BAHIGH SIGNALFINANCIAL10-K

Boeing executed a dramatic financial turnaround, swinging from -$11.8B net loss to $2.2B profit while growing revenue 35% to $89.5B, despite experiencing a 101-day strike that disrupted defense operations.

This represents one of the most significant corporate turnarounds in recent aerospace history, with Boeing moving from negative stockholders' equity to positive $5.5B, suggesting the company has successfully navigated its previous crises. However, the 101-day strike affecting key defense programs and reduced cash position indicate ongoing operational challenges that investors should monitor closely.

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

Boeing delivered exceptional financial recovery with revenue surging 35% to $89.5B while achieving profitability across all key metrics - gross profit jumped from -$2.0B to $4.3B and operating cash flow turned positive at $1.1B from -$12.1B. The company rebuilt its balance sheet with stockholders' equity recovering from negative $3.9B to positive $5.5B, though cash declined 21% to $10.9B and share buybacks were reduced 70% to $2.7B. This financial transformation signals Boeing has likely moved past its darkest period, though the cash reduction and lower buyback activity suggest management is prioritizing financial stability and operational investment over shareholder returns.

FINANCIAL STATEMENT CHANGES
Gross Profit
P&L
+315.4%
-$2.0B$4.3B

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Stockholders Equity
Balance Sheet
+239.6%
-$3.9B$5.5B

Equity base grew 239.6% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Operating Income
P&L
+140%
-$10.7B$4.3B

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Net Income
P&L
+118.9%
-$11.8B$2.2B

Net income grew 118.9% — bottom-line growth signals improving overall business health.

Operating Cash Flow
Cash Flow
+108.8%
-$12.1B$1.1B

Operating cash flow surged 108.8% — exceptional cash generation, highest quality earnings signal.

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.

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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