Company: BA
Filing Date: 2025-02-03
Form Type: 10-K
Source: 0000012927-25-000015
Chunk: 237

Company: BOEING CO
Filing Date: 2025-02-03
Form: 10-K
Item: Item 3
Chunk 237
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 rate in the global fleet over a 20-year period. Based on long-term global economic growth projections of 2.6% in average annual gross domestic product, we project demand for approximately 43,975 new airplanes over the next 20 years. The industry remains vulnerable to exogenous developments including fuel price spikes, potential new or increased tariffs, changing energy policies, credit market shocks, acts of terrorism, natural disasters, conflicts, epidemics, pandemics and increased global environmental regulations.

At BDS, we continue to see stable demand reflecting the important role our products and services have in ensuring our national security. Outside of the U.S., we are seeing similar solid demand as governments prioritize security, defense technology and global cooperation given evolving threats. We continue to experience production disruptions and inefficiencies due to technical challenges, supplier disruption and factory performance. These factors have contributed to significant earnings charges on fixed-price development programs as well as on a number of mature programs which are continuing to adversely affect margins and cash flows.

At BGS, we expect commercial revenues to remain strong in future quarters as the commercial airline industry has largely recovered and transitions to growth. The demand outlook for our government services business remains stable.

25

Consolidated Results of Operations 

The following table summarizes key indicators of consolidated results of operations:

(Dollars in millions, except per share data)Years ended December 31,202420232022Revenues$66,517 $77,794 $66,608 GAAPLoss from operations($10,707)($773)($3,519)Operating margins(16.1)%(1.0)%(5.3)%Effective income tax rate3.1 %(11.8)%(0.6)%Net loss attributable to Boeing shareholders($11,817)($2,222)($4,935)Diluted loss per share($18.36)($3.67)($8.30)Non-GAAP (1)Core operating loss($11,811)($1,829)($4,662)Core operating margins(17.8)%(2.4)%(7.0)%Core loss per share($20.38)($5.81)($11.06)

(1)These measures exclude certain components of pension and other postretirement benefit expense. See pages 46 - 48 for important information about these non-GAAP measures and reconciliations to the most directly comparable GAAP measures.

Revenues 

The following table summarizes Revenues:

(D