Analysis of Reportable Segments
Boeing Co. operates in 3 segments: Commercial Airplanes (BCA); Defense, Space & Security (BDS); and Global Services (BGS).
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- Income Statement
- Common-Size Balance Sheet: Assets
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
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Segment Profit Margin
Boeing Co., profit margin by reportable segment
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Commercial Airplanes (BCA) | |||||
| Defense, Space & Security (BDS) | |||||
| Global Services (BGS) |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Segment profit margins exhibited considerable variation across the reporting periods and between business units. The Commercial Airplanes segment experienced significant volatility, while the Defense, Space & Security segment demonstrated a generally declining trend. Global Services showed consistent growth until a substantial increase in the final reporting period.
- Commercial Airplanes (BCA)
- The Commercial Airplanes segment initially reported a substantial loss margin of -32.35% in 2021. This improved to -8.99% in 2022 and further to -4.82% in 2023, suggesting some recovery. However, performance deteriorated sharply in 2024, with the margin falling to -34.86%, before a partial recovery to -17.06% in 2025. This segment’s profitability appears highly sensitive to external factors, exhibiting considerable year-over-year fluctuation.
- Defense, Space & Security (BDS)
- The Defense, Space & Security segment began with a positive profit margin of 5.82% in 2021. This margin decreased significantly to -15.30% in 2022 and continued to decline, reaching -22.63% in 2024. A slight improvement was observed in 2025, with the margin increasing to -0.47%, though remaining negative. The segment experienced a consistent downward trend in profitability over the majority of the analyzed period.
- Global Services (BGS)
- The Global Services segment demonstrated a consistent upward trend in profit margins from 2021 to 2024. Starting at 12.35% in 2021, the margin increased to 15.48% in 2022, 17.40% in 2023, and 18.13% in 2024. A dramatic increase occurred in 2025, with the margin reaching 64.40%. This represents a substantial improvement in the segment’s profitability and a significant divergence from the trends observed in the other two segments.
Overall, the performance of the segments varied considerably. While the Commercial Airplanes and Defense, Space & Security segments faced challenges reflected in negative or declining margins, the Global Services segment experienced robust and accelerating growth in profitability.
Segment Profit Margin: Commercial Airplanes (BCA)
Boeing Co.; Commercial Airplanes (BCA); segment profit margin calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment operating earnings (loss) | |||||
| Revenues | |||||
| Segment Profitability Ratio | |||||
| Segment profit margin1 | |||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment profit margin = 100 × Segment operating earnings (loss) ÷ Revenues
= 100 × ÷ =
The segment performance of Commercial Airplanes exhibits significant volatility over the observed period. Segment operating earnings demonstrate a pattern of losses, though the magnitude fluctuates considerably year to year. Revenues show an increasing trend overall, but with a notable decline in the fourth year of the period.
- Segment Operating Earnings
- Segment operating earnings begin with a substantial loss of US$6.377 billion in 2021. This loss decreases to US$2.341 billion in 2022 and further diminishes to US$1.635 billion in 2023. However, earnings deteriorate sharply in 2024, resulting in a loss of US$7.969 billion, before moderating slightly to a loss of US$7.079 billion in 2025. The overall trend indicates persistent operating losses, with a pronounced worsening in 2024.
- Revenues
- Revenues increase from US$19.714 billion in 2021 to US$26.026 billion in 2022, representing a substantial gain. This growth continues in 2023, reaching US$33.901 billion. A significant decrease is then observed in 2024, with revenues falling to US$22.861 billion. Revenues rebound strongly in 2025, reaching US$41.494 billion, surpassing all prior years. This suggests a cyclical pattern influenced by external factors or internal production adjustments.
- Segment Profit Margin
- The segment profit margin reflects the operating losses. It begins at -32.35% in 2021, improving to -8.99% in 2022 and -4.82% in 2023. The margin then declines dramatically to -34.86% in 2024, indicating a substantial decrease in profitability relative to revenue. A partial recovery is seen in 2025, with the margin improving to -17.06%, though still representing a significant loss. The profit margin closely mirrors the trend in operating earnings, demonstrating the impact of losses on overall profitability.
The relationship between revenues and segment profit margin suggests that while revenue growth is occurring, it is not translating into profitability. The substantial loss in 2024, despite a revenue increase in the following year, indicates potential cost pressures or inefficiencies impacting the segment’s financial performance.
Segment Profit Margin: Defense, Space & Security (BDS)
Boeing Co.; Defense, Space & Security (BDS); segment profit margin calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment operating earnings (loss) | |||||
| Revenues | |||||
| Segment Profitability Ratio | |||||
| Segment profit margin1 | |||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment profit margin = 100 × Segment operating earnings (loss) ÷ Revenues
= 100 × ÷ =
The Defense, Space & Security segment experienced significant volatility in profitability between 2021 and 2025. Segment operating earnings demonstrated a marked shift from positive performance to substantial losses, followed by a recovery towards breakeven. Revenues exhibited fluctuations, but generally remained within a defined range over the period. The segment profit margin reflects these earnings trends, displaying a dramatic decline followed by a partial rebound.
