REG-Boeing Company: 3rd Quarter Results
Yesterday 11:45
Boeing Reports Third Quarter Results
ARLINGTON, Va., Oct. 29, 2025 /PRNewswire/ --
Third Quarter 2025
* 737 stabilized production at 38 per month; jointly
agreed with FAA in October to increase to 42 per month
* Revenue increased to $23.3 billion primarily
reflecting 160 commercial deliveries
* Earnings reflects impact of $4.9 billion charge
associated with updated 777X certification timing
* Operating cash flow of $1.1 billion and free cash
flow (non-GAAP)* of $0.2 billion
* Total company backlog grew to $636 billion, including
over 5,900 commercial airplanes
Table 1. Summary Financial Results Third Quarter Nine Months
(Dollars in Millions, except per share data) 2025 2024 Change 2025 2024 Change
Revenues $23,270 $17,840 30 % $65,515 $51,275 28 %
GAAP
Loss from operations ($4,781) ($5,761) NM ($4,496) ($6,937) NM
Operating margins (20.5) % (32.3) % NM (6.9) % (13.5) % NM
Net loss ($5,339) ($6,174) NM ($5,982) ($7,968) NM
Diluted loss per share ($7.14) ($9.97) NM ($8.25) ($12.91) NM
Operating cash flow $1,123 ($1,345) NM ($266) ($8,630) NM
Non-GAAP*
Core operating loss ($5,049) ($5,989) NM ($5,283) ($7,769) NM
Core operating margins (21.7) % (33.6) % NM (8.1) % (15.2) % NM
Core loss per share ($7.47) ($10.44) NM ($9.22) ($14.52) NM
*Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on page 5, "Non-GAAP Measures Disclosures."
The Boeing Company [NYSE: BA] recorded third quarter revenue of
$23.3 billion, reflecting improved operational performance and higher
commercial delivery volume. GAAP loss per share of ($7.14) and core loss per
share (non-GAAP)* of ($7.47) primarily reflect a pre-tax earnings charge of
$4.9 billion on the 777X program, which increased the loss per share by $6.45.
The company reported operating cash flow of $1.1 billion and free cash flow
(non-GAAP)* of $0.2 billion. Total company backlog at quarter end was
$636 billion.
"With a sustained focus on safety and quality, we achieved important
milestones in our recovery as we generated positive free cash flow in the
quarter and jointly agreed with the FAA in October to increase 737 production
to 42 per month," said Kelly Ortberg, Boeing president and chief executive
officer. "While we are disappointed in the 777X schedule delay, the airplane
continues to perform well in flight testing, and we remain focused on the work
ahead to complete our development programs and stabilize our operations in
order to fully recover our company's performance and restore trust with all of
our stakeholders."
Table 2. Cash Flow Third Quarter Nine Months
(Millions) 2025 2024 2025 2024
Operating cash flow $1,123 ($1,345) ($266) ($8,630)
Less additions to property, plant & equipment ($885) ($611) ($1,986) ($1,582)
Free cash flow* $238 ($1,956) ($2,252) ($10,212)
*Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on page 5, "Non-GAAP Measures Disclosures."
Operating cash flow was $1.1 billion in the quarter reflecting higher
commercial deliveries, as well as working capital timing.
Table 3. Cash, Marketable Securities and Debt Balances Quarter End
(Billions) 3Q 2025 2Q 2025
Cash and investments in marketable securities ( $23.0 $23.0
1
)
Consolidated debt $53.4 $53.3
(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, which
remained stable compared to the prior quarter. The company maintains access to
credit facilities of $10.0 billion, which remain undrawn.
Segment Results
Commercial Airplanes
Table 4. Commercial Airplanes Third Quarter Nine Months
(Dollars in Millions) 2025 2024 Change 2025 2024 Change
Deliveries 160 116 38 % 440 291 51 %
Revenues $11,094 $7,443 49 % $30,115 $18,099 66 %
Loss from operations ($5,353) ($4,021) NM ($6,447) ($5,879) NM
Operating margins (48.3) % (54.0) % NM (21.4) % (32.5) % NM
Commercial Airplanes third quarter revenue increased to $11.1 billion
primarily reflecting higher deliveries. Third quarter operating margin was
impacted by a charge on the 777X program.
