The Boeing Company (BA): Business Model Canvas [Jan-2025 Mise à jour]

Boeing, un titan aérospatial mondial, transforme les défis d'ingénierie complexes en solutions de transport révolutionnaires qui couvrent l'aviation commerciale, la défense militaire et l'exploration spatiale. En fabriquant méticuleusement une toile de modèle commercial sophistiqué, la société intègre stratégiquement la technologie de pointe, les partenariats stratégiques et les propositions de valeur innovantes pour dominer plusieurs segments de marché à enjeux élevés. De la conception d'avions de nouvelle génération au développement de systèmes de défense avancés, l'approche complète de Boeing montre comment une société multinationale peut simultanément répondre aux besoins des clients tout en maintenant la supériorité technologique et l'excellence opérationnelle.

The Boeing Company (BA) - Modèle d'entreprise: partenariats clés

Alliances stratégiques avec des principaux fournisseurs aérospatiaux

Boeing entretient des partenariats stratégiques critiques avec les principaux fournisseurs aérospatiaux:

Fournisseur	Détails du partenariat	Valeur du contrat annuel
Aérosystèmes spirituels	Fuselage et fabrication de composants d'aéronef	3,2 milliards de dollars (2023)
Honeywell International	Avionique et technologie aérospatiale	1,7 milliard de dollars (2023)
GE Aviation	Développement et fabrication du moteur	4,5 milliards de dollars (2023)

Coentreprises avec des fabricants aérospatiaux internationaux

• United Aircraft Corporation (Russie) - Développement des avions commerciaux
• Commercial Aircraft Corporation of China (COMAC) - Collaborative Manufacturing
• Mitsubishi Heavy Industries (Japon) - Échange de technologies aérospatiales

Partenariats de recherche collaborative

Partenaire de recherche	Focus de recherche	Investissement annuel
NASA	Technologies aérospatiales avancées	287 millions de dollars (2023)
Ministère de la Défense	Systèmes de défense et avions militaires	6,2 milliards de dollars (2023)

Partenariats technologiques

Partenariats mondiaux de défense et de technologie de l'aviation commerciale:

• Lockheed Martin - Intégration de la technologie de défense
• Northrop Grumman - Systèmes de satellite et de défense
• Raytheon Technologies - Advanced Defence Electronics

Valeur du portefeuille de partenariat total: 15,9 milliards de dollars (2023)

The Boeing Company (BA) - Modèle d'entreprise: activités clés

Conception et fabrication d'avions

Boeing a produit 37 avions commerciaux en janvier 2024. L'objectif de production annuel pour 2024 est de 400-500 avions commerciaux. Installations de fabrication situées dans:

• Everett, Washington
• Charleston, Caroline du Sud
• St. Louis, Missouri

Type d'avion	2024 Estimation de production	Revenus estimés par unité
Boeing 737 Max	215 unités	106,1 millions de dollars
Boeing 787 Dreamliner	80 unités	248,6 millions de dollars

Recherche et développement en aérospatiale

Investissement en R&D pour 2024: 3,9 milliards de dollars. Les domaines d'intérêt comprennent:

• Technologies de propulsion avancées
• Carburants d'aviation durables
• Systèmes d'aéronefs électriques et hydrogène

Ingénierie des systèmes de défense militaire

Valeur du contrat de défense pour 2024: 26,4 milliards de dollars. Les principaux programmes de défense comprennent:

• Mises à niveau du jet de chasse F-15
• Modifications d'hélicoptère Apache
• Systèmes de lancement de l'espace

Services de maintenance des avions commerciaux et militaires

Projection des revenus de service mondial pour 2024: 18,6 milliards de dollars. Éventail du réseau de services:

Région	Centres de service	Revenus de services estimés
Amérique du Nord	42 centres	8,2 milliards de dollars
Asie-Pacifique	27 centres	5,7 milliards de dollars

Développement de la technologie des satellites et de l'espace

Investissement technologique spatial pour 2024: 2,1 milliards de dollars. Programmes spatiaux majeurs:

• Programme d'équipage commercial de la NASA
• Systèmes de communication par satellite
• Technologies de défense antimissile

The Boeing Company (BA) - Modèle d'entreprise: Ressources clés

Capacités avancées d'ingénierie et de conception

Boeing a investi 2,4 milliards de dollars dans la recherche et le développement en 2023. Le travail d'ingénierie comprend 49 139 professionnels techniques au quatrième trimestre 2023.

Catégorie d'ingénierie	Nombre de professionnels
Ingénieurs aérospatiaux	22,567
Ingénieurs logiciels	8,345
Ingénieurs mécaniques	12,456
Scientifiques des matériaux	5,771

De vastes installations de fabrication mondiale

Boeing exploite 80 installations de fabrication dans 17 pays. L'empreinte de fabrication totale s'étend sur 6,4 millions de mètres carrés.