- Segment Profit Margin
- In 2021, the segment profit margin stood at 5.82%. This represents a healthy level of profitability. However, 2022 saw a substantial decrease, with the margin falling to -15.30%, indicating a significant loss-making position. The margin remained negative in 2023 at -7.07%, though showing some improvement from the prior year. 2024 witnessed a further deterioration, reaching a low of -22.63%. Finally, in 2025, the segment profit margin improved considerably to -0.47%, approaching breakeven. This suggests a potential stabilization, though profitability remains minimal.
- Segment Operating Earnings (Loss)
- Segment operating earnings began at US$1,544 million in 2021. A substantial loss of US$-3,544 million was recorded in 2022. While the loss narrowed to US$-1,764 million in 2023, it expanded again in 2024 to US$-5,413 million. By 2025, earnings improved significantly to a loss of only US$-128 million, indicating a substantial recovery in operating performance.
- Revenues
- Revenues decreased from US$26,540 million in 2021 to US$23,162 million in 2022. A moderate increase was observed in 2023, with revenues reaching US$24,933 million. Revenues declined slightly in 2024 to US$23,918 million before rising to US$27,234 million in 2025, representing the highest revenue level within the analyzed period. The revenue trend appears less volatile than the earnings trend, suggesting that changes in profitability are not solely driven by revenue fluctuations.
The considerable divergence between revenue and operating earnings suggests that cost management, contract performance, or other factors significantly impacted the segment’s profitability. The improvement in both earnings and margin in 2025, coupled with increased revenue, indicates a potential positive shift in the segment’s operational dynamics.
Segment Profit Margin: Global Services (BGS)
Boeing Co.; Global Services (BGS); segment profit margin calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment operating earnings (loss) | |||||
| Revenues | |||||
| Segment Profitability Ratio | |||||
| Segment profit margin1 | |||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment profit margin = 100 × Segment operating earnings (loss) ÷ Revenues
= 100 × ÷ =
The Global Services (BGS) segment demonstrated a consistent pattern of increasing financial performance from 2021 through 2023, followed by a substantial surge in profitability in 2024 and 2025. Segment operating earnings and revenues both exhibited growth over this period, culminating in a significant increase in the segment profit margin.
- Segment Operating Earnings
- Segment operating earnings increased from US$2,017 million in 2021 to US$3,329 million in 2023, representing a compound annual growth rate of approximately 29.7%. A considerable jump occurred in 2025, with earnings reaching US$13,474 million. This indicates a substantial improvement in the segment’s ability to generate profit from its operations.
- Revenues
- Revenues followed an upward trajectory, rising from US$16,328 million in 2021 to US$19,127 million in 2023, and further to US$20,923 million in 2025. The growth rate, while positive, decelerated slightly between 2021-2023 and 2023-2025, suggesting potential challenges in maintaining the same pace of revenue expansion.
- Segment Profit Margin
- The segment profit margin experienced a steady increase from 12.35% in 2021 to 18.13% in 2024. However, the most notable change occurred in 2025, with the profit margin reaching 64.40%. This dramatic increase suggests a significant improvement in cost management, pricing strategies, or a shift towards higher-margin services within the segment. The substantial margin expansion in 2025 warrants further investigation to understand the underlying drivers and assess its sustainability.
Overall, the BGS segment’s financial performance improved considerably over the analyzed period. The substantial increase in profit margin in 2025 is a key observation, potentially indicating a fundamental shift in the segment’s profitability profile.
Segment Return on Assets (Segment ROA)
Boeing Co., ROA by reportable segment
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Commercial Airplanes (BCA) | |||||
| Defense, Space & Security (BDS) | |||||
| Global Services (BGS) |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Segment return on assets exhibited varied performance across the reporting periods. Significant fluctuations were observed within each segment, indicating differing operational efficiencies and market conditions impacting profitability relative to asset utilization.
- Commercial Airplanes (BCA)
- The Commercial Airplanes segment consistently demonstrated negative returns on assets throughout the analyzed timeframe. While an improvement was noted between 2021 and 2022, moving from -8.22% to -3.05%, this positive trend was reversed. Returns deteriorated significantly in 2024 to -9.47%, followed by a slight moderation to -7.71% in 2025. This suggests ongoing challenges in generating profits from the assets employed within this segment.
- Defense, Space & Security (BDS)
- The Defense, Space & Security segment experienced substantial volatility in its return on assets. A positive return of 10.31% was recorded in 2021, but this was followed by a marked decline to -24.57% in 2022. Subsequent years continued to show negative returns, reaching a low of -35.26% in 2024 before a considerable, though still negative, improvement to -0.77% in 2025. This pattern suggests potential project-specific issues or broader macroeconomic factors impacting the segment’s performance.
- Global Services (BGS)
- The Global Services segment consistently generated positive returns on assets, demonstrating a generally increasing trend from 12.30% in 2021 to a peak of 20.56% in 2023, and further to 21.66% in 2024. A substantial increase was observed in 2025, with returns reaching 84.08%. This represents a significant outperformance compared to the other segments and indicates strong profitability and efficient asset utilization within Global Services.
- Overall Trends
- The disparity in segment performance is notable. While Global Services consistently delivered positive and increasing returns, both Commercial Airplanes and Defense, Space & Security experienced periods of significant negative returns. The substantial improvement in Global Services in 2025 contrasts sharply with the continued challenges faced by Commercial Airplanes, highlighting a divergence in operational and market dynamics across the organization.
