REG-Boeing Company: 2nd Quarter Financial Results
Tue 12:45
Boeing Reports Second Quarter Results
ARLINGTON, Va., July 29, 2025 --
Second Quarter 2025
* 737 production reached 38 per month in the quarter
* Revenue increased to $22.7 billion primarily reflecting 150 commercial
deliveries
* GAAP loss per share of ($0.92) and core loss per share (non-GAAP)* of
($1.24)
* Operating cash flow of $0.2 billion and free cash flow (non-GAAP)* of ($0.2)
billion
* Total company backlog grew to $619 billion, including over 5,900 commercial
airplanes
Table 1. Summary Financial Results Second Quarter First Half
(Dollars in Millions, except per share data) 2025 2024 Change 2025 2024 Change
Revenues $22,749 $16,866 35 % $42,245 $33,435 26 %
GAAP
(Loss)/earnings from operations ($176) ($1,090) NM $285 ($1,176) NM
Operating margins (0.8) % (6.5) % NM 0.7 % (3.5) % NM
Net loss ($612) ($1,439) NM ($643) ($1,794) NM
Diluted loss per share ($0.92) ($2.33) NM ($1.09) ($2.90) NM
Operating cash flow $227 ($3,923) NM ($1,389) ($7,285) NM
Non-GAAP*
Core operating loss ($433) ($1,392) NM ($234) ($1,780) NM
Core operating margins (1.9) % (8.3) % NM (0.6) % (5.3) % NM
Core loss per share ($1.24) ($2.90) NM ($1.73) ($4.04) 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 second quarter revenue of
$22.7 billion, GAAP loss per share of ($0.92) and core loss per share
(non-GAAP)* of ($1.24). The company reported operating cash flow of
$0.2 billion and free cash flow (non-GAAP)* of ($0.2) billion. Results
primarily reflect improved operational performance and commercial delivery
volume.
"Our fundamental changes to strengthen safety and quality are producing
improved results as we stabilize our operations and deliver higher quality
airplanes, products and services to our customers," said Kelly Ortberg, Boeing
president and chief executive officer. "As we look to the second half of the
year, we remain focused on restoring trust and making continued progress in
our recovery while operating in a dynamic global environment."
Table 2. Cash Flow Second Quarter First Half
(Millions) 2025 2024 2025 2024
Operating cash flow $227 ($3,923) ($1,389) ($7,285)
Less additions to property, plant & equipment ($427) ($404) ($1,101) ($971)
Free cash flow* ($200) ($4,327) ($2,490) ($8,256)
*Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on page 5, "Non-GAAP Measures Disclosures."
Operating cash flow was $0.2 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) 2Q 2025 1Q 2025
Cash and investments in marketable securities 1 $23.0 $23.7
Consolidated debt $53.3 $53.6
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, compared
to $23.7 billion at the beginning of the quarter, primarily driven by the debt
repayment and free cash flow usage in the quarter. Debt was $53.3 billion,
down from $53.6 billion at the beginning of the quarter due to the pay down of
maturing debt. The company maintains access to credit facilities of $10.0
billion, which remain undrawn.
Total company backlog at quarter end was $619 billion.
Segment Results
Commercial Airplanes
Table 4. Commercial Airplanes Second Quarter First Half
(Dollars in Millions) 2025 2024 Change 2025 2024 Change
Deliveries 150 92 63 % 280 175 60 %
Revenues $10,874 $6,003 81 % $19,021 $10,656 79 %
Loss from operations ($557) ($715) NM ($1,094) ($1,858) NM
Operating margins (5.1) % (11.9) % NM (5.8) % (17.4) % NM
Commercial Airplanes second quarter revenue of $10.9 billion and operating
margin of (5.1) percent primarily reflect higher deliveries.
The 737 program increased the production rate to 38 per month in the quarter
and plans to stabilize at that rate before requesting approval to increase to
42 per month later this year. The 787 program production rate is now at seven
per month.
Commercial Airplanes booked 455 net orders in the quarter, including 120 787
and 30 777-9 airplanes for Qatar Airways and 32 787-10 airplanes for British
Airways. Commercial Airplanes delivered 150 airplanes during the quarter, and
backlog included over 5,900 airplanes valued at $522 billion.
Defense, Space & Security
Table 5. Defense, Space & Security Second Quarter First Half
(Dollars in Millions) 2025 2024 Change 2025 2024 Change
Revenues $6,617 $6,021 10 % $12,915 $12,971 — %
Earnings/(loss) from operations $110 ($913) NM $265 ($762) NM
Operating margins 1.7 % (15.2) % NM 2.1 % (5.9) % 8.0 pts
Defense, Space & Security second quarter revenue was $6.6 billion. Second
quarter operating margin of 1.7 percent reflects stabilizing operational
performance.
