REG-Boeing Company: Final Results
28/01/2025 12:00
Boeing Reports Fourth Quarter Results
ARLINGTON, Va., Jan. 28, 2025 --
Fourth Quarter 2024
* Finalized the International Association of Machinists and Aerospace Workers
(IAM) agreement and resumed production across the 737, 767 and 777/777X
programs
* Financials reflect previously announced impacts of the IAM work stoppage and
agreement, charges for certain defense programs, and costs associated with
workforce reductions announced last year
* Revenue of $15.2 billion, GAAP loss per share of ($5.46) and core
(non-GAAP)* loss per share of ($5.90)
* Operating cash flow of ($3.5) billion; cash and marketable securities of
$26.3 billion
Full Year 2024
* Delivered 348 commercial airplanes and recorded 279 net orders
* Total company backlog grew to $521 billion, including over 5,500 commercial
airplanes
Table 1. Summary Financial Results Fourth Quarter Full Year
(Dollars in Millions, except per share data) 2024 2023 Change 2024 2023 Change
Revenues $15,242 $22,018 (31) % $66,517 $77,794 (14) %
GAAP
(Loss)/earnings from operations ($3,770) $283 NM ($10,707) ($773) NM
Operating margins (24.7) % 1.3 % NM (16.1) % (1.0) % NM
Net loss ($3,861) ($30) NM ($11,829) ($2,242) NM
Basic loss per share ($5.46) ($0.04) NM ($18.36) ($3.67) NM
Operating cash flow ($3,450) $3,381 NM ($12,080) $5,960 NM
Non-GAAP*
Core operating (loss)/earnings ($4,042) $90 NM ($11,811) ($1,829) NM
Core operating margins (26.5) % 0.4 % NM (17.8) % (2.4) % NM
Core loss per share ($5.90) ($0.47) NM ($20.38) ($5.81) 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 fourth quarter revenue of
$15.2 billion, GAAP loss per share of ($5.46) and core loss per share
(non-GAAP)* of ($5.90) (Table 1) primarily reflecting previously announced
impacts of the IAM work stoppage and agreement, charges for certain defense
programs, and costs associated with workforce reductions announced last year.
Boeing reported operating cash flow of ($3.5) billion and free cash flow of
($4.1) billion (non-GAAP)*.
"We made progress on key areas to stabilize our operations during the quarter
and continued to strengthen important aspects of our safety and quality plan,"
said Kelly Ortberg, Boeing president and chief executive officer. "My team and
I are focused on making the fundamental changes needed to fully recover our
company's performance and restore trust with our customers, employees,
suppliers, investors, regulators and all others who are counting on us."
Table 2. Cash Flow Fourth Quarter Full Year
(Millions) 2024 2023 2024 2023
Operating cash flow ($3,450) $3,381 ($12,080) $5,960
Less additions to property, plant & equipment ($648) ($431) ($2,230) ($1,527)
Free cash flow* ($4,098) $2,950 ($14,310) $4,433
*Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on page 5, "Non-GAAP Measures Disclosures."
Operating cash flow was ($3.5) billion in the quarter reflecting lower
commercial deliveries, as well as unfavorable working capital timing,
primarily driven by the IAM work stoppage (Table 2).
Table 3. Cash, Marketable Securities and Debt Balances Quarter End
(Billions) 4Q 2024 3Q 2024
Cash $13.8 $10.0
Marketable securities 1 $12.5 $0.5
Total $26.3 $10.5
Consolidated debt $53.9 $57.7
1 Marketable securities consist primarily of time deposits due within one year classified as "short-term investments."
Cash and investments in marketable securities totaled $26.3 billion, compared
to $10.5 billion at the beginning of the quarter, primarily driven by a $24
billion capital raise partially offset by free cash flow usage and debt
repayment in the quarter (Table 3). Debt was $53.9 billion, down from $57.7
billion at the beginning of the quarter, driven by the early repayment of a
$3.5 billion bond originally maturing in 2025. The company maintains access to
credit facilities of $10.0 billion, which remain undrawn.
Total company backlog at quarter end was $521 billion.
