Southeast Asian carrier places its first order with Boeing, boosting regional growth with the fuel-efficient 737-8
–  The 737 MAX will be the first Boeing airplanes operated by a Cambodian airline

SINGAPORE, Feb. 3, 2026 /PRNewswire/ — Boeing [NYSE: BA] and Air Cambodia today announced the airline’s largest single-aisle order for up to 20 737 MAX airplanes in an agreement unveiled at the Singapore Airshow. This marks the Southeast Asian carrier’s first purchase of fuel-efficient Boeing airplanes.

The airline finalized its firm order for 10 737-8 jets and opportunity for 10 more in December 2025. The order was previously unidentified on Boeing’s Orders and Deliveries website.

With the 737 MAX, Air Cambodia will renew and grow its fleet as air travel serves an increasing role in connecting people and places throughout the region. The airline will leverage the 737-8’s capabilities, efficiency and passenger comfort features for its expanding network of high-demand routes across Asia.

“The 737-8 gives Air Cambodia the ideal combination of range, capacity and fuel efficiency to support our next phase of growth,” said Dr. David Zhan, CEO of Air Cambodia. “This investment – Air Cambodia’s largest narrowbody purchase – will let us launch direct services to important markets across North and Southeast Asia, and offer competitively priced travel for passengers, while creating local jobs and training opportunities that strengthen our communities.”

The 737-8, which can fly up to 178 passengers in a two-class configuration with a range up to 3,500 nautical miles (6,480 km), is well-suited to support the airline’s growing regional network. Air Cambodia will benefit from the airplane’s flexible capacity and lower operating costs due to a 20% reduction in fuel use and emissions compared to the airplanes it replaces. 

“We are proud to welcome Air Cambodia as our newest 737 MAX customer and look forward to partnering with them to introduce the versatile and reliable 737-8 to the Kingdom of Cambodia,” said Brad McMullen, Boeing senior vice president of Commercial Sales and Marketing. “We are committed to supporting the growth of aviation in Cambodia and throughout the region as Air Cambodia strengthens ties across Asia with these fuel-efficient airplanes.”

Air Cambodia currently operates a fleet of six single-aisle and regional jets on domestic and international routes to Vietnam, India, Thailand, China, Japan and Hong Kong.

Boeing’s Commercial Market Outlook forecasts Southeast Asian carriers will need nearly 5,000 new airplanes over the next twenty years, with single-aisle jets comprising more than 80% of deliveries.

Milestone underscores airline’s pivotal role in ONT’s emergence as Southern California’s international gateway

ONTARIO, Calif. , Feb. 3, 2026 /PRNewswire/ — Ontario International Airport (ONT) congratulated China Airlines, a Taiwan-based carrier, on achieving an extraordinary milestone: the airline’s 1 millionth passenger to travel through ONT since launching service between Ontario and Taipei, Taiwan, in 2018.

The 1 millionth passenger, Mr. Cheng, was welcomed during a brief ceremony on Monday evening, February 2, marking another significant chapter in the long-standing partnership between ONT and China Airlines and highlighting the continued growth of international travel at the Inland Empire’s airport.

Since becoming the airport’s first carrier to offer nonstop, transoceanic passenger service, China Airlines has played a foundational role in positioning Ontario International as a global gateway for Southern California, providing travelers with convenient access to Taiwan and onward connections throughout Asia. In 2025, nearly China Airlines served nearly 195,000 passengers through ONT.

“China Airlines’ success at Ontario International Airport is a testament to the strength of this market and to the vision both organizations shared when service was launched in 2018,” said Alan D. Wapner, President of the Ontario International Airport Authority (OIAA) Board of Commissioners. “Welcoming the 1 millionth China Airlines passenger is not only a celebration of this airline’s achievement, but also a powerful affirmation of ONT’s growing role as an international gateway. It reflects our shared commitment to delivering world-class service, expanding global connectivity, and providing Southern California travelers with a more convenient and accessible option for international travel.”

“Ontario International Airport is an ideal gateway for passengers traveling between Asia and major cities throughout the country. Through our cooperation with Southwest Airlines, travelers can easily connect to and from the Inland Empire to many more destinations across Asia and the United States. Looking ahead, China Airlines remains committed to enhancing our services, expanding our network, and delivering a safe, comfortable, and high-quality travel experience. We will continue working closely with our partners to bring more value and more choices to our passengers.” said China Airlines’ Vice President of Americas Jack (Chih-Chao) Chih.

Over the past several years, ONT has experienced record growth in international travel, driven by expanded service to Asia and Latin America and reinforced by major investments in facilities, passenger amenities, and federal inspection infrastructure. International passenger volumes increased sharply in 2025, further solidifying Ontario’s position as one of the fastest-growing international airports in California.

Wapner said that the milestone also reflects the airport’s broader transformation since its return to local control. “A region as large and dynamic as Greater Los Angeles deserves more than one global gateway. China Airlines helped make that vision real at Ontario, and this achievement demonstrates how far we’ve come together.”

As ONT continues to expand its international footprint, partnerships such as the one with China Airlines remain central to its mission of delivering convenient, efficient, and globally connected air service for Southern California.

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Historic year included six new destinations, three additional carriers
 as YVR strengthens role as Canada’s Pacific gateway to Asia and beyond

MUSQUEAM TERRITORY/RICHMOND, BC, Feb. 3, 2026 /CNW/ – Vancouver International Airport (YVR) welcomed more than 26.9 million travellers in 2025, marking a new all-time record with cargo shipments also reaching their highest volumes in the 94-year history of the airport.

