Company: BA
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0000012927-25-000031
Chunk: 12

Company: BOEING CO
Filing Date: 2025-04-23
Form: 10-Q
Item: Item 2
Chunk 12
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 following discussions of comparative results among periods should be viewed in this context.

Deliveries of new-build production units, including remanufactures and modifications, were as follows:

Three months ended March 3120252024F/A-18 Models51F-15 Models11CH-47 Chinook (New)11CH-47 Chinook (Renewed)21AH-64 Apache (New)4AH-64 Apache (Remanufactured)116MH-139 Grey Wolf1P-8 Models11KC-46 Tanker3Total2614

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Revenues

BDS revenues for the three months ended March 31, 2025, decreased by $652 million compared with the same period in 2024. The decrease is primarily due to lower volume on P-8, KC-46 Tanker, ground-based missile defense, proprietary, and E-7 programs, as well as the absence of a favorable MQ-25 contract modification that was awarded during the first quarter of 2024. The decrease in revenue was partially offset by $70 million lower net unfavorable cumulative catch-up adjustments compared to the prior year comparable period. 

Earnings From Operations

BDS earnings from operations for the three months ended March 31, 2025, was $155 million, compared with $151 million in the same period in 2024. The increase in earnings is primarily due to lower net unfavorable cumulative catch-up adjustments of $213 million compared to the comparable period in the prior year. The lower net unfavorable cumulative catch-up adjustments were largely offset by lower earnings from equity method investments and lower volume and mix on P-8, F-15, E-7, and ground-based missile defense programs. During the three months ended March 31, 2025, losses incurred on the five major fixed-price development programs totaled $0 million compared to $222 million in the same period in 2024.

See further discussion of fixed-price contracts in Note 10 to our Condensed Consolidated Financial Statements. 

BDS earnings from operations includes our share of earnings from equity method investments of $6 million for the three months ended March 31, 2025, compared with $75 million for the three months ended March 31, 2024. 

Backlog

BDS backlog of $61,567 million at March 31, 2025 compared with $64,023 million as of December 31, 2024, reflects revenue recognized on contracts awarded in prior periods and the timing of awards.