Risk Sleuth
BA · 10-K filed 30 Jan 2026 · year to 31 Dec 2025

Boeing

30 named things its latest annual report says its results depend on, each in the company's own words. 23 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

U.S. government

earns from · 35% of our revenuesnamed as a risk
In 2025, 35% of our revenues were earned pursuant to U.S. government contracts, which include FMS.Risk factors (Item 1A)

Also named by ADI, AIR, APH, ASTS, ATI, AVAV, AWK, BWXT and 46 more

Non-U.S. customers

earns from · 46% of our total revenues and 60% of Commercial Airplanes revenuenamed as a risk
In 2025, non-U.S. customers, which include Foreign Military Sales through the U.S. government (FMS), accounted for 46% of our total revenues and 60% of Commercial Airplanes revenue from customer contracts.Risk factors (Item 1A)

Also named by AMAT

U.S. Department of War

earns fromnamed as a risk
We derive a substantial portion of our revenue from the U.S. government, primarily from defense related programs with the United States Department of War (DoW) and contracts with other government agencies, including NASA.Risk factors (Item 1A)

Also named by AIR, CACI, CDRE, CVLG, GD, HII, LHX, MP and 4 more

NASA

earns fromnamed as a risk
In addition, there continues to be uncertainty with respect to future acquisition priorities and program-level appropriations for the DoW, NASA and other government agencies, including changes to national security and defense priorities, and tension between modernization investments, sustainment investments, and investments in new technologies or emergent capabilities.Risk factors (Item 1A)

Also named by LHX, LMT, NOC, RKLB, SPIR, TDY

Commercial airlines

concentrated innamed as a risk
We derive a significant portion of our revenues from a limited number of commercial airlines.Risk factors (Item 1A)

Also named by AIR, EXPD, VSAT

Suppliers

Sole-source suppliers

depends onnamed as a risk
Many major components and product equipment items are procured or subcontracted on a sole-source basis.Business (Item 1)

Also named by AVAV, AYI, BDX, HII, IONQ, KMB, LHX, NOC and 6 more

Spirit AeroSystems Holdings, Inc.

depends onnamed as a risk
The Spirit Acquisition closed in December 2025, and difficulties in integrating Spirit may result in the failure to realize anticipated benefits of the acquisition (including anticipated synergies and safety and quality improvements) in the expected timeframe or at all, as well as operational challenges, the diversion of management’s attention from other ongoing business concerns, and unforeseen expenses, which may have an adverse impact on our operations and our financial position, results of operations and cash flows.Risk factors (Item 1A)

Partners and platforms

Export-Import Bank of the United States

depends onnamed as a risk
•the uncertainty of the ability of non-U.S. customers to finance purchases, including the availability of financing from the Export-Import Bank of the United States;Risk factors (Item 1A)

Other companies

International Association of Machinists and Aerospace Workers (IAM)

25%named as a risk
During 2024, employees represented by IAM District 751, which represents over 30,000 Boeing manufacturing employees primarily located in Washington state, went out on strike for 53 days, halting production of most of our commercial aircraft and certain of our Defense, Space & Security products, and materially adversely impacting our business and financial position.Business (Item 1)

Also named by TEM, UAL, UPS

777X program

$4.9 billion and $3.5 billionnamed as a risk
For example, the 777X program, which launched in 2013 and is currently expecting first delivery in 2027, recognized additional reach-forward losses of $4.9 billion and $3.5 billion in 2025 and 2024, primarily due to production challenges, certification and delivery delays, and higher estimated labor and supplier costs.Risk factors (Item 1A)

Competitors

Airbus

competes withnamed as a risk
BCA faces aggressive international competitors who are intent on increasing their market share, such as Airbus and entrants from China.Business (Item 1)

Also named by BRK/B, CW, GNTX, RBC, RTX, TDG, TDY

RTX Corporation

competes with
BDS faces strong competition primarily from General Dynamics Corporation, Lockheed Martin Corporation, Northrop Grumman Corporation, RTX Corporation and SpaceX.Business (Item 1)

Also named by CARR, HWM, LMT, OTIS, WWD

Lockheed Martin Corporation

competes with
BDS faces strong competition primarily from General Dynamics Corporation, Lockheed Martin Corporation, Northrop Grumman Corporation, RTX Corporation and SpaceX.Business (Item 1)

Also named by AVAV, NOC

SpaceX

competes with
BDS faces strong competition primarily from General Dynamics Corporation, Lockheed Martin Corporation, Northrop Grumman Corporation, RTX Corporation and SpaceX.Business (Item 1)

Also named by RBC, RKLB

Northrop Grumman Corporation

competes with
BDS faces strong competition primarily from General Dynamics Corporation, Lockheed Martin Corporation, Northrop Grumman Corporation, RTX Corporation and SpaceX.Business (Item 1)