• Emplacements de fabrication primaires aux États-Unis
• Installations dans l'État de Washington
• Complexe de fabrication du Missouri
• Site de production de Caroline du Sud

Travail d'ingénierie aérospatiale hautement qualifiée

Métrique de la main-d'œuvre	2023 données
Total des employés	156,000
Titulaires de diplômes avancés	38,500
Expérience d'ingénierie moyenne	12,7 ans

Technologies et brevets aérospatiaux propriétaires

Boeing détient 7 285 brevets actifs en 2023. Le portefeuille technologique d'une valeur d'environ 3,6 milliards de dollars.

• Matériaux composites avancés
• Technologie des systèmes autonomes
• Plateformes de communication par satellite
• Innovations de propulsion aérospatiale

Réserves de capital financier et d'investissement substantiels

Métrique financière	Valeur 2023
Réserves en espèces totales	13,7 milliards de dollars
Actif total	153,4 milliards de dollars
Dépenses en capital annuelles	1,9 milliard de dollars
Investissement en recherche	2,4 milliards de dollars

The Boeing Company (BA) - Modèle d'entreprise: propositions de valeur

Solutions de technologie aérospatiale avancée

Boeing a généré 66,6 milliards de dollars de revenus pour 2023, avec des solutions technologiques dans plusieurs secteurs aérospatiaux.

Segment technologique	Contribution des revenus
Technologie des avions commerciaux	35,4 milliards de dollars
Systèmes de technologie de défense	22,8 milliards de dollars
Espace & Technologie satellite	8,4 milliards de dollars

Aircraft commercial et militaire haute performance

Boeing a livré 396 avions commerciaux en 2023, maintenant le leadership mondial du marché.

• 737 MAX Série: 223 avions livrés
• 787 Dreamliner: 72 avions livrés
• 777 Série: 45 avions livrés
• Avions militaires: 56 plates-formes de défense spécialisées

Systèmes complets de défense et d'exploration spatiale

Le segment de la défense et de l'espace a généré 26,3 milliards de dollars en revenus 2023.

Plate-forme de défense	Valeur du contrat annuel
Avions militaires	12,5 milliards de dollars
Systèmes d'exploration spatiale	8,9 milliards de dollars
Technologies satellites	4,9 milliards de dollars

Ingénierie innovante du transport et de la technologie

Boeing a investi 2,6 milliards de dollars dans la recherche et le développement en 2023.

• Recherche de systèmes autonomes
• Technologies de propulsion électrique
• Ingénierie des matériaux avancés
• Intégration de l'intelligence artificielle

Produits aérospatiaux fiables et technologiquement supérieurs

Boeing maintient une flotte mondiale de plus de 10 000 avions commerciaux en service dans le monde.

Métriques de fiabilité des produits	Indicateur de performance
Fiabilité de répartition des avions commerciaux	99.2%
Plateforme militaire Présence opérationnelle	97.5%
Taux de réussite de la mission spatiale	98.7%

The Boeing Company (BA) - Modèle d'entreprise: relations clients

Contrats à long terme avec les compagnies aériennes et les agences de défense

Boeing maintient plus de 5 000 contrats d'avions commerciaux dans le monde en 2024. Contrats de défense d'une valeur de 26,9 milliards de dollars au cours de l'exercice 2023.

Type de contrat	Nombre de contrats	Valeur totale du contrat
Avion commercial	5,052	389,1 milliards de dollars
Contrats de défense	237	26,9 milliards de dollars

Services de support client et de maintenance dédiés

Boeing exploite 74 centres mondiaux de maintenance et de soutien avec 12 500 membres du personnel de support technique.

• Durée du contrat de maintenance des avions moyens: 15 ans
• Revenus de services de maintenance annuels: 8,3 milliards de dollars
• Disponibilité du support technique 24/7 dans 42 pays

Solutions de conception et d'ingénierie d'aéronefs personnalisés

Boeing fournit Solutions d'ingénierie personnalisées pour 87 clients mondiaux des compagnies aériennes.

Segment de clientèle	Niveau de personnalisation	Investissement ingénierie annuel
Compagnies aériennes commerciales	Haut	4,2 milliards de dollars
Agences militaires	Spécialisé	3,7 milliards de dollars

Consultation technique et engagement en cours sur le client

Boeing organise 1 248 séances de consultation technique chaque année avec des clients mondiaux.

