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Boeing Company Profile: Revenue, Business Model & Strategy

Research depth: 13 milestones · 10 FAQs

Boeing is an American aerospace company that builds commercial jets (737 MAX, 787 Dreamliner, 777X), military aircraft and space systems, and services airline and military fleets. Based in Arlington, Virginia and led by CEO Kelly Ortberg, it reported $89.5 billion of 2025 revenue and about 182,000 employees.

How Boeing makes money: Boeing earns money in three segments. Commercial Airplanes (BCA) designs, builds and sells the 737, 767, 777 and 787. Airlines and lessors pay deposits and progress payments over several years, but most of the price…

Research focus: Review commercial aircraft, defense, services, backlog, cash flow, production quality, leadership, supply-chain constraints, company history, and the long-cycle competition with Airbus.

Annual Revenue (FY2025)$89.5B
Employees182,000
CEOKelly Ortberg
Founded1916
Industryaerospace-defense
By Swet ParvadiyaLast reviewed:

The Boeing Company key figures

The Boeing Company had revenue of $89.5B for fiscal year 2025, up 34.5% from FY2024. Net income was $2.2B, a net margin of 2.5%.

Source: company filing · Last reviewed October 2026

Revenue growth, FY2016 to FY2025
-0.5% a year
Compound annual rate, $93.5B to $89.5B
Peak revenue year
FY2018
$101.1B; the latest reported year is 11.5% below the peak
Revenue per employee
$491,555
FY2025 revenue divided by 182,000 employees; headcount may use another date
Current chief executive
Kelly Ortberg
In the role since 2024 (2 years)
Documented transactions
7
Between 1996 and 2025
Founded
1916
110 years ago
Where was Boeing founded?
Boeing was founded in Seattle, United States in 1916. wikidata.org
When did Boeing start?
Boeing was founded in 1916.
How old is Boeing?
Boeing is 110 years old as of 2026.
In-Depth Analysis
693 words · 4 min read

Boeing in brief

The Boeing Company is the largest U.S. aerospace manufacturer and one of two companies, with Airbus, that build large commercial jets. Founded by William E. Boeing in Seattle in 1916 and headquartered in Arlington, Virginia since 2022, it reported $89.5 billion of revenue and about 182,000 employees in 2025. Kelly Ortberg has been president and CEO since August 2024.

How Boeing makes money

Boeing reports three segments. Commercial Airplanes sells the 737 MAX, 767, 777 and 787 and produced $41.5 billion of 2025 revenue, but it lost $7.1 billion from operations, mainly because of $5.3 billion of 777X and 767 reach-forward losses. Defense, Space & Security brought in $27.2 billion from fighters, tankers, helicopters, satellites and space systems. Global Services earned $20.9 billion selling parts, maintenance and training to a fleet that includes more than 13,000 Boeing commercial jets in service, and it is the most profitable part of the company, with an 18.1% operating margin in the first half of 2026.

The airplane business works on long cycles. Customers pay deposits years ahead, but most of an airplane's price arrives at delivery, so Boeing's revenue and cash flow track how many jets leave its factories. That is why the delivery count, 348 in 2024 and 600 in 2025, matters more to investors than new orders.

From the 707 to the 737 MAX crisis

Boeing's commercial lead came from risky bets. In 1952 it spent about $16 million, roughly its net worth, on the Dash 80 prototype that became the 707, and in the late 1960s the 747 nearly bankrupted it before becoming the defining long-haul jet. The 1997 merger with McDonnell Douglas made Boeing the only U.S. maker of large airliners, and many former employees and analysts say it also shifted the culture toward cost cutting and shareholder returns.