During the quarter, Defense, Space & Security captured an award from the U.S.
Air Force to build four T-7A Red Hawk production representative aircraft and
began ground testing on the first MQ-25 Stingray for the U.S. Navy. Backlog at
Defense, Space & Security grew to $74 billion with 22 percent representing
orders from customers outside the U.S.
Global Services
Table 6. Global Services Second Quarter First Half
(Dollars in Millions) 2025 2024 Change 2025 2024 Change
Revenues $5,281 $4,889 8 % $10,344 $9,934 4 %
Earnings from operations $1,049 $870 21 % $1,992 $1,786 12 %
Operating margins 19.9 % 17.8 % 2.1 pts 19.3 % 18.0 % 1.3 pts
Global Services second quarter revenue was $5.3 billion. Second quarter
operating margin of 19.9 percent reflects favorable performance and mix.
In the quarter, Global Services completed the sale of its maintenance, repair
and overhaul facility at Gatwick Airport and secured a contract to provide
P-8A aircraft training systems and support to the Republic of Korea Navy.
Additional Financial Information
Table 7. Additional Financial Information Second Quarter First Half
(Dollars in Millions) 2025 2024 2025 2024
Revenues
Unallocated items, eliminations and other ($23) ($47) ($35) ($126)
Loss from operations
Unallocated items, eliminations and other ($1,035) ($634) ($1,397) ($946)
FAS/CAS service cost adjustment $257 $302 $519 $604
Other income, net $325 $248 $648 $525
Interest and debt expense ($710) ($673) ($1,418) ($1,242)
Effective tax rate (9.1) % 5.0 % (32.6) % 5.2 %
Unallocated items, eliminations and other includes an earnings charge of $445
million resulting from the May 2025 non-prosecution agreement with the U.S.
Department of Justice.
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 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)
Six months ended Three months ended June 30
June 30
(Dollars in millions, except per share data) 2025 2024 2025 2024
Sales of products $35,269 $26,792 $19,122 $13,524
Sales of services 6,976 6,643 3,627 3,342
Total revenues 42,245 33,435 22,749 16,866
Cost of products (31,785) (24,971) (17,406) (12,907)
Cost of services (5,608) (5,359) (2,908) (2,730)
Total costs and expenses (37,393) (30,330) (20,314) (15,637)
4,852 3,105 2,435 1,229
Income from operating investments, net 28 74 25 7
General and administrative expense (2,905) (2,538) (1,793) (1,377)
Research and development expense, net (1,754) (1,822) (910) (954)
Gain on dispositions, net 64 5 67 5
Earnings/(loss) from operations 285 (1,176) (176) (1,090)
Other income, net 648 525 325 248
Interest and debt expense (1,418) (1,242) (710) (673)
Loss before income taxes (485) (1,893) (561) (1,515)
Income tax (expense)/benefit (158) 99 (51) 76
Net loss (643) (1,794) (612) (1,439)
Less: net earnings/(loss) attributable to noncontrolling interest 5 (12) (1)
Net loss attributable to Boeing shareholders (648) (1,782) (611) (1,439)
Less: Mandatory convertible preferred stock dividends 172 86
accumulated during the period
Net loss attributable to Boeing common shareholders ($820) ($1,782) ($697) ($1,439)
Basic loss per share ($1.09) ($2.90) ($0.92) ($2.33)
Diluted loss per share ($1.09) ($2.90) ($0.92) ($2.33)
The Boeing Company and Subsidiaries Consolidated Statements of Financial Position (Unaudited)
(Dollars in millions, except per share data) June 30 December 31
2025 2024
Assets
Cash and cash equivalents $7,087 $13,801
Short-term and other investments 15,880 12,481
Accounts receivable, net 3,190 2,631
Unbilled receivables, net 9,261 8,363
Current portion of financing receivables, net 16 207
Inventories 87,853 87,550
Other current assets, net 2,563 2,965
Assets held for sale 1,451
Total current assets 127,301 127,998
Financing receivables and operating lease equipment, net 318 314
Property, plant and equipment, net of accumulated depreciation of $23,208 and $22,925 11,658 11,412
Goodwill 7,280 8,084
Acquired intangible assets, net 1,542 1,957
Deferred income taxes 136 185
Investments 1,036 999
Other assets, net of accumulated amortization of $879 and $1,085 5,849 5,414
Total assets $155,120 $156,363
Liabilities and equity
Accounts payable $11,238 $11,364
Accrued liabilities 23,508 24,103
Advances and progress billings 59,407 60,333
Short-term debt and current portion of long-term debt 8,719 1,278
