Boeing

🇺🇸United StatesAerospace & Human SpaceflightVerified 2026-05-08NYSE: BA

Market Cap

$187B

as of 2026-05-08

Revenue (TTM)

$89.5B

as of 2026-05-08

Employees

~182,000

as of 2026-05-08

Founded

1916

Overview

Boeing's Defense, Space & Security (BDS) segment ($19.8B FY2025 revenue) generates space revenue primarily through NASA program management (SLS core stage, Starliner, ISS), USSF satellite systems (702 bus, ESS), and international defense. Unlike commercially-oriented competitors, Boeing's space work is dominated by cost-plus development programs that have repeatedly generated multi-billion dollar losses on fixed-price bids, most notably Starliner ($2B+ overruns), SLS ($3B+ overruns), and KC-46A.

Moat: Boeing retains a strong 702 satellite bus franchise (geostationary communications) and sole-source SLS core stage position for Artemis missions. However, its commercial crew competitive position has been severely damaged by Starliner failures, and its financial flexibility is constrained by $45B+ in net debt and ongoing 737 MAX production challenges.

Business

Primary customers

Government: NASA
Defense: U.S. Department of Defense
Defense: U.S. Space Force
Government: International Government Customers

Sectors

Aerospace & Human Spaceflight · Satellite Manufacturing · Launch Systems · Defense Electronics

Key Products

Space Launch System (SLS) Core Stageoperational
Boeing-built liquid hydrogen/liquid oxygen core stage for NASA's Artemis heavy-lift rocket. Primary SLS propulsion element through Artemis IV.
First flight: 2022-11-16
CST-100 Starlinerdevelopment
Reusable crew transportation vehicle for NASA Commercial Crew Program. CFT encountered helium leaks and thruster failures; contract modified in Nov 2025 to cargo-only Starliner-1, with first crewed flights reduced from 6 to 4.
First flight: 2019-12-20
Boeing 702 Satellite Busoperational
Industry-leading large GEO communications satellite platform with 100+ deliveries; powers commercial and government broadband satellites worldwide.
First flight: 1999-10-12
Evolved Strategic Satcom (ESS)development
Nuclear command, control, and communication satellite for the U.S. Space Force — Boeing awarded $2.8B contract in 2025 for first two satellites.

Government Contracts

Agency	Program	Amount	Year
NASA	Space Launch System (SLS) Core Stage	~$9B total (through Artemis IV core stages)	2012
NASA	CST-100 Starliner Commercial Crew Transportation	$4.2B (CCtCap award, 2014; over $2B in overruns)	2014
USSF	Evolved Strategic Satcom (ESS) — first two satellites	$2.8B	2025
NASA	ISS Operations (systems integration and operations)	Ongoing multi-year support contracts	1993

Near-term Catalysts

2026-Q2
Starliner-1 uncrewed test flight (cargo configuration)
Successful uncrewed flight is prerequisite for any future crewed missions; failure or further delays would accelerate program termination discussions with NASA.
2026-Q2
SLS Artemis II crewed lunar flyby (core stage delivery complete)
Boeing delivered the SLS core stage; a successful Artemis II mission generates milestone payments and preserves the multi-billion SLS program beyond Artemis III.

Top Risks

Starliner program carries $2B+ in cumulative cost-to-complete charges and NASA has modified the contract to remove crewed missions until further notice — program termination remains a non-trivial risk that would require additional write-downs.
Boeing's $45B+ net debt, ongoing 737 MAX production ramp, and 10% workforce reductions constrain capital allocation to space, limiting its ability to invest in new programs or absorb further fixed-price development losses.
SLS faces long-term existential risk if NASA's Artemis cadence slows after Artemis III; Starship's potential ~10x cost advantage for lunar surface missions could reshape the Artemis architecture by the late 2020s.

Recent Milestones

2026-01
FY2025: Boeing returned to annual profitability ($2.2B net income); BDS revenue $19.8B, margin 1.9%
2025-11
NASA and Boeing modify Starliner contract — first mission uncrewed cargo only, launches reduced from 6 to 4
2025-07
Won $2.8B USSF contract for first two Evolved Strategic Satcom (ESS) satellites
2024-09
Starliner CFT crew (Butch Wilmore/Suni Williams) returned to Earth on SpaceX Crew Dragon after Boeing could not safely certify Starliner for crew return
2024-01
FY2024 results: total revenue $66.5B (down 14.5%), BDS recorded $5B in losses on five fixed-price programs

What investors should know

Q1What does Boeing do in space?⌄

Boeing's Defense, Space & Security (BDS) segment ($19.8B FY2025) covers SLS core stage for NASA Artemis, CST-100 Starliner commercial crew vehicle (troubled), the 702 geostationary satellite bus, Evolved Strategic Satcom for the U.S. Space Force, and ISS systems integration and operations. Space is a subset of BDS alongside military aircraft and missiles.

Q2How does Boeing make money in space?⌄

Primarily through NASA and DoD cost-plus and fixed-price development contracts. SLS core stage earns margin on a cost-plus basis. Starliner and other fixed-price programs have generated over $7B in cumulative losses. The 702 commercial satellite bus provides higher-margin build-to-order commercial revenue. New ESS satellites (USSF) are a fixed-price development risk.

Q3Who are Boeing's primary space customers?⌄

NASA (SLS, Starliner, ISS) and the U.S. Space Force/DoD (702 satellites, ESS, classified programs) are the dominant space customers. Commercial satellite operators (SES, Intelsat, Hughes) purchase 702 GEO buses. International government customers account for a growing share of BDS revenue.

