At a glance
The Boeing Company is worth $139.00B, about 71 times its fiscal 2025 earnings. Revenue grew 34.5% to $89.46B in fiscal 2025, with 2.5% kept as profit; over 5 years it has grown 9.0% a year. It pays a dividend, and returned $331.0M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −12.7% over the past year with dividends reinvested and −3.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 71.9% in the 2020 crash (S&P 500: 33.7%) and 48.7% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Boeing is one of the world's major aerospace companies. It designs and builds commercial jets, military aircraft, weapons and space systems, then earns more by servicing those fleets over their working lives. In the fiscal year ended December 31, 2025, revenue was $89.5 billion. About 84% came from selling products and 16% from services.
Commercial Airplanes was the largest of its three segments, at 46% of revenue. It sells the 737 single-aisle (narrow-body) jet and the 767, 777 and 787 twin-aisle (wide-body) jets to airlines worldwide. The 777X, 737-7 and 737-10 were still in development as of its January 2026 annual report. Jet prices are usually fixed years before delivery, adjusted by formulas tied to labor, commodity and other price indexes. Defense, Space & Security, at 30%, makes fighter, trainer and tanker aircraft, helicopters, missile defense systems and satellites, with the U.S. military and NASA among its customers. Global Services, at 23%, sells spare parts, maintenance, upgrades, pilot training and data tools to airline and military customers.
The United States supplied 54% of fiscal 2025 revenue, followed by Asia at 18%, Europe at 13% and the Middle East at 8%. In jets, Boeing competes with Airbus and newer entrants from China. In defense and space, its rivals include Lockheed Martin, Northrop Grumman, General Dynamics, RTX and SpaceX.
Price history
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BA -12.7% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Sales of products | $75.36B | 84.2% |
| Sales of services | $14.11B | 15.8% |
By business segment
| Commercial Airplanes | $41.49B | 46.4% |
| Defense, Space & Security | $27.23B | 30.4% |
| Global Services | $20.92B | 23.4% |
By geography
| United States | $48.08B | 53.7% |
| Asia | $16.47B | 18.4% |
| Europe | $11.42B | 12.8% |
| Middle East | $7.02B | 7.9% |
| Canada | $1.78B | 2% |
| Africa | $1.63B | 1.8% |
| Oceania | $1.59B | 1.8% |
| Latin America, Caribbean and other | $1.48B | 1.7% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $24.19B, up 3.9% from a year earlier, and net income was $-116.0M.
- For fiscal 2025, revenue was $89.46B (+34.5% year over year; +9.0% a year from FY2020 to FY2025) with a 2.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +9.0% good |
|---|---|
| Operating margin | 4.8% weak |
| Free cash flow margin | -2.1% weak |
| Return on equity (FY2025) | 41% good |
| Return on assets (FY2025) | 1.3% weak |
| Net cash (cash minus debt) | $-23.92B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $58.16B | $-11.87B | $-19.71B |
| FY2021 | $62.29B | $-4.20B | $-4.40B |
| FY2022 | $66.61B | $-4.93B | $2.29B |
| FY2023 | $77.79B | $-2.22B | $4.43B |
| FY2024 | $66.52B | $-11.82B | $-14.31B |
| FY2025 | $89.46B | $2.23B | $-1.88B |
Valuation snapshot
| Market value | $139.00B |
|---|---|
| P/E ratio | 70.7 |
| Dividend yield | 0% |
Rank among 1514 US companies
Market value at each year end
The Boeing’s market value went from $96.08B at the end of 2016 to $139.00B on Nov 2, 2026, up 45%; since the end of 2025 it is down 16%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $139.00B | -15.8% |
| 2025 | $165.03B | +50.8% |
| 2024 | $109.42B | -30.6% |
| 2023 | $157.69B | +38.9% |
| 2022 | $113.53B | -4.0% |
| 2021 | $118.32B | -2.1% |
| 2020 | $120.84B | -34.1% |
| 2019 | $183.33B | +0.1% |
| 2018 | $183.14B | +4.3% |
| 2017 | $175.64B | +82.8% |
| 2016 | $96.08B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| BA price data to Nov 2, 2026 | -19.2% | -12.7% | -3.0% | -3.8% | +3.1% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -19.2% |
| 2025 | +22.7% |
| 2024 | -32.1% |
| 2023 | +36.8% |
| 2022 | -5.4% |
| 2021 | -6.0% |
| 2020 | -33.9% |
| 2019 | +3.3% |
| 2018 | +11.5% |
| 2017 | +94.8% |
| 2016 | +11.3% |
| 2015 | +14.1% |
| 2014 | -2.5% |
| 2013 | +84.8% |
| 2012 | +5.2% |
| 2011 | +15.2% |
| 2010 | +23.6% |
| 2009 | +31.7% |
| 2008 | -50.0% |
| 2007 | -0.1% |
| 2006 | +28.4% |
| 2005 | +37.9% |
| 2004 | +24.9% |
| 2003 | +30.4% |
| 2002 | -13.4% |
| 2001 | -40.4% |
| 2000 | +61.3% |
| 1999 | +28.7% |
| 1998 | -32.5% |
| 1997 | -7.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 68.3% over that stretch · deepest drop along the way 70%, back to its old high 49.2 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 68.8% over that stretch · deepest drop along the way 71.9%, not recovered by the end of the data |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 37.3% over that stretch · deepest drop along the way 48.7%, back to its old high 13.4 months after the low |
Insider activity
Form 4 filings from 2025-10-28 to 2026-10-28 (25 read): 1 open-market purchases ($299K) and 0 sales ($0.00).
