Third Quarter 2025
— 737 stabilized production at 38 per month; jointly agreed with FAA in October to increase to 42 per month
— Revenue increased to $23.3 billion primarily reflecting 160 commercial deliveries
— Earnings reflects impact of $4.9 billion charge associated with updated 777X certification timing
— Operating cash flow of $1.1 billion and free cash flow (non-GAAP)* of $0.2 billion
— Total company backlog grew to $636 billion, including over 5,900 commercial airplanes
Table 1. Summary Financial Results Third Quarter Nine Months(Dollars in Millions, except per share data) 2025 2024 Change 2025 2024 ChangeRevenues $23,270 $17,840 30% $65,515 $51,275 28%GAAPLoss from operations ($4,781) ($5,761) NM ($4,496) ($6,937) NMOperating margins (20.5) % (32.3) % NM (6.9) % (13.5) % NMNet loss ($5,339) ($6,174) NM ($5,982) ($7,968) NMDiluted loss per share ($7.14) ($9.97) NM ($8.25) ($12.91) NMOperating cash flow $1,123 ($1,345) NM ($266) ($8,630) NMNon-GAAP*Core operating loss ($5,049) ($5,989) NM ($5,283) ($7,769) NMCore operating margins (21.7) % (33.6) % NM (8.1) % (15.2) % NMCore loss per share ($7.47) ($10.44) NM ($9.22) ($14.52) 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 third quarter revenue of $23.3billion, reflecting improved operational performance and higher commercial delivery volume. GAAP loss per share of ($7.14) and core loss per share (non-GAAP)* of ($7.47) primarily reflect a pre-tax earnings charge of $4.9 billion on the 777X program, which increased the loss per share by $6.45. The company reported operating cash flow of $1.1billion and free cash flow (non-GAAP)* of $0.2 billion. Total company backlog at quarter end was $636billion.
“With a sustained focus on safety and quality, we achieved important milestones in our recovery as we generated positive free cash flow in the quarter and jointly agreed with the FAA in October to increase 737 production to 42 per month,” said Kelly Ortberg, Boeing president and chief executive officer. “While we are disappointed in the 777X schedule delay, the airplane continues to perform well in flight testing, and we remain focused on the work ahead to complete our development programs and stabilize our operations in order to fully recover our company's performance and restore trust with all of our stakeholders.”
Table 2. Cash Flow Third Quarter Nine Months(Millions) 2025 2024 2025 2024Operating cash flow $1,123 ($1,345) ($266) ($8,630)Less additions to property, plant & equipment ($885) ($611) ($1,986) ($1,582)Free cash flow* $238 ($1,956) ($2,252) ($10,212)
*Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on page 5, “Non-GAAP Measures Disclosures.”
Operating cash flow was $1.1 billion in the quarter reflecting higher commercial deliveries, as well as working capital timing.
Table 3. Cash, Marketable Securities and Debt Balances Quarter End(Billions) 3Q 2025 2Q 2025Cash and investments in marketable securities1 $23.0 $23.0Consolidated debt $53.4 $53.3
1Marketable securities consist primarily of time deposits due within one year classified as “short-term investments.”
Cash and investments in marketable securities totaled $23.0 billion, which remained stable compared to the prior quarter. The company maintains access to credit facilities of $10.0 billion, which remain undrawn.
Segment Results
Commercial Airplanes
Table 4. Commercial Airplanes Third Quarter Nine Months(Dollars in Millions) 2025 2024 Change 2025 2024 ChangeDeliveries 160 116 38% 440 291 51%Revenues $11,094 $7,443 49% $30,115 $18,099 66%Loss from operations ($5,353) ($4,021) NM ($6,447) ($5,879) NMOperating margins (48.3) % (54.0) % NM (21.4) % (32.5) % NM
Commercial Airplanes third quarter revenue increased to $11.1billion primarily reflecting higher deliveries. Third quarter operating margin was impacted by a charge on the 777X program.