The 737 program stabilized production at 38 per month in the quarter and
jointly agreed with the Federal Aviation Administration in October to increase
to 42 per month. The 787 program continued stabilizing production at seven per
month and progressed on previously-announced investments to expand South
Carolina operations. During the quarter, the company updated its assessment of
the 777-9 certification timeline and now anticipates first delivery in 2027,
resulting in a pre-tax earnings charge of $4.9 billion.
Commercial Airplanes booked 161 net orders in the quarter, including 50 787
airplanes for Turkish Airlines and 30 737-8 airplanes for Norwegian Group.
Commercial Airplanes delivered 160 airplanes, the highest quarterly total
since 2018, and backlog included over 5,900 airplanes valued at $535 billion.
Defense, Space & Security
Table 5. Defense, Space & Security Third Quarter Nine Months
(Dollars in Millions) 2025 2024 Change 2025 2024 Change
Revenues $6,902 $5,536 25 % $19,817 $18,507 7 %
Earnings/(loss) from operations $114 ($2,384) NM $379 ($3,146) NM
Operating margins 1.7 % (43.1) % NM 1.9 % (17.0) % NM
Defense, Space & Security third quarter revenue of $6.9 billion and operating
margin of 1.7 percent reflect stabilizing operational performance and higher
volume.
During the quarter, Defense, Space & Security secured a contract from the U.S.
Space Force to enhance strategic satellite communication capabilities and
partnered with the Royal Australian Air Force to successfully demonstrate
autonomous operational capabilities of the MQ-28 Ghost Bat. Backlog at
Defense, Space & Security grew to $76 billion with 20 percent representing
orders from customers outside the U.S.
Global Services
Table 6. Global Services Third Quarter Nine Months
(Dollars in Millions) 2025 2024 Change 2025 2024 Change
Revenues $5,370 $4,901 10 % $15,714 $14,835 6 %
Earnings from operations $938 $834 12 % $2,930 $2,620 12 %
Operating margins 17.5 % 17.0 % 0.5 pts 18.6 % 17.7 % 0.9 pts
Global Services third quarter revenue was $5.4 billion driven by higher
volume. Operating margin of 17.5 percent primarily reflects favorable
commercial volume and mix.
In the quarter, Global Services captured an award from the U.S. Navy for the
repair of F/A-18 aircraft landing gear and announced a strategic collaboration
agreement with Korean Air focused on advancing predictive maintenance
analytics.
Additional Financial Information
Table 7. Additional Financial Information Third Quarter Nine Months
(Dollars in Millions) 2025 2024 2025 2024
Revenues
Unallocated items, eliminations and other ($96) ($40) ($131) ($166)
Loss from operations
Unallocated items, eliminations and other ($748) ($418) ($2,145) ($1,364)
FAS/CAS service cost adjustment $268 $228 $787 $832
Other income, net $276 $265 $924 $790
Interest and debt expense ($694) ($728) ($2,112) ($1,970)
Effective tax rate (2.7) % 0.8 % (5.2) % 1.8 %
Unallocated items, eliminations and other primarily reflects timing of
allocations.
