Boeing Company - Overview

Company Information

Business Segments

1. Commercial Airplanes - Design, manufacture, and sale of commercial jet aircraft
2. Defense, Space & Security - Military aircraft, satellites, weapons, and defense systems
3. Global Services - Aftermarket support, maintenance, and digital aviation solutions

Corporate Profile

The Boeing Company is the world’s largest aerospace company and leading manufacturer of commercial jetliners, defense, space, and security systems. As America’s biggest manufacturing exporter, Boeing supports airlines and U.S. and allied government customers in more than 150 countries.

Recent Leadership Transition

In August 2024, Boeing appointed Kelly Ortberg as President and CEO. Ortberg, a veteran aerospace executive who previously led Rockwell Collins, came out of retirement to steer the company through a critical turnaround period following years of crises including the 737 MAX accidents, production quality issues, and labor strikes.

Current Status (2025)

• Annual Revenue (2025): $89.5 billion (up 35% from 2024)
• Commercial Deliveries: 600 aircraft (highest since 2018)
• Total Backlog: Record $682 billion
• Free Cash Flow: Positive for first time in years

Headquarters

Boeing moved its headquarters from Chicago, Illinois to Arlington, Virginia in 2022, locating its corporate offices near its defense business unit and closer to key government customers in the Washington D.C. area.

Boeing Company - Background & Origins

Founding Story

William Boeing (1881-1956)

The Boeing Company traces its origins to William Edward Boeing, a wealthy timber merchant from Detroit who moved to Seattle, Washington, in 1903. Fascinated by aviation after seeing a flying exhibition, Boeing purchased his first airplane in 1915 - a Martin seaplane.

The Birth of Boeing (1916)

On July 15, 1916, William Boeing incorporated the Pacific Aero Products Company with his business partner Conrad Westervelt, a U.S. Navy engineer. The company was renamed Boeing Airplane Company the following year.

Their first aircraft, the Boeing Model 1 (also known as the B&W Seaplane), made its maiden flight on June 15, 1916. The company built two of these seaplanes, which were sold to the New Zealand Flying School.

Early Growth Through World War I

The company’s early success came through military contracts during World War I. Boeing manufactured: - Model C training seaplanes for the U.S. Navy (50 aircraft) - DH-4 fighters and bombers under license from De Havilland

After the war, Boeing diversified into: - Airmail services (1919) - Boeing Air Transport - Furniture manufacturing - to utilize excess wood and carpentry capacity - Boat building - Model 21/21A Sea Sled

The Name Origin

The company was named after its founder William Boeing, whose family name has Swedish origins (originally “Boëing” or “Böing”). The simplified spelling “Boeing” became the company name and one of the most recognized brands in aviation history.

Key Early Innovations (1910s-1930s)

The Boeing 247 (1933)

The Boeing 247 is considered the first modern commercial airliner, featuring: - All-metal construction - Retractable landing gear - Fully cantilevered wings - Enclosed cockpit - Capacity for 10 passengers

World War II Era

Boeing became a critical defense contractor during World War II, producing: - B-17 Flying Fortress (1935-1945) - 12,731 built - B-29 Superfortress (1942-1946) - 3,970 built - Employed over 50,000 workers at peak production

The B-29 became the most advanced bomber of its time and the only aircraft to ever drop atomic weapons in combat (Hiroshima and Nagasaki).

Post-War Transformation

After WWII, Boeing pivoted to: - Jet propulsion research (B-47 Stratojet) - Commercial jet development (Dash 80 prototype, 1954) - Space and defense programs (B-52 Stratofortress, Minuteman missiles)

The 707 (introduced 1958) became Boeing’s first commercial jet airliner and revolutionized air travel.

Cultural Impact

Boeing’s growth paralleled the rise of the American aerospace industry and the Pacific Northwest’s transformation into a high-tech hub. The company’s famous slogan became:

“If it’s not Boeing, I’m not going.”

This slogan reflected both corporate pride and the trust placed in Boeing aircraft by millions of passengers worldwide.

Boeing Company - Major Milestones, Expansions & Acquisitions

Major Corporate Milestones

The Jet Age Begins (1950s-1960s)

The 747 Program (1969)

The Boeing 747, developed under legendary engineer Joe Sutter, became the world’s first wide-body airliner. The program nearly bankrupted Boeing but became one of the most successful aircraft in aviation history with over 1,500 delivered across 50+ years.

