Defense prime · BA
Boeing (BA) gets 35% of its revenue from the U.S. government
What Boeing reports in its FY2025 10-K, and what federal contract records show.
Summary
Boeing is one of the largest federal contractors by dollars but among the least dependent on Washington: 35% of its FY2025 revenue came from the U.S. government, about $31.3B of $89.5B by our calculation, including foreign military sales. Its 10-K reports the trend: "Revenues from the U.S. government (including FMS), primarily recorded at BDS and BGS, represented 35%, 42% and 37% of consolidated revenues for 2025, 2024 and 2023, respectively." The drop from 2024 mostly reflects a larger total: revenue rose from $66.5B to $89.5B.
The Air Force awarded 60.8% of the $22.2B in prime contract obligations we matched to Boeing in federal fiscal year 2025, led by the KC-46 tanker program (FA862511C6600), with $32.0B obligated to date. NASA's International Space Station contract (NAS1510000) is another of its largest. Matched obligations came to 0.71 times reported U.S. government revenue; the company's figure includes foreign military sales and other revenue that does not appear as a prime award to Boeing.
Two joint ventures are listed below but kept out of the totals: Bell Boeing, which builds the V-22 Osprey with Textron's Bell, and United Launch Alliance with Lockheed Martin.
Share of revenue over time
Boeing: U.S. government share of revenue, by fiscal year
What Boeing counts as government revenue
- Definition used
- U.S. government contracts (includes FMS)
- Foreign military sales
- Included in the reported figure
- Subcontract work
- Not stated
- Adjusted ex-FMS share
- Not available: the figure includes FMS but the company does not disclose the amount
“Revenues from the U.S. government (including FMS), primarily recorded at BDS and BGS, represented 35%, 42% and 37% of consolidated revenues for 2025, 2024 and 2023, respectively.”
Boeing, FY2025 Form 10-K · read the filing
The contract record
Prime contract obligations on USAspending.gov for the 27 recipient records we matched to Boeing (obligations are not revenue).
In FFY2025, 93% of these obligations came from the Department of Defense and 7% from civilian agencies.
Contract obligations by awarding agency, FFY2025
Top 8 awarding sub-agencies; the rest grouped as Other.
| Awarding agency | Obligations | Share |
|---|---|---|
| Department of the Air Force | $13.5B | 60.8% |
| Department of the Navy | $4.05B | 18.1% |
| National Aeronautics and Space Administration | $1.54B | 6.9% |
| Department of the Army | $1.41B | 6.3% |
| Defense Logistics Agency | $1.16B | 5.2% |
| Missile Defense Agency | $308M | 1.4% |
| U.S. Special Operations Command | $257M | 1.2% |
| Defense Information Systems Agency | $14.6M | 0.1% |
| Other | $19.2M | 0.1% |
Obligations by federal fiscal year
| Federal fiscal year | Obligations | Note |
|---|---|---|
| FFY2026 | $28.0B | preliminary DoD data posts with a 90-day delay |
| FFY2025 | $22.2B | Matched to FY2025 |
| FFY2024 | $24.0B | |
| FFY2023 | $23.4B | |
| FFY2022 | $16.0B | |
| FFY2021 | $23.7B |
Largest contracts active in FFY2025
Ranked by total obligated value to date on each award (all years), among awards with activity in FFY2025. Links open the award on USAspending.gov.
