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 Results Fourth Quarter Full Year(Dollars in Millions, except per share data) 2024 2023 Change 2024 2023 ChangeRevenues $15,242 $22,018 (31)% $66,517 $77,794 (14)%GAAP(Loss)/earnings from operations ($3,770) $283 NM ($10,707) ($773) NMOperating margins (24.7) % 1.3 % NM (16.1) % (1.0) % NMNet loss ($3,861) ($30) NM ($11,829) ($2,242) NMBasic loss per share ($5.46) ($0.04) NM ($18.36) ($3.67) NMOperating cash flow ($3,450) $3,381 NM ($12,080) $5,960 NMNon-GAAP*Core operating (loss)/earnings ($4,042) $90 NM ($11,811) ($1,829) NMCore operating margins (26.5) % 0.4 % NM (17.8) % (2.4) % NMCore 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 $15.2billion, 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 2023Operating cash flow ($3,450) $3,381 ($12,080) $5,960Less 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 2024Cash $13.8 $10.0Marketable securities1 $12.5 $0.5Total $26.3 $10.5Consolidated debt $53.9 $57.7
1Marketable 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 thebeginning 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 ChangeDeliveries 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) NMOperating margins (43.9) % 0.4 % NM (34.9) % (4.8) % NM
Commercial Airplanes fourth quarter revenue of $4.8billion 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 57airplanes during the quarter and backlog included over5,500 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 ChangeRevenues $5,411 $6,746 (20)% $23,918 $24,933 (4)%Loss from operations ($2,267) ($101) NM ($5,413) ($1,764) NMOperating 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.
Global Services
Table 6. Global Services Fourth Quarter Full Year(Dollars in Millions) 2024 2023 Change 2024 2023 ChangeRevenues $5,119 $4,849 6% $19,954 $19,127 4%Earnings from operations $998 $842 19% $3,618 $3,329 9%Operating margins 19.5 % 17.4 % 2.1 pts 18.1 % 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 Quarter Full Year(Dollars in Millions) 2024 2023 2024 2023RevenuesUnallocated items, eliminations and other ($50) ($58) ($216) ($167)Loss from operationsUnallocated items, eliminations and other ($683) ($692) ($2,047) ($1,759)FAS/CAS service cost adjustment $272 $193 $1,104 $1,056Other income, net $432 $308 $1,222 $1,227Interest and debt expense ($755) ($600) ($2,725) ($2,459)Effective tax rate 5.7 % (233.3)% 3.1 % (11.8) %
Unallocated items,eliminations and other primarily reflects timing of allocations.
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 GAAPEarnings/(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 GAAPoperating 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.
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:InvestorRelations: Matt Welch or David DufaultBoeingInvestorRelations@boeing.comCommunications: Peter Pedraza media@boeing.com
The Boeing Company and SubsidiariesConsolidated Statements of Operations(Unaudited) Twelve months ended Three months ended December 31 December 31(Dollars in millions, except per share data) 2024 2023 2024 2023Sales of products $53,227 $65,581 $11,901 $18,920Sales of services 13,290 12,213 3,341 3,098Total revenues 66,517 77,794 15,242 22,018Cost 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) 2,697Income from operating investments, net 71 46 12 1General 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, net 46 2 41 1(Loss)/earnings from operations (10,707) (773) (3,770) 283Other income, net 1,222 1,227 432 308Interest 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 58 58accumulated during the periodNet 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) 647.2 606.1 718.1 609.5
The Boeing Company and SubsidiariesConsolidated Statements of Financial Position(Unaudited)(Dollars in millions, except per share data) December 31 December 31 2024 2023AssetsCash and cash equivalents $13,801 $12,691Short-term and other investments 12,481 3,274Accounts receivable, net 2,631 2,649Unbilled receivables, net 8,363 8,317Current portion of financing receivables, net 207 99Inventories 87,550 79,741Other current assets, net 2,965 2,504Total current assets 127,998 109,275Financing receivables and operating lease equipment, net 314 860Property, plant and equipment, net of accumulated depreciation of $22,925 11,412 10,661and $22,245Goodwill 8,084 8,093Acquired intangible assets, net 1,957 2,094Deferred income taxes 185 59Investments 999 1,035Other assets, net of accumulated amortization of $1,085 and $1,046 5,414 4,935Total assets $156,363 $137,012Liabilities and equityAccounts payable $11,364 $11,964Accrued liabilities 24,103 22,331Advances and progress billings 60,333 56,328Short-term debt and current portion of long-term debt 1,278 5,204Total current liabilities 97,078 95,827Deferred income taxes 122 229Accrued retiree health care 2,176 2,233Accrued pension plan liability, net 5,997 6,516Other long-term liabilities 2,318 2,332Long-term debt 52,586 47,103Total liabilities 160,277 154,240Shareholders' equity:Mandatory convertible preferred stock, 6% Series A, par value $1.00 – 620,000,000 shares authorized; 5,750,000 shares issued; aggregateliquidation preference $5,750Common stock, par value $5.00 – 1,200,000,000 shares authorized; 5,061 5,0611,012,261,159 shares issuedAdditional paid-in capital 18,964 10,309Treasury stock, at cost – 263,044,841 and 402,746,136 shares (32,386) (49,549)Retained earnings 15,362 27,251Accumulated other comprehensive loss (10,915) (10,305)Total shareholders' deficit (3,908) (17,233)Noncontrolling interests (6) 5Total equity (3,914) (17,228)Total liabilities and equity $156,363 $137,012
