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    Boeing Reports First Quarter Results

    4/23/25 7:30:00 AM ET
    $BA
    Aerospace
    Industrials
    Get the next $BA alert in real time by email

    ARLINGTON, Va., April 23, 2025 /PRNewswire/ --

    First Quarter 2025

    • 737 production gradually increased in the quarter; still expected to reach 38 per month this year
    • Revenue increased to $19.5 billion primarily reflecting 130 commercial deliveries
    • GAAP loss per share of ($0.16) and core (non-GAAP)* loss per share of ($0.49)
    • Operating cash flow of ($1.6) billion and free cash flow of ($2.3) billion (non-GAAP)*
    • Total company backlog grew to $545 billion, including over 5,600 commercial airplanes














































    Table 1. Summary Financial Results



    First Quarter













    (Dollars in Millions, except per share data)







    2025



    2024



    Change



















    Revenues







    $19,496





    $16,569





    18 %



















    GAAP

















    Earnings/(loss) from operations







    $461





    ($86)





    NM

    Operating margins







    2.4

    %



    (0.5)

    %



    NM

    Net loss







    ($31)





    ($355)





    NM

    Basic loss per share







    ($0.16)





    ($0.56)





    NM

    Operating cash flow







    ($1,616)





    ($3,362)





    NM



















    Non-GAAP*

















    Core operating earnings/(loss)







    $199





    ($388)





    NM

    Core operating margins







    1.0

    %



    (2.3)

    %



    NM

    Core loss per share







    ($0.49)





    ($1.13)





    NM

    *Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on page 5, "Non-GAAP Measures Disclosures." 

    The Boeing Company (NYSE:BA) recorded first quarter revenue of $19.5 billion, GAAP loss per share of ($0.16) and core loss per share (non-GAAP)* of ($0.49) (Table 1). The company reported operating cash flow of ($1.6) billion and free cash flow of ($2.3) billion (non-GAAP)*. Results primarily reflect improved operational performance and commercial delivery volume. Results also reflect only tariffs enacted as of March 31.

    "Our company is moving in the right direction as we start to see improved operational performance across our businesses from our ongoing focus on safety and quality," said Kelly Ortberg, Boeing president and chief executive officer. "We continue to execute our plan, are seeing early positive results and remain committed to making the fundamental changes needed to fully recover the company's performance while navigating the current environment."











































    Table 2. Cash Flow



    First Quarter

















    (Millions)







    2025



    2024









    Operating cash flow







    ($1,616)





    ($3,362)











    Less additions to property, plant & equipment







    ($674)





    ($567)











    Free cash flow*







    ($2,290)





    ($3,929)





























































    *Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on page 5, "Non-GAAP Measures Disclosures." 

    Operating cash flow was ($1.6) billion in the quarter reflecting higher commercial deliveries, as well as working capital timing (Table 2).







































































    Table 3. Cash, Marketable Securities and Debt Balances



    Quarter End















    (Billions)



    1Q 2025



    4Q 2024















    Cash and investments in marketable securities1



    $23.7



    $26.3







































    Consolidated debt



    $53.6



    $53.9















    1 Marketable securities consist primarily of time deposits due within one year classified as "short-term investments."

    Cash and investments in marketable securities totaled $23.7 billion, compared to $26.3 billion at the beginning of the quarter, primarily driven by the free cash flow usage in the quarter (Table 3). Debt was $53.6 billion, down from $53.9 billion at the beginning of the quarter due to the pay down of maturing debt. The company maintains access to credit facilities of $10.0 billion, which remain undrawn.

    Total company backlog at quarter end was $545 billion.

    Segment Results

    Commercial Airplanes















































    Table 4. Commercial Airplanes



    First Quarter













    (Dollars in Millions)







    2025



    2024



    Change



















    Deliveries







    130





    83





    57 %



















    Revenues







    $8,147





    $4,653





    75 %

    Loss from operations







    ($537)





    ($1,143)





    NM

    Operating margins







    (6.6)

    %



    (24.6)

    %



    NM

    Commercial Airplanes first quarter revenue of $8.1 billion and operating margin of (6.6) percent primarily reflect higher deliveries (Table 4).