Segment Results
Commercial Airplanes
Table 4. Commercial Airplanes Fourth Quarter Full Year
(Dollars in Millions) 2024 2023 Change 2024 2023 Change
Deliveries 57 157 (64) % 348 528 (34) %
Revenues $4,762 $10,481 (55) % $22,861 $33,901 (33) %
(Loss)/earnings from operations ($2,090) $41 NM ($7,969) ($1,635) NM
Operating margins (43.9) % 0.4 % NM (34.9) % (4.8) % NM
Commercial Airplanes fourth quarter revenue of $4.8 billion and operating
margin of (43.9) percent reflect the previously announced impacts associated
with the IAM work stoppage and agreement including lower deliveries and
pre-tax charges of $1.1 billion on the 777X and 767 programs (Table 4).
The 737 program resumed production in the quarter and plans to gradually
increase production rate. The 787 program exited the year at a production rate
of five per month and recently announced plans to expand South Carolina
operations. In January, the 777X program resumed FAA certification flight
testing, and the company still anticipates first delivery of the 777-9 in
2026.
Commercial Airplanes booked 204 net orders in the quarter, including 100
737-10 airplanes for Pegasus Airlines and 30 787-9 airplanes for flydubai.
Commercial Airplanes delivered 57 airplanes during the quarter and backlog
included over 5,500 airplanes valued at $435 billion.
Defense, Space & Security
Table 5. Defense, Space & Security Fourth Quarter Full Year
(Dollars in Millions) 2024 2023 Change 2024 2023 Change
Revenues $5,411 $6,746 (20) % $23,918 $24,933 (4) %
Loss from operations ($2,267) ($101) NM ($5,413) ($1,764) NM
Operating margins (41.9) % (1.5) % NM (22.6) % (7.1) % NM
Defense, Space & Security fourth quarter revenue of $5.4 billion and operating
margin of (41.9) percent reflect the previously announced pre-tax charges of
$1.7 billion on the KC-46A, T-7A, Commercial Crew, VC-25B and MQ-25 programs.
In January, the U.S. Air Force announced an updated acquisition approach for
the T-7A Red Hawk that allows the company to provide a production-ready
configuration to the customer prior to low-rate initial production, which
better supports the operational needs of the customer and reduces future
production risk.
During the quarter, Defense, Space & Security captured an award from the U.S.
Air Force for 15 KC-46A Tankers, secured an order for seven P-8A Poseidon
aircraft from the U.S. Navy, and delivered the final T-7A Red Hawk engineering
and manufacturing development aircraft to the U.S. Air Force. Backlog at
Defense, Space & Security was $64 billion, of which 29 percent represents
orders from customers outside the U.S.
Global Services
Table 6. Global Services Fourth Quarter Full Year
(Dollars in Millions) 2024 2023 Change 2024 2023 Change
Revenues $5,119 $4,849 6 % $19,954 $19,127 4 %
Earnings from operations $998 $842 19 % $3,618 $3,329 9 %
Operating margins 19.5 % 17.4 % 2.1 pts 18.1 % 17.4 % 0.7 pts
Global Services fourth quarter revenue of $5.1 billion and operating margin of
19.5 percent reflect higher commercial volume and mix.
During the quarter, Global Services secured awards for C-17 sustainment and a
contract for F-15 Japan Super Interceptor upgrade services from the U.S. Air
Force.
Additional Financial Information
Table 7. Additional Financial Information Fourth Quarter Full Year
(Dollars in Millions) 2024 2023 2024 2023
Revenues
Unallocated items, eliminations and other ($50) ($58) ($216) ($167)
Loss from operations
Unallocated items, eliminations and other ($683) ($692) ($2,047) ($1,759)
FAS/CAS service cost adjustment $272 $193 $1,104 $1,056
Other income, net $432 $308 $1,222 $1,227
Interest and debt expense ($755) ($600) ($2,725) ($2,459)
Effective tax rate 5.7 % (233.3) % 3.1 % (11.8) %
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 Margin 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 margin
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 margin 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,
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.
Forward-looking 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; (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) compromise 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; and (25) customer
and aircraft concentration in our customer financing portfolio.
