Cash flow generation is erratic and unsustainable, highlighted by a $1.5 billion free cash flow deficit in 2026Q1 and a persistent reliance on stock-based compensation averaging over $100 million per quarter.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 2.5B | 1.06B | -12.08B | 5.96B | 3.51B | -3.42B | -18.41B | -2.45B | 15.32B | 13.34B | 10.5B | 9.36B | 8.86B | 8.18B | 7.51B | 4.02B | 2.95B | 5.6B | -401M | 9.58B | 7.5B | 7B | 3.46B | 3.88B | 4.38B | 3.81B | 5.94B | 6.22B | 2.37B | 2.1B | 2.22B |
| Operating CF Margin % | - | 1.19% | -18.16% | 7.66% | 5.27% | -5.48% | -31.65% | -3.19% | 15.15% | 14.19% | 11.1% | 9.74% | 9.76% | 9.44% | 9.19% | 5.85% | 4.59% | 8.21% | -0.66% | 14.44% | 12.19% | 13.05% | 6.59% | 7.69% | 8.09% | 6.55% | 11.58% | 10.73% | 4.22% | 4.59% | 9.8% |
| Operating CF Growth % | 516.78% | 108.82% | -302.68% | 69.7% | 202.81% | 81.44% | -652.66% | -115.96% | 14.82% | 27.1% | 12.13% | 5.7% | 8.3% | 8.94% | 86.63% | 36.28% | -47.31% | 1497.26% | -104.18% | 27.8% | 7.13% | 102.43% | -10.9% | -11.29% | 14.71% | -35.81% | -4.53% | 162.95% | 12.71% | -5.53% | 108.54% |
| Net Income | 2.27B | 1.89B | -11.83B | -2.24B | -4.93B | -4.16B | -11.94B | -636M | 10.46B | 8.2B | 4.89B | 5.18B | 5.45B | 4.59B | 3.9B | 4.02B | 3.31B | 1.35B | 2.67B | 4.07B | 2.21B | 2.57B | 1.87B | 718M | 492M | 2.83B | 2.13B | 2.31B | 1.12B | -178M | 1.09B |
| Depreciation & Amortization | 2.06B | 1.95B | 1.84B | 1.86B | 1.98B | 2.14B | 2.25B | 2.27B | 2.11B | 2.07B | 1.91B | 1.83B | 1.91B | 1.84B | 1.81B | 1.66B | 1.73B | 1.67B | 1.49B | 1.49B | 1.54B | 1.5B | 1.51B | 1.45B | 1.5B | 1.75B | 1.48B | 1.65B | 1.62B | 1.46B | 991M |
| Stock-Based Compensation | 452M | 426M | 407M | 690M | 1.94B | 2.07B | 445M | 217M | 202M | 202M | 190M | 189M | 195M | 206M | 193M | 186M | 215M | 238M | 209M | 287M | 743M | 852M | 576M | 456M | 447M | 378M | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 3.28B | 6.7B | -248M | 18M | 92M | 97M | 11M | 125M | -52M | 35M | 63M | 174M | 182M | -2.74B | -3.15B | -1.52B | -1.82B | -1.49B | 214M | -693M | -2.85B | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -2.41B | -2.2B | 6.27B | 1.56B | 388M | 227M | 1.47B | 579M | 244M | 289M | 362M | 359M | 289M | 517M | 684M | 231M | 563M | 259M | 2.87B | 4.21B | 2.33B | 2.77B | 2.47B | 1.01B | 2.52B | 2.87B | 852M | 194M | 153M | 1.3B | 133M |
| Working Capital Changes | 484M | -1B | -8.77B | 4.09B | 4.14B | -6.98B | -17.34B | -4.63B | 2.28B | 2.5B | 3.04B | 1.79B | 897M | 1.08B | 880M | -2.13B | -3.03B | 1.91B | -4.9B | 2.67B | 2.19B | 1.12B | -1.48B | 28M | 111M | -1.16B | 1.48B | 2.08B | -528M | -481M | 4M |
| Change in Receivables | -669M | -95M | 415M | 764M | 142M | -713M | 909M | 603M | -795M | -1.82B | 112M | -1.07B | -1.33B | -879M | -27M | -292M | 8M | -391M | 564M | -392M | -244M | -592M | -241M | 357M | -155M | -1.19B | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -2.61B | -1.5B | -12.35B | 1.68B | 420M | -1.13B | -11B | -12.39B | 568M | -1.08B | 3.75B | -1.11B | -4.33B | -5.56B | -5.68B | -10.01B | -7.39B | -1.52B | -6.17B | -1.56B | 444M | -1.97B | 611M | 351M | 1.51B | -19M | 1.1B | 2.03B | 618M | -1.01B | 250M |
| Change in Payables | 1.89B | 724M | -793M | 1.67B | 838M | -3.78B | -5.36B | 1.6B | 2M | 130M | 622M | -238M | 1.34B | -298M | 1.2B | 1.16B | 313M | 1.14B | 872M | 928M | -744M | 1.15B | 862M | -147M | -823M | 490M | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 7.93B | 499M | -11.97B | -2.44B | 4.37B | 9.32B | -18.37B | -1.53B | -4.62B | -2.06B | -3.38B | -1.85B | 2.47B | -5.15B | -3.76B | 2.37B | -4.83B | -3.79B | 1.89B | -3.82B | -3.19B | -98M | -1.37B | -1.06B | -3.42B | -4.71B | -7.63B | -1.43B | -2.83B | -2.25B | 300M |
| Capital Expenditures | -3.54B | -2.94B | -2.23B | -1.53B | -1.22B | -980M | -1.3B | -1.96B | -1.79B | -1.87B | -2.61B | -2.45B | -2.24B | -2.24B | -1.71B | -1.71B | -1.13B | -1.19B | -1.85B | -1.73B | -1.68B | -1.55B | -978M | -741M | -1B | -1.07B | -932M | -1.24B | -1.58B | -1.39B | -762M |
