Boeing Reports Second Quarter Results
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
