BOEING CO

Cash Flow Summary

Operating Activities Net cash used by operating activities was $0.3 billion during the nine months ended September 30, 2025, compared with $8.6 billion during the same period in 2024. The $8.3 billion decrease in net cash used by operating activities was primarily driven by higher commercial airplane deliveries, lower customer considerations and working capital improvements.

Non-cash items for the nine months ended September 30, 2025, was $8.3 billion compared with $6.3 billion during the same period in 2024. The change in Non-cash items was primarily due to higher 777X reach-forward losses recorded during the nine months ended September 30, 2025 compared with the same period in 2024.

Changes in assets and liabilities during the nine months ended September 30, 2025, improved by $4.4 billion compared with the same period in 2024, primarily driven by favorable changes in Inventories ($6.7 billion) and Accounts payable ($0.4 billion), partially offset by unfavorable changes in Advances and progress billings ($3.7 billion). The change in Inventories was primarily driven by higher deliveries on our commercial airplane programs during the nine months ended September 30, 2025, as compared to the same period in 2024. The change in Accounts payable during the nine months ended September 30, 2025, compared to the same period in 2024 reflects increased production primarily in our commercial airplanes business. The change in Advances and progress billings during the nine months ended September 30, 2025, compared to the same period in 2024 was primarily driven by increased commercial airplane deliveries and revenue recognized at BDS, partially offset by higher advances on commercial airplane orders. Concessions paid to 737 MAX customers totaled $0.1 billion and $0.8 billion for the nine months ended September 30, 2025 and 2024.

Payables to suppliers who elected to participate in supply chain financing programs decreased by $0.8 billion and $0.2 billion during the nine months ended September 30, 2025 and 2024. Supply chain financing is not material to our overall liquidity.

Investing Activities Net cash used by investing activities during the nine months ended September 30, 2025, was $5.9 billion, compared with net cash provided of $0.7 billion during the same period in 2024. The increase in cash used was primarily due to net contributions to investments of $3.7 billion in 2025 compared with net proceeds from investments of $2.8 billion in 2024. During the nine months ended September 30, 2025 and 2024, capital expenditures were $2.0 billion and $1.6 billion. We continue to expect capital expenditures in 2025 to be higher than in 2024.

Financing Activities Net cash used by financing activities was $0.8 billion during the nine months ended September 30, 2025, compared with net cash provided of $5.2 billion during the same period in 2024. During the nine months ended September 30, 2025, net repayments were $0.6 billion compared with net borrowings of $5.3 billion during the same period in 2024. Dividends paid on mandatory convertible preferred stock during the nine months ended September 30, 2025, was $0.2 billion.

As of September 30, 2025, the total debt balance was $53.4 billion, down from $53.9 billion at December 31, 2024. At September 30, 2025, $8.7 billion of debt was classified as short-term.

Capital Resources

At September 30, 2025, we had $6.2 billion of cash, $16.8 billion of short-term investments, and $10.0 billion of unused borrowing capacity on revolving credit line agreements. In August 2025, we entered into a $3.0 billion, 364-day revolving credit agreement expiring in August 2026. This facility replaced the $3.0 billion, three-year revolving credit agreement which was scheduled to terminate in August 2025. The 364-day credit facility has a one-year term out option which allows us to extend the maturity of any borrowings until August 2027. Our legacy $3.0 billion, five-year revolving credit agreement expiring in August 2028 and $4.0 billion, five-year revolving credit agreement expiring in May 2029 each remain in effect. We anticipate that these credit lines will primarily serve as back-up liquidity to support our general corporate borrowing needs. At September 30, 2025 we were in full compliance with all covenants contained in our debt and credit facility agreements.

For discussion related to the Spirit Acquisition and Digital Aviation Solutions Divestiture, see Note 2 and Note 3 to our Condensed Consolidated Financial Statements.

We currently maintain investment grade credit ratings across all three credit rating agencies. In June 2025, Fitch affirmed the BBB- credit rating and revised the outlook to stable from negative. In April 2025, S&P affirmed the BBB- credit rating with a negative outlook and removed the credit watch negative. At Moody's we are rated Baa3 with a negative outlook.

We expect to be able to access capital markets when we require additional funding to support our operations, pay off existing debt, address impacts to our business related to market developments, fund outstanding financing commitments or meet other business requirements; however, a number of factors could increase the cost of borrowing, jeopardize our ability to incur debt on terms acceptable to us, and negatively impact our access to the capital and financial markets and our ability to fund our operations and commitments. These factors include further downgrades in our credit ratings, disruptions or declines in the global capital markets, a decline in our financial performance or outlook, a delay in our ability to ramp up production and deliveries, and changes in demand for our products and services. The occurrence of any or all of these events may adversely affect our ability to fund our operations and financing or contractual commitments. See “Risks Related to Financing and Liquidity” under “Item 1A. Risk Factors” of our 2024 Annual Report on Form 10-K.

Any future borrowings may affect our credit ratings and are subject to various debt covenants. The most restrictive covenants include a limitation on mortgage debt and sale and leaseback transactions as a percentage of consolidated net tangible assets (as defined in the credit agreements), and a limitation on consolidated debt as a percentage of total capital (as defined in the credit agreements). When considering debt covenants, we continue to have substantial borrowing capacity.

Off-Balance Sheet Arrangements

We are a party to certain off-balance sheet arrangements including certain guarantees. For discussion of these arrangements, see Note 12 to our Condensed Consolidated Financial Statements.