BOEING CO

Cash Flow Summary

Operating Activities Net cash provided by operating activities was $2.7 billion during the nine months ended September 30, 2026, compared with cash used of $0.3 billion during the same period in 2025, primarily driven by favorable changes in working capital.

Non-cash items for the nine months ended September 30, 2026, was $3.5 billion compared with $8.3 billion during the same period in 2025, primarily driven by a $4,899 million reach-forward loss on the 777X program recorded during the nine months ended September 30, 2025.

Changes in assets and liabilities during the nine months ended September 30, 2026, improved by $2.3 billion compared with the same period in 2025, primarily driven by favorable changes in Advances and progress billings ($10.2 billion) and Accounts payable ($1.9 billion), partially offset by unfavorable changes in Inventories ($6.6 billion) and Accrued liabilities ($2.1 billion). The change in Advances and progress billings was primarily driven by higher advances and progress billings at BCA and BDS. The changes in Accounts payable and Inventories reflect increased production in our commercial airplanes business. The change in Accrued liabilities reflects the payments made during the third quarter of 2026 pursuant to the May 2025 non-prosecution agreement with the U.S. Department of Justice. See Note 19 for additional discussion.

Payables related to suppliers who elected to participate in supply chain financing programs increased by $0.2 billion during the nine months ended September 30, 2026 and decreased by $0.8 billion during the nine months ended September 30, 2025.

Investing Activities Net cash provided by investing activities during the nine months ended September 30, 2026, was $3.9 billion, compared with net cash used of $5.9 billion during the same period in 2025. The increase in cash provided was primarily due to net proceeds from investments of $6.9 billion in 2026 compared with net contributions to investments of $3.7 billion in 2025. During the nine months ended September 30, 2026 and 2025, capital expenditures were $3.0 billion and $2.0 billion. We continue to expect capital expenditures in 2026 to be higher than in 2025.

Financing Activities Net cash used by financing activities was $8.6 billion during the nine months ended September 30, 2026, compared with net cash used of $0.8 billion during the same period in 2025, primarily due to $7.8 billion higher net repayments.

As of September 30, 2026, the total debt balance was $45.9 billion, down from $54.1 billion at December 31, 2025. At September 30, 2026, $4.6 billion of debt was classified as short-term.

Capital Resources

At September 30, 2026, we had $9.5 billion of cash, $11.2 billion of short-term investments, and $10.0 billion of unused borrowing capacity on revolving credit line agreements. In August 2026, we entered into a$3 billion, 364-day revolving credit agreement expiring in August 2027 (the 2027 Revolving Credit Agreement) and amended our $3 billion, five-year and $4 billion, five-year revolving credit agreements. The 2027 Revolving Credit Agreement replaced the$3 billion, 364-day revolving credit agreement which terminated in August 2026. It has a one-year term out option which allows us to extend the maturity of any borrowings until August 2028. The$3 billion, five-year agreement, as amended, is now scheduled to terminate in August 2029, and the$4 billion, five-year agreement, as amended, is now scheduled to terminate in May 2030. 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. In June 2026, Fitch affirmed the BBB- credit rating and revised the outlook to positive from stable. At 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 12 to our Condensed Consolidated Financial Statements.