ARLINGTON, Va., Oct. 29, 2025 —
Third Quarter 2025
- 737 stabilized production at 38 per month; jointly agreed with FAA in October to increase to 42 per month
- Revenue increased to $23.3 billion primarily reflecting 160 commercial deliveries
- Earnings reflects impact of $4.9 billion charge associated with updated 777X certification timing
- Operating cash flow of $1.1 billion and free cash flow (non-GAAP)* of $0.2 billion
- Total company backlog grew to $636 billion, including over 5,900 commercial airplanes
| Table 1. Summary Financial Results | Third Quarter | Nine Months | ||||||||||||||||||||||||||||||||||||
| (Dollars in Millions, except per share data) | 2025 | 2024 | Change | 2025 | 2024 | Change | ||||||||||||||||||||||||||||||||
| Revenues | $23,270 | $17,840 | 30 % | $65,515 | $51,275 | 28 % | ||||||||||||||||||||||||||||||||
| GAAP | ||||||||||||||||||||||||||||||||||||||
| Loss from operations | ($4,781) | ($5,761) | NM | ($4,496) | ($6,937) | NM | ||||||||||||||||||||||||||||||||
| Operating margins | (20.5) | % | (32.3) | % | NM | (6.9) | % | (13.5) | % | NM | ||||||||||||||||||||||||||||
| Net loss | ($5,339) | ($6,174) | NM | ($5,982) | ($7,968) | NM | ||||||||||||||||||||||||||||||||
| Diluted loss per share | ($7.14) | ($9.97) | NM | ($8.25) | ($12.91) | NM | ||||||||||||||||||||||||||||||||
| Operating cash flow | $1,123 | ($1,345) | NM | ($266) | ($8,630) | NM | ||||||||||||||||||||||||||||||||
| Non-GAAP* | ||||||||||||||||||||||||||||||||||||||
| Core operating loss | ($5,049) | ($5,989) | NM | ($5,283) | ($7,769) | NM | ||||||||||||||||||||||||||||||||
| Core operating margins | (21.7) | % | (33.6) | % | NM | (8.1) | % | (15.2) | % | NM | ||||||||||||||||||||||||||||
| Core loss per share | ($7.47) | ($10.44) | NM | ($9.22) | ($14.52) | 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 third quarter revenue of $23.3 billion, reflecting improved operational performance and higher commercial delivery volume. GAAP loss per share of ($7.14) and core loss per share (non-GAAP)* of ($7.47) primarily reflect a pre-tax earnings charge of $4.9 billion on the 777X program, which increased the loss per share by $6.45. The company reported operating cash flow of $1.1 billion and free cash flow (non-GAAP)* of $0.2 billion. Total company backlog at quarter end was $636 billion.
“With a sustained focus on safety and quality, we achieved important milestones in our recovery as we generated positive free cash flow in the quarter and jointly agreed with the FAA in October to increase 737 production to 42 per month,” said Kelly Ortberg, Boeing president and chief executive officer. “While we are disappointed in the 777X schedule delay, the airplane continues to perform well in flight testing, and we remain focused on the work ahead to complete our development programs and stabilize our operations in order to fully recover our company’s performance and restore trust with all of our stakeholders.”
| Table 2. Cash Flow | Third Quarter | Nine Months | ||||||||||||||||||||||||
| (Millions) | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||
| Operating cash flow | $1,123 | ($1,345) | ($266) | ($8,630) | ||||||||||||||||||||||
| Less additions to property, plant & equipment | ($885) | ($611) | ($1,986) | ($1,582) | ||||||||||||||||||||||
| Free cash flow* | $238 | ($1,956) | ($2,252) | ($10,212) | ||||||||||||||||||||||
| *Non-GAAP measure; complete definitions of Boeing’s non-GAAP measures are on page 5, “Non-GAAP Measures Disclosures.” |
Operating cash flow was $1.1 billion in the quarter reflecting higher commercial deliveries, as well as working capital timing.
| Table 3. Cash, Marketable Securities and Debt Balances | Quarter End | |||||||||||||
| (Billions) | 3Q 2025 | 2Q 2025 | ||||||||||||
| Cash and investments in marketable securities1 | $23.0 | $23.0 | ||||||||||||
| Consolidated debt | $53.4 | $53.3 | ||||||||||||
| 1 Marketable securities consist primarily of time deposits due within one year classified as “short-term investments.” |
Cash and investments in marketable securities totaled $23.0 billion, which remained stable compared to the prior quarter. The company maintains access to credit facilities of $10.0 billion, which remain undrawn.
