Boeing Reports Second Quarter Results

 

ARLINGTON, Va., July 29, 2025 --

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            Second Quarter                       First Half
Financial
Results

(Dollars in
Millions,          2025         2024          Change    2025          2024          Change
except per
share data)

Revenues           $22,749$16,866       35%       $42,245$33,435       26%

GAAP

(Loss)/earnings    ($176)       ($1,090)      NM        $285          ($1,176)      NM
from operations

Operating          (0.8)   %    (6.5)    %    NM        0.7      %    (3.5)    %    NM
margins

Net loss           ($612)       ($1,439)      NM        ($643)        ($1,794)      NM

Diluted loss       ($0.92)      ($2.33)       NM        ($1.09)       ($2.90)       NM
per share

Operating cash     $227         ($3,923)      NM        ($1,389)      ($7,285)      NM
flow

Non-GAAP*

Core operating     ($433)       ($1,392)      NM        ($234)        ($1,780)      NM
loss

Core operating     (1.9)   %    (8.3)    %    NM        (0.6)    %    (5.3)    %    NM
margins

Core loss per      ($1.24)      ($2.90)       NM        ($1.73)       ($4.04)       NM
share

*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 &      ($427)     ($404)       ($1,101)     ($971)
equipment

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    Quarter End
Debt Balances

(Billions)                                  2Q 2025    1Q 2025

Cash and investments in marketable          $23.0$23.7
securities1

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    Second Quarter                     First Half
Airplanes

(Dollars
in            2025         2024        Change    2025          2024          Change
Millions)

Deliveries    150          92          63%       280           175           60%

Revenues      $10,874$6,003      81%       $19,021$10,656       79%

Loss from     ($557)       ($715)      NM        ($1,094)      ($1,858)      NM
operations

Operating     (5.1)   %    (11.9) %    NM        (5.8)    %    (17.4)   %    NM
margins

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,      Second Quarter                    First Half
Space &
Security

(Dollars
in            2025        2024        Change    2025         2024         Change
Millions)

Revenues      $6,617$6,021      10%       $12,915$12,971      —%

Earnings/
(loss)        $110        ($913)      NM        $265         ($762)       NM
from
operations

Operating     1.7    %    (15.2) %    NM        2.1     %    (5.9)   %    8.0
margins                                                                   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        Second Quarter                    First Half
Services

(Dollars
in            2025        2024        Change    2025         2024        Change
Millions)

Revenues      $5,281$4,889      8%        $10,344$9,934      4%

Earnings
from          $1,049$870        21%       $1,992$1,786      12%
operations

Operating     19.9   %    17.8   %    2.1       19.3    %    18.0   %    1.3 pts
margins                               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          Second Quarter            First Half
Financial Information

(Dollars in Millions)        2025          2024        2025          2024

Revenues

Unallocated items,           ($23)         ($47)       ($35)         ($126)
eliminations and other

Loss from operations

Unallocated items,           ($1,035)      ($634)      ($1,397)      ($946)
eliminations and other

FAS/CAS service cost         $257$302$519$604
adjustment

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/( l oss) 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 DufaultBoeingInvestorRelations@boeing.com

Communications:      Wilson Chowmedia@boeing.com

 

        The Boeing Company and Subsidiaries

Consolidated Statements of Operations

(Unaudited)

                                      Six months ended      Three months ended
                                      June 30
                                                            June 30

(Dollars in millions, except per      2025       2024       2025       2024
share data)

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,    28         74         25         7
net

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        5          (12)       (1)
interest

Net loss attributable to Boeing       (648)      (1,782)    (611)      (1,439)
shareholders

Less: Mandatory convertible preferred
stock dividends                       172                   86
accumulated during the period

Net loss attributable to Boeing       ($820)     ($1,782)   ($697)     ($1,439)
common shareholders

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    December 31
                                                         2025       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        11,658     11,412
depreciation of $23,208 and $22,925

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    5,849      5,414
and $1,085

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;   6          6
aggregate
liquidation preference $5,750

    Common stock, par value $5.00 – 1,200,000,000 shares
authorized;                                              5,061      5,061