The 737 program stabilized production at 38 per month in the quarter and jointly agreed with the Federal Aviation Administration in October to increase to 42 per month. The 787 program continued stabilizing production at seven per month and progressed on previously-announced investments to expand South Carolina operations. During the quarter, the company updated its assessment of the 777-9 certification timeline and now anticipates first delivery in 2027, resulting in a pre-tax earnings charge of $4.9 billion.
Commercial Airplanes booked 161 net orders in the quarter, including 50 787 airplanes for Turkish Airlines and 30 737-8 airplanes for Norwegian Group. Commercial Airplanes delivered 160airplanes, the highest quarterly total since 2018, and backlog included over5,900 airplanes valued at $535 billion.
Defense, Space& Security
Table 5. Defense, Space & Security Third Quarter Nine Months(Dollars in Millions) 2025 2024 Change 2025 2024 ChangeRevenues $6,902 $5,536 25% $19,817 $18,507 7%Earnings/(loss) from operations $114 ($2,384) NM $379 ($3,146) NMOperating margins 1.7 % (43.1) % NM 1.9 % (17.0) % NM
Defense, Space & Security third quarter revenue of $6.9 billion and operating margin of 1.7 percent reflect stabilizing operational performance and higher volume.
During the quarter, Defense, Space & Security secured a contract from the U.S. Space Force to enhance strategic satellite communication capabilities and partnered with the Royal Australian Air Force to successfully demonstrate autonomous operational capabilities of the MQ-28 Ghost Bat. Backlog at Defense, Space & Security grew to $76 billion with 20 percent representing orders from customers outside the U.S.
Global Services
Table 6. Global Services Third Quarter Nine Months(Dollars in Millions) 2025 2024 Change 2025 2024 ChangeRevenues $5,370 $4,901 10% $15,714 $14,835 6%Earnings from operations $938 $834 12% $2,930 $2,620 12%Operating margins 17.5 % 17.0 % 0.5 pts 18.6 % 17.7 % 0.9 pts
Global Services third quarter revenue was $5.4 billion driven by higher volume. Operating margin of 17.5 percent primarily reflects favorable commercial volume and mix.
In the quarter, Global Services captured an award from the U.S. Navy for the repair of F/A-18 aircraft landing gear and announced a strategic collaboration agreement with Korean Air focused on advancing predictive maintenance analytics.
Additional Financial Information
Table 7. Additional Financial Information Third Quarter Nine Months(Dollars in Millions) 2025 2024 2025 2024RevenuesUnallocated items, eliminations and other ($96) ($40) ($131) ($166)Loss from operationsUnallocated items, eliminations and other ($748) ($418) ($2,145) ($1,364)FAS/CAS service cost adjustment $268 $228 $787 $832Other income, net $276 $265 $924 $790Interest and debt expense ($694) ($728) ($2,112) ($1,970)Effective tax rate (2.7) % 0.8 % (5.2) % 1.8 %
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 Margins and Core Earnings/(Loss) Per Share
Core operating earnings/(loss) is defined as GAAP Earnings/(loss) from operationsexcluding theFAS/CAS service cost adjustment.TheFAS/CAS service cost adjustmentrepresents 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 margins is defined as Core operating earnings/(loss) expressed as a percentage of revenue. Core earnings/(loss) per share is defined as GAAPDiluted earnings/(loss) per shareexcluding the net earnings/(loss) per share impact of theFAS/CAS service cost adjustmentandNon-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 margins 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 flowreduced by capital expenditures forproperty, 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, industry projections and outlooks, plans, objectives and goals, 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.
These 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 the government shutdown and/or 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, including tariffs, trade restrictions and government actions; (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) compromised 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; (25) customer and aircraft concentration in our customer financing portfolio; (26) the dilutive effect of future issuances of our common stock; and (27) the preferential treatment of our 6.00% mandatory convertible preferred stock.