Segment ROA: Commercial Airplanes (BCA)
Boeing Co.; Commercial Airplanes (BCA); segment ROA calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment operating earnings (loss) | |||||
| Assets | |||||
| Segment Profitability Ratio | |||||
| Segment ROA1 | |||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment ROA = 100 × Segment operating earnings (loss) ÷ Assets
= 100 × ÷ =
The Commercial Airplanes segment experienced fluctuating financial performance between 2021 and 2025. Segment operating earnings (loss) demonstrated a pattern of initial improvement followed by significant decline, while segment assets generally increased over the period. This performance is reflected in the segment’s Return on Assets (ROA).
- Segment Operating Earnings (Loss)
- Segment operating earnings (loss) began at a substantial loss of US$6,377 million in 2021. This loss decreased to US$2,341 million in 2022, indicating some improvement. Further reduction in losses occurred in 2023, reaching US$1,635 million. However, 2024 saw a significant deterioration, with losses escalating to US$7,969 million. This trend continued into 2025, with a loss of US$7,079 million, though slightly less severe than the prior year.
- Assets
- Segment assets exhibited a generally increasing trend throughout the five-year period. Starting at US$77,598 million in 2021, assets decreased slightly to US$76,825 million in 2022. They then stabilized around US$77,047 million in 2023 before increasing to US$84,177 million in 2024 and further to US$91,837 million in 2025. This suggests continued investment in the segment despite ongoing losses.
- Segment ROA
- The segment ROA mirrored the earnings trend, displaying significant volatility. In 2021, ROA was -8.22%. It improved to -3.05% in 2022 and -2.12% in 2023. However, ROA sharply declined to -9.47% in 2024, and remained negative at -7.71% in 2025. The consistent negative ROA values across all years indicate that the segment did not generate sufficient earnings relative to its asset base to achieve profitability. The increasing asset base coupled with continued losses resulted in a worsening ROA in 2024, despite a slight improvement in 2025.
The divergence between increasing assets and consistently negative operating earnings suggests potential inefficiencies in asset utilization or significant ongoing investments that have yet to yield returns. The substantial loss in 2024 warrants further investigation to understand the underlying drivers and potential mitigation strategies.
Segment ROA: Defense, Space & Security (BDS)
Boeing Co.; Defense, Space & Security (BDS); segment ROA calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment operating earnings (loss) | |||||
| Assets | |||||
| Segment Profitability Ratio | |||||
| Segment ROA1 | |||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment ROA = 100 × Segment operating earnings (loss) ÷ Assets
= 100 × ÷ =
The Defense, Space & Security segment experienced significant volatility in its Return on Assets (ROA) over the observed five-year period. Segment operating earnings demonstrated a marked shift from profitability to substantial losses, directly impacting the segment’s financial performance as measured by ROA.
- Segment Operating Earnings
- In 2021, the segment reported operating earnings of US$1,544 million. This positive performance was followed by a substantial loss of US$3,544 million in 2022. Losses continued in 2023, albeit reduced to US$1,764 million, before escalating significantly to US$5,413 million in 2024. A considerable improvement is indicated in 2025, with a loss of only US$128 million, suggesting a potential stabilization or recovery.
- Assets
- Segment assets exhibited a generally increasing trend throughout the period. Beginning at US$14,974 million in 2021, assets decreased slightly to US$14,426 million in 2022. They then recovered and continued to grow, reaching US$14,921 million in 2023, US$15,350 million in 2024, and US$16,723 million in 2025. This consistent asset growth occurred concurrently with fluctuating operating earnings.
- Segment ROA
- The segment ROA mirrored the volatility in operating earnings. A strong ROA of 10.31% was recorded in 2021. This was followed by a dramatic decline to -24.57% in 2022, reflecting the significant operating loss. ROA remained negative in 2023 at -11.82%, worsened considerably to -35.26% in 2024, and showed a marked improvement to -0.77% in 2025. The 2025 value suggests a potential return to profitability, though still representing a minimal return on assets.
The substantial losses experienced in 2022 and 2024 had a disproportionately negative impact on ROA, despite the increasing asset base. The improvement in operating earnings in 2025 resulted in a corresponding, though still modest, improvement in ROA. Continued monitoring of operating earnings is crucial to assess the sustainability of this trend.
Segment ROA: Global Services (BGS)
Boeing Co.; Global Services (BGS); segment ROA calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment operating earnings (loss) | |||||
| Assets | |||||
| Segment Profitability Ratio | |||||
| Segment ROA1 | |||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment ROA = 100 × Segment operating earnings (loss) ÷ Assets
= 100 × ÷ =
The Global Services (BGS) segment demonstrates a consistently improving financial performance from 2021 through 2023, followed by a substantial increase in 2024 and 2025. This is primarily driven by a significant surge in segment operating earnings. Segment assets remained relatively stable over the period, contributing to the observed changes in return on assets.
- Segment Operating Earnings
- Segment operating earnings increased from US$2,017 million in 2021 to US$2,727 million in 2022, representing a growth of 35.2%. Further growth was observed in 2023, reaching US$3,329 million, and continued into 2024 with earnings of US$3,618 million. A dramatic increase occurred in 2025, with segment operating earnings reaching US$13,474 million. This represents a substantial acceleration in profitability.
- Assets
- Segment assets exhibited relative stability between 2021 and 2024, fluctuating between US$16,149 million and US$16,704 million. A slight decrease was noted in 2025, with assets totaling US$16,026 million. These relatively consistent asset levels suggest that the significant changes in profitability are not primarily driven by asset base expansion.