    1,012,261,159 shares issued

Additional paid-in capital                               19,238     18,964

    Treasury stock, at cost - 256,638,054 and            (31,603)   (32,386)
263,044,840 shares

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,    185        149
net

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          4          30
equipment

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           (18)       (67)
arrangements

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        34         (25)
equivalents

Net decrease in cash & cash equivalents, including      (6,026)    (1,798)
restricted

Cash & cash equivalents, including restricted, at       13,822     12,713
beginning of year

Cash & cash equivalents, including restricted, at end   7,796      10,915
of period

Less restricted cash & cash equivalents, included in    709        21
Investments

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      Three months ended
                                       June 30
                                                             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    (35)       (126)      (23)      (47)
other

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    (1,397)    (946)      (1,035)   (634)
other

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 5          (12)       (1)
to noncontrolling interest

Net loss attributable to Boeing        (648)      (1,782)    (611)     (1,439)
shareholders

Less: Mandatory convertible preferred
stock dividends accumulated during the 172                   86
period

Net loss attributable to Boeing common ($820)     ($1,782)   ($697)    ($1,439)
shareholders

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         $1,754$1,822$910$954
expense, net

Unallocated items, eliminations and
other:

Share-based plans                      ($51)      $53        ($21)     $43

Deferred compensation                  (80)       (49)       (85)      (19)

Amortization of previously capitalized (42)       (46)       (21)      (23)
interest

Research and development expense, net  (183)      (188)      (101)     (99)

Eliminations and other unallocated     (1,041)    (716)      (807)     (536)
items

Sub-total (included in Core operating  (1,397)    (946)      (1,035)   (634)
loss)

Pension FAS/CAS service cost           390        460        197       230
adjustment

Postretirement FAS/CAS service cost    129        144        60        72
adjustment

FAS/CAS service cost adjustment        519        604        $257$302

Total                                  ($878)     ($342)     ($778)    ($332)

 

        The Boeing Company and Subsidiaries

Operating and Financial Data

(Unaudited)

                               Six months ended  Three months ended
Deliveries                     June 30
                                                 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      December 31
                                             2025         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     Second Quarter 2025    Second Quarter 2024
share data)

                                     $         Per Share    $ millions Per Share
                                     millions

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         (197)                  (230)
adjustment

Postretirement FAS/CAS service       (60)                   (72)
cost adjustment

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        ($197)    ($0.26)      ($230)     ($0.37)
adjustment

 Postretirement FAS/CAS service      (60)      (0.08)       (72)       (0.12)
cost adjustment

    Non-operating pension income     (42)      (0.05)       (122)      (0.20)

    Non-operating postretirement     (4)       (0.01)       (19)       (0.03)
income

    Provision for deferred income    64        0.08         93         0.15
taxes on adjustments 1

Subtotal of adjustments              ($239)    ($0.32)      ($350)     ($0.57)

Core loss per share (non-GAAP)                 ($1.24)                 ($2.90)

Diluted weighted average common                756.6                   616.3
shares outstanding (in millions)

1The 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     First Half 2025        First Half 2024
share data)

                                     $         Per Share    $ millions Per Share
                                     millions

Revenues                             $42,245$33,435

Earnings/(loss) from operations      285                    (1,176)
(GAAP)

Operating margins (GAAP)             0.7     %              (3.5)    %

FAS/CAS service cost adjustment:

Pension FAS/CAS service cost         (390)                  (460)
adjustment

Postretirement FAS/CAS service       (129)                  (144)
cost adjustment

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        ($390)    ($0.52)      ($460)     ($0.75)
adjustment

 Postretirement FAS/CAS service      (129)     (0.17)       (144)      (0.23)
cost adjustment

    Non-operating pension income     (85)      (0.11)       (245)      (0.40)

    Non-operating postretirement     (9)       (0.01)       (37)       (0.06)
income

    Provision for deferred income    129       0.17         186        0.30
taxes on adjustments 1

Subtotal of adjustments              ($484)    ($0.64)      ($700)     ($1.14)

Core loss per share (non-GAAP)                 ($1.73)                 ($4.04)

Diluted weighted average common                755.0                   614.5
shares outstanding (in millions)

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