| Award | Agency | Description | Obligated to date | Period |
|---|---|---|---|---|
| FA862511C6600The Boeing Company | Department of the Air Force | KC-X MODERNIZATION PROGRAM | $32.0B | 2011–2027 |
| NAS1510000The Boeing Company | National Aeronautics and Space Administration | INTERNATIONAL SPACE STATION | $22.7B | 1993–2031 |
| N0001914C0067The Boeing Company | Defense Contract Management Agency | USN P-8A FRP II LONG LEAD MATERIAL | $18.1B | 2014–2027 |
| FA863412C2651The Boeing Company | Department of the Air Force | RSAF F-15 FLEET MODERNIZATION PROGRAM | $11.2B | 2012–2023 |
| FA861404C2004The Boeing Company | Defense Contract Management Agency | No description on file | $11.1B | 2003–2017 |
| NNM07AB03CThe Boeing Company | National Aeronautics and Space Administration | PROVIDE DEVELOPMENTAL HARDWARE AND TEST ARTICLES, AND MANUFACTURE AND ASSEMBLE ARES I UPPER STAGES. THE UPPER STAGE (US) ELEMENT IS AN… | $10.5B | 2007–2028 |
| N0001904C3146The Boeing Company | Department of the Navy | No description on file | $7.63B | 2004–2028 |
| W58RGZ16C0023The Boeing Company | Defense Contract Management Agency | W58RGZ-16-C-0023 IS FOR THE AWARD OF ADVANCE PROCUREMENT IN THE AMOUNT OF $184,930,000.00 TO SUPPORT LOT 7 FULL RATE PRODUCTION LONG LEAD… | $7.47B | 2016–2027 |
| FA863418C2701The Boeing Company | Department of the Air Force | F-15, FMS, F-15QA AIR VEHICLE DEVELOPMENT | $7.04B | 2017–2028 |
| HQ014712C0004The Boeing Company | Missile Defense Agency | THE MISSILE DEFENSE AGENCY (MDA), GROUND-BASED MIDCOURSE DEFENSE (GMD) DEVELOPMENT AND SUSTAINMENT CONTRACT (DSC) THE GMD DSC WORK… | $6.47B | 2011–2025 |
Recipients we matched to Boeing
These USAspending recipient records are rolled into the figures above. Readers can check each one; if a match looks wrong, tell us.
| Recipient name | UEI | How matched | FFY2025 obligations |
|---|---|---|---|
| THE BOEING COMPANY | WZWRLY4G3PL8 | USAspending parentTHE BOEING COMPANY | $4.37B |
| THE BOEING COMPANY | JJM4FRDZJDX1 | USAspending parentTHE BOEING COMPANY | $6.29B |
| THE BOEING COMPANY | SML4NN2CT556 | USAspending parentTHE BOEING COMPANY | $1.48B |
| THE BOEING COMPANY | LAJJQWA1PF31 | USAspending parentTHE BOEING COMPANY | $481M |
| THE BOEING COMPANY | MF2LE5RK6L84 | USAspending parentTHE BOEING COMPANY | $2.45B |
| THE BOEING COMPANY | E466BXU4KJH8 | USAspending parentTHE BOEING COMPANY | $1.17B |
| THE BOEING COMPANY | UEGFHX6R6KJ1 | USAspending parentTHE BOEING COMPANY | $2.27B |
| THE BOEING COMPANY | M25AW7P5S7K7 | USAspending parentTHE BOEING COMPANY | $1.70B |
| THE BOEING COMPANY | M8JLMEHJADQ5 | USAspending parentTHE BOEING COMPANY | — |
| THE BOEING COMPANY | M6BRZ1FHEZQ1 | USAspending parentTHE BOEING COMPANY | $594M |
| THE BOEING COMPANY | NJVNVWQJMPA4 | USAspending parentTHE BOEING COMPANY | $297M |
| THE BOEING COMPANY | HLWWEH2CCXW5 | USAspending parentTHE BOEING COMPANY | $367M |
| THE BOEING COMPANY | XM8ZJ6ML9CW7 | USAspending parentTHE BOEING COMPANY | $323M |
| INSITU, INC. | QXMUHJ7XTF89 | USAspending parentTHE BOEING COMPANY | $81.7M |
| THE BOEING COMPANY | PHJHM5MZKMN5 | USAspending parentTHE BOEING COMPANY | $132M |
| THE BOEING COMPANY | H1C4ZVECADM6 | USAspending parentTHE BOEING COMPANY | $104M |
| THE BOEING COMPANY | VH1ZJJ9CW9B4 | USAspending parentTHE BOEING COMPANY | — |
| BOEING AEROSPACE OPERATIONS, INC. | QL4CHNKHQQF4 | USAspending parentTHE BOEING COMPANY | — |
| AURORA FLIGHT SCIENCES CORPORATION | K1L1BZLNPWC4 | USAspending parentTHE BOEING COMPANY | — |
| THE BOEING COMPANY | D27FSZD2L2U9 | USAspending parentTHE BOEING COMPANY | — |
| ARGON ST, INC. | GFLRXRHACMM9 | USAspending parentTHE BOEING COMPANY | — |
| THE BOEING COMPANY | LYL4E7AZMKN7 | USAspending parentTHE BOEING COMPANY | — |
| TAPESTRY SOLUTIONS, INC. | GWJRC3WZ3HS8 | USAspending parentTHE BOEING COMPANY | — |
| THE BOEING COMPANY | TXT3HAAZREF1 | USAspending parentTHE BOEING COMPANY | — |
| JEPPESEN FOREFLIGHT, INC. | F5VJXR8LLZP5 | USAspending parentTHE BOEING COMPANY | $53.1M |
| THE BOEING COMPANY | JXHRK8FKNJN4 | USAspending parentTHE BOEING COMPANY | — |
| THE BOEING COMPANY | FBRTAX7SGND3 | USAspending parentTHE BOEING COMPANY | — |
Joint ventures (not included in totals)
- Bell Boeing, with Textron. Joint ventures are not split between partners.
