Company: BA
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0000012927-25-000031
Chunk: 110

Company: BOEING CO
Filing Date: 2025-04-23
Form: 10-Q
Item: Item 3
Chunk 110
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 same period in 2024, primarily due to higher government services revenue, partially offset by lower commercial services revenue. The net unfavorable impact of cumulative contract catch-up adjustments for the three months ended March 31, 2025 was $8 million lower than the prior year comparable period.

Earnings From Operations

BGS earnings from operations for the three months ended March 31, 2025 increased by $27 million compared with the same period in 2024, primarily due to higher government services revenue. The net unfavorable impact of cumulative contract catch-up adjustments for the three months ended March 31, 2025 was $2 million lower than the prior year comparable period.

Backlog

BGS total backlog increased from $21,403 million at December 31, 2024 to $22,036 million at March 31, 2025, primarily due to the timing of awards, partially offset by revenue recognized on contracts awarded in prior years.

Liquidity and Capital Resources

Cash Flow Summary

(Dollars in millions)Three months ended March 3120252024Net loss($31)($355)Non-cash items1,128 1,198 Changes in assets and liabilities(2,713)(4,205)Net cash used by operating activities(1,616)(3,362)Net cash (used)/provided by investing activities(1,717)2,074 Net cash used by financing activities(338)(4,462)Effect of exchange rate changes on cash and cash equivalents12 (28)Net decrease in cash & cash equivalents, including restricted(3,659)(5,778)Cash & cash equivalents, including restricted, at beginning of year13,822 12,713 Cash & cash equivalents, including restricted, at end of period$10,163 $6,935 

Operating Activities Net cash used by operating activities was $1.6 billion during the three months ended March 31, 2025, compared with $3.4 billion during the same period in 2024. The $1.8 billion decrease in net cash used by operating activities was primarily driven by higher commercial airplane deliveries, lower customer considerations and working capital improvements.

45

Changes in assets and liabilities during the three months ended March 31, 2025, improved by $1.5 billion compared with the same period in 2024, primarily driven by favorable changes in Inventories ($2.3 billion), Unbilled receivables ($0.7 billion