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: Matt Welch or David Dufault BoeingInvestorRelations@boeing.com
Communications: Peter Pedraza media@boeing.com
The Boeing Company and Subsidiaries Consolidated Statements of Operations (Unaudited)
Twelve months ended Three months ended
December 31 December 31
(Dollars in millions, except per share data) 2024 2023 2024 2023
Sales of products $53,227 $65,581 $11,901 $18,920
Sales of services 13,290 12,213 3,341 3,098
Total revenues 66,517 77,794 15,242 22,018
Cost of products (57,394) (59,864) (14,010) (16,724)
Cost of services (11,114) (10,206) (2,821) (2,597)
Total costs and expenses (68,508) (70,070) (16,831) (19,321)
(1,991) 7,724 (1,589) 2,697
Income from operating investments, net 71 46 12 1
General and administrative expense (5,021) (5,168) (1,398) (1,535)
Research and development expense, net (3,812) (3,377) (836) (881)
Gain on dispositions, net 46 2 41 1
(Loss)/earnings from operations (10,707) (773) (3,770) 283
Other income, net 1,222 1,227 432 308
Interest and debt expense (2,725) (2,459) (755) (600)
Loss before income taxes (12,210) (2,005) (4,093) (9)
Income tax benefit/(expense) 381 (237) 232 (21)
Net loss (11,829) (2,242) (3,861) (30)
Less: net (loss)/earnings attributable to noncontrolling interest (12) (20) 4 (7)
Net loss attributable to Boeing shareholders ($11,817) ($2,222) ($3,865) ($23)
Less: Mandatory convertible preferred stock dividends 58 58
accumulated during the period
Net loss attributable to Boeing common shareholders ($11,875) ($2,222) ($3,923) ($23)
Basic loss per share ($18.36) ($3.67) ($5.46) ($0.04)
Diluted loss per share ($18.36) ($3.67) ($5.46) ($0.04)
Weighted average diluted shares (millions) 647.2 606.1 718.1 609.5
The Boeing Company and Subsidiaries Consolidated Statements of Financial Position (Unaudited)
(Dollars in millions, except per share data) December 31 December 31
2024 2023
Assets
Cash and cash equivalents $13,801 $12,691
Short-term and other investments 12,481 3,274
Accounts receivable, net 2,631 2,649
Unbilled receivables, net 8,363 8,317
Current portion of financing receivables, net 207 99
Inventories 87,550 79,741
Other current assets, net 2,965 2,504
Total current assets 127,998 109,275
Financing receivables and operating lease equipment, net 314 860
Property, plant and equipment, net of accumulated depreciation of $22,925 11,412 10,661
and $22,245
Goodwill 8,084 8,093
Acquired intangible assets, net 1,957 2,094
Deferred income taxes 185 59
Investments 999 1,035
Other assets, net of accumulated amortization of $1,085 and $1,046 5,414 4,935
Total assets $156,363 $137,012
Liabilities and equity
Accounts payable $11,364 $11,964
Accrued liabilities 24,103 22,331
Advances and progress billings 60,333 56,328
Short-term debt and current portion of long-term debt 1,278 5,204
Total current liabilities 97,078 95,827
Deferred income taxes 122 229
Accrued retiree health care 2,176 2,233
Accrued pension plan liability, net 5,997 6,516
Other long-term liabilities 2,318 2,332
Long-term debt 52,586 47,103
Total liabilities 160,277 154,240
Shareholders' equity:
Mandatory convertible preferred stock, 6% Series A, par value $1.00 - 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 18,964 10,309
Treasury stock, at cost - 263,044,841 and 402,746,136 shares (32,386) (49,549)
Retained earnings 15,362 27,251
Accumulated other comprehensive loss (10,915) (10,305)
Total shareholders' deficit (3,908) (17,233)
Noncontrolling interests (6) 5
Total equity (3,914) (17,228)
Total liabilities and equity $156,363 $137,012
The Boeing Company and Subsidiaries Consolidated Statements of Cash Flows
(Unaudited)
Twelve months ended
December 31
(Dollars in millions) 2024 2023
Cash flows – operating activities:
Net loss ($11,829) ($2,242)
Adjustments to reconcile net loss to net cash (used)/provided by operating activities:
Non-cash items –
Share-based plans expense 407 690
Treasury shares issued for 401(k) contribution 1,601 1,515
Depreciation and amortization 1,836 1,861
Investment/asset impairment charges, net 112 46
Gain on dispositions, net (46) (2)
777X and 767 reach-forward losses 4,079