- United Launch Alliance, with Lockheed Martin. Joint ventures are not split between partners.
- HRL Laboratories. Joint ventures are not split between partners.
Peers
Related analysis
-
Company exposure · latest annual reports
Ten public companies get at least 80% of their revenue from Washington. Only one of the five biggest contractors is among them.
We read the latest 10-K of 40 companies that sell to the U.S. government. The ones most exposed to a budget fight are mostly mid-size service and technology firms, not the household-name primes.
-
Analysis · agency concentration
One customer, one agency: nine companies get at least 90% of their federal contract dollars from a single department.
We grouped each company's federal contract obligations by the department that awarded them. Defense contractors lean on one department, and often on one military service. Services firms spread their work across many.
-
Guide · shutdown exposure
Which public companies are most exposed to a government shutdown? Science Applications International and Leidos pair high federal dependence with mostly civilian-agency contracts
We paired each company's reported share of revenue from the U.S. government with the agencies that sign its federal contracts. Civilian agencies matter most in a lapse in appropriations, so the contractors that serve them carry the most direct exposure.
-
Contract record · movers
Contract obligations: BWX Technologies up 233.6%, Leonardo DRS down 57.3% in FFY2026
Federal contract obligations to 25 of 35 covered companies rose in FFY2026 through July 3, 2026 compared with the same period of FFY2025. Obligations are commitments, not revenue, but they show where agencies are putting new money.
-
How-to · reading filings
How to read a 10-K's government revenue disclosure: one question, many definitions
We read the latest annual report of 40 companies that sell to the U.S. government. Ten gave no company-wide percentage, and the rest defined “U.S. government” in different ways. Here is what to look for before you compare them.
-
Definitions · latest annual reports
Five of the sixteen defense companies we cover count foreign military sales as U.S. government revenue. Only General Dynamics says how much.
We read how each defense and aerospace company's 10-K defines its U.S. government revenue. Where a company discloses its foreign military sales, we take them out. Where it doesn't, we say so instead of guessing.
-
Filing watch · weekly
Filing watch: CACI International's new 10-K mentions budget and contract risks 7 times, up from 1
39 covered companies filed a 10-K or 10-Q in the past 90 days. We count how often each filing mentions continuing resolutions, shutdowns, termination for convenience and other federal budget risks, and compare it with the company's previous filing of the same type.
-
Recurring analysis · share changes
The biggest shifts in federal dependence: AeroVironment up 19 points, Boeing down 14
We lined up up to five years of 10-K figures for every company that reports a U.S. government share. Most moved by a few points. The big moves have different causes, and the cause matters more than the size.
Sources
- Boeing, FY2025 annual report (U.S. government share) (accessed October 15, 2026)
- Boeing, FY2024 annual report (U.S. government share) (accessed October 16, 2026)
- Boeing, FY2023 annual report (U.S. government share) (accessed October 16, 2026)
- Boeing, FY2022 annual report (U.S. government share) (accessed October 16, 2026)
- Boeing, FY2021 annual report (U.S. government share) (accessed October 16, 2026)
- SEC XBRL company facts for Boeing (revenue history) (accessed October 16, 2026)
- USAspending.gov recipient profile: The Boeing Company (accessed October 16, 2026)
- USAspending.gov API, prime contract awards (award types A–D) (accessed October 16, 2026)
- Federal Exposure methodology