Non-GAAP Measures Disclosures
We supplement the reporting of our financial information determined under
Generally Accepted Accounting Principles in the United States of America
(GAAP) with certain non-GAAP financial information. The non-GAAP financial
information presented excludes certain significant items that may not be
indicative of, or are unrelated to, results from our ongoing business
operations. We believe that these non-GAAP measures provide investors with
additional insight into the company's ongoing business performance. These
non-GAAP measures should not be considered in isolation or as a substitute for
the related GAAP measures, and other companies may define such measures
differently. We encourage investors to review our financial statements and
publicly-filed reports in their entirety and not to rely on any single
financial measure. The following definitions are provided:
Core Operating Earnings/(Loss), Core Operating Margins and Core
Earnings/(Loss) Per Share
Core operating earnings/(loss) is defined as GAAP Earnings/(loss) from
operations excluding the FAS/CAS service cost adjustment. The FAS/CAS
service cost adjustment represents the difference between the Financial
Accounting Standards (FAS) pension and postretirement service costs calculated
under GAAP and costs allocated to the business segments. Core operating
margins is defined as Core operating earnings/(loss) expressed as a percentage
of revenue. Core earnings/(loss) per share is defined as GAAP Diluted
earnings/(loss) per share excluding the net earnings/(loss) per share impact
of the FAS/CAS service cost adjustment and Non-operating pension and
postretirement expenses. Non-operating pension and postretirement expenses
represent the components of net periodic benefit costs other than service
cost. Pension costs allocated to BDS and BGS businesses supporting government
customers are computed in accordance with U.S. Government Cost Accounting
Standards (CAS), which employ different actuarial assumptions and accounting
conventions than GAAP. CAS costs are allocable to government contracts. Other
postretirement benefit costs are allocated to all business segments based on
CAS, which is generally based on benefits paid. Management uses core operating
earnings/(loss), core operating margins and core earnings/(loss) per share for
purposes of evaluating and forecasting underlying business performance.
Management believes these core measures provide investors additional insights
into operational performance as they exclude non-service pension and
post-retirement costs, which primarily represent costs driven by market
factors and costs not allocable to government contracts. A reconciliation of
these non-GAAP measures to the most directly comparable GAAP measure is
provided on page 12 and 13.
Free Cash Flow
Free cash flow is GAAP operating cash flow reduced by capital expenditures
for property, plant and equipment. Management believes free cash flow
provides investors with an important perspective on the cash available for
shareholders, debt repayment, and acquisitions after making the capital
investments required to support ongoing business operations and long term
value creation. Free cash flow does not represent the residual cash flow
available for discretionary expenditures as it excludes certain mandatory
expenditures such as repayment of maturing debt. Management uses free cash
flow as a measure to assess both business performance and overall liquidity.
See Table 2 on page 2 for a reconciliation of free cash flow to the most
directly comparable GAAP measure, operating cash flow.
Caution Concerning Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. Words such as "may,"
"will," "should," "expects," "intends," "projects," "plans," "believes,"
"estimates," "targets," "anticipates," and other similar words or expressions,
or the negative thereof, generally can be used to help identify these
forward-looking statements. Examples of forward-looking statements include
statements relating to our future financial condition and operating results,
industry projections and outlooks, plans, objectives and goals, as well as any
other statement that does not directly relate to any historical or current
fact. Forward-looking statements are based on expectations and assumptions
that we believe to be reasonable when made, but that may not prove to be
accurate.
These statements are not guarantees and are subject to risks, uncertainties,
and changes in circumstances that are difficult to predict. Many factors could
cause actual results to differ materially and adversely from these
forward-looking statements. Among these factors are risks related to: (1)
general conditions in the economy and our industry, including those due to
regulatory changes; (2) our reliance on our commercial airline customers; (3)
the overall health of our aircraft production system, production quality
issues, commercial airplane production rates, our ability to successfully
develop and certify new aircraft or new derivative aircraft, and the ability
of our aircraft to meet stringent performance and reliability standards; (4)
changing budget and appropriation levels and acquisition priorities of the
U.S. government, as well as the government shutdown and/or significant delays
in U.S. government appropriations; (5) our dependence on our subcontractors
and suppliers, as well as the availability of highly skilled labor and raw
materials; (6) work stoppages or other labor disruptions; (7) competition
within our markets; (8) our non-U.S. operations and sales to non-U.S.
