The Boeing Company (BA) Q4 2024 earnings summary

Executive summary

• Fourth quarter and full year 2024 results reflect significant impacts from the IAM work stoppage, program charges, and workforce reductions, leading to substantial losses and negative cash flow.

• Finalized IAM labor agreement allowed for a methodical restart of production, with emphasis on employee training, safety, and operational stabilization.

• Delivered 348 commercial airplanes in 2024, with 279 net orders and a total backlog of $521 billion, including over 5,500 commercial airplanes.

• Focus remains on stabilizing operations, improving execution, and driving culture change for recovery.

Financial highlights

• Q4 2024 revenue was $15.2B, down 31% year-over-year; full-year revenue was $66.5B, down 14%.

• Q4 core loss per share was $5.90; full-year core loss per share was $20.38.

• Q4 free cash flow was negative $4.1B; full-year free cash flow was negative $14.3B.

• Cash and marketable securities at year-end totaled $26.3B, up from $10.5B in Q3, driven by a $24B capital raise.

• Debt reduced to $53.9B from $57.7B sequentially, following early repayment of a $3.5B bond.

Outlook and guidance

• 2025 is expected to show significant free cash flow improvement, though still negative for the year; first half negative, second half positive.

• Plans to gradually increase 737 production rate and expand 787 operations in South Carolina, with 777-9 first delivery targeted for 2026.

• CapEx could increase by $500 million in 2025 to support growth in commercial and defense segments.

• U.S. Air Force updated T-7A Red Hawk acquisition approach to reduce future production risk.