# EDGAR Filing Document

**Accession Number:** 0000012927
**File Stem:** 0001628280-25-046915
**Filing Date:** 2025-10
**Character Count:** 44112
**Document Hash:** d8b0c19fd380902bf93e80c9e8c80551
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-046915.hdr.sgml**: 20251029

**ACCESSION NUMBER**: 0001628280-25-046915

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20251029

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251029

**DATE AS OF CHANGE**: 20251029

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BOEING CO
- **CENTRAL INDEX KEY:** 0000012927
- **STANDARD INDUSTRIAL CLASSIFICATION:** AIRCRAFT [3721]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 910425694
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-00442
- **FILM NUMBER:** 251426856

**BUSINESS ADDRESS:**
- **STREET 1:** 929 LONG BRIDGE DRIVE
- **CITY:** ARLINGTON
- **STATE:** VA
- **ZIP:** 22202
- **BUSINESS PHONE:** 7034146338

**MAIL ADDRESS:**
- **STREET 1:** 929 LONG BRIDGE DRIVE
- **CITY:** ARLINGTON
- **STATE:** VA
- **ZIP:** 22202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BOEING AIRPLANE CO
- **DATE OF NAME CHANGE:** 19730725

?xml version='1.0' encoding='ASCII'? ba-20251029

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of Earliest Event Reported): **October 29, 2025** 

---

| |
|:---|
| **THE BOEING COMPANY** |
| (Exact name of registrant as specified in its charter) |

---

---

| | | |
|:---|:---|:---|
| **Delaware** | **1-442** | **91-0425694** |
| **(State or other jurisdiction of<br>incorporation or organization)** | **(Commission file number)** | **(I.R.S. Employer Identification No.)** |

---

---

| | |
|:---|:---|
| **929 Long Bridge Drive, Arlington, VA** | **22202** |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

---

| |
|:---|
| **(703) 465-3500** |
| **(Registrant's telephone number, including area code)** |

---

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| **Common Stock, $5.00 Par Value** | **BA** | **New York Stock Exchange** |
| **Depositary Shares, each representing a 1/20th interest in a share of 6.00% Series A Mandatory Convertible Preferred Stock, $1.00 Par Value** | **BA-PRA** | **New York Stock Exchange** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02 Results of Operations and Financial Condition.**

On October 29, 2025, The Boeing Company issued a press release reporting its financial results for the third quarter of 2025. A copy of the Company's press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

**Item 9.01 Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits.

---

| | |
|:---|:---|
| **Exhibit<br>Number** | **Description** |
| 99.1 | <u>[Press Release issued by The Boeing Company dated](a202509sep308kprex991.htm)[October](a202509sep308kprex991.htm)[29, 2025, reporting Boeing's financial results for the](a202509sep308kprex991.htm)[third](a202509sep308kprex991.htm)[quarter of 2025, furnished herewith.](a202509sep308kprex991.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

---

| | |
|:---|:---|
| | THE BOEING COMPANY |
| | (Registrant) |
| October 29, 2025 | /s/ Michael J. Cleary |
| (Date) | Michael J. Cleary |
| | Senior Vice President and Controller |

---

## Exhibit 99.1

Exhibit 99.1

![boeing.jpg](boeing.jpg)

**Boeing Reports Third Quarter Results**

***Third Quarter 2025***

&nbsp;&nbsp;&nbsp;&nbsp;*• 737 stabilized production at 38 per month; jointly agreed with FAA in October to increase to 42 per month*

&nbsp;&nbsp;&nbsp;&nbsp;*• Revenue increased to $23.3 billion primarily reflecting 160 commercial deliveries*

&nbsp;&nbsp;&nbsp;&nbsp;*• Earnings reflects impact of $4.9 billion charge associated with updated 777X certification timing*

&nbsp;&nbsp;&nbsp;&nbsp;*• Operating cash flow of $1.1 billion and free cash flow (non-GAAP)\* of $0.2 billion*

&nbsp;&nbsp;&nbsp;&nbsp;*• Total company backlog grew to $636 billion, including over 5,900 commercial airplanes*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Third Quarter** | **Third Quarter** | | **Nine Months** | **Nine Months** | |
| **Table 1. Summary Financial Results**<br>**(Dollars in Millions, except per share data)** | **2025** | **2024** |<br>**Change** | **2025** | **2024** |<br>**Change** |
| **Revenues** | **$23270** | **$17840** | *30%* | **$65515** | **$51275** | *28%* |
| **<u>GAAP</u>** |  |  |  |  |  |  |
| **Loss from operations** | **($4781)** | **($5761)** | *NM* | **($4496)** | **($6937)** | *NM* |
| **Operating margins** | **(20.5)%** | **(32.3)%** | *NM* | **(6.9)%** | **(13.5)%** | *NM* |
| **Net loss** | **($5339)** | **($6174)** | *NM* | **($5982)** | **($7968)** | *NM* |
| **Diluted loss per share** | **($7.14)** | **($9.97)** | *NM* | **($8.25)** | **($12.91)** | *NM* |
| **Operating cash flow** | **$1123** | **($1345)** | *NM* | **($266)** | **($8630)** | *NM* |
| **<u>Non-GAAP\*</u>** |  |  |  |  |  |  |
| **Core operating loss** | **($5049)** | **($5989)** | *NM* | **($5283)** | **($7769)** | *NM* |
| **Core operating margins** | **(21.7)%** | **(33.6)%** | *NM* | **(8.1)%** | **(15.2)%** | *NM* |
| **Core loss per share** | **($7.47)** | **($10.44)** | *NM* | **($9.22)** | **($14.52)** | *NM* |

