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 production restart and workforce retraining on key programs.

• 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.

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 ended at $26.3B, supported by a $24B capital raise.

• Debt reduced to $53.9B after early repayment of a $3.5B bond.

Outlook and guidance

• 2025 is expected to show significant free cash flow improvement over 2024, though still a net usage.

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

• First half of 2025 will be negative for cash flow, with positive momentum expected in the second half as production ramps.

• CapEx could increase by $500M in 2025 to support growth.

• Key drivers for improvement include higher 737 and 787 production rates, inventory liquidation, and defense program stabilization.