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Segment and Revenue Information | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Segment and Revenue Information | Segment and Revenue Information We operate in three reportable segments: BCA, BDS, and BGS. All other activities fall within Unallocated items, eliminations and other. See page 7 for the Summary of Business Segment Data, which is an integral part of this note. BCA develops, produces and markets commercial jet aircraft principally to the commercial airline industry worldwide. Revenue on commercial aircraft contracts is recognized at the point in time when an aircraft is completed and accepted by the customer. BDS engages in the research, development, production and modification of the following products and related services: manned and unmanned military aircraft and weapons systems, surveillance and engagement, strategic defense and intelligence systems, satellite systems and space exploration. BDS revenue is generally recognized over the contract term (over time) as costs are incurred. BGS provides parts, maintenance, modifications, logistics support, training, data analytics and information-based services to commercial and government customers worldwide. BGS segment revenue and costs include certain products and services provided to other segments. Revenue on commercial spare parts contracts is recognized at the point in time when a spare part is delivered to the customer. Revenue on other contracts is generally recognized over the contract term (over time) as costs are incurred. The primary profitability measurement used by our chief operating decision maker to review segment operating results is Segment operating earnings/(loss). The following tables reconcile segment Revenues to Segment operating earnings/(loss):
| BCA |  | BDS |  | BGS
For the six months ended June 30, | 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024
Revenues | $19,021 |  |  | $10,656 |  |  | $12,915 |  |  | $12,971 |  |  | $10,344 |  |  | $9,934 |
Less: |  |  |  |  |  |  |  |  |  |  |
Research and development expense, net | 1,092 |  |  | 1,073 |  |  | 420 |  |  | 494 |  |  | 59 |  |  | 67 |
Other segment items(1) | 19,023 |  |  | 11,441 |  |  | 12,230 |  |  | 13,239 |  |  | 8,293 |  |  | 8,081 |
Segment operating earnings/(loss) | ($1,094) |  |  | ($1,858) |  |  | $265 |  |  | ($762) |  |  | $1,992 |  |  | $1,786 |
For the three months ended June 30, | 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024
Revenues | $10,874 |  |  | $6,003 |  |  | $6,617 |  |  | $6,021 |  |  | $5,281 |  |  | $4,889 |
Less: |  |  |  |  |  |  |  |  |  |  |
Research and development expense, net | 558 |  |  | 555 |  |  | 221 |  |  | 259 |  |  | 30 |  |  | 41 |
Other segment items(1) | 10,873 |  |  | 6,163 |  |  | 6,286 |  |  | 6,675 |  |  | 4,202 |  |  | 3,978 |
Segment operating (loss)/earnings | ($557) |  |  | ($715) |  |  | $110 |  |  | ($913) |  |  | $1,049 |  |  | $870 |
(1) Primarily includes costs of products and services and general and administrative expenses. The following tables present BCA, BDS and BGS revenues from contracts with customers disaggregated in a number of ways, such as geographic location, contract type and the method of revenue recognition. We believe these best depict how the nature, amount, timing and uncertainty of our revenues and cash flows are affected by economic factors. BCA revenues by customer location consisted of the following:
(Dollars in millions) | Six months ended June 30 |  | Three months ended June 30
| 2025 |  | 2024 |  | 2025 |  | 2024
Revenue from contracts with customers: |  |  |  |  |  |  |
Europe | $1,498 |  |  | $1,547 |  |  | $990 |  |  | $777 |
Asia | 5,379 |  |  | 4,393 |  |  | 2,422 |  |  | 2,280 |
Middle East | 1,760 |  |  | 1,174 |  |  | 1,277 |  |  | 406 |
Other non-U.S. | 1,188 |  |  | 754 |  |  | 799 |  |  | 344 |
Total non-U.S. revenues | 9,825 |  |  | 7,868 |  |  | 5,488 |  |  | 3,807 |
United States | 9,144 |  |  | 3,158 |  |  | 5,361 |  |  | 2,173 |
Estimated potential concessions and other considerations to 737 MAX customers, net of insurance recoveries | 5 |  |  | (443) |  |  | 5 |  |  |
