Company: BA
Filing Date: 2025-07-29
Form Type: 10-Q
Source: 0000012927-25-000062
Chunk: 17

Company: BOEING CO
Filing Date: 2025-07-29
Form: 10-Q
Item: Item 2
Chunk 17
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Operating Activities Net cash used by operating activities was $1.4 billion during the six months ended June 30, 2025, compared with $7.3 billion during the same period in 2024. The $5.9 billion decrease in net cash used by operating activities was primarily driven by higher commercial airplane deliveries, lower customer considerations and working capital improvements.

Changes in assets and liabilities during the six months ended June 30, 2025, improved by $4.7 billion compared with the same period in 2024, primarily driven by favorable changes in Inventories ($5.6 billion) and Unbilled receivables ($0.4 billion), partially offset by unfavorable changes in Advances and progress billings ($2.5 billion). The change in Inventories was primarily driven by higher deliveries on our commercial airplane programs during the six months ended June 30, 2025 as compared to the same period in 2024. The change in Unbilled receivables during the six months ended June 30, 2025 was primarily driven by a decrease in revenue recognized in excess of billings at BDS compared to the same period in 2024. The change in Advances and progress billings during the six months ended June 30, 2025 compared to the same period in 2024 was primarily driven by increased commercial airplane deliveries and revenue recognized at BDS, partially offset by higher advances on commercial airplane orders. Concessions paid to 737 MAX customers totaled $0.1 billion and $0.7 billion for the six months ended June 30, 2025 and 2024.

Payables to suppliers who elected to participate in supply chain financing programs decreased by $1.1 billion and $0.2 billion during the six months ended June 30, 2025 and 2024. Supply chain financing is not material to our overall liquidity.

Investing Activities Net cash used by investing activities during the six months ended June 30, 2025, was $3,946 million, compared with $26 million during the same period in 2024. The increase in cash used was primarily due to net contributions to investments of $2.7 billion in 2025 compared with net proceeds 

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from investments of $1.6 billion in 2024. During the six months ended June 30, 2025 and 2024, capital expenditures were $1.1 billion and $1.0 billion. We continue to expect capital expenditures in 202