Boeing Reports Second Quarter Results

Rhea-AI Summary

Boeing (NYSE:BA) reported Q2 2025 financial results with revenue increasing to $22.7 billion, up 35% year-over-year, primarily driven by higher commercial deliveries. The company posted a GAAP loss per share of ($0.92) and core loss per share of ($1.24).

Key operational highlights include 737 production reaching 38 aircraft per month and delivery of 150 commercial airplanes. Commercial Airplanes secured 455 net orders, including significant orders from Qatar Airways and British Airways. The total company backlog grew to $619 billion, including over 5,900 commercial airplanes.

Operating cash flow was $0.2 billion with free cash flow of ($0.2) billion. The company maintained a strong liquidity position with $23.0 billion in cash and investments and $53.3 billion in debt.

Positive

• Revenue increased 35% year-over-year to $22.7 billion
• 737 production rate achieved target of 38 per month
• Secured 455 net commercial airplane orders in Q2
• Operating cash flow improved to $0.2 billion from ($3.9) billion year-over-year
• Global Services segment achieved 19.9% operating margin
• Defense segment returned to profitability with $110 million operating earnings

Negative

• Posted GAAP loss per share of ($0.92)
• Commercial Airplanes segment reported ($557) million operating loss
• Free cash flow remained negative at ($0.2) billion
• High debt level of $53.3 billion
• Commercial Airplanes operating margin remained negative at (5.1%)
• Recorded $445 million charge related to DOJ non-prosecution agreement

Insights

Financial Analyst

Boeing shows operational improvement with increased deliveries, but still posts losses amid recovery efforts.

Boeing's Q2 2025 results show measurable progress in their operational recovery, with revenue jumping 35% year-over-year to $22.7 billion, primarily driven by a 63% increase in commercial aircraft deliveries. The company delivered 150 commercial aircraft in the quarter, up from 92 in Q2 2024, demonstrating improved production stability.

Despite the revenue growth, Boeing still posted a core operating loss of $433 million and a core loss per share of $1.24. However, these losses narrowed significantly compared to the $1.39 billion core operating loss and $2.90 core loss per share from Q2 2024. The company generated positive operating cash flow of $227 million versus a $3.92 billion outflow last year, though free cash flow remained negative at $200 million.

The Commercial Airplanes segment, while still operating at a 5.1% loss margin, showed substantial improvement from the 11.9% loss margin in Q2 2024. Critically, Boeing achieved its target of 38 737s per month during the quarter and plans to stabilize at this rate before requesting approval for an increase to 42 monthly. The 787 program is now producing at seven aircraft monthly.

Defense, Space & Security returned to profitability with a 1.7% operating margin, a meaningful turnaround from the 15.2% loss margin in Q2 2024. Meanwhile, Global Services continues to be the company's profit engine, posting a 19.9% operating margin on $5.3 billion in revenue.

Boeing's liquidity position remains stable with $23 billion in cash and marketable securities and $10 billion in undrawn credit facilities, against $53.3 billion in debt. The company's total backlog grew to $619 billion, including over 5,900 commercial airplanes, providing substantial future revenue visibility.

The results reflect Boeing's ongoing recovery efforts following earlier safety and quality challenges, with CEO Kelly Ortberg emphasizing their focus on "restoring trust" while acknowledging the "dynamic global environment." The $445 million charge related to the May 2025 non-prosecution agreement with the U.S. Department of Justice represents continued financial impact from past issues even as operational metrics improve.

