BOEING COfalse0000012927929 Long Bridge DriveArlingtonVA703465-350000000129272025-01-282025-01-280000012927us-gaap:CommonStockMember2025-01-282025-01-280000012927us-gaap:ConvertiblePreferredStockSubjectToMandatoryRedemptionMember2025-01-282025-01-28

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): January 28, 2025
 
THE BOEING COMPANY
(Exact name of registrant as specified in its charter)
Delaware1-44291-0425694
(State or other jurisdiction of
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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $5.00 Par ValueBANew 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 ValueBA-PRANew 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 January 28, 2025, The Boeing Company issued a press release reporting its financial results for the fourth quarter of 2024. 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.

(d) Exhibits.
Exhibit
Number		  Description
99.1
104Cover 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)
January 28, 2025/s/ Michael J. Cleary
(Date)
Michael J. Cleary
Senior Vice President and Controller

Exhibit 99.1
boeing.jpg
Boeing Reports Fourth Quarter Results
Fourth Quarter 2024
•Finalized the International Association of Machinists and Aerospace Workers (IAM) agreement and resumed production across the 737, 767 and 777/777X programs
•Financials reflect previously announced impacts of the IAM work stoppage and agreement, charges for certain defense programs, and costs associated with workforce reductions announced last year
•Revenue of $15.2 billion, GAAP loss per share of ($5.46) and core (non-GAAP)* loss per share of ($5.90)
•Operating cash flow of ($3.5) billion; cash and marketable securities of $26.3 billion
Full Year 2024
•Delivered 348 commercial airplanes and recorded 279 net orders
•Total company backlog grew to $521 billion, including over 5,500 commercial airplanes
Table 1. Summary Financial ResultsFourth QuarterFull Year
(Dollars in Millions, except per share data)20242023Change20242023Change
Revenues$15,242 $22,018 (31)%$66,517 $77,794 (14)%
GAAP
(Loss)/earnings from operations($3,770)$283 NM($10,707)($773)NM
Operating margins(24.7)%1.3 %NM(16.1)%(1.0)%NM
Net loss($3,861)($30)NM($11,829)($2,242)NM
Basic loss per share($5.46)($0.04)NM($18.36)($3.67)NM
Operating cash flow($3,450)$3,381 NM($12,080)$5,960 NM
Non-GAAP*
Core operating (loss)/earnings($4,042)$90 NM($11,811)($1,829)NM
Core operating margins(26.5)%0.4 %NM(17.8)%(2.4)%NM
Core loss per share($5.90)($0.47)NM($20.38)($5.81)NM
*Non-GAAP measure; complete definitions of Boeing’s non-GAAP measures are on page 5, “Non-GAAP Measures Disclosures."    
    ARLINGTON, Va., January 28, 2025 – The Boeing Company [NYSE: BA] recorded fourth quarter revenue of $15.2 billion, GAAP loss per share of ($5.46) and core loss per share (non-GAAP)* of ($5.90) (Table 1) primarily reflecting previously announced impacts of the IAM work stoppage and agreement, charges for certain defense programs, and costs associated with workforce reductions announced last year. Boeing reported operating cash flow of ($3.5) billion and free cash flow of ($4.1) billion (non-GAAP)*.
“We made progress on key areas to stabilize our operations during the quarter and continued to strengthen important aspects of our safety and quality plan,” said Kelly Ortberg, Boeing president and chief executive officer. "My team and I are focused on making the fundamental changes needed to fully recover our company's performance and restore trust with our customers, employees, suppliers, investors, regulators and all others who are counting on us."


1


Table 2. Cash Flow
Fourth QuarterFull Year
(Millions)2024202320242023
Operating cash flow($3,450)$3,381 ($12,080)$5,960 
Less additions to property, plant & equipment($648)($431)($2,230)($1,527)
Free cash flow*($4,098)$2,950 ($14,310)$4,433 
*Non-GAAP measure; complete definitions of Boeing’s non-GAAP measures are on page 5, “Non-GAAP Measures Disclosures."    
    Operating cash flow was ($3.5) billion in the quarter reflecting lower commercial deliveries, as well as unfavorable working capital timing, primarily driven by the IAM work stoppage (Table 2).