Segment Results
Commercial Airplanes
| Table 4. Commercial Airplanes | Third Quarter | Nine Months | ||||||||||||||||||||||||||||||||||||
| (Dollars in Millions) | 2025 | 2024 | Change | 2025 | 2024 | Change | ||||||||||||||||||||||||||||||||
| Deliveries | 160 | 116 | 38 % | 440 | 291 | 51 % | ||||||||||||||||||||||||||||||||
| Revenues | $11,094 | $7,443 | 49 % | $30,115 | $18,099 | 66 % | ||||||||||||||||||||||||||||||||
| Loss from operations | ($5,353) | ($4,021) | NM | ($6,447) | ($5,879) | NM | ||||||||||||||||||||||||||||||||
| Operating margins | (48.3) | % | (54.0) | % | NM | (21.4) | % | (32.5) | % | NM | ||||||||||||||||||||||||||||
Commercial Airplanes third quarter revenue increased to $11.1 billion primarily reflecting higher deliveries. Third quarter operating margin was impacted by a charge on the 777X program.
The 737 program stabilized production at 38 per month in the quarter and jointly agreed with the Federal Aviation Administration in October to increase to 42 per month. The 787 program continued stabilizing production at seven per month and progressed on previously-announced investments to expand South Carolina operations. During the quarter, the company updated its assessment of the 777-9 certification timeline and now anticipates first delivery in 2027, resulting in a pre-tax earnings charge of $4.9 billion.
Commercial Airplanes booked 161 net orders in the quarter, including 50 787 airplanes for Turkish Airlines and 30 737-8 airplanes for Norwegian Group. Commercial Airplanes delivered 160 airplanes, the highest quarterly total since 2018, and backlog included over 5,900 airplanes valued at $535 billion.
Defense, Space & Security
| Table 5. Defense, Space & Security | Third Quarter | Nine Months | ||||||||||||||||||||||||||||||||||||
| (Dollars in Millions) | 2025 | 2024 | Change | 2025 | 2024 | Change | ||||||||||||||||||||||||||||||||
| Revenues | $6,902 | $5,536 | 25 % | $19,817 | $18,507 | 7 % | ||||||||||||||||||||||||||||||||
| Earnings/(loss) from operations | $114 | ($2,384) | NM | $379 | ($3,146) | NM | ||||||||||||||||||||||||||||||||
| Operating margins | 1.7 | % | (43.1) | % | NM | 1.9 | % | (17.0) | % | NM | ||||||||||||||||||||||||||||
Defense, Space & Security third quarter revenue of $6.9 billion and operating margin of 1.7 percent reflect stabilizing operational performance and higher volume.
During the quarter, Defense, Space & Security secured a contract from the U.S. Space Force to enhance strategic satellite communication capabilities and partnered with the Royal Australian Air Force to successfully demonstrate autonomous operational capabilities of the MQ-28 Ghost Bat. Backlog at Defense, Space & Security grew to $76 billion with 20 percent representing orders from customers outside the U.S.
Global Services
| Table 6. Global Services | Third Quarter | Nine Months | ||||||||||||||||||||||||||||||||||||
| (Dollars in Millions) | 2025 | 2024 | Change | 2025 | 2024 | Change | ||||||||||||||||||||||||||||||||
| Revenues | $5,370 | $4,901 | 10 % | $15,714 | $14,835 | 6 % | ||||||||||||||||||||||||||||||||
| Earnings from operations | $938 | $834 | 12 % | $2,930 | $2,620 | 12 % | ||||||||||||||||||||||||||||||||
| Operating margins | 17.5 | % | 17.0 | % | 0.5 pts | 18.6 | % | 17.7 | % | 0.9 pts | ||||||||||||||||||||||||||||
Global Services third quarter revenue was $5.4 billion driven by higher volume. Operating margin of 17.5 percent primarily reflects favorable commercial volume and mix.
In the quarter, Global Services captured an award from the U.S. Navy for the repair of F/A-18 aircraft landing gear and announced a strategic collaboration agreement with Korean Air focused on advancing predictive maintenance analytics.