ARLINGTON, Va., July 29, 2025 /PRNewswire/ --

Second Quarter 2025

• 737 production reached 38 per month in the quarter
• Revenue increased to $22.7 billion primarily reflecting 150 commercial deliveries
• GAAP loss per share of ($0.92) and core loss per share (non-GAAP)* of ($1.24)
• Operating cash flow of $0.2 billion and free cash flow (non-GAAP)* of ($0.2) billion
• Total company backlog grew to $619 billion, including over 5,900 commercial airplanes

Table 1. Summary Financial Results						Second Quarter																		First Half
(Dollars in Millions, except per share data)						2025						2024						Change						2025						2024						Change
Revenues						$22,749						$16,866						35 %						$42,245						$33,435						26 %
GAAP
(Loss)/earnings from operations						($176)						($1,090)						NM						$285						($1,176)						NM
Operating margins						(0.8)		%				(6.5)		%				NM						0.7		%				(3.5)		%				NM
Net loss						($612)						($1,439)						NM						($643)						($1,794)						NM
Diluted loss per share						($0.92)						($2.33)						NM						($1.09)						($2.90)						NM
Operating cash flow						$227						($3,923)						NM						($1,389)						($7,285)						NM
Non-GAAP*
Core operating loss						($433)						($1,392)						NM						($234)						($1,780)						NM
Core operating margins						(1.9)		%				(8.3)		%				NM						(0.6)		%				(5.3)		%				NM
Core loss per share						($1.24)						($2.90)						NM						($1.73)						($4.04)						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 second quarter revenue of $22.7 billion, GAAP loss per share of ($0.92) and core loss per share (non-GAAP)* of ($1.24). The company reported operating cash flow of $0.2 billion and free cash flow (non-GAAP)* of ($0.2) billion. Results primarily reflect improved operational performance and commercial delivery volume.

"Our fundamental changes to strengthen safety and quality are producing improved results as we stabilize our operations and deliver higher quality airplanes, products and services to our customers," said Kelly Ortberg, Boeing president and chief executive officer. "As we look to the second half of the year, we remain focused on restoring trust and making continued progress in our recovery while operating in a dynamic global environment."

Table 2. Cash Flow						Second Quarter												First Half
(Millions)						2025						2024						2025						2024
Operating cash flow						$227						($3,923)						($1,389)						($7,285)
Less additions to property, plant & equipment						($427)						($404)						($1,101)						($971)
Free cash flow*						($200)						($4,327)						($2,490)						($8,256)

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

Operating cash flow was $0.2 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)

2Q 2025

1Q 2025

Cash and investments in marketable securities1

$23.0

$23.7

Consolidated debt

$53.3

$53.6

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, compared to $23.7 billion at the beginning of the quarter, primarily driven by the debt repayment and free cash flow usage in the quarter. Debt was $53.3 billion, down from $53.6 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 $619 billion.

Segment Results

Commercial Airplanes

Table 4. Commercial Airplanes						Second Quarter																		First Half
(Dollars in Millions)						2025						2024						Change						2025						2024						Change
Deliveries						150						92						63 %						280						175						60 %
Revenues						$10,874						$6,003						81 %						$19,021						$10,656						79 %
Loss from operations						($557)						($715)						NM						($1,094)						($1,858)						NM
Operating margins						(5.1)		%				(11.9)		%				NM						(5.8)		%				(17.4)		%				NM

Commercial Airplanes second quarter revenue of $10.9 billion and operating margin of (5.1) percent primarily reflect higher deliveries.

The 737 program increased the production rate to 38 per month in the quarter and plans to stabilize at that rate before requesting approval to increase to 42 per month later this year. The 787 program production rate is now at seven per month.

Commercial Airplanes booked 455 net orders in the quarter, including 120 787 and 30 777-9 airplanes for Qatar Airways and 32 787-10 airplanes for British Airways. Commercial Airplanes delivered 150 airplanes during the quarter, and backlog included over 5,900 airplanes valued at $522 billion.

Defense, Space & Security

Table 5. Defense, Space & Security						Second Quarter																		First Half
(Dollars in Millions)						2025						2024						Change						2025						2024						Change
Revenues						$6,617						$6,021						10 %						$12,915						$12,971						— %
Earnings/(loss) from operations						$110						($913)						NM						$265						($762)						NM
Operating margins						1.7		%				(15.2)		%				NM						2.1		%				(5.9)		%				8.0 pts

Defense, Space & Security second quarter revenue was $6.6 billion. Second quarter operating margin of 1.7 percent reflects stabilizing operational performance. 

