The Boeing Company (BA): Business Model Canvas [Dec-2025 Updated]

You're trying to make sense of The Boeing Company right now, especially with the 2025 production ramp-up putting pressure on everything. Honestly, mapping out their business model is the clearest way to see where the risk and reward truly lie. This canvas distills how they manage a massive $\text{535}$ billion commercial order backlog and $\text{23.0}$ billion in cash, while simultaneously tackling big charges like the $\text{4.9}$ billion on the 777X program and stabilizing quality control. It shows you the engine manufacturers they depend on and how their $\text{23.3}$ billion Q3 2025 revenue connects to their global services arm. Take a look below; this structure tells the whole story of their current fight to deliver.

The Boeing Company (BA) - Canvas Business Model: Key Partnerships

You're looking at the backbone of The Boeing Company (BA)'s production and development engine-the partnerships that make those massive commercial and defense programs possible. Honestly, without this network, the entire operation stalls.

The foundation rests on a global network of thousands of Tier 1 and Tier 2 suppliers. The Boeing supplier network includes more than 20,000 suppliers and partners globally, all sharing the company's enduring values of safety, quality, and integrity. This scale is necessary to support the backlog, which for the Defense, Space & Security (BDS) segment alone stood at $76 billion at the end of the third quarter of fiscal 2025.

A major recent structural change involves the strategic acquisition of Spirit AeroSystems. The total transaction value is estimated at $8.3 billion, which includes Boeing taking on the fuselage supplier's roughly $4 billion debt, alongside the direct $4.7 billion all-stock deal value. This closing, expected by the end of 2025, is contingent on divestitures to competitors like Airbus to maintain market balance.

Engine manufacturers remain critical for aircraft integration and future development. For the Boeing 787 Dreamliner, options include the GEnx-1B from GE Aerospace and the Trent 1000 from Rolls-Royce. Furthermore, The Boeing Company has initiated preliminary discussions with Rolls-Royce to develop a new engine for a next-generation single-aisle aircraft intended to succeed the 737 MAX. For context on scale, GE Aerospace reported $32 billion in revenue for 2024, while the Rolls-Royce aerospace division generated £13.5 billion that same year.

Key international partners, such as those represented by Japan Aircraft Industries (JAI), are deeply embedded. Japanese partners supply upwards of 21 percent of the major aircraft structure components for the planned new 777X model. This relationship is significant; in 2014, The Boeing Company procured over $5 billion from Japan, with an expectation to purchase $36 billion in goods and services from Japan between 2014 and the end of the decade. More recently, in July 2025, Japan committed to purchasing up to 100 The Boeing Company aircraft as part of a trade agreement.

Joint ventures for defense and space programs are essential for stable, long-term revenue streams, often insulating the company from commercial volatility. The United Launch Alliance (ULA), a joint venture with Lockheed Martin, was on track to execute 12 launches in 2025, a significant increase from the 3 launches conducted in 2023. This segment's importance is underscored by its Q3 2025 revenue of $6.9 billion.

Here's a quick look at the scale of some of these key relationships:

If onboarding a critical Tier 1 supplier takes longer than 14 months, production schedule risk rises defintely.

Finance: draft 13-week cash view by Friday.

The Boeing Company (BA) - Canvas Business Model: Key Activities

You're looking at the core engine of The Boeing Company right now, which is all about getting metal built and delivered, while simultaneously fixing the deep-seated issues that caused the recent production slowdowns. It's a delicate balance between output and absolute quality control, especially given the regulatory scrutiny.

Final assembly and integration of commercial aircraft (e.g., 737 MAX, 787)

The focus here is on ramping production rates back up to meet the massive backlog, but only after securing regulatory sign-off at each step. You saw the 737 MAX production cap lifted in October 2025, allowing a move from the previous 38 per month rate to a new target of 42 per month. The company is positioning the program to hit that 42-a-month rate soundly by the end of 2025. For the 787 Dreamliner, the rate has climbed from five to seven per month, with the goal to exit 2025 producing eight monthly and reach 10 monthly in 2026. The total commercial deliveries for the third quarter of 2025 hit 160 airplanes, the highest quarterly total since 2018.

The sheer volume of work is reflected in the order book, which remains substantial:

Honestly, hitting these delivery numbers is what drives the immediate revenue recovery, even if the programs themselves are still working through profitability challenges.

Research, development, and certification of new aircraft programs (e.g., 777X)

The 777X program is definitely the most costly activity in terms of near-term financial impact due to delays. The expected first delivery for the 777-9 has slipped again, now anticipated in 2027. CEO Kelly Ortberg noted in September 2025 that the company faces a "mountain of work" to complete the certification process. This delay resulted in a significant financial hit:

• The third quarter of 2025 included a pre-tax earnings charge of $4.9 billion related to the updated 777X certification timing.
• The program was launched in November 2013.
• As of October 2025, there are 565 total orders for the 777X variants from 12 customers.

The R&D and certification work is a necessary, albeit expensive, key activity to unlock future widebody revenue streams.