Major Acquisitions

1996: Rockwell International’s Aerospace & Defense

• Cost: $3.2 billion
• Added defense electronics, space systems, and B-1B bomber expertise

1997: McDonnell Douglas Merger

• Value: $14 billion (stock swap)
• Transformed Boeing from primarily a commercial aircraft company to a balanced aerospace/defense giant
• Acquired DC-9, MD-80, MD-90, MD-11, and F-15, F/A-18 military programs
• Phil Condit remained CEO; Harry Stonecipher (McDonnell CEO) became president

2000: Hughes Space and Communications

• Cost: $3.75 billion
• Made Boeing the world’s largest satellite manufacturer

2024-2025: Spirit AeroSystems Acquisition

• Announced: June 2024
• Completed: December 2024
• Value: $8.3 billion ($4.7 billion equity + $3.6 billion debt assumption)
• Reintegrated Boeing’s former Wichita division that was spun off in 2005
• Strategic move to control critical fuselage manufacturing after quality issues

Divestitures and Spin-offs

Product Line Evolution

Commercial Aircraft Generations

1. Propeller Era (707, 720, 727, 737 Original, 747 Classic)
2. Glass Cockpit Era (757, 767, 737 Classic, 747-400)
3. Digital Era (777, 737 NG, 747-8)
4. Composite Era (787 Dreamliner, 737 MAX, 777X)

Defense Programs

• B-52 Stratofortress (1952-present) - Longest-serving military aircraft
• Minuteman ICBM (1962-present)
• Apache AH-64 (acquired with McDonnell Douglas)
• F-15 Eagle and F/A-18 Hornet/Super Hornet
• Space Shuttle (prime contractor)
• International Space Station (major contractor)
• KC-46 Pegasus (aerial refueling tanker)

Recent Challenges and Recovery (2019-2025)

737 MAX Crisis (2019-2021)

• Two fatal crashes (Lion Air 2018, Ethiopian Airlines 2019) - 346 deaths
• Global fleet grounded for 20 months
• Production halted; $20+ billion in costs
• Executive changes: CEO Dennis Muilenburg fired

Pandemic Impact (2020-2022)

• Air travel collapsed; airlines deferred orders
• 16,000+ employees laid off
• 787 Dreamliner production quality issues
• $40+ billion in losses from Q1 2019 to Q3 2025

Recovery Under Kelly Ortberg (2024-2025)

• December 2024: Acquired Spirit AeroSystems
• 2025: Delivered 600 aircraft (highest since 2018)
• Q4 2025: Revenue of $23.9 billion (up 57% YoY)
• Record Backlog: $682 billion
• Outsold Airbus for first time since 2018 (1,173 net orders)

Boeing vs. Airbus Competition

Boeing overtook Airbus in orders for the first time since 2018, though Airbus maintained delivery leadership.

Strategic Partnerships

• Embraer (collapsed 2020) - Proposed commercial aircraft partnership
• Safran (LEAP engines for 737 MAX)
• GE Aviation (GEnx engines for 787, 747-8)
• Rolls-Royce (Trent engines for 787)
• NASA (Space Launch System, Starliner)
• U.S. Air Force (F-47 Next Generation Air Dominance fighter, 2025)

Boeing Company - Products, Services & Technology Innovations

Commercial Aircraft Portfolio

Current Production Models

Historic Commercial Aircraft

• 707 (1958-1978) - First successful commercial jet
• 727 (1963-1984) - Best-selling airliner of its era
• 747 (1970-2023) - “Queen of the Skies,” 1,574 delivered
• 757 (1982-2004) - Efficient narrow-body
• 767 (1982-present) - First twin-aisle wide-body

Defense & Space Products

Military Aircraft

Space Systems

• Starliner (CST-100) - Commercial crew spacecraft
• Space Launch System (SLS) - NASA’s heavy-lift rocket (prime contractor)
• International Space Station - Major contractor and ongoing operations
• X-37B - Unmanned spaceplane
• Satellites - Communications, weather, surveillance

Weapons & Missiles

• Minuteman III - Intercontinental ballistic missile
• Ground-Based Midcourse Defense - Anti-ballistic missile system
• Harpoon - Anti-ship missile
• JDAM - Precision guidance kit
• Small Diameter Bomb - Precision munition