During the quarter, Defense, Space & Security captured an award from the U.S. Air Force to build four T-7A Red Hawk production representative aircraft and began ground testing on the first MQ-25 Stingray for the U.S. Navy. Backlog at Defense, Space & Security grew to $74 billion with 22 percent representing orders from customers outside the U.S.

Global Services

Table 6. Global Services						Second Quarter																		First Half
(Dollars in Millions)						2025						2024						Change						2025						2024						Change
Revenues						$5,281						$4,889						8 %						$10,344						$9,934						4 %
Earnings from operations						$1,049						$870						21 %						$1,992						$1,786						12 %
Operating margins						19.9		%				17.8		%				2.1 pts						19.3		%				18.0		%				1.3 pts

Global Services second quarter revenue was $5.3 billion. Second quarter operating margin of 19.9 percent reflects favorable performance and mix. 

In the quarter, Global Services completed the sale of its maintenance, repair and overhaul facility at Gatwick Airport and secured a contract to provide P-8A aircraft training systems and support to the Republic of Korea Navy.

Additional Financial Information

Table 7. Additional Financial Information						Second Quarter												First Half
(Dollars in Millions)						2025						2024						2025						2024
Revenues
Unallocated items, eliminations and other						($23)						($47)						($35)						($126)
Loss from operations
Unallocated items, eliminations and other						($1,035)						($634)						($1,397)						($946)
FAS/CAS service cost adjustment						$257						$302						$519						$604
Other income, net						$325						$248						$648						$525
Interest and debt expense						($710)						($673)						($1,418)						($1,242)
Effective tax rate						(9.1)		%				5.0		%				(32.6)		%				5.2		%

Unallocated items, eliminations and other includes an earnings charge of $445 million resulting from the May 2025 non-prosecution agreement with the U.S. Department of Justice.

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 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, 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:						Eric Hill or David Dufault BoeingInvestorRelations@boeing.com
Communications:						Wilson Chow media@boeing.com

 

The Boeing Company and Subsidiaries Consolidated Statements of Operations (Unaudited)
			Six months ended June 30												Three months ended June 30
(Dollars in millions, except per share data)			2025						2024						2025						2024
Sales of products			$35,269						$26,792						$19,122						$13,524
Sales of services			6,976						6,643						3,627						3,342
Total revenues			42,245						33,435						22,749						16,866
Cost of products			(31,785)						(24,971)						(17,406)						(12,907)
Cost of services			(5,608)						(5,359)						(2,908)						(2,730)
Total costs and expenses			(37,393)						(30,330)						(20,314)						(15,637)
			4,852						3,105						2,435						1,229
Income from operating investments, net			28						74						25						7
General and administrative expense			(2,905)						(2,538)						(1,793)						(1,377)
Research and development expense, net			(1,754)						(1,822)						(910)						(954)
Gain on dispositions, net			64						5						67						5
Earnings/(loss) from operations			285						(1,176)						(176)						(1,090)
Other income, net			648						525						325						248
Interest and debt expense			(1,418)						(1,242)						(710)						(673)
Loss before income taxes			(485)						(1,893)						(561)						(1,515)
Income tax (expense)/benefit			(158)						99						(51)						76
Net loss			(643)						(1,794)						(612)						(1,439)
Less: net earnings/(loss) attributable to noncontrolling interest			5						(12)						(1)
Net loss attributable to Boeing shareholders			(648)						(1,782)						(611)						(1,439)
Less: Mandatory convertible preferred stock dividends accumulated during the period			172												86
Net loss attributable to Boeing common shareholders			($820)						($1,782)						($697)						($1,439)
Basic loss per share			($1.09)						($2.90)						($0.92)						($2.33)
Diluted loss per share			($1.09)						($2.90)						($0.92)						($2.33)

 

