Boeing Reports Fourth Quarter Results

Rhea-AI Summary

Boeing [BA] reported challenging fourth-quarter 2024 results, with revenue declining 31% to $15.2 billion. The company posted a GAAP loss per share of $5.46 and core loss per share of $5.90. Operating cash flow was negative $3.5 billion, while total cash and marketable securities stood at $26.3 billion.

The results were significantly impacted by the IAM work stoppage and agreement, charges for defense programs, and workforce reduction costs. Commercial airplane deliveries dropped 64% to 57 units in Q4, while full-year deliveries decreased 34% to 348 units. Despite challenges, the company maintained a strong backlog of $521 billion, including over 5,500 commercial airplanes.

The Commercial Airplanes segment saw a 55% revenue decline to $4.8 billion with a negative operating margin of 43.9%. Defense, Space & Security revenue fell 20% to $5.4 billion with a negative operating margin of 41.9%. Global Services was the only segment showing growth, with revenue up 6% to $5.1 billion.

Positive

• Total company backlog grew to $521 billion, including over 5,500 commercial airplanes
• Global Services revenue increased 6% to $5.1 billion with improved operating margin of 19.5%
• Secured new orders including 100 737-10 airplanes for Pegasus Airlines and 30 787-9 for flydubai
• Maintained strong liquidity with $26.3 billion in cash and marketable securities

Negative

• Revenue declined 31% to $15.2 billion in Q4 2024
• Reported Q4 GAAP loss per share of $5.46 and core loss of $5.90
• Commercial airplane deliveries dropped 64% to 57 units in Q4
• Operating cash flow negative at $3.5 billion
• Commercial Airplanes segment revenue fell 55% with negative operating margin of 43.9%
• Defense segment revenue decreased 20% with negative operating margin of 41.9%
• Total debt remains high at $53.9 billion

Insights

Financial Analyst

Boeing's Q4 2024 results reveal a company in the midst of a complex operational transformation, marked by significant financial headwinds. The $15.2 billion revenue represents a concerning 31% year-over-year decline, while the $3.5 billion negative operating cash flow highlights immediate liquidity challenges.

The strategic $24 billion capital raise and debt reduction of $3.8 billion demonstrate proactive financial management, improving the balance sheet flexibility with $26.3 billion in cash and marketable securities. However, the $53.9 billion total debt remains a significant concern.

Segment performance shows a stark contrast. Commercial Airplanes' 55% revenue decline and 43.9% negative operating margin reflect severe operational disruptions. The reduction in deliveries from 157 to 57 aircraft signals potential market share losses to competitors. Defense Space & Security's $1.7 billion in charges across multiple programs indicates systematic project management issues.

The silver lining appears in Global Services, achieving 6% revenue growth and 19.5% margins, demonstrating the resilience of aftermarket services. The $521 billion backlog, including over 5,500 commercial aircraft, provides a substantial revenue foundation for recovery, though execution capabilities remain crucial.

Looking forward, the resumption of 737 production and 777X certification testing progress are positive developments, but the path to operational stability and margin recovery will likely extend through multiple quarters, requiring careful monitoring of cash burn rates and delivery execution.

Operations Management Expert

The operational challenges extend beyond immediate production disruptions, creating ripple effects throughout Boeing's manufacturing ecosystem. The IAM agreement's resolution, while stabilizing the workforce, introduces new cost structures that will impact long-term operational efficiency.

The T-7A program restructuring represents a significant shift in production strategy, allowing for a more mature configuration before full-rate production. This approach, while extending timelines, reduces technical and financial risks in the important early production phase.

The 787 program's stable production rate and South Carolina expansion plans indicate a strategic pivot in manufacturing footprint optimization. However, the gradual 737 production ramp-up suggests continued supply chain constraints and heightened quality control measures, reflecting lessons learned from recent challenges.

