The Boeing Company (BA) Q4 2023 earnings summary

Executive summary

• Q4 revenue was $22.0B, up 10% YoY; GAAP net loss was $30M and core loss per share was $0.47, with results benefiting from higher commercial volume and performance.

• FY 2023 revenue was $77.8B, up 17%; GAAP net loss was $2.24B and core loss per share was $5.81.

• FY deliveries totaled 528 commercial airplanes, with 1,576 net orders and $520B total backlog at year-end.

Financial highlights

• Q4 GAAP operating earnings were $283M versus a $345M loss in Q4 2022; core operating earnings were $90M versus a $642M loss.

• Q4 operating cash flow was $3.381B and free cash flow was $2.95B, compared with $3.1B free cash flow a year earlier.

• FY operating cash flow was $5.960B, less $1.527B of property, plant and equipment additions, yielding $4.433B free cash flow.

• FY net loss narrowed to $2.24B from $5.05B; diluted loss per share improved to $3.67 from $8.30.

• FY revenue was $77.8B versus $66.6B; free cash flow was $4.4B versus $2.3B.

Segment performance

• Commercial Airplanes Q4 revenue was $10.5B, operating earnings were $41M and margin was 0.4%; 157 airplanes were delivered and 611 net orders booked.

• Commercial Airplanes backlog was $441B, representing more than 5,600 airplanes; 737-10 certification flight testing began and 777X production resumed.

• Defense, Space & Security Q4 revenue was $6.7B and operating loss was $101M, with a (1.5)% margin reflecting $139M of fixed-price development program losses; backlog was $59B.

• Global Services Q4 revenue was $4.8B; operating earnings rose 33% to $842M and margin expanded to 17.4%; backlog was $20B.

• FY segment revenue was $33.9B for Commercial Airplanes, $24.9B for Defense, Space & Security and $19.1B for Global Services; operating results were losses of $1.64B and $1.76B, and earnings of $3.33B, respectively.