Technology Innovations

Aerospace Firsts

787 Dreamliner Innovations

The Boeing 787 represented a manufacturing revolution: - 50% composite materials (vs. 12% on 777) - 20% more fuel efficient than comparable aircraft - Electrical systems (no bleed air) - LED lighting and larger windows - Higher cabin pressure (6,000 ft vs. 8,000 ft) - Higher humidity for passenger comfort

777X Program

• Folding wingtips - First on commercial airliner
• Composite wings - Largest ever made
• GE9X engines - Most powerful jet engines (105,000 lbf)
• Cockpit commonality with 787

Global Services Division

Digital Aviation Solutions (Sold 2025)

Prior to its $10.55 billion sale to Thoma Bravo: - Jeppesen - Navigation data and flight planning - AerData - Lease management - Ottawa - Crew scheduling and optimization

Current Services Portfolio

• Maintenance, Repair & Overhaul (MRO)
• Training - Flight and maintenance simulators
• Parts and logistics - Boeing Distribution Services
• Analytics - Airplane Health Management
• Freighter conversions - 737-800BCF, 767-300BCF

Research & Development

Current Focus Areas (2025)

1. Sustainable Aviation - SAF compatibility, hydrogen research
2. Autonomous Systems - Unmanned platforms
3. Urban Air Mobility - Electric VTOL concepts
4. Hypersonics - Defense applications
5. Advanced Manufacturing - Robotics and AI

Boeing Research & Technology

• 17 research centers worldwide
• Focus on: advanced materials, electrification, AI/ML, quantum computing
• Partnerships with universities and national labs

Quality and Safety Initiatives (Post-2019)

Following the 737 MAX crisis, Boeing implemented: - Enhanced safety management system - Independent product safety organization - Safety hotline for employees - Increased FAA collaboration - Safety Management System (SMS) certification

Production System

Boeing Company - Financial Performance

Stock Information

Annual Financial Performance

Revenue History

2025 Financial Highlights

• Revenue: $89.5 billion (highest since 2018)
• Net Income: $2.238 billion (first annual profit since 2018)
• Operating Cash Flow: $1.065 billion
• Free Cash Flow: -$1.877 billion (improved from -$14.3B in 2024)
• Q4 Revenue: $23.9 billion (up 57% YoY)
• Q4 Net Income: $8.22 billion (includes $9.6B gain on sale)

Segment Performance (2025)

*Includes $9.6B gain on sale of Digital Aviation Solutions

Key Financial Metrics (2025)

Balance Sheet

Cash Flow

Stock Performance

Dividend History

• 2019: Suspended dividend due to 737 MAX crisis
• 2020-2025: No dividend payments
• Future: No dividend expected in near term; cash flow priority

Major Stock Events

Debt and Financing

Debt Structure (Q4 2025)

• Long-term Debt: $45.6 billion
• Short-term Debt: $8.5 billion
• Credit Facilities: $10 billion (undrawn)

Recent Financing Activities

• 2020: Raised $25 billion in bond offering (largest in corporate history at the time)
• 2024: Mandatory convertible preferred stock issuance: $5.75 billion
• 2025: Debt reduction initiatives following Spirit acquisition

Backlog Analysis

Record Backlog: $682 Billion (2025)

Commercial Aircraft Backlog

• 6,100+ aircraft on order
• Represents 7+ years of production at current rates
• 1,173 net orders in 2025 (first time exceeding Airbus since 2018)

Cost Structure Challenges

Fixed-Price Defense Contracts

Boeing has incurred significant losses on fixed-price development contracts: - KC-46 Tanker: Over $7 billion in charges - Air Force One (VC-25B): Over $2 billion in losses - Commercial Crew (Starliner): Over $1 billion in losses

Production Quality Costs

• 787 Dreamliner quality issues (2020-2022): ~$6 billion
• 737 MAX grounding and re-certification: ~$20+ billion
• 737 MAX production slowdowns (2024): ~$1 billion

Future Financial Outlook

2026 Guidance

• Free Cash Flow: $1-3 billion positive
• Long-term Target: $10 billion annual free cash flow
• Production Rate Targets:
• 737 MAX: Increase from 42/month toward 52/month
• 787: Stabilize at 8/month
• 777X: First delivery 2027

Key Financial Priorities

1. Generate positive free cash flow consistently
2. Reduce debt levels
3. Improve margins in Defense segment
4. Achieve profitability in Commercial Airplanes
5. Restore investment-grade credit rating