- Segment ROA
- Segment Return on Assets (ROA) increased steadily from 12.30% in 2021 to 16.89% in 2022, and further to 20.56% in 2023. This upward trend continued to 21.66% in 2024. A substantial increase in ROA was observed in 2025, reaching 84.08%. This significant jump in ROA is directly attributable to the considerable growth in segment operating earnings, while asset levels remained comparatively stable. The 2025 ROA indicates a markedly improved efficiency in generating earnings from the segment’s asset base.
The substantial increase in both segment operating earnings and ROA in 2025 warrants further investigation to understand the underlying drivers of this performance. The consistent asset base suggests that operational improvements or external factors are likely responsible for the significant profitability gains.
Segment Asset Turnover
Boeing Co., asset turnover by reportable segment
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Commercial Airplanes (BCA) | |||||
| Defense, Space & Security (BDS) | |||||
| Global Services (BGS) |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Segment asset turnover ratios exhibit distinct trends across the reporting periods. The Commercial Airplanes segment demonstrates considerable fluctuation, while the Defense, Space & Security and Global Services segments show more stable, albeit differing, patterns.
- Commercial Airplanes (BCA)
- The Commercial Airplanes segment experienced an increasing asset turnover from 0.25 in 2021 to 0.44 in 2023, indicating improving efficiency in asset utilization. However, this was followed by a decrease to 0.27 in 2024. The ratio then rebounded to 0.45 in 2025, reaching its highest point in the observed period. This volatility suggests sensitivity to production levels, order fulfillment, or potentially disruptions within the commercial aviation market.
- Defense, Space & Security (BDS)
- The Defense, Space & Security segment maintained a relatively high and stable asset turnover, consistently above 1.60 throughout the period. A slight decline was observed from 1.77 in 2021 to 1.61 in 2022, followed by a recovery to 1.67 in 2023. The ratio decreased again to 1.56 in 2024 before increasing slightly to 1.63 in 2025. This consistent performance suggests effective asset management within this segment, though a subtle downward drift is apparent over the five-year period.
- Global Services (BGS)
- The Global Services segment shows a consistent upward trend in asset turnover, increasing from 1.00 in 2021 to 1.31 in 2025. This indicates a progressive improvement in the efficiency with which assets are used to generate revenue within this segment. The increases from 2021 to 2023 were relatively modest, but the rate of improvement accelerated between 2023 and 2025.
Overall, the Global Services segment demonstrates the most positive trend in asset turnover, while the Commercial Airplanes segment exhibits the greatest variability. The Defense, Space & Security segment maintains a strong asset turnover but shows a minor declining trend. These differences likely reflect the distinct operational characteristics and market dynamics of each segment.
Segment Asset Turnover: Commercial Airplanes (BCA)
Boeing Co.; Commercial Airplanes (BCA); segment asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | |||||
| Assets | |||||
| Segment Activity Ratio | |||||
| Segment asset turnover1 | |||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment asset turnover = Revenues ÷ Assets
= ÷ =
The segment asset turnover for Commercial Airplanes exhibited fluctuating performance over the five-year period. Revenues and assets within this segment demonstrated distinct patterns, influencing the observed turnover ratios.
- Overall Trend
- The segment asset turnover generally increased from 2021 to 2023, followed by a decrease in 2024, and a subsequent increase in 2025. This indicates varying efficiency in generating revenue from the assets employed within the Commercial Airplanes segment.
- Revenue Performance
- Revenues increased significantly from 2021 to 2023, growing from US$19,714 million to US$33,901 million. A decline was then observed in 2024 to US$22,861 million, before a substantial increase to US$41,494 million in 2025. This revenue volatility directly impacts the asset turnover calculation.
- Asset Levels
- Assets remained relatively stable between 2021 and 2023, fluctuating around US$77 billion. A notable increase occurred in 2024, reaching US$84,177 million, and continued into 2025, reaching US$91,837 million. The increasing asset base in the latter years, coupled with revenue fluctuations, explains the observed turnover ratio movements.
- Asset Turnover Ratio Analysis
- The ratio increased from 0.25 in 2021 to 0.44 in 2023, suggesting improved efficiency in utilizing assets to generate revenue during this period. The decrease to 0.27 in 2024 coincided with the revenue decline and asset increase. The return to 0.45 in 2025, despite continued asset growth, indicates a strong revenue recovery and improved asset utilization in that year.
The segment’s asset turnover is sensitive to both revenue performance and asset levels. The substantial revenue increase in 2025, combined with a growing asset base, resulted in a strong turnover ratio, suggesting improved operational efficiency in that year. Further investigation into the drivers of revenue fluctuations and asset investment is warranted.
Segment Asset Turnover: Defense, Space & Security (BDS)
Boeing Co.; Defense, Space & Security (BDS); segment asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | |||||
| Assets | |||||
| Segment Activity Ratio | |||||
| Segment asset turnover1 | |||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment asset turnover = Revenues ÷ Assets
= ÷ =
The Defense, Space & Security segment experienced fluctuating revenues between 2021 and 2025. Revenues decreased from US$26.54 billion in 2021 to US$23.16 billion in 2022, before partially recovering to US$24.93 billion in 2023. A slight decrease to US$23.92 billion was observed in 2024, followed by an increase to US$27.23 billion in 2025.
