Last Updated: 24 April 2026

The Boeing Company (NYSE: BA) is a Dow 30 aerospace and defence prime contractor now two years into CEO Kelly Ortberg’s turnaround. Q1 2026 results released on 22 April 2026 showed the recovery is real but unfinished: revenue $22.2bn (+14% YoY), 143 commercial deliveries, record total backlog $695bn (>6,100 commercial aircraft), net loss narrowed to $7m (from $31m), Commercial Airplanes operating margin −6.1% (vs −6.6%), Defense margin 3.1% (up 60bp) and Global Services margin 18.1%. Consolidated debt fell from $54.1bn to $47.2bn during Q1 as Boeing retired maturities; cash and marketable securities $20.9bn; $10bn undrawn revolver. 737 MAX has stabilised at 42/month with FAA’s hard production cap removed in March 2026, the Spirit AeroSystems acquisition closed 8 December 2025, and management reiterated 2026 free-cash-flow guidance of $1–$3bn. 777X first delivery has slipped to 2027. This report pulls FY2025 full-year results, Q1 2026 numbers, segment mix, valuation, DOJ non-prosecution agreement, the 737 MAX production trajectory and last-48-hour news entirely from Boeing SEC filings, Boeing press releases and FAA/DOJ/NASA statements — no analyst opinions, no price targets. For live charts and watchlists see our live charts, the economic calendar, and the community forum.

1. Company Snapshot

Name	The Boeing Company
Ticker	NYSE: BA (Dow Jones Industrial Average constituent); ISIN US0970231058
Sector	Aerospace & Defence — Commercial Airplanes, Defense/Space & Security, Global Services
Headquarters	929 Long Bridge Drive, Arlington, Virginia 22202 (relocated from Chicago in May 2022)
Heritage	Founded 15 July 1916 by William E. Boeing as Pacific Aero Products; renamed Boeing Airplane Company 1917. McDonnell Douglas merger 1 August 1997; Rockwell International aerospace & defence businesses acquired December 1996; Jeppesen acquired 2000; ViaSat commercial aviation services acquired 2023; Spirit AeroSystems commercial/aftermarket operations acquired 8 December 2025.
CEO	Robert Kelly Ortberg (President & CEO since 8 August 2024; ex-Rockwell Collins CEO 2013, ex-Collins Aerospace COO to 2021, retired before Boeing recall)
CFO	Jesus “Jay” Malave (EVP & CFO since 15 August 2025; Brian West transitioned to senior advisor to the CEO)
Chair	Steven M. Mollenkopf (Independent Chair since 25 March 2024; ex-CEO Qualcomm; Board member since 2020)
Employees	~172,000 globally (pre-Spirit); ~187,000 post-Spirit integration (adds ~15,000 at Wichita, Tulsa, Dallas and Prestwick)
FY2025 revenue	$89.5bn (+35% YoY vs $66.5bn FY2024)
FY2025 net loss	$(18.5)bn (includes one-off charges; prior year loss $(11.8)bn)
Q1 2026 revenue	$22.2bn (+14%); net loss $(7)m; 143 commercial deliveries
Total backlog (31 Mar 2026)	Record $695bn (>6,100 commercial aircraft; BDS backlog $86bn; BGS backlog $33bn)
Market cap (23 Apr 2026)	~$182bn at ~$231 per share
Website	boeing.com