That debate sharpened after two 737 MAX crashes, Lion Air in October 2018 and Ethiopian Airlines in March 2019, killed 346 people. Both involved MCAS flight-control software acting on a single faulty sensor. The jet was grounded for 20 months, and Boeing faced a federal fraud case that was finally dismissed in November 2025 under a $1.1 billion non-prosecution agreement. Then, on January 5, 2024, a door plug blew out of a new Alaska Airlines 737 MAX 9 because four bolts had not been reinstalled at the factory. The FAA capped 737 output at 38 a month, and CEO Dave Calhoun announced his departure.

The recovery under Kelly Ortberg

Ortberg arrived from outside the company in August 2024, weeks before 33,000 machinists began a 53-day strike. Boeing raised about $24 billion of equity, sold Jeppesen, ForeFlight and other digital units to Thoma Bravo for $10.55 billion, and on December 8, 2025 bought back Spirit AeroSystems, the Wichita fuselage maker it had sold in 2005. The FAA raised the 737 cap to 42 a month in October 2025. Boeing posted net earnings of $2.2 billion for 2025, its first annual profit since 2018, although the sale gain accounted for the profit.

In 2026 the recovery continued unevenly. Boeing delivered 171 jets in the second quarter, its most in a quarter since 2018, cut consolidated debt to $45.9 billion and grew its backlog to a record $715 billion. The FAA certified the 737-7 in August, but on September 28 it held 737-10 certification over a flight-management software issue. A day later the U.S. Navy picked Boeing to build its F/A-XX fighter, adding to the Air Force F-47 contract it won in 2025.

Competitors

Airbus is Boeing's main rival. It delivered 793 jets in 2025 to Boeing's 600 and has taken the lead in large single-aisle planes with the A321neo, although Boeing booked more orders in 2025. In defense and space Boeing competes with Lockheed Martin, Northrop Grumman, RTX, General Dynamics and SpaceX, and China's COMAC is building a domestic alternative with the C919.

What to watch

The next milestones are 737-10 and 777-9 certification, with first deliveries of both planned for 2027, the move to 47 737s a month, a contract vote by about 17,000 SPEEA engineers and technicians in October 2026, and third-quarter results on October 27, 2026.

The Boeing Company Key Facts

CompanyThe Boeing Company
Annual revenue change+34.5% (FY2024–FY2025)
Financials$89.5B (FY2025, last reviewed October 2026)
Market Cap$148.0B
FY2025 net income$2.2B
Last reviewedBy Swet Parvadiya, Founder & Editor - October 2026
Founded1916
Founder(s)William E. Boeing, George Conrad Westervelt
CEOKelly Ortberg
HeadquartersArlington, Virginia
IndustryAerospace & Defense Manufacturing
Employees182,000+

Boeing Company Profile: Revenue, Business Model & Strategy

"Boeing ended 2025 with its most deliveries since 2018 and a record backlog, then handed over 171 jets in the second quarter of 2026, its best quarter in eight years. The open question is whether certification setbacks, such as the FAA's September 2026 hold on the 737-10, slow the recovery."

Why The Boeing Company Wins

Boeing wins when airlines and governments need large aircraft that only it and Airbus can certify and build at scale, and when its 13,000-plus in-service commercial jets keep buying parts, upgrades and training from Global Services.

The Boeing Company operates in a competitive market alongside Airbus, Lockheed Martin, Northrop Grumman, RTX. Analysts frequently compare The Boeing Company and Airbus due to their overlapping products, target markets, and strategic positioning. See full comparison →

Boeing is an American aerospace company that builds commercial jets (737 MAX, 787 Dreamliner, 777X), military aircraft and space systems, and services airline and military fleets. Based in Arlington, Virginia and led by CEO Kelly Ortberg, it reported $89.5 billion of 2025 revenue and about 182,000 employees.

Revenue

$89.5B

Founded

1916

Employees

182K+

Market Cap

$148.0B

Key Facts

  • Founded: The Boeing Company was established in 1916 and is headquartered in Arlington, Virginia.
  • Revenue: The Boeing Company had $89.5B in annual revenue (FY2025).
  • Valuation: Market capitalization of approximately $148.0B.
  • Scale: The Boeing Company employs 182,000 people globally.
  • Business Model: Boeing earns money in three segments.
  • Competitive Edge: Boeing's advantages are hard to copy: a century of certification know-how, a global installed fleet that keeps buying.

