The Boeing Company
The Boeing Company, together with its subsidiaries, designs, develops, manufactures, sells, services, and supports commercial jetliners, military aircraft, satellites, missile defense, human space flight and launch systems, and services worldwide. The company operates through three segments: Commercial Airplanes; Defense, Space & Security; and Global Services. The Commercial Airplanes segment develops, produces, and markets commercial jet aircraft for passenger and cargo requirements. The Defense, Space & Security segment engages in the research, development, production, and modification of manned and unmanned military aircraft and weapons systems; strategic defense and intelligence systems, which include strategic missile and defense systems, command, control, communications, computers, intelligence, surveillance and reconnaissance, cyber and information solutions, and intelligence systems; and satellite systems, such as government and commercial satellites, and space exploration. The Global Services segment offers products and services, including supply chain and logistics management, engineering, maintenance and modifications, upgrades and conversions, spare parts, pilot and maintenance training systems and services, technical and maintenance documents, and data analytics and digital services to commercial and defense customers. The Boeing Company was incorporated in 1916 and is based in Arlington, Virginia.
What does it do?
Boeing is one of only two companies in the world that builds large commercial passenger jets — the planes you fly on for long-haul trips. If you've ever boarded a 737 or a 787 Dreamliner, you've been inside a Boeing product. Beyond passenger planes, Boeing also builds military jets, satellites, and spacecraft for governments around the world. Think of them as the company that keeps both the skies and the Pentagon supplied.
Boeing is at a critical turning point after years of safety scandals, production problems, and a crippling strike that froze its factories in late 2024 — making its recovery one of the most watched stories in the industrials sector. With a market cap of $173 billion, it is a major component of the Dow Jones Industrial Average, meaning its swings move the broader index that millions of investors track daily. Airlines globally are desperate for new, fuel-efficient jets, and Boeing is one of only two companies on earth that can supply them — so whether it can fix its operations matters far beyond its own stock price.
How does it make money?
Boeing makes money through three main channels. First, its Commercial Airplanes segment sells jets like the 737 MAX and 787 to airlines worldwide — this is the biggest revenue driver but has been its biggest headache. Second, its Defense, Space & Security segment builds military aircraft, missiles, and satellites for the U.S. government and allies, providing steadier, contract-backed income. Third, its Global Services segment earns recurring revenue by maintaining, upgrading, and supplying parts for planes already in service — a reliable cash stream regardless of new plane sales. Total revenue hit $89.5 billion in the latest year, up sharply from $66.5 billion the prior year, though profitability remains razor-thin at just $1.9 billion net income.
Why do investors care?
The bull story on Boeing is essentially a recovery play — investors are betting the worst is behind it and that a return to normal production rates could unlock enormous profits. Airlines have order backlogs stretching years into the future, meaning demand for new jets is not in question — the only issue is Boeing's ability to actually build and deliver them reliably. If Boeing can stabilize its 737 MAX production, ramp up 787 deliveries, and resolve its defense contract losses, cash flow could surge dramatically. The key question is execution: can new leadership fix a manufacturing culture that has been repeatedly cited as broken?
Deep Dive
MemberA full investor briefing on The Boeing Company — history, leadership, risks, and outlook.