Debt to Equity
since 2005
Calculation
Boeing Co., debt to equity, long-term trends, calculation
| Debt to equity | = | Total debt1 | ÷ | Shareholders’ equity (deficit)1 | |
|---|---|---|---|---|---|
| Dec 31, 2025 | 9.92 | = | 54,098) | ÷ | 5,454) |
| Dec 31, 2024 | — | = | 53,864) | ÷ | (3,908) |
| Dec 31, 2023 | — | = | 52,307) | ÷ | (17,233) |
| Dec 31, 2022 | — | = | 57,001) | ÷ | (15,883) |
| Dec 31, 2021 | — | = | 58,102) | ÷ | (14,999) |
| Dec 31, 2020 | — | = | 63,583) | ÷ | (18,316) |
| Dec 31, 2019 | — | = | 27,302) | ÷ | (8,617) |
| Dec 31, 2018 | 40.85 | = | 13,847) | ÷ | 339) |
| Dec 31, 2017 | 31.32 | = | 11,117) | ÷ | 355) |
| Dec 31, 2016 | 12.18 | = | 9,952) | ÷ | 817) |
| Dec 31, 2015 | 1.57 | = | 9,964) | ÷ | 6,335) |
| Dec 31, 2014 | 1.05 | = | 9,070) | ÷ | 8,665) |
| Dec 31, 2013 | 0.65 | = | 9,635) | ÷ | 14,875) |
| Dec 31, 2012 | 1.77 | = | 10,409) | ÷ | 5,867) |
| Dec 31, 2011 | 3.52 | = | 12,371) | ÷ | 3,515) |
| Dec 31, 2010 | 4.49 | = | 12,421) | ÷ | 2,766) |
| Dec 31, 2009 | 6.07 | = | 12,924) | ÷ | 2,128) |
| Dec 31, 2008 | — | = | 7,512) | ÷ | (1,294) |
| Dec 31, 2007 | 0.91 | = | 8,217) | ÷ | 9,004) |
| Dec 31, 2006 | 2.01 | = | 9,538) | ÷ | 4,739) |
| Dec 31, 2005 | 0.97 | = | 10,727) | ÷ | 11,059) |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$ in millions
The relationship between total debt and shareholders’ equity exhibited significant fluctuations between 2005 and 2025. Initially, the debt-to-equity ratio was relatively stable, but experienced considerable volatility in subsequent years, culminating in periods of negative equity.
- Initial Period (2005-2007)
- From 2005 to 2007, the debt-to-equity ratio decreased from 0.97 to 0.91. Total debt declined steadily during this period, while shareholders’ equity initially decreased substantially before recovering. This suggests a period of deleveraging coupled with a recovery in equity value.
- Volatility and Increase (2008-2010)
- The period from 2008 to 2010 was marked by substantial changes. Shareholders’ equity became negative in 2008, and total debt increased significantly in 2009. Consequently, the debt-to-equity ratio rose dramatically, peaking at 6.07 in 2009 before decreasing to 4.49 in 2010. This indicates a substantial increase in financial leverage and potential financial distress.
- Fluctuations and Moderate Leverage (2011-2014)
- Between 2011 and 2014, the debt-to-equity ratio fluctuated, decreasing from 3.52 to 0.65. Shareholders’ equity experienced a significant recovery, reaching a peak in 2013, while total debt remained relatively stable. This suggests a period of improved financial health and reduced leverage.
- Increasing Leverage and Negative Equity (2015-2019)
- From 2015 to 2019, the debt-to-equity ratio increased substantially, reaching 40.85 in 2018. Shareholders’ equity declined sharply, becoming negative in 2019. Total debt increased significantly, particularly in 2019. This period reflects a substantial increase in financial risk and a deterioration in the company’s financial position.
- Extreme Leverage and Recovery (2020-2025)
- The years 2020 and 2021 show extremely high debt levels and continued negative shareholders’ equity, resulting in an uncalculable debt-to-equity ratio. From 2022 to 2025, the debt-to-equity ratio decreased to 9.92, as shareholders’ equity began to recover from its negative position. Total debt decreased slightly during this period. This suggests a potential stabilization of the financial situation, although leverage remains elevated.
Overall, the period under review demonstrates a cyclical pattern of increasing and decreasing leverage, with a pronounced period of financial distress between 2015 and 2021. The recent recovery in shareholders’ equity offers a potential sign of improvement, but the debt-to-equity ratio remains significantly higher than its levels in the earlier part of the period.