How Boeing Makes Money

Capital Allocation & Scaling Mechanics

Commercial Airplanes (BCA) designs, builds and sells the 737, 767, 777 and 787. Airlines and lessors pay deposits and progress payments over several years, but most of the price arrives at delivery, so revenue moves with delivery volume. BCA had $41.5 billion of FY2025 revenue and still lost $7.1 billion from operations, largely because of $5.3 billion of 777X and 767 reach-forward losses. Defense, Space & Security (BDS) sells fighters, tankers, helicopters, satellites and space systems to the U.S. government and allies under a mix of cost-plus and fixed-price contracts, bringing in $27.2 billion. Global Services (BGS) sells parts, maintenance, modifications and training to more than 13,000 Boeing commercial jets in service plus military fleets. It is the steady earner: $20.9 billion of 2025 revenue and an 18.1% operating margin in the first half of 2026.

What Is The Boeing Company's Growth Strategy?

Under Kelly Ortberg the plan is to stabilize first and grow second. Boeing runs a Safety & Quality Plan with key performance indicators for each factory and raises 737 and 787 rates only when those metrics and the FAA allow it. It brought fuselage production back in-house by closing the Spirit AeroSystems acquisition in December 2025, sold non-core digital businesses for $10.55 billion to cut debt, and is investing in North Charleston for higher 787 output and in St. For its next new airplane, Boeing says it is designing the production system alongside the aircraft.

How Much Revenue Does Boeing Generate?

Boeing went from record revenue of $101.1 billion and a $10.5 billion profit in 2018 to six straight years of losses after the 737 MAX grounding, the pandemic, the 2024 door-plug blowout and a 53-day machinists' strike. The 2024 loss alone was $11.8 billion. To protect its investment-grade rating, Boeing raised about $24 billion of equity in October 2024 and sold Jeppesen, ForeFlight and other digital aviation assets to Thoma Bravo for $10.55 billion in 2025. FY2025 revenue rose 34% to $89.5 billion and net earnings returned to $2.2 billion, but that profit came from the $9.6 billion sale gain; Commercial Airplanes still lost $7.1 billion. In the first half of 2026 revenue rose 11% to $46.8 billion, the net loss narrowed to $435 million, and consolidated debt fell to $45.9 billion from $54.1 billion at the end of 2025. The Boeing Company remains a cornerstone of American aerospace, maintaining a market valuation generally exceeding $120 billion despite industry challenges.

Financial MetricEstimated Value
Market Capitalization$148.0B
Employee Count182,000 +
Latest Annual Revenue$89.5B (FY2025)

Historical Revenue Chart

The Boeing Company Annual Revenue History

All figures in USD.

Fiscal YearRevenue FigureYoY Change
FY2016$93.5BN/A
FY2017$94B+0.5%
FY2018$101.1B+7.6%
FY2019$76.6B-24.3%
FY2020$58.2B-24.0%
FY2021$62.3B+7.1%
FY2022$66.6B+6.9%
FY2023$77.8B+16.8%
FY2024$66.5B-14.5%
FY2025$89.5B+34.5%

The source for each year is listed on the The Boeing Company financials page.

Core Strength

Boeing is one of two large-jet makers and had a record $715 billion backlog at June 30, 2026, including more than 6,200 commercial airplanes.

Key Weakness

Commercial Airplanes lost $7.1 billion from operations in 2025, including $5.3 billion of 777X and 767 reach-forward losses.

Who Are The Boeing Company's Main Competitors?