Additional Financial Information
| Table 7. Additional Financial Information | Third Quarter | Nine Months | ||||||||||||||||||||||||
| (Dollars in Millions) | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||
| Revenues | ||||||||||||||||||||||||||
| Unallocated items, eliminations and other | ($96) | ($40) | ($131) | ($166) | ||||||||||||||||||||||
| Loss from operations | ||||||||||||||||||||||||||
| Unallocated items, eliminations and other | ($748) | ($418) | ($2,145) | ($1,364) | ||||||||||||||||||||||
| FAS/CAS service cost adjustment | $268 | $228 | $787 | $832 | ||||||||||||||||||||||
| Other income, net | $276 | $265 | $924 | $790 | ||||||||||||||||||||||
| Interest and debt expense | ($694) | ($728) | ($2,112) | ($1,970) | ||||||||||||||||||||||
| Effective tax rate | (2.7) | % | 0.8 | % | (5.2) | % | 1.8 | % | ||||||||||||||||||
Unallocated items, eliminations and other primarily reflects timing of allocations.
| The Boeing Company and Subsidiaries | |||||||||||||||||||||||
| Consolidated Statements of Operations | |||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||
| Nine months ended September 30 | Three months ended September 30 | ||||||||||||||||||||||
| (Dollars in millions, except per share data) | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
| Sales of products | $54,911 | $41,326 | $19,642 | $14,534 | |||||||||||||||||||
| Sales of services | 10,604 | 9,949 | 3,628 | 3,306 | |||||||||||||||||||
| Total revenues | 65,515 | 51,275 | 23,270 | 17,840 | |||||||||||||||||||
| Cost of products | (54,522) | (43,384) | (22,737) | (18,413) | |||||||||||||||||||
| Cost of services | (8,516) | (8,293) | (2,908) | (2,934) | |||||||||||||||||||
| Total costs and expenses | (63,038) | (51,677) | (25,645) | (21,347) | |||||||||||||||||||
| 2,477 | (402) | (2,375) | (3,507) | ||||||||||||||||||||
| Income/(loss) from operating investments, net | 42 | 59 | 14 | (15) | |||||||||||||||||||
| General and administrative expense | (4,427) | (3,623) | (1,522) | (1,085) | |||||||||||||||||||
| Research and development expense, net | (2,651) | (2,976) | (897) | (1,154) | |||||||||||||||||||
| Gain/(loss) on dispositions, net | 63 | 5 | (1) | ||||||||||||||||||||
| Loss from operations | (4,496) | (6,937) | (4,781) | (5,761) | |||||||||||||||||||
| Other income, net | 924 | 790 | 276 | 265 | |||||||||||||||||||
| Interest and debt expense | (2,112) | (1,970) | (694) | (728) | |||||||||||||||||||
| Loss before income taxes | (5,684) | (8,117) | (5,199) | (6,224) | |||||||||||||||||||
| Income tax (expense)/benefit | (298) | 149 | (140) | 50 | |||||||||||||||||||
| Net loss | (5,982) | (7,968) | (5,339) | (6,174) | |||||||||||||||||||
| Less: net earnings/(loss) attributable to noncontrolling interest | 3 | (16) | (2) | (4) | |||||||||||||||||||
| Net loss attributable to Boeing shareholders | (5,985) | (7,952) | (5,337) | (6,170) | |||||||||||||||||||
| Less: mandatory convertible preferred stock dividends accumulated during the period | 259 | 87 | |||||||||||||||||||||
| Net loss attributable to Boeing common shareholders | ($6,244) | ($7,952) | ($5,424) | ($6,170) | |||||||||||||||||||
| Basic loss per share | ($8.25) | ($12.91) | ($7.14) | ($9.97) | |||||||||||||||||||
| Diluted loss per share | ($8.25) | ($12.91) | ($7.14) | ($9.97) | |||||||||||||||||||
| The Boeing Company and Subsidiaries | |||||||||||
| Consolidated Statements of Financial Position | |||||||||||
| (Unaudited) | |||||||||||
| (Dollars in millions, except per share data) | September 30 2025 | December 31 2024 | |||||||||
| Assets | |||||||||||
| Cash and cash equivalents | $6,173 | $13,801 | |||||||||
| Short-term and other investments | 16,811 | 12,481 | |||||||||
