The Boeing Company (BA) Q1 2025 earnings summary

Executive summary

• Revenue rose 18% year-over-year to $19.5 billion, driven by higher commercial airplane deliveries and improved operational performance, with 130 aircraft delivered and a focus on stabilizing the business.

• Net loss attributable to shareholders narrowed to $31 million from $343 million year-over-year; diluted loss per share improved to ($0.16) from ($0.56).

• Operating income reached $461 million, reversing a prior year loss; core operating earnings (non-GAAP) were $199 million.

• Operating cash flow was negative $1.6 billion, with free cash flow at negative $2.3 billion, reflecting working capital timing and higher deliveries.

• Total company backlog increased to $545 billion, including over 5,600 commercial airplanes.

Financial highlights

• Revenue increased to $19.5B in 1Q25 from $16.6B in 1Q24, driven by higher commercial deliveries.

• Operating margin improved to 2.4% in 1Q25 from (0.5)% in 1Q24; core (non-GAAP) operating margin improved to 1.0% from (2.3)% year-over-year.

• Core loss per share (non-GAAP) improved to ($0.49) from ($1.13) year-over-year.

• Cash and marketable securities ended at $23.7 billion, down from $26.3 billion sequentially.

• Consolidated debt decreased slightly to $53.6 billion from $53.9 billion.

Outlook and guidance

• 737 production is expected to reach 38 per month in 2025; 787 production to increase to seven per month.

• Free cash flow usage for the year expected in the $4–5 billion range, with positive cash flow in the second half.

• Digital Aviation Solutions business sale expected to close by end of 2025, pending regulatory approval.

• Spirit AeroSystems acquisition expected to close mid-2025, subject to regulatory approvals.

• First delivery of the 777-9 remains targeted for 2026.