    The 737 program gradually increased production in the quarter and maintains plans to reach 38 per month this year. The 787 program continued to stabilize production at five per month in the quarter and still expects to increase to seven per month this year. The 777X program began expanded FAA certification flight testing in the quarter, and the company still anticipates first delivery of the 777-9 in 2026.

    Commercial Airplanes booked 221 net orders in the quarter, including 20 777-9 and 20 787-10 airplanes for Korean Air and 50 737-8 airplanes for BOC Aviation. Commercial Airplanes delivered 130 airplanes during the quarter and backlog included over 5,600 airplanes valued at $460 billion.

    Defense, Space & Security















































    Table 5. Defense, Space & Security



    First Quarter













    (Dollars in Millions)







    2025



    2024



    Change



















    Revenues







    $6,298





    $6,950





    (9) %

    Earnings from operations







    $155





    $151





    3 %

    Operating margins







    2.5

    %



    2.2

    %



    0.3 pts

    Defense, Space & Security first quarter revenue was $6.3 billion. First quarter operating margin of 2.5 percent reflects stabilizing operational performance. 

    During the quarter, Defense, Space & Security was selected by the U.S. Air Force for a contract to design, build and deliver the F-47, its next-generation fighter aircraft. This order is not included in backlog at the end of the quarter pending completion of the source selection and evaluation review process. Backlog at Defense, Space & Security was $62 billion, of which 29 percent represents orders from customers outside the U.S.

    Global Services















































    Table 6. Global Services



    First Quarter













    (Dollars in Millions)







    2025



    2024



    Change



















    Revenues







    $5,063





    $5,045





    — %

    Earnings from operations







    $943





    $916





    3 %

    Operating margins







    18.6

    %



    18.2

    %



    0.4 pts

    Global Services first quarter revenue was $5.1 billion. First quarter operating margin of 18.6 percent reflects favorable performance and mix. 

    In the quarter, Global Services delivered the 100th 767-300 Boeing Converted Freighter to SF Airlines and received a modification contract from the U.S. Air Force to integrate electronic warfare systems for the F-15 Eagle. In April, the company entered an agreement to sell portions of its Digital Aviation Solutions business, and the transaction is expected to close by the end of 2025 subject to regulatory approval and customary closing conditions.

    Additional Financial Information



































    Table 7. Additional Financial Information



    First Quarter

    (Dollars in Millions)







    2025



    2024

    Revenues













    Unallocated items, eliminations and other







    ($12)





    ($79)



    Loss from operations













    Unallocated items, eliminations and other







    ($362)





    ($312)



    FAS/CAS service cost adjustment







    $262





    $302



    Other income, net







    $323





    $277



    Interest and debt expense







    ($708)





    ($569)



    Effective tax rate







    140.8

    %



    6.1

    %

    Unallocated items, eliminations and other primarily reflects timing of allocations. The first quarter effective tax rate primarily reflects an increase in the valuation allowance.

    Non-GAAP Measures Disclosures

    We supplement the reporting of our financial information determined under Generally Accepted Accounting Principles in the United States of America (GAAP) with certain non-GAAP financial information. The non-GAAP financial information presented excludes certain significant items that may not be indicative of, or are unrelated to, results from our ongoing business operations. We believe that these non-GAAP measures provide investors with additional insight into the company's ongoing business performance. These non-GAAP measures should not be considered in isolation or as a substitute for the related GAAP measures, and other companies may define such measures differently. We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. The following definitions are provided: 

    Core Operating Earnings/(Loss), Core Operating Margins and Core Earnings/(Loss) Per Share