General Dynamics Corporation

competes with
BDS faces strong competition primarily from General Dynamics Corporation, Lockheed Martin Corporation, Northrop Grumman Corporation, RTX Corporation and SpaceX.Business (Item 1)

Places

St. Louis, Missouri

operates in · approximately 3,200 employeesnamed as a risk
During 2025, employees represented by IAM District 837, which represents approximately 3,200 employees at our St. Louis area sites, went out on strike for 101 days, disrupting our St. Louis operations and impacting programs including F/A-18, F-15, T-7A, MQ-25 and Weapons.Risk factors (Item 1A)

Also named by SF

China

earns fromnamed as a risk
For example, in the second quarter of 2025, certain customers in China paused accepting our deliveries in response to ongoing tariff negotiations between the U.S. and China.Risk factors (Item 1A)

Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more

European Union

earns fromnamed as a risk
Impacts from potential deterioration in geopolitical or trade relationships between the U.S. and other countries, particularly China and European Union member states, including as a result of the risks described above, could have a material adverse impact on our financial position, results of operations and/or cash flows.Risk factors (Item 1A)

Also named by ABBV, ADM, AVY, DXCM, ENB, FPI, GEHC, GS and 4 more

Commodities and inputs

Aluminum

depends onnamed as a risk
The most important raw materials required for our aerospace products are aluminum (sheet, plate, forgings and extrusions), titanium (sheet, plate, forgings and extrusions) and composites (including carbon and boron).Business (Item 1)

Also named by AAON, ACHR, ALSN, AYI, BALL, BF/B, BWA, CAG and 59 more

Electricity

exposed to its pricenamed as a risk
We are also dependent on the availability of energy sources, such as electricity, at affordable prices.Business (Item 1)

Also named by AA, AESI, APD, APLD, ATI, ATO, BMNR, CLF and 22 more

Titanium

depends onnamed as a risk
In addition, if one or more of the raw materials on which we depend (such as aluminum, titanium or composites) becomes unavailable to us or our suppliers, or is available only at very high prices, including as a result of increased tariffs and trade restrictions, or has quality issues or defects, we may be unable to deliver one or more of our products in a timely fashion or at budgeted costs.Risk factors (Item 1A)

Also named by CRS, HON, HWM, RTX, ZBH

Composites (carbon and boron)

depends onnamed as a risk
The most important raw materials required for our aerospace products are aluminum (sheet, plate, forgings and extrusions), titanium (sheet, plate, forgings and extrusions) and composites (including carbon and boron).Business (Item 1)

Also named by RKLB

Regulators

Federal Aviation Administration (FAA)

subject tonamed as a risk
The 737 program may only increase production rates and/or implement new production lines with the concurrence of the FAA.Business (Item 1)

Also named by ACHR, AIR, ALK, AMT, AVAV, BRK/B, CCI, CW and 27 more

Defense Contract Audit Agency

subject tonamed as a risk
U.S. government agencies, including the Defense Contract Audit Agency and the Defense Contract Management Agency, routinely audit government contractors.Risk factors (Item 1A)

Also named by ACN, CACI, CDRE, FLR, HII, KTOS, LDOS, LMT and 6 more

European Union Aviation Safety Agency

subject to
These requirements are generally administered by the national aviation authorities of each country and, in the case of Europe, coordinated by the European Union Aviation Safety Agency.Business (Item 1)

Also named by TDG, TXT, WLFC

Laws and programs

BDS fixed-price development programs (KC-46A, T-7A, Commercial Crew, VC-25B, MQ-25)

$5.0 billion of additional lossesnamed as a risk
For example, during 2024, BDS recorded $5.0 billion of additional losses on its five most significant fixed-price development programs (KC-46A Tanker, T-7A Red Hawk, Commercial Crew, VC-25B Presidential Aircraft, and MQ-25), which also affect cash flows in future periods.Risk factors (Item 1A)

U.S. tariffs

subject tonamed as a risk
Tariffs and any retaliatory actions could significantly increase the cost of our products and, particularly with respect to our commercial aircraft, result in lower demand for our products, delivery delays, and terminations of orders by customers.Risk factors (Item 1A)

Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more

Foreign Military Sales

earns fromnamed as a risk
In 2025, non-U.S. customers, which include Foreign Military Sales through the U.S. government (FMS), accounted for 46% of our total revenues and 60% of Commercial Airplanes revenue from customer contracts.Risk factors (Item 1A)

Also named by AVAV, GD, NOC

SAFETY Act (Homeland Security Act of 2002)

subject tonamed as a risk
While some of these products are shielded from liability within the U.S. under the SAFETY Act provisions of the 2002 Homeland Security Act, no such protection is available outside the U.S., potentially resulting in significant liabilities.Risk factors (Item 1A)