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: Eric Hill or David DufaultBoeingInvestorRelations@boeing.comCommunications: Wilson Chowmedia@boeing.com
The Boeing Company and SubsidiariesConsolidated Statements of Operations(Unaudited) Nine months ended Three months ended September 30 September 30(Dollars in millions, except per share data) 2025 2024 2025 2024Sales of products $54,911 $41,326 $19,642 $14,534Sales of services 10,604 9,949 3,628 3,306Total revenues 65,515 51,275 23,270 17,840Cost of products (54,522) (43,384) (22,737) (18,413)Cost of services (8,516) (8,293) (2,908) (2,934)Total costs and expenses (63,038) (51,677) (25,645) (21,347) 2,477 (402) (2,375) (3,507)Income/(loss) from operating investments, net 42 59 14 (15)General and administrative expense (4,427) (3,623) (1,522) (1,085)Research and development expense, net (2,651) (2,976) (897) (1,154)Gain/(loss) on dispositions, net 63 5 (1)Loss from operations (4,496) (6,937) (4,781) (5,761)Other income, net 924 790 276 265Interest and debt expense (2,112) (1,970) (694) (728)Loss before income taxes (5,684) (8,117) (5,199) (6,224)Income tax (expense)/benefit (298) 149 (140) 50Net loss (5,982) (7,968) (5,339) (6,174)Less: net earnings/(loss) attributable to noncontrolling interest 3 (16) (2) (4)Net loss attributable to Boeing shareholders (5,985) (7,952) (5,337) (6,170)Less: mandatory convertible preferred stock dividends 259 87accumulated during the periodNet loss attributable to Boeing common shareholders ($6,244) ($7,952) ($5,424) ($6,170)Basic loss per share ($8.25) ($12.91) ($7.14) ($9.97)Diluted loss per share ($8.25) ($12.91) ($7.14) ($9.97)
The Boeing Company and SubsidiariesConsolidated Statements of Financial Position(Unaudited)(Dollars in millions, except per share data) September 30 December 31 2025 2024AssetsCash and cash equivalents $6,173 $13,801Short-term and other investments 16,811 12,481Accounts receivable, net 3,314 2,631Unbilled receivables, net 9,032 8,363Current portion of financing receivables, net 207Inventories 82,425 87,550Other current assets, net 2,904 2,965Assets held for sale 1,473Total current assets 122,132 127,998Financing receivables and operating lease equipment, net 245 314Property, plant and equipment, net of accumulated depreciation of $23,470 and 12,078 11,412$22,925Goodwill 7,281 8,084Acquired intangible assets, net 1,495 1,957Deferred income taxes 44 185Investments 1,050 999Other assets, net of accumulated amortization of $947 and $1,085 5,698 5,414Total assets $150,023 $156,363Liabilities and equityAccounts payable $11,732 $11,364Accrued liabilities 24,364 24,103Advances and progress billings 57,962 60,333Short-term debt and current portion of long-term debt 8,742 1,278Liabilities held for sale 524Total current liabilities 103,324 97,078Deferred income taxes 191 122Accrued retiree health care 2,086 2,176Accrued pension plan liability, net 5,714 5,997Other long-term liabilities 2,350 2,318Long-term debt 44,611 52,586Total liabilities 158,276 160,277Shareholders' equity:Mandatory convertible preferred stock, 6.00% Series A, par value $1.00 – 6 620,000,000 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 19,218 18,964Treasury stock, at cost – 252,587,506 and 263,044,840 shares (31,109) (32,386)Retained earnings 9,118 15,362Accumulated other comprehensive loss (10,544) (10,915)Total shareholders' deficit (8,250) (3,908)Noncontrolling interests (3) (6)Total equity (8,253) (3,914)Total liabilities and equity $150,023 $156,363