Segment assets demonstrated a generally increasing trend over the five-year period, although with some variation. Assets decreased slightly from US$14.97 billion in 2021 to US$14.43 billion in 2022. They then rose to US$14.92 billion in 2023 and continued to increase to US$15.35 billion in 2024, culminating in US$16.72 billion in 2025.
- Segment Asset Turnover
- The segment asset turnover ratio exhibited a declining trend from 2021 to 2024. The ratio decreased from 1.77 in 2021 to 1.61 in 2022, then rose slightly to 1.67 in 2023, before declining again to 1.56 in 2024. A modest increase to 1.63 was noted in 2025. This suggests a decreasing efficiency in utilizing assets to generate revenue during this period, although the 2025 value indicates a potential stabilization.
The increase in assets from 2022 to 2025, coupled with the fluctuating revenue and the overall decline in asset turnover until 2025, suggests that the segment may be investing in assets that have not yet translated into proportional revenue gains. The revenue increase in 2025, alongside a slight increase in asset turnover, could indicate that these investments are beginning to yield results, but further monitoring is warranted to confirm this trend.
Segment Asset Turnover: Global Services (BGS)
Boeing Co.; Global Services (BGS); segment asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | |||||
| Assets | |||||
| Segment Activity Ratio | |||||
| Segment asset turnover1 | |||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment asset turnover = Revenues ÷ Assets
= ÷ =
The Global Services (BGS) segment demonstrates a consistent upward trend in asset turnover from 2021 to 2025. Revenues within the segment increased steadily over the five-year period, while assets remained relatively stable, contributing to the observed improvement in efficiency.
- Revenues
- Revenues for the BGS segment increased from US$16,328 million in 2021 to US$20,923 million in 2025. This represents a cumulative growth of approximately 28.1% over the period. The growth appears relatively consistent year-over-year, with incremental increases each period.
- Assets
- The value of assets held by the BGS segment exhibited relative stability between 2021 and 2025. Beginning at US$16,397 million in 2021, assets decreased slightly to US$16,149 million in 2022, then remained largely consistent around US$16 billion, concluding at US$16,026 million in 2025. This suggests that revenue growth was not accompanied by significant investment in additional assets.
- Segment Asset Turnover
- The segment asset turnover ratio increased from 1.00 in 2021 to 1.31 in 2025. This indicates a growing efficiency in utilizing assets to generate revenue. The increase from 1.00 to 1.09 between 2021 and 2022 was modest, but the ratio then increased more substantially to 1.18 in 2023 and 1.19 in 2024, culminating in 1.31 in 2025. This accelerating trend suggests improving operational performance and asset management within the BGS segment.
The combination of increasing revenues and stable assets resulted in a notable improvement in the BGS segment’s ability to generate sales from its asset base. The increasing asset turnover ratio is a positive indicator of the segment’s operational efficiency and financial performance.
Segment Capital Expenditures to Depreciation
Boeing Co., capital expenditures to depreciation by reportable segment
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Commercial Airplanes (BCA) | |||||
| Defense, Space & Security (BDS) | |||||
| Global Services (BGS) |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
An examination of segment capital expenditures relative to depreciation reveals distinct trends across the reporting periods. The ratio, calculated as segment capital expenditures divided by depreciation, indicates the level of investment in maintaining and expanding segment assets compared to the expense recognized for asset consumption. Significant variation exists between segments, and trends differ considerably.
- Commercial Airplanes (BCA)
- The ratio for the Commercial Airplanes segment demonstrates a consistent upward trajectory. Beginning at 0.30 in 2021, it increased to 0.39 in 2022, then more substantially to 0.91 in 2023. This growth continued through 2024, reaching 1.27, and further to 1.38 in 2025. This suggests an increasing commitment to capital investment within this segment relative to depreciation, potentially reflecting expansion plans or modernization efforts.
- Defense, Space & Security (BDS)
- The Defense, Space & Security segment exhibits a more moderate initial pattern, maintaining a ratio of 0.85 in both 2021 and 2022, with a slight increase to 0.88 in 2023. A more pronounced increase is then observed, rising to 1.42 in 2024 and 1.69 in 2025. This indicates a growing investment in capital assets within this segment, potentially driven by new contracts or technological advancements.
- Global Services (BGS)
- The Global Services segment shows an increasing trend, though less dramatic than the other two segments. The ratio rose from 0.23 in 2021 to 0.38 in 2022 and 0.40 in 2023. Further growth occurred in 2024, reaching 0.70, but decreased slightly to 0.63 in 2025. This suggests a moderate level of capital investment relative to depreciation, with a potential stabilization or slight pullback in the most recent period.
Overall, all three segments demonstrate increasing capital expenditure relative to depreciation over the analyzed period, though the magnitude and timing of these increases vary. The Commercial Airplanes and Defense, Space & Security segments show the most substantial growth, while Global Services exhibits a more moderate pattern. These trends warrant further investigation to understand the underlying drivers of capital investment within each segment and their implications for future performance.
Segment Capital Expenditures to Depreciation: Commercial Airplanes (BCA)
Boeing Co.; Commercial Airplanes (BCA); segment capital expenditures to depreciation calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | |||||
| Depreciation and amortization | |||||
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | |||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= ÷ =
The segment capital expenditures to depreciation ratio for Commercial Airplanes demonstrates a significant upward trend over the observed period. Initially, capital expenditures were substantially lower than depreciation and amortization, but this relationship has reversed.