2. Bull Case vs Bear Case

Bull Case

• Record $695bn total backlog at 31 March 2026 (>6,100 commercial aircraft) provides ~8 years of commercial production visibility; BDS $86bn backlog, BGS $33bn backlog — both records.
• 737 MAX production stabilised at 42/month (FAA’s 38/month hard cap removed March 2026 once sustained rate achieved); Ortberg stated 22 April that “all systems are go” for step to 47/month this summer and 53/month by year-end 2026; new Everett North Line activated April 2026 to support higher rates.
• Spirit AeroSystems acquisition closed 8 December 2025 ($4.7bn equity + ~$4bn assumed debt = $8.3bn total): re-integrates ~70% of 737 fuselage content, brings ~15,000 teammates in-house, ends the two-party quality-escape dynamic that caused the January 2024 door-plug incident.
• Global Services (BGS) is the profit engine: Q1 2026 operating margin 18.1%, revenue $5.4bn (+6%); record $33bn services backlog — capital-light aftermarket counterweight to BCA/BDS losses.
• Defense margin recovery underway: BDS Q1 2026 margin 3.1% (+60bp), revenue $7.6bn (+21%); KC-46 RVS 2.0 now scheduled summer 2027, USAF ordering 75 more KC-46 to bridge to NGAS; F-15EX production resuming post-strike; MQ-25 first flight in 2026.
• Ortberg turnaround credibility: 737 rate climbed 38 → 42, Spirit closed, FAA cap removed, DOJ case dismissed (Nov 2025), strike ended (Nov 2025), 600 commercial deliveries in FY25 vs 348 in FY24; Q1 2026 operating cash flow improved sharply to $(179)m vs $(1.6)bn YoY.
• Consolidated debt fell $6.9bn in Q1 2026 alone (from $54.1bn to $47.2bn); $20.9bn cash; $10bn undrawn revolver; Moody’s affirmed Baa3 (investment grade) with stable outlook; Boeing management reiterated 2026 FCF guidance $1–$3bn and a longer-term path to $10bn+.

Bear Case

• Still loss-making: FY2025 net loss $(18.5)bn (wider than FY2024 $(11.8)bn due to charges); BCA Q1 2026 operating margin still negative 6.1%; Q1 FCF approximately $(1.5)bn on a reported non-GAAP basis.
• Debt burden remains large: $47.2bn consolidated debt end-Q1 2026; total debt due 2025 and 2026 maturities required significant refinancing; interest expense a structural drag on earnings.
• 777X first delivery slipped again to 2027 (Q4 2025 announcement); additional charges of $2.5–4bn taken; 33 orders removed from backlog; Type Inspection Authorization Phase 4A only reached in March 2026 with Phases 4B and 5 still ahead.
• KC-46 took a fresh $565m loss in Q4 2025 (announced Jan 2026); Remote Vision System 2.0 slipped again to summer 2027; Air Force briefly paused KC-46 acceptances in Feb 2026 after aileron hinge cracks; T-7A still pre-production; Starliner reclassified Type A mishap February 2026 — first crewed rotation deferred, uncrewed Starliner-1 targeted NET April 2026 then delayed.
• FAA oversight continues post-Alaska Airlines door-plug: even though the 38/month hard cap is gone, FAA has moved to performance-based oversight, meaning production can be throttled again if quality-escape events recur. Boeing is still redesigning cockpit alerting systems under active FAA supervision.
• DOJ non-prosecution agreement (May 2025, judge dismissed case Nov 2025) was controversial with crash-victim families; reputational overhang persists and any subsequent safety event could reopen regulatory/political exposure.
• IAM District 837 St. Louis defence strike lasted 101 days (Aug–Nov 2025), delaying F-15EX deliveries into 2026; labour-relations risk remains across BCA and BDS negotiating cycles.
• No dividend — suspended since March 2020 to conserve cash during COVID/MAX crisis; management has not signalled reinstatement timing; October 2024 equity raise added ~100m new shares diluting existing holders.

3. What Does Boeing Actually Do?

Boeing is organised into three reportable operating segments plus the small Boeing Capital Corp financing arm. FY2025 total revenue $89.5bn.

• Boeing Commercial Airplanes (BCA) — ~46% of FY2025 revenue. FY2025 revenue $41.5bn (+82% YoY from $22.9bn FY2024 as deliveries rebounded from 348 to 600 jets). Produces the 737 MAX family (-7, -8, -8-200, -9, -10), 767 (Freighter + KC-46 military derivative), 777/777F, 777X (-8, -9; not yet in service), 787 Dreamliner (-8, -9, -10). BCA still reports an operating loss (Q1 2026 margin −6.1%); production rate economics (fixed-cost absorption) drive near-term profitability.
• Boeing Defense, Space & Security (BDS) — ~22% of FY2025 revenue. FY2025 revenue $19.8bn (+7%). Programs span fighters (F-15EX, F/A-18 Super Hornet line closure, EA-18G Growler), rotorcraft (AH-64 Apache, CH-47 Chinook), tankers (KC-46 Pegasus), trainers (T-7A Red Hawk), unmanned (MQ-25 Stingray, MQ-28 Ghost Bat), satellites (commercial & government), space (Starliner CST-100, Space Launch System core-stage via NASA contract), B-21 Raider engineering support (prime contractor Northrop), X-37B, and classified programs. Q1 2026 operating margin 3.1% recovering from prior-period fixed-price-contract losses.
• Boeing Global Services (BGS) — ~26% of FY2025 revenue. FY2025 record services backlog $30bn; Q1 2026 revenue $5.4bn (+6%) at 18.1% operating margin. Covers commercial services (Jeppesen navigation, spare parts, MRO, training, digital aviation solutions) and government services (logistics, training, modifications, sustainment).
• Boeing Capital Corporation provides customer financing for aircraft deliveries. Not a standalone reportable segment; portfolio of a few billion dollars.