Comparison with Airbus (2025)

Boeing Company - Leadership & Corporate Culture

Executive Leadership

Current Leadership Team (2025)

CEO Profile: Kelly Ortberg

Background

• Born: 1959/1960 (age 64-65)
• Education: University of Iowa, B.S. Mechanical Engineering (1982)
• Previous Role: CEO of Rockwell Collins (2013-2018)
• Career: 35+ years in aerospace, led Rockwell through its $23 billion acquisition by United Technologies

Leadership Style

Ortberg is known for: - Operational focus: Hands-on approach to manufacturing quality - Engineering background: Deep understanding of aerospace systems - Transparency: Regular communication with employees and stakeholders - Turnaround expertise: Reputation for fixing troubled operations

Key Decisions (2024-2025)

• Acquired Spirit AeroSystems to control supply chain quality
• Sold Digital Aviation Solutions for $10.55 billion to focus on core business
• Implemented “Safety Management System” improvements
• Restored FAA relationship and production rate increases

Historical CEO Timeline

Corporate Culture

Boeing’s Historical Identity

“The Boeing Way” emphasized: - Engineering excellence - Safety-first mentality - Long-term thinking - Employee loyalty

Cultural Challenges

Post-McDonnell Douglas Merger (1997)

Many observers noted the aggressive, profit-focused culture of McDonnell Douglas gradually overtook Boeing’s engineering-centric approach: - Shift from “engineers run the company” to “finance runs the company” - Cost-cutting prioritized over quality - Outsourcing increased significantly

737 MAX Crisis Impact (2019)

Investigations revealed: - Pressure to compete with Airbus A320neo - Internal communications showing contempt for regulators - Knowledge gaps between engineering and management

Cultural Reform Initiatives

Under Ortberg’s leadership (2024-present):

1. Safety Management System (SMS)
2. Independent safety reporting
3. Enhanced FAA collaboration

4. “Speak up” culture reinforcement

5. Quality Excellence

6. Reintegration of Spirit AeroSystems
7. Increased inspection protocols

8. Employee training expansion

9. Transparency

10. Regular town halls with CEO
11. Open-door policy with employees
12. Enhanced board oversight

Board of Directors

Current Board Structure

• Chairman: Steve Mollenkopf (former Qualcomm CEO)
• Lead Director: Admiral Edmund Giambastiani (retired Navy)
• Total Members: 12-13

Board Expertise Areas

• Aerospace and defense
• Manufacturing
• Finance and accounting
• Government relations
• Safety and engineering

Employee Relations

Workforce Statistics (2025)

Labor Relations

• Major Unions:
• International Association of Machinists (IAM) - ~33,000 members
• Society of Professional Engineering Employees in Aerospace (SPEEA) - ~17,000 members

• International Union of Operating Engineers

• 2024 Strike: 7-week work stoppage (September-November 2024)

• 33,000 IAM members
• New contract: 38% wage increase over 4 years
• Cost: ~$1 billion in lost production

Employee Programs

• Learning Together Program - Tuition reimbursement
• Boeing 401(k) - Employer match up to 10%
• Stock purchase plan
• Technical fellowship program - Career path for engineers

Management Philosophy

Ortberg’s Approach (2025)

Quoted priorities:

“We are on the right path to restoring confidence and returning Boeing to what everyone expects it to be.”

Key themes: 1. Stabilize operations - Consistent production quality 2. Complete development programs - 737 MAX 7/10, 777X certification 3. Rebuild trust - With customers, regulators, and employees 4. Restore Boeing - Return to iconic company status

Decision-Making Structure

• Decentralized execution: Business unit CEOs have operational authority
• Centralized oversight: Corporate focuses on strategy, finance, and safety
• Board involvement: Enhanced safety committee oversight since 2019

Communication Strategy

External Communications

• Quarterly earnings calls - CEO participation restored
• FAA coordination - Weekly/monthly quality meetings
• Customer engagement - Airline CEO summits
• Media transparency - Regular press briefings

Internal Communications

• Employee town halls - Monthly with senior leadership
• Safety stand-downs - Regular production line pauses for quality discussions
• Newsletters - “Boeing Now” internal updates

