Boeing Company - 3rd Quarter Results
Boeing Reports Third Quarter Results
ARLINGTON, Va., Oct. 29, 2025 /PRNewswire/ --
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 Third Quarter Nine Months Financial Results (Dollars in Millions, 2025 2024 Change 2025 2024 Change except per share data) Revenues$23,270 $17,840 30 %$65,515 $51,275 28 % GAAP Loss from ($4,781 ) ($5,761 ) NM ($4,496 ) ($6,937 ) NM operations Operating (20.5) % (32.3) % NM (6.9) % (13.5) % NM margins Net loss ($5,339 ) ($6,174 ) NM ($5,982 ) ($7,968 ) NM Diluted loss per ($7.14 ) ($9.97 ) NM ($8.25 ) ($12.91 ) NM share Operating$1,123 ($1,345 ) NM ($266 ) ($8,630 ) NM cash flow Non-GAAP* Core operating ($5,049 ) ($5,989 ) NM ($5,283 ) ($7,769 ) NM loss Core operating (21.7) % (33.6) % NM (8.1) % (15.2) % NM margins Core loss ($7.47 ) ($10.44 ) NM ($9.22 ) ($14.52 ) NM per share
*Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on page 5, "Non-GAAP Measures Disclosures."
"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
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, ($885 ) ($611 ) ($1,986 ) ($1,582 ) plant & equipment 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
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
Segment Results
Commercial Airplanes
Table 4. Commercial Third Quarter Nine Months Airplanes (Dollars in 2025 2024 Change 2025 2024 Change Millions) Deliveries 160 116 38 % 440 291 51 % Revenues$11,094 $7,443 49 %$30,115 $18,099 66 % Loss from ($5,353 ) ($4,021 ) NM ($6,447 ) ($5,879 ) NM operations Operating (48.3) % (54.0) % NM (21.4) % (32.5) % NM margins
Commercial Airplanes third quarter revenue increased to
The 737 program stabilized production at 38 per month in the quarter and jointly agreed with the
Commercial Airplanes booked 161 net orders in the quarter, including 50 787 airplanes for Turkish Airlines and 30 737-8 airplanes for
Defense, Space & Security
Table 5. Defense, Third Quarter Nine Months Space & Security (Dollars in 2025 2024 Change 2025 2024 Change Millions) Revenues$6,902 $5,536 25 %$19,817 $18,507 7 % Earnings/ (loss)$114 ($2,384 ) NM$379 ($3,146 ) NM from operations Operating 1.7 % (43.1) % NM 1.9 % (17.0) % NM margins
Defense, Space & Security third quarter revenue of
During the quarter, Defense, Space & Security secured a contract from the
Table 6. Global Third Quarter Nine Months Services (Dollars in 2025 2024 Change 2025 2024 Change Millions) Revenues$5,370 $4,901 10 %$15,714 $14,835 6 % Earnings from$938 $834 12 %$2,930 $2,620 12 % operations Operating 17.5 % 17.0 % 0.5 18.6 % 17.7 % 0.9 margins pts pts
In the quarter,
Additional Financial Information
Table 7. Additional Third Quarter Nine Months Financial Information (Dollars in Millions) 2025 2024 2025 2024 Revenues Unallocated items, ($96 ) ($40 ) ($131 ) ($166 ) eliminations and other Loss from operations Unallocated items, ($748 ) ($418 ) ($2,145 ) ($1,364 ) eliminations and other FAS/CAS service cost$268 $228 $787 $832 adjustment 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.
