Company: BA
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0000012927-25-000031
Chunk: 97

Company: BOEING CO
Filing Date: 2025-04-23
Form: 10-Q
Item: Item 3
Chunk 97
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 programs resumed in December 2024 and gradually ramped up during the first quarter of 2025.

Consolidated Results of Operations and Financial Condition

Consolidated Results of Operations

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

(Dollars in millions, except per share data)Three months ended March 3120252024Revenues$19,496 $16,569 GAAPEarnings/(loss) from operations$461 ($86)Operating margins2.4 %(0.5)%Effective income tax rate140.8 %6.1 %Net loss attributable to Boeing shareholders($37)($343)Diluted loss per share($0.16)($0.56)Non-GAAP (1)Core operating earnings/(loss)$199 ($388)Core operating margins1.0 %(2.3)%Core loss per share($0.49)($1.13)

(1)These measures exclude certain components of pension and other postretirement benefit expense. See pages 47-48 for important information about these non-GAAP measures and reconciliations to the most directly comparable GAAP measures.

34

Revenues 

The following table summarizes Revenues:

(Dollars in millions)Three months ended March 3120252024Commercial Airplanes$8,147 $4,653 Defense, Space & Security6,298 6,950 Global Services5,063 5,045 Unallocated items, eliminations and other(12)(79)Total$19,496 $16,569 

Revenues for the three months ended March 31, 2025, increased by $2,927 million compared with the same period in 2024 driven by higher revenues at Commercial Airplanes (BCA) and Global Services (BGS), partially offset by lower revenues at Defense, Space & Security (BDS). BCA revenues increased by $3,494 million primarily due to higher deliveries and the absence of 737-9 customer considerations. BGS revenues increased by $18 million primarily due to higher government services revenue, partially offset by lower commercial services revenue. BDS revenues decreased by $652 million primarily driven by lower volume and the absence of a favorable MQ-25 contract modification that was awarded in the first quarter of 2024, partially offset by lower net unfavorable cumulative catch-up adjustments compared to the comparable period in the prior year.

Revenues will continue to be significantly impacted until deliveries ramp up, the