---

*\*Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on page 5, "Non-GAAP Measures Disclosures."***&nbsp;&nbsp;&nbsp;&nbsp;**

**&nbsp;&nbsp;&nbsp;&nbsp;ARLINGTON, Va., October 29, 2025** – The Boeing Company [NYSE: BA] recorded third quarter revenue of $23.3 billion, reflecting improved operational performance and higher commercial delivery volume. GAAP loss per share of ($7.14) and core loss per share (non-GAAP)\* of ($7.47) primarily reflect a pre-tax earnings charge of $4.9 billion on the 777X program, which increased the loss per share by $6.45. The company reported operating cash flow of $1.1 billion and free cash flow (non-GAAP)\* of $0.2 billion. Total company backlog at quarter end was $636 billion.

"With a sustained focus on safety and quality, we achieved important milestones in our recovery as we generated positive free cash flow in the quarter and jointly agreed with the FAA in October to increase 737 production to 42 per month," said Kelly Ortberg, Boeing president and chief executive officer. "While we are disappointed in the 777X schedule delay, the airplane continues to perform well in flight testing, and we remain focused on the work ahead to complete our development programs and stabilize our operations in order to fully recover our company's performance and restore trust with all of our stakeholders."

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Third Quarter** | **Third Quarter** | **Nine Months** | **Nine Months** |
| **Table 2. Cash Flow**<br>**(Millions)** | **2025** | **2024** | **2025** | **2024** |
| **Operating cash flow** | **$1123** | **($1345)** | **($266)** | **($8630)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less additions to property, plant & equipment | **($885)** | **($611)** | **($1986)** | **($1582)** |
| **Free cash flow\*** | **$238** | **($1956)** | **($2252)** | **($10212)** |

---

*\*Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on page 5, "Non-GAAP Measures Disclosures."***&nbsp;&nbsp;&nbsp;&nbsp;**

&nbsp;&nbsp;&nbsp;&nbsp;Operating cash flow was $1.1 billion in the quarter reflecting higher commercial deliveries, as well as working capital timing.

---

| | | |
|:---|:---|:---|
| | **Quarter End** | **Quarter End** |
| **Table 3. Cash, Marketable Securities and Debt Balances**<br>**(Billions)** | **3Q 2025** | **2Q 2025** |
| **Cash and investments in marketable securities**<sup>1</sup> | **$23.0** | **$23.0** |
| **Consolidated debt** | **$53.4** | **$53.3** |

---

<sup>1</sup> *Marketable securities consist primarily of time deposits due within one year classified as "short-term investments."*

&nbsp;&nbsp;&nbsp;&nbsp;Cash and investments in marketable securities totaled $23.0 billion, which remained stable compared to the prior quarter. The company maintains access to credit facilities of $10.0 billion, which remain undrawn.

------

**<u>Segment Results</u>**

**Commercial Airplanes**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Third Quarter** | **Third Quarter** | | **Nine Months** | **Nine Months** | |
| **Table 4. Commercial Airplanes**<br>**(Dollars in Millions)** | **2025** | **2024** |<br>**Change** | **2025** | **2024** |<br>**Change** |
| **Deliveries** | **160** | **116** | *38%* | **440** | **291** | *51%* |
| **Revenues** | **$11094** | **$7443** | *49%* | **$30115** | **$18099** | *66%* |
| **Loss from operations** | **($5353)** | **($4021)** | *NM* | **($6447)** | **($5879)** | *NM* |
| **Operating margins** | **(48.3)%** | **(54.0)%** | *NM* | **(21.4)%** | **(32.5)%** | *NM* |

---

Commercial Airplanes third quarter revenue increased to $11.1 billion primarily reflecting higher deliveries. Third quarter operating margin was impacted by a charge on the 777X program.

The 737 program stabilized production at 38 per month in the quarter and jointly agreed with the Federal Aviation Administration in October to increase to 42 per month. The 787 program continued stabilizing production at seven per month and progressed on previously-announced investments to expand South Carolina operations. During the quarter, the company updated its assessment of the 777-9 certification timeline and now anticipates first delivery in 2027, resulting in a pre-tax earnings charge of $4.9 billion.

