Boeing management check
BA · Industrials · Aerospace & Defense · CEO Robert K. Ortberg
Filings as of
3 good · 2 to watch · 2 flagged, across the seven questions below.
- Flag
Have owners done well?
Trailed its chosen peers$100 invested at the start of fiscal 2021 grew to $101, against $230 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.93 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Watch
What does the CEO cost owners?
1.1% of net income$23.6m of reported pay in fiscal 2025, against $2.2bn of net income.
- Good
Do they own the stock?
Insiders are buyingThe CEO holds 129,695.218 shares, directly or through trusts (unvested awards not counted): about 1.3 years of pay. 1 insider bought $299k on the open market in the last six months, with their own money, near the lows.
- Flag
Are owners being diluted?
Share count growingDiluted shares changed +12.2% a year over the last three fiscal years. Stock-based pay was 0.5% of revenue in the latest year.
- Watch
Is leadership stable?
2 CEOs in the pay tableCEOs in the pay table: Robert K. Ortberg, David Calhoun. 9 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Industrials.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 0 | 55 | |
| Pay for performance | 96 | 86 | |
| CEO cost | 48 | 48 | |
| Skin in the game | 60 | 55 | |
| Dilution | 0 | 62 | |
| Stable leadership | 40 | 75 | |
| Clean books | 100 | 100 |
Closest peers
Others in Aerospace & Defense, by management score. Boeing is 77th of 81 in its sector.
- 21GEGE Aerospace85
- 44RTXRTX Corporation82
- 98HWMHowmet Aerospace76
- 113NOCNorthrop Grumman75
- 130LMTLockheed Martin73
- 154GDGeneral Dynamics72
- 206TXTTextron68
- 217TDGTransDigm Group67
- 310LHXL3Harris61
- 382HIIHuntington Ingalls Industries55
Pay versus performance
From the proxy statement filed March 6, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Robert K. Ortberg, David Calhoun | $23.6m | $31.9m | $11.4m | $101 | $230 | $2.2bn |
| 2024 | — | $18.4m | $19.9m | $5.9m | $83 | $162 | −$11.8bn |
| 2023 | — | $32.8m | $44.4m | $10.8m | $122 | $142 | −$2.2bn |
| 2022 | — | $22.6m | $15.2m | $7.3m | $89 | $133 | −$4.9bn |
| 2021 | — | $21.2m | $17.8m | $6.1m | $94 | $113 | −$4.2bn |
The board says pay is tied most to Free cash flow. Its other key measures: Operational performance, Core earnings/loss per share, Revenue.
Insiders and the CEO's stake
Robert Kelly Ortberg (President & CEO) held 129,695.218 shares directly after their latest Form 4 on Aug 10, 2026, roughly $30.4m at that filing's price.
1 insider bought $299k on the open market in the last six months, with their own money, near the lows.
- BoughtBradley D TildenDirector$299kMay 20, 2026
Leadership and governance on file
- Aug 21, 2026Leadership change8-K 5.02
- Dec 3, 2025Leadership change8-K 5.02
- Jul 3, 2025Leadership change8-K 5.02
- Feb 25, 2025Leadership change8-K 5.02
- Nov 18, 2024Leadership change8-K 5.02
- Sep 20, 2024Leadership change8-K 5.02
- Jul 31, 2024Leadership change8-K 5.02
- Mar 25, 2024Leadership change8-K 5.02
- Dec 11, 2023Leadership change8-K 5.02
- Mar 15, 2023Leadership change8-K 5.02
- Feb 17, 2023Leadership change8-K 5.02
- Dec 22, 2022Leadership change8-K 5.02
Latest shareholder vote results: Apr 17, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $331.0m returned to owners in buybacks and dividends, and $3.1bn of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $62.3bn | $66.6bn | $77.8bn | $66.5bn | $89.5bn |
| Net income | −$4.2bn | −$4.9bn | −$2.2bn | −$11.8bn | $2.2bn |
| Stock-based pay | $833.0m | $725.0m | $690.0m | $407.0m | $426.0m |
| Buybacks | — | — | — | — | — |
| Dividends | — | — | — | — | $331.0m |
| Diluted shares | 588m | 595m | 606m | 647m | 762m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.