The delivery of just 348 commercial aircraft in 2024, compared to 528 in 2023, highlights the severity of operational disruptions and the extended timeline needed for recovery. The ability to maintain supplier health and workforce stability during this reduced production period will be important for future ramp-up capabilities.

ARLINGTON, Va., Jan. 28, 2025 /PRNewswire/ --

Fourth Quarter 2024

• Finalized the International Association of Machinists and Aerospace Workers (IAM) agreement and resumed production across the 737, 767 and 777/777X programs
• Financials reflect previously announced impacts of the IAM work stoppage and agreement, charges for certain defense programs, and costs associated with workforce reductions announced last year
• Revenue of $15.2 billion, GAAP loss per share of ($5.46) and core (non-GAAP)* loss per share of ($5.90)
• Operating cash flow of ($3.5) billion; cash and marketable securities of $26.3 billion

Full Year 2024

• Delivered 348 commercial airplanes and recorded 279 net orders
• Total company backlog grew to $521 billion, including over 5,500 commercial airplanes

Table 1. Summary Financial Results						Fourth Quarter																		Full Year
(Dollars in Millions, except per share data)						2024						2023						Change						2024						2023						Change
Revenues						$15,242						$22,018						(31) %						$66,517						$77,794						(14) %
GAAP
(Loss)/earnings from operations						($3,770)						$283						NM						($10,707)						($773)						NM
Operating margins						(24.7)		%				1.3		%				NM						(16.1)		%				(1.0)		%				NM
Net loss						($3,861)						($30)						NM						($11,829)						($2,242)						NM
Basic loss per share						($5.46)						($0.04)						NM						($18.36)						($3.67)						NM
Operating cash flow						($3,450)						$3,381						NM						($12,080)						$5,960						NM
Non-GAAP*
Core operating (loss)/earnings						($4,042)						$90						NM						($11,811)						($1,829)						NM
Core operating margins						(26.5)		%				0.4		%				NM						(17.8)		%				(2.4)		%				NM
Core loss per share						($5.90)						($0.47)						NM						($20.38)						($5.81)						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 fourth quarter revenue of $15.2 billion, GAAP loss per share of ($5.46) and core loss per share (non-GAAP)* of ($5.90) (Table 1) primarily reflecting previously announced impacts of the IAM work stoppage and agreement, charges for certain defense programs, and costs associated with workforce reductions announced last year. Boeing reported operating cash flow of ($3.5) billion and free cash flow of ($4.1) billion (non-GAAP)*.

"We made progress on key areas to stabilize our operations during the quarter and continued to strengthen important aspects of our safety and quality plan," said Kelly Ortberg, Boeing president and chief executive officer. "My team and I are focused on making the fundamental changes needed to fully recover our company's performance and restore trust with our customers, employees, suppliers, investors, regulators and all others who are counting on us."

Table 2. Cash Flow						Fourth Quarter												Full Year
(Millions)						2024						2023						2024						2023
Operating cash flow						($3,450)						$3,381						($12,080)						$5,960
Less additions to property, plant & equipment						($648)						($431)						($2,230)						($1,527)
Free cash flow*						($4,098)						$2,950						($14,310)						$4,433

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

Operating cash flow was ($3.5) billion in the quarter reflecting lower commercial deliveries, as well as unfavorable working capital timing, primarily driven by the IAM work stoppage (Table 2).

Table 3. Cash, Marketable Securities and Debt Balances						Quarter End
(Billions)						4Q 2024						3Q 2024
Cash						$13.8						$10.0
Marketable securities1						$12.5						$0.5
Total						$26.3						$10.5
Consolidated debt						$53.9						$57.7

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

Cash and investments in marketable securities totaled $26.3 billion, compared to $10.5 billion at the beginning of the quarter, primarily driven by a $24 billion capital raise partially offset by free cash flow usage and debt repayment in the quarter (Table 3). Debt was $53.9 billion, down from $57.7 billion at the beginning of the quarter, driven by the early repayment of a $3.5 billion bond originally maturing in 2025. The company maintains access to credit facilities of $10.0 billion, which remain undrawn.

