Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Boeing Co., consolidated cash flow statement

US$ in millions

12 months ended:	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net earnings (loss)	2,238)	(11,829)	(2,242)	(5,053)	(4,290)
Share-based plans expense	426)	407)	690)	725)	833)
Treasury shares issued for 401(k) contribution	1,530)	1,601)	1,515)	1,215)	1,233)
Depreciation and amortization	1,953)	1,836)	1,861)	1,979)	2,144)
Investment/asset impairment charges, net	45)	112)	46)	112)	98)
Gain on dispositions, net	(9,672)	(46)	(2)	(6)	(277)
777X and 767 reach-forward losses	5,283)	4,079)	—)	—)	3,460)
Other charges and credits, net	264)	528)	3)	401)	360)
Non-cash items	(171)	8,517)	4,113)	4,426)	7,851)
Accounts receivable	(95)	(37)	(128)	142)	(713)
Unbilled receivables	(677)	(60)	321)	6)	(586)
Advances and progress billings	(723)	4,069)	3,365)	108)	2,505)
Inventories	(1,501)	(12,353)	(1,681)	420)	(1,127)
Other current assets	155)	(16)	389)	(591)	345)
Accounts payable	724)	(793)	1,672)	838)	(3,783)
Accrued liabilities	1,341)	1,563)	779)	2,956)	(3,687)
Income taxes receivable, payable and deferred	115)	(567)	44)	1,347)	733)
Other long-term liabilities	(346)	(329)	(313)	(158)	(206)
Pension and other postretirement plans	(593)	(959)	(1,049)	(1,378)	(972)
Financing receivables and operating lease equipment, net	274)	512)	571)	142)	210)
Other	324)	202)	119)	307)	304)
Changes in assets and liabilities	(1,002)	(8,768)	4,089)	4,139)	(6,977)
Adjustments to reconcile net earnings (loss) to net cash provided (used) by operating activities	(1,173)	(251)	8,202)	8,565)	874)
Net cash provided (used) by operating activities	1,065)	(12,080)	5,960)	3,512)	(3,416)
Payments to acquire property, plant and equipment	(2,942)	(2,230)	(1,527)	(1,222)	(980)
Proceeds from disposals of property, plant and equipment	82)	49)	27)	35)	529)
Acquisitions, net of cash acquired	(1,248)	(50)	(70)	—)	(6)
Proceeds from dispositions	10,585)	124)	—)	—)	—)
Contributions to investments	(51,938)	(13,856)	(16,448)	(5,051)	(35,713)
Proceeds from investments	46,628)	4,743)	15,739)	10,619)	45,489)
Supplier notes receivable	(662)	(694)	(162)	—)	—)
Repayments on supplier notes receivable	2)	40)	—)	—)	—)
Purchase of distribution rights	(9)	(88)	—)	—)	—)
Other	1)	(11)	4)	(11)	5)
Net cash (used) provided by investing activities	499)	(11,973)	(2,437)	4,370)	9,324)
New borrowings	165)	10,161)	75)	34)	9,795)
Debt repayments	(3,621)	(8,673)	(5,216)	(1,310)	(15,371)
Common stock issuance, net of issuance costs	—)	18,200)	—)	—)	—)
Mandatory convertible preferred stock issuance, net of issuance costs	—)	5,657)	—)	—)	—)
Stock options exercised	—)	—)	45)	50)	42)
Employee taxes on certain share-based payment arrangements	(34)	(83)	(408)	(40)	(66)
Dividends paid on Mandatory convertible preferred stock	(331)	—)	—)	—)	—)
Other	58)	(53)	17)	—)	—)
Net cash provided (used) by financing activities	(3,763)	25,209)	(5,487)	(1,266)	(5,600)
Effect of exchange rate changes on cash and cash equivalents	40)	(47)	30)	(73)	(39)
Net increase (decrease) in cash & cash equivalents, including restricted	(2,159)	1,109)	(1,934)	6,543)	269)
Cash & cash equivalents, including restricted, at beginning of year	13,822)	12,713)	14,647)	8,104)	7,835)
Cash & cash equivalents, including restricted, at end of year	11,663)	13,822)	12,713)	14,647)	8,104)

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 financial statement information reveals a period of significant volatility in cash flows over the five-year period. Operating activities exhibited substantial fluctuations, while investing and financing activities also demonstrated considerable shifts. Net earnings displayed a dramatic arc, beginning with losses, reaching a peak, and then experiencing a substantial loss before recovering.

Operating Activities: Net cash provided by operating activities was initially negative in 2021, at -US$3,416 million, before turning positive in 2022 and 2023, reaching US$5,960 million. However, it sharply declined to a negative US$12,080 million in 2024, followed by a recovery to US$1,065 million in 2025. This volatility was heavily influenced by changes in working capital components. Accounts receivable and unbilled receivables showed inconsistent patterns, while advances and progress billings experienced a large increase in 2023 and a significant decrease in 2025. Inventory changes also contributed to the fluctuations, with a substantial decrease in 2024. Adjustments to reconcile net earnings to net cash provided by operating activities were consistently positive, except for 2024, where it was negative, amplifying the impact of the net earnings trend.
Investing Activities: Net cash used in investing activities was substantial throughout the period. Significant outflows were consistently related to payments to acquire property, plant, and equipment, which increased over time. Proceeds from disposals of property, plant, and equipment were relatively small. A major outflow in 2025, US$51,938 million, was attributed to contributions to investments, while a large inflow of US$46,628 million was from proceeds from investments. Acquisitions also contributed to cash outflows, particularly in 2025. Supplier notes receivable and repayments also had a notable impact, with increasing outflows in later years.
Financing Activities: Financing activities were also highly variable. Net cash used in financing activities was observed in 2021, 2022, and 2023, driven by debt repayments and dividends paid. 2024 saw a significant net cash inflow of US$25,209 million, largely due to common stock issuance and mandatory convertible preferred stock issuance. This was followed by a net cash outflow in 2025. New borrowings were a consistent source of cash inflow, while debt repayments remained a significant outflow. Stock options exercised provided a minor cash inflow.
Net Earnings and Non-Cash Items: Net earnings began with substantial losses in 2021 and 2022, improved in 2023, experienced a large loss in 2024, and then became positive in 2025. Non-cash items, including share-based plans expense, depreciation and amortization, and investment/asset impairment charges, were significant contributors to the overall cash flow picture. The 777X and 767 reach-forward losses were substantial in 2021 and reappeared in 2024 and 2025. A large loss on dispositions in 2025 significantly impacted net earnings.

Overall, the period was characterized by substantial financial maneuvering, including significant investment activity, debt management, and equity financing. The volatility in operating cash flow, coupled with large non-cash adjustments, highlights the complexity of the company’s financial position and the impact of large-scale projects and strategic decisions.

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Boeing Co. (NYSE:BA)

Cash Flow Statement