Balance Sheet: Liabilities and Stockholders’ Equity

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

Boeing Co., consolidated balance sheet: liabilities and stockholders’ equity

US$ in millions

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Accounts payable	13,109)	11,364)	11,964)	10,200)	9,261)
Accrued compensation and employee benefit costs	7,464)	6,110)	6,721)	6,351)	6,037)
Forward loss recognition	6,711)	7,634)	4,699)	4,060)	2,014)
Product warranties	2,797)	2,133)	2,448)	2,275)	1,900)
Other customer concessions and considerations	1,696)	1,552)	1,300)	1,102)	240)
Off-market contracts	1,065)	—)	—)	—)	—)
Environmental	877)	834)	844)	752)	605)
Accrued interest payable	877)	796)	652)	599)	641)
Current portion of retiree healthcare and pension liabilities	442)	452)	473)	494)	536)
737 MAX customer concessions and other considerations	383)	641)	1,327)	1,864)	2,940)
Current portion of operating lease liabilities	335)	324)	296)	276)	268)
Other	4,494)	3,627)	3,571)	3,808)	3,274)
Accrued liabilities	27,141)	24,103)	22,331)	21,581)	18,455)
Advances and progress billings	59,404)	60,333)	56,328)	53,081)	52,980)
Short-term debt and current portion of long-term debt	8,461)	1,278)	5,204)	5,190)	1,296)
Current liabilities	108,115)	97,078)	95,827)	90,052)	81,992)
Deferred income taxes	216)	122)	229)	230)	218)
Accrued retiree health care	2,091)	2,176)	2,233)	2,503)	3,528)
Accrued pension plan liability, net	4,287)	5,997)	6,516)	6,141)	9,104)
Other long-term liabilities	2,432)	2,318)	2,332)	2,211)	1,750)
Long-term debt, excluding current portion	45,637)	52,586)	47,103)	51,811)	56,806)
Long-term liabilities	54,663)	63,199)	58,413)	62,896)	71,406)
Total liabilities	162,778)	160,277)	154,240)	152,948)	153,398)
Mandatory convertible preferred stock, 6.00% Series A, par value $1.00	6)	6)	—)	—)	—)
Common stock, par value $5.00	5,061)	5,061)	5,061)	5,061)	5,061)
Additional paid-in capital	21,441)	18,964)	10,309)	9,947)	9,052)
Treasury stock, at cost	(28,029)	(32,386)	(49,549)	(50,814)	(51,861)
Retained earnings	17,252)	15,362)	27,251)	29,473)	34,408)
Accumulated other comprehensive loss	(10,277)	(10,915)	(10,305)	(9,550)	(11,659)
Shareholders’ equity (deficit)	5,454)	(3,908)	(17,233)	(15,883)	(14,999)
Noncontrolling interests	3)	(6)	5)	35)	153)
Total equity (deficit)	5,457)	(3,914)	(17,228)	(15,848)	(14,846)
Total liabilities and equity (deficit)	168,235)	156,363)	137,012)	137,100)	138,552)

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).

The company’s liability profile demonstrates significant fluctuations between 2021 and 2025. Current liabilities increased substantially over the period, while long-term liabilities exhibited more moderate changes. Stockholders’ equity transitioned from a deficit to a positive value by 2025, driven primarily by changes in retained earnings and additional paid-in capital.

Current Liabilities: Current liabilities increased from US$81.992 billion in 2021 to US$108.115 billion in 2025. This growth was largely attributable to increases in accrued liabilities, advances and progress billings, and short-term debt. A notable spike in short-term debt occurred in 2022, followed by a decrease in 2023, and a further increase in 2025. Accounts payable also showed a consistent upward trend, increasing from US$9.261 billion to US$13.109 billion over the five-year period. The 737 MAX customer concessions and other considerations decreased significantly, falling from US$2.940 billion in 2021 to US$0.383 billion in 2025.
Long-Term Liabilities: Long-term liabilities decreased from US$71.406 billion in 2021 to US$54.663 billion in 2025. Long-term debt, excluding the current portion, experienced a decrease from US$56.806 billion to US$45.637 billion. Accrued pension plan liability also decreased substantially, from US$9.104 billion to US$4.287 billion. However, forward loss recognition increased significantly from US$2.014 billion in 2021 to US$7.634 billion in 2024 before decreasing to US$6.711 billion in 2025.
Total Liabilities: Total liabilities remained relatively stable between 2021 and 2023, fluctuating around US$153 billion. A significant increase occurred in 2024, reaching US$160.277 billion, and continued into 2025, reaching US$162.778 billion. This increase was primarily driven by the rise in current liabilities.
Stockholders’ Equity: Stockholders’ equity began as a deficit of US$14.846 billion in 2021 and transitioned to a positive value of US$5.457 billion by 2025. This turnaround was primarily due to substantial increases in additional paid-in capital, rising from US$9.052 billion to US$21.441 billion, and a recovery in retained earnings, which increased from a negative position to US$17.252 billion. Treasury stock decreased significantly, reducing the negative impact on equity. Accumulated other comprehensive loss remained consistently negative throughout the period, but its impact lessened as overall equity improved.
Specific Liability Items: Environmental liabilities showed a steady increase, from US$605 million in 2021 to US$877 million in 2025. Accrued interest payable fluctuated, peaking at US$796 million in 2024. Off-market contracts were not present in the earlier years but reached US$1.065 billion in 2025. Mandatory convertible preferred stock appeared in 2024 and remained constant at US$6 million through 2025.

Overall, the company experienced a notable shift in its financial position, with a strengthening equity base and a growing current liability position. The changes in forward loss recognition and 737 MAX concessions warrant further investigation to understand their impact on future financial performance.

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Boeing Co. (NYSE:BA)

Balance Sheet: Liabilities and Stockholders’ Equity