The Boeing Company and Subsidiaries Consolidated Statements of Financial Position (Unaudited)
(Dollars in millions, except per share data)			June 30 2025						December 31 2024
Assets
Cash and cash equivalents			$7,087						$13,801
Short-term and other investments			15,880						12,481
Accounts receivable, net			3,190						2,631
Unbilled receivables, net			9,261						8,363
Current portion of financing receivables, net			16						207
Inventories			87,853						87,550
Other current assets, net			2,563						2,965
Assets held for sale			1,451
Total current assets			127,301						127,998
Financing receivables and operating lease equipment, net			318						314
Property, plant and equipment, net of accumulated depreciation of $23,208 and $22,925			11,658						11,412
Goodwill			7,280						8,084
Acquired intangible assets, net			1,542						1,957
Deferred income taxes			136						185
Investments			1,036						999
Other assets, net of accumulated amortization of $879 and $1,085			5,849						5,414
Total assets			$155,120						$156,363
Liabilities and equity
Accounts payable			$11,238						$11,364
Accrued liabilities			23,508						24,103
Advances and progress billings			59,407						60,333
Short-term debt and current portion of long-term debt			8,719						1,278
Liabilities held for sale			504
Total current liabilities			103,376						97,078
Deferred income taxes			193						122
Accrued retiree health care			2,116						2,176
Accrued pension plan liability, net			5,803						5,997
Other long-term liabilities			2,324						2,318
Long-term debt			44,604						52,586
Total liabilities			158,416						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			19,238						18,964
Treasury stock, at cost - 256,638,054 and 263,044,840 shares			(31,603)						(32,386)
Retained earnings			14,542						15,362
Accumulated other comprehensive loss			(10,539)						(10,915)
Total shareholders' deficit			(3,295)						(3,908)
Noncontrolling interests			(1)						(6)
Total equity			(3,296)						(3,914)
Total liabilities and equity			$155,120						$156,363

 

The Boeing Company and Subsidiaries Consolidated Statements of Cash Flows (Unaudited)
			Six months ended June 30
(Dollars in millions)			2025						2024
Cash flows – operating activities:
Net loss			($643)						($1,794)
Adjustments to reconcile net loss to net cash used by operating activities:
Non-cash items –
Share-based plans expense			254						208
Treasury shares issued for 401(k) contribution			793						953
Depreciation and amortization			926						883
Investment/asset impairment charges, net			30						34
Gain on dispositions, net			(64)						(5)
Other charges and credits, net			162						(34)
Changes in assets and liabilities –
Accounts receivable			(683)						(522)
Unbilled receivables			(908)						(1,345)
Advances and progress billings			(616)						1,886
Inventories			(374)						(5,937)
Other current assets			265						(320)
Accounts payable			(46)						(222)
Accrued liabilities			(248)						(443)
Income taxes receivable, payable and deferred			(3)						(188)
Other long-term liabilities			(212)						(148)
Pension and other postretirement plans			(292)						(491)
Financing receivables and operating lease equipment, net			185						149
Other			85						51
Net cash used by operating activities			(1,389)						(7,285)
Cash flows – investing activities:
Payments to acquire property, plant and equipment			(1,101)						(971)
Proceeds from disposals of property, plant and equipment			4						30
Acquisitions, net of cash acquired									(50)
Proceeds from dispositions			35
Contributions to investments			(21,581)						(1,617)
Proceeds from investments			18,847						3,173
Supplier notes receivable			(150)						(486)
Purchase of distribution rights									(88)
Other									(17)
Net cash used by investing activities			(3,946)						(26)
Cash flows – financing activities:
New borrowings			98						10,089
Debt repayments			(677)						(4,481)
Employee taxes on certain share-based payment arrangements			(18)						(67)
Dividends paid on mandatory convertible preferred stock			(158)
Other			30						(3)
Net cash (used)/provided by financing activities			(725)						5,538
Effect of exchange rate changes on cash and cash equivalents			34						(25)
Net decrease in cash & cash equivalents, including restricted			(6,026)						(1,798)
Cash & cash equivalents, including restricted, at beginning of year			13,822						12,713
Cash & cash equivalents, including restricted, at end of period			7,796						10,915
Less restricted cash & cash equivalents, included in Investments			709						21
Cash & cash equivalents at end of period			$7,087						$10,894