Commercial Airplanes booked 161 net orders in the quarter, including 50 787 airplanes for Turkish Airlines and 30 737-8 airplanes for Norwegian Group. Commercial Airplanes delivered 160 airplanes, the highest quarterly total since 2018, and backlog included over 5,900 airplanes valued at $535 billion.

**Defense, Space & Security**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Third Quarter** | **Third Quarter** | | **Nine Months** | **Nine Months** | |
| **Table 5. Defense, Space & Security**<br>**(Dollars in Millions)** | **2025** | **2024** |<br>**Change** | **2025** | **2024** |<br>**Change** |
| **Revenues** | **$6902** | **$5536** | *25%* | **$19817** | **$18507** | *7%* |
| **Earnings/(loss) from operations** | **$114** | **($2384)** | *NM* | **$379** | **($3146)** | *NM* |
| **Operating margins** | **1.7%** | **(43.1)%** | *NM* | **1.9%** | **(17.0)%** | *NM* |

---

Defense, Space & Security third quarter revenue of $6.9 billion and operating margin of 1.7 percent reflect stabilizing operational performance and higher volume.

During the quarter, Defense, Space & Security secured a contract from the U.S. Space Force to enhance strategic satellite communication capabilities and partnered with the Royal Australian Air Force to successfully demonstrate autonomous operational capabilities of the MQ-28 Ghost Bat. Backlog at Defense, Space & Security grew to $76 billion with 20 percent representing orders from customers outside the U.S.

------

**Global Services**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Third Quarter** | **Third Quarter** | | **Nine Months** | **Nine Months** | |
| **Table 6. Global Services**<br>**(Dollars in Millions)** | **2025** | **2024** |<br>**Change** | **2025** | **2024** |<br>**Change** |
| **Revenues** | **$5370** | **$4901** | *10%* | **$15714** | **$14835** | *6%* |
| **Earnings from operations** | **$938** | **$834** | *12%* | **$2930** | **$2620** | *12%* |
| **Operating margins** | **17.5%** | **17.0%** | *0.5 pts* | **18.6%** | **17.7%** | *0.9 pts* |

---

Global Services third quarter revenue was $5.4 billion driven by higher volume. Operating margin of 17.5 percent primarily reflects favorable commercial volume and mix.

In the quarter, Global Services captured an award from the U.S. Navy for the repair of F/A-18 aircraft landing gear and announced a strategic collaboration agreement with Korean Air focused on advancing predictive maintenance analytics.

**Additional Financial Information**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Third Quarter** | **Third Quarter** | **Nine Months** | **Nine Months** |
| **Table 7. Additional Financial Information**<br>**(Dollars in Millions)** | **2025** | **2024** | **2025** | **2024** |
| **Revenues** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unallocated items, eliminations and other | **($96)** | **($40)** | **($131)** | **($166)** |
| **Loss from operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unallocated items, eliminations and other | **($748)** | **($418)** | **($2145)** | **($1364)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FAS/CAS service cost adjustment | **$268** | **$228** | **$787** | **$832** |
| **Other income, net** | **$276** | **$265** | **$924** | **$790** |
| **Interest and debt expense** | **($694)** | **($728)** | **($2112)** | **($1970)** |
| **Effective tax rate** | **(2.7)%** | **0.8%** | **(5.2)%** | **1.8%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;Unallocated items, eliminations and other primarily reflects timing of allocations.

------

**<u>Non-GAAP Measures Disclosures</u>**

&nbsp;&nbsp;&nbsp;&nbsp;We supplement the reporting of our financial information determined under Generally Accepted Accounting Principles in the United States of America (GAAP) with certain non-GAAP financial information. The non-GAAP financial information presented excludes certain significant items that may not be indicative of, or are unrelated to, results from our ongoing business operations. We believe that these non-GAAP measures provide investors with additional insight into the company's ongoing business performance. These non-GAAP measures should not be considered in isolation or as a substitute for the related GAAP measures, and other companies may define such measures differently. We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. The following definitions are provided:

<u>Core Operating Earnings/(Loss), Core Operating Margins and Core Earnings/(Loss) Per Share</u> 