This 2.7 per cent year-over-year increase in passengers is a testament to YVR’s tireless work with airlines, tourism organizations, and other stakeholders to strengthen its position as a global hub and a critical gateway between North America, Asia, and beyond. The previous record of 26.3 million passengers was set in 2019.

By sector, domestic travel was up 3.8 per cent. Notably, for international travel, Asia Pacific passenger volumes increased 15.6 per cent year over year, while transborder traffic between YVR and U.S. destinations declined by 7.1 per cent amidst shifting global travel patterns.

On cargo shipments, 365,000 tonnes of goods moved through the airport, which represents a 7.4 per cent increase over 2024, reinforcing YVR’s key role in the local and national supply chain, particularly for high value, time sensitive, and perishable exports.

“Strong operations and customer service combined with globally recognized innovation generated record results in 2025,” said Tamara Vrooman, President and CEO of Vancouver International Airport. “I recognize and thank our outstanding YVR and Sea Island employees, our partners at Musqueam, as well as our airline customers and passengers for contributing to this achievement.”

YVR’s 2025 passenger and cargo results reflect the airport’s position as Canada’s second busiest airport and its role as a critical economic engine, contributing more than $15 billion to Canada’s GDP each year. For example, a year-round wide-body international flight, such as T’Way Airlines’ service to Seoul, South Korea, which launched last July, is estimated to generate $39.8 million in economic output, $20.8 million in GDP, and 237 full time jobs in the province. 

“Looking forward, YVR is ready to go to welcome additional flights and carriers to get more of Canada to global markets while at the same time creating jobs and opportunity here at home,” added Vrooman. “As governments look to sign new bilateral and trade agreements, we are on the ground in those emerging markets, engaged with our partners, building new relationships today to be ready for that additional growth tomorrow.”

YVR is now host to 57 airlines serving 129 non-stop destinations across the province and around the world.

Quick facts about YVR in 2025:

• Best Airport in North America: YVR was once again voted Best Airport in North America, the 14^th time in the past 16 years, and ranked 13^th in the world’s top 20 airports by the Skytrax World Airport Awards.
  
• Celebrating new airlines and destinations: YVR welcomed a variety of new and returning destinations and carriers including Air Canada to Manila and Beijing, China Southern to Guangzhou, China Eastern service to Shanghai, T’Way Airlines to Seoul, and WestJet to Liberia, Costa Rica, connecting even more of the province to the world.
  
• Providing a digital-first experience with Air Canada for travellers to Canadian destinations: YVR became the first airport in Canada to install e-gates for Air Canada’s Domestic Digital ID program, which is also being expanded to U.S. departures. This allows travellers to use biometric identity verification tools rather than show boarding passes and physical identification.
  
• Making security screening more seamless: YVR worked with Canadian Air Transport Security Authority (CATSA) to become the first airport to install Computed Tomography (CT) X-ray equipment at the airport’s Domestic screening facilities. The new technology allows passengers to leave large electronics, such as laptops, and liquids in their bags for a faster security screening experience.
  
• Delivering reliable and resilient operations: YVR continued to invest in its operations and assets, shoring up climate, digital, and physical infrastructure throughout the year, such as completing a $133 million upgrade to its North Runway.

A backgrounder document with more data is available upon request.

Vancouver International Airport (YVR) is a diverse global hub that connects people, cargo, data, and ideas and serves as a platform for our community to come together and thrive. We are motivated by supporting regional economic development and making a positive difference in the lives of British Columbians. We do this with a focus on serving our passengers, partners, workers, and community through digital modernization, climate leadership, reconciliation, and financial sustainability.

Airline will fly nonstop from ORD to 222 destinations, including 47 international and 175 U.S. cities – five new nonstops coming to midwestern destinations, reinforcing ORD’s position as the premier Midwest hub

United led major carriers in on-time ORD arrivals in 2025; travelers on the next largest competitor at ORD were nearly twice as likely to have their flight cancelled as United customers

Customer experience at ORD includes access to five United Club locations, in addition to a redesigned United Polaris Lounge, as well as a growing number of aircraft with seatback screens, larger overhead bins, Bluetooth connectivity and free Starlink Wi-Fi for MileagePlus members

To support the airline’s growth and continued focus on operational excellence, United plans to hire approximately 2,500 more people at ORD before the end of the year

CHICAGO, Jan. 27, 2026 /PRNewswire/ — United today announced it will reach 750 flights per day this summer from Chicago O’Hare International Airport (ORD), 200 more than its next largest competitor and the largest schedule ever flown by any airline operating here.

Throughout 2026, Chicago’s hometown airline will offer nonstop service to 222 destinations – more than any other airline at ORD, and 38 more than its next largest competitor – including 47 international cities across Europe, Asia and South America as well as 175 U.S. destinations. Starting as early as April, and on sale January 29, the airline is strengthening connectivity across the Midwest with five new routes from ORD to cities including:  

• Champaign/Urbana, Ill. (CMI) operated 4 times daily beginning April 30, 2026
• Kalamazoo, Mich. (AZO) operated 4 times daily beginning April 30, 2026
• Lansing, Mich. (LAN) operated 4 times daily beginning May 7, 2026
• La Crosse, Wis. (LSE) operated 4 times daily beginning May 7, 2026
• Bloomington/Normal, Ill. (BMI) operated 4 times daily beginning May 7, 2026

In late 2025, the airline also announced it would add flights to cities such as Santa Barbara, Calif. (SBA); Monterey, Calif. (MRY); Eugene, Ore. (EUG); Bristol/Tri-Cities, Tenn. (TRI), Erie, Penn. (ERI); Rochester, Minn. (RST); Wausau, Wis. (CWA); Marquette, Mich. (MQT), and more as part of its summer 2026 schedule.