Boeing competes with Airbus in commercial jets. Airbus delivered 793 aircraft in 2025 to Boeing's 600, but Boeing booked more gross orders (1,175 against about 1,000), its first orders win in seven years. In defense and space it competes with Lockheed Martin, Northrop Grumman, RTX, General Dynamics and SpaceX, and COMAC's C919 is a long-term challenger in China. Boeing's backlog was more than 6,200 commercial airplanes worth $597 billion at June 30, 2026, and with both makers sold out for years, airlines that need aircraft this decade order from both. Its constraints are operational: the FAA paused 737-10 certification in September 2026 over a flight-management software issue, 737 output has to rise toward 47 a month without new quality escapes, and the company carries $45.9 billion of debt.

Top CompetitorsHead-to-Head Analysis
AirbusCompare vs Airbus→

What Is The Boeing Company's Full Historical Timeline?

Historical Timeline & Strategic Pivots

Key Milestones

1916 - Pacific Aero Products Company Incorporated

William Boeing incorporates Pacific Aero Products Co. on July 15, 1916 in Seattle, a month after the B&W seaplane he built with George Conrad Westervelt first flew from Lake Union on June 15.

1917 - Renamed The Boeing Airplane Company; First Military Contract

The company is renamed The Boeing Airplane Company in April 1917 following co-founder George Westervelt's return to active Navy duty, and secures its first meaningful military contract when the U.S. Navy orders the improved Model C floatplane. The United States' entry into World War I accelerates military aircraft procurement and provides Boeing with the orders needed to establish a sustainable manufacturing operation.

1927 - Boeing Air Transport Wins San Francisco-Chicago Airmail Route

Boeing forms Boeing Air Transport and wins the U.S. Post Office airmail contract for the San Francisco to Chicago route, the most commercially valuable domestic airmail route, initiating Boeing's involvement in commercial aviation beyond manufacturing. Boeing Air Transport later merges with several carriers to become United Air Lines, a legacy connection to commercial aviation's origins.

1933 - Boeing 247 Introduced as the First Modern Airliner

Boeing introduces the Model 247, widely recognized as the world's first modern commercial airliner, featuring all-metal construction, retractable landing gear, a cantilevered wing, and variable-pitch propellers. United Air Lines orders 60 aircraft, establishing the 247 as the dominant commercial transport of its era and triggering Douglas Aircraft to develop the competing DC-2 and DC-3.

1954 - Dash 80 Jet Prototype First Flies

The 367-80, or Dash 80, first flies on July 15, 1954, the company's 38th anniversary. Funded with about $16 million of Boeing's own money, it leads to the KC-135 tanker for the Air Force and the 707 airliner, which enters service with Pan Am in 1958.

1969 - Boeing 747 Jumbo Jet Makes First Flight

The 747, the first wide-body jetliner, first flies on February 9, 1969 and enters service with Pan Am in January 1970. Its heavy development costs, combined with an aerospace downturn, nearly bankrupt Boeing, but it goes on to sell 1,574 units before production ends in 2023.

1994 - Boeing 777 First Flight

The Boeing 777, the world's largest twin-engine commercial aircraft and the first airliner designed entirely using computer-aided design tools without physical mock-ups, makes its inaugural flight on June 12, 1994. The 777 program's influential design methodology and the working-together process between Boeing and launch customer United Airlines sets a new industry standard for aircraft development partnership.

1997 - Boeing Merges with McDonnell Douglas

Boeing completes its $13.3 billion acquisition of McDonnell Douglas, creating a single dominant American aerospace and defense company and ending more than two decades of three-way commercial aircraft competition. The merger brings in McDonnell Douglas's management culture and defense programs but is later cited by analysts and former executives as a cultural inflection point that elevated financial optimization over engineering investment.

2009 - Boeing 787 Dreamliner First Flight

The Boeing 787 Dreamliner, the first commercial aircraft built primarily from carbon-fiber composite materials, makes its first flight on December 15, 2009 more than two years behind its original 2007 schedule following extensive supply chain difficulties with its distributed manufacturing model. The aircraft eventually becomes Boeing's best-selling widebody jet and pioneers the composite airframe technology that defines modern commercial aircraft design.

