Boeing posted a net loss of $612 million in the second quarter of 2025, marking a 57% improvement over the $1.44 billion loss in Q2 2024, even as revenues climbed 35% to $22.75 billion amid stronger aircraft deliveries.
Performance Highlights
- Boeing delivered 150 commercial jets in Q2, up from 92 a year ago, driving the revenue lift.
- Production of the 737 MAX remained capped at 38 units per month, with Boeing indicating it will only request regulatory approval to raise that to 42 once internal quality metrics improve.
- The company’s Defense, Space & Security (BDS) division showed strong recovery, with revenue rising 10% year‑on‑year to $6.6 billion and operating earnings turning positive from a prior loss. Backlog reached $74 billion.
- Global Services revenue increased 8% to $5.3 billion, with operating margins improving to nearly 20%
- Operating cash flow turned positive at $227 million, while free cash flow was slightly negative at –$200 million, a sharp improvement over the prior year.
Context & Strategic Takeaways
- Boeing’s adjusted (non-GAAP) loss per share of $1.24 also beat analyst estimates (expected ~$1.40).
- CEO Kelly Ortberg emphasized ongoing improvements in safety and production quality, calling Boeing’s recovery plan “taking hold.”
- The company faces potential risks: a looming strike by over 3,200 union workers at its St. Louis defense plant and continued scrutiny over safety and regulatory compliance.
- Boeing’s order book across all divisions expanded to $619 billion, benefiting from recent global deals and tariff exemptions.
Why It Matters
- Boeing posted its strongest quarterly showing since 2023, signaling momentum in recovering from the 737 MAX disruptions and regulatory setbacks.AP News
- Improvement across commercial, defense, and service divisions underscores operational stability.
- Despite the narrowing loss and robust delivery volume, Boeing remains under pressure to restore long-term profitability and investor trust.
Summary Table
| Metric | Q2 2025 |
|---|---|
| Net Loss | $612 million (vs. $1.44B in Q2 24) |
| Revenue | $22.75 billion (+35%) |
| Commercial Jet Deliveries | 150 units (vs. 92 in Q2 24) |
| 737 MAX Production Rate | 38/month, targeting 42/month |
| Defense, Space & Security Revenue | $6.6 B (↑10%) |
| Global Services Revenue | $5.3 B (↑8%), margin 19.9% |
| Operating Cash Flow | +$227 M |
| Free Cash Flow (Non‑GAAP) | –$200 M |
| Total Backlog | $619 B |
What Lies Ahead
Boeing expects to return to positive free cash flow by year-end 2025, provided global trade conditions remain steady and production quality continues to improve. It remains cautious on increasing 737 production until safety metrics stabilize and FAA approval is secured.