Boeing Company - Corporate Social Responsibility & Philanthropy

Boeing Global Engagement

Philanthropic Focus Areas

Boeing Charitable Giving

Annual Philanthropy Statistics

Boeing Foundation

The Boeing Company Charitable Trust serves as the primary vehicle for corporate giving, focusing on: - Strategic grants to nonprofit organizations - Matching gift programs - Disaster relief contributions

Education Initiatives

Boeing Future of Learning

Investment: $150 million commitment (2022-2027)

Key programs: - Curriculum development - Engineering design challenges - Teacher training - Summer externships for educators - Scholarships - STEM-focused college funding - University partnerships - Research collaborations

STEM Programs

Higher Education Partnerships

Boeing partners with over 200 universities worldwide: - University of Washington - MIT - Georgia Tech - Purdue University - University of Michigan - Tsinghua University (China)

Environmental Sustainability

Boeing EcoDemonstrator Program

Since 2012, Boeing has tested over 250 technologies on flying test beds: - Sustainable aviation fuels (SAF) - Aerodynamic improvements - Advanced materials - Operational efficiency tools

Environmental Goals (2025-2030)

Sustainable Aviation Fuel (SAF)

Boeing initiatives: - All new aircraft certified for 100% SAF by 2030 - Partnerships with fuel producers (World Energy, SkyNRG) - SAF purchase agreements for corporate travel - Research into emerging feedstocks

Environmental Partnerships

• World Wildlife Fund (WWF) - Aviation industry sustainability
• Clean Air Task Force - Policy advocacy
• Aviation Climate Taskforce - Industry collaboration

Veterans & Military Support

Boeing Veterans Programs

Military Family Support

• Blue Star Families - Spouse employment programs
• Military Child Education Coalition - School support
• Homefront Cares - Emergency assistance

Community Development

Boeing Community Investment

Focus regions: - Puget Sound, Washington - Historic headquarters region - South Carolina - 787 manufacturing - St. Louis, Missouri - Defense headquarters - International - Presence in 65+ countries

Disaster Relief

Boeing provides: - Financial contributions to relief organizations - Technical expertise (aircraft, logistics) - Employee donation matching (2:1 ratio) - Product donations (satellite communications)

Recent responses: - Hurricane relief (U.S. Gulf Coast, Puerto Rico) - Earthquake relief (Turkey, Morocco) - COVID-19 pandemic response

Racial Equity and Social Justice

$25 million commitment (2020-2025): - Historically Black Colleges and Universities (HBCU) partnerships - Minority business development - Criminal justice reform advocacy - Community investment in underserved areas

Employee Engagement

Volunteer Programs

Matching Gift Program

• Standard match: 1:1 up to $10,000 per employee annually
• Disaster relief match: 2:1 during emergencies
• Education match: 1:1 for K-12 schools

Sustainability Reporting

ESG (Environmental, Social, Governance) Disclosures

Boeing publishes annual: - Global Environment Report - Diversity & Inclusion Report - Political Engagement and Contributions Report - Sustainability Report (aligned with GRI Standards)

Recognition and Ratings

• Dow Jones Sustainability Index - Member
• CDP Climate - B rating (2024)
• Corporate Equality Index - 100% score (Human Rights Campaign)

Challenges and Criticisms

Environmental Criticisms

• Aviation industry contributes ~2.5% of global CO2 emissions
• Boeing’s growth conflicts with emissions reduction goals
• SAF production remains limited and expensive

Labor Relations

• Tension between cost-cutting and employee welfare
• 2024 strike highlighted compensation concerns
• Outsourcing criticized for community impact

Philanthropic Balance

Questions raised about: - Proportion of giving vs. company profits - Focus on STEM vs. other educational needs - Geographic concentration of benefits

Boeing Company - Legacy, Impact & Challenges

Industry Impact

Transformation of Air Travel

Boeing’s contributions to global aviation:

Aerospace Technology Leadership

Key Innovations: - All-metal aircraft construction - Pressurized cabins - Swept-wing designs - Fly-by-wire systems - Composite primary structures - Digital design and manufacturing

Defense and National Security

Boeing’s military contributions: - WWII: B-17, B-29 bombers - Cold War: B-52, Minuteman missiles - Modern Era: F-15, F/A-18, Apache, space systems - Nuclear Deterrent: Ongoing ICBM maintenance and development

Economic Impact

United States

• America’s largest exporter (by value)
• Supports 1.6 million jobs directly and indirectly
• $79 billion annual economic contribution to U.S. economy
• $45 billion in payroll to U.S. workers
• Operations in 50 states

