BOEING CO

Cash Flow Summary

Operating Activities Net cash used by operating activities was $0.2 billion during the three months ended March 31, 2026, compared with $1.6 billion during the same period in 2025. The $1.4 billion decrease in net cash used by operating activities was primarily driven by favorable changes in working capital.

Changes in assets and liabilities during the three months ended March 31, 2026, improved by $1.3 billion compared with the same period in 2025, primarily driven by favorable changes in Advances and progress billings ($2.4 billion) and Accounts payable ($1.2 billion), partially offset by unfavorable changes in Inventories ($1.1 billion) and Accrued liabilities ($0.9 billion). The change in Advances and progress billings during the three months ended March 31, 2026, compared to the same period in 2025 was primarily driven by higher advances on commercial airplane orders. The favorable change in Accounts payable and unfavorable change in Inventories during the three months ended March 31, 2026, compared to the same period in 2025 primarily reflect increased production primarily in our commercial airplanes business. Unfavorable changes in Accrued liabilities during the three months ended March 31, 2026 were $1.3 billion compared to $0.4 billion during the same period in 2025.

Payables to suppliers who elected to participate in supply chain financing programs decreased by $0.2 billion and $0.6 billion during the three months ended March 31, 2026 and 2025. Supply chain financing is not material to our overall liquidity.

Investing Activities Net cash provided by investing activities during the three months ended March 31, 2026, was $5.7 billion, compared with net cash used of $1.7 billion during the same period in 2025. The increase in cash provided was primarily due to net proceeds from investments of $7.0 billion in 2026 compared with net contributions to investments of $1.0 billion in 2025. During the three months ended March 31, 2026 and 2025, capital expenditures were $1.3 billion and $0.7 billion. We continue to expect capital expenditures in 2026 to be higher than in 2025.

Financing Activities Net cash used by financing activities was $7.0 billion during the three months ended March 31, 2026, compared with net cash used of $0.3 billion during the same period in 2025.

During the three months ended March 31, 2026, net repayments were $6.9 billion compared with net repayments of $0.3 billion during the same period in 2025.

As of March 31, 2026, the total debt balance was $47.2 billion, down from $54.1 billion at December 31, 2025. At March 31, 2026, $2.9 billion of debt was classified as short-term.

Capital Resources

At March 31, 2026, we had $9.4 billion of cash, $11.5 billion of short-term investments, and $10.0 billion of unused borrowing capacity on revolving credit line agreements. Our $3.0 billion, 364-day revolving credit agreement expiring in August 2026, $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. 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. We anticipate that these credit lines will primarily serve as back-up liquidity to support our general corporate borrowing needs. We continue to be in compliance with all covenants contained in our debt and credit facility agreements.

We currently maintain investment grade credit ratings across all three credit rating agencies. At Fitch and S&P, we are rated BBB- with a stable outlook, and at Moody’s, we are rated Baa3 with a stable outlook.

We may, from time to time, purchase, redeem or retire any of our outstanding debt securities in open market or privately negotiated transactions, by tender offer or otherwise, after consideration of market conditions, our liquidity needs and other factors.

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 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 2025 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 11 to our Condensed Consolidated Financial Statements.