&nbsp;&nbsp;&nbsp;&nbsp;Core operating earnings/(loss) is defined as GAAP *Earnings/(*l*oss) from operations* excluding the *FAS/CAS service cost adjustment.* The *FAS/CAS service cost adjustment* represents the difference between the Financial Accounting Standards (FAS) pension and postretirement service costs calculated under GAAP and costs allocated to the business segments. Core operating margins is defined as Core operating earnings/(loss) expressed as a percentage of revenue. Core earnings/(loss) per share is defined as GAAP *Diluted earnings/(loss) per share* excluding the net earnings/(loss) per share impact of the *FAS/CAS service cost adjustment* and *Non-operating pension and postretirement expenses*. Non-operating pension and postretirement expenses represent the components of net periodic benefit costs other than service cost. Pension costs allocated to BDS and BGS businesses supporting government customers are computed in accordance with U.S. Government Cost Accounting Standards (CAS), which employ different actuarial assumptions and accounting conventions than GAAP. CAS costs are allocable to government contracts. Other postretirement benefit costs are allocated to all business segments based on CAS, which is generally based on benefits paid. Management uses core operating earnings/(loss), core operating margins and core earnings/(loss) per share for purposes of evaluating and forecasting underlying business performance. Management believes these core measures provide investors additional insights into operational performance as they exclude non-service pension and post-retirement costs, which primarily represent costs driven by market factors and costs not allocable to government contracts. A reconciliation of these non-GAAP measures to the most directly comparable GAAP measure is provided on page 12 and 13.

<u>Free Cash Flow</u>

&nbsp;&nbsp;&nbsp;&nbsp;Free cash flow is GAAP *operating cash flow* reduced by capital expenditures for *property, plant and equipment*. Management believes free cash flow provides investors with an important perspective on the cash available for shareholders, debt repayment, and acquisitions after making the capital investments required to support ongoing business operations and long term value creation. Free cash flow does not represent the residual cash flow available for discretionary expenditures as it excludes certain mandatory expenditures such as repayment of maturing debt. Management uses free cash flow as a measure to assess both business performance and overall liquidity. See Table 2 on page 2 for a reconciliation of free cash flow to the most directly comparable GAAP measure, operating cash flow.

------

**Caution Concerning Forward-Looking Statements**

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "may," "will," "should," "expects," "intends," "projects," "plans," "believes," "estimates," "targets," "anticipates," and other similar words or expressions, or the negative thereof, generally can be used to help identify these forward-looking statements. Examples of forward-looking statements include statements relating to our future financial condition and operating results, industry projections and outlooks, plans, objectives and goals, as well as any other statement that does not directly relate to any historical or current fact. Forward-looking statements are based on expectations and assumptions that we believe to be reasonable when made, but that may not prove to be accurate.

These statements are not guarantees and are subject to risks, uncertainties, and changes in circumstances that are difficult to predict. Many factors could cause actual results to differ materially and adversely from these forward-looking statements. Among these factors are risks related to: (1) general conditions in the economy and our industry, including those due to regulatory changes; (2) our reliance on our commercial airline customers; (3) the overall health of our aircraft production system, production quality issues, commercial airplane production rates, our ability to successfully develop and certify new aircraft or new derivative aircraft, and the ability of our aircraft to meet stringent performance and reliability standards; (4) changing budget and appropriation levels and acquisition priorities of the U.S. government, as well as the government shutdown and/or significant delays in U.S. government appropriations; (5) our dependence on our subcontractors and suppliers, as well as the availability of highly skilled labor and raw materials; (6) work stoppages or other labor disruptions; (7) competition within our markets; (8) our non-U.S. operations and sales to non-U.S. customers, including tariffs, trade restrictions and government actions; (9) changes in accounting estimates; (10) our pending acquisition of Spirit AeroSystems Holdings, Inc. (Spirit), including the satisfaction of closing conditions in the expected timeframe or at all; (11) realizing the anticipated benefits of mergers, acquisitions, joint ventures/strategic alliances or divestitures, including anticipated synergies and quality improvements related to our pending acquisition of Spirit; (12) our dependence on U.S. government contracts; (13) our reliance on fixed-price contracts; (14) our reliance on cost-type contracts; (15) contracts that include in-orbit incentive payments; (16) management of a complex, global IT infrastructure; (17) compromised or unauthorized access to our, our customers' and/or our suppliers' information and systems; (18) potential business disruptions, including threats to physical security or our information technology systems, extreme weather (including effects of climate change) or other acts of nature, and pandemics or other public health crises; (19) potential adverse developments in new or pending litigation and/or government inquiries or investigations; (20) potential environmental liabilities; (21) effects of climate change and legal, regulatory or market responses to such change; (22) credit rating agency actions and our ability to effectively manage our liquidity; (23) substantial pension and other postretirement benefit obligations; (24) the adequacy of our insurance coverage; (25) customer and aircraft concentration in our customer financing portfolio; (26) the dilutive effect of future issuances of our common stock; and (27) the preferential treatment of our 6.00% mandatory convertible preferred stock.

Additional information concerning these and other factors can be found in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Any forward-looking statement speaks only as of the date on which it is made, and we assume no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.

