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The Boeing Company 2012 Annual Report At Boeing, we aspire to be the strongest, best and best-integrated aerospace- based company in the world— for today and tomorrow. The Boeing Company Contents Boeing is the world’s largest aerospace Operational Summary 1 company and leading manufacturer Message From Our Chairman 2 of commercial airplanes and defense, space and security systems. The top The Executive Council 7 U.S. exporter, Boeing supports airlines and U.S. and allied government cus- Financial Results 8 tomers in more than 150 countries. Our Form 10-K 9 products and tailored services include commercial and military aircraft, satel- Selected Programs, lites, weapons, electronic and defense Products and Services 122 systems, launch systems, advanced Shareholder Information 129 information and communication sys- Cover photo: The liquid tems, and performance-based logistics Board of Directors 130 hydrogen–powered high- and training. With corporate offices in Company Officers 130 altitude long-endurance Chicago, Boeing employs more than Phantom Eye unmanned 174,000 people across the United aircraft system States and in 70 countries. In addition, Photo above: The new our enterprise leverages the talents of 737 MAX—designed for hundreds of thousands of skilled people maximum efficiency, reliabil- working for Boeing suppliers worldwide. ity and customer appeal Financial Highlights U.S. dollars in millions except per share data 2012 2011 2010 2009 2008 Revenues 81,698 68,735 64,306 68,281 60,909 Net earnings 3,900 4,018 3,307 1,312 2,672 Earnings per share* 5.11 5.33 4.46 1.87 3.65 Operating margins 7.7% 8.5% 7.7% 3.1% 6.5% Operating cash flow 7,508 4,023 2,952 5,603 (401) Contractual backlog 372,355 339,657 303,955 296,500 323,860 Total backlog† 390,228 355,432 320,826 315,558 351,926 * Represents diluted earnings per share from continuing operations. †Total backlog includes contractual and unobligated backlog. See page 23 of the Form 10-K. Operational Summary Achieved record revenues of Won 1,203 commercial air- of the 787-9; and reached our $81.7 billion, a 19 percent increase plane orders (our second highest planned five-airplanes-per-month compared to $68.7 billion in 2011, total ever), reaching the 10,000th production rate on the program. and reported net income of order for the 737 program with a $3.9 billion, or $5.11 per share. single-year record 1,124 orders, Achieved key Defense, Space including 914 orders for the new & Security milestones, including Added $114 billion in new 737 MAX; recorded Boeing delivery of the first Block C V-22 orders, expanding our record Commercial Airplanes’ largest Osprey; delivery of the U.S. company backlog to more than backlog in history at $319 billion, Navy’s first production P-8A $390 billion—nearly five times including 4,373 airplanes. Poseidon; completion of full current annual revenues. landing tests of the Crew Space Grew our Defense, Space & Transportation spacecraft; start Further strengthened operat- Security backlog by more than of production of the first KC-46 ing cash flow to $7.5 billion and 19 percent to $71 billion on Tanker refueling boom; and first increased cash and marketable $44 billion in new orders. flights of the Blended Wing Body securities to $13.5 billion, ensuring X-48C experimental aircraft and continued healthy liquidity. Captured key new and follow- the liquid hydrogen–powered on defense, space and security Restored our market-share Phantom Eye unmanned air- contracts, including CH-47F craft system. leadership with 601 commercial Chinook helicopters for Australia airplane deliveries—the most and the United Arab Emirates; Continued significant envi- in one year since 1999, includ- ad ditional F/A-18 aircraft and a ronmental progress including ing 46 787s, the first 747-8 third phase of P-8A Poseidon low- reducing CO2 emissions by Intercontinental to launch cus- rate production aircraft for the 400,000 metric tons over the past tomer Lufthansa, the 1,000th U.S. Navy; the C-17 Globemaster III five years while increasing com- 777 and a single-year record 415 Integrated Sustainment Program mercial airplane production by deliveries for the 737 program. for the U.S. Air Force; and signif- 35 percent; successfully flight Completed delivery of 144 icant orders from Saudi Arabia testing the 737 ecoDemonstrator, production military aircraft and for new F-15S aircraft, upgrades which tested new technologies to 10 satellites, increasing Boeing to existing F-15 aircraft and new reduce noise and emissions; and Defense, Space & Security reve- AH-64 attack helicopters. being recognized as a U.S. EPA nues from 2011. ENERGY STAR Partner of the Year Delivered the first Charleston- for the third year in a row. built 787s; began major assembly 1 To the Shareholders and Employees of The Boeing Company At Boeing, innovation, disciplined execution, and continuous productivity improvements provide our customers the solutions they need and fuel our