflected in the Condensed Consolidated Statements of Financial Position, approximate their fair value at September 30, 2025 and December 31, 2024. The fair value of assets and liabilities whose carrying value approximates fair value is determined using Level 2 inputs, with the exception of cash (Level 1).

Note 19 – Legal Proceedings

Various legal proceedings, claims and investigations related to products, contracts, employment, securities and other matters are pending against us. 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 government 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 also 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. We believe, based upon current information, that the outcome of any currently pending legal proceeding, claim, or government dispute, inquiry or investigation will not have a material effect on our financial position, results of operations or cash flows.

Multiple legal actions, investigations and inquiries were initiated concerning the October 29, 2018 accident of Lion Air Flight 610 and the March 10, 2019 accident of Ethiopian Airlines Flight 302. While many of these legal actions and investigations have been resolved, others are still pending, including a number of civil lawsuits and claims brought by family members of those who died in the Ethiopian Airlines accident. In addition, a motion to certify a class of plaintiffs is pending before the U.S. District Court for the Northern District of Illinois in a federal securities class action arising out of the accidents and the subsequent grounding of the 737 MAX. Furthermore, on January 7, 2021, we entered into a Deferred Prosecution Agreement (DPA) with the U.S. Department of Justice (the Department) relating to the Department’s investigation into us regarding the evaluation of the 737 MAX by the Federal Aviation Administration (the Investigation). Among other obligations, the DPA included a three-year reporting period, which ended in January 2024.

On May 14, 2024, the Department notified us of its determination that we did not fulfill our obligations under the DPA and that the Department would not move to dismiss the case. On May 29, 2025, Boeing and the Department reached agreement on the terms of a resolution in the form of a non-prosecution agreement, and the following day the Department filed a motion with the U.S. District Court for the Northern District of Texas (the Court) to dismiss the criminal information. Certain family members' representatives have opposed the dismissal, and a hearing to consider the Department's motion was held on September 3, 2025. Under the terms of the non-prosecution agreement, Boeing will pay a fine of $244; commit to invest at least $455 in compliance, quality and safety programs over a three-year period; and retain an independent compliance consultant. In addition, Boeing will provide $445 of additional compensation for the family members of those who died in the accidents. We have established escrow accounts for the $244 fine and $445 compensation fund for family members which will be disbursed if the Court dismisses the criminal information. The $445 of additional compensation was accrued for and expensed in the second quarter of 2025 while the $244 fine was accrued for and expensed in 2024.

Multiple legal actions were initiated as a result of the January 5, 2024 737-9 door plug accident. We are also subject to multiple governmental and regulatory investigations and inquiries relating to the 737-9 door plug accident and our commercial airplanes business.

We cannot reasonably estimate a range of loss, if any, not covered by available insurance and in excess of any accrued amounts that may result given the current status of pending lawsuits, investigations and inquiries arising from the 2018 and 2019 737 MAX accidents and the January 2024 737-9 door plug accident.

Note 20 – 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 segment operating results is Segment operating loss. The following tables reconcile segment Revenues to Segment operating loss:

			BCA												BDS												BGS
For the nine months ended September 30,			2025						2024						2025						2024						2025						2024
Revenues			$30,115						$18,099						$19,817						$18,507						$15,714						$14,835
Less:
Research and development expense, net			1,657						1,852						618						728						91						103
Other segment items(1)			34,905						22,126						18,820						20,925						12,693						12,112
Segment operating (loss)/earnings			($6,447)						($5,879)						$379						($3,146)						$2,930						$2,620
For the three months ended September 30,			2025						2024						2025						2024						2025						2024
Revenues			$11,094						$7,443						$6,902						$5,536						$5,370						$4,901
Less:
Research and development expense, net			565						779						198						234						32						36
Other segment items(1)			15,882						10,685						6,590						7,686						4,400						4,031
Segment operating (loss)/earnings			($5,353)						($4,021)						$114						($2,384)						$938						$834

(1) Primarily includes costs of products and services and general and administrative expenses.

The following tables present BCA, BDS and BGS revenues from contracts with customers disaggregated in a number of ways, such as geographic location, contract type and the method of revenue recognition. We believe these best depict how the nature, amount, timing and uncertainty of our revenues and cash flows are affected by economic factors.