The Boeing Company and SubsidiariesConsolidated Statements of Cash Flows(Unaudited) Nine months ended September 30(Dollars in millions) 2025 2024Cash flows-operating activities:Net loss ($5,982) ($7,968)Adjustments to reconcile net loss to net cash used by operating activities:Non-cash items -Share-based plans expense 343 310Treasury shares issued for 401(k) contributions 1,173 1,315Depreciation and amortization 1,417 1,327Investment/asset impairment charges, net 32 48Gain on dispositions, net (63) (5)777X and 767 reach-forward losses 5,140 3,006Other charges and credits, net 217 270Changes in assets and liabilities -Accounts receivable (836) (275)Unbilled receivables (679) (1,042)Advances and progress billings (2,065) 1,666Inventories (116) (6,854)Other current assets 227 (26)Accounts payable 539 122Accrued liabilities 574 327Income taxes receivable, payable and deferred 93 (282)Other long-term liabilities (294) (228)Pension and other postretirement plans (436) (736)Financing receivables and operating lease equipment, net 274 258Other 176 137Net cash used by operating activities (266) (8,630)Cash flows – investing activities:Payments to acquire property, plant and equipment (1,986) (1,582)Proceeds from disposals of property, plant and equipment 5 46Acquisitions, net of cash acquired (50)Proceeds from dispositions 35Contributions to investments (36,337) (1,751)Proceeds from investments 32,674 4,546Supplier notes receivable (292) (494)Repayments on supplier notes receivable 40Purchase of distribution rights (88)Other (14)Net cash (used)/provided by investing activities (5,901) 653Cash flows – financing activities:New borrowings 138 10,120Debt repayments (721) (4,824)Employee taxes on certain share-based payment arrangements (28) (73)Dividends paid on mandatory convertible preferred stock (244)Other 43 15Net cash (used)/provided by financing activities (812) 5,238Effect of exchange rate changes on cash and cash equivalents 39 8Net decrease in cash & cash equivalents, including restricted (6,940) (2,731)Cash & cash equivalents, including restricted, at beginning of year 13,822 12,713Cash & cash equivalents, including restricted, at end of period 6,882 9,982Less restricted cash & cash equivalents, included in Investments 709 21Cash & cash equivalents at end of period $6,173 $9,961
The Boeing Company and SubsidiariesSummary of Business Segment Data(Unaudited) Nine months ended Three months ended September 30 September 30(Dollars in millions) 2025 2024 2025 2024Revenues:Commercial Airplanes $30,115 $18,099 $11,094 $7,443Defense, Space & Security 19,817 18,507 6,902 5,536Global Services 15,714 14,835 5,370 4,901Unallocated items, eliminations and other (131) (166) (96) (40)Total revenues $65,515 $51,275 $23,270 $17,840Loss from operations:Commercial Airplanes ($6,447) ($5,879) ($5,353) ($4,021)Defense, Space & Security 379 (3,146) 114 (2,384)Global Services 2,930 2,620 938 834Segment operating loss (3,138) (6,405) (4,301) (5,571)Unallocated items, eliminations and other (2,145) (1,364) (748) (418)FAS/CAS service cost adjustment 787 832 268 228Loss from operations (4,496) (6,937) (4,781) (5,761)Other income, net 924 790 276 265Interest and debt expense (2,112) (1,970) (694) (728)Loss before income taxes (5,684) (8,117) (5,199) (6,224)Income tax (expense)/benefit (298) 149 (140) 50Net loss (5,982) (7,968) (5,339) (6,174)Less: net earnings/(loss) attributable to noncontrolling interest 3 (16) (2) (4)Net loss attributable to Boeing shareholders (5,985) (7,952) (5,337) (6,170)Less: Mandatory convertible preferred stock dividends 259 87accumulated during the periodNet loss attributable to Boeing common shareholders ($6,244) ($7,952) ($5,424) ($6,170)Research and development expense, net:Commercial Airplanes $1,657 $1,852 $565 $779Defense, Space & Security 618 728 198 234Global Services 91 103 32 36Other 285 293 102 105Total research and development expense, net $2,651 $2,976 $897 $1,154Unallocated items, eliminations and other:Share-based plans ($40) $118 $11 $65Deferred compensation (150) (100) (70) (51)Amortization of previously capitalized interest (64) (70) (22) (24)Research and development expense, net (285) (293) (102) (105)Eliminations and other unallocated items (1,606) (1,019) (565) (303)Sub-total (included in Core operating loss) (2,145) (1,364) (748) (418)Pension FAS/CAS service cost adjustment 588 608 198 148Postretirement FAS/CAS service cost adjustment 199 224 70 80FAS/CAS service cost adjustment 787 832 $268 $228Total ($1,358) ($532) ($480) ($190)
