BA-PAMEDIUM SIGNALOPERATIONAL10-K

Boeing experienced substantial revenue growth while facing significant labor disruptions including a 101-day strike at St. Louis facilities that impacted key defense programs.

The substantial revenue increase suggests strong demand recovery, but the extended strike at St. Louis operations disrupting multiple defense programs (F/A-18, F-15, T-7A, MQ-25, Weapons) indicates ongoing operational challenges. The workforce expansion from 172,000 to 182,000 employees and increase in union membership from 58,000 to 72,000 reflects scaling efforts but also suggests heightened labor relations complexity.

Comparing 2026-01-30 vs 2025-02-03View on EDGAR →
FINANCIAL ANALYSIS

Boeing showed strong top-line performance with revenue growing substantially while dramatically reducing credit loss provisions from $250M to $12M, indicating improved financial health. However, the company reduced share buybacks significantly from $9.0B to $2.7B while increasing capital expenditure to $2.9B, suggesting a shift toward reinvestment over shareholder returns. Cash position declined modestly to $10.9B while current liabilities increased to $108.1B, reflecting the operational scaling and working capital needs of the revenue expansion.

FINANCIAL STATEMENT CHANGES
Provision for Credit Losses
P&L
-95.2%
$250.0M$12.0M

Provisions reduced 95.2% — improving credit quality or reserve release boosting reported earnings.

Share Buybacks
Cash Flow
-70.5%
$9.0B$2.7B

Buyback activity reduced 70.5% — capital being redeployed elsewhere or cash conservation underway.

Revenue
P&L
+34.5%
$66.5B$89.5B

Strong top-line growth of 34.5% — accelerating demand or successful expansion into new markets.

Capital Expenditure
Cash Flow
+31.9%
$2.2B$2.9B

Capital expenditure jumped 31.9% — major investment cycle underway; assess returns on deployment.

Cash & Equivalents
Balance Sheet
-20.9%
$13.8B$10.9B

Cash decreased 20.9% — monitor burn rate and upcoming capital needs.

Current Liabilities
Balance Sheet
+11.4%
$97.1B$108.1B

Current liabilities rose 11.4% — increased short-term obligations, watch current ratio.

Accounts Receivable
Balance Sheet
+11%
$2.6B$2.9B

Receivables grew 11% — monitor days sales outstanding for collection efficiency.

LANGUAGE CHANGES
NEW — 2026-01-30
PRIOR — 2025-02-03
ADDED
Human Capital As of December 31, 2025, Boeing s total workforce was approximately 182,000 with 14% located outside of the U.S.
As of December 31, 2025, our workforce included approximately 72,000 union members.
As of December 31, 2025, we had 32 independent agreements with nine different unions in the U.S., and we had agreements with 18 employee representative bodies internationally.
During 2025, employees represented by IAM District 837, which represents approximately 3,200 employees at our St.
Louis area sites, went out on strike for 101 days, disrupting our St.
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REMOVED
Human Capital As of December 31, 2024, Boeing s total workforce was approximately 172,000 with 15% located outside of the U.S.
As of December 31, 2024, our global workforce was comprised of approximately 24% women, and our U.S.
workforce was comprised of 39% racial and ethnic minorities and 14% U.S.
As of December 31, 2024, our workforce included approximately 58,000 union members.
Our principal collective bargaining agreements and their current status are summarized in the following table: Union Percent of our Total Workforce Represented Status of Major Agreements with Union The International Association of Machinists and Aerospace Workers (IAM) 21% We have two major agreements; one with IAM District 837 (Missouri) expiring in July 2025 and one with IAM District 751 (Washington) expiring in September 2028.
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