| Accounts receivable, net | 3,314 | 2,631 | |||||||||
| Unbilled receivables, net | 9,032 | 8,363 | |||||||||
| Current portion of financing receivables, net | 207 | ||||||||||
| Inventories | 82,425 | 87,550 | |||||||||
| Other current assets, net | 2,904 | 2,965 | |||||||||
| Assets held for sale | 1,473 | ||||||||||
| Total current assets | 122,132 | 127,998 | |||||||||
| Financing receivables and operating lease equipment, net | 245 | 314 | |||||||||
| Property, plant and equipment, net of accumulated depreciation of $23,470 and $22,925 | 12,078 | 11,412 | |||||||||
| Goodwill | 7,281 | 8,084 | |||||||||
| Acquired intangible assets, net | 1,495 | 1,957 | |||||||||
| Deferred income taxes | 44 | 185 | |||||||||
| Investments | 1,050 | 999 | |||||||||
| Other assets, net of accumulated amortization of $947 and $1,085 | 5,698 | 5,414 | |||||||||
| Total assets | $150,023 | $156,363 | |||||||||
| Liabilities and equity | |||||||||||
| Accounts payable | $11,732 | $11,364 | |||||||||
| Accrued liabilities | 24,364 | 24,103 | |||||||||
| Advances and progress billings | 57,962 | 60,333 | |||||||||
| Short-term debt and current portion of long-term debt | 8,742 | 1,278 | |||||||||
| Liabilities held for sale | 524 | ||||||||||
| Total current liabilities | 103,324 | 97,078 | |||||||||
| Deferred income taxes | 191 | 122 | |||||||||
| Accrued retiree health care | 2,086 | 2,176 | |||||||||
| Accrued pension plan liability, net | 5,714 | 5,997 | |||||||||
| Other long-term liabilities | 2,350 | 2,318 | |||||||||
| Long-term debt | 44,611 | 52,586 | |||||||||
| Total liabilities | 158,276 | 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 | 19,218 | 18,964 | |||||||||
| Treasury stock, at cost – 252,587,506 and 263,044,840 shares | (31,109) | (32,386) | |||||||||
| Retained earnings | 9,118 | 15,362 | |||||||||
| Accumulated other comprehensive loss | (10,544) | (10,915) | |||||||||
| Total shareholders’ deficit | (8,250) | (3,908) | |||||||||
| Noncontrolling interests | (3) | (6) | |||||||||
| Total equity | (8,253) | (3,914) | |||||||||
| Total liabilities and equity | $150,023 | $156,363 | |||||||||
| The Boeing Company and Subsidiaries | |||||||||||
| Consolidated Statements of Cash Flows (Unaudited) | |||||||||||
| Nine months ended September 30 | |||||||||||
| (Dollars in millions) | 2025 | 2024 | |||||||||
| Cash flows – operating activities: | |||||||||||
| Net loss | ($5,982) | ($7,968) | |||||||||
| Adjustments to reconcile net loss to net cash used by operating activities: | |||||||||||
| Non-cash items – | |||||||||||
| Share-based plans expense | 343 | 310 | |||||||||
| Treasury shares issued for 401(k) contributions | 1,173 | 1,315 | |||||||||
| Depreciation and amortization | 1,417 | 1,327 | |||||||||
| Investment/asset impairment charges, net | 32 | 48 | |||||||||
| Gain on dispositions, net | (63) | (5) | |||||||||
| 777X and 767 reach-forward losses | 5,140 | 3,006 | |||||||||
| Other charges and credits, net | 217 | 270 | |||||||||
| Changes in assets and liabilities – | |||||||||||
| Accounts receivable | (836) | (275) | |||||||||
| Unbilled receivables | (679) | (1,042) | |||||||||
| Advances and progress billings | (2,065) | 1,666 | |||||||||
| Inventories | (116) | (6,854) | |||||||||
| Other current assets | 227 | (26) | |||||||||
| Accounts payable | 539 | 122 | |||||||||
| Accrued liabilities | 574 | 327 | |||||||||
| Income taxes receivable, payable and deferred | 93 | (282) | |||||||||
| Other long-term liabilities | (294) | (228) | |||||||||
| Pension and other postretirement plans | (436) | (736) | |||||||||
| Financing receivables and operating lease equipment, net | 274 | 258 | |||||||||