• Durée moyenne de la consultation: 3,5 jours
• Taux de satisfaction du client: 94,6%
• Contrats de consultation récurrents: 76%

Réseau mondial de support client

Boeing maintient la présence du support client dans 150 pays avec 23 sièges régionaux.

Région	Centres de soutien	Budget de soutien annuel
Amérique du Nord	38	5,6 milliards de dollars
Europe	22	3,9 milliards de dollars
Asie-Pacifique	29	4,2 milliards de dollars

The Boeing Company (BA) - Modèle d'entreprise: canaux

Équipes de vente directes pour les marchés commerciaux et de défense

Boeing maintient 161 892 employés au total en 2023, avec des équipes de vente dédiées à des segments commerciaux et de défense. L'équipe commerciale des avions commerciaux de la société a généré 66,6 milliards de dollars de revenus en 2022.

Canal de vente	Nombre de représentants	Contribution annuelle des revenus
Ventes d'avions commerciaux	578	66,6 milliards de dollars
Équipe de vente de défense	412	26,4 milliards de dollars

Salons et expositions internationales aérospatiales

Boeing participe à des événements aérospatiaux mondiaux clés, avec un investissement marketing annuel de 124 millions de dollars dans les canaux de salon et d'exposition.

• Spectacle aérien de Paris
• Farnborough International Airshow
• Dubaï Air Airchow
• Singapour Airshow

Plateformes techniques en ligne et communication numérique

Les canaux numériques de Boeing comprennent une plate-forme en ligne complète avec 3,2 millions de visiteurs de sites Web uniques et des dépenses de marketing numérique de 47,3 millions de dollars en 2022.

Canal numérique	Engagement mensuel	Budget annuel du marketing numérique
Site Web de l'entreprise	3,2 millions de visiteurs	47,3 millions de dollars
LinkedIn adepte	1,4 million	N / A

Réseaux de partenariat stratégiques

Boeing maintient des partenariats avec 14 000 fournisseurs mondiaux et collaborateurs stratégiques, représentant 35,8 milliards de dollars de dépenses de passation des marchés annuels.

• Fournisseurs aérospatiaux de niveau 1
• Partenariats du gouvernement international
• Collaborateurs de la recherche et du développement

Canaux de marketing spécialisés de l'industrie aérospatiale

Boeing exploite les canaux de marketing de l'industrie spécialisés avec un budget marketing annuel de 276 millions de dollars dans divers segments aérospatiaux.

Canal de marketing	Investissement annuel	Segment cible
Publications de l'industrie	42,5 millions de dollars	Aviation commerciale
Événements de l'industrie de la défense	89,3 millions de dollars	Militaire et gouvernement
Conférences techniques	34,2 millions de dollars	Recherche et innovation

The Boeing Company (BA) - Modèle d'entreprise: segments de clientèle

Airlines commerciales dans le monde

Boeing dessert 291 clients des compagnies aériennes commerciales dans le monde en 2023. Les principaux clients des compagnies aériennes incluent:

Compagnie aérienne	Nombre d'avions Boeing	Valeur totale de la flotte
United Airlines	448 Boeing Aircraft	42,3 milliards de dollars
Compagnies aériennes américaines	392 Boeing Aircraft	38,7 milliards de dollars
Southwest Airlines	734 Boeing Aircraft	36,5 milliards de dollars

Organisations militaires et de défense mondiales

Le segment de la défense de Boeing dessert 58 pays ayant des contrats militaires.

• Valeur du contrat du ministère américain de la Défense: 23,8 milliards de dollars en 2022
• Ventes militaires internationales: 12,4 milliards de dollars par an
• Plates-formes d'avions militaires actifs: 27 modèles différents

Agences d'exploration spatiale gouvernementales

Agence	Valeur du contrat	Programmes actifs
NASA	4,6 milliards de dollars	Starliner, système de lancement de l'espace
Agence spatiale européenne	1,2 milliard de dollars	Développement de satellite

Sociétés privées de l'aérospatiale et de technologie

Boeing collabore avec 127 entreprises aérospatiales privées dans le monde.

• Partenariats spatiaux commerciaux: 42 accords actifs
• Contrats de transfert de technologie: 86 projets en cours
• Investissement total de partenariat: 3,7 milliards de dollars

Entreprises internationales de transport et de logistique

Boeing dessert 213 sociétés mondiales de logistique et de transport.

Segment	Nombre de clients	Revenus annuels
Cargo Airlines	94 clients	8,6 milliards de dollars
Logistique du fret	119 clients	5,3 milliards de dollars

The Boeing Company (BA) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement élevés

Les dépenses de R&D de Boeing pour 2023 étaient de 3,1 milliards de dollars, ce qui représente un investissement important dans l'innovation technologique et le développement de produits.

