Boeing has reported its second-quarter 2025 financial results, highlighting continued operational stabilization and increased commercial aircraft deliveries, despite ongoing losses.
In Q2, Boeing recorded revenues of $22.7 billion, up 35% from $16.9 billion in the same period last year, driven primarily by a sharp increase in commercial aircraft deliveries — up 63% year-over-year to 150 aircraft. The 737 program reached a production rate of 38 aircraft per month, while the 787 program stabilized at seven per month.
Despite these improvements, Boeing posted a GAAP loss per share of ($0.92) and a core loss per share of ($1.24). Operating cash flow stood at $227 million, and free cash flow (a non-GAAP metric) came in negative at ($200 million).
CEO Kelly Ortberg emphasized Boeing’s progress:
“Our fundamental changes to strengthen safety and quality are producing improved results as we stabilize our operations and deliver higher quality airplanes, products, and services to our customers.”
Segment Highlights
Commercial Airplanes
- Revenue: $10.9 billion (up 81% YoY)
- Operating loss: ($557 million), improving from ($715 million) in Q2 2024
- Backlog: Over 5,900 aircraft valued at $522 billion
- Key orders included:
- 120 787s and 30 777-9s for Qatar Airways
- 32 787-10s for British Airways
Defense, Space & Security (BDS)
- Revenue: $6.6 billion (up 10% YoY)
- Operating profit: $110 million (vs. a loss of $913 million last year)
- Backlog grew to $74 billion, 22% of which came from international orders.
- Milestones:
- U.S. Air Force contract for T-7A Red Hawk aircraft
- Ground testing initiated for the MQ-25 Stingray naval drone
Global Services (BGS)
- Revenue: $5.3 billion (up 8%)
- Operating profit: $1.05 billion with a strong margin of 19.9%
- Completed sale of MRO facility at Gatwick Airport
- Won training systems contract for the Republic of Korea Navy’s P-8A fleet
Backlog & Liquidity
- Total backlog: $619 billion, reflecting strong demand recovery
- Cash & marketable securities: $23.0 billion, slightly down from Q1
- Debt: Reduced slightly to $53.3 billion
Challenges Remain
Boeing still faces several headwinds:
- Core operating losses
- High debt burden
- Continued regulatory and reputational challenges following its DOJ non-prosecution agreement in May 2025, which triggered a $445 million charge
Outlook
Boeing is planning to stabilize 737 production at 38 per month with a potential increase to 42 later in the year. Management emphasized a cautious but optimistic trajectory for the rest of 2025, as quality improvements and delivery performance continue to gain momentum.
Ortberg concluded:
“We remain focused on restoring trust and making continued progress in our recovery while operating in a dynamic global environment.”
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