Comparison to Competitors
Boeing Co., debt to equity, long-term trends, comparison to competitors
| Boeing Co. | Caterpillar Inc. | Eaton Corp. plc | GE Aerospace | Honeywell International Inc. | Lockheed Martin Corp. | RTX Corp. | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2025 | 9.92 | — | — | 1.10 | — | 3.23 | — |
| Dec 31, 2024 | — | 1.97 | 0.50 | 1.00 | 1.67 | 3.20 | 0.69 |
| Dec 31, 2023 | — | 1.94 | 0.49 | 0.77 | 1.29 | 2.55 | 0.73 |
| Dec 31, 2022 | — | 2.33 | 0.51 | 0.89 | 1.17 | 1.68 | 0.44 |
| Dec 31, 2021 | — | 2.29 | 0.52 | 0.87 | 1.06 | 1.07 | 0.43 |
| Dec 31, 2020 | — | 2.42 | 0.54 | 2.11 | 1.28 | 2.02 | 0.44 |
| Dec 31, 2019 | — | 2.58 | 0.52 | 3.21 | 0.87 | 4.05 | 1.04 |
| Dec 31, 2018 | 40.85 | 2.60 | 0.47 | 3.55 | 0.89 | 9.04 | 1.18 |
| Dec 31, 2017 | 31.32 | 2.55 | 0.45 | 2.09 | 1.04 | — | 0.93 |
| Dec 31, 2016 | 12.18 | 2.80 | 0.56 | 1.80 | 0.81 | 9.45 | 0.87 |
| Dec 31, 2015 | 1.57 | 2.57 | 0.56 | 2.02 | 0.66 | 4.62 | 0.75 |
| Dec 31, 2014 | 1.05 | 2.35 | 0.57 | 2.85 | 0.49 | 1.81 | 0.63 |
| Dec 31, 2013 | 0.65 | 1.81 | 0.57 | 2.93 | 0.51 | 1.25 | 0.64 |
| Dec 31, 2012 | 1.77 | 2.29 | 0.72 | 3.37 | 0.58 | 157.90 | 0.90 |
| Dec 31, 2011 | 3.52 | 2.69 | 0.51 | 3.89 | 0.70 | 6.45 | 0.47 |
| Dec 31, 2010 | 4.49 | 2.63 | 0.47 | 4.02 | 0.62 | 1.35 | 0.48 |
| Dec 31, 2009 | 6.07 | 3.62 | 0.51 | 4.35 | 0.86 | 1.22 | 0.49 |
| Dec 31, 2008 | — | 5.84 | 0.68 | 5.00 | 1.17 | 1.24 | 0.72 |
| Dec 31, 2007 | 0.91 | 3.20 | 0.66 | 4.45 | 0.83 | 0.44 | 0.43 |
| Dec 31, 2006 | 2.01 | 3.98 | 0.63 | 3.85 | 0.52 | 0.64 | 0.46 |
| Dec 31, 2005 | 0.97 | 3.05 | 0.65 | 3.39 | 0.45 | 0.61 | 0.48 |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Capital Goods)
Boeing Co., debt to equity, long-term trends, comparison to sector (capital goods)
| Boeing Co. | Capital Goods | |
|---|---|---|
| Dec 31, 2025 | 9.92 | — |
| Dec 31, 2024 | — | 1.54 |
| Dec 31, 2023 | — | 1.54 |
| Dec 31, 2022 | — | 1.33 |
| Dec 31, 2021 | — | 1.26 |
| Dec 31, 2020 | — | 1.75 |
| Dec 31, 2019 | — | 2.08 |
| Dec 31, 2018 | 40.85 | 2.03 |
| Dec 31, 2017 | 31.32 | 1.74 |
| Dec 31, 2016 | 12.18 | 1.60 |
| Dec 31, 2015 | 1.57 | 1.64 |
| Dec 31, 2014 | 1.05 | 2.06 |
| Dec 31, 2013 | 0.65 | 2.00 |
| Dec 31, 2012 | 1.77 | 2.56 |
| Dec 31, 2011 | 3.52 | 3.04 |
| Dec 31, 2010 | 4.49 | 3.10 |
| Dec 31, 2009 | 6.07 | 3.46 |
| Dec 31, 2008 | — | 4.19 |
| Dec 31, 2007 | 0.91 | 3.21 |
| Dec 31, 2006 | 2.01 | 3.02 |
| Dec 31, 2005 | 0.97 | 2.53 |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Industrials)
Boeing Co., debt to equity, long-term trends, comparison to industry (industrials)
| Boeing Co. | Industrials | |
|---|---|---|
| Dec 31, 2025 | 9.92 | — |
| Dec 31, 2024 | — | 1.38 |
| Dec 31, 2023 | — | 1.52 |
| Dec 31, 2022 | — | 1.42 |
| Dec 31, 2021 | — | 1.37 |
| Dec 31, 2020 | — | 1.82 |
| Dec 31, 2019 | — | 1.82 |
| Dec 31, 2018 | 40.85 | 1.85 |
| Dec 31, 2017 | 31.32 | 1.65 |
| Dec 31, 2016 | 12.18 | 1.54 |
| Dec 31, 2015 | 1.57 | 1.51 |
| Dec 31, 2014 | 1.05 | 1.89 |
| Dec 31, 2013 | 0.65 | 1.79 |
| Dec 31, 2012 | 1.77 | 2.29 |
| Dec 31, 2011 | 3.52 | 2.60 |
| Dec 31, 2010 | 4.49 | 2.68 |
| Dec 31, 2009 | 6.07 | 3.01 |
| Dec 31, 2008 | — | 3.54 |
| Dec 31, 2007 | 0.91 | 2.73 |
| Dec 31, 2006 | 2.01 | 2.49 |
| Dec 31, 2005 | 0.97 | 2.42 |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).