4. The Business Model

Boeing is an aircraft and defence OEM with a backlog-funded production model, a growing aftermarket services franchise and a mid-size space business. How it makes money:

1. Commercial aircraft sales (BCA). Airlines, lessors and governments place firm orders years ahead of delivery (typical lead times 3–8 years for narrow-bodies, longer for wide-bodies). Boeing accepts progress payments as work progresses and takes the remaining balance at delivery. Program-accounting historically smoothed profit over the accounting quantity; current 737 MAX, 777X and 787 are not on favourable program accounting after repeated charges. Near-term BCA profitability is driven primarily by production rate (fixed-cost absorption) and mix.
2. Defence prime contracts (BDS). Mix of cost-plus (lower risk), fixed-price-incentive (medium risk) and fixed-price-development (highest risk) US DoD contracts, plus foreign military sales and commercial derivatives. The last decade’s fixed-price-development contracts (KC-46, T-7A, MQ-25, Starliner CCtCap) have driven multi-billion-dollar losses as Boeing accepted cost overruns. The US federal government is the largest single customer: USAF, US Navy, NASA and DoD-wide agencies. US government (direct prime + indirect via primes) is estimated around 25% of total Boeing revenue in FY2025 (BDS ~22% plus a portion of BGS government services).
3. Aftermarket services (BGS). Spare parts, modifications, MRO, training, digital-aviation data products (Jeppesen), landing-gear exchange, rotable-pool leasing. Capital-light, recurring, highest-margin segment. 2025 BGS operating margin ran in the mid-to-high teens, with Q1 2026 at 18.1%.

Supply chain. GE Aerospace/CFM International provide engines for 737 MAX (LEAP-1B) and 777X (GE9X); Rolls-Royce (Trent 1000) and GE Aerospace (GEnx) for 787; Raytheon/RTX (Pratt & Whitney) for KC-46 (PW4000-based). Titanium historically sourced in part from Russian supplier VSMPO-Avisma — progressively diversified since 2022. Composite structures from Spirit AeroSystems (now in-house post Dec 2025), Mitsubishi, Kawasaki, Subaru (787 wings & fuselage barrels). Aluminium and fasteners from multiple North American mills.

Subsidy & regulatory-credit dependency. Boeing does not receive EV-style subsidies. Public support is largely indirect: (a) US government defence procurement (a major customer — BDS revenue alone is ~$19.8bn FY25 and a large portion of BGS government services); (b) US Export-Import Bank financing guarantees for foreign-airline deliveries; (c) historical state tax incentives (notably Washington State engineering/R&D credits) — Washington repealed the preferential B&O tax rate on commercial airplane manufacturers in 2020 under WTO pressure; (d) long history of R&D contracts with DoD, NASA and DARPA that accelerate dual-use technology. None of these are line-item credits booked to operating profit in the way EV tax credits appear at e.g. Tesla.