customers, including tariffs, trade restrictions and government actions; (9)
changes in accounting estimates; (10) our pending acquisition of Spirit
AeroSystems Holdings, Inc. (Spirit), including the satisfaction of closing
conditions in the expected timeframe or at all; (11) realizing the anticipated
benefits of mergers, acquisitions, joint ventures/strategic alliances or
divestitures, including anticipated synergies and quality improvements related
to our pending acquisition of Spirit; (12) our dependence on U.S. government
contracts; (13) our reliance on fixed-price contracts; (14) our reliance on
cost-type contracts; (15) contracts that include in-orbit incentive payments;
(16) management of a complex, global IT infrastructure; (17) compromised or
unauthorized access to our, our customers' and/or our suppliers' information
and systems; (18) potential business disruptions, including threats to
physical security or our information technology systems, extreme weather
(including effects of climate change) or other acts of nature, and pandemics
or other public health crises; (19) potential adverse developments in new or
pending litigation and/or government inquiries or investigations; (20)
potential environmental liabilities; (21) effects of climate change and legal,
regulatory or market responses to such change; (22) credit rating agency
actions and our ability to effectively manage our liquidity; (23) substantial
pension and other postretirement benefit obligations; (24) the adequacy of our
insurance coverage; (25) customer and aircraft concentration in our customer
financing portfolio; (26) the dilutive effect of future issuances of our
common stock; and (27) the preferential treatment of our 6.00% mandatory
convertible preferred stock.
Additional information concerning these and other factors can be found in our
filings with the Securities and Exchange Commission, including our most recent
Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports
on Form 8-K. Any forward-looking statement speaks only as of the date on which
it is made, and we assume no obligation to update or revise any
forward-looking statement, whether as a result of new information, future
events, or otherwise, except as required by law.
Contact:
Investor Relations: Eric Hill or David Dufault BoeingInvestorRelations@boeing.com
Communications: Wilson Chow media@boeing.com
The Boeing Company and Subsidiaries
Consolidated Statements of Operations
(Unaudited)
Nine months ended Three months ended
September 30 September 30
(Dollars in millions, except per share data) 2025 2024 2025 2024
Sales of products $54,911 $41,326 $19,642 $14,534
Sales of services 10,604 9,949 3,628 3,306
Total revenues 65,515 51,275 23,270 17,840
Cost of products (54,522) (43,384) (22,737) (18,413)
Cost of services (8,516) (8,293) (2,908) (2,934)
Total costs and expenses (63,038) (51,677) (25,645) (21,347)
2,477 (402) (2,375) (3,507)
Income/(loss) from operating investments, net 42 59 14 (15)
General and administrative expense (4,427) (3,623) (1,522) (1,085)
Research and development expense, net (2,651) (2,976) (897) (1,154)
Gain/(loss) on dispositions, net 63 5 (1)
Loss from operations (4,496) (6,937) (4,781) (5,761)
Other income, net 924 790 276 265
Interest and debt expense (2,112) (1,970) (694) (728)
Loss before income taxes (5,684) (8,117) (5,199) (6,224)
Income tax (expense)/benefit (298) 149 (140) 50
Net loss (5,982) (7,968) (5,339) (6,174)
Less: net earnings/(loss) attributable to noncontrolling interest 3 (16) (2) (4)
Net loss attributable to Boeing shareholders (5,985) (7,952) (5,337) (6,170)
Less: mandatory convertible preferred stock dividends 259 87
accumulated during the period
Net loss attributable to Boeing common shareholders ($6,244) ($7,952) ($5,424) ($6,170)
Basic loss per share ($8.25) ($12.91) ($7.14) ($9.97)
Diluted loss per share ($8.25) ($12.91) ($7.14) ($9.97)
The Boeing Company and Subsidiaries
Consolidated Statements of Financial Position
(Unaudited)
(Dollars in millions, except per share data) September 30 December 31