growth. By continually focusing the enter- prise on these fundamentals, we aspire to deliver sustained, world-class business performance for our shareholders while advancing the interests of employees, communities and other stakeholders. In 2012, our global team of more valued at a record $319 billion. than 174,000 employees made Operating margins were a healthy major progress in every area, and, 9.6 percent. as a result, strengthened the foun- Key new orders included United dation that will sustain our growth Airlines’ purchase of 150 737s, and industry leadership through which pushed lifetime orders for our centennial in 2016 and beyond. the airplane above 10,000. In fact, 2012 Review the 737 program set single-year Boeing records with 1,124 orders We ended 2012 with record and 415 deliveries. More than 900 revenues of $81.7 billion (19 per- of those orders are for our new cent higher than 2011), fueled by 737 MAX, which has won nearly increased deliveries at Boeing 1,200 orders since launch. This Commercial Airplanes and Boeing highly efficient new-engine variant Defense, Space & Security. Our of the 737 maintains its significant backlog grew to a record $390 bil- value advantage over its competitor lion on substantial new order totals and ensures us a strong position in for both businesses. the growing single-aisle market. Strong core performance across We also advanced our leadership our production programs and in the twin-aisle market with: services businesses, coupled with our revenue growth, produced Delivery of the 1,000th 777 operating cash flow of $7.5 billion— Successful entry into service of our highest since 2007 and a sig- the 747-8 Intercontinental nificant increase from a strong $4.0 billion in 2011. Net earnings Delivery of 46 787 Dreamliners of $3.9 billion were driven by to eight customers solid operating margins in both businesses. These results—and On-schedule development of our positive outlook—drove our the 787-9 decision in December to resume In our factories and throughout our share repurchase program our supply chain, we executed and increase our dividend by five successful production rate more than 10 percent. increases—part of our plan to Boeing Commercial Airplanes meet growing demand for our restored our global market-share fuel-efficient new airplanes. We leadership with 601 deliveries— are building 737s at a record 38 a 26 percent increase over 2011. airplanes per month (up from 31.5 We also led the industry with 1,203 at the start of 2012). In addition, our net new orders, increasing our team increased 747-8 production backlog to nearly 4,400 airplanes from 1.5 to two airplanes per W. James McNerney, Jr. Chairman, President and Chief Executive Officer 2 The X-48C Blended additional lift with less The 787-9 is the second engineers released more Wing Body concept drag for next-generation member of the 787 than 90 percent of the is unlike the traditional airlift and tanker aircraft. Dreamliner family and will design for the 787-9, tube-and-wing airplane The X-48C prototype air- carry 40 more passen- ahead of plan for both design; it merges the craft recorded its first flight gers an additional 300 quality and schedule. fuselage with the wing in 2012, building on more nmi (555 km). In 2012, to offer the possibility of than 90 X-48B test flights. month; raised 777 rates from 787 will return to flight and its AH-64E Apache, Laser JDAM and seven to a new high of 8.3 air- game-changing value proposition A-10 re-wing programs. planes per month; and doubled for airline customers and their Despite intense budget pressures 787 production from 2.5 to five passengers will remain fully intact. in our traditional markets in the airplanes per month, with in - Boeing Defense, Space & United States and Europe, sales creases anticipated to seven per Security also performed excep- growth in emerging international month by mid-2013 and 10 per tionally well in a difficult 2012 markets led Defense, Space & month by year end. business environ ment. It delivered Security to $44 billion in new We also marked the historic start innovation and value to customers orders, increasing its backlog to of deliveries from our new assem- while strengthening core pro- $71 billion—more than twice 2012 bly plant in North Charleston, S.C. grams and growth areas with new revenues and among the indus- This is the first commercial air plane domestic and international orders. try’s strongest order books. factory built in the United States We delivered 144 military aircraft, Significant new business included: in nearly 45 years. It rep resents a 10 satellites and nearly 11,000 strategic achievement and com- Seven new satellite orders, weapons systems—raising petitive advantage for Boeing that including four all-electric 702SPs revenues by 2 percent over 2011 ex pands our production capacity to $32.6 billion, and achieving and ensures business continuity Eleven additional P-8A operating margins of 9.4 percent.

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