BCA revenues by customer location consisted of the following:

(Dollars in millions)			Nine months ended September 30												Three months ended September 30
			2025						2024						2025						2024
Revenue from contracts with customers:
Europe			$3,789						$3,046						$2,291						$1,499
Asia			8,888						7,028						3,509						2,635
Middle East			3,026						1,618						1,266						444
Other non-U.S.			1,969						1,245						781						491
Total non-U.S. revenues			17,672						12,937						7,847						5,069
United States			12,326						5,512						3,182						2,354
Estimated potential concessions and other considerations to 737 MAX customers, net of insurance recoveries			5						(443)
Total revenues from contracts with customers			30,003						18,006						11,029						7,423
Intersegment revenues eliminated on consolidation			112						93						65						20
Total segment revenues			$30,115						$18,099						$11,094						$7,443
Revenue recognized on fixed-price contracts			100		%				100		%				100		%				100		%
Revenue recognized at a point in time			100		%				99		%				100		%				99		%

BDS revenues on contracts with customers, based on the customer's location, consisted of the following:

(Dollars in millions)			Nine months ended September 30												Three months ended September 30
			2025						2024						2025						2024
Revenue from contracts with customers:
U.S. customers			$15,485						$14,324						$5,325						$4,361
Non-U.S. customers(1)			4,332						4,183						1,577						1,175
Total segment revenue from contracts with customers			$19,817						$18,507						$6,902						$5,536
Revenue recognized over time			100		%				99		%				99		%				99		%
Revenue recognized on fixed-price contracts			57		%				53		%				56		%				49		%
Revenue from the U.S. government(1)			91		%				91		%				91		%				92		%

(1)Includes revenues earned from foreign military sales through the U.S. government.

BGS revenues consisted of the following:

(Dollars in millions)			Nine months ended September 30												Three months ended September 30
			2025						2024						2025						2024
Revenue from contracts with customers:
Commercial			$9,055						$8,782						$3,088						$2,882
Government			6,337						5,764						2,169						1,935
Total revenues from contracts with customers			15,392						14,546						5,257						4,817
Intersegment revenues eliminated on consolidation			322						289						113						84
Total segment revenues			$15,714						$14,835						$5,370						$4,901
Revenue recognized at a point in time			53		%				53		%				53		%				53		%
Revenue recognized on fixed-price contracts			86		%				87		%				85		%				86		%
Revenue from the U.S. government(1)			30		%				29		%				30		%				29		%

(1)Includes revenues earned from foreign military sales through the U.S. government.

Earnings in Equity Method Investments

During the nine and three months ended September 30, 2025, our share of income/(loss) from equity method investments was $47 and $17, compared to $87 and ($3) during the same periods in 2024. The income/(loss) on equity method investments in 2025 and 2024 was primarily driven by investments held at our BDS segment and in Unallocated items, eliminations, and other.

Backlog

Our total backlog includes contracts that we and our customers are committed to perform. The value in backlog represents the estimated transaction prices on performance obligations to our customers for which work remains to be performed. Backlog is converted into revenue, primarily based on the cost incurred or at delivery and acceptance of products, depending on the applicable revenue recognition model.

Our backlog at September 30, 2025 was $635,688. We expect approximately 17% to be converted to revenue through 2026 and approximately 61% through 2029, with the remainder thereafter. There is significant uncertainty regarding the timing of when backlog will convert into revenue. We may experience reductions to backlog and/or significant order cancellations due to various factors including delivery delays, production disruptions and delays to entry into service of the 777X, 737-7 and/or 737-10.

Unallocated Items, Eliminations and Other

Unallocated items, eliminations and other include common internal services that support Boeing’s global business operations and eliminations of certain sales between segments. We generally allocate costs to business segments based on the U.S. Government Cost Accounting Standards (CAS). Components of Unallocated items, eliminations and other income/(expense) are shown in the following table.

			Nine months ended September 30												Three months ended September 30
			2025						2024						2025						2024
Share-based plans			($40)						$118						$11						$65
Deferred compensation			(150)						(100)						(70)						(51)
Amortization of previously capitalized interest			(64)						(70)						(22)						(24)
Research and development expense, net			(285)						(293)						(102)						(105)
Eliminations and other unallocated items			(1,606)						(1,019)						(565)						(303)
Unallocated items, eliminations and other			($2,145)						($1,364)						($748)						($418)

Eliminations and other unallocated items expense for the nine months ended September 30, 2025 and 2024, includes earnings charges of $445 and $244 related to agreements with the U.S. Department of Justice. For additional discussion, see Note 19.