In addition to enhancing connections between ORD and small and midsized communities, more than 80 cities will receive additional flights to give customers even more options from Chicago including popular travel destinations like Boston (BOS), Nashville (BNA), Los Angeles (LAX), San Francisco (SFO) and Dallas (DFW). United’s Chicago hub is expected to become the third largest hub operated by any airline in the U.S., and the airline’s summer schedule reinforces ORD’s role as the premier hub of the Midwest and a top global gateway following record passenger levels in 2025. 

“We have spent the past decade building and executing a strategy that is focused on winning brand loyal customers by giving them more value when they fly United – and nowhere is that more apparent than in Chicago,” said United’s Vice President of ORD, Omar Idris. “This growth at O’Hare highlights our commitment to invest in our network, customers and hiring in the city we call home.”

United will also operate from ORD to Guadalajara, Mexico (GDL) daily from June 8 to June 27, providing service for large international soccer games. With this add, United will have non-stop service from Chicago to all 16 cities hosting large international soccer games in 2026.

“Illinois sits at the crossroads of global travel and commerce, with O’Hare Airport opening doors and opportunities for people across the country and around the world,” said Illinois Governor JB Pritzker. “The record-breaking expanded flight offerings from United Airlines planned for this coming summer at O’Hare demonstrates the company’s sustained commitment to growth in Illinois – boosting our economy, supporting jobs, and strengthening Chicago’s tourism and hospitality industries.”

Operational Excellence at ORD

United continues to focus on running a great operation at ORD – the airline led major carriers in on-time arrival in 2025 and last year, travelers on the next largest competitor at ORD were nearly twice as likely to have their flight cancelled as United customers. United averaged 541 daily departures from ORD in 2025, 31% more than the next largest competitor and flew more seats from Chicago than at any point in the last two decades. 

To support the airline’s continued focus on operational excellence, United plans to hire another approximately 2,500 people at ORD before the end of the year.

ORD customers can expect a best-in-class experience with access to five United Club^SM locations, in addition to a redesigned United Polaris® lounge, as well as a growing number of aircraft with seatback screens, larger overhead bins, Bluetooth connectivity and free Starlink Wi-Fi for MileagePlus® members. The airline plans to fly more than 370 daily mainline departures during its summer schedule – a 20% increase from summer 2025.

Upleveling the Customer Experience

United invests heavily in creating a seamless, modern travel experience for customers, including a suite of technology enhancements that make every step of the journey easier, such as:

• Connection Saver: In 2025, Connection Saver saved approximately one million potential missed connections, a 42% increase over 2024, including helping 240,000 passengers make their flight in Chicago. New app features offer customized turn-by-turn directions to connecting gates with estimated walk times, real-time flight status updates, tips for longer layovers, and notifications if United is holding a plane during a tight connection.
• Starlink: Starlink brings seamless, gate-to-gate connectivity. In less than a year, United has equipped more than 300 aircraft with Starlink, the world’s fastest, most reliable Wi-Fi in the sky and is rolling out the service to its mainline feet. In January, 33% of departures at ORD were on a Starlink-equipped plane.
• Bag drop shortcut: United travelers can skip the check-in line and drop off bags in under a minute at the designated bag drop shortcut location at the curb by checking bags in the app before arriving at the airport. And now, United is the only airline to offer bag drop shortcut with TSA PreCheck® Touchless ID, allowing ORD travelers who opt-in to drop off their bags in seconds by leveraging facial scanning technology. In 2025 at ORD, 1.25 million passengers dropped bags at Bag Drop Shortcut.
• Facial Scanning Security: United offers customers at ORD the ability to use TSA PreCheck® Touchless ID to seamlessly drop off bags or make it through security in seconds. Since launching TSA PreCheck Touchless ID at ORD in 2024, more than 2.8 million customers have opted in to use the technology.
• United mobile app: Delivers a wealth of local, valuable traveler information including Chicago-specific flight and bag tracking updates, intuitive ORD navigation with turn-by-turn directions from mode of transportation to the airport through to the gate, real-time United Club capacity levels and guidance on the closest club to departure gate, rideshare options, live weather data and much more.

Fourth Quarter 2025

• Acquired Spirit AeroSystems in December underscoring commitment to safety, quality, and production stability
• Revenue increased to $23.9 billion primarily reflecting 160 commercial deliveries
• Earnings reflects $9.6 billion gain on sale associated with closing the Digital Aviation Solutions transaction
• Operating cash flow of $1.3 billion and free cash flow (non-GAAP)* of $0.4 billion

Full Year 2025

• Revenue of $89.5 billion and 600 commercial deliveries reflect the highest annual totals since 2018
• Total company backlog grew to a record $682 billion, including over 6,100 commercial airplanes

Table 1. Summary Financial Results						Fourth Quarter																		Full Year
(Dollars in Millions, except per share data)						2025						2024						Change						2025						2024						Change
Revenues						$23,948						$15,242						57 %						$89,463						$66,517						34 %
GAAP
Earnings/(loss) from operations						$8,777						($3,770)						NM						$4,281						($10,707)						NM
Operating margins						36.7		%				(24.7)		%				NM						4.8		%				(16.1)		%				NM
Net earnings/(loss)						$8,220						($3,861)						NM						$2,238						($11,829)						NM
Diluted earnings/(loss) per share						$10.23						($5.46)						NM						$2.48						($18.36)						NM
Operating cash flow						$1,331						($3,450)						NM						$1,065						($12,080)						NM
Non-GAAP*
Core operating earnings/(loss)						$8,519						($4,042)						NM						$3,236						($11,811)						NM
Core operating margins						35.6		%				(26.5)		%				NM						3.6		%				(17.8)		%				NM
Core earnings/(loss) per share						$9.92						($5.90)						NM						$1.19						($20.38)						NM

*Non-GAAP measure; complete definitions of Boeing’s non-GAAP measures are on page 5, “Non-GAAP Measures Disclosures.”

