Boeing Secures $131 Billion F-15 Defense Ceiling Contract

Boeing secured a $131.23 billion indefinite-delivery/indefinite-quantity ceiling contract from the Department of War on August 24 for the F-15 Eagle Crest program. The agreement sets an upper cap on potential orders rather than guaranteeing total spending. Only $343,740 was obligated at the time of the award for research, development, testing, and evaluation for fiscal year 2026.

Work under the sole-source contract will take place in St. Louis, Missouri, with expected completion by August 2037. The initial ordering period runs through August 24, 2031, and includes an option to extend for five additional years. The deal covers aircraft manufacturing, systems integration, sustainment, and upgrades, consolidating multiple defense services into a single administrative structure.

The framework includes potential Foreign Military Sales to Japan, Indonesia, Israel, Poland, Saudi Arabia, Singapore, and South Korea. However, neither Poland nor Indonesia currently flies the F-15. Boeing previously halted its campaign to supply Indonesia with F-15EX Eagle II aircraft in February following a stalled 2023 memorandum of understanding. The agreement is roughly double the $62 billion F-16 export arrangement awarded to Lockheed Martin in 2020.

The arrangement does not provide meaningful cash flow injections for 2026 or 2027, as payments depend on future task orders. During the second quarter, hedge fund ownership tracked by Insider Monkey fell 9% sequentially from 99 to 90 funds. Pentwater Capital Management held the largest stake valued above $1.34 billion as of June 30 after a 5% trim, while Fisher Asset Management held about $1.31 billion after boosting its stake by 13%.

Boeing is scheduled to release its third-quarter financial results during the first week of November, ahead of the November 16 institutional filing deadline.