2025 2024
Assets
Cash and cash equivalents $6,173 $13,801
Short-term and other investments 16,811 12,481
Accounts receivable, net 3,314 2,631
Unbilled receivables, net 9,032 8,363
Current portion of financing receivables, net 207
Inventories 82,425 87,550
Other current assets, net 2,904 2,965
Assets held for sale 1,473
Total current assets 122,132 127,998
Financing receivables and operating lease equipment, net 245 314
Property, plant and equipment, net of accumulated depreciation of $23,470 and 12,078 11,412
$22,925
Goodwill 7,281 8,084
Acquired intangible assets, net 1,495 1,957
Deferred income taxes 44 185
Investments 1,050 999
Other assets, net of accumulated amortization of $947 and $1,085 5,698 5,414
Total assets $150,023 $156,363
Liabilities and equity
Accounts payable $11,732 $11,364
Accrued liabilities 24,364 24,103
Advances and progress billings 57,962 60,333
Short-term debt and current portion of long-term debt 8,742 1,278
Liabilities held for sale 524
Total current liabilities 103,324 97,078
Deferred income taxes 191 122
Accrued retiree health care 2,086 2,176
Accrued pension plan liability, net 5,714 5,997
Other long-term liabilities 2,350 2,318
Long-term debt 44,611 52,586
Total liabilities 158,276 160,277
Shareholders' equity:
Mandatory convertible preferred stock, 6.00% Series A, par value $1.00 - 6 6
20,000,000 shares authorized; 5,750,000 shares issued; aggregate
liquidation preference $5,750
Common stock, par value $5.00 – 1,200,000,000 shares authorized; 5,061 5,061
1,012,261,159 shares issued
Additional paid-in capital 19,218 18,964
Treasury stock, at cost - 252,587,506 and 263,044,840 shares (31,109) (32,386)
Retained earnings 9,118 15,362
Accumulated other comprehensive loss (10,544) (10,915)
Total shareholders' deficit (8,250) (3,908)
Noncontrolling interests (3) (6)
Total equity (8,253) (3,914)
Total liabilities and equity $150,023 $156,363
The Boeing Company and Subsidiaries
Consolidated Statements of Cash Flows (Unaudited)
Nine months ended September 30
(Dollars in millions) 2025 2024
Cash flows – operating activities:
Net loss ($5,982) ($7,968)
Adjustments to reconcile net loss to net cash used by operating activities:
Non-cash items –
Share-based plans expense 343 310
Treasury shares issued for 401(k) contributions 1,173 1,315
Depreciation and amortization 1,417 1,327
Investment/asset impairment charges, net 32 48
Gain on dispositions, net (63) (5)
777X and 767 reach-forward losses 5,140 3,006
Other charges and credits, net 217 270
Changes in assets and liabilities –
Accounts receivable (836) (275)
Unbilled receivables (679) (1,042)
Advances and progress billings (2,065) 1,666
Inventories (116) (6,854)
Other current assets 227 (26)
Accounts payable 539 122
Accrued liabilities 574 327
Income taxes receivable, payable and deferred 93 (282)
Other long-term liabilities (294) (228)
Pension and other postretirement plans (436) (736)
Financing receivables and operating lease equipment, net 274 258
Other 176 137
Net cash used by operating activities (266) (8,630)
Cash flows – investing activities:
Payments to acquire property, plant and equipment (1,986) (1,582)
Proceeds from disposals of property, plant and equipment 5 46
Acquisitions, net of cash acquired (50)
Proceeds from dispositions 35
Contributions to investments (36,337) (1,751)
Proceeds from investments 32,674 4,546
Supplier notes receivable (292) (494)
Repayments on supplier notes receivable 40
Purchase of distribution rights (88)
Other (14)
Net cash (used)/provided by investing activities (5,901) 653
Cash flows – financing activities:
New borrowings 138 10,120
Debt repayments (721) (4,824)
Employee taxes on certain share-based payment arrangements (28) (73)
Dividends paid on mandatory convertible preferred stock (244)
Other 43 15
Net cash (used)/provided by financing activities (812) 5,238
Effect of exchange rate changes on cash and cash equivalents 39 8
Net decrease in cash & cash equivalents, including restricted (6,940) (2,731)