\# \# \#

Contact:

---

| | |
|:---|:---|
| Investor Relations: | Eric Hill or David Dufault <u>BoeingInvestorRelations@boeing.com</u>  |
| Communications: | Wilson Chow <u>media@boeing.com</u>  |

---

------

**The Boeing Company and Subsidiaries**

**Consolidated Statements of Operations**

(Unaudited)

`

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Nine months ended September 30** | **Nine months ended September 30** | **Three months ended September 30** | **Three months ended September 30** |
| *(Dollars in millions, except per share data)* | **2025** | 2024 | **2025** | 2024 |
| Sales of products | **$54911** | $41326 | **$19642** | $14534 |
| Sales of services | **10604** | 9949 | **3628** | 3306 |
| **Total revenues** | **65515** | 51275 | **23270** | 17840 |
| Cost of products | **(54522)** | (43384) | **(22737)** | (18413) |
| Cost of services | **(8516)** | (8293) | **(2908)** | (2934) |
| **Total costs and expenses** | **(63038)** | (51677) | **(25645)** | (21347) |
|  | **2477** | (402) | **(2375)** | (3507) |
| Income/(loss) from operating investments, net | **42** | 59 | **14** | (15) |
| General and administrative expense | **(4427)** | (3623) | **(1522)** | (1085) |
| Research and development expense, net | **(2651)** | (2976) | **(897)** | (1154) |
| Gain/(loss) on dispositions, net | **63** | 5 | **(1)** |  |
| **Loss from operations** | **(4496)** | (6937) | **(4781)** | (5761) |
| Other income, net | **924** | 790 | **276** | 265 |
| Interest and debt expense | **(2112)** | (1970) | **(694)** | (728) |
| **Loss before income taxes** | **(5684)** | (8117) | **(5199)** | (6224) |
| Income tax (expense)/benefit | **(298)** | 149 | **(140)** | 50 |
| **Net loss** | **(5982)** | (7968) | **(5339)** | (6174) |
| Less: net earnings/(loss) attributable to noncontrolling interest | **3** | (16) | **(2)** | (4) |
| **Net loss attributable to Boeing shareholders** | **(5985)** | (7952) | **(5337)** | (6170) |
| Less: mandatory convertible preferred stock dividends accumulated during the period | **259** |  | **87** |  |
| **Net loss attributable to Boeing common shareholders** | **($6244)** | ($7952) | **($5424)** | ($6170) |
| **Basic loss per share** | **($8.25)** | ($12.91) | **($7.14)** | ($9.97) |
| **Diluted loss per share** | **($8.25)** | ($12.91) | **($7.14)** | ($9.97) |

---

------

**The Boeing Company and Subsidiaries**

**Consolidated Statements of Financial Position**

(Unaudited)

---

| | | |
|:---|:---|:---|
| *(Dollars in millions, except per share data)* | **September 30<br>2025** | December 31<br>2024 |
| **Assets** |  |  |
| Cash and cash equivalents | **$6173** | $13801 |
| Short-term and other investments | **16811** | 12481 |
| Accounts receivable, net | **3314** | 2631 |
| Unbilled receivables, net | **9032** | 8363 |
| Current portion of financing receivables, net |  | 207 |
| Inventories | **82425** | 87550 |
| Other current assets, net | **2904** | 2965 |
| Assets held for sale | **1473** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current assets** | **122132** | 127998 |
| Financing receivables and operating lease equipment, net | **245** | 314 |
| Property, plant and equipment, net of accumulated depreciation of $23,470 and $22,925 | **12078** | 11412 |
| Goodwill | **7281** | 8084 |
| Acquired intangible assets, net | **1495** | 1957 |
| Deferred income taxes | **44** | 185 |
| Investments | **1050** | 999 |
| Other assets, net of accumulated amortization of $947 and $1,085 | **5698** | 5414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | **$150023** | $156363 |
| **Liabilities and equity** |  |  |
| Accounts payable | **$11732** | $11364 |
| Accrued liabilities | **24364** | 24103 |
| Advances and progress billings | **57962** | 60333 |
| Short-term debt and current portion of long-term debt | **8742** | 1278 |
| Liabilities held for sale | **524** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current liabilities** | **103324** | 97078 |
| Deferred income taxes | **191** | 122 |
| Accrued retiree health care | **2086** | 2176 |
| Accrued pension plan liability, net | **5714** | 5997 |
| Other long-term liabilities | **2350** | 2318 |
| Long-term debt | **44611** | 52586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **158276** | 160277 |
| Shareholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mandatory convertible preferred stock, 6.00% Series A, par value $1.00 - 20,000,000 shares authorized; 5,750,000 shares issued; aggregate liquidation preference $5,750 | **6** | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock, par value $5.00 – 1,200,000,000 shares authorized; 1,012,261,159 shares issued | **5061** | 5061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | **19218** | 18964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasury stock, at cost - 252,587,506 and 263,044,840 shares | **(31109)** | (32386) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | **9118** | 15362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | **(10544)** | (10915) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total shareholders' deficit** | **(8250)** | (3908) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests | **(3)** | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total equity** | **(8253)** | (3914) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and equity** | **$150023** | $156363 |

