BAMEDIUM SIGNALOPERATIONAL10-K

Boeing's workforce expanded to 182,000 employees while experiencing a disruptive 101-day strike at St. Louis operations that impacted key defense programs including F/A-18 and F-15.

The strike disruption at St. Louis facilities represents meaningful operational risk for Boeing's defense segment, potentially affecting program timelines and customer relationships. The workforce expansion of approximately 10,000 employees suggests Boeing is scaling operations, though union membership grew substantially from 58,000 to 72,000, indicating increased labor cost pressures and potential future strike risks.

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

Boeing delivered strong revenue growth of 34.5% to $89.5 billion, indicating robust demand recovery and production scale-up. The company dramatically reduced credit loss provisions from $250 million to $12 million, suggesting improved customer credit quality, while moderately increasing capital expenditure to $2.9 billion to support growth. Share buybacks declined significantly to $2.7 billion as Boeing prioritized operational investment and balance sheet management, with cash reserves decreasing to $10.9 billion amid higher current liabilities of $108.1 billion.

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.
Louis operations and impacting programs including F/A-18, F-15, T-7A, MQ-25 and Weapons.
We may experience additional work stoppages in the future, which could materially adversely affect our business, financial position, results of operations and cash flows and result in the diversion of management s attention from other ongoing business concerns.
During 2025, we continued to make progress in our culture transformation, including through launching our new Values and Behaviors, revising our performance management system to hold employees accountable not only for what they achieve but for how they achieve it, and enhancing training and leadership development programs.
We support our employees continuous development of professional, technical and leadership skills through access to digital learning resources and partnerships with leading professional/technical societies and organizations around the world.
In 2025, Boeing employees completed approximately 5.8 million hours of learning and approximately 12,000 Boeing employees leveraged our tuition assistance program to pursue degrees, professional certificates and individual courses in strategic fields of study.
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.
The Society of Professional Engineering Employees in Aerospace (SPEEA) 10% We have two major agreements; one with SPEEA Professional and one with SPEEA Technical, both expiring in October 2026.
The United Automobile, Aerospace and Agricultural Implement Workers of America (UAW) 1% We have one major agreement with UAW District 1069 (Pennsylvania) expiring in April 2027.
Our prior contract with the International Association of Machinists and Aerospace Workers District 751 (IAM 751) expired on September 12, 2024, and 96% of IAM 751 members voted to initiate a strike.
The strike lasted until November 4, 2024, when IAM 751 members voted to ratify a new contract.
As a result of the strike, we paused production of our commercial aircraft (other than the 787 production in Charleston) and certain of our BDS products, adversely impacting our business and financial position.
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