Company: BA
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0001628280-25-047023
Chunk: 117

Company: BOEING CO
Filing Date: 2025-10-29
Form: 10-Q
Item: Item 1
Chunk 117
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 reductions, cancellations and/or delays of existing contracts or programs. Any of these impacts could have a material effect on our financial position, results of operations and/or cash flows.

The non-U.S. market continues to be driven by complex and evolving security challenges and the need to modernize aging equipment and inventories. BDS expects that it will continue to have a wide range of opportunities across Asia, Europe and the Middle East given the diverse regional threats. At September 30, 2025, 20% of BDS backlog was attributable to non-U.S. customers.

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Results of Operations

(Dollars in millions)Nine months ended September 30Three months ended September 302025202420252024Revenues$19,817 $18,507 $6,902 $5,536 Earnings/(loss) from operations$379 ($3,146)$114 ($2,384)Operating margins1.9 %(17.0)%1.7 %(43.1)%

Since our operating cycle is long-term and involves many different types of development and production contracts with varying delivery and milestone schedules, the operating results of a particular period may not be indicative of future operating results. In addition, depending on the customer and their funding sources, our orders might be structured as annual follow-on contracts, or as one large multi-year order or long-term award. As a result, period-to-period comparisons of backlog are not necessarily indicative of future workloads. The 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:

Nine months ended September 30Three months ended September 302025202420252024F/A-18 Models12531F-15 Models71033T-7A Red Hawk11CH-47 Chinook (New)12CH-47 Chinook (Renewed)9722AH-64 Apache (New)141087AH-64 Apache (Remanufactured)2824711MH-139 Grey Wolf63 13P-8 Models4421KC-46 Tanker91045Commercial Satellites42Total94763234

Revenues

BDS revenues for the nine months ended September 30, 2025, increased by $1,310 million compared with the same period in 2024. The increase is primarily due to $1,438 million lower net unfavorable cumulative contract catch-up adjustments compared to the prior year comparable period. The increase