- Capital Expenditures
- Capital expenditures increased consistently from $177 million in 2021 to $626 million in 2025. This represents a substantial cumulative increase, indicating growing investment in the segment’s assets.
- Depreciation and Amortization
- Depreciation and amortization decreased from $594 million in 2021 to $400 million in 2024, before increasing slightly to $455 million in 2025. The decline suggests a potential aging of the asset base or changes in accounting estimates, while the 2025 increase may reflect recent capital investments entering the depreciation cycle.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio began at 0.30 in 2021, signifying that capital expenditures covered only 30% of the segment’s depreciation expense. By 2023, the ratio had risen to 0.91, approaching parity between capital expenditures and depreciation. In 2024 and 2025, the ratio exceeded 1.0, reaching 1.27 and 1.38 respectively. This indicates that capital expenditures are now exceeding the segment’s depreciation expense, suggesting a focus on growth and modernization of assets. The increasing ratio implies a shift from maintaining existing assets to expanding capacity or upgrading technology.
The observed trend suggests a strategic shift towards increased investment in the Commercial Airplanes segment, potentially driven by anticipated future demand or a need to replace aging infrastructure. The sustained increase in capital expenditures relative to depreciation warrants further investigation into the specific nature of these investments and their expected return.
Segment Capital Expenditures to Depreciation: Defense, Space & Security (BDS)
Boeing Co.; Defense, Space & Security (BDS); segment capital expenditures to depreciation calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | |||||
| Depreciation and amortization | |||||
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | |||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= ÷ =
The Defense, Space & Security segment exhibited increasing capital expenditures between 2021 and 2025, while depreciation and amortization remained relatively stable. This dynamic resulted in a notable upward trend in the segment capital expenditures to depreciation ratio over the analyzed period.
- Capital Expenditures
- Capital expenditures within the segment increased from US$199 million in 2021 to US$373 million in 2025. The increase was gradual through 2023, reaching US$192 million, before accelerating significantly in 2024 and 2025 with values of US$296 million and US$373 million respectively. This suggests a potential escalation in investment activity in recent years.
- Depreciation and Amortization
- Depreciation and amortization remained relatively consistent between 2021 and 2023, fluctuating between US$219 million and US$238 million. A slight decrease was observed in 2024, falling to US$209 million, followed by a modest increase to US$221 million in 2025. The overall stability indicates a consistent rate of asset consumption during the period.
- Segment Capital Expenditures to Depreciation Ratio
- The segment capital expenditures to depreciation ratio was stable at 0.85 in both 2021 and 2022. It experienced a slight increase to 0.88 in 2023. A substantial increase is then observed in 2024, rising to 1.42, and continuing to climb to 1.69 in 2025. This indicates that capital expenditures are growing at a faster rate than depreciation, suggesting increased investment in new assets relative to the consumption of existing assets. This could reflect strategic initiatives focused on modernization, expansion, or new program development.
The increasing ratio warrants further investigation to understand the specific drivers behind the accelerated capital expenditure growth and its potential impact on future financial performance and asset base composition.
Segment Capital Expenditures to Depreciation: Global Services (BGS)
Boeing Co.; Global Services (BGS); segment capital expenditures to depreciation calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | |||||
| Depreciation and amortization | |||||
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | |||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= ÷ =
The Global Services (BGS) segment experienced fluctuating capital expenditures between 2021 and 2025. Depreciation and amortization within the segment demonstrated a consistent, albeit gradual, decline over the same period. Consequently, the segment capital expenditures to depreciation ratio exhibited a notable upward trend.
- Capital Expenditures
- Capital expenditures began at US$94 million in 2021, increased to US$130 million in 2022, and remained relatively stable at US$127 million in 2023. A significant increase was observed in 2024, reaching US$212 million, before decreasing slightly to US$187 million in 2025. This suggests periods of increased investment followed by stabilization or minor reductions.
- Depreciation and Amortization
- Depreciation and amortization decreased steadily from US$414 million in 2021 to US$296 million in 2025. The decline was most pronounced between 2021 and 2022, with subsequent years showing more moderate reductions. This indicates a decreasing value of depreciable assets within the segment.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio of segment capital expenditures to depreciation increased from 0.23 in 2021 to 0.38 in 2022, and continued to rise to 0.40 in 2023. A substantial increase occurred in 2024, reaching 0.70, before decreasing to 0.63 in 2025. This upward trend suggests that capital investments are becoming a more significant proportion of the segment’s depreciation expense, potentially indicating a shift towards newer assets or a change in the asset base composition. The ratio’s peak in 2024, coupled with the high capital expenditure, warrants further investigation to understand the nature of those investments.
The combined effect of declining depreciation and fluctuating capital expenditures resulted in a significant increase in the capital expenditures to depreciation ratio. This suggests a changing investment profile within the BGS segment, with a growing proportion of investment relative to the existing depreciable asset base.
Revenues
Boeing Co., revenues by reportable segment
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Commercial Airplanes (BCA) | |||||
| Defense, Space & Security (BDS) | |||||
| Global Services (BGS) | |||||
| Unallocated items, eliminations and other | |||||
| Total |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Overall revenue exhibited a fluctuating pattern over the five-year period. While growth was observed between 2021 and 2023, 2024 saw a revenue decrease, followed by substantial growth in 2025. A detailed examination of the reportable segments reveals varying performance contributing to these overall trends.
