The Boeing Company (BA)

Sector: Industrials|Industry: Aerospace & Defense|Market Cap: $126.76B|Employees: 171K


The Boeing Company is a leading global aerospace firm that designs, manufactures, and sells commercial airplanes, defense products, and space and security systems. Its primary revenue streams come from commercial aircraft sales, defense contracts, and global services. Boeing holds a strong market position due to its brand recognition, technological expertise, and global reach.

  1. Filings
  2. Company Profile

Business Summary

The Boeing Company designs, develops, manufactures, sells, services, and supports commercial jetliners, military aircraft, satellites, missile defense, human space flight and launch systems. It operates through three segments: Commercial Airplanes (BCA); Defense, Space & Security (BDS); and Global Services (BGS). BCA offers a family of commercial airplanes, including the 737, 767, 777, 787, and 777X. BDS focuses on manned and unmanned military aircraft and weapons systems, strategic defense and intelligence systems, and satellite systems. BGS provides services to commercial and defense customers worldwide, including supply chain, engineering, maintenance, and training. Boeing faces competition from Airbus in the commercial market and companies like Lockheed Martin, Northrop Grumman, and Raytheon Technologies in the defense market.

Key Statistics

  • Employees: 171,000 (as of December 31, 2023)
  • Geographic Footprint: Operates in multiple countries with 14% of workforce outside the U.S.
  • Headquarters: Arlington, Virginia
  • Founded: 1916
  • Number of locations/facilities: Multiple (Specific number not provided)
  • Revenue: $77.8 billion (FY2023)
  • Market Cap: $127.3 billion (as of June 30, 2023)
  • Key Subsidiaries/Brands: Boeing Distribution, Inc., Jeppesen Inc.

Leadership

  • CEO: David L. Calhoun
  • CFO: Brian J. West
  • Board Chair: Lawrence W. Kellner
  • Other Key Executives: Theodore Colbert III (Executive Vice President, President and Chief Executive Officer, Boeing Defense, Space & Security), Michael D'Ambrose (Chief Human Resources Officer and Executive Vice President, Human Resources), Stanley A. Deal (Executive Vice President, President and Chief Executive Officer, Boeing Commercial Airplanes), Susan Doniz (Chief Information Officer and Senior Vice President, Information Technology & Data Analytics), Brett C. Gerry (Chief Legal Officer and Executive Vice President, Global Compliance), Howard E. McKenzie (Chief Engineer and Executive Vice President, Engineering, Test & Technology), Brendan J. Nelson (Senior Vice President and President, Boeing International), Ziad S. Ojakli (Executive Vice President, Government Operations), Stephanie F. Pope (Executive Vice President and Chief Operating Officer), D. Christopher Raymond (Executive Vice President, President and Chief Executive Officer, Boeing Global Services)

Key Financial Metrics

  • Annual Revenue: $77.8 billion (FY2023)
  • Net Income: ($2.2) billion (FY2023)
  • Market Cap: $127.3 billion (as of June 30, 2023)
  • Total Assets: $137.0 billion (FY2023)
  • Number of Employees: 171,000 (as of December 31, 2023)
  • Key Financial Highlights: Revenue increased by $11.2 billion compared to FY2022, driven by growth across all segments. The company experienced a net loss, but operating cash flow improved significantly.

Products and Services

Boeing offers a wide range of aerospace products and services, categorized primarily under its three business segments:

  • Commercial Airplanes: This segment produces and sells commercial jet aircraft, including the 737, 767, 777, 787, and the in-development 777X.
  • Defense, Space & Security: This segment develops and produces military aircraft, weapons systems, strategic defense and intelligence systems, and satellite systems. Examples include the F/A-18, F-15, T-7A Red Hawk, CH-47 Chinook, AH-64 Apache, P-8, and various satellites.
  • Global Services: This segment provides a range of services to commercial and defense customers, including supply chain and logistics management, engineering, maintenance and modifications, upgrades and conversions, spare parts, pilot and maintenance training, and data analytics.

Key Business Segments

Boeing operates through three reportable segments:

  • Commercial Airplanes (BCA): Revenue: $33.9 billion (FY2023)
  • Defense, Space & Security (BDS): Revenue: $24.9 billion (FY2023)
  • Global Services (BGS): Revenue: $19.1 billion (FY2023)

Business Strategy

Boeing's strategy focuses on execution in its core businesses: BCA, BDS, and BGS. BCA aims to maintain leadership in commercial aviation. BDS seeks to capture next-generation defense programs and expand internationally. BGS aims to provide comprehensive and cost-competitive support services. Key priorities include improving production efficiency, addressing supply chain disruptions, and investing in new technologies. The company is also focused on returning the 737 MAX to service and achieving certification for the 777X.

Industry Context

Boeing operates in the highly competitive aerospace industry. Key trends include increasing demand for air travel, especially in emerging markets, and a focus on fuel efficiency and sustainability. Major competitors include Airbus in the commercial aircraft market and Lockheed Martin, Northrop Grumman, Raytheon Technologies, and SpaceX in the defense and space market. The services market is also competitive, with rivals offering similar maintenance, repair, and overhaul services.

Risk Factors

  • Market Risks: The commercial aircraft market is cyclical and sensitive to economic downturns, airline profitability, and geopolitical events. The defense market is subject to changes in government spending and priorities.
  • Operational Risks: Production challenges, supply chain disruptions, labor instability, and quality control issues can impact deliveries and profitability.
  • Financial Risks: Fixed-price contracts expose the company to potential losses if costs overrun. Pension and postretirement benefit obligations represent significant financial commitments.
  • Regulatory Risks: The company is subject to extensive government regulations, particularly from the FAA, and faces risks related to environmental compliance and international trade policies.
  • Cybersecurity Risks: Unauthorized access to company, customer, or supplier data and systems could negatively impact operations and reputation.

Last Updated

2024-01-31

(Generated from latest 10-K filing)