Année	Dépenses de R&D
2022	2,9 milliards de dollars
2023	3,1 milliards de dollars

Coûts de fabrication et de production étendus

Les coûts de fabrication de Boeing en 2023 ont totalisé environ 66,6 milliards de dollars, couvrant la production d'avions et les dépenses connexes.

• Coûts de production du segment des avions commerciaux: 45,2 milliards de dollars
• Défense, espace & Coûts de production du segment de sécurité: 21,4 milliards de dollars

Gestion complexe de la chaîne d'approvisionnement

Boeing gère une chaîne d'approvisionnement mondiale impliquant plus de 12 000 fournisseurs dans 50 pays, avec des frais de gestion de la chaîne d'approvisionnement annuels estimés à 1,5 milliard de dollars.

Investissements de talents de main-d'œuvre et d'ingénierie

L'indemnisation totale de la main-d'œuvre pour 2023 était de 25,3 milliards de dollars, couvrant environ 156 000 employés.

Catégorie des employés	Compensation annuelle moyenne	Nombre d'employés
Professionnels de l'ingénierie	$135,000	38,500
Fabrication de travailleurs	$85,000	68,000

Infrastructure technologique et dépenses de maintenance

Les coûts d'infrastructure technologique et de maintenance pour 2023 étaient de 1,8 milliard de dollars, y compris les investissements numériques de transformation numérique et de cybersécurité.

• Investissements pour l'infrastructure informatique: 750 millions de dollars
• Dépenses de cybersécurité: 350 millions de dollars
• Initiatives de transformation numérique: 700 millions de dollars

The Boeing Company (BA) - Modèle d'entreprise: Strots de revenus

Ventes d'avions commerciaux

Les ventes d'aéronefs commerciaux de Boeing en 2023 ont totalisé 33,8 milliards de dollars. Numéros de livraison d'aéronefs spécifiques:

Modèle d'avion	Unités livrées en 2023	Revenus générés
Boeing 737	504 unités	12,4 milliards de dollars
Boeing 787 Dreamliner	72 unités	8,6 milliards de dollars
Boeing 777	36 unités	5,9 milliards de dollars

Revenus des contrats militaires et de défense

Les revenus totaux du contrat de défense en 2023 ont atteint 26,5 milliards de dollars.

• Contrats du ministère américain de la Défense: 18,2 milliards de dollars
• Ventes militaires internationales: 8,3 milliards de dollars

Licence de technologie aérospatiale

Revenus de licence de technologie aérospatiale en 2023: 1,2 milliard de dollars

Catégorie de licence	Revenu
Licence de technologie commerciale	650 millions de dollars
Licence de technologie de défense	550 millions de dollars

Frais de service de maintenance et de support

Revenus totaux des services de maintenance et de support en 2023: 15,7 milliards de dollars

• Entretien des avions commerciaux: 9,3 milliards de dollars
• Support des avions militaires: 6,4 milliards de dollars

Contrats de la technologie de l'espace et des satellites

Revenus contractuels de la technologie de l'espace et des satellites en 2023: 5,6 milliards de dollars

Type de contrat	Revenu
Contrats de la NASA	3,2 milliards de dollars
Contrats de satellites commerciaux	2,4 milliards de dollars

The Boeing Company (BA) - Canvas Business Model: Value Propositions

The Boeing Company offers value through its established product lines and recovering operational performance, underpinned by a massive order book representing future revenue visibility.

High-capacity, fuel-efficient commercial jetliners (e.g., 787 Dreamliner).

The value proposition here is tied directly to production ramp-up and the sheer volume of future deliveries represented by the order book. The 787 platform is a key focus, with production rates increasing to meet strong demand.

Metric	Program/Variant	Value/Rate (as of late 2025)
Current Production Rate	787 Dreamliner	7 per month
Near-Term Production Target	787 Dreamliner	Aiming for 8 per month by year-end 2025 or early 2026
Long-Term Production Study	787 Dreamliner	Studying a potential rate of up to 16 per month
Total Unfulfilled Backlog	Commercial Airplanes	Approximately $535 billion
Total Orders to Date	787 Platform	2,277 orders
Total Deliveries to Date	787 Platform	1,229 as of October 2025
Next Major Delivery Timeline	777X	First delivery anticipated in 2027

Advanced, mission-critical defense and security systems for governments.

This segment provides value through securing national security contracts and delivering key military platforms. The backlog provides significant revenue assurance.