5. Financial Health

Five-year revenue, loss, cash-flow and share-count trend (US GAAP; source: Boeing 10-K filings and quarterly press releases)

Metric ($m unless stated)	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	62,286	66,608	77,794	66,517	89,463
Operating loss/earnings	(2,902)	(3,547)	(773)	(10,707)	~(16,400)
Net loss	(4,290)	(4,935)	(2,242)	(11,829)	~(18,485)
Free cash flow (non-GAAP)	(4,400)	2,290	4,430	(14,300)	~(6,000)
Cash & marketable securities	16,236	17,225	16,001	26,296	26,300 est.
Total consolidated debt	58,100	57,200	52,300	53,900	54,100
Diluted shares outstanding (wtd avg)	586m	595m	604m	~630m	~780m (post-Oct 2024 equity raise)
Commercial deliveries	340	480	528	348	600

Boeing issued ~112m new shares in an October 2024 equity raise at $143 per share (raising ~$16bn) together with $5bn of depositary shares convertible into common stock. Share count subsequently stepped up to ~780m for FY25 weighted-average and ~788m outstanding at April 2026. Boeing suspended its dividend in March 2020 at the onset of the COVID pandemic; it has not been reinstated. The company has not conducted share repurchases since 2019.

Quarterly revenue & operating margin (total company) — last 5 reported quarters:

Quarter	Revenue ($bn)	Operating margin (total co.)	Commercial deliveries
Q1 2025	19.5	0.9%	130
Q2 2025	22.7	~(10.8)% (charges)	150
Q3 2025	23.3	~3.0%	160
Q4 2025	23.9	~(17)% (KC-46 $565m charge; BCA inventory)	160
Q1 2026	22.2	2.0%	143

6. Valuation & Market Data

Metric	Value	Notes / source date
Share price	~$231.28	Close area 22–23 April 2026 (post-Q1 results)
Market cap	~$182bn	22 April 2026 (~788m shares × ~$231)
Enterprise value	~$208bn	Market cap + $47.2bn debt − $20.9bn cash & securities (Q1 2026 close)
Trailing P/E	N/M	Not meaningful — trailing-twelve-month GAAP net loss
P/S (TTM)	~2.0x	$182bn / ~$92bn TTM revenue
Price / book	Negative / N/M	Stockholders’ equity has been negative since 2019; book value is unusable as a valuation metric
Price / FCF (FY25)	N/M	FY25 FCF ~$(6)bn (negative)
Price / FY26 FCF mid-point guide	~91x	Management reiterated FY26 FCF $1–$3bn; mid $2bn / $182bn market cap
52-week high	$254.35	27 January 2026
52-week low	$156.47	21 April 2025
Shares outstanding	~788.3m	Post Oct 2024 equity raise and depositary-share conversions
Short interest	14.93m shares / 1.98% of float	Latest reporting (Apr 2026); fell from 16.58m prior period
Days to cover	1.62 days	At ~9.22m average daily volume
Put/call open-interest ratio	1.1	5-day avg; 52-week avg 0.9
Dividend	$0.00 — suspended since March 2020	Not reinstated; no guidance from management on timing
Credit rating (senior unsecured)	Baa3 / BBB- / BBB-	Moody’s / S&P / Fitch — all at lowest investment grade; Moody’s stable outlook (affirmed 2025)