The Boeing Company [NYSE: BA] recorded fourth quarter revenue of $23.9 billion, reflecting improved operational performance and higher commercial delivery volume. GAAP earnings per share of $10.23 and core earnings per share (non-GAAP)* of $9.92 primarily reflect a $9.6 billion gain on sale associated with closing the Digital Aviation Solutions transaction, which increased earnings per share by $11.83. The company reported operating cash flow of $1.3 billion and free cash flow (non-GAAP)* of $0.4 billion. Total company backlog grew to a record $682 billion primarily reflecting 1,173 Commercial Airplanes net orders in the year, with all three segments at record levels.

“We made significant progress on our recovery in 2025 and have set the foundation to keep our momentum going in the year ahead,” said Kelly Ortberg, Boeing president and chief executive officer. “We completed the acquisition of Spirit AeroSystems and the sale of portions of the Digital Aviation Solutions business and remain focused on promoting stable operations, completing our development programs, rebuilding trust with our stakeholders, and fully restoring Boeing to the iconic company we all know it can be.”

Table 2. Cash Flow						Fourth Quarter												Full Year
(Millions)						2025						2024						2025						2024
Operating cash flow						$1,331						($3,450)						$1,065						($12,080)
Less additions to property, plant & equipment						($956)						($648)						($2,942)						($2,230)
Free cash flow*						$375						($4,098)						($1,877)						($14,310)

*Non-GAAP measure; complete definitions of Boeing’s non-GAAP measures are on page 5, “Non-GAAP Measures Disclosures.”

Operating cash flow was $1.3 billion in the quarter reflecting higher commercial deliveries, as well as working capital timing. Additions to property, plant and equipment primarily reflects higher investments in Charleston and Saint Louis sites.

Table 3. Cash, Marketable Securities and Debt Balances

Quarter End

(Billions)

4Q 2025

3Q 2025

Cash and investments in marketable securities1

$29.4

$23.0

Consolidated debt

$54.1

$53.4

1 Marketable securities consist primarily of time deposits due within one year classified as “short-term investments.”

Cash and investments in marketable securities totaled $29.4 billion, compared to $23.0 billion at the beginning of the quarter, primarily driven by $10.6 billion in proceeds associated with closing the Digital Aviation Solutions transaction and free cash flow generated in the quarter, partially offset by debt repayment associated with the acquisition of Spirit AeroSystems. Debt was $54.1 billion, up from $53.4 billion at the beginning of the quarter, primarily reflecting the acquisition of Spirit AeroSystems. The company maintains access to credit facilities of $10.0 billion, which remain undrawn.

Segment Results

Commercial Airplanes

Table 4. Commercial Airplanes						Fourth Quarter																		Full Year
(Dollars in Millions)						2025						2024						Change						2025						2024						Change
Deliveries						160						57						181 %						600						348						72 %
Revenues						$11,379						$4,762						139 %						$41,494						$22,861						82 %
Loss from operations						($632)						($2,090)						NM						($7,079)						($7,969)						NM
Operating margins						(5.6)		%				(43.9)		%				NM						(17.1)		%				(34.9)		%				NM

Commercial Airplanes fourth quarter revenue of $11.4 billion and operating margin of (5.6) percent primarily reflect higher deliveries and improved operational performance. Results also include impacts associated with the acquisition of Spirit AeroSystems.

During the quarter, the 737 program increased the production rate to 42 per month and received approval from the Federal Aviation Administration to begin the final phase of 737-10 certification flight testing. The 787 program began transitioning production to eight per month and remains focused on stabilizing at that rate. In the quarter, the 777X program began the Type Inspection Authorization 3 phase of 777-9 certification flight testing, and the company still anticipates first delivery in 2027.

Commercial Airplanes booked 336 net orders in the quarter, including 105 737-10 and 5 787-9 airplanes for Alaska Airlines and 65 777-9 airplanes for Emirates. Commercial Airplanes delivered 160 airplanes and backlog included over 6,100 airplanes valued at a record $567 billion.

Defense, Space & Security

Table 5. Defense, Space & Security						Fourth Quarter																		Full Year
(Dollars in Millions)						2025						2024						Change						2025						2024						Change
Revenues						$7,417						$5,411						37 %						$27,234						$23,918						14 %
Loss from operations						($507)						($2,267)						NM						($128)						($5,413)						NM
Operating margins						(6.8)		%				(41.9)		%				NM						(0.5)		%				(22.6)		%				NM

Defense, Space & Security fourth quarter revenue of $7.4 billion and operating margin of (6.8) percent reflect stabilizing operational performance and higher volume. Results also include $0.6 billion of losses on the KC-46A program primarily driven by higher estimated production support and supply chain costs.

During the quarter, Defense, Space & Security captured an award from the U.S. Air Force for 15 KC-46A Tankers, secured a contract from the U.S. Army for 96 AH-64E Apache helicopters, and delivered the first operational T-7A Red Hawk to the U.S. Air Force at Joint Base San Antonio-Randolph. Backlog at Defense, Space & Security grew to a record $85 billion, with 26 percent representing orders from customers outside the U.S.