Total company backlog at quarter end was $521 billion.

Segment Results

Commercial Airplanes

Table 4. Commercial Airplanes						Fourth Quarter																		Full Year
(Dollars in Millions)						2024						2023						Change						2024						2023						Change
Deliveries						57						157						(64) %						348						528						(34) %
Revenues						$4,762						$10,481						(55) %						$22,861						$33,901						(33) %
(Loss)/earnings from operations						($2,090)						$41						NM						($7,969)						($1,635)						NM
Operating margins						(43.9)		%				0.4		%				NM						(34.9)		%				(4.8)		%				NM

Commercial Airplanes fourth quarter revenue of $4.8 billion and operating margin of (43.9) percent reflect the previously announced impacts associated with the IAM work stoppage and agreement including lower deliveries and pre-tax charges of $1.1 billion on the 777X and 767 programs (Table 4).

The 737 program resumed production in the quarter and plans to gradually increase production rate. The 787 program exited the year at a production rate of five per month and recently announced plans to expand South Carolina operations. In January, the 777X program resumed FAA certification flight testing, and the company still anticipates first delivery of the 777-9 in 2026.

Commercial Airplanes booked 204 net orders in the quarter, including 100 737-10 airplanes for Pegasus Airlines and 30 787-9 airplanes for flydubai. Commercial Airplanes delivered 57 airplanes during the quarter and backlog included over 5,500 airplanes valued at $435 billion.

Defense, Space & Security

Table 5. Defense, Space & Security						Fourth Quarter																		Full Year
(Dollars in Millions)						2024						2023						Change						2024						2023						Change
Revenues						$5,411						$6,746						(20) %						$23,918						$24,933						(4) %
Loss from operations						($2,267)						($101)						NM						($5,413)						($1,764)						NM
Operating margins						(41.9)		%				(1.5)		%				NM						(22.6)		%				(7.1)		%				NM

Defense, Space & Security fourth quarter revenue of $5.4 billion and operating margin of (41.9) percent reflect the previously announced pre-tax charges of $1.7 billion on the KC-46A, T-7A, Commercial Crew, VC-25B and MQ-25 programs.

In January, the U.S. Air Force announced an updated acquisition approach for the T-7A Red Hawk that allows the company to provide a production-ready configuration to the customer prior to low-rate initial production, which better supports the operational needs of the customer and reduces future production risk.

During the quarter, Defense, Space & Security captured an award from the U.S. Air Force for 15 KC-46A Tankers, secured an order for seven P-8A Poseidon aircraft from the U.S. Navy, and delivered the final T-7A Red Hawk engineering and manufacturing development aircraft to the U.S. Air Force. Backlog at Defense, Space & Security was $64 billion, of which 29 percent represents orders from customers outside the U.S.

Global Services

Table 6. Global Services						Fourth Quarter																		Full Year
(Dollars in Millions)						2024						2023						Change						2024						2023						Change
Revenues						$5,119						$4,849						6 %						$19,954						$19,127						4 %
Earnings from operations						$998						$842						19 %						$3,618						$3,329						9 %
Operating margins						19.5		%				17.4		%				2.1 pts						18.1		%				17.4		%				0.7 pts

Global Services fourth quarter revenue of $5.1 billion and operating margin of 19.5 percent reflect higher commercial volume and mix.

During the quarter, Global Services secured awards for C-17 sustainment and a contract for F-15 Japan Super Interceptor upgrade services from the U.S. Air Force.