 

The Boeing Company and Subsidiaries Summary of Business Segment Data (Unaudited)
			Six months ended June 30												Three months ended June 30
(Dollars in millions)			2025						2024						2025						2024
Revenues:
Commercial Airplanes			$19,021						$10,656						$10,874						$6,003
Defense, Space & Security			12,915						12,971						6,617						6,021
Global Services			10,344						9,934						5,281						4,889
Unallocated items, eliminations and other			(35)						(126)						(23)						(47)
Total revenues			$42,245						$33,435						$22,749						$16,866
Earnings/(loss) from operations:
Commercial Airplanes			($1,094)						($1,858)						($557)						($715)
Defense, Space & Security			265						(762)						110						(913)
Global Services			1,992						1,786						1,049						870
Segment operating earnings/(loss)			1,163						(834)						602						(758)
Unallocated items, eliminations and other			(1,397)						(946)						(1,035)						(634)
FAS/CAS service cost adjustment			519						604						257						302
Earnings/(loss) from operations			285						(1,176)						(176)						(1,090)
Other income, net			648						525						325						248
Interest and debt expense			(1,418)						(1,242)						(710)						(673)
Loss before income taxes			(485)						(1,893)						(561)						(1,515)
Income tax (expense)/benefit			(158)						99						(51)						76
Net loss			(643)						(1,794)						(612)						(1,439)
Less: net earnings/(loss) attributable to noncontrolling interest			5						(12)						(1)
Net loss attributable to Boeing shareholders			(648)						(1,782)						(611)						(1,439)
Less: Mandatory convertible preferred stock dividends accumulated during the period			172												86
Net loss attributable to Boeing common shareholders			($820)						($1,782)						($697)						($1,439)
Research and development expense, net:
Commercial Airplanes			$1,092						$1,073						$558						$555
Defense, Space & Security			420						494						221						259
Global Services			59						67						30						41
Other			183						188						101						99
Total research and development expense, net			$1,754						$1,822						$910						$954
Unallocated items, eliminations and other:
Share-based plans			($51)						$53						($21)						$43
Deferred compensation			(80)						(49)						(85)						(19)
Amortization of previously capitalized interest			(42)						(46)						(21)						(23)
Research and development expense, net			(183)						(188)						(101)						(99)
Eliminations and other unallocated items			(1,041)						(716)						(807)						(536)
Sub-total (included in Core operating loss)			(1,397)						(946)						(1,035)						(634)
Pension FAS/CAS service cost adjustment			390						460						197						230
Postretirement FAS/CAS service cost adjustment			129						144						60						72
FAS/CAS service cost adjustment			519						604						$257						$302
Total			($878)						($342)						($778)						($332)

 

The Boeing Company and Subsidiaries Operating and Financial Data (Unaudited)
Deliveries						Six months ended June 30												Three months ended June 30
Commercial Airplanes						2025						2024						2025						2024
737						209						137						104						70
767						14						9						9						6
777						20						7						13						7
787						37						22						24						9
Total						280						175						150						92
Defense, Space & Security
AH-64 Apache (New)						6						3						2						3
AH-64 Apache (Remanufactured)						21						13						10						7
CH-47 Chinook (New)						1						2						—						1
CH-47 Chinook (Renewed)						7						5						5						4
F-15 Models						4						7						3						6
F/A-18 Models						9						4						4						3
KC-46 Tanker						5						5						5						2
MH-139						5						—						4						—
P-8 Models						2						3						1						2
Commercial Satellites						2						—						2						—
Total1						62						42						36						28