Global Supply Chain

• 12,000+ suppliers worldwide
• $60+ billion in annual supplier purchases
• Major manufacturing presence in:
• Australia
• Canada
• United Kingdom
• India
• Middle East
• Southeast Asia

Market Position

Commercial Aviation Duopoly

With Airbus, Boeing forms one half of the global large commercial aircraft duopoly:

Defense Position

• #2 Defense contractor in the world (after Lockheed Martin)
• Leading provider of:
• Military aircraft
• Satellites
• Missile defense systems
• Space systems

Controversies and Challenges

737 MAX Crisis (2018-2019)

Timeline: - October 29, 2018: Lion Air Flight 610 crashes in Indonesia (189 deaths) - March 10, 2019: Ethiopian Airlines Flight 302 crashes (157 deaths) - March 13, 2019: Global fleet grounded

Root Causes: - MCAS (Maneuvering Characteristics Augmentation System) design flaws - Inadequate pilot training - Regulatory oversight failures - Internal communication breakdowns

Financial Impact: - $20+ billion in direct costs - Settlements with airlines: $5+ billion - Victim compensation: $2.5 billion - Criminal fine: $2.5 billion

Production Quality Issues

787 Dreamliner (2020-2022): - Delivery halts due to manufacturing defects - Skin gaps, shims improperly installed - $6+ billion in related costs

737 MAX (ongoing): - Alaska Airlines door panel blowout (January 2024) - Loose bolts discovered on multiple aircraft - Production rate caps by FAA

Labor Relations

2024 Machinists Strike: - 7-week work stoppage - 33,000 employees - Production of 737 MAX, 767, 777 halted - Estimated cost: $1 billion

Historical Context: - 1995: 69-day strike - 2008: 58-day strike - Pattern of tense contract negotiations

Safety Culture Criticism

Congressional Investigations: - House Transportation Committee hearings (2019, 2024) - Senate Commerce Committee oversight - DOT Inspector General reports

Key Findings: - Pressure to prioritize production over safety - Inadequate FAA oversight - Employee concerns not adequately addressed

Legal and Regulatory Issues

Department of Justice Settlement (2021): - Deferred prosecution agreement - $2.5 billion criminal penalty - Monitor installed for compliance

2024 Violation: - DOJ found Boeing violated settlement terms - Deciding on criminal prosecution - Potential for additional penalties

Current Recovery and Outlook

Kelly Ortberg’s Turnaround (2024-2025)

Key Achievements: - Acquired Spirit AeroSystems (quality control) - Sold non-core assets (Digital Aviation Solutions) - Restored positive free cash flow trajectory - Outsold Airbus in 2025 orders - Improved FAA relationship

Remaining Challenges

1. Certification delays - 737 MAX 7, MAX 10, 777X
2. Defense losses - Fixed-price contract problems
3. Debt load - $54 billion in consolidated debt
4. Reputation repair - Customer and public confidence
5. Production ramp - Scaling while maintaining quality

Historical Significance

Iconic Status

Boeing represents: - American industrial might - Aerospace innovation - Seattle’s transformation from timber town to tech hub - The Jet Age and global connectivity

Cultural References

• “If it’s not Boeing, I’m not going” - Famous slogan
• Featured in documentaries: “Downfall: The Case Against Boeing” (2022)
• Subject of multiple books on aviation history
• Integral to Seattle’s identity (“Jet City”)

Future Prospects

Growth Opportunities

• Air travel recovery - Post-pandemic demand
• Emerging markets - Asia-Pacific, Africa growth
• Defense spending - Global security concerns
• Space economy - Commercial space expansion
• Sustainable aviation - SAF and new technologies

Existential Risks

• China competition - COMAC C919 development
• Electric aviation - New entrants disrupting market
• Regulatory scrutiny - Enhanced FAA oversight
• Quality culture - Maintaining safety focus

Legacy Assessment

Boeing’s century-plus history encompasses: - Triumph: Revolutionizing global transportation - Tragedy: 737 MAX crashes and their aftermath - Innovation: Continuous aerospace advancement - Challenge: Ongoing cultural and operational reform

The company’s ultimate legacy will be determined by its ability to: 1. Restore its safety-first culture 2. Deliver on its record backlog 3. Compete effectively with Airbus 4. Maintain American aerospace leadership