| Other | 176 | 137 | |||||||||
| Net cash used by operating activities | (266) | (8,630) | |||||||||
| Cash flows – investing activities: | |||||||||||
| Payments to acquire property, plant and equipment | (1,986) | (1,582) | |||||||||
| Proceeds from disposals of property, plant and equipment | 5 | 46 | |||||||||
| Acquisitions, net of cash acquired | (50) | ||||||||||
| Proceeds from dispositions | 35 | ||||||||||
| Contributions to investments | (36,337) | (1,751) | |||||||||
| Proceeds from investments | 32,674 | 4,546 | |||||||||
| Supplier notes receivable | (292) | (494) | |||||||||
| Repayments on supplier notes receivable | 40 | ||||||||||
| Purchase of distribution rights | (88) | ||||||||||
| Other | (14) | ||||||||||
| Net cash (used)/provided by investing activities | (5,901) | 653 | |||||||||
| Cash flows – financing activities: | |||||||||||
| New borrowings | 138 | 10,120 | |||||||||
| Debt repayments | (721) | (4,824) | |||||||||
| Employee taxes on certain share-based payment arrangements | (28) | (73) | |||||||||
| Dividends paid on mandatory convertible preferred stock | (244) | ||||||||||
| Other | 43 | 15 | |||||||||
| Net cash (used)/provided by financing activities | (812) | 5,238 | |||||||||
| Effect of exchange rate changes on cash and cash equivalents | 39 | 8 | |||||||||
| Net decrease in cash & cash equivalents, including restricted | (6,940) | (2,731) | |||||||||
| Cash & cash equivalents, including restricted, at beginning of year | 13,822 | 12,713 | |||||||||
| Cash & cash equivalents, including restricted, at end of period | 6,882 | 9,982 | |||||||||
| Less restricted cash & cash equivalents, included in Investments | 709 | 21 | |||||||||
| Cash & cash equivalents at end of period | $6,173 | $9,961 | |||||||||
| The Boeing Company and Subsidiaries | |||||||||||||||||||||||
| Summary of Business Segment Data | |||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||
| Nine months ended September 30 | Three months ended September 30 | ||||||||||||||||||||||
| (Dollars in millions) | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
| Revenues: | |||||||||||||||||||||||
| Commercial Airplanes | $30,115 | $18,099 | $11,094 | $7,443 | |||||||||||||||||||
| Defense, Space & Security | 19,817 | 18,507 | 6,902 | 5,536 | |||||||||||||||||||
| Global Services | 15,714 | 14,835 | 5,370 | 4,901 | |||||||||||||||||||
| Unallocated items, eliminations and other | (131) | (166) | (96) | (40) | |||||||||||||||||||
| Total revenues | $65,515 | $51,275 | $23,270 | $17,840 | |||||||||||||||||||
| Loss from operations: | |||||||||||||||||||||||
| Commercial Airplanes | ($6,447) | ($5,879) | ($5,353) | ($4,021) | |||||||||||||||||||
| Defense, Space & Security | 379 | (3,146) | 114 | (2,384) | |||||||||||||||||||
| Global Services | 2,930 | 2,620 | 938 | 834 | |||||||||||||||||||
| Segment operating loss | (3,138) | (6,405) | (4,301) | (5,571) | |||||||||||||||||||
| Unallocated items, eliminations and other | (2,145) | (1,364) | (748) | (418) | |||||||||||||||||||
| FAS/CAS service cost adjustment | 787 | 832 | 268 | 228 | |||||||||||||||||||
| Loss from operations | (4,496) | (6,937) | (4,781) | (5,761) | |||||||||||||||||||
| Other income, net | 924 | 790 | 276 | 265 | |||||||||||||||||||
| Interest and debt expense | (2,112) | (1,970) | (694) | (728) | |||||||||||||||||||
| Loss before income taxes | (5,684) | (8,117) | (5,199) | (6,224) | |||||||||||||||||||
| Income tax (expense)/benefit | (298) | 149 | (140) | 50 | |||||||||||||||||||
| Net loss | (5,982) | (7,968) | (5,339) | (6,174) | |||||||||||||||||||
| Less: net earnings/(loss) attributable to noncontrolling interest | 3 | (16) | (2) | (4) | |||||||||||||||||||