Table 3. Cash, Marketable Securities and Debt Balances
Quarter End
(Billions)4Q 20243Q 2024
Cash$13.8 $10.0 
Marketable securities1
$12.5$0.5
Total$26.3$10.5
Consolidated debt$53.9$57.7
1 Marketable securities consist primarily of time deposits due within one year classified as "short-term investments."
    Cash and investments in marketable securities totaled $26.3 billion, compared to $10.5 billion at the
beginning of the quarter, primarily driven by a $24 billion capital raise partially offset by free cash flow usage and debt repayment in the quarter (Table 3). Debt was $53.9 billion, down from $57.7 billion at the beginning of the quarter, driven by the early repayment of a $3.5 billion bond originally maturing in 2025. The company maintains access to credit facilities of $10.0 billion, which remain undrawn.
Total company backlog at quarter end was $521 billion.
2

Segment Results
Commercial Airplanes
Table 4. Commercial AirplanesFourth QuarterFull Year
(Dollars in Millions)20242023Change20242023Change
Deliveries57 157 (64)%348 528 (34)%
Revenues$4,762 $10,481 (55)%$22,861 $33,901 (33)%
(Loss)/earnings from operations($2,090)$41 NM($7,969)($1,635)NM
Operating margins(43.9)%0.4 %NM(34.9)%(4.8)%NM
Commercial Airplanes fourth quarter revenue of $4.8 billion and operating margin of (43.9) percent reflect the previously announced impacts associated with the IAM work stoppage and agreement including lower deliveries and pre-tax charges of $1.1 billion on the 777X and 767 programs (Table 4).
The 737 program resumed production in the quarter and plans to gradually increase production rate. The 787 program exited the year at a production rate of five per month and recently announced plans to expand South Carolina operations. In January, the 777X program resumed FAA certification flight testing, and the company still anticipates first delivery of the 777-9 in 2026.
Commercial Airplanes booked 204 net orders in the quarter, including 100 737-10 airplanes for Pegasus Airlines and 30 787-9 airplanes for flydubai. Commercial Airplanes delivered 57 airplanes during the quarter and backlog included over 5,500 airplanes valued at $435 billion.
Defense, Space & Security
Table 5. Defense, Space & Security
Fourth QuarterFull Year
(Dollars in Millions)20242023Change20242023Change
Revenues$5,411 $6,746 (20)%$23,918 $24,933 (4)%
Loss from operations($2,267)($101)NM($5,413)($1,764)NM
Operating margins(41.9)%(1.5)%NM(22.6)%(7.1)%NM
    Defense, Space & Security fourth quarter revenue of $5.4 billion and operating margin of (41.9) percent reflect the previously announced pre-tax charges of $1.7 billion on the KC-46A, T-7A, Commercial Crew, VC-25B and MQ-25 programs.
In January, the U.S. Air Force announced an updated acquisition approach for the T-7A Red Hawk that allows the company to provide a production-ready configuration to the customer prior to low-rate initial production, which better supports the operational needs of the customer and reduces future production risk.
During the quarter, Defense, Space & Security captured an award from the U.S. Air Force for 15 KC-46A Tankers, secured an order for seven P-8A Poseidon aircraft from the U.S. Navy, and delivered the final T-7A Red Hawk engineering and manufacturing development aircraft to the U.S. Air Force. Backlog at Defense, Space & Security was $64 billion, of which 29 percent represents orders from customers outside the U.S.
3