Liabilities held for sale 504
Total current liabilities 103,376 97,078
Deferred income taxes 193 122
Accrued retiree health care 2,116 2,176
Accrued pension plan liability, net 5,803 5,997
Other long-term liabilities 2,324 2,318
Long-term debt 44,604 52,586
Total liabilities 158,416 160,277
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; 1,012,261,159 shares issued 5,061 5,061
Additional paid-in capital 19,238 18,964
Treasury stock, at cost - 256,638,054 and 263,044,840 shares (31,603) (32,386)
Retained earnings 14,542 15,362
Accumulated other comprehensive loss (10,539) (10,915)
Total shareholders' deficit (3,295) (3,908)
Noncontrolling interests (1) (6)
Total equity (3,296) (3,914)
Total liabilities and equity $155,120 $156,363
The Boeing Company and Subsidiaries Consolidated Statements of Cash Flows (Unaudited)
Six months ended June 30
(Dollars in millions) 2025 2024
Cash flows – operating activities:
Net loss ($643) ($1,794)
Adjustments to reconcile net loss to net cash used by operating activities:
Non-cash items –
Share-based plans expense 254 208
Treasury shares issued for 401(k) contribution 793 953
Depreciation and amortization 926 883
Investment/asset impairment charges, net 30 34
Gain on dispositions, net (64) (5)
Other charges and credits, net 162 (34)
Changes in assets and liabilities –
Accounts receivable (683) (522)
Unbilled receivables (908) (1,345)
Advances and progress billings (616) 1,886
Inventories (374) (5,937)
Other current assets 265 (320)
Accounts payable (46) (222)
Accrued liabilities (248) (443)
Income taxes receivable, payable and deferred (3) (188)
Other long-term liabilities (212) (148)
Pension and other postretirement plans (292) (491)
Financing receivables and operating lease equipment, net 185 149
Other 85 51
Net cash used by operating activities (1,389) (7,285)
Cash flows – investing activities:
Payments to acquire property, plant and equipment (1,101) (971)
Proceeds from disposals of property, plant and equipment 4 30
Acquisitions, net of cash acquired (50)
Proceeds from dispositions 35
Contributions to investments (21,581) (1,617)
Proceeds from investments 18,847 3,173
Supplier notes receivable (150) (486)
Purchase of distribution rights (88)
Other (17)
Net cash used by investing activities (3,946) (26)
Cash flows – financing activities:
New borrowings 98 10,089
Debt repayments (677) (4,481)
Employee taxes on certain share-based payment arrangements (18) (67)
Dividends paid on mandatory convertible preferred stock (158)
Other 30 (3)
Net cash (used)/provided by financing activities (725) 5,538
Effect of exchange rate changes on cash and cash equivalents 34 (25)
Net decrease in cash & cash equivalents, including restricted (6,026) (1,798)
Cash & cash equivalents, including restricted, at beginning of year 13,822 12,713
Cash & cash equivalents, including restricted, at end of period 7,796 10,915
Less restricted cash & cash equivalents, included in Investments 709 21
Cash & cash equivalents at end of period $7,087 $10,894
The Boeing Company and Subsidiaries Summary of Business Segment Data (Unaudited)
Six months ended Three months ended June 30
June 30
(Dollars in millions) 2025 2024 2025 2024
Revenues:
Commercial Airplanes $19,021 $10,656 $10,874 $6,003
Defense, Space & Security 12,915 12,971 6,617 6,021
Global Services 10,344 9,934 5,281 4,889
Unallocated items, eliminations and other (35) (126) (23) (47)
Total revenues $42,245 $33,435 $22,749 $16,866
Earnings/(loss) from operations:
Commercial Airplanes ($1,094) ($1,858) ($557) ($715)
Defense, Space & Security 265 (762) 110 (913)
Global Services 1,992 1,786 1,049 870
Segment operating earnings/(loss) 1,163 (834) 602 (758)
Unallocated items, eliminations and other (1,397) (946) (1,035) (634)
FAS/CAS service cost adjustment 519 604 257 302
Earnings/(loss) from operations 285 (1,176) (176) (1,090)
Other income, net 648 525 325 248
Interest and debt expense (1,418) (1,242) (710) (673)
Loss before income taxes (485) (1,893) (561) (1,515)
Income tax (expense)/benefit (158) 99 (51) 76
Net loss (643) (1,794) (612) (1,439)
Less: net earnings/(loss) attributable to noncontrolling interest 5 (12) (1)
Net loss attributable to Boeing shareholders (648) (1,782) (611) (1,439)