- Commercial Airplanes (BCA)
- Revenue from the Commercial Airplanes segment demonstrated significant volatility. After substantial increases from 2021 to 2023, reaching US$33,901 million, revenue decreased considerably in 2024 to US$22,861 million. This was followed by a strong recovery and growth in 2025, with revenue reaching US$41,494 million. This segment appears to be the primary driver of overall revenue fluctuations.
- Defense, Space & Security (BDS)
- The Defense, Space & Security segment exhibited relative stability in revenue compared to other segments. Revenue decreased from US$26,540 million in 2021 to US$23,162 million in 2022, then showed modest growth, peaking at US$24,933 million in 2023. A slight decrease was observed in 2024, followed by a further increase to US$27,234 million in 2025. The segment’s performance remained within a narrower range than that of the Commercial Airplanes segment.
- Global Services (BGS)
- Revenue from the Global Services segment showed a consistent, albeit moderate, upward trend throughout the period. Starting at US$16,328 million in 2021, revenue increased steadily each year, reaching US$20,923 million in 2025. This segment provided a stable revenue stream, contrasting with the more volatile performance of the Commercial Airplanes segment.
- Unallocated Items, Eliminations and Other
- The impact of unallocated items, eliminations, and other adjustments remained relatively small in absolute terms. These items consistently reduced overall revenue, with values ranging from US$167 million to US$296 million. The magnitude of these adjustments did not significantly alter the overall revenue trends.
The substantial revenue growth in 2025 was largely attributable to the recovery and expansion of the Commercial Airplanes segment. While the Defense, Space & Security and Global Services segments contributed positively, their growth rates were more moderate. The decrease in overall revenue in 2024 was primarily driven by the decline in the Commercial Airplanes segment.
Segment operating earnings (loss)
Boeing Co., segment operating earnings (loss) by reportable segment
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Commercial Airplanes (BCA) | |||||
| Defense, Space & Security (BDS) | |||||
| Global Services (BGS) | |||||
| Total |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Segment operating earnings demonstrate significant fluctuations across the reporting periods. The Commercial Airplanes segment consistently reports operating losses, while the Defense, Space & Security segment experiences a shift from profit to substantial losses. Global Services exhibits a clear upward trend in operating earnings, culminating in a significant increase in the final reporting period. Overall, company operating earnings are initially negative, decline further, before becoming positive in the last reported year.
- Commercial Airplanes (BCA)
- The Commercial Airplanes segment experiences ongoing operating losses throughout the observed timeframe. Losses decrease from US$6,377 million in 2021 to US$1,635 million in 2023, but then increase substantially to US$7,969 million in 2024 and remain high at US$7,079 million in 2025. This indicates a worsening financial performance in recent years despite initial improvements.
- Defense, Space & Security (BDS)
- The Defense, Space & Security segment begins with a profit of US$1,544 million in 2021. However, it transitions to a loss of US$3,544 million in 2022, which continues to US$1,764 million in 2023 and further deteriorates to US$5,413 million in 2024. A significant improvement is observed in 2025, with a loss of only US$128 million, suggesting a potential recovery.
- Global Services (BGS)
- The Global Services segment demonstrates consistent growth in operating earnings. Earnings increase from US$2,017 million in 2021 to US$2,727 million in 2022 and US$3,329 million in 2023, reaching US$3,618 million in 2024. A substantial increase is then observed in 2025, with earnings reaching US$13,474 million, indicating a strong and accelerating positive trend.
- Total Operating Earnings
- Total operating earnings are negative for the first three reporting periods, starting at a loss of US$2,816 million in 2021, then US$3,158 million in 2022, and a smaller loss of US$70 million in 2023. Losses increase significantly in 2024 to US$9,764 million, before turning positive in 2025 with earnings of US$6,267 million. This overall trend is heavily influenced by the performance of the Commercial Airplanes and Global Services segments.
The contrasting performance of the segments highlights a significant divergence in profitability. While the Global Services segment consistently contributes positively and experiences substantial growth, the Commercial Airplanes segment remains a consistent drag on overall earnings. The Defense, Space & Security segment’s volatility adds further complexity to the overall financial picture.
Assets
Boeing Co., assets by reportable segment
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Commercial Airplanes (BCA) | |||||
| Defense, Space & Security (BDS) | |||||
| Global Services (BGS) | |||||
| Unallocated items, eliminations and other | |||||
| Total |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Total assets experienced a generally increasing trend over the five-year period. While a slight decrease was observed between 2021 and 2022, assets began a consistent upward trajectory from 2022 through 2025, culminating in a substantial increase in the most recent year. A significant portion of the asset base remains within unallocated items, eliminations, and other, and this category has shown the most pronounced growth in recent years.
- Commercial Airplanes (BCA)
- Assets within the Commercial Airplanes segment demonstrated relative stability between 2021 and 2023, fluctuating within a narrow range. A noticeable increase in assets occurred in 2024 and continued into 2025, suggesting potential investment in production capacity or increased work-in-progress inventory. The segment represents the largest portion of the company’s assets.
- Defense, Space & Security (BDS)
- The Defense, Space & Security segment exhibited a more subdued pattern. Assets remained relatively consistent from 2021 to 2023, with a modest increase in both 2024 and 2025. The growth in this segment was less dramatic than that observed in the Commercial Airplanes segment.