Pension and Other Postretirement Benefit Expense

Pension costs are allocated to BDS and BGS businesses supporting government customers using CAS, which employ different actuarial assumptions and accounting conventions than GAAP. These costs are allocable to government contracts. Other postretirement benefit costs are allocated to business segments based on CAS, which is generally based on benefits paid. 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. Non-operating pension and postretirement expenses represent the components of net periodic benefit costs other than service cost. These expenses are included in Other income, net. Components of FAS/CAS service cost adjustment are shown in the following table:

			Nine months ended September 30												Three months ended September 30
			2025						2024						2025						2024
Pension FAS/CAS service cost adjustment			$588						$608						$198						$148
Postretirement FAS/CAS service cost adjustment			199						224						70						80
FAS/CAS service cost adjustment			$787						$832						$268						$228

Assets

Segment assets are summarized in the table below:

			September 30 2025						December 31 2024
Commercial Airplanes			$78,678						$84,177
Defense, Space & Security			16,371						15,350
Global Services			17,338						16,704
Unallocated items, eliminations and other			37,636						40,132
Total			$150,023						$156,363

Assets included in Unallocated items, eliminations and other primarily consist of Cash and cash equivalents, Short-term and other investments, tax assets, capitalized interest and assets managed centrally on behalf of the three principal business segments and intercompany eliminations.

Capital Expenditures

			Nine months ended September 30												Three months ended September 30
			2025						2024						2025						2024
Commercial Airplanes			$409						$357						$166						$131
Defense, Space & Security			206						195						93						60
Global Services			122						111						53						40
Unallocated items, eliminations and other			1,249						919						573						380
Total			$1,986						$1,582						$885						$611

Capital expenditures for Unallocated items, eliminations and other relate primarily to assets managed centrally on behalf of the three principal business segments.

Depreciation and Amortization

			Nine months ended September 30												Three months ended September 30
			2025						2024						2025						2024
Commercial Airplanes			$323						$283						$111						$88
Defense, Space & Security			159						153						56						57
Global Services			225						227						79						75
Centrally Managed Assets (1)			710						664						245						224
Total			$1,417						$1,327						$491						$444

(1)Amounts shown in the table represent depreciation and amortization expense recorded by the individual business segments. Depreciation and amortization for centrally managed assets are allocated to business segments based on usage and occupancy. During the nine months ended September 30, 2025, $524 was allocated to the primary business segments, of which $252, $212, and $60 was allocated to BCA, BDS and BGS, respectively. During the nine months ended September 30, 2024, $460 was allocated to the primary business segments, of which $225, $182, and $53 was allocated to BCA, BDS and BGS, respectively. During the three months ended September 30, 2025, $173 was allocated to the primary business segments, of which $80, $72, and $21 was allocated to BCA, BDS and BGS, respectively. During the three months ended September 30, 2024, $118 was allocated to the primary business segments, of which $59, $44, and $15 was allocated to BCA, BDS and BGS, respectively.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Shareholders of

The Boeing Company

Arlington, Virginia

Results of Review of Interim Financial Information

We have reviewed the accompanying condensed consolidated statement of financial position of The Boeing Company and subsidiaries (the “Company”) as of September 30, 2025, the related condensed consolidated statements of operations, comprehensive income, and equity for the three-month and nine-month periods ended September 30, 2025 and 2024, and of cash flows for the nine-month periods ended September 30, 2025 and 2024, and the related notes (collectively referred to as the "condensed consolidated interim financial information"). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying condensed consolidated interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statement of financial position of the Company as of December 31, 2024, and the related consolidated statements of operations, comprehensive income, equity, and cash flows for the year then ended (not presented herein); and in our report dated February 3, 2025, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated statement of financial position as of December 31, 2024, is fairly stated, in all material respects, in relation to the consolidated statement of financial position from which it has been derived.

Basis for Review Results

This condensed consolidated interim financial information is the responsibility of the Company's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our reviews in accordance with standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ Deloitte & Touche LLP

Seattle, Washington

October 29, 2025

FORWARD-LOOKING STATEMENTS
This report 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 the government shutdown and/or 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)			our pending acquisition of Spirit AeroSystems Holdings, Inc. (Spirit), including the satisfaction of closing conditions in the expected timeframe or at all;
(11)			realizing the anticipated benefits of mergers, acquisitions, joint ventures/strategic alliances or divestitures, including anticipated synergies and quality improvements related to our pending acquisition of Spirit;
(12)			our dependence on U.S. government contracts;
(13)			our reliance on fixed-price contracts;
(14)			our reliance on cost-type contracts;
(15)			contracts that include in-orbit incentive payments;
(16)			management of a complex, global IT infrastructure;

(17)			compromised or unauthorized access to our, our customers’ and/or our suppliers' information and systems;
(18)			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;
(19)			potential adverse developments in new or pending litigation and/or government inquiries or investigations;
(20)			potential environmental liabilities;
(21)			effects of climate change and legal, regulatory or market responses to such change;
(22)			credit rating agency actions and our ability to effectively manage our liquidity;
(23)			substantial pension and other postretirement benefit obligations;
(24)			the adequacy of our insurance coverage;
(25)			customer and aircraft concentration in our customer financing portfolio;
(26)			the dilutive effect of future issuances of our common stock; and
(27)			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.