Metric	Program/Activity	Value/Volume (as of late 2025)
Defense, Space & Security Backlog	Total BDS Segment	$76 billion as of Q3 2025
Q3 2025 Revenue	Defense, Space & Security (BDS)	$6.9 billion
Year-over-Year Revenue Growth	BDS (Q3 2025 vs Q3 2024)	25 percent increase
Major Contract Win	U.S. Space Force Satellite Comms	$2.8 billion contract
Multi-Year Contract Value	PAC-3 Seekers Production	$2.7 billion
Key Platform Milestone	KC-46 Tanker Deliveries	100th tanker delivered across all customers

Comprehensive lifecycle support and digital services for fleet management.

Global Services offers steady, high-margin revenue streams by supporting the installed fleet, including maintenance and digital offerings.

Metric	Service/Segment	Value/Rate (as of late 2025)
Q3 2025 Revenue	Global Services (BGS)	$5.4 billion
Q2 2025 Revenue	Global Services (BGS)	$5.3 billion or $5.28 billion
Q3 2025 Operating Margin	Global Services (BGS)	17.5 percent
Segment Backlog Value	Global Services	$25 billion
Recent Contract Example	U.S. Navy F/A-18 Support	Award for repair of landing gear and outer wing panels

Operational reliability and safety improvements following recent challenges.

The value proposition includes a commitment to regaining operational stability, evidenced by regulatory approvals for production rate increases.

• 737 production stabilized at 38 per month in Q3 2025.
• FAA agreement in October 2025 to increase 737 production to 42 per month.
• The company is positioning the 737 program for a credible ramp to 52 per month by 2026.
• Commercial Airplanes delivered 160 airplanes in Q3 2025, the highest quarterly total since 2018.
• The 787 platform is performing well, operating at seven per month.

Long-term, high-value customer financing and leasing support.

The massive order backlog itself represents the long-term commitment from customers for future aircraft acquisition, which is supported by the company's financial structure.

The total company backlog, reflecting long-term commitments across all segments, stood at $636 billion at the end of Q3 2025. This figure gives you a clear view of contracted future revenue.

The Boeing Company (BA) - Canvas Business Model: Customer Relationships

The Boeing Company (BA) maintains deep, multi-decade commitments with its primary customer base, which is highly concentrated in the commercial airline sector and the US government/defense apparatus.

Dedicated, long-term B2B relationships with major global airlines.

The relationship with major global airlines is characterized by massive, multi-year commitments, often spanning decades for fleet planning and sustainment. The total company backlog as of the third quarter of 2025 stood at an impressive $636 billion. This backlog is heavily weighted toward commercial airplanes, with over 5,900 commercial aircraft valued at $535 billion at the end of Q3 2025. As of October 31, 2025, total unfilled orders before ASC 606 adjustments were 6,527 aircraft.

Key customer engagements in 2025 demonstrate this long-term focus:

• Qatar Airways placed an order in May 2025 for up to 210 widebody jets, including 130 787 Dreamliners and 30 777X airplanes, valued at $96 billion.
• Turkish Airlines announced a firm order in September 2025 for up to 75 Boeing 787 Dreamliners and up to 150 more 737 MAX airplanes.
• Norwegian Group ordered 30 Boeing 737-8 airplanes in September 2025, marking its first direct purchase since 2017.
• Major US customers like United Airlines and American Airlines continue to take deliveries, with Ryanair also being a significant recipient of the 737 MAX family.

The commercial backlog, as of October 31, 2025, shows the concentration in key models:

Aircraft Family	Remaining Orders (as of Oct 31, 2025)	Percentage of Adjusted Backlog
737 MAX (Excluding legacy variants)	4,775	73.2%
787 Family	1,048	N/A
777X Family	622	N/A

High-touch, consultative sales for large commercial and defense contracts.

Sales for large defense platforms and widebody commercial orders involve intensive, consultative engagement. The company's Q3 2025 revenue reached $23.3 billion, reflecting higher commercial delivery volume. The Global Services segment, critical for long-term support revenue, posted $5.3 billion in revenue for the second quarter of 2025. The TTM revenue ending September 30, 2025, was $80.757 billion.

Direct engagement with government procurement agencies (DoD, NASA).

Direct engagement with the US Department of Defense (DoD) and other government bodies drives significant, high-value, long-term contracts. The Defense, Space & Security segment generated $6.62 billion in revenue in Q2 2025. Recent contract awards highlight this direct relationship:

• A firm-fixed-price contract in November 2025 for 96 AH-64E Apache attack helicopters for Poland, awarded via the U.S. Army, was valued at nearly $4.7 billion.
• A July 2025 contract for Evolved Strategic Satellite (ESS) communications development and production, covering four ESS space vehicles, was worth $2,838,537,105.
• A November 2025 modification for KC-46A Pegasus tankers was valued at $2.47 billion for 15 additional units for the US Air Force.
• A modification in September 2025 for Global SATCOM brought the total contract value to $3.14 billion.

