STOCKS | Boeing's Spirit AeroSystems Deal Losses Emerge as Liabilities Grow

Boeing's acquisition of Spirit AeroSystems is exposing mounting liabilities and losses. According to Sina Finance, Boeing identified billions of dollars in Spirit liabilities in the first half of 2026, far above the initial estimate at the December 2025 closing, and found additional liabilities in the following quarter. The liabilities include unfavorable customer contracts priced below market, which carry higher costs. At the end of October, Boeing reported a $123 million pretax loss for the third quarter, its shares fell sharply, and management lowered its free-cash-flow and aircraft-delivery outlook. Its commercial airplanes division recorded a $697 million operating loss. Boeing's shares have fallen 60% since peaking in 2019. Boeing acquired Spirit on December 8, 2025, for $8.4 billion. At the time, the fair value of the acquired assets was $1.6 billion below total liabilities, and Boeing recorded $10 billion in goodwill. As of June 30, the shortfall had widened to $1.9 billion and goodwill had risen to $10.3 billion. By September 30, the shortfall reached $2.2 billion and goodwill rose to $10.6 billion, exceeding Boeing's total shareholders' equity. An estimated $370 million increase in liabilities for some customer contracts not priced at market rates was a main factor. Boeing disclosed few details about the contracts and did not explain why they could result in such large losses. A 12-month period after an acquisition allows a company to adjust its purchase-price allocation without immediately recognizing expenses. Boeing has not yet included Spirit's rising costs in its income statement, but newly identified losses after the period ends must be fully reported. Any new adverse findings after December 8 will directly affect Boeing's net income, making its turnaround target more difficult to reach.