Global Services

Table 6. Global Services						Fourth Quarter																		Full Year
(Dollars in Millions)						2025						2024						Change						2025						2024						Change
Revenues						$5,209						$5,119						2 %						$20,923						$19,954						5 %
Earnings from operations						$10,544						$998						NM						$13,474						$3,618						NM
Operating margins						202.4		%				19.5		%				NM						64.4		%				18.1		%				NM

Global Services fourth quarter revenue was $5.2 billion driven by higher government volume. Operating margin of 202.4 percent primarily reflects a $9.6 billion gain on sale associated with closing the Digital Aviation Solutions transaction.

Global Services secured record annual orders of $28 billion, including an award in the quarter for C-17 flight deck replacement from the U.S. Air Force, and ended the year with a record backlog of $30 billion.

Additional Financial Information

Table 7. Additional Financial Information						Fourth Quarter												Full Year
(Dollars in Millions)						2025						2024						2025						2024
Revenues
Unallocated items, eliminations and other						($57)						($50)						($188)						($216)
Earnings/(loss) from operations
Unallocated items, eliminations and other						($886)						($683)						($3,031)						($2,047)
FAS/CAS service cost adjustment						$258						$272						$1,045						$1,104
Other income, net						$201						$432						$1,125						$1,222
Interest and debt expense						($659)						($755)						($2,771)						($2,725)
Effective tax rate						1.2		%				5.7		%				15.1		%				3.1		%

Unallocated items, eliminations and other primarily reflects timing of allocations.

Non-GAAP Measures Disclosures

We supplement the reporting of our financial information determined under Generally Accepted Accounting Principles in the United States of America (GAAP) with certain non-GAAP financial information. The non-GAAP financial information presented excludes certain significant items that may not be indicative of, or are unrelated to, results from our ongoing business operations. We believe that these non-GAAP measures provide investors with additional insight into the company’s ongoing business performance. These non-GAAP measures should not be considered in isolation or as a substitute for the related GAAP measures, and other companies may define such measures differently. We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. The following definitions are provided: 

Core Operating Earnings/(Loss), Core Operating Margins and Core Earnings/(Loss) Per Share

Core operating earnings/(loss) is defined as GAAP Earnings/(loss) from operations excluding the FAS/CAS service cost adjustment. The FAS/CAS service cost adjustment represents the difference between the Financial Accounting Standards (FAS) pension and postretirement service costs calculated under GAAP and costs allocated to the business segments. Core operating margins is defined as Core operating earnings/(loss) expressed as a percentage of revenue. Core earnings/(loss) per share is defined as GAAP Diluted earnings/(loss) per share excluding the net earnings/(loss) per share impact of the FAS/CAS service cost adjustment and Non-operating pension and postretirement expenses. Non-operating pension and postretirement expenses represent the components of net periodic benefit costs other than service cost. Pension costs allocated to BDS and BGS businesses supporting government customers are computed in accordance with U.S. Government Cost Accounting Standards (CAS), which employ different actuarial assumptions and accounting conventions than GAAP. CAS costs are allocable to government contracts. Other postretirement benefit costs are allocated to all business segments based on CAS, which is generally based on benefits paid. Management uses core operating earnings/(loss), core operating margins and core earnings/(loss) per share for purposes of evaluating and forecasting underlying business performance. Management believes these core measures provide investors additional insights into operational performance as they exclude non-service pension and post-retirement costs, which primarily represent costs driven by market factors and costs not allocable to government contracts. A reconciliation of these non-GAAP measures to the most directly comparable GAAP measure is provided on page 12 and 13.

Free Cash Flow

Free cash flow is GAAP operating cash flow reduced by capital expenditures for property, plant and equipment. Management believes free cash flow provides investors with an important perspective on the cash available for shareholders, debt repayment, and acquisitions after making the capital investments required to support ongoing business operations and long term value creation. Free cash flow does not represent the residual cash flow available for discretionary expenditures as it excludes certain mandatory expenditures such as repayment of maturing debt. Management uses free cash flow as a measure to assess both business performance and overall liquidity. See Table 2 on page 2 for a reconciliation of free cash flow to the most directly comparable GAAP measure, operating cash flow.

Caution Concerning Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “should,” “expects,” “intends,” “projects,” “plans,” “believes,” “estimates,” “targets,” “anticipates,” and other similar words or expressions, or the negative thereof, generally can be used to help identify these forward-looking statements. Examples of forward-looking statements include statements relating to our future financial condition and operating results, industry projections and outlooks, plans, objectives and goals, as well as any other statement that does not directly relate to any historical or current fact. Forward-looking statements are based on expectations and assumptions that we believe to be reasonable when made, but that may not prove to be accurate.