---

------

**The Boeing Company and Subsidiaries**

**Consolidated Statements of Cash Flows** (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Nine months ended September 30** | **Nine months ended September 30** |
| *(Dollars in millions)* | **2025** | 2024 |
| **Cash flows – operating activities:** |  |  |
| Net loss | **($5982)** | ($7968) |
| Adjustments to reconcile net loss to net cash used by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash items – |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based plans expense | **343** | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasury shares issued for 401(k) contributions | **1173** | 1315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | **1417** | 1327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment/asset impairment charges, net | **32** | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on dispositions, net | **(63)** | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777X and 767 reach-forward losses | **5140** | 3006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other charges and credits, net | **217** | 270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities – |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | **(836)** | (275) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unbilled receivables | **(679)** | (1042) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advances and progress billings | **(2065)** | 1666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | **(116)** | (6854) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets | **227** | (26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | **539** | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | **574** | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes receivable, payable and deferred | **93** | (282) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other long-term liabilities | **(294)** | (228) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension and other postretirement plans | **(436)** | (736) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financing receivables and operating lease equipment, net | **274** | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | **176** | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used by operating activities** | **(266)** | (8630) |
| **Cash flows – investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Payments to acquire property, plant and equipment | **(1986)** | (1582) |
| &nbsp;&nbsp;&nbsp;Proceeds from disposals of property, plant and equipment | **5** | 46 |
| &nbsp;&nbsp;&nbsp;Acquisitions, net of cash acquired |  | (50) |
| &nbsp;&nbsp;&nbsp;Proceeds from dispositions | **35** |  |
| &nbsp;&nbsp;&nbsp;Contributions to investments | **(36337)** | (1751) |
| &nbsp;&nbsp;&nbsp;Proceeds from investments | **32674** | 4546 |
| &nbsp;&nbsp;&nbsp;Supplier notes receivable | **(292)** | (494) |
| &nbsp;&nbsp;&nbsp;Repayments on supplier notes receivable |  | 40 |
| &nbsp;&nbsp;&nbsp;Purchase of distribution rights |  | (88) |
| &nbsp;&nbsp;&nbsp;Other |  | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash (used)/provided by investing activities** | **(5901)** | 653 |
| **Cash flows – financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;New borrowings | **138** | 10120 |
| &nbsp;&nbsp;&nbsp;Debt repayments | **(721)** | (4824) |
| &nbsp;&nbsp;&nbsp;Employee taxes on certain share-based payment arrangements | **(28)** | (73) |
| &nbsp;&nbsp;&nbsp;Dividends paid on mandatory convertible preferred stock | **(244)** |  |
| &nbsp;&nbsp;&nbsp;Other | **43** | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash (used)/provided by financing activities** | **(812)** | 5238 |
| Effect of exchange rate changes on cash and cash equivalents | **39** | 8 |
| **Net decrease in cash & cash equivalents, including restricted** | **(6940)** | (2731) |
| Cash & cash equivalents, including restricted, at beginning of year | **13822** | 12713 |
| **Cash & cash equivalents, including restricted, at end of period** | **6882** | 9982 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less restricted cash & cash equivalents, included in Investments | **709** | 21 |
| **Cash & cash equivalents at end of period** | **$6173** | $9961 |