Global Services
Table 6. Global Services
Fourth QuarterFull Year
(Dollars in Millions)20242023Change20242023Change
Revenues$5,119 $4,849 6%$19,954 $19,127 4%
Earnings from operations$998 $842 19%$3,618 $3,329 9%
Operating margins19.5 %17.4 %2.1 pts18.1 %17.4 %0.7 pts
    Global Services fourth quarter revenue of $5.1 billion and operating margin of 19.5 percent reflect higher commercial volume and mix.
During the quarter, Global Services secured awards for C-17 sustainment and a contract for F-15 Japan Super Interceptor upgrade services from the U.S. Air Force.
Additional Financial Information
Table 7. Additional Financial Information
Fourth QuarterFull Year
(Dollars in Millions)2024202320242023
Revenues
Unallocated items, eliminations and other($50)($58)($216)($167)
Loss from operations
Unallocated items, eliminations and other($683)($692)($2,047)($1,759)
FAS/CAS service cost adjustment$272 $193 $1,104 $1,056 
Other income, net$432 $308 $1,222 $1,227 
Interest and debt expense($755)($600)($2,725)($2,459)
Effective tax rate5.7 %(233.3)%3.1 %(11.8)%
    Unallocated items, eliminations and other primarily reflects timing of allocations.
4

Non-GAAP Measures Disclosures
    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:
Core Operating Earnings/(Loss), Core Operating Margin and Core Earnings/(Loss) Per Share
    Core operating earnings/(loss) is defined as GAAP Earnings/(loss) 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 margin 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 margin 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.
Free Cash Flow
    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.


5

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, 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.

Forward-looking 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 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; (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) compromise 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; and (25) customer and aircraft concentration in our customer financing portfolio.

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:  
Matt Welch or David Dufault BoeingInvestorRelations@boeing.com
Communications:  
Peter Pedraza media@boeing.com

6

The Boeing Company and Subsidiaries
Consolidated Statements of Operations
(Unaudited)
`
Twelve months ended December 31Three months ended December 31
(Dollars in millions, except per share data)2024202320242023
Sales of products$53,227 $65,581 $11,901 $18,920 
Sales of services13,290 12,213 3,341 3,098 
Total revenues66,517 77,794 15,242 22,018 
Cost of products(57,394)(59,864)(14,010)(16,724)
Cost of services(11,114)(10,206)(2,821)(2,597)
Total costs and expenses(68,508)(70,070)(16,831)(19,321)
(1,991)7,724 (1,589)2,697 
Income from operating investments, net71 46 12 1 
General and administrative expense(5,021)(5,168)(1,398)(1,535)
Research and development expense, net(3,812)(3,377)(836)(881)
Gain on dispositions, net46 2 41 1 
(Loss)/earnings from operations(10,707)(773)(3,770)283 
Other income, net1,222 1,227 432 308 
Interest and debt expense(2,725)(2,459)(755)(600)
Loss before income taxes(12,210)(2,005)(4,093)(9)
Income tax benefit/(expense)381 (237)232 (21)
Net loss(11,829)(2,242)(3,861)(30)
Less: net (loss)/earnings attributable to noncontrolling interest(12)(20)4 (7)
Net loss attributable to Boeing shareholders($11,817)($2,222)($3,865)($23)
Less: Mandatory convertible preferred stock dividends accumulated during the period58  58 
Net loss attributable to Boeing common shareholders($11,875)($2,222)($3,923)($23)
Basic loss per share($18.36)($3.67)($5.46)($0.04)
Diluted loss per share($18.36)($3.67)($5.46)($0.04)
Weighted average diluted shares (millions)647.2606.1718.1609.5




