Boeing is a leading global aerospace company. It develops, manufactures and services commercial airplanes, defense products, and space systems for customers in more than 150 countries, through its Commercial Airplanes (BCA), Defense, Space & Security (BDS), and Global Services (BGS) divisions.
In recent years, revenue from its defense division has picked up, helping offset the decline in its commercial aircraft sales. Here’s a look at whether Boeing is a good long-term investment as it faces a record backlog in defense contracts and commercial aircraft orders.
Is Boeing a good long-term investment?
Boeing’s revenue has recovered in the past few years, and in 2025 it returned to profitability. It seems to have addressed issues in its commercial airplanes segment, but concerns linger. The aerospace maker says it derives a significant portion of its revenue from a limited number of commercial airlines, and there’s no guarantee that its customers will meet existing purchase commitments or buy additional products.
In 2018, Boeing posted record profit of nearly $10.5 billion, but two years later, in 2020 — amid the decline in commercial aircraft demand due to COVID-19 and the fallout from fatal accidents of its 737 MAX aircraft — it swung to a record loss of almost $11.9 billion.
Related: Boeing’s dividend & stock split history explained
How is Boeing’s stock rated by analysts?
The stock is rated a hold, or number 3 rank, by Zacks Investment Research, a Chicago-based investment research firm that compiles analyst ratings and earnings estimates. That suggests a neutral position on the stock, meaning that if an investor owns shares in Boeing, there’s no recommendation to buy or sell shares at the moment. “Stocks in this camp can still provide excellent upside potential. But one needs to keep a careful eye on these stocks,” according to Zacks.
Zacks recommends investors focus on stocks ranked 1, or strong buy, and to an extent, those ranked 2, while stocks ranked 4 or 5 should typically be avoided.
While Boeing reported a full-year profit in 2025, it posted a loss in the first quarter of 2026, and Zacks forecasts a loss in the second quarter, based on analysts’ consensus earnings estimates. Still, Boeing is forecasted to turn a profit in 2026 and 2027.
How much does defense contribute to Boeing’s revenue?
While sales of Boeing’s commercial aircraft suffered from 2019 to 2024, that was compensated for by steady revenue from its Defense, Space & Security division. Defense typically accounted for about a quarter of total revenue in 2018 and prior, but in 2020 it accounted for as much as 45%.
Revenue from commercial Airplanes suffered in 2019 due to negative impacts from the fatal 737 MAX accidents in Indonesia and Ethiopia, and the impacts of the COVID-19 pandemic on airlines. But the division rebounded in 2025, with revenue at its highest since 2018.
Related: Where are Boeing’s headquarters? Its major hubs explained
As defense contracts are likely to become a significant contributor to revenue going forward, the company put its headquarters closer to the power brokers in Washington, D.C. Since 2022, Boeing has made Arlington, Virginia, its global headquarters.
Its production line of military aircraft includes the long-range B-52 bomber, and some, such as the carrier-capable F/A-18E/F Super Hornet and the EA-18G Growler, are sold to allies. Contracts with other governments are valued in the billions of dollars. Weapons products include the MQ-25 Stingray, an unmanned aerial drone, and the Minuteman III Intercontinental Ballistic Missile (ICBM).
Boeing’s annual revenue broken down by category
| Year | Commercial Airplanes | Share of Revenue | Defense, Space & Security | Share of Revenue | Global Services | Total Revenue |
|---|---|---|---|---|---|---|
|
2025 |
41,494 |
46.3% |
27,234 |
30.4% |
20,923 |
89,651 |
|
2024 |
22,861 |
34.3% |
23,918 |
35.8% |
19,954 |
66,733 |
|
2023 |
33,901 |
43.5% |
24,933 |
32.0% |
19,127 |
77,961 |
|
2022 |
26,026 |
39.0% |
23,162 |
34.7% |
17,611 |
66,799 |
|
2021 |
19,714 |
31.5% |
26,540 |
42.4% |
16,328 |
62,582 |
|
2020 |
16,162 |
27.9% |
26,257 |
45.3% |
15,543 |
57,962 |
|
2019 |
32,255 |
42.0% |
26,095 |
34.0% |
18,468 |
76,818 |
|
2018 |
57,499 |
57.0% |
26,300 |
26.1% |
17,056 |
100,855 |
|
2017 |
54,612 |
58.6% |
23,938 |
25.7% |
14,611 |
93,161 |
|
2016 |
59,378 |
63.6% |
20,180 |
21.6% |
13,819 |
93,377 |
|
2015 |
59,399 |
61.6% |
23,708 |
24.6% |
13,293 |
96,400 |
In millions of U.S. dollars.
Source: Boeing annual reports.
Boeing’s record backlog
Boeing’s recovery to record revenue and profit might be on the way. Its backlog of orders reached a record $682 billion in 2025, an indication of sustained demand for commercial aircrafT, defense aircraft and weapons, as well as for global services.
Still, Boeing cautioned of risk in 2025, with strong competition on the defense side from other weapons makers, including General Dynamics, Lockheed Martin, Northrop Grumman, and SpaceX. Orders for commercial aircraft are typically placed years before delivery, but customers could cancel contracts, particularly in light of rising jet fuel costs stemming from the U.S. war on Iran in 2026.
Boeing’s backlog by year
| Year | Commercial Airplanes | Defense, Space & Security | Global Services | Unallocated Items | Total Backlog |
|---|---|---|---|---|---|
|
2025 |
567,290 |
84,786 |
29,720 |
411 |
682,207 |
|
2024 |
435,175 |
64,023 |
21,403 |
735 |
521,336 |
|
2023 |
440,507 |
59,012 |
19,869 |
807 |
520,195 |
|
2022 |
329,824 |
54,373 |
19,338 |
846 |
404,381 |
|
2021 |
296,882 |
59,828 |
20,496 |
293 |
377,499 |
In millions of U.S. dollars.
Source: Boeing annual reports.
More on Boeing:
- Boeing’s dividend & stock split history explained
- Where are Boeing’s headquarters? Its major hubs explained
- Boeing stock ownership: Institutional and executive shareholders
How is Boeing spending its money?
Boeing stopped paying dividends in 2020 to preserve cash. In its 2025 annual report, the company said it spent $6.6 billion on research and development, capital expenditures, and factory expansions to increase production and improve quality.
How much has Boeing’s stock gained?
In the five years through early May 2026, the stock was little changed, gaining around 3%. Its streak of losses in the years before 2025 contributed to weak stock performance, yet the stock never closed below $100.
But over the longer term, from its April 2009 lows — after the 2007–2008 financial crisis — the stock gained more than fivefold to $237 in early May 2026.