The Boeing Company and SubsidiariesOperating and Financial Data(Unaudited)Deliveries Nine months ended Three months ended September 30 September 30Commercial Airplanes 2025 2024 2025 2024737 330 229 121 92767 20 15 6 6777 29 11 9 4787 61 36 24 14Total 440 291 160 116Defense, Space & SecurityAH-64 Apache (New) 14 10 8 7AH-64 Apache (Remanufactured) 28 24 7 11CH-47 Chinook (New) 1 2 – -CH-47 Chinook (Renewed) 9 7 2 2F-15 Models 7 10 3 3F/A-18 Models 12 5 3 1KC-46 Tanker 9 10 4 5MH-139 6 3 1 3P-8 Models 4 4 2 1T-7A Red Hawk – 1 – 1Commercial Satellites 4 – 2 -Total1 94 76 32 341Deliveries of new-build production units, including remanufactures and modificationsTotal backlog(Dollars in millions) September 30 December 31 2025 2024Commercial Airplanes $534,613 $435,175Defense, Space & Security 76,084 64,023Global Services 24,634 21,403Unallocated items, eliminations and other 357 735Total backlog $635,688 $521,336Contractual backlog $598,551 $498,802Unobligated backlog 37,137 22,534Total backlog $635,688 $521,336
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 margins, and core loss per share with the most directly comparable GAAP financial measures of loss from operations, operating margins, 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) Third Quarter 2025 Third Quarter 2024 $ millions Per Share $ millions Per ShareRevenues $23,270 $17,840Loss from operations (GAAP) (4,781) (5,761)Operating margins (GAAP) (20.5) % (32.3) %FAS/CAS service cost adjustment:Pension FAS/CAS service cost adjustment (198) (148)Postretirement FAS/CAS service cost adjustment (70) (80)FAS/CAS service cost adjustment (268) (228)Core operating loss (non-GAAP) ($5,049) ($5,989)Core operating margins (non-GAAP) (21.7) % (33.6) %Diluted loss per share (GAAP) ($7.14) ($9.97)Pension FAS/CAS service cost adjustment ($198) ($0.26) ($148) ($0.24)Postretirement FAS/CAS service cost adjustment (70) (0.09) (80) (0.13)Non-operating pension income (42) (0.06) (123) (0.20)Non-operating postretirement income (5) (0.01) (18) (0.03)Provision for deferred income taxes on adjustments 1 66 0.09 77 0.13Subtotal of adjustments ($249) ($0.33) ($292) ($0.47)Core loss per share (non-GAAP) ($7.47) ($10.44)Diluted weighted average common shares outstanding (in 759.9 618.6millions)
1The 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 margins, and core loss per share with the most directly comparable GAAP financial measures of loss from operations, operating margins, 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) Nine Months 2025 Nine Months 2024 $ millions Per Share $ millions Per ShareRevenues $65,515 $51,275Loss from operations (GAAP) (4,496) (6,937)Operating margins (GAAP) (6.9) % (13.5) %FAS/CAS service cost adjustment:Pension FAS/CAS service cost adjustment (588) (608)Postretirement FAS/CAS service cost adjustment (199) (224)FAS/CAS service cost adjustment (787) (832)Core operating loss (non-GAAP) ($5,283) ($7,769)Core operating margins (non-GAAP) (8.1) % (15.2) %Diluted loss per share (GAAP) ($8.25) ($12.91)Pension FAS/CAS service cost adjustment ($588) ($0.78) ($608) ($0.99)Postretirement FAS/CAS service cost adjustment (199) (0.26) (224) (0.36)Non-operating pension income (127) (0.17) (368) (0.60)Non-operating postretirement income (14) (0.02) (55) (0.09)Provision for deferred income taxes on adjustments 1 195 0.26 264 0.43Subtotal of adjustments ($733) ($0.97) ($991) ($1.61)Core loss per share (non-GAAP) ($9.22) ($14.52)Diluted weighted average common shares outstanding (in millions) 756.7 615.8
1The income tax impact is calculated using the U.S. corporate statutory tax rate.
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