Boeing Co (NYSE: BA) is an aerospace and defense manufacturer that designs, builds, and delivers commercial jetliners, military aircraft, satellites, and related systems. Revenue is generated through aircraft sales, long-term government defense contracts, and aftermarket services across three reportable segments: Boeing Commercial Airplanes (BCA), Boeing Defense, Space and Security (BDS), and Boeing Global Services (BGS). BCA generated $27,234 million in FY2025 revenue, representing 30% of total company revenue, while BDS generated revenue primarily through fixed-price and cost-type U.S. government contracts. BDS reported a loss from operations of $128 million in FY2025, a significant improvement from a $5,413 million loss in FY2024, driven by lower cumulative contract catch-up adjustments on five major fixed-price development programs. Production disruptions in FY2024 and FY2025 stemmed from the January 2024 737-9 door plug accident and a September 2024 IAM 751 work stoppage affecting 737, 767, 777, and 777X production lines. As of December 31, 2025, Boeing held 4,404 undelivered 737 units and 1,026 undelivered 787 units under firm orders.

Revenue model

Boeing generates revenue through three streams: commercial aircraft sales (transactional, per-unit delivery), long-term U.S. government defense contracts (fixed-price and cost-type), and aftermarket services through Boeing Global Services. Fixed-price development contracts carry significant margin risk, as cost overruns flow directly to operating losses via cumulative catch-up adjustments.

Products and services

Commercial aircraft: 737, 767, 777, 777X, 787 Dreamliner. Military aircraft and systems: F/A-18, F-15, KC-46A Tanker, T-7A Red Hawk, VC-25B Presidential Aircraft, MQ-25, P-8. Space and satellites: Commercial Crew program. Aftermarket: parts, modifications, and support services through Boeing Global Services.

Customers and end markets

Commercial airline customers (domestic and international carriers) for BCA products. U.S. federal government, primarily the Department of Defense and NASA, for BDS programs. Government and commercial operators for BGS aftermarket services. BDS fixed-price development programs include KC-46A Tanker, T-7A Red Hawk, Commercial Crew, VC-25B, and MQ-25, all under U.S. government contracts.

Value-chain role

Original equipment manufacturer and prime contractor. Boeing designs, integrates, and assembles aircraft and defense systems using extensive supplier networks, then delivers finished platforms. On defense programs, Boeing serves as prime contractor directly accountable to the U.S. government for cost, schedule, and performance. Aftermarket services extend Boeing's role into maintenance, modification, and sustainment.

Geographic exposure

Principal manufacturing facilities are in Washington, Kansas, Missouri, Oklahoma, and Pennsylvania, totaling approximately 110,924 thousand square feet as of the FY2025 10-K filing. International commercial aircraft deliveries serve global airline customers, but geographic revenue split by country is not specified in the provided filing excerpts.

Source: SEC 10-K, filed 2026-01-30

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