Boeing reported its financial results for the second quarter of 2025, showing revenue of $22.7 billion, which was mainly driven by 150 commercial airplane deliveries. The company recorded a GAAP loss per share of ($0.92) and a core loss per share (non-GAAP) of ($1.24). Operating cash flow stood at $0.2 billion, while free cash flow (non-GAAP) was negative $0.2 billion.
"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," said Kelly Ortberg, Boeing president and chief executive officer. "As we look to the second half of the year, we remain focused on restoring trust and making continued progress in our recovery while operating in a dynamic global environment."
The company’s total backlog grew to $619 billion by the end of the quarter, including over 5,900 commercial airplanes valued at $522 billion.
Within its Commercial Airplanes segment, Boeing reported revenue of $10.9 billion with an operating margin of negative 5.1 percent due to increased deliveries. Production for the 737 program reached 38 aircraft per month during the quarter, with plans to maintain this rate before seeking approval for an increase later in the year. The 787 program is now producing seven aircraft monthly.
Commercial Airplanes secured net orders totaling 455 in the quarter; this included major deals such as 120 Boeing 787s and 30 Boeing 777-9s for Qatar Airways and another order for British Airways comprising 32 Boeing 787-10s.
In Defense, Space & Security, quarterly revenue was $6.6 billion with an operating margin of 1.7 percent reflecting stable operational performance. Notable activities included receiving a contract from the U.S. Air Force to build four T-7A Red Hawk production representative aircraft and starting ground testing on the first MQ-25 Stingray for the U.S. Navy. The segment’s backlog increased to $74 billion with international customers accounting for about one-fifth.
Global Services posted revenue of $5.3 billion with an operating margin nearing twenty percent due to favorable business mix and performance metrics during the period; highlights included completing the sale of its maintenance facility at Gatwick Airport and winning a contract from South Korea’s navy for P-8A training systems.
Cash holdings were reported at $23 billion at quarter-end compared to $23.7 billion previously—mainly due to debt repayment activity—while overall debt decreased slightly from $53.6 billion to $53.3 billion over three months’ time; access remains available through undrawn credit facilities totaling ten billion dollars.
Unallocated items included a charge related to May’s non-prosecution agreement with U.S authorities amounting to approximately four hundred forty-five million dollars.
The company continues using non-GAAP measures alongside standard financial reporting methods in line with industry practices but advises investors these should not be considered replacements for GAAP-based figures.
Forward-looking statements within Boeing's announcement highlight various risks that could affect future results—including supply chain dependencies, regulatory factors, government budgets affecting defense contracts, labor market conditions, competition across markets served by Boeing products or services as well as broader economic influences.