Customer-specific support teams for in-service fleet sustainment.

Sustainment is managed through dedicated teams, primarily under Global Services, supporting a fleet that is still heavily comprised of older models. Nearly one-third of the current commercial fleet is older than 20 years, driving renewal and support needs. The Apache helicopter fleet alone has over 1,300 aircraft operating worldwide, with sustainment provided by Boeing Global Services. The company is focused on stabilizing production to meet delivery schedules, which directly impacts customer satisfaction for in-service support planning. The 737 production rate stabilized at 38 per month in Q3 2025, with an agreement in October 2025 to increase to 42 per month.

Building trust through defintely improved safety and quality focus.

Rebuilding trust after significant safety incidents in prior years is a core relationship focus. The company reported a GAAP loss per share of ($0.92) in Q2 2025, an improvement of 60.5% from Q2 2024, and narrowed its net loss to $612 million in Q2 2025. The CEO stated in July 2025 that fundamental changes to strengthen safety and quality are producing improved results. The FAA jointly agreed in October 2025 to increase the 737 production rate to 42 per month, signaling regulatory confidence in the improved quality control processes. The company also recorded a pre-tax earnings charge of $4.9 billion in Q3 2025 related to updated 777X certification timing, which is a direct consequence of rigorous, safety-driven certification processes impacting customer delivery schedules.

The Boeing Company (BA) - Canvas Business Model: Channels

Direct sales force for commercial aircraft and defense systems is the primary route for large capital asset transactions.

For Commercial Airplanes, The Boeing Company delivered 160 airplanes in the third quarter of 2025, with revenue for that segment reaching $11.1 billion in the third quarter of 2025.

The 737 program stabilized production at 38 per month in the third quarter of 2025, jointly agreed with the Federal Aviation Administration in October to increase to 42 per month.

Boeing Global Services (BGS) uses its own channels for parts, training, and maintenance contracts, showing consistent profitability.

Boeing Global Services third quarter 2025 revenue was $5.4 billion, driven by higher volume, with an operating margin of 17.5 percent in that quarter.

In the second quarter of 2025, Boeing Global Services revenue was $5.3 billion, achieving an operating margin of 19.9 percent.

Government contracting processes are the exclusive channel for defense and space programs, managed through direct negotiation and competitive bidding with government entities.

The Defense, Space & Security segment secured a contract from the U.S. Space Force to enhance strategic satellite communication capabilities in the third quarter of 2025.

Specific defense contract awards in late 2025 include a total of more than $7.15 billion for the U.S. Army (Apache AH-64E helicopters) and Air Force (Lot 12 Production Aircraft and systems).

The U.S. Space Force awarded The Boeing Company an eight-year $2.8 billion contract to develop four jam-resistant satellites under the Evolved Strategic Satellites program.

The Defense, Space & Security segment backlog grew to $76 billion as of the third quarter of 2025.

The scale of revenue generation through these primary channels in the third quarter of 2025 was:

Channel/Segment	Latest Reported Revenue (Q3 2025)	Latest Reported Operating Margin	Key Activity/Metric
Commercial Airplanes (Direct Sales)	$11.1 billion	(Not specified for Q3 2025)	160 deliveries (Q3 2025)
Boeing Global Services (BGS)	$5.4 billion	17.5 percent	Secured award from U.S. Navy for F/A-18 repair
Defense, Space & Security (Government Contracts)	$6.9 billion	1.7 percent	Backlog of $76 billion (Q3 2025)

Licensing of Intellectual Property and technical data to partners is a channel, though specific associated revenue figures are not detailed in the latest segment reporting.

The total company backlog at the end of the third quarter of 2025 stood at $636 billion, including over 5,900 commercial airplanes.

The Boeing Company (BA) - Canvas Business Model: Customer Segments

You're looking at the core buyers for The Boeing Company's massive output, which is definitely not a single-market play. It's a B2B operation split between the skies and beyond the atmosphere.

Major global commercial airlines (legacy, low-cost, cargo carriers)

This segment drives the volume, focusing on fleet modernization and efficiency. The demand outlook remains high, with The Boeing Company's 2025 Commercial Market Outlook forecasting a need for 43,600 new commercial aircraft through 2044. So far in 2025, The Boeing Company delivered 440 aircraft through September 30th, with Q3 2025 being the highest quarterly total since 2018, delivering 160 airplanes that quarter. The total company backlog, as of the end of Q3 2025, stood at $636 billion. The Commercial Airplanes segment backlog alone was valued at $535 billion, comprising over 5,900 airplanes. This backlog represents approximately 11.1 years of work based on 2025 production estimates. You see major deals shaping this segment; for instance, in May 2025, Qatar Airways committed to 210 aircraft, including 146 737 MAX jets and 57 787 Dreamliners. Also in Q3 2025, Commercial Airplanes booked 161 net orders, including 50 787 airplanes for Turkish Airlines and 30 737-8 airplanes for Norwegian Group.