Less: Mandatory convertible preferred stock dividends accumulated during the period 172 86
Net loss attributable to Boeing common shareholders ($820) ($1,782) ($697) ($1,439)
Research and development expense, net:
Commercial Airplanes $1,092 $1,073 $558 $555
Defense, Space & Security 420 494 221 259
Global Services 59 67 30 41
Other 183 188 101 99
Total research and development expense, net $1,754 $1,822 $910 $954
Unallocated items, eliminations and other:
Share-based plans ($51) $53 ($21) $43
Deferred compensation (80) (49) (85) (19)
Amortization of previously capitalized interest (42) (46) (21) (23)
Research and development expense, net (183) (188) (101) (99)
Eliminations and other unallocated items (1,041) (716) (807) (536)
Sub-total (included in Core operating loss) (1,397) (946) (1,035) (634)
Pension FAS/CAS service cost adjustment 390 460 197 230
Postretirement FAS/CAS service cost adjustment 129 144 60 72
FAS/CAS service cost adjustment 519 604 $257 $302
Total ($878) ($342) ($778) ($332)
The Boeing Company and Subsidiaries Operating and Financial Data (Unaudited)
Deliveries Six months ended Three months ended June 30
June 30
Commercial Airplanes 2025 2024 2025 2024
737 209 137 104 70
767 14 9 9 6
777 20 7 13 7
787 37 22 24 9
Total 280 175 150 92
Defense, Space & Security
AH-64 Apache (New) 6 3 2 3
AH-64 Apache (Remanufactured) 21 13 10 7
CH-47 Chinook (New) 1 2 — 1
CH-47 Chinook (Renewed) 7 5 5 4
F-15 Models 4 7 3 6
F/A-18 Models 9 4 4 3
KC-46 Tanker 5 5 5 2
MH-139 5 — 4 —
P-8 Models 2 3 1 2
Commercial Satellites 2 — 2 —
Total 1 62 42 36 28
1 Deliveries of new-build production units, including remanufactures and modifications
Total backlog (Dollars in millions) June 30 December 31
2025 2024
Commercial Airplanes $522,197 $435,175
Defense, Space & Security 73,957 64,023
Global Services 21,939 21,403
Unallocated items, eliminations and other 445 735
Total backlog $618,538 $521,336
Contractual backlog $583,747 $498,802
Unobligated backlog 34,791 22,534
Total backlog $618,538 $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) Second Quarter 2025 Second Quarter 2024
$ millions Per Share $ millions Per Share
Revenues $22,749 $16,866
Loss from operations (GAAP) (176) (1,090)
Operating margins (GAAP) (0.8) % (6.5) %
FAS/CAS service cost adjustment:
Pension FAS/CAS service cost adjustment (197) (230)
Postretirement FAS/CAS service cost adjustment (60) (72)
FAS/CAS service cost adjustment (257) (302)
Core operating loss (non-GAAP) ($433) ($1,392)
Core operating margins (non-GAAP) (1.9) % (8.3) %
Diluted loss per share (GAAP) ($0.92) ($2.33)
Pension FAS/CAS service cost adjustment ($197) ($0.26) ($230) ($0.37)
Postretirement FAS/CAS service cost adjustment (60) (0.08) (72) (0.12)
Non-operating pension income (42) (0.05) (122) (0.20)
Non-operating postretirement income (4) (0.01) (19) (0.03)
Provision for deferred income taxes on adjustments 1 64 0.08 93 0.15
Subtotal of adjustments ($239) ($0.32) ($350) ($0.57)
Core loss per share (non-GAAP) ($1.24) ($2.90)
Diluted weighted average common shares outstanding (in millions) 756.6 616.3
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) First Half 2025 First Half 2024
$ millions Per Share $ millions Per Share
Revenues $42,245 $33,435
Earnings/(loss) from operations (GAAP) 285 (1,176)
Operating margins (GAAP) 0.7 % (3.5) %
FAS/CAS service cost adjustment:
Pension FAS/CAS service cost adjustment (390) (460)
Postretirement FAS/CAS service cost adjustment (129) (144)
FAS/CAS service cost adjustment (519) (604)
Core operating loss (non-GAAP) ($234) ($1,780)
Core operating margins (non-GAAP) (0.6) % (5.3) %
Diluted loss per share (GAAP) ($1.09) ($2.90)
Pension FAS/CAS service cost adjustment ($390) ($0.52) ($460) ($0.75)
Postretirement FAS/CAS service cost adjustment (129) (0.17) (144) (0.23)
Non-operating pension income (85) (0.11) (245) (0.40)
Non-operating postretirement income (9) (0.01) (37) (0.06)
Provision for deferred income taxes on adjustments 1 129 0.17 186 0.30
Subtotal of adjustments ($484) ($0.64) ($700) ($1.14)
Core loss per share (non-GAAP) ($1.73) ($4.04)
Diluted weighted average common shares outstanding (in millions) 755.0 614.5
1 The income tax impact is calculated using the U.S. corporate statutory tax rate.
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