Additional Financial Information

Table 7. Additional Financial Information						Fourth Quarter												Full Year
(Dollars in Millions)						2024						2023						2024						2023
Revenues
Unallocated items, eliminations and other						($50)						($58)						($216)						($167)
Loss from operations
Unallocated items, eliminations and other						($683)						($692)						($2,047)						($1,759)
FAS/CAS service cost adjustment						$272						$193						$1,104						$1,056
Other income, net						$432						$308						$1,222						$1,227
Interest and debt expense						($755)						($600)						($2,725)						($2,459)
Effective tax rate						5.7		%				(233.3)		%				3.1		%				(11.8)		%

Unallocated items, eliminations and other primarily reflects timing of allocations.

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 Margin 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 margin 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 margin 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 and 13.

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, 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.

Forward-looking 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; (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) compromise 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; and (25) customer and aircraft concentration in our customer financing portfolio.

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:						Peter Pedraza media@boeing.com

 

The Boeing Company and Subsidiaries Consolidated Statements of Operations (Unaudited)
			Twelve months ended December 31												Three months ended December 31
(Dollars in millions, except per share data)			2024						2023						2024						2023
Sales of products			$53,227						$65,581						$11,901						$18,920
Sales of services			13,290						12,213						3,341						3,098
Total revenues			66,517						77,794						15,242						22,018
Cost of products			(57,394)						(59,864)						(14,010)						(16,724)
Cost of services			(11,114)						(10,206)						(2,821)						(2,597)
Total costs and expenses			(68,508)						(70,070)						(16,831)						(19,321)
			(1,991)						7,724						(1,589)						2,697
Income from operating investments, net			71						46						12						1
General and administrative expense			(5,021)						(5,168)						(1,398)						(1,535)
Research and development expense, net			(3,812)						(3,377)						(836)						(881)
Gain on dispositions, net			46						2						41						1
(Loss)/earnings from operations			(10,707)						(773)						(3,770)						283
Other income, net			1,222						1,227						432						308
Interest and debt expense			(2,725)						(2,459)						(755)						(600)
Loss before income taxes			(12,210)						(2,005)						(4,093)						(9)
Income tax benefit/(expense)			381						(237)						232						(21)
Net loss			(11,829)						(2,242)						(3,861)						(30)
Less: net (loss)/earnings attributable to noncontrolling interest			(12)						(20)						4						(7)
Net loss attributable to Boeing shareholders			($11,817)						($2,222)						($3,865)						($23)
Less: Mandatory convertible preferred stock dividends accumulated during the period			58												58
Net loss attributable to Boeing common shareholders			($11,875)						($2,222)						($3,923)						($23)
Basic loss per share			($18.36)						($3.67)						($5.46)						($0.04)
Diluted loss per share			($18.36)						($3.67)						($5.46)						($0.04)
Weighted average diluted shares (millions)			647.2						606.1						718.1						609.5

 

The Boeing Company and Subsidiaries Consolidated Statements of Financial Position (Unaudited)
(Dollars in millions, except per share data)			December 31 2024						December 31 2023
Assets
Cash and cash equivalents			$13,801						$12,691
Short-term and other investments			12,481						3,274
Accounts receivable, net			2,631						2,649
Unbilled receivables, net			8,363						8,317
Current portion of financing receivables, net			207						99
Inventories			87,550						79,741
Other current assets, net			2,965						2,504
Total current assets			127,998						109,275
Financing receivables and operating lease equipment, net			314						860
Property, plant and equipment, net of accumulated depreciation of $22,925 and $22,245			11,412						10,661
Goodwill			8,084						8,093
Acquired intangible assets, net			1,957						2,094
Deferred income taxes			185						59
Investments			999						1,035
Other assets, net of accumulated amortization of $1,085 and $1,046			5,414						4,935
Total assets			$156,363						$137,012
Liabilities and equity
Accounts payable			$11,364						$11,964
Accrued liabilities			24,103						22,331
Advances and progress billings			60,333						56,328
Short-term debt and current portion of long-term debt			1,278						5,204
Total current liabilities			97,078						95,827
Deferred income taxes			122						229
Accrued retiree health care			2,176						2,233
Accrued pension plan liability, net			5,997						6,516
Other long-term liabilities			2,318						2,332
Long-term debt			52,586						47,103
Total liabilities			160,277						154,240
Shareholders' equity:
Mandatory convertible preferred stock, 6% Series A, par value $1.00 - 20,000,000 shares authorized; 5,750,000 shares issued; aggregate liquidation preference $5,750			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			18,964						10,309
Treasury stock, at cost - 263,044,841 and 402,746,136 shares			(32,386)						(49,549)
Retained earnings			15,362						27,251
Accumulated other comprehensive loss			(10,915)						(10,305)
Total shareholders' deficit			(3,908)						(17,233)
Noncontrolling interests			(6)						5
Total equity			(3,914)						(17,228)
Total liabilities and equity			$156,363						$137,012