7

The Boeing Company and Subsidiaries
Consolidated Statements of Financial Position
(Unaudited) 
(Dollars in millions, except per share data)December 31
2024		December 31
2023
Assets
Cash and cash equivalents$13,801 $12,691 
Short-term and other investments12,481 3,274 
Accounts receivable, net2,631 2,649 
Unbilled receivables, net8,363 8,317 
Current portion of financing receivables, net207 99 
Inventories87,550 79,741 
Other current assets, net2,965 2,504 
Total current assets127,998 109,275 
Financing receivables and operating lease equipment, net314 860 
Property, plant and equipment, net of accumulated depreciation of $22,925 and $22,245
11,412 10,661 
Goodwill8,084 8,093 
Acquired intangible assets, net1,957 2,094 
Deferred income taxes185 59 
Investments999 1,035 
Other assets, net of accumulated amortization of $1,085 and $1,046
5,414 4,935 
Total assets$156,363 $137,012 
Liabilities and equity
Accounts payable$11,364 $11,964 
Accrued liabilities24,103 22,331 
Advances and progress billings60,333 56,328 
Short-term debt and current portion of long-term debt1,278 5,204 
Total current liabilities97,078 95,827 
Deferred income taxes122 229 
Accrued retiree health care2,176 2,233 
Accrued pension plan liability, net5,997 6,516 
Other long-term liabilities2,318 2,332 
Long-term debt52,586 47,103 
Total liabilities160,277 154,240 
Shareholders’ equity:
Mandatory convertible preferred stock, 6% Series A, par value $1.00 - 20,000,000 shares authorized; 5,750,000 shares issued; aggregate liquidation preference $5,7506  
Common stock, par value $5.00 – 1,200,000,000 shares authorized; 1,012,261,159 shares issued
5,061 5,061 
Additional paid-in capital18,964 10,309 
Treasury stock, at cost - 263,044,841 and 402,746,136 shares
(32,386)(49,549)
Retained earnings15,362 27,251 
Accumulated other comprehensive loss(10,915)(10,305)
Total shareholders’ deficit(3,908)(17,233)
Noncontrolling interests(6)5 
Total equity(3,914)(17,228)
Total liabilities and equity$156,363 $137,012 


8

The Boeing Company and Subsidiaries
Consolidated Statements of Cash Flows (Unaudited)
Twelve months ended December 31
(Dollars in millions)20242023
Cash flows – operating activities:
Net loss($11,829)($2,242)
Adjustments to reconcile net loss to net cash (used)/provided by operating activities:
Non-cash items – 
Share-based plans expense407 690 
Treasury shares issued for 401(k) contribution1,601 1,515 
Depreciation and amortization1,836 1,861 
Investment/asset impairment charges, net112 46 
Gain on dispositions, net(46)(2)
777X and 767 reach-forward losses4,079 
Other charges and credits, net528 3 
Changes in assets and liabilities – 
Accounts receivable(37)(128)
Unbilled receivables(60)321 
Advances and progress billings4,069 3,365 
Inventories(12,353)(1,681)
Other current assets(16)389 
Accounts payable(793)1,672 
Accrued liabilities1,563 779 
Income taxes receivable, payable and deferred(567)44 
Other long-term liabilities(329)(313)
Pension and other postretirement plans(959)(1,049)
Financing receivables and operating lease equipment, net512 571 
Other202 119 
Net cash (used)/provided by operating activities(12,080)5,960 
Cash flows – investing activities:
Payments to acquire property, plant and equipment(2,230)(1,527)
Proceeds from disposals of property, plant and equipment 49 27 
Acquisitions, net of cash acquired(50)(70)
Proceeds from dispositions124 
Contributions to investments(13,856)(16,448)
Proceeds from investments4,743 15,739 
Supplier notes receivable(694)(162)
Repayments on supplier notes receivable40 
Purchase of distribution rights(88)
Other(11)4 
Net cash used by investing activities(11,973)(2,437)
Cash flows – financing activities:
New borrowings10,161 75 
Debt repayments(8,673)(5,216)
Common stock issuance, net of issuance costs18,200 
Mandatory convertible preferred stock issuance, net of issuance costs5,657 
Stock options exercised 45 
Employee taxes on certain share-based payment arrangements(83)(408)
Other(53)17 
Net cash provided/(used) by financing activities25,209 (5,487)
Effect of exchange rate changes on cash and cash equivalents(47)30 
Net increase/(decrease) in cash & cash equivalents, including restricted1,109 (1,934)
Cash & cash equivalents, including restricted, at beginning of year12,713 14,647 
Cash & cash equivalents, including restricted, at end of period13,822 12,713 
Less restricted cash & cash equivalents, included in Investments21 22 
Cash & cash equivalents at end of year$13,801 $12,691 
9