    Core operating earnings/(loss) is defined as GAAP Earnings/(loss) from operations excluding the FAS/CAS service cost adjustment. The FAS/CAS service cost adjustment represents the difference between the Financial Accounting Standards (FAS) pension and postretirement service costs calculated under GAAP and costs allocated to the business segments. Core operating margins is defined as Core operating earnings/(loss) expressed as a percentage of revenue. Core earnings/(loss) per share is defined as GAAP Diluted earnings/(loss) per share excluding the net earnings/(loss) per share impact of the FAS/CAS service cost adjustment and Non-operating pension and postretirement expenses. Non-operating pension and postretirement expenses represent the components of net periodic benefit costs other than service cost. Pension costs allocated to BDS and BGS businesses supporting government customers are computed in accordance with U.S. Government Cost Accounting Standards (CAS), which employ different actuarial assumptions and accounting conventions than GAAP. CAS costs are allocable to government contracts. Other postretirement benefit costs are allocated to all business segments based on CAS, which is generally based on benefits paid. Management uses core operating earnings/(loss), core operating margins and core earnings/(loss) per share for purposes of evaluating and forecasting underlying business performance. Management believes these core measures provide investors additional insights into operational performance as they exclude non-service pension and post-retirement costs, which primarily represent costs driven by market factors and costs not allocable to government contracts. A reconciliation of these non-GAAP measures to the most directly comparable GAAP measure is provided on page 12.

    Free Cash Flow

    Free cash flow is GAAP operating cash flow reduced by capital expenditures for property, plant and equipment. Management believes free cash flow provides investors with an important perspective on the cash available for shareholders, debt repayment, and acquisitions after making the capital investments required to support ongoing business operations and long term value creation. Free cash flow does not represent the residual cash flow available for discretionary expenditures as it excludes certain mandatory expenditures such as repayment of maturing debt. Management uses free cash flow as a measure to assess both business performance and overall liquidity. See Table 2 on page 2 for a reconciliation of free cash flow to the most directly comparable GAAP measure, operating cash flow.

    Caution Concerning Forward-Looking Statements

    This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "may," "will," "should," "expects," "intends," "projects," "plans," "believes," "estimates," "targets," "anticipates," and other similar words or expressions, or the negative thereof, generally can be used to help identify these forward-looking statements. Examples of forward-looking statements include statements relating to our future financial condition and operating results, industry projections and outlooks, plans, objectives and goals, as well as any other statement that does not directly relate to any historical or current fact. Forward-looking statements are based on expectations and assumptions that we believe to be reasonable when made, but that may not prove to be accurate.

    These statements are not guarantees and are subject to risks, uncertainties, and changes in circumstances that are difficult to predict. Many factors could cause actual results to differ materially and adversely from these forward-looking statements. Among these factors are risks related to: (1) general conditions in the economy and our industry, including those due to regulatory changes; (2) our reliance on our commercial airline customers; (3) the overall health of our aircraft production system, production quality issues, commercial airplane production rates, our ability to successfully develop and certify new aircraft or new derivative aircraft, and the ability of our aircraft to meet stringent performance and reliability standards; (4) changing budget and appropriation levels and acquisition priorities of the U.S. government, as well as significant delays in U.S. government appropriations; (5) our dependence on our subcontractors and suppliers, as well as the availability of highly skilled labor and raw materials; (6) work stoppages or other labor disruptions; (7) competition within our markets; (8) our non-U.S. operations and sales to non-U.S. customers, including tariffs, trade restrictions and government actions; (9) changes in accounting estimates; (10) our pending acquisition of Spirit AeroSystems Holdings, Inc. (Spirit), including the satisfaction of closing conditions in the expected timeframe or at all; (11) realizing the anticipated benefits of mergers, acquisitions, joint ventures/strategic alliances or divestitures, including anticipated synergies and quality improvements related to our pending acquisition of Spirit; (12) our dependence on U.S. government contracts; (13) our reliance on fixed-price contracts; (14) our reliance on cost-type contracts; (15) contracts that include in-orbit incentive payments; (16) management of a complex, global IT infrastructure; (17) compromised or unauthorized access to our, our customers' and/or our suppliers' information and systems; (18) potential business disruptions, including threats to physical security or our information technology systems, extreme weather (including effects of climate change) or other acts of nature, and pandemics or other public health crises; (19) potential adverse developments in new or pending litigation and/or government inquiries or investigations; (20) potential environmental liabilities; (21) effects of climate change and legal, regulatory or market responses to such change; (22) credit rating agency actions and our ability to effectively manage our liquidity; (23) substantial pension and other postretirement benefit obligations; (24) the adequacy of our insurance coverage; (25) customer and aircraft concentration in our customer financing portfolio; (26) the dilutive effect of future issuances of our common stock; and (27) the preferential treatment of our 6.00% mandatory convertible preferred stock.