Total revenues from contracts with customers | 18,974 |  |  | 10,583 |  |  | 10,854 |  |  | 5,980 |
Intersegment revenues eliminated on consolidation | 47 |  |  | 73 |  |  | 20 |  |  | 23 |
Total segment revenues | $19,021 |  |  | $10,656 |  |  | $10,874 |  |  | $6,003 |
Revenue recognized on fixed-price contracts | 100 | % |  | 100 | % |  | 100 | % |  | 100 | %
Revenue recognized at a point in time | 100 | % |  | 99 | % |  | 100 | % |  | 99 | %
BDS revenues on contracts with customers, based on the customer's location, consisted of the following:
(Dollars in millions) | Six months ended June 30 |  | Three months ended June 30
| 2025 |  | 2024 |  | 2025 |  | 2024
Revenue from contracts with customers: |  |  |  |  |  |  |
U.S. customers | $10,160 |  |  | $9,963 |  |  | $5,227 |  |  | $4,519 |
Non-U.S. customers(1) | 2,755 |  |  | 3,008 |  |  | 1,390 |  |  | 1,502 |
Total segment revenue from contracts with customers | $12,915 |  |  | $12,971 |  |  | $6,617 |  |  | $6,021 |
Revenue recognized over time | 100 | % |  | 99 | % |  | 100 | % |  | 99 | %
Revenue recognized on fixed-price contracts | 58 | % |  | 55 | % |  | 58 | % |  | 52 | %
Revenue from the U.S. government(1) | 92 | % |  | 90 | % |  | 92 | % |  | 89 | %
(1)Includes revenues earned from foreign military sales through the U.S. government. BGS revenues consisted of the following:
(Dollars in millions) | Six months ended June 30 |  | Three months ended June 30
| 2025 |  | 2024 |  | 2025 |  | 2024
Revenue from contracts with customers: |  |  |  |  |  |  |
Commercial | $5,967 |  |  | $5,900 |  |  | $2,996 |  |  | $2,900 |
Government | 4,168 |  |  | 3,829 |  |  | 2,172 |  |  | 1,895 |
Total revenues from contracts with customers | 10,135 |  |  | 9,729 |  |  | 5,168 |  |  | 4,795 |
Intersegment revenues eliminated on consolidation | 209 |  |  | 205 |  |  | 113 |  |  | 94 |
Total segment revenues | $10,344 |  |  | $9,934 |  |  | $5,281 |  |  | $4,889 |
Revenue recognized at a point in time | 53 | % |  | 53 | % |  | 52 | % |  | 53 | %
Revenue recognized on fixed-price contracts | 86 | % |  | 87 | % |  | 86 | % |  | 87 | %
Revenue from the U.S. government(1) | 30 | % |  | 28 | % |  | 31 | % |  | 27 | %
(1)Includes revenues earned from foreign military sales through the U.S. government. Earnings in Equity Method Investments During the six and three months ended June 30, 2025, our share of income from equity method investments was $30 and $34, compared to $90 and $18 during the same periods in 2024. The income in 2025 was primarily driven by investments held at our BDS segment and in Unallocated items, eliminations, and other. The income in 2024 was primarily driven by investments held at our BDS segment. Backlog Our total backlog includes contracts that we and our customers are committed to perform. The value in backlog represents the estimated transaction prices on performance obligations to our customers for which work remains to be performed. Backlog is converted into revenue, primarily based on the cost incurred or at delivery and acceptance of products, depending on the applicable revenue recognition model. Our backlog at June 30, 2025 was $618,538. We expect approximately 21% to be converted to revenue through 2026 and approximately 64% through 2029, with the remainder thereafter. There is significant uncertainty regarding the timing of when backlog will convert into revenue. We may experience reductions to backlog and/or significant order cancellations due to various factors including delivery delays, production disruptions and delays to entry into service of the 777X, 737-7 and/or 737-10. Unallocated Items, Eliminations and Other Unallocated items, eliminations and other include common internal services that support Boeing’s global business operations and eliminations of certain sales between segments. We generally allocate costs to business segments based on the U.S. Government Cost Accounting Standards (CAS). Components of Unallocated items, eliminations and other income/(expense) are shown in the following table.