These statements are not guarantees and are subject to risks, uncertainties, and changes in circumstances that are difficult to predict. Many factors could cause actual results to differ materially and adversely from these forward-looking statements. Among these factors are risks related to: (1) general conditions in the economy and our industry, including those due to regulatory changes; (2) our reliance on our commercial airline customers; (3) the overall health of our aircraft production system, production quality issues, commercial airplane production rates, our ability to successfully develop and certify new aircraft or new derivative aircraft, and the ability of our aircraft to meet stringent performance and reliability standards; (4) changing budget and appropriation levels and acquisition priorities of the U.S. government, as well as significant delays in U.S. government appropriations; (5) our dependence on our subcontractors and suppliers, as well as the availability of highly skilled labor and raw materials; (6) work stoppages or other labor disruptions; (7) competition within our markets; (8) our non-U.S. operations and sales to non-U.S. customers, including tariffs, trade restrictions and government actions; (9) changes in accounting estimates; (10) realizing the anticipated benefits of mergers, acquisitions, joint ventures/strategic alliances or divestitures, including anticipated synergies and quality improvements related to our acquisition of Spirit AeroSystems Holdings, Inc.; (11) our dependence on U.S. government contracts; (12) our reliance on fixed-price contracts; (13) our reliance on cost-type contracts; (14) contracts that include in-orbit incentive payments; (15) management of a complex, global IT infrastructure; (16) compromised or unauthorized access to our, our customers’ and/or our suppliers’ information and systems; (17) potential business disruptions, including threats to physical security or our information technology systems, extreme weather (including effects of climate change) or other acts of nature, and pandemics or other public health crises; (18) potential adverse developments in new or pending litigation and/or government inquiries or investigations; (19) potential environmental liabilities; (20) effects of climate change and legal, regulatory or market responses to such change; (21) credit rating agency actions and our ability to effectively manage our liquidity; (22) substantial pension and other postretirement benefit obligations; (23) the adequacy of our insurance coverage; (24) the dilutive effect of future issuances of our common stock; and (25) the preferential treatment of our 6.00% mandatory convertible preferred stock.

Additional information concerning these and other factors can be found in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Any forward-looking statement speaks only as of the date on which it is made, and we assume no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.

Contact:
Investor Relations:						Eric Hill or David Dufault BoeingInvestorRelations@boeing.com
Communications:						Wilson Chow media@boeing.com

The Boeing Company and SubsidiariesConsolidated Statements of Operations(Unaudited)
			Twelve months ended December 31												Three months ended December 31
(Dollars in millions, except per share data)			2025						2024						2025						2024
Sales of products			$75,356						$53,227						$20,445						$11,901
Sales of services			14,107						13,290						3,503						3,341
Total revenues			89,463						66,517						23,948						15,242
Cost of products			(73,761)						(57,394)						(19,239)						(14,010)
Cost of services			(11,413)						(11,114)						(2,897)						(2,821)
Total costs and expenses			(85,174)						(68,508)						(22,136)						(16,831)
			4,289						(1,991)						1,812						(1,589)
Income/(loss) from operating investments, net			25						71						(17)						12
General and administrative expense			(6,090)						(5,021)						(1,663)						(1,398)
Research and development expense, net			(3,615)						(3,812)						(964)						(836)
Gain on dispositions, net			9,672						46						9,609						41
Earnings/(loss) from operations			4,281						(10,707)						8,777						(3,770)
Other income, net			1,125						1,222						201						432
Interest and debt expense			(2,771)						(2,725)						(659)						(755)
Earnings/(loss) before income taxes			2,635						(12,210)						8,319						(4,093)
Income tax (expense)/benefit			(397)						381						(99)						232
Net earnings/(loss)			2,238						(11,829)						8,220						(3,861)
Less: net earnings/(loss) attributable to noncontrolling interest			3						(12)												4
Net earnings/(loss) attributable to Boeing shareholders			2,235						(11,817)						8,220						(3,865)
Less: Mandatory convertible preferred stock dividends accumulated during the period			345						58						86						58
Net earnings/(loss) attributable to Boeing common shareholders			$1,890						($11,875)						$8,134						($3,923)
Basic earnings/(loss) per share			$2.49						($18.36)						$10.59						($5.46)
Diluted earnings/(loss) per share			$2.48						($18.36)						$10.23						($5.46)

The Boeing Company and SubsidiariesConsolidated Statements of Financial Position(Unaudited)
(Dollars in millions, except per share data)			December 31 2025						December 31 2024
Assets
Cash and cash equivalents			$10,921						$13,801
Short-term and other investments			18,479						12,481
Accounts receivable, net			2,921						2,631
Unbilled receivables, net			9,158						8,363
Current portion of financing receivables, net									207
Inventories			84,679						87,550
Other current assets, net			2,301						2,965
Total current assets			128,459						127,998
Financing receivables and operating lease equipment, net			241						314
Property, plant and equipment, net of accumulated depreciation of $23,613 and     $22,925			15,361						11,412
Goodwill			17,275						8,084
Acquired intangible assets, net			1,567						1,957
Deferred income taxes			107						185
Investments			1,048						999
Other assets, net of accumulated amortization of $1,014 and $1,085			4,177						5,414
Total assets			$168,235						$156,363
Liabilities and equity
Accounts payable			$13,109						$11,364
Accrued liabilities			27,141						24,103
Advances and progress billings			59,404						60,333
Short-term debt and current portion of long-term debt			8,461						1,278
Total current liabilities			108,115						97,078
Deferred income taxes			216						122
Accrued retiree health care			2,091						2,176
Accrued pension plan liability, net			4,287						5,997
Other long-term liabilities			2,432						2,318
Long-term debt			45,637						52,586
Total liabilities			162,778						160,277
Shareholders’ equity:
Mandatory convertible preferred stock, 6.00% Series A, par value $1.00 – 20,000,000 shares authorized; 5,750,000 shares issued; aggregateliquidation preference $5,750			6						6
Common stock, par value $5.00 – 1,200,000,000 shares authorized;      1,012,261,159 shares issued			5,061						5,061
Additional paid-in capital			21,441						18,964
Treasury stock, at cost – 227,562,889 and 263,044,840 shares			(28,029)						(32,386)
Retained earnings			17,252						15,362
Accumulated other comprehensive loss			(10,277)						(10,915)
Total shareholders’ equity/(deficit)			5,454						(3,908)
Noncontrolling interests			3						(6)
Total equity			5,457						(3,914)
Total liabilities and equity			$168,235						$156,363