---

------

**The Boeing Company and Subsidiaries** 

**Summary of Business Segment Data** 

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Nine months ended September 30** | **Nine months ended September 30** | **Three months ended September 30** | **Three months ended September 30** |
| *(Dollars in millions)* | **2025** | 2024 | **2025** | 2024 |
| Revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial Airplanes | **$30115** | $18099 | **$11094** | $7443 |
| &nbsp;&nbsp;&nbsp;Defense, Space & Security | **19817** | 18507 | **6902** | 5536 |
| &nbsp;&nbsp;&nbsp;Global Services | **15714** | 14835 | **5370** | 4901 |
| &nbsp;&nbsp;&nbsp;Unallocated items, eliminations and other | **(131)** | (166) | **(96)** | (40) |
| **Total revenues** | **$65515** | $51275 | **$23270** | $17840 |
| Loss from operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial Airplanes | **($6447)** | ($5879) | **($5353)** | ($4021) |
| &nbsp;&nbsp;&nbsp;Defense, Space & Security | **379** | (3146) | **114** | (2384) |
| &nbsp;&nbsp;&nbsp;Global Services | **2930** | 2620 | **938** | 834 |
| **Segment operating loss** | **(3138)** | (6405) | **(4301)** | (5571) |
| &nbsp;&nbsp;&nbsp;Unallocated items, eliminations and other | **(2145)** | (1364) | **(748)** | (418) |
| &nbsp;&nbsp;&nbsp;FAS/CAS service cost adjustment | **787** | 832 | **268** | 228 |
| **Loss from operations** | **(4496)** | (6937) | **(4781)** | (5761) |
| Other income, net | **924** | 790 | **276** | 265 |
| Interest and debt expense | **(2112)** | (1970) | **(694)** | (728) |
| **Loss before income taxes** | **(5684)** | (8117) | **(5199)** | (6224) |
| Income tax (expense)/benefit | **(298)** | 149 | **(140)** | 50 |
| **Net loss** | **(5982)** | (7968) | **(5339)** | (6174) |
| Less: net earnings/(loss) attributable to noncontrolling interest | **3** | (16) | **(2)** | (4) |
| **Net loss attributable to Boeing shareholders** | **(5985)** | (7952) | **(5337)** | (6170) |
| Less: Mandatory convertible preferred stock dividends accumulated during the period | **259** |  | **87** |  |
| **Net loss attributable to Boeing common shareholders** | **($6244)** | ($7952) | **($5424)** | ($6170) |
| **Research and development expense, net:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial Airplanes | **$1657** | $1852 | **$565** | $779 |
| &nbsp;&nbsp;&nbsp;Defense, Space & Security | **618** | 728 | **198** | 234 |
| &nbsp;&nbsp;&nbsp;Global Services | **91** | 103 | **32** | 36 |
| &nbsp;&nbsp;&nbsp;Other | **285** | 293 | **102** | 105 |
| **Total research and development expense, net** | **$2651** | $2976 | **$897** | $1154 |
| **Unallocated items, eliminations and other:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Share-based plans | **($40)** | $118 | **$11** | $65 |
| &nbsp;&nbsp;&nbsp;Deferred compensation | **(150)** | (100) | **(70)** | (51) |
| &nbsp;&nbsp;&nbsp;Amortization of previously capitalized interest | **(64)** | (70) | **(22)** | (24) |
| &nbsp;&nbsp;&nbsp;Research and development expense, net | **(285)** | (293) | **(102)** | (105) |
| &nbsp;&nbsp;&nbsp;Eliminations and other unallocated items | **(1606)** | (1019) | **(565)** | (303) |
| **Sub-total (included in Core operating loss)** | **(2145)** | (1364) | **(748)** | (418) |
| &nbsp;&nbsp;&nbsp;Pension FAS/CAS service cost adjustment | **588** | 608 | **198** | 148 |
| &nbsp;&nbsp;&nbsp;Postretirement FAS/CAS service cost adjustment | **199** | 224 | **70** | 80 |
| **FAS/CAS service cost adjustment** | **787** | 832 | **$268** | $228 |
| **Total** | **($1358)** | ($532) | **($480)** | ($190) |

---

------

**The Boeing Company and Subsidiaries**

**Operating and Financial Data**

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Deliveries** | **Nine months ended September 30** | **Nine months ended September 30** | **Three months ended September 30** | **Three months ended September 30** |
| Commercial Airplanes | **2025** | 2024 | **2025** | 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737 | **330** | 229 | **121** | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767 | **20** | 15 | **6** | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777 | **29** | 11 | **9** | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787 | **61** | 36 | **24** | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | **440** | 291 | **160** | 116 |
| Defense, Space & Security |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AH-64 Apache (New) | **14** | 10 | **8** | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AH-64 Apache (Remanufactured) | **28** | 24 | **7** | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CH-47 Chinook (New) | **1** | 2 | **—** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CH-47 Chinook (Renewed) | **9** | 7 | **2** | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F-15 Models | **7** | 10 | **3** | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F/A-18 Models | **12** | 5 | **3** | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KC-46 Tanker | **9** | 10 | **4** | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MH-139 | **6** | 3 | **1** | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P-8 Models | **4** | 4 | **2** | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-7A Red Hawk | **—** | 1 | **—** | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Satellites | **4** |  | **2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total**<sup>1</sup> | **94** | 76 | **32** | 34 |

---

<sup>1</sup> *Deliveries of new-build production units, including remanufactures and modifications*

---

| | | |
|:---|:---|:---|
| **Total backlog** *(Dollars in millions)* | **September 30<br>2025** | December 31<br>2024 |
| Commercial Airplanes | **$534613** | $435175 |
| Defense, Space & Security | **76084** | 64023 |
| Global Services | **24634** | 21403 |
| Unallocated items, eliminations and other | **357** | 735 |
| **Total backlog** | **$635688** | $521336 |
| Contractual backlog | **$598551** | $498802 |
| Unobligated backlog | **37137** | 22534 |
| **Total backlog** | **$635688** | $521336 |

---

------

**The Boeing Company and Subsidiaries** 

**Reconciliation of Non-GAAP Measures** 

(Unaudited)

The tables provided below reconcile the non-GAAP financial measures core operating loss, core operating margins, and core loss per share with the most directly comparable GAAP financial measures of loss from operations, operating margins, and diluted loss per share. See page 5 of this release for additional information on the use of these non-GAAP financial measures.