7. What Are They Building / What’s Coming?

• 737 MAX family. MAX 8, MAX 9 in service. MAX 7 and MAX 10 certification targeted 2026; first deliveries 2027. Production stabilised at 42/month Q1 2026; new Everett North Line (4th FAL) opened April 2026; target 47/month summer 2026, 53/month year-end 2026. FAA’s 38/month cap removed March 2026 — replaced with performance-based oversight.
• 787 Dreamliner. 787-8, -9, -10 in service. Production ramp continuing; mid-single-digit monthly rate moving higher.
• 777X. Certification campaign in progress. FAA authorised Type Inspection Authorization Phase 4A in March 2026; Phases 4B and 5 remain before Function & Reliability (F&R). Boeing set April 2026 target for first flight of the first production 777-9. First delivery slipped to 2027 (announced Q4 2025), with $2.5–4bn of additional charges booked; 33 orders removed from backlog.
• KC-46 Pegasus. 14 tankers delivered in 2025; plan 19 in 2026. RVS 2.0 (remote vision system) slipped to summer 2027. USAF announced 1 April 2026 an order for 75 additional KC-46 airframes to bridge to NGAS in the mid-2030s. Fresh $565m loss booked Q4 2025.
• T-7A Red Hawk. USAF updated acquisition approach Jan 2026 allowing Boeing to deliver a production-ready configuration prior to Low-Rate Initial Production. BDS HQ relocating from Arlington back to St Louis (announced Feb 2026) to put leadership closer to the factory floor.
• F-15EX Eagle II. Production resuming post-strike at St Louis; USAF programme of record 104 aircraft plus foreign military sales.
• MQ-25 Stingray. Carrier-based uncrewed refueller. Navy confirmed first flight slipped to 2026 (from 2025). Programme continues.
• B-21 Raider support. Boeing is a subcontractor to prime Northrop Grumman on the stealth bomber programme (classified; Boeing scope includes select structures & systems).
• Starliner CST-100. NASA and Boeing modified the Commercial Crew Contract in Nov 2025. Starliner-1 was targeted NET April 2026 uncrewed-cargo; the pre-Starliner-1 propulsion upgrades follow the Feb 2026 reclassification of Crew Flight Test as a Type A mishap. Four total missions now contracted (cut from six); first crewed rotation deferred.
• Space Launch System (SLS). Core stage prime contractor for NASA Artemis programme.
• X-37B / hypersonics / classified. Continues under BDS.
• Cockpit alerting re-design. Following the Jan 2024 Alaska door-plug event, Boeing is rebuilding alert prioritisation and automation traceability under FAA supervision (confirmed via aviation-industry reporting 23 April 2026).
• Partnerships. Long-standing engine partnerships with GE Aerospace/CFM (LEAP-1B, GEnx, GE9X), Rolls-Royce (Trent 1000), RTX/Pratt & Whitney (KC-46 PW4062); avionics with Honeywell, Collins Aerospace. In-sourced Spirit AeroSystems fuselage content December 2025.
• Ortberg turnaround plan. Factory stability (One Company, One Team), FAA-certified Safety Management System rollout, production-rate discipline (dwell-time metrics), debt paydown from improving FCF, portfolio simplification (ViaSat integration, SAS re-integration).

8. Competitive Landscape

Boeing operates in two very different duopolies/oligopolies: (i) large commercial aircraft, which is effectively a Boeing/Airbus duopoly with emerging challengers COMAC and Embraer; and (ii) US defence prime contracting, which is a four-firm oligopoly (Boeing, Lockheed Martin, RTX, Northrop Grumman) plus General Dynamics. BAE Systems is the major international peer.

Commercial large civil aircraft — 2025 deliveries:

Manufacturer	2025 deliveries	Notes
Airbus	~766	Retained global delivery lead for 7th consecutive year; A320neo family cumulative deliveries passed 12,500 late 2025, overtaking 737 as best-selling jetliner in history
Boeing	600	Best year since 2018; +72% YoY from 348; narrowbody share trailing Airbus ~40% to ~60%
COMAC (China)	~15 (C919)	Chinese domestic OEM; 1,000+ backlog; C929 wide-body in development with UAC partnership
Embraer	~215	Regional jets (E-Jets E1/E2) + executive + defence; dominant sub-150-seat segment

Narrow-body (A320 family vs 737 MAX) share of 2025 deliveries: Airbus ~60% / Boeing ~40% (A320 family 607 / 737 MAX ~400 est.).

Wide-body: Boeing retains leadership with 787 volumes (777 legacy winding down, 777X not yet in service); Airbus A350 is the primary competitor, A330neo a secondary.

Defence competitors (US primes, most recent reported revenue): Lockheed Martin (F-35, missiles, Skunk Works — ~$71bn revenue); RTX (formerly Raytheon Technologies; Pratt & Whitney engines, Raytheon missiles, Collins Aerospace avionics — ~$81bn revenue); Northrop Grumman (B-21 Raider prime, Sentinel ICBM, space systems — ~$41bn revenue); General Dynamics (Gulfstream, combat systems, Electric Boat submarines — ~$47bn revenue); BAE Systems (UK prime — ~£26bn revenue).

Boeing’s strongest competitive position is wide-body commercial (787 + eventual 777X), tankers (KC-46 vs Airbus A330 MRTT), rotorcraft (Apache, Chinook), uncrewed refuelling (MQ-25 is sole-source Navy programme) and commercial aftermarket services. Weakest positions: narrow-body (40% delivery share), fighters (F-15EX is a capable but non-stealth niche vs Lockheed F-35), and launch vehicles (SLS is cost-disadvantaged vs SpaceX Starship/Falcon Heavy).

