01—Abstract
Summary
Summary of the 10-Q filed October 29, 2025. Cited figures are marked; the original filing is the authoritative source.
Boeing Co. reported a net loss attributable to shareholders of $5,985 milliona for the nine months ended September 30, 2025, a notable improvement from the $7,952 million loss in the same period of 2024.
Total revenues increased significantly to $65,515 millionb from $51,275 million year-over-year, driven primarily by higher deliveries in the Commercial Airplanes segment and improved performance in Defense, Space & Security due to lower unfavorable contract adjustments. Despite the revenue growth and reduced net loss, the company continues to face operational challenges. The Commercial Airplanes segment reported a substantial operating loss of $6,447 million, impacted by a significant reach-forward loss on the 777X program.
However, the Defense, Space & Security segment swung to a profit of $379 millionc from a loss of $3,146 million, and Global Services maintained strong profitability with earnings of $2,930 million. The company's liquidity remains adequate with $6.2 billion in cash and $10.0 billion in unused borrowing capacity, though capital expenditures are expected to increase.
02—Key points
Key Highlights
- Total revenues increased 28% year-over-year to $65.5 billion for the nine months ended September 30, 2025, driven by a strong rebound in Commercial Airplanes deliveries.
- Net loss attributable to shareholders improved to $5.98 billion from $7.95 billion in the prior year period, indicating progress in operational efficiency.
- The Commercial Airplanes segment recorded a significant operating loss of $6.45 billion, heavily influenced by an incremental reach-forward loss of $4.9 billion on the 777X program.
- The Defense, Space & Security segment turned profitable, reporting $379 million in operating earnings compared to a $3.15 billion loss in the prior year, largely due to reduced unfavorable contract adjustments.
- Global Services segment demonstrated continued strength, with operating earnings of $2.93 billion, up from $2.62 billion year-over-year.
- The company's backlog increased substantially to $635.7 billion from $521.3 billion, primarily driven by new orders in Commercial Airplanes.
- Liquidity remains robust with $6.2 billion in cash and cash equivalents and $10.0 billion in available credit facilities as of September 30, 2025.
03—One dollar
Follow one dollar
For each $1.00 of revenue in Q3 FY2025, Boeing Co lost $0.23.
- Revenue$23.27B100.0%
- Cost of revenue−$25.64B110.2%
- Gross profit−$2.38B10.2%
- Operating costs−$2.41B10.3%
- Operating income−$4.78B20.5%
- Interest, other & tax−$556.0M2.4%
- Net income−$5.34B22.9%
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2025filed October 29, 2025Financial Statements
Q3 FY2025 against Q3 FY2024
| Line item | Q3 FY2025Q3 FY2024 | Change |
|---|---|---|
| Revenue | $23.27B$17.84B | +30.4% |
| Cost of Revenue | $25.64B$21.35B | +20.1% |
| Gross Profit | -$2.38B-$3.51B | +32.3% |
| R&D Expenses | $897.00M$1.15B | −22.3% |
| Operating Income | -$4.78B-$5.76B | +17.0% |
| Net Income | -$5.34B-$6.17B | +13.5% |
| EPS (Basic) | $-7.14$-9.97 | +28.4% |
| EPS (Diluted) | $-7.14$-9.97 | +28.4% |
| Shares Outstanding (Basic) | 759.90M618.60M | +22.8% |
| Shares Outstanding (Diluted) | 759.90M618.60M | +22.8% |
05—Questions
Frequently Asked Questions
What is the primary driver behind the improvement in net loss?
The improvement in net loss is primarily driven by a significant increase in total revenues, particularly from higher deliveries in the Commercial Airplanes segment, and a substantial turnaround in the Defense, Space & Security segment's operating performance, which swung from a loss to a profit due to reduced unfavorable contract adjustments.
What are the main challenges facing the Commercial Airplanes segment?
The Commercial Airplanes segment continues to grapple with significant operating losses, largely attributable to an incremental reach-forward loss of $4.9 billion recognized on the 777X program due to certification delays and production challenges. Additionally, the segment is managing the ongoing impacts of regulatory scrutiny following the 737-9 accident and related quality control issues.
How is Boeing managing its liquidity and debt levels?
Boeing maintains a solid liquidity position with $6.2 billion in cash and cash equivalents and $10.0 billion in unused borrowing capacity on its credit facilities. Total debt has slightly decreased to $53.4 billion. The company expects to access capital markets for funding needs, though it notes potential risks from credit rating downgrades or market disruptions.
What is the outlook for the Spirit AeroSystems acquisition?
The acquisition of Spirit AeroSystems is still expected to close in 2025, subject to regulatory approvals and customary closing conditions. Boeing is working through requirements, including the sale of certain Spirit operations to Airbus, and has provided financial support to Spirit. The merger agreement has an outside date of December 31, 2025.
06—Continue