| Net loss attributable to Boeing shareholders | (5,985) | (7,952) | (5,337) | (6,170) | |||||||||||||||||||
| Less: Mandatory convertible preferred stock dividends accumulated during the period | 259 | 87 | |||||||||||||||||||||
| Net loss attributable to Boeing common shareholders | ($6,244) | ($7,952) | ($5,424) | ($6,170) | |||||||||||||||||||
| Research and development expense, net: | |||||||||||||||||||||||
| Commercial Airplanes | $1,657 | $1,852 | $565 | $779 | |||||||||||||||||||
| Defense, Space & Security | 618 | 728 | 198 | 234 | |||||||||||||||||||
| Global Services | 91 | 103 | 32 | 36 | |||||||||||||||||||
| Other | 285 | 293 | 102 | 105 | |||||||||||||||||||
| Total research and development expense, net | $2,651 | $2,976 | $897 | $1,154 | |||||||||||||||||||
| Unallocated items, eliminations and other: | |||||||||||||||||||||||
| Share-based plans | ($40) | $118 | $11 | $65 | |||||||||||||||||||
| Deferred compensation | (150) | (100) | (70) | (51) | |||||||||||||||||||
| Amortization of previously capitalized interest | (64) | (70) | (22) | (24) | |||||||||||||||||||
| Research and development expense, net | (285) | (293) | (102) | (105) | |||||||||||||||||||
| Eliminations and other unallocated items | (1,606) | (1,019) | (565) | (303) | |||||||||||||||||||
| Sub-total (included in Core operating loss) | (2,145) | (1,364) | (748) | (418) | |||||||||||||||||||
| Pension FAS/CAS service cost adjustment | 588 | 608 | 198 | 148 | |||||||||||||||||||
| Postretirement FAS/CAS service cost adjustment | 199 | 224 | 70 | 80 | |||||||||||||||||||
| FAS/CAS service cost adjustment | 787 | 832 | $268 | $228 | |||||||||||||||||||
| Total | ($1,358) | ($532) | ($480) | ($190) | |||||||||||||||||||
| The Boeing Company and Subsidiaries | ||||||||||||||||||||||||||
| Operating and Financial Data | ||||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||
| Deliveries | Nine months ended September 30 | Three months ended September 30 | ||||||||||||||||||||||||
| Commercial Airplanes | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||
| 737 | 330 | 229 | 121 | 92 | ||||||||||||||||||||||
| 767 | 20 | 15 | 6 | 6 | ||||||||||||||||||||||
| 777 | 29 | 11 | 9 | 4 | ||||||||||||||||||||||
| 787 | 61 | 36 | 24 | 14 | ||||||||||||||||||||||
| Total | 440 | 291 | 160 | 116 | ||||||||||||||||||||||
| Defense, Space & Security | ||||||||||||||||||||||||||
| AH-64 Apache (New) | 14 | 10 | 8 | 7 | ||||||||||||||||||||||
| AH-64 Apache (Remanufactured) | 28 | 24 | 7 | 11 | ||||||||||||||||||||||
| CH-47 Chinook (New) | 1 | 2 | — | — | ||||||||||||||||||||||
| CH-47 Chinook (Renewed) | 9 | 7 | 2 | 2 | ||||||||||||||||||||||
| F-15 Models | 7 | 10 | 3 | 3 | ||||||||||||||||||||||
| F/A-18 Models | 12 | 5 | 3 | 1 | ||||||||||||||||||||||
| KC-46 Tanker | 9 | 10 | 4 | 5 | ||||||||||||||||||||||
| MH-139 | 6 | 3 | 1 | 3 | ||||||||||||||||||||||
| P-8 Models | 4 | 4 | 2 | 1 | ||||||||||||||||||||||
| T-7A Red Hawk | — | 1 | — | 1 | ||||||||||||||||||||||
| Commercial Satellites | 4 | — | 2 | — | ||||||||||||||||||||||
| Total1 | 94 | 76 | 32 | 34 | ||||||||||||||||||||||
| 1 Deliveries of new-build production units, including remanufactures and modifications | ||||||||||||||||||||||||||
| Total backlog (Dollars in millions) | September 30 2025 | December 31 2024 | ||||||||||||||||||||||||
| Commercial Airplanes | $534,613 | $435,175 | ||||||||||||||||||||||||
| Defense, Space & Security | 76,084 | 64,023 | ||||||||||||||||||||||||
| Global Services | 24,634 | 21,403 | ||||||||||||||||||||||||
| Unallocated items, eliminations and other | 357 | 735 | ||||||||||||||||||||||||