9. Leadership and Ownership

Executive leadership. Kelly Ortberg (President & CEO since 8 August 2024) — engineer, spent 35+ years at Rockwell Collins (CEO 2013–2018), was COO of Collins Aerospace after the RTX tie-up, retired 2021, returned from retirement to lead Boeing. Jesus “Jay” Malave (EVP & CFO since 15 August 2025) — ex-CFO of Lockheed Martin, L3Harris and Triumph Group. Brian West (previous CFO) transitioned to senior advisor to Ortberg in August 2025. Stephanie F. Pope (COO and President & CEO of Boeing Commercial Airplanes since 2024). Ted Colbert (ex-CEO BDS; removed Sep 2024 during Ortberg reset). Stephen Parker (Interim then permanent CEO of BDS). Chris Raymond (CEO Boeing Global Services).

Board chair. Steven M. Mollenkopf (Independent Chair since 25 March 2024); previously CEO of Qualcomm 2014–2021; Boeing board member since 2020; led the CEO search that produced Ortberg.

Largest institutional holders (most recent 13F filings):

Holder	Approx stake (%)	Notes
The Vanguard Group	~8.9%	Largest institutional holder; ~70m shares post Oct 2024 raise adjusting for dilution
BlackRock, Inc.	~7.2%	Second-largest
Newport Trust Company	~5–6%	Trustee of Boeing Voluntary Investment Plan (employee 401(k)); reported as beneficial owner
State Street Corporation	~4%
Capital World Investors	~2–3%	American Funds / Capital Group
FMR LLC (Fidelity)	~2–3%
Wellington Management	~1–2%

Recent insider activity (last 6 months, from SEC Form 4 filings). The most material recent disclosure is the 17 February 2026 Form 4 for CEO Kelly Ortberg receiving two equity grants: 41,498 performance-based restricted stock units (vesting Feb 2027, Feb 2028, Feb 2029) and a separate 16,599 time-based RSU grant (vesting Feb 2029). Both are long-term compensation awards, not open-market activity. Following these awards Ortberg directly holds 140,944.508 Boeing shares. Ortberg’s 2025 total compensation was $23.58m (up 22% vs 2024 estimate of $18.39m). Form 4 discretionary insider purchases (i.e. open-market buys) have been minimal across the senior team in the last six months; equity activity has predominantly been programmatic grant vestings, tax-withholding sales tied to vestings (net-share settlement), and the standard Rule 10b5-1 patterns. There has been no large cluster of discretionary insider selling or buying.

Source: SEC Form 4 filings via openinsider.com. 12 months ending April 2026. Open-market buys/sales only; Rule 10b5-1 plan status is not tagged in the Form 4 feed and is shown as em-dash unless explicitly disclosed in the filing.

Name	Date	Type	Shares	Price	Value	Plan Type
Buckley Mortimer J (Dir)	2026-03-03	Buy	+2,230	$224.20	+$499,966	—
Amuluru Uma M (EVP, CHRO)	2026-02-24	Sale	1,503	$233.79	$351,484	—
Schmidt Ann M (SVP, Chief Com, Brand Officer)	2026-02-17	Sale	6,281	$243.37	$1,528,613	—
McKenzie Howard E (Chief Engineer, EVP, ET, T)	2026-02-05	Sale	10,497	$233.99	$2,456,150	—
Amuluru Uma M (EVP, CHRO)	2026-02-04	Sale	2,731	$236.00	$644,598	—
Deasy Dana S (CIDO, SVP IDT, S)	2025-11-24	Buy	+554	$178.89	+$99,102	—
Amuluru Uma M (EVP, CHRO)	2025-11-06	Sale	1,366	$197.66	$270,009	—
Buckley Mortimer J (Dir)	2025-08-19	Buy	+2,200	$226.10	+$497,420	—
Raymond David Christopher (EVP, Pres, CEO, BGS)	2025-08-08	Sale	3,771	$229.95	$867,069	—
Nelson Brendan J. (SVP, Pres, Boeing Global)	2025-05-15	Sale	640	$206.28	$132,019	—
Shockey Jeffrey S (EVP, Gov Ops, GPP, CS)	2025-05-13	Sale	3,205	$202.87	$650,198	—
Cleary Michael J (Controller)	2025-05-06	Sale	3,000	$186.00	$558,009	—
Raymond David Christopher (EVP, Pres, CEO, BGS)	2025-05-02	Sale	3,899	$187.01	$729,164	—
Cleary Michael J (Controller)	2025-05-01	Sale	2,000	$184.01	$368,018	—
Pope Stephanie F (EVP, Pres, CEO, BCA)	2025-05-01	Sale	16,768	$183.78	$3,081,580	—