Cash & cash equivalents, including restricted, at beginning of year 13,822 12,713
Cash & cash equivalents, including restricted, at end of period 6,882 9,982
Less restricted cash & cash equivalents, included in Investments 709 21
Cash & cash equivalents at end of period $6,173 $9,961
The Boeing Company and Subsidiaries
Summary of Business Segment Data
(Unaudited)
Nine months ended Three months ended
September 30 September 30
(Dollars in millions) 2025 2024 2025 2024
Revenues:
Commercial Airplanes $30,115 $18,099 $11,094 $7,443
Defense, Space & Security 19,817 18,507 6,902 5,536
Global Services 15,714 14,835 5,370 4,901
Unallocated items, eliminations and other (131) (166) (96) (40)
Total revenues $65,515 $51,275 $23,270 $17,840
Loss from operations:
Commercial Airplanes ($6,447) ($5,879) ($5,353) ($4,021)
Defense, Space & Security 379 (3,146) 114 (2,384)
Global Services 2,930 2,620 938 834
Segment operating loss (3,138) (6,405) (4,301) (5,571)
Unallocated items, eliminations and other (2,145) (1,364) (748) (418)
FAS/CAS service cost adjustment 787 832 268 228
Loss from operations (4,496) (6,937) (4,781) (5,761)
Other income, net 924 790 276 265
Interest and debt expense (2,112) (1,970) (694) (728)
Loss before income taxes (5,684) (8,117) (5,199) (6,224)
Income tax (expense)/benefit (298) 149 (140) 50
Net loss (5,982) (7,968) (5,339) (6,174)
Less: net earnings/(loss) attributable to noncontrolling interest 3 (16) (2) (4)
Net loss attributable to Boeing shareholders (5,985) (7,952) (5,337) (6,170)
Less: Mandatory convertible preferred stock dividends 259 87
accumulated during the period
Net loss attributable to Boeing common shareholders ($6,244) ($7,952) ($5,424) ($6,170)
Research and development expense, net:
Commercial Airplanes $1,657 $1,852 $565 $779
Defense, Space & Security 618 728 198 234
Global Services 91 103 32 36
Other 285 293 102 105
Total research and development expense, net $2,651 $2,976 $897 $1,154
Unallocated items, eliminations and other:
Share-based plans ($40) $118 $11 $65
Deferred compensation (150) (100) (70) (51)
Amortization of previously capitalized interest (64) (70) (22) (24)
Research and development expense, net (285) (293) (102) (105)
Eliminations and other unallocated items (1,606) (1,019) (565) (303)
Sub-total (included in Core operating loss) (2,145) (1,364) (748) (418)
Pension FAS/CAS service cost adjustment 588 608 198 148
Postretirement FAS/CAS service cost adjustment 199 224 70 80
FAS/CAS service cost adjustment 787 832 $268 $228
Total ($1,358) ($532) ($480) ($190)
The Boeing Company and Subsidiaries
Operating and Financial Data
(Unaudited)
Deliveries Nine months ended Three months ended
September 30 September 30
Commercial Airplanes 2025 2024 2025 2024
737 330 229 121 92
767 20 15 6 6
777 29 11 9 4
787 61 36 24 14
Total 440 291 160 116
Defense, Space & Security
AH-64 Apache (New) 14 10 8 7
AH-64 Apache (Remanufactured) 28 24 7 11
CH-47 Chinook (New) 1 2 — —
CH-47 Chinook (Renewed) 9 7 2 2
F-15 Models 7 10 3 3
F/A-18 Models 12 5 3 1
KC-46 Tanker 9 10 4 5
MH-139 6 3 1 3
P-8 Models 4 4 2 1
T-7A Red Hawk — 1 — 1
Commercial Satellites 4 — 2 —
Total ( 94 76 32 34
1
)
(1) Deliveries of new-build production units, including remanufactures and modifications
Total backlog (Dollars in millions) September 30 December 31
2025 2024
Commercial Airplanes $534,613 $435,175
Defense, Space & Security 76,084 64,023
Global Services 24,634 21,403
Unallocated items, eliminations and other 357 735
Total backlog $635,688 $521,336
Contractual backlog $598,551 $498,802
Unobligated backlog 37,137 22,534
Total backlog $635,688 $521,336
The Boeing Company and Subsidiaries
Reconciliation of Non-GAAP Measures
(Unaudited)
The tables provided below reconcile the non-GAAP financial measures core
operating loss, core operating margins, and core loss per share with the most
directly comparable GAAP financial measures of loss from operations, operating
margins, and diluted loss per share. See page 5 of this release for additional
information on the use of these non-GAAP financial measures.
