BOEING COBA

BOEING CO Debt Disclosure

10-KFiled Jan 30, 20263 min read
Debt
In August 2025, we entered into a $3,000, 364-day revolving credit agreement expiring in August 2026. This facility replaced the $3,000, three-year revolving credit agreement which was scheduled to terminate in August 2025. 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. Our legacy $3,000, five-year revolving credit agreement expiring in August 2028 and $4,000, five-year revolving credit agreement expiring in May 2029 each remain in effect. As of December 31, 2025, we had $10,000 available under credit line agreements.
We continue to be in compliance with all covenants contained in our debt and credit facility agreements.
In December 2025, as a result of the Spirit Acquisition, we assumed $3,608 of debt, $2,260 of which we immediately repaid. The remaining debt assumed primarily includes the following notes issued by Spirit Sub: $300 of 3.850% Senior Notes due 2026 (the Spirit 2026 Notes), $700 of 4.600% Senior Notes due 2028 (the Spirit 2028 Notes, and together with the Spirit 2026 Notes, the Spirit Senior Notes) and $230 of 3.250% Exchangeable Notes due 2028 (the Spirit Exchangeable Notes).
The Spirit Exchangeable Notes mature on November 1, 2028, unless earlier exchanged, redeemed or repurchased, and are exchangeable at an initial rate of 6.7067 shares of Boeing common stock per $1,000 principal amount, in whole dollars, of the Spirit Exchangeable Notes. Prior to August 1, 2028, if certain conditions are met, holders of the Spirit Exchangeable Notes may elect to exchange the Spirit Exchangeable Notes. On or after August 1, 2028, the holders of the Spirit Exchangeable Notes may elect to exchange the Spirit Exchangeable Notes without restriction. Upon exchange, we will pay cash and/or deliver shares of Boeing common stock, at our election, to the holders of the Spirit Exchangeable Notes.
In connection with closing of the Spirit Acquisition, The Boeing Company guaranteed the obligations of Spirit Sub with respect to the Spirit Senior Notes, and as a result, each of The Boeing Company and Spirit fully and unconditionally guarantee the Spirit Senior Notes on a senior unsecured basis. The guarantees rank equally in right of payment with all of Boeing’s existing and future senior unsecured indebtedness.
Interest incurred, including amounts capitalized, was $2,956, $2,874 and $2,560 for the years ended December 31, 2025, 2024 and 2023, respectively. Total Company interest payments, net of amounts capitalized, were $2,630, $2,440 and $2,408 for the years ended December 31, 2025, 2024 and 2023, respectively. Interest capitalized was $185, $149, and $101 for the years ended December 31, 2025, 2024 and 2023, respectively.
Short-term debt and current portion of long-term debt at December 31 consisted of the following:

20252024
Unsecured debt$8,249 $850 
Finance lease obligations111 86 
Other notes101 342 
Total$8,461 $1,278 
Debt at December 31 consisted of the following:

20252024
Unsecured debt
2.20% - 2.50% due through 2026
$5,899 $6,159 
2.60% - 3.20% due through 2030
5,088 5,389 
3.25% - 3.90% due through 2059 (1)
10,136 9,637 
3.95% - 5.15% due through 2059
8,166 7,462 
5.71% - 6.63% due through 2060
18,996 18,987 
6.86% - 8.75% due through 2064
5,265 5,577 
Other debt and notes
Finance lease obligations due through 2044
250 239 
Other notes298 414 
Total debt$54,098 $53,864 
(1)    Includes $230 of Spirit Exchangeable Notes assumed as a result of the Spirit Acquisition, which will become exchangeable for shares of Boeing common stock and/or cash, at our election.
Scheduled principal payments for debt for the next five years are as follows:
20262027202820292030
Debt and other notes
$8,351 $4,403 $2,739 $2,508 $5,274 
Scheduled payments for finance lease obligations are as follows:
2026$124 
202772 
202835 
202917 
20307 
Thereafter
23 
Total finance lease payments
278 
Less imputed interest
(28)
Total
$250 
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Historical Timeline

Fiscal YearFiled
2025Jan 30, 2026Showing above
2024Feb 3, 2025
2023Jan 31, 2024
2022Jan 27, 2023
2021Jan 31, 2022
2019Jan 31, 2020
2018Feb 8, 2019
2017Feb 12, 2018
2016Feb 8, 2017
2015Feb 10, 2016

About Debt Disclosures

Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.

Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.

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