Net 12-month insider activity: Mixed (both buys and sales) (3 buys / 12 sales over 15 open-market transactions).

10. Risks and Challenges

• FAA production-rate oversight. Even with the hard 38/month cap removed in March 2026, FAA oversight is performance-based — any quality-escape events can trigger a re-imposed cap. Boeing is still redesigning cockpit alerting architecture post-January 2024 Alaska door-plug incident.
• 777X certification timing. First delivery has already slipped to 2027 (a seven-year delay from the original 2020 target) with $2.5–4bn of related charges booked Q4 2025. Phase 4B and 5 of Type Inspection Authorization remain, plus Function & Reliability testing.
• Fixed-price development programme overruns. KC-46 ($7bn+ cumulative charges including $565m Q4 2025; RVS 2.0 slipping to summer 2027), T-7A (pre-production delays), Starliner (Type A mishap reclassification Feb 2026), Commercial Crew Contract cut to 4 missions. Each remaining fixed-price-development contract carries ongoing overrun risk.
• Debt & credit rating. $47.2bn consolidated debt at 31 March 2026 (down from $54.1bn opening). Senior unsecured Baa3 / BBB- / BBB- at Moody’s, S&P and Fitch — the lowest investment-grade notch. Any downgrade to non-investment grade would raise refinancing costs materially.
• DOJ regulatory overhang. May 2025 non-prosecution agreement replaced the rejected 2024 plea; federal judge dismissed the 737 MAX criminal case in November 2025 at DOJ’s request. Crash-victim families continue to pursue civil matters; reputational risk persists.
• Strike exposure. IAM District 751 (Puget Sound) struck 33,000 workers in 2024 (ended November 2024). IAM District 837 (St Louis defence) struck 3,200 workers 4 Aug–13 Nov 2025 — 101-day stoppage delayed F-15EX. The Puget Sound contract expires again in 2028; future bargaining cycles carry material risk.
• Cyclical airline demand. Airlines defer or cancel orders in downturns; a global recession would hit BCA order intake. Crucially, 737 and 787 backlog already spans ~8 years so near-term production is insulated.
• China. Political tensions and tariff dynamics have previously stalled 737/787 deliveries to Chinese airlines. COMAC C919 is a domestic Chinese substitute; government procurement policy could favour COMAC over Boeing.
• Tariffs. US and foreign tariffs on aerospace imports/exports can raise input costs (titanium, aluminium, fasteners) and complicate foreign deliveries. Boeing is structurally a net exporter of finished aircraft.
• Supply chain. GE Aerospace LEAP-1B engine lead times, titanium sourcing, composite capacity. Even with Spirit integration, upstream supplier fragility persists.
• Space programme losses. Starliner, SLS and commercial satellites have been a chronic loss-making area; divestiture or further restructuring cannot be ruled out.
• No dividend. Dividend suspended March 2020; not reinstated; this removes a source of total return for income-focused investors.

