01—Abstract
Summary
Summary of the 10-Q filed July 29, 2025. Cited figures are marked; the original filing is the authoritative source.
Boeing Co. reported a net loss attributable to shareholders of $648 milliona for the six months ended June 30, 2025, a significant improvement from the $1.78 billion loss in the same period of 2024.
This improvement was driven by increased revenues, particularly in the Commercial Airplanes segment, which saw a substantial rise in deliveries. The company also benefited from a significant turnaround in the Defense, Space & Security segment, which moved from a substantial operating loss to a profit. Despite these improvements, the company continues to grapple with challenges, including the ongoing integration of Spirit AeroSystems, ongoing legal proceedings related to past accidents, and potential labor disruptions.
The company's financial position remains solid with total assets of $155.12 billionb and total liabilities of $158.42 billion, though this results in a shareholder deficit. Liquidity remains adequate, with $7.1 billion in cash and cash equivalents and $10.0 billion in unused borrowing capacity. Investors should monitor the progress of the Spirit acquisition, the resolution of ongoing legal matters, and the company's ability to manage production and quality issues to sustain this positive operational momentum.
02—Key points
Key Highlights
- Net loss attributable to Boeing shareholders improved to $648 million for the six months ended June 30, 2025, from $1.78 billion in the prior year period.
- Total revenues increased by $8.81 billion to $42.245 billion for the six months ended June 30, 2025, driven primarily by higher deliveries in the Commercial Airplanes (BCA) segment.
- The Defense, Space & Security (BDS) segment shifted from a $762 million operating loss in the first six months of 2024 to a $265 million operating profit in the same period of 2025.
- The company successfully resumed deliveries to China in June 2025 after a temporary pause, though trade tensions remain a risk.
- Cash used by operating activities decreased significantly to $1.39 billion for the six months ended June 30, 2025, from $7.29 billion in the prior year period.
- Backlog significantly increased to $618.5 billion as of June 30, 2025, up from $521.3 billion at the end of 2024, primarily due to growth in BCA backlog.
- Boeing is nearing the completion of its acquisition of Spirit AeroSystems, with the expected closing in 2025, subject to regulatory approvals and other conditions.
03—One dollar
Follow one dollar
For each $1.00 of revenue in Q2 FY2025, Boeing Co lost $0.03.
- Revenue$22.75B100.0%
- Cost of revenue−$20.31B89.3%
- Gross profit$2.44B10.7%
- Operating costs−$2.61B11.5%
- Operating income−$176.0M0.8%
- Interest, other & tax−$435.0M1.9%
- Net income−$611.0M2.7%
04—Financials
Financial Highlights
Figures from 10-QQ2 FY2025filed July 29, 2025Financial Statements
Q2 FY2025 against Q2 FY2024
| Line item | Q2 FY2025Q2 FY2024 | Change |
|---|---|---|
| Revenue | $22.75B$16.87B | +34.9% |
| Cost of Revenue | $20.31B$15.64B | +29.9% |
| Gross Profit | $2.44B$1.23B | +98.1% |
| R&D Expenses | $910.00M$954.00M | −4.6% |
| Operating Income | -$176.00M-$1.09B | +83.9% |
| Net Income | -$611.00M-$1.44B | +57.5% |
| EPS (Basic) | $-0.92$-2.33 | +60.5% |
| EPS (Diluted) | $-0.92$-2.33 | +60.5% |
| Shares Outstanding (Basic) | 756.60M616.30M | +22.8% |
| Shares Outstanding (Diluted) | 756.60M616.30M | +22.8% |
05—Questions
Frequently Asked Questions
What is Boeing's financial performance for the six months ended June 30, 2025?
Boeing reported a net loss attributable to shareholders of $648 million for the first six months of 2025, a significant improvement from the $1.78 billion net loss reported in the same period of 2024. Total revenues increased to $42.25 billion, driven by higher commercial airplane deliveries and a turnaround in the Defense, Space & Security segment's operating results.
What are the key factors driving the improvement in Boeing's financial results?
The improved performance is primarily attributed to a substantial increase in Commercial Airplanes (BCA) revenue due to higher aircraft deliveries, and the Defense, Space & Security (BDS) segment moving from an operating loss to a profit. Additionally, operating cash flow improved significantly, and the company saw a substantial increase in its overall backlog.
What are the major risks and uncertainties facing Boeing?
Key risks include ongoing production quality and safety issues, the potential for further regulatory scrutiny, the integration of the Spirit AeroSystems acquisition, unresolved legal proceedings related to past accidents, global trade tensions (particularly with China), potential labor disruptions, and challenges in certifying new aircraft models. The company's financial position also shows a shareholder deficit.
How is Boeing managing its liquidity and capital resources?
Boeing maintains a solid liquidity position with $7.1 billion in cash and cash equivalents and $10.0 billion in unused borrowing capacity on its credit lines. The company used less cash for operating activities in the first half of 2025 compared to 2024, indicating improved cash generation, although investing activities used significantly more cash.
06—Continue