Here's a look at the order book status as of late 2025:

Metric	Value (As of late 2025)
Total Unfilled Orders (Before ASC 606)	6,576 aircraft (as of Sep 30, 2025)
737 MAX Aircraft in Unfilled Orders (Subset)	4,814 aircraft (as of Sep 30, 2025)
Percentage of Subset that are 737 MAXs	73.2 percent
Total Company Backlog Value	$636 billion (as of Q3 2025)
Commercial Airplanes Segment Backlog Value	$535 billion (as of Q3 2025)
Estimated Years of Production in Backlog	Approximately 11.1 years

US and international government agencies (Defense, Space, Security)

The Boeing Defense, Space & Security (BDS) division serves government entities, where purchasing cycles align with multi-year budget allocations. The company ranked as the fifth-largest US defense company in 2024, with defense revenues exceeding $31 billion that year. The BDS backlog was reported at $76 billion, supported by strong contract wins, including $9 billion secured in the third quarter of 2025. You can see the immediate impact of these government customers in recent contract awards.

Recent major contract awards to The Boeing Company's defense arm:

• Total value of two U.S. military contracts announced in late November 2025: over $7.15 billion.
• Firm-fixed-price contract for U.S. Army Apache AH-64E attack helicopters: $4.68 billion.
• Foreign military sales portion of the Army contract for Poland, Egypt, and Kuwait: over $2.2 billion.
• U.S. Air Force contract modification for Lot 12 Production Aircraft (KC-46 Pegasus tankers): $2.4 billion to $2.47 billion.
• Contract for F/A-18 cockpit system repairs awarded in December 2025: $104.4 million.

Aircraft leasing companies and financial institutions

These entities act as crucial intermediaries, financing the acquisition of new and converted aircraft for airline operators. For example, Dubai Aerospace Enterprise (DAE) has commitments for 236 Boeing aircraft, with 119 of those being from the 737 MAX family. Financing for deliveries in Latin America during the first half of 2025 concentrated on sale-leasebacks (SLB) and Japanese Operating Leases with Call Option (JOLCO). Also, AerCap Holdings N.V. delivered the first of three Boeing 777-300ERSF converted aircraft to Fly Meta Leasing on November 21, 2025. The 777-300ERSF received FAA and CAAI certification on August 31, 2025.

Space exploration and satellite operators

This specialized group within BDS focuses on high-technology systems. The Boeing Company remains a prominent integrator in the International Space Station. The BDS segment's portfolio includes satellite systems and space exploration products, which contribute to the overall BDS backlog of $76 billion as of Q3 2025. The segment's revenue growth year-over-year was 25 percent, supported by this broad portfolio.

Segment Revenue Comparison (Three Months Ended March 31, 2025):

Segment	Revenues (Millions USD)	Segment Operating Earnings/(Loss) (Millions USD)
Commercial Airplanes (BCA)	$26,360	($1,143)
Defense, Space, & Security (BDS)	$23,270	$151
Global Services (BGS)	$19,970	$916

Finance: draft 13-week cash view by Friday.

The Boeing Company (BA) - Canvas Business Model: Cost Structure

You're looking at the sheer scale of investment The Boeing Company must maintain to keep its production lines moving and its product pipeline funded. The cost structure is dominated by long-term, high-commitment spending.

High fixed costs from massive manufacturing infrastructure and tooling.

The physical footprint and specialized machinery required for commercial and defense aerospace production represent a massive fixed cost base. While specific fixed cost breakdowns aren't always isolated, the scale of the operation is evident in the asset base and production targets. The total assets of The Boeing Company stood at approximately $142.720 billion as of December 31, 2024.

The commitment to increasing output drives significant capital deployment:

• 787 Dreamliner production rate planned to increase to seven per month in 2025.
• 737 MAX production rate increasing to 42 aircraft per month.

Significant R&D and capital expenditure for new programs.

Research and Development (R&D) spending reflects the ongoing need to develop next-generation aircraft and defense systems. For the twelve months ending September 30, 2025, The Boeing Company's R&D expenses were $3.487 billion. This follows a fiscal year 2024 R&D expense of $3.812 billion.

Capital expenditure (CapEx) is also a major outlay, reflecting investment in property, plant, and equipment. For the three months ended March 31, 2025, capital expenditures were $0.7 billion, up from $0.6 billion for the same period in 2024. The company expected 2025 CapEx to be higher than 2024 levels.