The Boeing Company and Subsidiaries
Summary of Business Segment Data
(Unaudited)
Twelve months ended December 31Three months ended December 31
(Dollars in millions)2024202320242023
Revenues:
Commercial Airplanes$22,861 $33,901 $4,762 $10,481 
Defense, Space & Security23,918 24,933 5,411 6,746 
Global Services19,954 19,127 5,119 4,849 
Unallocated items, eliminations and other(216)(167)(50)(58)
Total revenues$66,517 $77,794 $15,242 $22,018 
(Loss)/earnings from operations:
Commercial Airplanes($7,969)($1,635)($2,090)$41 
Defense, Space & Security(5,413)(1,764)(2,267)(101)
Global Services3,618 3,329 998 842 
Segment operating (loss)/earnings(9,764)(70)(3,359)782 
Unallocated items, eliminations and other(2,047)(1,759)(683)(692)
FAS/CAS service cost adjustment1,104 1,056 272 193 
(Loss)/earnings from operations(10,707)(773)(3,770)283 
Other income, net1,222 1,227 432 308 
Interest and debt expense(2,725)(2,459)(755)(600)
Loss before income taxes(12,210)(2,005)(4,093)(9)
Income tax benefit/(expense)381 (237)232 (21)
Net loss(11,829)(2,242)(3,861)(30)
Less: net (loss)/earnings attributable to noncontrolling interest(12)(20)4 (7)
Net loss attributable to Boeing shareholders($11,817)($2,222)($3,865)($23)
Less: Mandatory convertible preferred stock dividends accumulated during the period58  58  
Net loss attributable to Boeing common shareholders(11,875)(2,222)(3,923)(23)
Research and development expense, net:
Commercial Airplanes$2,386 $2,036 $534 $498 
Defense, Space & Security917 919 189 267 
Global Services132 107 29 23 
Other377 315 84 93 
Total research and development expense, net$3,812 $3,377 $836 $881 
Unallocated items, eliminations and other:
Share-based plans$171 $62 $53 $95 
Deferred compensation(114)(188)(14)(117)
Amortization of previously capitalized interest(93)(95)(23)(24)
Research and development expense, net(377)(315)(84)(93)
Eliminations and other unallocated items(1,634)(1,223)(615)(553)
Sub-total (included in Core operating loss)
(2,047)(1,759)(683)(692)
Pension FAS/CAS service cost adjustment811 799 203 136 
Postretirement FAS/CAS service cost adjustment293 257 69 57 
FAS/CAS service cost adjustment1,104 1,056 $272 $193 
Total($943)($703)($411)($499)


10

The Boeing Company and Subsidiaries
Operating and Financial Data
(Unaudited)
  
DeliveriesTwelve months ended December 31Three months ended December 31
Commercial Airplanes2024202320242023
737265 396 36 110 
747— 1 — — 
76718 32 3 15 
77714 26 3 9 
78751 73 15 23 
Total348 528 57 157 
Defense, Space & Security
AH-64 Apache (New)16 20 6 3
AH-64 Apache (Remanufactured)34 57 10 19
CH-47 Chinook (New)4 11 2 3
CH-47 Chinook (Renewed)9 9 2 2
F-15 Models14 9 4 3
F/A-18 Models11 22 6 6
KC-46 Tanker10 13 — 9
MH-1396 2 3 1
P-8 Models4 11 — 4
T-7A Red Hawk
2 3 1 2 
Commercial Satellites
2 5 2 2 
Total1
112 162 36 54 
1 Deliveries of new-build production units, including remanufactures and modifications


Total backlog (Dollars in millions)
December 31
2024		December 31
2023
Commercial Airplanes$435,175 $440,507 
Defense, Space & Security64,023 59,012 
Global Services21,403 19,869 
Unallocated items, eliminations and other735 807 
Total backlog$521,336 $520,195 
Contractual backlog$498,802 $497,094 
Unobligated backlog22,534 23,101 
Total backlog$521,336 $520,195 
11