| Total backlog | $635,688 | $521,336 | ||||||||||||||||||||||||
| Contractual backlog | $598,551 | $498,802 | ||||||||||||||||||||||||
| Unobligated backlog | 37,137 | 22,534 | ||||||||||||||||||||||||
| Total backlog | $635,688 | $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) | Third Quarter 2025 | Third Quarter 2024 | ||||||||||||||||||
| $ millions | Per Share | $ millions | Per Share | |||||||||||||||||
| Revenues | $23,270 | $17,840 | ||||||||||||||||||
| Loss from operations (GAAP) | (4,781) | (5,761) | ||||||||||||||||||
| Operating margins (GAAP) | (20.5) | % | (32.3) | % | ||||||||||||||||
| FAS/CAS service cost adjustment: | ||||||||||||||||||||
| Pension FAS/CAS service cost adjustment | (198) | (148) | ||||||||||||||||||
| Postretirement FAS/CAS service cost adjustment | (70) | (80) | ||||||||||||||||||
| FAS/CAS service cost adjustment | (268) | (228) | ||||||||||||||||||
| Core operating loss (non-GAAP) | ($5,049) | ($5,989) | ||||||||||||||||||
| Core operating margins (non-GAAP) | (21.7) | % | (33.6) | % | ||||||||||||||||
| Diluted loss per share (GAAP) | ($7.14) | ($9.97) | ||||||||||||||||||
| Pension FAS/CAS service cost adjustment | ($198) | ($0.26) | ($148) | ($0.24) | ||||||||||||||||
| Postretirement FAS/CAS service cost adjustment | (70) | (0.09) | (80) | (0.13) | ||||||||||||||||
| Non-operating pension income | (42) | (0.06) | (123) | (0.20) | ||||||||||||||||
| Non-operating postretirement income | (5) | (0.01) | (18) | (0.03) | ||||||||||||||||
| Provision for deferred income taxes on adjustments 1 | 66 | 0.09 | 77 | 0.13 | ||||||||||||||||
| Subtotal of adjustments | ($249) | ($0.33) | ($292) | ($0.47) | ||||||||||||||||
| Core loss per share (non-GAAP) | ($7.47) | ($10.44) | ||||||||||||||||||
| Diluted weighted average common shares outstanding (in millions) | 759.9 | 618.6 | ||||||||||||||||||
| 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 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) | Nine Months 2025 | Nine Months 2024 | ||||||||||||||||||
| $ millions | Per Share | $ millions | Per Share | |||||||||||||||||
| Revenues | $65,515 | $51,275 | ||||||||||||||||||
| Loss from operations (GAAP) | (4,496) | (6,937) | ||||||||||||||||||
| Operating margins (GAAP) | (6.9) | % | (13.5) | % | ||||||||||||||||
| FAS/CAS service cost adjustment: | ||||||||||||||||||||
| Pension FAS/CAS service cost adjustment | (588) | (608) | ||||||||||||||||||
| Postretirement FAS/CAS service cost adjustment | (199) | (224) | ||||||||||||||||||
| FAS/CAS service cost adjustment | (787) | (832) | ||||||||||||||||||
| Core operating loss (non-GAAP) | ($5,283) | ($7,769) | ||||||||||||||||||
| Core operating margins (non-GAAP) | (8.1) | % | (15.2) | % | ||||||||||||||||
| Diluted loss per share (GAAP) | ($8.25) | ($12.91) | ||||||||||||||||||
| Pension FAS/CAS service cost adjustment | ($588) | ($0.78) | ($608) | ($0.99) | ||||||||||||||||
| Postretirement FAS/CAS service cost adjustment | (199) | (0.26) | (224) | (0.36) | ||||||||||||||||
| Non-operating pension income | (127) | (0.17) | (368) | (0.60) | ||||||||||||||||
| Non-operating postretirement income | (14) | (0.02) | (55) | (0.09) | ||||||||||||||||
| Provision for deferred income taxes on adjustments 1 | 195 | 0.26 | 264 | 0.43 | ||||||||||||||||
| Subtotal of adjustments | ($733) | ($0.97) | ($991) | ($1.61) | ||||||||||||||||
| Core loss per share (non-GAAP) | ($9.22) | ($14.52) | ||||||||||||||||||
| Diluted weighted average common shares outstanding (in millions) | 756.7 | 615.8 | ||||||||||||||||||
| 1 The income tax impact is calculated using the U.S. corporate statutory tax rate. |
SOURCE: Boeing
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