    Additional information concerning these and other factors can be found in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Any forward-looking statement speaks only as of the date on which it is made, and we assume no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.

    Contact:







    Investor Relations:



    Matt Welch or David Dufault [email protected]

    Communications:



    Wilson Chow [email protected]

     

    The Boeing Company and Subsidiaries

    Consolidated Statements of Operations

    (Unaudited)



























    Three months ended

    March 31



    (Dollars in millions, except per share data)

    2025



    2024

    Sales of products

    $16,147





    $13,268



    Sales of services

    3,349





    3,301



    Total revenues

    19,496





    16,569











    Cost of products

    (14,379)





    (12,064)



    Cost of services

    (2,700)





    (2,629)



    Total costs and expenses

    (17,079)





    (14,693)





    2,417





    1,876



    Income from operating investments, net

    3





    67



    General and administrative expense

    (1,112)





    (1,161)



    Research and development expense, net

    (844)





    (868)



    Loss on dispositions, net

    (3)







    Earnings/(loss) from operations

    461





    (86)



    Other income, net

    323





    277



    Interest and debt expense

    (708)





    (569)



    Earnings/(loss) before income taxes

    76





    (378)



    Income tax (expense)/benefit

    (107)





    23



    Net loss

    (31)





    (355)



    Less: net earnings/(loss) attributable to noncontrolling interest

    6





    (12)



    Net loss attributable to Boeing shareholders

    ($37)





    ($343)



    Less: Mandatory convertible preferred stock dividends accumulated during the period

    86







    Net loss attributable to Boeing common shareholders

    ($123)





    ($343)



    Basic loss per share

    ($0.16)





    ($0.56)



    Diluted loss per share

    ($0.16)





    ($0.56)



















     

    The Boeing Company and Subsidiaries

    Consolidated Statements of Financial Position

    (Unaudited) 

























    (Dollars in millions, except per share data)

    March 31

    2025





    December 31

    2024



    Assets







    Cash and cash equivalents

    $10,142





    $13,801



    Short-term and other investments

    13,532





    12,481



    Accounts receivable, net

    3,204





    2,631



    Unbilled receivables, net

    9,031





    8,363



    Current portion of financing receivables, net

    202





    207



    Inventories

    89,077





    87,550



    Other current assets, net

    2,474





    2,965



    Total current assets

    127,662





    127,998



    Financing receivables and operating lease equipment, net

    308





    314



    Property, plant and equipment, net of accumulated depreciation of $23,193 and $22,925

    11,459





    11,412



    Goodwill

    8,091





    8,084



    Acquired intangible assets, net

    1,904





    1,957



    Deferred income taxes

    137





    185



    Investments

    1,001





    999



    Other assets, net of accumulated amortization of $1,160 and $1,085

    5,932





    5,414



    Total assets

    $156,494





    $156,363



    Liabilities and equity







    Accounts payable

    $11,034





    $11,364



    Accrued liabilities

    23,576





    24,103



    Advances and progress billings

    61,114





    60,333



    Short-term debt and current portion of long-term debt

    7,930





    1,278



    Total current liabilities

    103,654





    97,078



    Deferred income taxes

    162





    122



    Accrued retiree health care

    2,146





    2,176



    Accrued pension plan liability, net

    5,909





    5,997



    Other long-term liabilities

    2,260





    2,318



    Long-term debt

    45,688





    52,586



    Total liabilities

    159,819





    160,277



    Shareholders' equity:







    Mandatory convertible preferred stock, 6.00% Series A, par value $1.00 -

    20,000,000 shares authorized; 5,750,000 shares issued; aggregate

    liquidation preference $5,750

    6





    6



         Common stock, par value $5.00 – 1,200,000,000 shares authorized;

         1,012,261,159 shares issued

    5,061





    5,061



    Additional paid-in capital

    19,008





    18,964



         Treasury stock, at cost - 258,889,678 and 263,044,840 shares

    (31,879)





    (32,386)



    Retained earnings

    15,239





    15,362



    Accumulated other comprehensive loss

    (10,760)





    (10,915)



    Total shareholders' deficit

    (3,325)





    (3,908)



    Noncontrolling interests







    (6)



    Total equity

    (3,325)





    (3,914)