11. Recent Developments

• 23 April 2026 — Cockpit redesign reporting. Aviation-industry press detailed Boeing’s “explainable automation” doctrine being developed under FAA supervision: warning prioritisation, redundant sensor cross-checks, traceable automation. Extends the post-door-plug safety-culture reset.
• 22 April 2026 — Q1 2026 results. Revenue $22.2bn (+14%); net loss $(7)m; EPS $(0.11) vs $(0.29) estimate; Op margin 2.0%. BCA revenue $9.2bn (+13%), op margin −6.1% (vs −6.6%), 143 deliveries (vs 130). BDS revenue $7.6bn (+21%), op margin 3.1% (+60bp), record $86bn backlog. BGS revenue $5.4bn (+6%), op margin 18.1%, record $33bn backlog. Total backlog record $695bn (>6,100 commercial). Operating cash flow $(179)m (vs $(1.6)bn); reported non-GAAP FCF ~$(1.5)bn. Consolidated debt $47.2bn (from $54.1bn). Cash $20.9bn. Ortberg reiterated 2026 FCF guidance $1–$3bn. Q1 orders: 140 net commercial including 50 737 MAX (Aviation Capital Group), 30 787-10 (Delta Air Lines), 20 737-8 (Air India). Stock rose 1.23% on the day.
• 22 April 2026 — Ortberg commentary. Told CNBC “all systems are go” for 47/month 737 rate this summer; said customer quality feedback was improving; noted no order-book slowdown following February 2026 Middle East war flare-up; highlighted that 25 MAX affected by a Q1 wiring nonconformance have all been reworked, shifting those deliveries into Q2.
• 9 April 2026 — Everett 4th FAL opened. Boeing opened a new 737 MAX production line at the Everett factory — first time the MAX has been built outside the traditional Renton FAL.
• 7 April 2026 — KC-46 support contract. USAF awarded Boeing a $101m KC-46 support contract.
• 1 April 2026 — USAF to order 75 more KC-46. Air Force announced plans to order an additional 75 KC-46 to bridge to NGAS in the mid-2030s.
• February 2026 — Starliner Crew Flight Test reclassified Type A mishap (NASA’s most severe category). Uncrewed Starliner-1 targeted NET April 2026 pending completion of test & certification activity.
• February 2026 — BDS HQ relocation. Boeing announced Defense, Space & Security HQ moves from Arlington VA back to St Louis MO — put leadership closer to factory floor.
• February 2026 — KC-46 aileron-hinge pause. USAF briefly paused KC-46 deliveries after hinge cracks discovered on two aircraft; not a fleet-wide grounding.
• 28 January 2026 — FY2025 results. Full-year revenue $89.5bn (+35%); 600 commercial deliveries; net loss $(18.5)bn (widened from $(11.8)bn, reflecting FY25 charges including KC-46 $565m, 777X $2.5–4bn); record $521bn commercial backlog entering FY26.
• 8 December 2025 — Spirit AeroSystems acquisition completed ($4.7bn equity + ~$4bn assumed debt = $8.3bn). ~15,000 teammates join Boeing at Wichita, Tulsa, Dallas & Prestwick.
• 13 November 2025 — IAM District 837 strike ends. 68–32% vote to ratify Boeing’s fifth offer after 101-day stoppage; 8% year-1 wage increase and $6,000 ratification bonus.
• 6 November 2025 — DOJ criminal case dismissed. Federal judge dismissed the 737 MAX criminal case at DOJ request under the May 2025 non-prosecution agreement; Boeing paid ~$1.1bn total package including $444.5m additional victim compensation on top of $500m previously paid.
• October 2025 — FAA raised 737 MAX production cap from 38 to 42/month; sustained rate achieved; performance-based oversight model put in place March 2026 replacing the hard numerical cap.

12. Key Dates Coming Up

• April 2026 — first flight of first production 777-9 targeted (per Feb 2026 Boeing announcement); Starliner-1 uncrewed mission targeted NET April 2026 (may slip further).
• May 2026 (2nd Tuesday 12 May) — Annual General Meeting (virtual/Arlington).
• 15–21 June 2026 — Paris Air Show (Le Bourget); major order-book and programme-update window.
• Summer 2026 — targeted step-up of 737 MAX production from 42 to 47/month.
• ~23 July 2026 — Q2 2026 earnings release (typical reporting cadence; date to be confirmed).
• Second half 2026 — 737-7 and 737-10 certification target (first deliveries 2027); continued 777X certification progress (Phase 4B, 5, Function & Reliability).
• Year-end 2026 — 737 MAX target of 53/month production.
• End-2026/2027 — 777X first customer delivery (Lufthansa slated as launch).
• Summer 2027 — KC-46 RVS 2.0 scheduled entry into service.
• 2028 — IAM District 751 (Puget Sound) next contract negotiations.

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Disclaimer: Research only — not investment advice. All figures from Boeing SEC filings and press releases, NASA, FAA and DOJ statements. Always do your own research.