 

The Boeing Company and Subsidiaries Consolidated Statements of Cash Flows (Unaudited)
			Twelve months ended December 31
(Dollars in millions)			2024						2023
Cash flows – operating activities:
Net loss			($11,829)						($2,242)
Adjustments to reconcile net loss to net cash (used)/provided by operating activities:
Non-cash items –
Share-based plans expense			407						690
Treasury shares issued for 401(k) contribution			1,601						1,515
Depreciation and amortization			1,836						1,861
Investment/asset impairment charges, net			112						46
Gain on dispositions, net			(46)						(2)
777X and 767 reach-forward losses			4,079
Other charges and credits, net			528						3
Changes in assets and liabilities –
Accounts receivable			(37)						(128)
Unbilled receivables			(60)						321
Advances and progress billings			4,069						3,365
Inventories			(12,353)						(1,681)
Other current assets			(16)						389
Accounts payable			(793)						1,672
Accrued liabilities			1,563						779
Income taxes receivable, payable and deferred			(567)						44
Other long-term liabilities			(329)						(313)
Pension and other postretirement plans			(959)						(1,049)
Financing receivables and operating lease equipment, net			512						571
Other			202						119
Net cash (used)/provided by operating activities			(12,080)						5,960
Cash flows – investing activities:
Payments to acquire property, plant and equipment			(2,230)						(1,527)
Proceeds from disposals of property, plant and equipment			49						27
Acquisitions, net of cash acquired			(50)						(70)
Proceeds from dispositions			124
Contributions to investments			(13,856)						(16,448)
Proceeds from investments			4,743						15,739
Supplier notes receivable			(694)						(162)
Repayments on supplier notes receivable			40
Purchase of distribution rights			(88)
Other			(11)						4
Net cash used by investing activities			(11,973)						(2,437)
Cash flows – financing activities:
New borrowings			10,161						75
Debt repayments			(8,673)						(5,216)
Common stock issuance, net of issuance costs			18,200
Mandatory convertible preferred stock issuance, net of issuance costs			5,657
Stock options exercised									45
Employee taxes on certain share-based payment arrangements			(83)						(408)
Other			(53)						17
Net cash provided/(used) by financing activities			25,209						(5,487)
Effect of exchange rate changes on cash and cash equivalents			(47)						30
Net increase/(decrease) in cash & cash equivalents, including restricted			1,109						(1,934)
Cash & cash equivalents, including restricted, at beginning of year			12,713						14,647
Cash & cash equivalents, including restricted, at end of period			13,822						12,713
Less restricted cash & cash equivalents, included in Investments			21						22
Cash & cash equivalents at end of year			$13,801						$12,691

 