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

Total backlog (Dollars in millions)						June 30 2025						December 31 2024
Commercial Airplanes						$522,197						$435,175
Defense, Space & Security						73,957						64,023
Global Services						21,939						21,403
Unallocated items, eliminations and other						445						735
Total backlog						$618,538						$521,336
Contractual backlog						$583,747						$498,802
Unobligated backlog						34,791						22,534
Total backlog						$618,538						$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)						Second Quarter 2025									Second Quarter 2024
						$ millions			Per Share						$ millions			Per Share
Revenues						$22,749									$16,866
Loss from operations (GAAP)						(176)									(1,090)
Operating margins (GAAP)						(0.8)		%							(6.5)		%
FAS/CAS service cost adjustment:
Pension FAS/CAS service cost adjustment						(197)									(230)
Postretirement FAS/CAS service cost adjustment						(60)									(72)
FAS/CAS service cost adjustment						(257)									(302)
Core operating loss (non-GAAP)						($433)									($1,392)
Core operating margins (non-GAAP)						(1.9)		%							(8.3)		%
Diluted loss per share (GAAP)									($0.92)									($2.33)
Pension FAS/CAS service cost adjustment						($197)			($0.26)						($230)			($0.37)
Postretirement FAS/CAS service cost adjustment						(60)			(0.08)						(72)			(0.12)
Non-operating pension income						(42)			(0.05)						(122)			(0.20)
Non-operating postretirement income						(4)			(0.01)						(19)			(0.03)
Provision for deferred income taxes on adjustments 1						64			0.08						93			0.15
Subtotal of adjustments						($239)			($0.32)						($350)			($0.57)
Core loss per share (non-GAAP)									($1.24)									($2.90)
Diluted weighted average common shares outstanding (in millions)									756.6									616.3

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)						First Half 2025									First Half 2024
						$ millions			Per Share						$ millions			Per Share
Revenues						$42,245									$33,435
Earnings/(loss) from operations (GAAP)						285									(1,176)
Operating margins (GAAP)						0.7		%							(3.5)		%
FAS/CAS service cost adjustment:
Pension FAS/CAS service cost adjustment						(390)									(460)
Postretirement FAS/CAS service cost adjustment						(129)									(144)
FAS/CAS service cost adjustment						(519)									(604)
Core operating loss (non-GAAP)						($234)									($1,780)
Core operating margins (non-GAAP)						(0.6)		%							(5.3)		%
Diluted loss per share (GAAP)									($1.09)									($2.90)
Pension FAS/CAS service cost adjustment						($390)			($0.52)						($460)			($0.75)
Postretirement FAS/CAS service cost adjustment						(129)			(0.17)						(144)			(0.23)
Non-operating pension income						(85)			(0.11)						(245)			(0.40)
Non-operating postretirement income						(9)			(0.01)						(37)			(0.06)
Provision for deferred income taxes on adjustments 1						129			0.17						186			0.30
Subtotal of adjustments						($484)			($0.64)						($700)			($1.14)
Core loss per share (non-GAAP)									($1.73)									($4.04)
Diluted weighted average common shares outstanding (in millions)									755.0									614.5

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-second-quarter-results-302516005.html

SOURCE Boeing

FAQ

What were Boeing's (BA) key financial results for Q2 2025?

Boeing reported revenue of $22.7 billion, GAAP loss per share of ($0.92), and operating cash flow of $0.2 billion. The company delivered 150 commercial airplanes during the quarter.

How many aircraft orders did Boeing (BA) receive in Q2 2025?

Boeing secured 455 net orders in Q2 2025, including 120 787s and 30 777-9s for Qatar Airways, and 32 787-10s for British Airways.

What is Boeing's (BA) current 737 production rate?

Boeing reached a 737 production rate of 38 aircraft per month in Q2 2025 and plans to stabilize at this rate before requesting approval to increase to 42 per month.

What is Boeing's (BA) current backlog value?

Boeing's total backlog at quarter end was $619 billion, including over 5,900 commercial airplanes valued at $522 billion.

How much cash and debt does Boeing (BA) have?

As of Q2 2025, Boeing had $23.0 billion in cash and investments and $53.3 billion in total debt. The company maintains access to $10.0 billion in undrawn credit facilities.