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
*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.
*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.
| 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
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
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
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
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.
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