Other charges and credits, net 528 3
Changes in assets and liabilities –
Accounts receivable (37) (128)
Unbilled receivables (60) 321
Advances and progress billings 4,069 3,365
Inventories (12,353) (1,681)
Other current assets (16) 389
Accounts payable (793) 1,672
Accrued liabilities 1,563 779
Income taxes receivable, payable and deferred (567) 44
Other long-term liabilities (329) (313)
Pension and other postretirement plans (959) (1,049)
Financing receivables and operating lease equipment, net 512 571
Other 202 119
Net cash (used)/provided by operating activities (12,080) 5,960
Cash flows – investing activities:
Payments to acquire property, plant and equipment (2,230) (1,527)
Proceeds from disposals of property, plant and equipment 49 27
Acquisitions, net of cash acquired (50) (70)
Proceeds from dispositions 124
Contributions to investments (13,856) (16,448)
Proceeds from investments 4,743 15,739
Supplier notes receivable (694) (162)
Repayments on supplier notes receivable 40
Purchase of distribution rights (88)
Other (11) 4
Net cash used by investing activities (11,973) (2,437)
Cash flows – financing activities:
New borrowings 10,161 75
Debt repayments (8,673) (5,216)
Common stock issuance, net of issuance costs 18,200
Mandatory convertible preferred stock issuance, net of issuance costs 5,657
Stock options exercised 45
Employee taxes on certain share-based payment arrangements (83) (408)
Other (53) 17
Net cash provided/(used) by financing activities 25,209 (5,487)
Effect of exchange rate changes on cash and cash equivalents (47) 30
Net increase/(decrease) in cash & cash equivalents, including restricted 1,109 (1,934)
Cash & cash equivalents, including restricted, at beginning of year 12,713 14,647
Cash & cash equivalents, including restricted, at end of period 13,822 12,713
Less restricted cash & cash equivalents, included in Investments 21 22
Cash & cash equivalents at end of year $13,801 $12,691
The Boeing Company and Subsidiaries Summary of Business Segment Data (Unaudited)
Twelve months ended December 31 Three months ended December 31
(Dollars in millions) 2024 2023 2024 2023
Revenues:
Commercial Airplanes $22,861 $33,901 $4,762 $10,481
Defense, Space & Security 23,918 24,933 5,411 6,746
Global Services 19,954 19,127 5,119 4,849
Unallocated items, eliminations and other (216) (167) (50) (58)
Total revenues $66,517 $77,794 $15,242 $22,018
(Loss)/earnings from operations:
Commercial Airplanes ($7,969) ($1,635) ($2,090) $41
Defense, Space & Security (5,413) (1,764) (2,267) (101)
Global Services 3,618 3,329 998 842
Segment operating (loss)/earnings (9,764) (70) (3,359) 782
Unallocated items, eliminations and other (2,047) (1,759) (683) (692)
FAS/CAS service cost adjustment 1,104 1,056 272 193
(Loss)/earnings from operations (10,707) (773) (3,770) 283
Other income, net 1,222 1,227 432 308
Interest and debt expense (2,725) (2,459) (755) (600)
Loss before income taxes (12,210) (2,005) (4,093) (9)
Income tax benefit/(expense) 381 (237) 232 (21)
Net loss (11,829) (2,242) (3,861) (30)
Less: net (loss)/earnings attributable to noncontrolling interest (12) (20) 4 (7)
Net loss attributable to Boeing shareholders ($11,817) ($2,222) ($3,865) ($23)
Less: Mandatory convertible preferred stock dividends 58 58
accumulated during the period
Net loss attributable to Boeing common shareholders (11,875) (2,222) (3,923) (23)
Research and development expense, net:
Commercial Airplanes $2,386 $2,036 $534 $498
Defense, Space & Security 917 919 189 267
Global Services 132 107 29 23
Other 377 315 84 93
Total research and development expense, net $3,812 $3,377 $836 $881
Unallocated items, eliminations and other:
Share-based plans $171 $62 $53 $95
Deferred compensation (114) (188) (14) (117)
Amortization of previously capitalized interest (93) (95) (23) (24)
Research and development expense, net (377) (315) (84) (93)
Eliminations and other unallocated items (1,634) (1,223) (615) (553)
Sub-total (included in Core operating loss) (2,047) (1,759) (683) (692)
Pension FAS/CAS service cost adjustment 811 799 203 136
Postretirement FAS/CAS service cost adjustment 293 257 69 57
FAS/CAS service cost adjustment 1,104 1,056 $272 $193