Q4What is Boeing's competitive moat in space?⌄

The 702 satellite bus franchise with 100+ deliveries is Boeing's most defensible space asset. SLS core stage is sole-source through Artemis IV. However, Starliner's commercial crew position is severely damaged, and Boeing's financial constraints limit its ability to invest aggressively in next-generation programs.

Q5What are the top risks for Boeing investors in space?⌄

Starliner termination risk following CFT crew return failure — additional write-downs are possible if NASA cancels. Fixed-price program losses (over $7B in FY2024 across five programs) could recur on ESS or other development bids. SLS program risk if Artemis mission count is reduced. Boeing's $45B+ net debt limits financial flexibility.

Q6What near-term catalysts could move Boeing stock?⌄

Starliner-1 uncrewed cargo flight success (2026-Q2) would restore some confidence in the program. SLS Artemis II launch with Boeing's core stage would be a public milestone. Continued 737 MAX production rate recovery is actually the larger stock catalyst, as commercial aviation dwarfs space in Boeing's revenue mix.

Q7How does Boeing compare to Lockheed Martin in space?⌄

LMT has a more successful and profitable space franchise — Orion, GPS III, and OPIR are all on schedule with healthy margins. Boeing's space programs have been plagued by cost overruns (Starliner, SLS) and a reputational crisis from the Starliner CFT failure. LMT's Space segment ($13.0B, ~17% of total) is smaller but more profitable. Boeing's BDS ($19.8B) is larger but includes mostly non-space defense.

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Overview

Key Products

Space Launch System (SLS) Core Stageoperational

Boeing-built liquid hydrogen/liquid oxygen core stage for NASA's Artemis heavy-lift rocket. Primary SLS propulsion element through Artemis IV.

First flight: 2022-11-16

CST-100 Starlinerdevelopment

Reusable crew transportation vehicle for NASA Commercial Crew Program. CFT encountered helium leaks and thruster failures; contract modified in Nov 2025 to cargo-only Starliner-1, with first crewed flights reduced from 6 to 4.

First flight: 2019-12-20

Boeing 702 Satellite Busoperational

Industry-leading large GEO communications satellite platform with 100+ deliveries; powers commercial and government broadband satellites worldwide.

First flight: 1999-10-12

Evolved Strategic Satcom (ESS)development

Nuclear command, control, and communication satellite for the U.S. Space Force — Boeing awarded $2.8B contract in 2025 for first two satellites.

Government Contracts

Agency	Program	Amount	Year
NASA	Space Launch System (SLS) Core Stage	~$9B total (through Artemis IV core stages)	2012
NASA	CST-100 Starliner Commercial Crew Transportation	$4.2B (CCtCap award, 2014; over $2B in overruns)	2014
USSF	Evolved Strategic Satcom (ESS) — first two satellites	$2.8B	2025
NASA	ISS Operations (systems integration and operations)	Ongoing multi-year support contracts	1993

Near-term Catalysts

2026-Q2

Starliner-1 uncrewed test flight (cargo configuration)

Successful uncrewed flight is prerequisite for any future crewed missions; failure or further delays would accelerate program termination discussions with NASA.

2026-Q2

SLS Artemis II crewed lunar flyby (core stage delivery complete)

Boeing delivered the SLS core stage; a successful Artemis II mission generates milestone payments and preserves the multi-billion SLS program beyond Artemis III.

Top Risks

Starliner program carries $2B+ in cumulative cost-to-complete charges and NASA has modified the contract to remove crewed missions until further notice — program termination remains a non-trivial risk that would require additional write-downs.

Boeing's $45B+ net debt, ongoing 737 MAX production ramp, and 10% workforce reductions constrain capital allocation to space, limiting its ability to invest in new programs or absorb further fixed-price development losses.

SLS faces long-term existential risk if NASA's Artemis cadence slows after Artemis III; Starship's potential ~10x cost advantage for lunar surface missions could reshape the Artemis architecture by the late 2020s.

Recent Milestones

2026-01

FY2025: Boeing returned to annual profitability ($2.2B net income); BDS revenue $19.8B, margin 1.9%

2025-11

NASA and Boeing modify Starliner contract — first mission uncrewed cargo only, launches reduced from 6 to 4

2025-07

Won $2.8B USSF contract for first two Evolved Strategic Satcom (ESS) satellites

2024-09

Starliner CFT crew (Butch Wilmore/Suni Williams) returned to Earth on SpaceX Crew Dragon after Boeing could not safely certify Starliner for crew return

2024-01

FY2024 results: total revenue $66.5B (down 14.5%), BDS recorded $5B in losses on five fixed-price programs

What investors should know

Q1What does Boeing do in space?⌄

Q2How does Boeing make money in space?⌄

Q3Who are Boeing's primary space customers?⌄

Q4What is Boeing's competitive moat in space?⌄

Q5What are the top risks for Boeing investors in space?⌄

Q6What near-term catalysts could move Boeing stock?⌄

Q7How does Boeing compare to Lockheed Martin in space?⌄

Boeing

Overview

Business

Primary customers

Sectors

Key Products

Government Contracts

Near-term Catalysts

Top Risks

Recent Milestones

Recent News

What investors should know

Peers

Sources & References

🏛️ Agency Document

💼 Investor Relations

📣 Press Release

Explore More

All Companies

Space Programs

Upcoming Launches

Boeing

Overview

Business

Primary customers

Sectors

Key Products

Government Contracts

Near-term Catalysts

Top Risks

Recent Milestones

Recent News

What investors should know

Peers

Sources & References

🏛️ Agency Document

💼 Investor Relations

📣 Press Release

Explore More

All Companies

Space Programs

Upcoming Launches

Agency Document

Investor Relations

Press Release

Agency Document

Investor Relations

Press Release