Boeing Q1 2025 results summary: revenues are up, but still no profits

Revenue:

• $19.5 billion, up 18% year-over-year
• Driven by 130 commercial aircraft deliveries

Profitability:

• GAAP loss per share: ($0.16)
• Core (non-GAAP) loss per share: ($0.49)
• Net loss: ($31 million), improved from ($355 million) in Q1 2024

Cash Flow & Balance Sheet:

• Operating cash flow: ($1.6 billion)
• Free cash flow: ($2.3 billion)
• Cash & investments: $23.7 billion
• Debt: $53.6 billion
• Total backlog: $545 billion, with 5,600+ commercial aeroplanes

Segment Highlights

Commercial Airplanes:

• Revenue: $8.1 billion (?75%)
• Deliveries: 130 planes (?57%)
• Orders: 221 net (incl. Korean Air & BOC Aviation)
• 737 production increasing; 777X testing underway

Defense, Space & Security:

• Revenue: $6.3 billion (?9%)
• Operating margin: 2.5%
• New F-47 fighter contract from U.S. Air Force (not yet in backlog)

Global Services:

• Revenue: $5.1 billion (flat)
• Operating margin: 18.6%
• Key milestones: 100th 767 Converted Freighter; F-15 electronic warfare contract

CEO Comment:
Boeing CEO Kelly Ortberg highlighted “improved operational performance and ongoing efforts to rebuild the business with a strong focus on safety and quality.