Boeing Reports First Quarter Results

Rhea-AI Summary

Boeing [NYSE: BA] reported Q1 2025 financial results with revenue increasing 18% to $19.5 billion, primarily driven by 130 commercial deliveries. The company posted a GAAP loss per share of ($0.16) and core loss per share of ($0.49).

Operating cash flow was ($1.6) billion with free cash flow of ($2.3) billion. Total company backlog grew to $545 billion, including over 5,600 commercial airplanes. The 737 production is expected to reach 38 per month this year, while the 787 program aims to increase to seven per month.

Commercial Airplanes revenue reached $8.1 billion with an operating margin of (6.6)%, booking 221 net orders. Defense, Space & Security revenue was $6.3 billion with a 2.5% operating margin, while Global Services generated $5.1 billion with an 18.6% operating margin.

Positive

• Revenue increased 18% YoY to $19.5B
• Commercial deliveries up 57% to 130 aircraft
• Secured 221 new commercial aircraft orders
• Total backlog grew to $545B
• Global Services achieved strong 18.6% operating margin

Negative

• GAAP loss per share of ($0.16)
• Negative operating cash flow of ($1.6B)
• Commercial Airplanes segment operating margin of (6.6)%
• Defense revenue declined 9% YoY
• High debt level of $53.6B

Insights

Financial Analyst

Boeing shows recovery signs with higher revenue and deliveries, but still reports losses with negative cash flow while backlog grows.

Boeing's first quarter results demonstrate a mixed financial picture with notable improvements alongside persistent challenges. Revenue increased 18% year-over-year to $19.5 billion, primarily driven by commercial airplane deliveries rising to 130 aircraft from 83 in Q1 2024.

Despite the revenue growth, Boeing continues to operate at a loss with GAAP loss per share of ($0.16) and core loss per share of ($0.49). Both figures represent substantial improvements from the ($0.56) and ($1.13) losses reported in Q1 2024, indicating progress toward profitability.

The Commercial Airplanes segment showed significant recovery with revenue jumping 75% to $8.1 billion, though it still operates with a negative margin of (6.6)%. This represents a substantial improvement from the (24.6)% margin a year ago. The 737 program is gradually increasing production with plans to reach 38 per month by year-end.

Cash metrics remain concerning despite improvements. Operating cash flow was negative ($1.6 billion), better than last year's ($3.4 billion), while free cash flow was ($2.3 billion). Cash reserves decreased to $23.7 billion from $26.3 billion at the start of the quarter, with debt at $53.6 billion.

The company's total backlog stands at $545 billion, including over 5,600 commercial airplanes, providing substantial long-term revenue visibility. Boeing secured 221 net commercial airplane orders in the quarter, including significant orders from Korean Air and BOC Aviation.

Aerospace Industry Consultant

Boeing's operational improvements show in higher deliveries and backlog growth, though commercial segment remains unprofitable amid gradual production increases.

Boeing's Q1 results reveal meaningful operational progress in its manufacturing recovery. Commercial deliveries increased 57% to 130 aircraft, indicating improved production capabilities and throughput compared to recent quarters.

The 737 program's gradual production increase with a target of 38 per month by year-end represents a measured approach to rebuilding capacity while maintaining focus on quality. Similarly, the 787 program has stabilized at 5 per month with plans to increase to 7 per month this year, reflecting renewed confidence in widebody demand.

The 777X program reached a significant milestone with expanded FAA certification flight testing, maintaining the timeline for first 777-9 delivery in 2026. This development is crucial for Boeing's future widebody strategy and competitive positioning.

Segment performance shows varied results across the business. Defense, Space & Security experienced a 9% revenue decline to $6.3 billion with a modest 2.5% operating margin. A significant development was Boeing's selection by the U.S. Air Force for the F-47 next-generation fighter aircraft contract, though this isn't yet reflected in the $62 billion defense backlog.

Global Services continues to be Boeing's profit engine with an 18.6% operating margin on $5.1 billion in revenue. The planned sale of portions of the Digital Aviation Solutions business, expected to close by year-end, suggests a strategic portfolio refinement.

The robust order activity with 221 net commercial orders demonstrates that airline customers maintain confidence in Boeing's products despite recent challenges. The growing backlog of over 5,600 commercial aircraft provides substantial production stability for the coming years.

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 BoeingInvestorRelations@boeing.com
Communications:						Wilson Chow media@boeing.com

 

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.

 

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

SOURCE Boeing

FAQ

What were Boeing's (BA) key financial metrics for Q1 2025?

Boeing reported $19.5B revenue (+18% YoY), GAAP loss per share of ($0.16), operating cash flow of ($1.6B), and a total backlog of $545B.

How many commercial aircraft did Boeing (BA) deliver in Q1 2025?

Boeing delivered 130 commercial airplanes in Q1 2025, a 57% increase from 83 deliveries in Q1 2024.

What is Boeing's (BA) 737 production target for 2025?

Boeing plans to reach a production rate of 38 737 aircraft per month by the end of 2025.

How many new orders did Boeing (BA) secure in Q1 2025?

Boeing secured 221 net orders, including 20 777-9s and 20 787-10s for Korean Air, and 50 737-8s for BOC Aviation.