- Global Services (BGS)
- Assets allocated to Global Services remained remarkably stable throughout the observed period. Fluctuations were minimal, indicating a consistent level of investment and operational requirements within this segment. A slight decrease is observed in 2025.
- Unallocated Items, Eliminations and Other
- This category experienced the most significant changes. While relatively stable between 2021 and 2023, assets in this category increased substantially in 2024 and 2025. This growth warrants further investigation to determine the underlying drivers, which could include corporate assets, intercompany eliminations, or changes in accounting practices. The increasing proportion of total assets held within this category is a key observation.
The overall trend suggests a strategic shift in asset allocation, with a growing emphasis on the Commercial Airplanes segment and a substantial increase in unallocated assets. The consistency in the Defense, Space & Security and Global Services segments provides a stable base, while the changes in the other two categories require further scrutiny to understand their implications for the company’s financial position.
Capital expenditures
Boeing Co., capital expenditures by reportable segment
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Commercial Airplanes (BCA) | |||||
| Defense, Space & Security (BDS) | |||||
| Global Services (BGS) | |||||
| Unallocated items, eliminations and other | |||||
| Total |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Capital expenditures demonstrate a consistent upward trend across all reportable segments and in total over the observed period. While the magnitude of investment varies by segment, each exhibits growth from 2021 to 2025. The most substantial increases are noted in the ‘Unallocated items, eliminations and other’ category, followed by the Commercial Airplanes segment.
- Commercial Airplanes (BCA)
- Capital expenditures for the Commercial Airplanes segment increased steadily from US$177 million in 2021 to US$626 million in 2025. This represents a significant compound annual growth rate, indicating increasing investment in this area, potentially related to production capacity expansion or new program development.
- Defense, Space & Security (BDS)
- The Defense, Space & Security segment experienced a more moderate pattern. Expenditures remained relatively stable between 2021 and 2023, at approximately US$200 million. A notable increase is observed in 2024 (US$296 million) and continues into 2025 (US$373 million), suggesting a potential acceleration of investment in this segment.
- Global Services (BGS)
- Capital expenditures for the Global Services segment also show an increasing trend, moving from US$94 million in 2021 to US$187 million in 2025. While the absolute values are lower than those of the other two segments, the growth is consistent, indicating a commitment to investment in service-related infrastructure or capabilities.
- Unallocated items, eliminations and other
- This category exhibits the most substantial growth in capital expenditures, rising from US$510 million in 2021 to US$1,756 million in 2025. This significant increase could be attributable to corporate-wide initiatives, shared infrastructure projects, or investments not directly attributable to a specific operating segment. The magnitude of this growth warrants further investigation to understand the underlying drivers.
- Total Capital Expenditures
- Overall capital expenditures increased from US$980 million in 2021 to US$2,942 million in 2025. This substantial growth reflects a company-wide commitment to investment, with the largest contributions coming from the Commercial Airplanes and Unallocated items categories. The consistent upward trend suggests a strategic focus on long-term growth and operational improvements.
Depreciation and amortization
Boeing Co., depreciation and amortization by reportable segment
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Commercial Airplanes (BCA) | |||||
| Defense, Space & Security (BDS) | |||||
| Global Services (BGS) | |||||
| Unallocated items, eliminations and other | |||||
| Total |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Overall, depreciation and amortization expense decreased from 2021 to 2023, then exhibited a slight increase in 2024 and 2025. Significant variations exist across the reportable segments, with the largest absolute amounts consistently originating from Commercial Airplanes and Unallocated items. The following details a segment-by-segment analysis.
- Commercial Airplanes (BCA)
- Depreciation and amortization within the Commercial Airplanes segment demonstrated a consistent decline from US$594 million in 2021 to US$400 million in 2024. A modest increase to US$455 million is observed in 2025. This suggests a potential reduction in the value of depreciable assets within this segment over the 2021-2024 period, followed by a slight reversal.
- Defense, Space & Security (BDS)
- The Defense, Space & Security segment exhibited relative stability in depreciation and amortization expense. Values fluctuated between US$219 million and US$238 million throughout the period. The 2025 value of US$221 million is consistent with this historical range, indicating a steady rate of asset consumption within this segment.
- Global Services (BGS)
- A clear downward trend is observed in depreciation and amortization for the Global Services segment. Expenses decreased from US$414 million in 2021 to US$296 million in 2025. This suggests a decreasing base of depreciable assets or a lengthening of their useful lives within this segment.
- Unallocated items, eliminations and other
- Depreciation and amortization related to unallocated items, eliminations, and other activities increased from US$903 million in 2021 to US$981 million in 2025. While there was a dip in 2022 to US$841 million, the overall trend is upward. This increase may be attributable to investments in corporate assets or changes in allocation methodologies.
- Total Depreciation and Amortization
- Total depreciation and amortization expense decreased from US$2,144 million in 2021 to US$1,836 million in 2024, before increasing to US$1,953 million in 2025. The 2025 value remains below the 2021 level, indicating an overall reduction in the rate of asset consumption across the company, despite the increase in unallocated items.
The combined effect of segment-specific trends results in the observed overall pattern. The decline in BCA and BGS depreciation is partially offset by the increase in unallocated items, leading to the relatively stable total depreciation and amortization expense in the later years of the period.