The Boeing Company and Subsidiaries Summary of Business Segment Data (Unaudited)
			Twelve months ended December 31												Three months ended December 31
(Dollars in millions)			2024						2023						2024						2023
Revenues:
Commercial Airplanes			$22,861						$33,901						$4,762						$10,481
Defense, Space & Security			23,918						24,933						5,411						6,746
Global Services			19,954						19,127						5,119						4,849
Unallocated items, eliminations and other			(216)						(167)						(50)						(58)
Total revenues			$66,517						$77,794						$15,242						$22,018
(Loss)/earnings from operations:
Commercial Airplanes			($7,969)						($1,635)						($2,090)						$41
Defense, Space & Security			(5,413)						(1,764)						(2,267)						(101)
Global Services			3,618						3,329						998						842
Segment operating (loss)/earnings			(9,764)						(70)						(3,359)						782
Unallocated items, eliminations and other			(2,047)						(1,759)						(683)						(692)
FAS/CAS service cost adjustment			1,104						1,056						272						193
(Loss)/earnings from operations			(10,707)						(773)						(3,770)						283
Other income, net			1,222						1,227						432						308
Interest and debt expense			(2,725)						(2,459)						(755)						(600)
Loss before income taxes			(12,210)						(2,005)						(4,093)						(9)
Income tax benefit/(expense)			381						(237)						232						(21)
Net loss			(11,829)						(2,242)						(3,861)						(30)
Less: net (loss)/earnings attributable to noncontrolling interest			(12)						(20)						4						(7)
Net loss attributable to Boeing shareholders			($11,817)						($2,222)						($3,865)						($23)
Less: Mandatory convertible preferred stock dividends accumulated during the period			58												58
Net loss attributable to Boeing common shareholders			(11,875)						(2,222)						(3,923)						(23)
Research and development expense, net:
Commercial Airplanes			$2,386						$2,036						$534						$498
Defense, Space & Security			917						919						189						267
Global Services			132						107						29						23
Other			377						315						84						93
Total research and development expense, net			$3,812						$3,377						$836						$881
Unallocated items, eliminations and other:
Share-based plans			$171						$62						$53						$95
Deferred compensation			(114)						(188)						(14)						(117)
Amortization of previously capitalized interest			(93)						(95)						(23)						(24)
Research and development expense, net			(377)						(315)						(84)						(93)
Eliminations and other unallocated items			(1,634)						(1,223)						(615)						(553)
Sub-total (included in Core operating loss)			(2,047)						(1,759)						(683)						(692)
Pension FAS/CAS service cost adjustment			811						799						203						136
Postretirement FAS/CAS service cost adjustment			293						257						69						57
FAS/CAS service cost adjustment			1,104						1,056						$272						$193
Total			($943)						($703)						($411)						($499)

 

The Boeing Company and Subsidiaries Operating and Financial Data (Unaudited)
Deliveries						Twelve months ended  December 31												Three months ended December 31
Commercial Airplanes						2024						2023						2024						2023
737						265						396						36						110
747						—						1						—						—
767						18						32						3						15
777						14						26						3						9
787						51						73						15						23
Total						348						528						57						157
Defense, Space & Security
AH-64 Apache (New)						16						20						6						3
AH-64 Apache (Remanufactured)						34						57						10						19
CH-47 Chinook (New)						4						11						2						3
CH-47 Chinook (Renewed)						9						9						2						2
F-15 Models						14						9						4						3
F/A-18 Models						11						22						6						6
KC-46 Tanker						10						13						—						9
MH-139						6						2						3						1
P-8 Models						4						11						—						4
T-7A Red Hawk						2						3						1						2
Commercial Satellites						2						5						2						2
Total1						112						162						36						54
1 Deliveries of new-build production units, including remanufactures and modifications

Total backlog (Dollars in millions)													December 31 2024						December 31 2023
Commercial Airplanes													$435,175						$440,507
Defense, Space & Security													64,023						59,012
Global Services													21,403						19,869
Unallocated items, eliminations and other													735						807
Total backlog													$521,336						$520,195
Contractual backlog													$498,802						$497,094
Unobligated backlog													22,534						23,101
Total backlog													$521,336						$520,195

 