(Dollars in millions, except per share data) Third Quarter 2025 Third Quarter 2024
$ millions Per Share $ millions Per Share
Revenues $23,270 $17,840
Loss from operations (GAAP) (4,781) (5,761)
Operating margins (GAAP) (20.5) % (32.3) %
FAS/CAS service cost adjustment:
Pension FAS/CAS service cost adjustment (198) (148)
Postretirement FAS/CAS service cost adjustment (70) (80)
FAS/CAS service cost adjustment (268) (228)
Core operating loss (non-GAAP) ($5,049) ($5,989)
Core operating margins (non-GAAP) (21.7) % (33.6) %
Diluted loss per share (GAAP) ($7.14) ($9.97)
Pension FAS/CAS service cost adjustment ($198) ($0.26) ($148) ($0.24)
Postretirement FAS/CAS service cost adjustment (70) (0.09) (80) (0.13)
Non-operating pension income (42) (0.06) (123) (0.20)
Non-operating postretirement income (5) (0.01) (18) (0.03)
Provision for deferred income taxes on adjustments (1) 66 0.09 77 0.13
Subtotal of adjustments ($249) ($0.33) ($292) ($0.47)
Core loss per share (non-GAAP) ($7.47) ($10.44)
Diluted weighted average common shares outstanding (in 759.9 618.6
millions)
(1) The income tax impact is calculated using the U.S. corporate statutory tax rate .
The Boeing Company and Subsidiaries
Reconciliation of Non-GAAP Measures
(Unaudited)
The tables provided below reconcile the non-GAAP financial measures core
operating loss, core operating margins, and core loss per share with the most
directly comparable GAAP financial measures of loss from operations, operating
margins, and diluted loss per share. See page 5 of this release for
additional information on the use of these non-GAAP financial measures.
(Dollars in millions, except per share data) Nine Months 2025 Nine Months 2024
$ millions Per Share $ millions Per Share
Revenues $65,515 $51,275
Loss from operations (GAAP) (4,496) (6,937)
Operating margins (GAAP) (6.9) % (13.5) %
FAS/CAS service cost adjustment:
Pension FAS/CAS service cost adjustment (588) (608)
Postretirement FAS/CAS service cost adjustment (199) (224)
FAS/CAS service cost adjustment (787) (832)
Core operating loss (non-GAAP) ($5,283) ($7,769)
Core operating margins (non-GAAP) (8.1) % (15.2) %
Diluted loss per share (GAAP) ($8.25) ($12.91)
Pension FAS/CAS service cost adjustment ($588) ($0.78) ($608) ($0.99)
Postretirement FAS/CAS service cost adjustment (199) (0.26) (224) (0.36)
Non-operating pension income (127) (0.17) (368) (0.60)
Non-operating postretirement income (14) (0.02) (55) (0.09)
Provision for deferred income taxes on adjustments (1) 195 0.26 264 0.43
Subtotal of adjustments ($733) ($0.97) ($991) ($1.61)
Core loss per share (non-GAAP) ($9.22) ($14.52)
Diluted weighted average common shares outstanding (in millions) 756.7 615.8
(1) The income tax impact is calculated using the U.S. corporate statutory tax rate .
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