    Total liabilities and equity

    $156,494





    $156,363



     

    The Boeing Company and Subsidiaries

    Consolidated Statements of Cash Flows

    (Unaudited)



























    Three months ended

    March 31

    (Dollars in millions)

    2025





    2024



    Cash flows – operating activities:







    Net loss

    ($31)





    ($355)



    Adjustments to reconcile net loss to net cash used by operating activities:







    Non-cash items – 







    Share-based plans expense

    135





    119



    Treasury shares issued for 401(k) contribution

    418





    606



    Depreciation and amortization

    466





    442



    Investment/asset impairment charges, net

    7





    21



    Loss on dispositions, net

    3







    Other charges and credits, net

    99





    10



    Changes in assets and liabilities – 







    Accounts receivable

    (570)





    (328)



    Unbilled receivables

    (671)





    (1,357)



    Advances and progress billings

    781





    2,718



    Inventories

    (1,521)





    (3,778)



    Other current assets

    (29)





    (249)



    Accounts payable

    (95)





    (264)



    Accrued liabilities

    (386)





    (666)



    Income taxes receivable, payable and deferred

    26





    (59)



    Other long-term liabilities

    (151)





    (83)



    Pension and other postretirement plans

    (150)





    (261)



    Financing receivables and operating lease equipment, net

    12





    79



    Other

    41





    43



    Net cash used by operating activities

    (1,616)





    (3,362)



    Cash flows – investing activities:







    Payments to acquire property, plant and equipment

    (674)





    (567)



    Proceeds from disposals of property, plant and equipment

    3





    11



    Contributions to investments

    (8,797)





    (243)



    Proceeds from investments

    7,750





    2,907



    Other

    1





    (34)



    Net cash used by investing activities

    (1,717)





    2,074



    Cash flows – financing activities:







    New borrowings

    29





    27



    Debt repayments

    (295)





    (4,442)



    Employee taxes on certain share-based payment arrangements

    (14)





    (65)



    Dividends paid on mandatory convertible preferred stock

    (72)







    Other

    14





    18



    Net cash used by financing activities

    (338)





    (4,462)



    Effect of exchange rate changes on cash and cash equivalents

    12





    (28)



    Net decrease in cash & cash equivalents, including restricted

    (3,659)





    (5,778)



    Cash & cash equivalents, including restricted, at beginning of year

    13,822





    12,713



    Cash & cash equivalents, including restricted, at end of period

    10,163





    6,935



    Less restricted cash & cash equivalents, included in Investments

    21





    21



    Cash & cash equivalents at end of period

    $10,142





    $6,914



     

    The Boeing Company and Subsidiaries

    Summary of Business Segment Data

    (Unaudited)



























    Three months ended

    March 31

    (Dollars in millions)

    2025





    2024



    Revenues:







    Commercial Airplanes

    $8,147





    $4,653



    Defense, Space & Security

    6,298





    6,950



    Global Services

    5,063





    5,045



    Unallocated items, eliminations and other

    (12)





    (79)



    Total revenues

    $19,496





    $16,569



    Earnings/(loss) from operations:







    Commercial Airplanes

    ($537)





    ($1,143)



    Defense, Space & Security

    155





    151



    Global Services

    943





    916



    Segment operating earnings/(loss)

    561





    (76)



    Unallocated items, eliminations and other

    (362)





    (312)



    FAS/CAS service cost adjustment

    262





    302



    Earnings/(loss) from operations

    461





    (86)



    Other income, net

    323





    277



    Interest and debt expense

    (708)





    (569)



    Earnings/(loss) before income taxes

    76





    (378)



    Income tax (expense)/benefit

    (107)





    23



    Net loss

    (31)





    (355)



    Less: net earnings/(loss) attributable to noncontrolling interest

    6





    (12)



    Net loss attributable to Boeing shareholders

    ($37)





    ($343)



    Less: Mandatory convertible preferred stock dividends accumulated during the period

    86









    Net loss attributable to Boeing common shareholders

    ($123)





    ($343)



    Research and development expense, net:







    Commercial Airplanes

    $534





    $518



    Defense, Space & Security

    199





    235



    Global Services

    29





    26



    Other

    82





    89



    Total research and development expense, net

    $844





    $868



    Unallocated items, eliminations and other:







    Share-based plans

    ($30)





    $10



    Deferred compensation

    5





    (30)



    Amortization of previously capitalized interest

    (21)





    (23)



    Research and development expense, net

    (82)





    (89)



    Eliminations and other unallocated items

    (234)





    (180)



    Sub-total (included in Core operating loss)

    (362)





    (312)



    Pension FAS/CAS service cost adjustment

    193





    230



    Postretirement FAS/CAS service cost adjustment

    69





    72



    FAS/CAS service cost adjustment

    $262





    $302



    Total

    ($100)





    ($10)



     

    The Boeing Company and Subsidiaries

    Operating and Financial Data

    (Unaudited)































    Deliveries



    Three months ended

    March 31

    Commercial Airplanes



    2025





    2024

    737



    105





    67

    767



    5





    3

    777



    7





    —

    787



    13





    13

    Total



    130





    83





















    Defense, Space & Security









    AH-64 Apache (New)



    4





    —

    AH-64 Apache (Remanufactured)



    11





    6

    CH-47 Chinook (New)



    1





    1

    CH-47 Chinook (Renewed)



    2





    1

    F-15 Models



    1





    1

    F/A-18 Models



    5





    1

    KC-46 Tanker



    —





    3

    MH-139



    1





    —

    P-8 Models



    1





    1

    Total1



    26





    14

    1 Deliveries of new-build production units, including remanufactures and modifications































    Total backlog (Dollars in millions)



    March 31

    2025



    December 31

    2024

    Commercial Airplanes



    $460,447





    $435,175



    Defense, Space & Security



    61,567





    64,023



    Global Services



    22,036





    21,403



    Unallocated items, eliminations and other                



    686





    735



    Total backlog



    $544,736





    $521,336













    Contractual backlog



    $523,964





    $498,802



    Unobligated backlog



    20,772





    22,534



    Total backlog



    $544,736





    $521,336













     

    The Boeing Company and Subsidiaries 

    Reconciliation of Non-GAAP Measures 

    (Unaudited)

    The tables provided below reconcile the non-GAAP financial measures core operating loss, core operating margins, and core loss per share with the most directly comparable GAAP financial measures of loss from operations, operating margins, and diluted loss per share. See page 5 of this release for additional information on the use of these non-GAAP financial measures.















































    (Dollars in millions, except per share data)







    First Quarter 2025



    First Quarter 2024









    $ millions

    Per Share



    $ millions

    Per Share

    Revenues







    $19,496







    $16,569





    (Loss)/earnings from operations (GAAP)







    461







    (86)





    Operating margins (GAAP)







    2.4

    %





    (0.5)

    %





















    FAS/CAS service cost adjustment:

















    Pension FAS/CAS service cost adjustment







    (193)







    (230)





    Postretirement FAS/CAS service cost adjustment







    (69)







    (72)





    FAS/CAS service cost adjustment







    (262)







    (302)





    Core operating (loss)/earnings (non-GAAP)







    $199







    ($388)





    Core operating margins (non-GAAP)







    1.0

    %





    (2.3)

    %





















    Diluted loss per share (GAAP)









    ($0.16)







    ($0.56)



    Pension FAS/CAS service cost adjustment







    ($193)



    ($0.26)





    ($230)



    ($0.37)



    Postretirement FAS/CAS service cost adjustment









    (69)



    (0.09)







    (72)



    (0.12)



      Non-operating pension income







    (43)



    (0.06)





    (123)



    (0.20)



      Non-operating postretirement income









    (5)



    (0.01)







    (18)



    (0.03)



      Provision for deferred income taxes on adjustments 1







    65



    0.09





    93



    0.15



    Subtotal of adjustments







    ($245)



    ($0.33)





    ($350)



    ($0.57)



    Core loss per share (non-GAAP)









    ($0.49)







    ($1.13)





















    Diluted weighted average common shares outstanding (in millions)









    753.4







    612.9



    1 The income tax impact is calculated using the U.S. corporate statutory tax rate.

     

    Cision View original content:https://www.prnewswire.com/news-releases/boeing-reports-first-quarter-results-302435814.html

    SOURCE Boeing

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