ARLINGTON, Va., Jan. 28, 2025 /PRNewswire/ —
Fourth Quarter 2024
Full Year 2024
Table 1. Summary Financial Results
Fourth Quarter
Full Year
(Dollars in Millions, except per share data)
2024
2023
Change
2024
2023
Change
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.”
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.”
Table 2. Cash Flow
Fourth Quarter
Full Year
(Millions)
2024
2023
2024
2023
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 2024
3Q 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.
Segment Results
Commercial Airplanes
Table 4. Commercial Airplanes
Fourth Quarter
Full Year
(Dollars in Millions)
2024
2023
Change
2024
2023
Change
Deliveries
57
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 Quarter
Full Year
(Dollars in Millions)
2024
2023
Change
2024
2023
Change