| CapEx % of Revenue | 3.84% | 3.29% | 3.35% | 1.96% | 1.83% | 1.57% | 2.24% | 2.56% | 1.77% | 1.99% | 2.76% | 2.55% | 2.46% | 2.58% | 2.09% | 2.49% | 1.75% | 1.74% | 3.04% | 2.61% | 2.73% | 2.89% | 1.86% | 1.47% | 1.85% | 1.84% | 1.82% | 2.13% | 2.82% | 3.04% | 3.36% |
| Acquisitions | -1.17B | -1.17B | 74M | -70M | -6M | -6M | 296M | 9M | -3.23B | -324M | -297M | -31M | -163M | -26M | -124M | -42M | -932M | -639M | -964M | -75M | -1.85B | -172M | -34M | 289M | -22M | -22M | -5.73B | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 9.91B | 9.92B | -704M | -131M | 30M | 534M | -18M | 321M | 109M | 94M | 40M | 81M | 67M | 51M | 97M | 163M | 145M | -381M | 34M | -123M | 314M | 1.76B | 2.38B | -761M | -2.03B | -3.62B | -969M | -197M | -1.24B | -859M | 1.06B |
| Cash from Financing | -10.45B | -3.76B | 25.21B | -5.49B | -1.27B | -5.6B | 34.95B | 5.74B | -11.72B | -11.35B | -9.59B | -7.92B | -8.59B | -4.25B | -3.48B | -1.7B | -1.96B | 4.09B | -5.2B | -4.88B | -3.65B | -4.66B | -3.52B | -521M | 746M | 523M | -658M | -3.62B | -1.78B | -899M | -1.88B |
| Debt Issued (Net) | -10.12B | -3.46B | 1.49B | -5.14B | -1.28B | -5.58B | 36.25B | 13.22B | 1.36B | 1.12B | -34M | 861M | -639M | -863M | -2.02B | -131M | -648M | 5.41B | -725M | -1.37B | -1.68B | -1.38B | -2.21B | 18M | 1.25B | 3.44B | 2.07B | -239M | 118M | -635M | -109M |
| Equity Issued (Net) | -31M | 0 | 23.86B | 45M | 50M | 42M | 36M | -2.59B | -8.92B | -9.24B | -7B | -6.75B | -5.66B | -1.7B | 120M | 114M | 87M | -40M | -2.94B | -2.57B | -1.4B | -2.53B | -752M | 0 | 0 | -2.42B | -2.36B | -2.84B | -1.33B | 293M | -503M |
| Dividends Paid | -345M | -331M | 0 | 0 | 0 | 0 | -1.16B | -4.63B | -3.95B | -3.42B | -2.76B | -2.49B | -2.12B | -1.47B | -1.32B | -1.24B | -1.25B | -1.22B | -1.19B | -1.1B | -956M | -820M | -648M | -572M | -571M | -582M | -504M | -537M | -564M | -557M | -379M |
| Share Repurchases | -31M | 0 | 0 | 0 | 0 | 0 | 0 | -2.65B | -9B | -9.24B | -7B | -6.75B | -6B | -2.8B | 0 | 0 | 0 | -50M | -2.94B | -2.77B | -1.7B | -2.88B | -752M | 0 | 0 | -2.42B | -2.36B | -2.94B | -1.4B | -141M | -718M |
| Other Financing | 39M | 24M | -136M | -391M | -40M | -66M | -173M | -256M | -222M | 179M | 204M | 460M | -181M | -215M | -259M | -439M | -148M | -56M | -348M | 144M | 395M | 70M | 90M | 33M | 67M | 84M | 136M | 0 | 0 | 0 | -887M |
| Net Change in Cash | 5M | -2.16B | 1.11B | -1.93B | 6.54B | 300M | -1.73B | 1.85B | -1.18B | 12M | -2.5B | -431M | 2.65B | -1.25B | 292M | 4.69B | -3.86B | 5.95B | -3.77B | 924M | 706M | 2.21B | -1.43B | 2.3B | 1.7B | -377M | -2.34B | 1.17B | -2.24B | -1.05B | 645M |
| Free Cash Flow | -1.04B | -1.88B | -14.4B | 4.43B | 2.29B | -4.4B | -19.71B | -4.41B | 13.53B | 11.47B | 7.89B | 6.91B | 6.62B | 5.94B | 5.8B | 2.31B | 1.82B | 4.42B | -2.25B | 7.85B | 5.82B | 5.45B | 2.48B | 3.14B | 3.37B | 2.75B | 5.01B | 4.99B | 783M | 709M | 1.46B |
| FCF Margin % | -1.13% | -2.1% | -21.65% | 5.7% | 3.44% | -7.06% | -33.89% | -5.76% | 13.38% | 12.21% | 8.34% | 7.19% | 7.3% | 6.86% | 7.1% | 3.36% | 2.84% | 6.47% | -3.7% | 11.83% | 9.46% | 10.17% | 4.73% | 6.22% | 6.24% | 4.72% | 9.76% | 8.6% | 1.39% | 1.55% | 6.44% |
| FCF Growth % | 91.84% | 86.96% | -424.79% | 93.58% | 152.09% | 77.7% | -347.31% | -132.57% | 17.93% | 45.5% | 14.07% | 4.39% | 11.46% | 2.47% | 151% | 26.58% | -58.68% | 296.05% | -128.69% | 34.98% | 6.69% | 119.88% | -21.02% | -6.94% | 22.87% | -45.19% | 0.44% | 537.04% | 10.44% | -51.47% | 234.32% |
| FCF per Share | -1.27 | -2.46 | -22.26 | 7.31 | 3.85 | -7.48 | -34.64 | -7.76 | 23.08 | 18.79 | 12.25 | 9.93 | 8.97 | 7.72 | 7.59 | 3.07 | 2.45 | 6.19 | -3.09 | 10.17 | 7.39 | 6.79 | 3.05 | 3.88 | 4.17 | 3.31 | 5.75 | 5.39 | 0.80 | 0.73 | 1.49 |