Program charges, including a 777X pre-tax charge of $4.9 billion.

Development delays result in significant accounting charges that hit the income statement. In the third quarter of 2025, The Boeing Company took a pre-tax charge of $4.9 billion tied to the continued delay of the 777X program, pushing first delivery to 2027. This specific charge increased the loss per share by $6.45 for that quarter. With this latest event, the total accumulated charges on the 777X program reached $15.9 billion.

The magnitude of program-related costs can be seen in the table below, contrasting the Q3 2025 charge with prior program losses:

Program Cost Item	Amount (Billions USD)	Period/Date
Latest 777X Pre-tax Charge	$4.9	Q3 2025
Total Accumulated 777X Charges (as of Q3 2025)	$15.9	As of Q3 2025
777X Reach-forward Loss (2024)	$3.4	Fiscal Year 2024
777X Abnormal Production Costs (2023)	$0.513	Fiscal Year 2023

High variable costs for raw materials, components, and labor.

Variable costs scale with production volume. Total costs and expenses for The Boeing Company for the three months ended June 30, 2024, were $30,330 million. Labor costs are a significant component, especially given the recent contract agreement with machinists in November 2024. The company's total backlog, representing future revenue from which these costs will be covered, stood at $636 billion as of the Q3 2025 report.

Costs associated with quality control and regulatory compliance improvements.

Addressing quality issues and meeting heightened regulatory scrutiny requires substantial, often unbudgeted, spending. This is embedded within operating expenses and program charges. For instance, the company is still working on a solution for an engine anti-ice issue on the 737 MAX 7 and 10 variants, which requires hardware and software modifications to test aircraft. The Defense, Space & Security (BDS) segment noted the high degree of auditor judgment required for estimates on fixed-price development contracts like the KC-46A Tanker and T-7A Redhawk due to operational and technical complexities.

The cost structure is heavily influenced by these non-recurring and compliance-driven expenditures:

• Increased production rates require significant supply chain and labor management, directly impacting variable costs.
• The need to regain trust with regulators and customers drives spending on internal process improvements.
• The company is working to stabilize its production system and supply chain to manage these variable cost pressures.

The Boeing Company (BA) - Canvas Business Model: Revenue Streams

You're looking at the core ways The Boeing Company brings in cash, which is heavily weighted toward large, infrequent transactions from governments and airlines. Honestly, the sheer size of the order book tells you most of the story about future revenue visibility.

The largest single component remains the sale of new aircraft. This is the headline number that drives market sentiment, even if the cash doesn't hit the bank immediately. The Commercial Airplanes division has a massive order book supporting future deliveries.

• Commercial Airplanes sales backlog valued at over $535 billion.
• Total company backlog stood at $636 billion at the end of Q3 2025.
• This backlog represents commitments for over 5,900 commercial airplanes.

The Defense, Space & Security (BDS) segment provides a more stable, though often lower-margin, revenue base tied to multi-year government contracts. This acts as a crucial ballast when commercial sales fluctuate. You see clear contract wins driving this segment's value.

Here's a quick look at the segment revenue and backlog as of Q3 2025, based on recent reporting:

Revenue Stream Component	Q3 2025 Revenue (Millions USD)	Backlog Value (Billions USD)
Commercial Airplanes	$11,094	$535
Defense, Space & Security (BDS)	$6,902	$74
Global Services (BGS)	$5,370	N/A

Global Services (BGS) is the high-margin segment you want to watch for consistent cash generation. This revenue comes from the existing fleet worldwide, meaning it's less susceptible to the multi-year sales cycle of new jets. Think parts, maintenance, repair, and overhaul (MRO), plus training services.

• Global Services third quarter revenue was $5.4 billion (rounded from $5,370 million).
• This segment delivered an operating margin of 17.5 percent in the quarter.
• Revenue growth was driven by higher commercial and government volume.

Finally, you can't ignore the cash flow timing from these massive, multi-year contracts. The Boeing Company collects money long before the final delivery, which is critical for funding the production ramp-up. These are the advance payments and progress payments you see on the balance sheet.

Looking at the Q3 2025 cash flow statement, the movement in customer prepayments was significant:

For the three months ended September 30, 2025, the change in Advances and progress billings resulted in a net cash outflow (use) of $2.065 billion (or $2,065 million). This reflects the company using cash received previously to fund current production costs, which is normal given the delivery pace.

To put the top-line performance in context, the total Q3 2025 revenue reached $23.3 billion, primarily driven by the delivery of 160 commercial airplanes in that period. Finance: draft 13-week cash view by Friday.