2019 - 737 MAX Grounded Worldwide Following Two Fatal Crashes

After the Lion Air Flight 610 crash in October 2018 and the Ethiopian Airlines Flight 302 crash in March 2019, which killed 346 people, regulators ground the 737 MAX worldwide. Both crashes involved the MCAS flight-control software acting on a single faulty sensor. The grounding lasts until November 2020 and costs Boeing more than $20 billion.

2022 - Boeing Relocates Corporate Headquarters to Arlington, Virginia

Boeing formally moves its corporate headquarters from Chicago, Illinois, to Arlington, Virginia, placing its senior executive team adjacent to the Pentagon and within close proximity to Congress and the regulatory agencies that govern both its defense and commercial businesses. The move marks the completion of a decades-long physical separation of corporate leadership from the Seattle-area manufacturing operations where Boeing's aircraft are designed and built.

2024 - Door-Plug Blowout, Machinists Strike, and Leadership Transition

Alaska Airlines Flight 1282 experiences a door-plug blowout at 16,000 feet on January 5, triggering a FAA production cap on 737 MAX and a congressional investigation into Boeing's quality management. Kelly Ortberg becomes CEO in August, replacing Dave Calhoun. A 53-day machinists strike halts Pacific Northwest manufacturing from September through November, costing approximately $5 billion. Boeing raises approximately $24 billion in equity in October to shore up liquidity amid approximately $57 billion in debt.

2025 - F-47 Win, Strike in St. Louis, Spirit Buyback and a Return to Profit

The Air Force selects Boeing's F-47 as its sixth-generation fighter in March. Boeing sells Jeppesen and other digital units to Thoma Bravo for $10.55 billion, the FAA raises the 737 cap to 42 a month in October, a 102-day strike at St. Louis defense plants ends in November, and Boeing closes the Spirit AeroSystems purchase on December 8. Revenue reaches $89.5 billion with 600 deliveries.

2026 - 737-7 Certified, F/A-XX Win and a 737-10 Setback

Backlog reaches a record $715 billion at June 30. The FAA certifies the 737-7 on August 3, then on September 28 holds 737-10 certification over a flight-management software issue. On September 29 the Navy selects Boeing to build the F/A-XX fighter.

Risks & Weaknesses

Analytical Assessment

Primary Risk Factor

Execution. Another quality escape, a certification delay like the September 2026 737-10 pause, a strike, or new fixed-price defense losses could stall the delivery ramp that its profits and debt reduction depend on.

Risk assessment based on public filings, SWOT analysis, and verified industry data. Not financial advice.

How Did Boeing Start and Grow?

Established

1916

Fiscal Revenue (FY2025)

$89.5B

Workforce

182K+

HQ Location

Arlington, Virginia

Key Turning Point

: The Strategic Shift That Created a Behemoth

CEO Bill Allen invested $16 million, nearly Boeing's entire net worth, to develop the 367-80 jet transport prototype without any airline orders. This leveraged Boeing's military jet experience (B-47, B-52) to leapfrog Douglas Aircraft's propeller dominance in commercial aviation.

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Our analysts compile business strategy profiles from public financial filings, press releases, and analyst reports. Each profile is reviewed for accuracy before publication by our editorial desk and updated on a rolling basis.

Frequently Asked Questions About Boeing

What is Boeing?

The Boeing Company is an American aerospace manufacturer headquartered in Arlington, Virginia. It builds commercial jets such as the 737 MAX, 787 Dreamliner and 777X, military aircraft such as the F-15EX, KC-46A and AH-64 Apache, and satellites and space systems, and it services those fleets. It reported $89.5 billion of revenue in 2025.

How does Boeing make money?

