Boeing(US:BA)2025-10-29 11:30Financial Performance - Boeing reported third quarter revenue of $23.3 billion, a 30% increase from $17.8 billion in the same quarter of 2024, driven by 160 commercial deliveries[1] - The company recorded an operating cash flow of $1.1 billion, a significant improvement from a negative cash flow of $1.3 billion in Q3 2024[4] - Total revenues for the nine months ended September 30, 2025, increased to $65,515 million, up 27.7% from $51,275 million in 2024[22] - Total revenues for Q3 2025 reached $23,270 million, compared to $17,840 million in Q3 2024, representing a 30.5% increase[34] - Net loss attributable to Boeing common shareholders for the nine months ended September 30, 2025, was $6,244 million, an improvement from a net loss of $7,952 million in 2024[22] - Basic loss per share improved to ($8.25) for the nine months ended September 30, 2025, compared to ($12.91) in 2024[22] - The core operating loss (non-GAAP) for Q3 2025 was $5,049 million, an improvement from a loss of $5,989 million in Q3 2024[34] - The core loss per share (non-GAAP) for Q3 2025 was $7.47, compared to $10.44 in Q3 2024, reflecting a reduction of 28.5%[34] - The operating margins (GAAP) improved to (20.5)% in Q3 2025 from (32.3)% in Q3 2024[34] - The core operating margins (non-GAAP) improved to (8.1)% for the nine months ended September 30, 2025, compared to (15.2)% in the same period of 2024[37] Backlog and Deliveries - Total company backlog reached $636 billion, including over 5,900 commercial airplanes, indicating strong future demand[1] - Boeing secured 161 net orders in the quarter, including significant orders for 787 and 737 airplanes, contributing to a robust backlog[8] - Total backlog for the company as of September 30, 2025, was $635,688 million, up from $521,336 million as of December 31, 2024, indicating a 21.9% increase[31] - The total backlog for Defense, Space & Security increased to $76,084 million in 2025 from $64,023 million in 2024, a growth of 18.5%[31] - Deliveries of Commercial Airplanes totaled 440 units for the nine months ended September 30, 2025, compared to 291 units in the same period of 2024, a 51.2% increase[31] - The total deliveries for Defense, Space & Security were 94 units in Q3 2025, compared to 76 units in Q3 2024, marking an increase of 23.7%[31] Segment Performance - Defense, Space & Security segment revenues increased by 25% to $6.9 billion, with an operating margin of 1.7% compared to a loss in the same quarter last year[9] - Global Services segment revenues grew by 10% to $5.4 billion, with an operating margin of 17.5%, reflecting higher volume and favorable commercial mix[11] - The Defense, Space & Security segment reported revenues of $19,817 million for the nine months ended September 30, 2025, compared to $18,507 million in 2024, a 7.1% increase[29] Cash and Assets - The company maintains stable cash and investments in marketable securities at $23.0 billion, with consolidated debt slightly increasing to $53.4 billion[5] - Cash and cash equivalents decreased to $6,173 million as of September 30, 2025, down from $13,801 million at the end of 2024[25] - Total assets decreased to $150,023 million as of September 30, 2025, from $156,363 million at the end of 2024[25] - Total liabilities decreased slightly to $158,276 million as of September 30, 2025, from $160,277 million at the end of 2024[25] - Net cash used by operating activities improved to ($266) million for the nine months ended September 30, 2025, compared to ($8,630) million in 2024[27] Research and Development - Research and development expenses for the nine months ended September 30, 2025, totaled $2,651 million, a decrease from $2,976 million in 2024[29] Taxation - Boeing's effective tax rate for the quarter was -2.7%, indicating a tax benefit compared to a positive rate in the same quarter last year[13] Production Updates - The 737 program production stabilized at 38 per month, with an agreement to increase to 42 per month starting in October[2] - The 777X program faced a pre-tax earnings charge of $4.9 billion due to updated certification timing, impacting earnings significantly[3]