Total ($943) ($703) ($411) ($499)
The Boeing Company and Subsidiaries Operating and Financial Data (Unaudited)
Deliveries Twelve months ended December 31 Three months ended December 31
Commercial Airplanes 2024 2023 2024 2023
737 265 396 36 110
747 — 1 — —
767 18 32 3 15
777 14 26 3 9
787 51 73 15 23
Total 348 528 57 157
Defense, Space & Security
AH-64 Apache (New) 16 20 6 3
AH-64 Apache (Remanufactured) 34 57 10 19
CH-47 Chinook (New) 4 11 2 3
CH-47 Chinook (Renewed) 9 9 2 2
F-15 Models 14 9 4 3
F/A-18 Models 11 22 6 6
KC-46 Tanker 10 13 — 9
MH-139 6 2 3 1
P-8 Models 4 11 — 4
T-7A Red Hawk 2 3 1 2
Commercial Satellites 2 5 2 2
Total 1 112 162 36 54
1 Deliveries of new-build production units, including remanufactures and modifications
Total backlog (Dollars in millions) December 31 December 31
2024 2023
Commercial Airplanes $435,175 $440,507
Defense, Space & Security 64,023 59,012
Global Services 21,403 19,869
Unallocated items, eliminations and other 735 807
Total backlog $521,336 $520,195
Contractual backlog $498,802 $497,094
Unobligated backlog 22,534 23,101
Total backlog $521,336 $520,195
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 margin, and core loss per share with the most
directly comparable GAAP financial measures of loss from operations, operating
margin, 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) Fourth Quarter 2024 Fourth Quarter 2023
$ millions Per Share $ millions Per Share
Revenues $15,242 $22,018
(Loss)/earnings from operations (GAAP) (3,770) 283
Operating margins (GAAP) (24.7) % 1.3 %
FAS/CAS service cost adjustment:
Pension FAS/CAS service cost adjustment (203) (136)
Postretirement FAS/CAS service cost adjustment (69) (57)
FAS/CAS service cost adjustment (272) (193)
Core operating (loss)/earnings (non-GAAP) ($4,042) $90
Core operating margins (non-GAAP) (26.5) % 0.4 %
Diluted loss per share (GAAP) ($5.46) ($0.04)
Pension FAS/CAS service cost adjustment ($203) ($0.28) ($136) ($0.23)
Postretirement FAS/CAS service cost adjustment (69) (0.10) (57) (0.09)
Non-operating pension income (108) (0.15) (127) (0.21)
Non-operating postretirement income (18) (0.03) (14) (0.02)
Provision for deferred income taxes on adjustments 1 84 0.12 70 0.12
Subtotal of adjustments ($314) ($0.44) ($264) ($0.43)
Core loss per share (non-GAAP) ($5.90) ($0.47)
Weighted average diluted shares (in millions) 718.1 609.5
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 margin, and core loss per share with the most
directly comparable GAAP financial measures of loss from operations, operating
margin, 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) Full Year 2024 Full Year 2023
$ millions Per Share $ millions Per Share
Revenues $66,517 $77,794
Loss from operations (GAAP) (10,707) (773)
Operating margins (GAAP) (16.1) % (1.0) %
FAS/CAS service cost adjustment:
Pension FAS/CAS service cost adjustment (811) (799)
Postretirement FAS/CAS service cost adjustment (293) (257)
FAS/CAS service cost adjustment (1,104) (1,056)
Core operating loss (non-GAAP) ($11,811) ($1,829)
Core operating margins (non-GAAP) (17.8) % (2.4) %
Diluted loss per share (GAAP) ($18.36) ($3.67)
Pension FAS/CAS service cost adjustment ($811) ($1.26) ($799) ($1.32)
Postretirement FAS/CAS service cost adjustment (293) (0.45) (257) (0.42)
Non-operating pension income (476) (0.74) (529) (0.87)
Non-operating postretirement income (73) (0.11) (58) (0.10)
Provision for deferred income taxes on adjustments 1 347 0.54 345 0.57
Subtotal of adjustments ($1,306) ($2.02) ($1,298) ($2.14)
Core loss per share (non-GAAP) ($20.38) ($5.81)
Weighted average diluted shares (in millions) 647.2 606.1
1 The income tax impact is calculated using the U.S. corporate statutory tax rate.
Copyright (c) 2025 PR Newswire Association,LLC. All Rights ReservedRecent news on Boeing Co
See all newsREG-Boeing Company: 1st Quarter Results
AnnouncementREG - Official List - Official List Notice
AnnouncementREG - Stock Exch Notice - Admission to Trading - 10/04/2025
AnnouncementREG - Stock Exch Notice - Admission to Trading - 17/03/2025
AnnouncementREG - Official List - Official List Notice
Announcement