The Boeing Company and SubsidiariesConsolidated Statements of Cash Flows(Unaudited) Twelve months ended December 31(Dollars in millions) 2024 2023Cash 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 expense 407 690Treasury shares issued for 401(k) contribution 1,601 1,515Depreciation and amortization 1,836 1,861Investment/asset impairment charges, net 112 46Gain on dispositions, net (46) (2)777X and 767 reach-forward losses 4,079Other charges and credits, net 528 3Changes in assets and liabilities -Accounts receivable (37) (128)Unbilled receivables (60) 321Advances and progress billings 4,069 3,365Inventories (12,353) (1,681)Other current assets (16) 389Accounts payable (793) 1,672Accrued liabilities 1,563 779Income taxes receivable, payable and deferred (567) 44Other long-term liabilities (329) (313)Pension and other postretirement plans (959) (1,049)Financing receivables and operating lease equipment, net 512 571Other 202 119Net cash (used)/provided by operating activities (12,080) 5,960Cash flows – investing activities:Payments to acquire property, plant and equipment (2,230) (1,527)Proceeds from disposals of property, plant and equipment 49 27Acquisitions, net of cash acquired (50) (70)Proceeds from dispositions 124Contributions to investments (13,856) (16,448)Proceeds from investments 4,743 15,739Supplier notes receivable (694) (162)Repayments on supplier notes receivable 40Purchase of distribution rights (88)Other (11) 4Net cash used by investing activities (11,973) (2,437)Cash flows – financing activities:New borrowings 10,161 75Debt repayments (8,673) (5,216)Common stock issuance, net of issuance costs 18,200Mandatory convertible preferred stock issuance, net of issuance costs 5,657Stock options exercised 45Employee taxes on certain share-based payment arrangements (83) (408)Other (53) 17Net cash provided/(used) by financing activities 25,209 (5,487)Effect of exchange rate changes on cash and cash equivalents (47) 30Net increase/(decrease) in cash & cash equivalents, including restricted 1,109 (1,934)Cash & cash equivalents, including restricted, at beginning of year 12,713 14,647Cash & cash equivalents, including restricted, at end of period 13,822 12,713Less restricted cash & cash equivalents, included in Investments 21 22Cash & cash equivalents at end of year $13,801 $12,691
The Boeing Company and SubsidiariesSummary of Business Segment Data(Unaudited) Twelve months ended Three months ended December 31 December 31(Dollars in millions) 2024 2023 2024 2023Revenues:Commercial Airplanes $22,861 $33,901 $4,762 $10,481Defense, Space & Security 23,918 24,933 5,411 6,746Global Services 19,954 19,127 5,119 4,849Unallocated 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) $41Defense, Space & Security (5,413) (1,764) (2,267) (101)Global Services 3,618 3,329 998 842Segment operating (loss)/earnings (9,764) (70) (3,359) 782Unallocated items, eliminations and other (2,047) (1,759) (683) (692)FAS/CAS service cost adjustment 1,104 1,056 272 193(Loss)/earnings from operations (10,707) (773) (3,770) 283Other income, net 1,222 1,227 432 308Interest 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 58 58accumulated during the periodNet 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 $498Defense, Space & Security 917 919 189 267Global Services 132 107 29 23Other 377 315 84 93Total research and development expense, net $3,812 $3,377 $836 $881Unallocated items, eliminations and other:Share-based plans $171 $62 $53 $95Deferred 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 adjustment 811 799 203 136Postretirement FAS/CAS service cost adjustment 293 257 69 57FAS/CAS service cost adjustment 1,104 1,056 $272 $193Total ($943) ($703) ($411) ($499)
The Boeing Company and SubsidiariesOperating and Financial Data(Unaudited)Deliveries Twelve months ended Three months ended December 31 December 31Commercial Airplanes 2024 2023 2024 2023737 265 396 36 110747 – 1 – -767 18 32 3 15777 14 26 3 9787 51 73 15 23Total 348 528 57 157Defense, Space & SecurityAH-64 Apache (New) 16 20 6 3AH-64 Apache (Remanufactured) 34 57 10 19CH-47 Chinook (New) 4 11 2 3CH-47 Chinook (Renewed) 9 9 2 2F-15 Models 14 9 4 3F/A-18 Models 11 22 6 6KC-46 Tanker 10 13 – 9MH-139 6 2 3 1P-8 Models 4 11 – 4T-7A Red Hawk 2 3 1 2Commercial Satellites 2 5 2 2Total1 112 162 36 541Deliveries of new-build production units, including remanufactures and modifications
Total backlog (Dollars in millions) December 31 December 31 2024 2023Commercial Airplanes $435,175 $440,507Defense, Space & Security 64,023 59,012Global Services 21,403 19,869Unallocated items, eliminations and other 735 807Total backlog $521,336 $520,195Contractual backlog $498,802 $497,094Unobligated backlog 22,534 23,101Total backlog $521,336 $520,195
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 $ millions Per Share $ millions Per ShareRevenues $15,242 $22,018(Loss)/earnings from operations (GAAP) (3,770) 283Operating 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) $90Core 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 adjustments1 84 0.12 70 0.12Subtotal 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.
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 5of this release for additional information on the use of these non-GAAP financial measures.
(Dollars in millions, except per share data) Full Year 2024 Full Year 2023 $ millions Per Share $ millions Per ShareRevenues $66,517 $77,794Loss 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 adjustments1 347 0.54 345 0.57Subtotal 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.
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