Defense and space systems manufacturing and contract execution

This segment provides a crucial counter-balance to the commercial volatility. Defense, Space & Security (BDS) revenue for the third quarter of 2025 was $6.9 billion. The backlog for BDS grew to $76 billion by the end of Q3 2025. You can see the contract execution in the recent awards:

In November 2025 alone, the company secured two major contracts totaling over $7.15 billion from the U.S. Army and Air Force.

• The U.S. Army contract for Apache AH-64E attack helicopters and trainers was valued at $4.68 billion.
• This Army award includes over $2.2 billion in foreign military sales funds designated for Poland, Egypt, and Kuwait.
• A separate modification for the U.S. Air Force was for $2.4 billion.
• Separately, a Lot 12 contract for 15 additional KC-46A Pegasus tankers was worth US$2.47 billion.
• A June 2025 award for Evolved Strategic Satellite (ESS) communications was for $2,838,537,105.

This work is definitely keeping the production lines moving in Mesa, Arizona, and Seattle, Washington, for example.

Global sustainment, maintenance, repair, and overhaul (MRO) services

The Global Services (BGS) segment is consistently reported as highly profitable, which you need to see given the losses elsewhere. Third quarter 2025 revenue for Global Services was $5.4 billion, up from $5.3 billion in the second quarter. The operating margin in Q3 2025 was 17.5 percent.

Key activities here include securing new support contracts, such as the one in Q3 2025 with the U.S. Navy for F/A-18 landing gear repair and a collaboration with Korean Air on predictive maintenance analytics. This segment is a vital source of stable, high-margin cash flow.

Improving quality control and stabilizing production systems

This is the foundational activity that underpins everything else. The entire strategy pivoted in 2025 to prioritize this over speed. The company is focused on meeting six goals agreed upon with the FAA to stabilize production. The acquisition of Spirit AeroSystems, planned to close by year-end 2025 for about $4.7 billion, is central to this effort, as it brings the key 737 fuselage production site back in-house.

Tangible improvements are being reported:

• Spirit AeroSystems showed a 50% reduction in fuselage defects.
• In 787 final assembly, new protocols cut tool loss by 85%.
• The company is planning to build a new 'North Line' production line at the Everett factory to support future 737 output increases.

The financial impact of this stabilization effort is tied to cash flow; the company projects an estimated cash outflow of about $2 billion for 2025, with a turn to positive free cash flow in 2026. Steady progress at a reasonable pace matters more than speed, as CEO Stephanie Pope stated.

The Boeing Company (BA) - Canvas Business Model: Key Resources

You're looking at the bedrock of The Boeing Company's ability to deliver on its massive order book, which is what really matters right now. These aren't just assets; they are the physical and financial engines keeping the production ramp-up moving, even with the ongoing challenges.

The foundation of The Boeing Company's competitive edge is its Extensive Intellectual Property (IP) portfolio and design patents. While a precise, current count of patents isn't public daily, the commitment to maintaining this edge is clear through investment. For instance, R&D investment in 2024 was reported at $3.8 billion. This spending fuels the proprietary technologies in areas like advanced avionics and composite materials that underpin their aircraft families.

Next, you have the Large, specialized global manufacturing facilities. The Renton, Washington, factory is where the 737 MAX line runs, which stabilized production at 38 per month in the third quarter of 2025, with an agreement with the FAA to increase to 42 per month. Over in North Charleston, South Carolina, the 787 Dreamliner program is getting a major boost. The company broke ground on a $1 billion expansion to add a second 1.2 million-square-foot final assembly building. This investment is specifically designed to support the 787 production rate target of 10 airplanes per month by 2026.

The sheer volume of future work is a resource in itself-the Substantial order backlog. As of the end of the third quarter of 2025, the total company backlog stood at $636 billion. Specifically for commercial airplanes, the backlog includes over 5,900 firm orders. To be fair, the most recent snapshot from October 31st, 2025, showed total unfilled orders before ASC 606 adjustments at 6,527 aircraft.

The human capital is irreplaceable. The Highly skilled aerospace engineering and technical workforce represents decades of accumulated knowledge. As of Q4 2023, the engineering workforce alone comprised 49,139 technical professionals. That deep bench of experience is critical for navigating complex certification processes and resolving production issues on legacy programs.

Finally, the liquidity position provides the necessary operational flexibility. As of the end of the third quarter of 2025, The Boeing Company reported Cash and marketable securities totaling around $23.0 billion. This stable cash position, which remained flat from the prior quarter, is vital for funding the ongoing operational recovery and the Spirit AeroSystems acquisition, which is targeted for completion by year-end. They also maintain $10.0 billion in undrawn credit facilities.

Here's a quick view of the key figures underpinning these resources:

The company's operational strength relies on these tangible and intangible assets working in concert. You can see the focus is clearly on translating that backlog into physical output, supported by the cash on hand.

• Renton Facility: Primary site for 737 MAX production.
• North Charleston Facility: Home to 787 Dreamliner final assembly.
• Engineering Workforce Size (Closest Data): 49,139 technical professionals.
• 2024 R&D Investment: $3.8 billion.

If onboarding at the new 787 lines takes longer than the planned 2026 target, the ability to convert that $636 billion backlog into revenue will definitely slow down.

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.

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.

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.

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:

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:

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:

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):

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:

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:

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.