| Date | Insider | Type | Value |
|---|---|---|---|
| May 20, 2026 | Bradley D Tilden Director | buy | $299K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.45% | Mar 31, 2026 |
| FMR LLC | 7% | Dec 31, 2025 |
| BlackRock, Inc. | 7% | Dec 31, 2024 |
| Capital World Investors | 5.2% | Mar 31, 2026 |
| Capital Research Global Investors | 4.6% | Jun 30, 2025 |
| Newport Trust Company, LLC | 4.1% | Dec 31, 2024 |
ETFs with the most weight in BA
| ITA iShares U.S. Aerospace & Defense ETF | 8.59% |
| MISL First Trust Indxx Aerospace & Defense ETF | 7.09% |
| GCAD Gabelli Commercial Aerospace and Defense ETF | 6.6% |
| PPA Invesco Aerospace & Defense ETF | 6.58% |
| YALL God Bless America ETF | 5.06% |
| MVAL VanEck Morningstar Wide Moat Value ETF | 4.43% |
| ROKT SPDR S&P Kensho Final Frontiers ETF | 4.25% |
| NATO Themes Transatlantic Defense ETF | 4.19% |
What could go wrong
- Factory quality under heightened FAA oversight. After the January 2024 737-9 door plug accident, the Federal Aviation Administration increased oversight of Boeing's production and quality. Boeing can raise 737 output or add production lines only with FAA agreement.
- Costly delays on the 777X and new 737s. The 777X, launched in 2013, had first delivery planned for 2027. Extra losses booked on it reached $4.9 billion in 2025 and $3.5 billion in 2024. The 737-7 and 737-10 also faced significant delays.
- Strikes have halted production before. About 72,000 workers were union members as of December 31, 2025. A 53-day strike in 2024 halted most commercial jet production; a 101-day St. Louis strike in 2025 disrupted F-15 and F/A-18 work.
- Fixed-price contracts expose Boeing to cost overruns. Jet prices are set years before delivery, adjusted only by formulas tied to labor and commodity price indexes. Some defense contracts are fixed-price too. When costs outrun those terms, Boeing absorbs the loss.
- Heavy debt and cash outflows. Boeing had $45.6 billion of debt against $21.7 billion of cash and investments as of September 30, 2026. It spent $1.9 billion more cash than it generated in fiscal 2025, and pensions add pressure.
- New shares could dilute existing owners. Shares outstanding rose 35.9% from January 2022 to October 2026. Converting Boeing's mandatory convertible preferred stock and exchanging its Spirit Exchangeable Notes into common shares could shrink each owner's stake further.
Recent events
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Executive or board change
- Quarterly results released
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Quarterly results released
For income and retirement investors
Boeing offers little for income seekers: its common stock's dividend yield was 0% as of October 30, 2026. It paid $2.04 a share in fiscal 2020, then no dividends from fiscal 2021 through 2024. Filings show $331 million of dividends paid in fiscal 2025, but holders of its mandatory convertible preferred stock rank ahead of common shareholders for dividends. Free cash flow, the cash left after investment, was negative $1.9 billion that year. Boeing made no buybacks from fiscal 2021 through 2025, and its share count grew 35.9% from January 2022 to October 2026, diluting existing owners.
Past downturns hit the stock hard: 70% in the 2008 financial crisis, not fully recovering until April 2013; 72% in the 2020 COVID crash, still below that peak as of October 30, 2026; and 49% in the 2022 bear market. Without a dividend, retirees needing cash would have to sell shares. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Boeing make money?
Boeing makes money mainly by selling airplanes and defense systems, plus services that keep them flying. In fiscal 2025, revenue was $89.5 billion. Commercial Airplanes, which sells the 737, 767, 777 and 787 to airlines, brought in 46%. Defense, Space & Security, which builds military aircraft, weapons and satellites, brought in 30%. Global Services, which sells spare parts, maintenance, upgrades and training, brought in 23%. The United States accounted for 54% of revenue.
Does Boeing pay a dividend?
Not on its common stock as of October 30, 2026, when the dividend yield was 0%. Boeing paid $2.04 a share in fiscal 2020, then recorded no dividends from fiscal 2021 through 2024. Filings show $331 million of dividends paid in fiscal 2025, but Boeing's mandatory convertible preferred stock, a separate class of shares, ranks ahead of common shares for dividends. Boeing made no share buybacks from fiscal 2021 through 2025, so common holders' returns have depended on the share price.
Is Boeing profitable again?
Yes for fiscal 2025, though barely, and not in every quarter since. Boeing earned $2.2 billion, or $2.48 a share, in fiscal 2025, about 2.5 cents of profit per dollar of sales, after losing money every year from 2020 through 2024, including $11.8 billion in 2024. It lost $116 million in the quarter ended September 30, 2026. Free cash flow, the cash left after investment, was negative $1.9 billion in fiscal 2025. On October 30, 2026, the stock traded at 69.2 times fiscal 2025 earnings.
How much debt does Boeing have?
Boeing had $45.6 billion of total debt as of September 30, 2026, against $21.7 billion of cash and investments, leaving net debt of about $23.9 billion. Shareholders' equity (assets minus liabilities) was only $6.5 billion on $170.7 billion of assets. Boeing's 10-K lists managing liquidity, meaning having enough cash to meet its obligations, and substantial pension and retiree benefit obligations among its risks.
How has Boeing stock performed over the long term?
Poorly over five years and modestly over ten. As of October 30, 2026, Boeing's share price had fallen 3.7% a year over five years and risen 2.7% a year over ten years, about 30% in total for the decade. It was down 21% year to date and 14.3% over one year. The stock had not regained its February 2020 peak, and its deepest drop over 30 years of price history was 77.9%.