Boeing earns revenue in three segments. In 2025 Commercial Airplanes brought in $41.5 billion from jet deliveries, Defense, Space & Security $27.2 billion from government contracts, and Global Services $20.9 billion from parts, maintenance, modifications and training. Services is the most profitable: it earned an 18.1% operating margin in the first half of 2026, while jet production lost money.

Who is the CEO of Boeing?

Robert K. 'Kelly' Ortberg has been Boeing's president and CEO since August 8, 2024. He previously ran Rockwell Collins as CEO from 2013. Jay Malave has been chief financial officer since August 2025, and Steve Mollenkopf, the former Qualcomm CEO, has chaired the board since 2024.

Who owns Boeing?

Boeing is a publicly traded company listed on the New York Stock Exchange as BA, so it is owned by its shareholders, mostly large institutional investors such as index and mutual funds. No single shareholder controls it. Market value was about $148 billion at the end of September 2026.

Who are Boeing's main competitors?

In commercial jets Boeing's main rival is Airbus, which delivered 793 aircraft in 2025 to Boeing's 600; China's COMAC is a smaller challenger with the C919. In defense and space Boeing competes with Lockheed Martin, Northrop Grumman, RTX, General Dynamics and SpaceX.

How much revenue did Boeing make in 2025?

Boeing reported revenue of $89.46 billion for 2025, up 34% from $66.52 billion in 2024, and net earnings attributable to shareholders of $2.24 billion. The profit was helped by a $9.6 billion gain on selling Jeppesen and other digital aviation businesses to Thoma Bravo.

How many employees does Boeing have?

Boeing had about 182,000 employees on December 31, 2025, according to its 2025 Form 10-K. About 14% work outside the United States and roughly 72,000 are union members.

Did Boeing buy Spirit AeroSystems?

Yes. Boeing closed its acquisition of Spirit AeroSystems on December 8, 2025 in an all-stock deal valued at about $4.7 billion, or $8.3 billion including debt. Spirit builds 737 fuselages and had been part of Boeing until it was sold in 2005. Airbus took over Spirit's Airbus-related plants.

What is Boeing's order backlog?

At June 30, 2026 Boeing's total backlog was a record $715 billion, including more than 6,200 commercial airplanes worth $597 billion, $85 billion of defense and space work and $33 billion of services.

Is the Boeing 737 MAX 10 certified?

Not yet. The FAA certified the smaller 737-7 on August 3, 2026, but on September 28, 2026 it said it would hold 737-10 certification while it reviews a flight-management software issue. Boeing had expected 737-10 certification in 2026 and first delivery in 2027.

Analysis: How The Boeing Company Makes Money

Deep dive into the The Boeing Company business model, revenue streams, and strategic moats in 2026.

Competitor Benchmarking

Financial data on this page is sourced from SEC EDGAR filings, official earnings releases, and verified press statements. Revenue figures are reviewed and updated periodically. Read our full data methodology ->

Primary source: www.sec.gov/Archives/edgar/data/12927/000162828026004357/ba-

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Company Research

We use company filings, annual reports, company statements and press reports, with primary sources preferred where available. Each financial row shows its recorded source. Full-year figures are separated from annualized run-rates, partial periods and forecasts; unaudited figures carry a label. Source detail varies by company, so check the linked material when the reporting basis matters.

1. Primary Sources

Public companies may provide filings and annual reports. Private-company figures may come from statements or press coverage. A missing figure stays missing, and a source link should identify where its number came from.

2. Expert Curation

We organize company records and review claims for strategic context, source quality and clarity. Pages show a review date where one is recorded.

3. Multi-Pass Audit

Technical checks flag inconsistent figures and missing links. Editorial review of the underlying source remains necessary for claims those checks cannot verify.

Swet Parvadiya
SEC filings & public records methodology
Sourced from public financial records

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Content is for informational purposes only. Not financial advice. Data sourced from SEC filings, annual reports, and public records. See our full disclaimer and methodology.