The Boeing Company and SubsidiariesConsolidated Statements of Cash Flows (Unaudited)
			Twelve months ended December 31
(Dollars in millions)			2025						2024
Cash flows – operating activities:
Net earnings/(loss)			$2,238						($11,829)
Adjustments to reconcile net loss to net cash used by operating activities:
Non-cash items –
Share-based plans expense			426						407
Treasury shares issued for 401(k) contributions			1,530						1,601
Depreciation and amortization			1,953						1,836
Investment/asset impairment charges, net			45						112
Gain on dispositions, net			(9,672)						(46)
777X and 767 reach-forward losses			5,283						4,079
Other charges and credits, net			264						528
Changes in assets and liabilities –
Accounts receivable			(95)						(37)
Unbilled receivables			(677)						(60)
Advances and progress billings			(723)						4,069
Inventories			(1,501)						(12,353)
Other current assets			155						(16)
Accounts payable			724						(793)
Accrued liabilities			1,341						1,563
Income taxes receivable, payable and deferred			115						(567)
Other long-term liabilities			(346)						(329)
Pension and other postretirement plans			(593)						(959)
Financing receivables and operating lease equipment, net			274						512
Other			324						202
Net cash provided/(used) by operating activities			1,065						(12,080)
Cash flows – investing activities:
Payments to acquire property, plant and equipment			(2,942)						(2,230)
Proceeds from disposals of property, plant and equipment			82						49
Acquisitions, net of cash acquired			(1,248)						(50)
Proceeds from dispositions			10,585						124
Contributions to investments			(51,938)						(13,856)
Proceeds from investments			46,628						4,743
Supplier notes receivable			(662)						(694)
Repayments on supplier notes receivable			2						40
Purchase of distribution rights			(9)						(88)
Other			1						(11)
Net cash provided/(used) by investing activities			499						(11,973)
Cash flows – financing activities:
New borrowings			165						10,161
Debt repayments			(3,621)						(8,673)
Common stock issuance, net of issuance costs									18,200
Mandatory convertible preferred stock issuance, net of issuance costs									5,657
Employee taxes on certain share-based payment arrangements			(34)						(83)
Dividends paid on mandatory convertible preferred stock			(331)						—
Other			58						(53)
Net cash (used)/provided by financing activities			(3,763)						25,209
Effect of exchange rate changes on cash and cash equivalents			40						(47)
Net (decrease)/increase in cash & cash equivalents, including restricted			(2,159)						1,109
Cash & cash equivalents, including restricted, at beginning of year			13,822						12,713
Cash & cash equivalents, including restricted, at end of year			11,663						13,822
Less restricted cash & cash equivalents, included in Investments			742						21
Cash & cash equivalents at end of year			$10,921						$13,801

The Boeing Company and SubsidiariesSummary of Business Segment Data(Unaudited)
			Twelve months ended December 31												Three months ended December 31
(Dollars in millions)			2025						2024						2025						2024
Revenues:
Commercial Airplanes			$41,494						$22,861						$11,379						$4,762
Defense, Space & Security			27,234						23,918						7,417						5,411
Global Services			20,923						19,954						5,209						5,119
Unallocated items, eliminations and other			(188)						(216)						(57)						(50)
Total revenues			$89,463						$66,517						$23,948						$15,242
Earnings/(loss) from operations:
Commercial Airplanes			($7,079)						($7,969)						($632)						($2,090)
Defense, Space & Security			(128)						(5,413)						(507)						(2,267)
Global Services			13,474						3,618						10,544						998
Segment operating earnings/(loss)			6,267						(9,764)						9,405						(3,359)
Unallocated items, eliminations and other			(3,031)						(2,047)						(886)						(683)
FAS/CAS service cost adjustment			1,045						1,104						258						272
Earnings/(loss) from operations			4,281						(10,707)						8,777						(3,770)
Other income, net			1,125						1,222						201						432
Interest and debt expense			(2,771)						(2,725)						(659)						(755)
Earnings/(loss) before income taxes			2,635						(12,210)						8,319						(4,093)
Income tax (expense)/benefit			(397)						381						(99)						232
Net earnings/(loss)			2,238						(11,829)						8,220						(3,861)
Less: net earnings/(loss) attributable to noncontrolling interest			3						(12)												4
Net earnings/(loss) attributable to Boeing shareholders			2,235						(11,817)						8,220						(3,865)
Less: Mandatory convertible preferred stock dividends accumulated during the period			345						58						86						58
Net earnings/(loss) attributable to Boeing common shareholders			$1,890						($11,875)						$8,134						($3,923)
Research and development expense, net:
Commercial Airplanes			$2,202						$2,386						$545						$534
Defense, Space & Security			877						917						259						189
Global Services			125						132						34						29
Other			411						377						126						84
Total research and development expense, net			$3,615						$3,812						$964						$836
Unallocated items, eliminations and other:
Share-based plans			($49)						$171						($9)						$53
Deferred compensation			(182)						(114)						(32)						(14)
Amortization of previously capitalized interest			(92)						(93)						(28)						(23)
Research and development expense, net			(411)						(377)						(126)						(84)
Eliminations and other unallocated items			(2,297)						(1,634)						(691)						(615)
Sub-total (included in Core operating earnings/(loss))			(3,031)						(2,047)						(886)						(683)
Pension FAS/CAS service cost adjustment			784						811						196						203
Postretirement FAS/CAS service cost adjustment			261						293						62						69
FAS/CAS service cost adjustment			1,045						1,104						$258						$272
Total			($1,986)						($943)						($628)						($411)