| Six months ended June 30 |  | Three months ended June 30
| 2025 |  | 2024 |  | 2025 |  | 2024
Share-based plans | ($51) |  |  | $53 |  |  | ($21) |  |  | $43 |
Deferred compensation | (80) |  |  | (49) |  |  | (85) |  |  | (19) |
Amortization of previously capitalized interest | (42) |  |  | (46) |  |  | (21) |  |  | (23) |
Research and development expense, net | (183) |  |  | (188) |  |  | (101) |  |  | (99) |
Eliminations and other unallocated items | (1,041) |  |  | (716) |  |  | (807) |  |  | (536) |
Unallocated items, eliminations and other | ($1,397) |  |  | ($946) |  |  | ($1,035) |  |  | ($634) |
Eliminations and other unallocated items expense for the six and three months ended June 30, 2025 and 2024, includes earnings charges of $445 and $244 related to agreements with the U.S. Department of Justice. For additional discussion, see Note 18. Pension and Other Postretirement Benefit Expense Pension costs are allocated to BDS and BGS businesses supporting government customers using CAS, which employ different actuarial assumptions and accounting conventions than GAAP. These costs are allocable to government contracts. Other postretirement benefit costs are allocated to business segments based on CAS, which is generally based on benefits paid. 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. Non-operating pension and postretirement expenses represent the components of net periodic benefit costs other than service cost. These expenses are included in Other income, net. Components of FAS/CAS service cost adjustment are shown in the following table:
| Six months ended June 30 |  | Three months ended June 30
| 2025 |  | 2024 |  | 2025 |  | 2024
Pension FAS/CAS service cost adjustment | $390 |  |  | $460 |  |  | $197 |  |  | $230 |
Postretirement FAS/CAS service cost adjustment | 129 |  |  | 144 |  |  | 60 |  |  | 72 |
FAS/CAS service cost adjustment | $519 |  |  | $604 |  |  | $257 |  |  | $302 |
Assets Segment assets are summarized in the table below:
| June 30 2025 |  | December 31 2024
Commercial Airplanes | $84,326 |  |  | $84,177 |
Defense, Space & Security | 16,310 |  |  | 15,350 |
Global Services | 17,164 |  |  | 16,704 |
Unallocated items, eliminations and other | 37,320 |  |  | 40,132 |
Total | $155,120 |  |  | $156,363 |
Assets included in Unallocated items, eliminations and other primarily consist of Cash and cash equivalents, Short-term and other investments, tax assets, capitalized interest and assets managed centrally on behalf of the three principal business segments and intercompany eliminations. Capital Expenditures
| Six months ended June 30 |  | Three months ended June 30
| 2025 |  | 2024 |  | 2025 |  | 2024
Commercial Airplanes | $243 |  |  | $226 |  |  | $137 |  |  | $124 |
Defense, Space & Security | 113 |  |  | 135 |  |  | 59 |  |  | 67 |
Global Services | 69 |  |  | 71 |  |  | 43 |  |  | 36 |
Unallocated items, eliminations and other | 676 |  |  | 539 |  |  | 188 |  |  | 177 |
Total | $1,101 |  |  | $971 |  |  | $427 |  |  | $404 |
Capital expenditures for Unallocated items, eliminations and other relate primarily to assets managed centrally on behalf of the three principal business segments. Depreciation and Amortization
| Six months ended June 30 |  | Three months ended June 30
| 2025 |  | 2024 |  | 2025 |  | 2024
Commercial Airplanes | $212 |  |  | $195 |  |  | $111 |  |  | $96 |
Defense, Space & Security | 103 |  |  | 96 |  |  | 53 |  |  | 49 |
Global Services | 146 |  |  | 152 |  |  | 73 |  |  | 75 |
Centrally Managed Assets (1) | 465 |  |  | 440 |  |  | 223 |  |  | 221 |
Total | $926 |  |  | $883 |  |  | $460 |  |  | $441 |
(1)Amounts shown in the table represent depreciation and amortization expense recorded by the individual business segments. Depreciation and amortization for centrally managed assets are allocated to business segments based on usage and occupancy. During the six months ended June 30, 2025, $351 was allocated to the primary business segments, of which $172, $140, and $39 was allocated to BCA, BDS and BGS, respectively. During the six months ended June 30, 2024, $342 was allocated to the primary business segments, of which $166, $138, and $38 was allocated to BCA, BDS and BGS, respectively. During the three months ended June 30, 2025, $182 was allocated to the primary business segments, of which $90, $72, and $20 was allocated to BCA, BDS and BGS, respectively. During the three months ended June 30, 2024, $179 was allocated to the primary business segments, of which $86, $73, and $20 was allocated to BCA, BDS and BGS, respectively.

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