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 margin, and core loss per share with the most directly comparable GAAP financial measures of loss from operations, operating margin, 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)
Fourth Quarter 2024
Fourth Quarter 2023
$ millionsPer Share$ millionsPer Share
Revenues$15,242 $22,018 
(Loss)/earnings from operations (GAAP)(3,770)283 
Operating margins (GAAP)(24.7)%1.3 %
FAS/CAS service cost adjustment:
Pension FAS/CAS service cost adjustment(203)(136)
Postretirement FAS/CAS service cost adjustment(69)(57)
FAS/CAS service cost adjustment(272)(193)
Core operating (loss)/earnings (non-GAAP)($4,042)$90 
Core operating margins (non-GAAP)
(26.5)%0.4 %
Diluted loss per share (GAAP)
($5.46)($0.04)
Pension FAS/CAS service cost adjustment($203)($0.28)($136)($0.23)
Postretirement FAS/CAS service cost adjustment(69)(0.10)(57)(0.09)
Non-operating pension income
(108)(0.15)(127)(0.21)
Non-operating postretirement income
(18)(0.03)(14)(0.02)
Provision for deferred income taxes on adjustments 1
84 0.12 70 0.12 
Subtotal of adjustments($314)($0.44)($264)($0.43)
Core loss per share (non-GAAP)
($5.90)($0.47)
Weighted average diluted shares (in millions)718.1 609.5 
1 The income tax impact is calculated using the U.S. corporate statutory tax rate.




















12


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 margin, and core loss per share with the most directly comparable GAAP financial measures of loss from operations, operating margin, 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)Full Year 2024Full Year 2023
$ millionsPer Share$ millionsPer Share
Revenues$66,517 $77,794 
Loss from operations (GAAP)
(10,707)(773)
Operating margins (GAAP)
(16.1)%(1.0)%
FAS/CAS service cost adjustment:
Pension FAS/CAS service cost adjustment(811)(799)
Postretirement FAS/CAS service cost adjustment(293)(257)
FAS/CAS service cost adjustment(1,104)(1,056)
Core operating loss (non-GAAP)($11,811)($1,829)
Core operating margins (non-GAAP)
(17.8)%(2.4)%
Diluted loss per share (GAAP)
($18.36)($3.67)
Pension FAS/CAS service cost adjustment($811)($1.26)($799)($1.32)
Postretirement FAS/CAS service cost adjustment(293)(0.45)(257)(0.42)
Non-operating pension income
(476)(0.74)(529)(0.87)
Non-operating postretirement income
(73)(0.11)(58)(0.10)
Provision for deferred income taxes on adjustments 1
347 0.54 345 0.57 
Subtotal of adjustments($1,306)($2.02)($1,298)($2.14)
Core loss per share (non-GAAP)
($20.38)($5.81)
Weighted average diluted shares (in millions)647.2 606.1 
1 The income tax impact is calculated using the U.S. corporate statutory tax rate.














13
v3.24.4
Cover
Jan. 28, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jan. 28, 2025
Entity Registrant Name BOEING CO
Entity Incorporation, State or Country Code DE
Entity File Number 1-442
Entity Tax Identification Number 91-0425694
Entity Address, Address Line One 929 Long Bridge Drive
Entity Address, City or Town Arlington
Entity Address, State or Province VA
Entity Address, Postal Zip Code 22202
City Area Code 703
Local Phone Number 465-3500
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Amendment Flag false
Entity Central Index Key 0000012927
Document Information [Line Items]  
Document Period End Date Jan. 28, 2025
Convertible Preferred Stock Subject to Mandatory Redemption [Member]  
Cover [Abstract]  
Title of 12(b) Security Depositary Shares, each representing a 1/20th interest in a share of 6.00% Series A Mandatory Convertible Preferred Stock, $1.00 Par Value
Trading Symbol BA-PRA
Security Exchange Name NYSE
Document Information [Line Items]  
Trading Symbol BA-PRA
Security Exchange Name NYSE
Title of 12(b) Security Depositary Shares, each representing a 1/20th interest in a share of 6.00% Series A Mandatory Convertible Preferred Stock, $1.00 Par Value
Common Stock [Member]  
Cover [Abstract]  
Title of 12(b) Security Common Stock, $5.00 Par Value
Trading Symbol BA
Security Exchange Name NYSE
Document Information [Line Items]  
Trading Symbol BA
Security Exchange Name NYSE
Title of 12(b) Security Common Stock, $5.00 Par Value
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