The Boeing Company and SubsidiariesOperating and Financial Data(Unaudited)
Deliveries						Twelve months ended December 31												Three months endedDecember 31
Commercial Airplanes						2025						2024						2025						2024
737						447						265						117						36
767						30						18						10						3
777						35						14						6						3
787						88						51						27						15
Total						600						348						160						57
Defense, Space & Security
AH-64 Apache (New)						19						16						5						6
AH-64 Apache (Remanufactured)						42						34						14						10
CH-47 Chinook (New)						3						4						2						2
CH-47 Chinook (Renewed)						11						9						2						2
F-15 Models						9						14						2						4
F/A-18 Models						14						11						2						6
KC-46 Tanker						14						10						5						—
MH-139						9						6						3						3
P-8 Models						6						4						2						—
T-7A Red Hawk						—						2						—						1
Commercial Satellites						4						2						—						2
Total1						131						112						37						36

1 Deliveries of new-build production units, including remanufactures and modifications

Total backlog (Dollars in millions)						December 31 2025						December 31 2024
Commercial Airplanes						$567,290						$435,175
Defense, Space & Security						84,786						64,023
Global Services						29,720						21,403
Unallocated items, eliminations and other						411						735
Total backlog						$682,207						$521,336
Contractual backlog						$639,721						$498,802
Unobligated backlog						42,486						22,534
Total backlog						$682,207						$521,336

The Boeing Company and Subsidiaries 
Reconciliation of Non-GAAP Measures 
(Unaudited)

The tables provided below reconcile the non-GAAP financial measures core operating earnings/(loss), core operating margins, and core earnings/(loss) per share with the most directly comparable GAAP financial measures of earnings/(loss) from operations, operating margins, and diluted earnings/(loss) per share. See page 5 of this release for additional information on the use of these non-GAAP financial measures.

(Dollars in millions, except per share data)						Fourth Quarter 2025									Fourth Quarter 2024
						$ millions			Per Share						$ millions			Per Share
Revenues						$23,948									$15,242
Earnings/(loss) from operations (GAAP)						8,777									(3,770)
Operating margins (GAAP)						36.7		%							(24.7)		%
FAS/CAS service cost adjustment:
Pension FAS/CAS service cost adjustment						(196)									(203)
Postretirement FAS/CAS service cost adjustment						(62)									(69)
FAS/CAS service cost adjustment						(258)									(272)
Core operating earnings/(loss) (non-GAAP)						$8,519									($4,042)
Core operating margins (non-GAAP)						35.6		%							(26.5)		%
Diluted earnings/(loss) per share (GAAP)									$10.23									($5.46)
Pension FAS/CAS service cost adjustment						($196)			($0.24)						($203)			($0.28)
Postretirement FAS/CAS service cost adjustment						(62)			(0.08)						(69)			(0.10)
Non-operating pension income						(49)			(0.06)						(108)			(0.15)
Non-operating postretirement income						(5)			(0.01)						(18)			(0.03)
Provision for deferred income taxes on adjustments 1						66			0.08						84			0.12
Subtotal of adjustments						($246)			($0.31)						($314)			($0.44)
Core earnings/(loss) per share (non-GAAP)									$9.92									($5.90)
Diluted weighted average common shares outstanding (in millions)									803.8									717.9

1 The income tax impact is calculated using the U.S. corporate statutory tax rate.

The Boeing Company and Subsidiaries 
Reconciliation of Non-GAAP Measures 
(Unaudited)

The tables provided below reconcile the non-GAAP financial measures core operating earnings/(loss), core operating margins, and core earnings/(loss) per share with the most directly comparable GAAP financial measures of earnings/(loss) from operations, operating margins, and diluted earnings/(loss) per share. See page 5 of this release for additional information on the use of these non-GAAP financial measures.

(Dollars in millions, except per share data)						Full Year 2025									Full Year 2024
						$ millions			Per Share						$ millions			Per Share
Revenues						$89,463									$66,517
Earnings/(loss) from operations (GAAP)						4,281									(10,707)
Operating margins (GAAP)						4.8		%							(16.1)		%
FAS/CAS service cost adjustment:
Pension FAS/CAS service cost adjustment						(784)									(811)
Postretirement FAS/CAS service cost adjustment						(261)									(293)
FAS/CAS service cost adjustment						(1,045)									(1,104)
Core operating earnings/(loss) (non-GAAP)						$3,236									($11,811)
Core operating margins (non-GAAP)						3.6		%							(17.8)		%
Diluted earnings/(loss) per share (GAAP)									$2.48									($18.36)
Pension FAS/CAS service cost adjustment						($784)			($1.03)						($811)			($1.26)
Postretirement FAS/CAS service cost adjustment						(261)			(0.34)						(293)			(0.45)
Non-operating pension income						(176)			(0.24)						(476)			(0.74)
Non-operating postretirement income						(19)			(0.02)						(73)			(0.11)
Provision for deferred income taxes on adjustments 1						260			0.34						347			0.54
Subtotal of adjustments						($980)			($1.29)						($1,306)			($2.02)
Core earnings/(loss) per share (non-GAAP)									$1.19									($20.38)
Diluted weighted average common shares outstanding (in millions)									762.3									646.9

1 The income tax impact is calculated using the U.S. corporate statutory tax rate.