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Boeing designs, builds, and supports large airplanes for commercial, defense, and space use. Its main products are commercial airliners, military aircraft, and space systems, created through integrated engineering and manufacturing across aircraft frames, propulsion, avionics, and services. The company differentiates itself by its scale, a long history of military and space programs, and an end-to-end portfolio that covers civil aviation, defense, and space missions, which helps it serve both airline customers and government customers worldwide. Its goal is to provide reliable, safe, and efficient aerospace solutions while navigating safety, quality, and production challenges, maintain leadership in large-aircraft manufacturing, and rebuild trust for future growth.
Company Size
10,001+
Company Stage
IPO
Headquarters
Arlington, Virginia
Founded
1916
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Boeing shares have fallen 9% this year and sit 21% below their peak, as production delays test the company's turnaround efforts. The main bottleneck is the 737 Max wing assembly in Renton, Washington, which has prevented Boeing from reaching its target of 47 aircraft per month. CEO Kelly Ortberg told investors in September that production remains unstable at the current 42-monthly cap set by the FAA in October 2025. Reaching 52 aircraft per month by year-end appears unlikely, as it depends on a new production line in Everett coming online. Higher oil prices, driven by US-Iran tensions, have also pressured airline margins. Despite challenges, second-quarter revenue rose to $24.56 billion from $22.75 billion, with commercial deliveries increasing to 171 from 150 aircraft.
Boeing reported $89.5 billion in revenue for FY 2025, up 35% year-over-year, and returned to profitability with net income of $2.2 billion after an $12 billion loss in 2024. The commercial aircraft maker's recovery was driven by increased aircraft deliveries. However, Boeing carries a 10.0x debt-to-equity ratio and posted negative free cash flow of $1.9 billion. Stock-based compensation represented roughly 40% of operating cash flow. Lockheed Martin focuses exclusively on defence technology, with the US government accounting for nearly three-quarters of FY 2025 sales. The F-35 programme alone represents approximately 27% of total revenue. The company serves military and commercial operators across 40 nations. Both firms face customer concentration risks given their reliance on major government contracts and large commercial customers.
Boeing has completed its 13-satellite O3b mPOWER constellation for operator SES, following the launch of the final three satellites from Cape Canaveral Space Force Station. The satellites joined 10 already in orbit. The constellation will support high-speed global connectivity for governments, cruise lines, commercial airlines and mobile users. Boeing's software-defined architecture developed for this programme is also being adapted for US Space Force's Evolved Strategic SATCOM systems and Wideband Global SATCOM. The satellites must complete orbit raising and initialisation before entering service in mid-2027. Boeing reported a total backlog of $715 billion at the end of the second quarter, with $85 billion in its Defence, Space & Security segment. Hedge fund ownership in Boeing declined from 99 funds to 90 funds between consecutive quarters, according to 13F filings.
Boeing secured a $36.2 billion order from Korean Air covering 737 MAX, 787-10, and 777X aircraft, but deliveries won't begin until the early 2030s. The order was previously logged as unidentified commitments from last summer, meaning it represents existing backlog rather than new demand. Boeing's commercial backlog now exceeds 6,200 aircraft valued at $597 billion. The company posted Q2 2026 revenue of $24.56 billion with a core loss per share of $0.76. CFO Jay Malabe projects $10 billion in annual free cash flow as the backlog converts to deliveries. The stock has fallen 11.66% over the past month after CEO Kelly Ortberg acknowledged 737 MAX production stabilisation is taking longer than expected. The order's value will materialise gradually through progress payments, with most revenue recognised at delivery in the 2030s.
NASA is in talks with Boeing to expand the Starliner programme despite the capsule's troubled 2024 test flight that left two astronauts stranded on the International Space Station, according to The Wall Street Journal. Discussions involve 10 or more additional Starliner flights in coming years. In November 2025, NASA reduced firm orders from six missions to four, designating the next flight as uncrewed cargo. Starliner flew its first crewed test in June 2024, carrying astronauts Butch Wilmore and Sunita Williams on a planned eight-day mission. Helium leaks and thruster failures forced the capsule to return empty in September. The astronauts came home on SpaceX's Crew Dragon in March 2025 after nine months in orbit. The programme has cost Boeing over $2 billion and still lacks human spaceflight certification.