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(Dollars in millions, except per share data)* | **Third Quarter 2025** | **Third Quarter 2025** | Third Quarter 2024 | Third Quarter 2024 |
|  | **$ millions** | **Per Share** | $ millions | Per Share |
| **Revenues** | **$23270** |  | $17840 |  |
| **Loss from operations (GAAP)** | **(4781)** |  | (5761) |  |
| **Operating margins (GAAP)** | ***(20.5)*** *%*** |  | *(32.3) %* |  |
| **FAS/CAS service cost adjustment:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Pension FAS/CAS service cost adjustment | **(198)** |  | (148) |  |
| &nbsp;&nbsp;&nbsp;Postretirement FAS/CAS service cost adjustment | **(70)** |  | (80) |  |
| **FAS/CAS service cost adjustment** | **(268)** |  | (228) |  |
| **Core operating loss (non-GAAP)** | **($5049)** |  | ($5989) |  |
| **Core operating margins (non-GAAP)** | ***(21.7)*** *%*** |  | *(33.6) %* |  |
| **Diluted loss per share (GAAP)** |  | **($7.14)** |  | ($9.97) |
| &nbsp;&nbsp;&nbsp;Pension FAS/CAS service cost adjustment | **($198)** | **($0.26)** | ($148) | ($0.24) |
| &nbsp;&nbsp;&nbsp;Postretirement FAS/CAS service cost adjustment | **(70)** | **(0.09)** | (80) | (0.13) |
| &nbsp;&nbsp;Non-operating pension income | **(42)** | **(0.06)** | (123) | (0.20) |
| &nbsp;&nbsp;Non-operating postretirement income | **(5)** | **(0.01)** | (18) | (0.03) |
| &nbsp;&nbsp;Provision for deferred income taxes on adjustments <sup>1</sup> | **66** | **0.09** | 77 | 0.13 |
| **Subtotal of adjustments** | **($249)** | **($0.33)** | ($292) | ($0.47) |
| **Core loss per share (non-GAAP)** |  | **($7.47)** |  | ($10.44) |
| **Diluted weighted average common shares outstanding (in millions)** |  | **759.9** |  | 618.6 |

---

<sup>1</sup> *The income tax impact is calculated using the U.S. corporate statutory tax rate.*

------

**The Boeing Company and Subsidiaries** 

**Reconciliation of Non-GAAP Measures** 

(Unaudited)

The tables provided below reconcile the non-GAAP financial measures core operating loss, core operating margins, and core loss per share with the most directly comparable GAAP financial measures of loss from operations, operating margins, and diluted loss per share. See page 5 of this release for additional information on the use of these non-GAAP financial measures.

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(Dollars in millions, except per share data)* | **Nine Months 2025** | **Nine Months 2025** | Nine Months 2024 | Nine Months 2024 |
|  | **$ millions** | **Per Share** | $ millions | Per Share |
| **Revenues** | **$65515** |  | $51275 |  |
| **Loss from operations (GAAP)** | **(4496)** |  | (6937) |  |
| **Operating margins (GAAP)** | ***(6.9)*** *%*** |  | *(13.5) %* |  |
| **FAS/CAS service cost adjustment:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Pension FAS/CAS service cost adjustment | **(588)** |  | (608) |  |
| &nbsp;&nbsp;&nbsp;Postretirement FAS/CAS service cost adjustment | **(199)** |  | (224) |  |
| **FAS/CAS service cost adjustment** | **(787)** |  | (832) |  |
| **Core operating loss (non-GAAP)** | **($5283)** |  | ($7769) |  |
| **Core operating margins (non-GAAP)** | **(8.1)%** |  | *(15.2) %* |  |
| **Diluted loss per share (GAAP)** |  | **($8.25)** |  | ($12.91) |
| &nbsp;&nbsp;&nbsp;Pension FAS/CAS service cost adjustment | **($588)** | **($0.78)** | ($608) | ($0.99) |
| &nbsp;&nbsp;&nbsp;Postretirement FAS/CAS service cost adjustment | **(199)** | **(0.26)** | (224) | (0.36) |
| &nbsp;&nbsp;Non-operating pension income | **(127)** | **(0.17)** | (368) | (0.60) |
| &nbsp;&nbsp;Non-operating postretirement income | **(14)** | **(0.02)** | (55) | (0.09) |
| &nbsp;&nbsp;Provision for deferred income taxes on adjustments <sup>1</sup> | **195** | **0.26** | 264 | 0.43 |
| **Subtotal of adjustments** | **($733)** | **($0.97)** | ($991) | ($1.61) |
| **Core loss per share (non-GAAP)** |  | **($9.22)** |  | ($14.52) |
| **Diluted weighted average common shares outstanding (in millions)** |  | **756.7** |  | 615.8 |

---

<sup>1</sup> *The income tax impact is calculated using the U.S. corporate statutory tax rate.*

<br>