| FCF Conversion (FCF/Net Income) | -0.46x | 0.48x | 1.02x | -2.68x | -0.71x | 0.81x | 1.55x | 3.85x | 1.47x | 1.58x | 2.15x | 1.81x | 1.63x | 1.79x | 1.93x | 1.00x | 0.89x | 4.20x | -0.15x | 2.36x | 3.40x | 2.73x | 1.89x | 5.41x | 8.89x | 1.35x | 2.79x | 2.70x | 2.11x | -11.80x | 2.03x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent Operational Cash Burn
As reported in recent financial statements, the relationship between net income and operating cash flow is highly erratic, exemplified by the 2025Q4 period where the company reported $8.2B in net income while generating only $1.3B in operating cash flow, suggesting significant non-cash accounting distortions.
The persistent divergence between bottom-line results and cash generation indicates that reported earnings are not reflective of the company's actual liquidity position. Investors should monitor this gap, as it suggests that accounting adjustments and non-operating items are masking the underlying cash-burning nature of the core manufacturing business.
Based on historical cash flow data, Boeing's free cash flow has remained deeply negative in seven of the last ten quarters, with a cumulative outflow that highlights the extreme difficulty in achieving a sustainable, positive cash flow trajectory under current production and regulatory constraints.
The inability to maintain positive free cash flow suggests that the company is currently reliant on external financing or balance sheet depletion to fund operations. This trajectory warrants further investigation into whether the current production cadence can ever reach a break-even point without further capital infusions.
According to recent SEC filings, working capital changes have been a primary driver of cash flow volatility, with a massive $2.7B outflow in 2025Q1 followed by a $1.5B inflow in 2025Q4, illustrating the company's struggle to manage inventory and payables amidst production disruptions.
These violent swings in working capital suggest that the company is struggling to synchronize its supply chain with delivery schedules. The reliance on large working capital inflows to bolster cash flow appears to be a temporary measure rather than a sign of improved operational efficiency.
As reported in financial statements, Boeing has maintained a consistent capital expenditure profile, with quarterly spending frequently exceeding $600M, which, when combined with negative operating cash flow, places significant pressure on the company's liquidity and ability to fund necessary infrastructure and R&D projects.
The sustained level of capital intensity appears to be driven by the need to maintain aging production facilities and invest in new airframe development. This spending is mandatory, yet it exacerbates the cash burn, leaving little room for error in the company's broader financial recovery plan.
Based on the provided cash flow data, the consistent use of stock-based compensation, which averaged over $100M per quarter, serves to artificially inflate cash flow metrics while failing to account for the true economic cost of talent retention during this period of intense operational distress.
The cash flow statement obscures the true cost of operations by treating stock-based compensation as a non-cash add-back, which may lead to an overestimation of the company's self-funding capabilities. Analysts should be wary of these adjustments, as they mask the dilution and real expense associated with maintaining the workforce.
Quick answers to the most common questions about buying BA stock.
The Boeing Company (BA) generated $1.06B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
The Boeing Company (BA) reported negative free cash flow of $1.88B in 2025, indicating capital requirements exceeded cash from operations.
The Boeing Company (BA) spent $2.94B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, The Boeing Company (BA) returned $331.0M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.