Non-GAAP Measures Disclosures
We supplement the reporting of our financial information determined under Generally Accepted Accounting Principles in
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
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
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 orDavid Dufault BoeingInvestorRelations@boeing.com Communications:Wilson Chow media@boeing.com
The Boeing Company and Subsidiaries
Consolidated Statements of Operations
(Unaudited)
Nine months ended Three months ended
September 30 September 30
(Dollars in millions, except 2025 2024 2025 2024
per share data)
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 42 59 14 (15)
investments, net
General and administrative (4,427) (3,623) (1,522) (1,085)
expense
Research and development (2,651) (2,976) (897) (1,154)
expense, net
Gain/(loss) on dispositions, 63 5 (1)
net
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 3 (16) (2) (4)
interest
Net loss attributable to Boeing (5,985) (7,952) (5,337) (6,170)
shareholders
Less: mandatory convertible
preferred stock dividends 259 87
accumulated during the period
Net loss attributable to Boeing ($6,244 ) ($7,952 ) ($5,424 ) ($6,170 )
common shareholders
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 December 31
2025 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 245 314
equipment, net
Property, plant and equipment, net of accumulated
depreciation of $23,470 and 12,078 11,412
$22,925
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 5,698 5,414
$947 and $1,085
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 8,742 1,278
debt
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 6 6
issued; 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 19,218 18,964
Treasury stock, at cost - 252,587,506 and (31,109) (32,386)
263,044,840 shares
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 274 258
equipment, net
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 5 46
equipment
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 (28) (73)
arrangements
Dividends paid on mandatory convertible preferred (244)
stock
Other 43 15
Net cash (used)/provided by financing activities (812) 5,238
Effect of exchange rate changes on cash and cash 39 8
equivalents
Net decrease in cash & cash equivalents, (6,940) (2,731)
including restricted
Cash & cash equivalents, including restricted, at 13,822 12,713
beginning of year
Cash & cash equivalents, including restricted, at 6,882 9,982
end of period
Less restricted cash & cash equivalents, included 709 21
in Investments
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 Three months ended
September 30 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 (131) (166) (96) (40)
and other
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 (2,145) (1,364) (748) (418)
and other
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 3 (16) (2) (4)
interest
Net loss attributable to Boeing (5,985) (7,952) (5,337) (6,170)
shareholders
Less: Mandatory convertible
preferred stock dividends 259 87
accumulated during the period
Net loss attributable to Boeing ($6,244 ) ($7,952 ) ($5,424 ) ($6,170 )
common shareholders
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 $2,651 $2,976 $897 $1,154
expense, net
Unallocated items, eliminations
and other:
Share-based plans ($40 ) $118 $11 $65
Deferred compensation (150) (100) (70) (51)
Amortization of previously (64) (70) (22) (24)
capitalized interest
Research and development (285) (293) (102) (105)
expense, net
Eliminations and other (1,606) (1,019) (565) (303)
unallocated items
Sub-total (included in Core (2,145) (1,364) (748) (418)
operating loss)
Pension FAS/CAS service cost 588 608 198 148
adjustment
Postretirement FAS/CAS service 199 224 70 80
cost adjustment
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 Three months ended
September 30 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 28 24 7 11
(Remanufactured)
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 September 30 December 31
millions) 2025 2024
Commercial Airplanes $534,613 $435,175
Defense, Space & Security 76,084 64,023
Global Services 24,634 21,403
Unallocated items, 357 735
eliminations and other
Total backlog $635,688 $521,336
Contractual backlog $598,551 $498,802
Unobligated backlog 37,137 22,534
Total backlog $635,688 $521,336
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 Third Quarter 2025 Third Quarter 2024
share data)
$ 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 (198) (148)
adjustment
Postretirement FAS/CAS service (70) (80)
cost adjustment
FAS/CAS service cost adjustment (268) (228)
Core operating loss (non-GAAP) ($5,049 ) ($5,989 )
Core operating margins (21.7) % (33.6) %
(non-GAAP)
Diluted loss per share (GAAP) ($7.14 ) ($9.97 )
Pension FAS/CAS service cost ($198 ) ($0.26 ) ($148 ) ($0.24 )
adjustment
Postretirement FAS/CAS service (70) (0.09) (80) (0.13)
cost adjustment
Non-operating pension income (42) (0.06) (123) (0.20)
Non-operating postretirement (5) (0.01) (18) (0.03)
income
Provision for deferred income 66 0.09 77 0.13
taxes on adjustments 1
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 759.9 618.6
millions)
1The income tax impact is calculated using theU.S. corporate statutory tax rate.
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 Nine Months 2025 Nine Months 2024
share data)
$ 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 (588) (608)
adjustment
Postretirement FAS/CAS service (199) (224)
cost adjustment
FAS/CAS service cost adjustment (787) (832)
Core operating loss (non-GAAP) ($5,283 ) ($7,769 )
Core operating margins (8.1) % (15.2) %
(non-GAAP)
Diluted loss per share (GAAP) ($8.25 ) ($12.91 )
Pension FAS/CAS service cost ($588 ) ($0.78 ) ($608 ) ($0.99 )
adjustment
Postretirement FAS/CAS service (199) (0.26) (224) (0.36)
cost adjustment
Non-operating pension income (127) (0.17) (368) (0.60)
Non-operating postretirement (14) (0.02) (55) (0.09)
income
Provision for deferred income 195 0.26 264 0.43
taxes on adjustments 1
Subtotal of adjustments ($733 ) ($0.97 ) ($991 ) ($1.61 )
Core loss per share (non-GAAP) ($9.22 ) ($14.52 )
Diluted weighted average common 756.7 615.8
shares outstanding (in millions)
1The income tax impact is calculated using theU.S. corporate statutory tax rate.