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 margin, and core loss per share with the most directly comparable GAAP financial measures of loss from operations, operating margin, 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)								Fourth Quarter 2024									Fourth Quarter 2023
								$ millions			Per Share						$ millions			Per Share
Revenues								$15,242									$22,018
(Loss)/earnings from operations (GAAP)								(3,770)									283
Operating margins (GAAP)								(24.7)		%							1.3		%
FAS/CAS service cost adjustment:
Pension FAS/CAS service cost adjustment								(203)									(136)
Postretirement FAS/CAS service cost adjustment								(69)									(57)
FAS/CAS service cost adjustment								(272)									(193)
Core operating (loss)/earnings (non-GAAP)								($4,042)									$90
Core operating margins (non-GAAP)								(26.5)		%							0.4		%
Diluted loss per share (GAAP)											($5.46)									($0.04)
Pension FAS/CAS service cost adjustment								($203)			($0.28)						($136)			($0.23)
Postretirement FAS/CAS service cost adjustment								(69)			(0.10)						(57)			(0.09)
Non-operating pension income								(108)			(0.15)						(127)			(0.21)
Non-operating postretirement income								(18)			(0.03)						(14)			(0.02)
Provision for deferred income taxes on adjustments 1								84			0.12						70			0.12
Subtotal of adjustments								($314)			($0.44)						($264)			($0.43)
Core loss per share (non-GAAP)											($5.90)									($0.47)
Weighted average diluted shares (in millions)											718.1									609.5

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

 

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 margin, and core loss per share with the most directly comparable GAAP financial measures of loss from operations, operating margin, 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)								Full Year 2024									Full Year 2023
								$ millions			Per Share						$ millions			Per Share
Revenues								$66,517									$77,794
Loss from operations (GAAP)								(10,707)									(773)
Operating margins (GAAP)								(16.1)		%							(1.0)		%
FAS/CAS service cost adjustment:
Pension FAS/CAS service cost adjustment								(811)									(799)
Postretirement FAS/CAS service cost adjustment								(293)									(257)
FAS/CAS service cost adjustment								(1,104)									(1,056)
Core operating loss (non-GAAP)								($11,811)									($1,829)
Core operating margins (non-GAAP)								(17.8)		%							(2.4)		%
Diluted loss per share (GAAP)											($18.36)									($3.67)
Pension FAS/CAS service cost adjustment								($811)			($1.26)						($799)			($1.32)
Postretirement FAS/CAS service cost adjustment								(293)			(0.45)						(257)			(0.42)
Non-operating pension income								(476)			(0.74)						(529)			(0.87)
Non-operating postretirement income								(73)			(0.11)						(58)			(0.10)
Provision for deferred income taxes on adjustments 1								347			0.54						345			0.57
Subtotal of adjustments								($1,306)			($2.02)						($1,298)			($2.14)
Core loss per share (non-GAAP)											($20.38)									($5.81)
Weighted average diluted shares (in millions)											647.2									606.1

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-fourth-quarter-results-302361871.html

SOURCE Boeing

FAQ

What caused Boeing's (BA) significant losses in Q4 2024?

Boeing's Q4 2024 losses were primarily due to the IAM work stoppage and agreement, charges for defense programs, and costs associated with workforce reductions announced last year.

How many commercial airplanes did Boeing (BA) deliver in 2024?

Boeing delivered 348 commercial airplanes in 2024, representing a 34% decrease from 528 deliveries in 2023.

What is Boeing's (BA) current backlog value as of Q4 2024?

Boeing's total backlog at the end of Q4 2024 was $521 billion, including over 5,500 commercial airplanes valued at $435 billion.

How much cash and marketable securities does Boeing (BA) have?

As of Q4 2024, Boeing had $26.3 billion in cash and marketable securities, up from $10.5 billion at the beginning of the quarter.

What was Boeing's (BA) operating cash flow in Q4 2024?

Boeing reported negative operating cash flow of $3.5 billion in Q4 2024, compared to positive $3.381 billion in Q4 2023.