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Boeing's Q2 Earnings Top Estimates, Revenues Increase Y/Y
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Key Takeaways
BA posted a Q2 adjusted loss of $1.24 per share, beating estimates and improving from a $2.90 loss last year.
Revenues rose 34.9% year over year to $22.75 billion, with growth across all major business segments.
Commercial Q2 jet deliveries jumped 63% to 150 planes, fueling an 81% revenue surge in the segment.
The Boeing Company ((BA - Free Report) ) incurred an adjusted loss of $1.24 per share in the second quarter of 2025, narrower than the Zacks Consensus Estimate of a loss of $1.54. The bottom line improved from the year-ago quarter’s reported loss of $2.90 per share.
Including one-time items, the company reported a GAAP loss of 92 cents per share, narrower than the year-ago quarter’s reported loss of $2.33 per share.
The year-over-year improvement in the bottom line can be primarily attributed to improved operational performance and commercial delivery volume.
Revenues
Revenues amounted to $22.75 billion, which outpaced the Zacks Consensus Estimate of $21.86 billion by 4.1%. The top line also surged 34.9% from the year-ago quarter’s reported figure of $16.87 billion.
The year-over-year improvement can be attributed to revenue growth registered in all three of its major business segments.
The Boeing Company Price, Consensus and EPS Surprise
Backlog at the end of the second quarter totaled $618.54 billion, up from $544.74 billion recorded at the end of the first quarter of 2025.
Segmental Performances
Commercial Airplane: Revenues in this segment surged 81% year over year to $10.87 billion, driven by higher jet deliveries. The segment incurred an operating loss of $557 million, indicating an improvement from the year-ago quarter’s reported operating loss of $715 million.
During the quarter under review, Boeing delivered 150 commercial planes. The figure improved 63% year over year.
The backlog for this segment remained healthy, with more than 5,900 airplanes valued at $522 billion.
Boeing Defense, Space & Security (BDS): The segment recorded revenues of $6.62 billion, indicating year-over-year growth of 10%. It generated an operating income of $110 million against the year-ago quarter’s operating loss of $913 million.
BDS recorded a backlog of $74 billion, 22% of which comprised orders from international clients.
Global Services: The segment recorded revenues of $5.28 billion, indicating year-over-year growth of 8%. This unit generated an operating income of $1,049 million, which improved 21% from the prior-year quarter’s level.
Financial Condition
Boeing exited second-quarter 2025 with cash and cash equivalents of $7.09 billion and short-term and other investments of $15.88 billion. At the end of 2024, the company had cash and cash equivalents of $13.80 billion and short-term and other investments worth $12.48 billion.
Long-term debt amounted to $44.60 billion, down from $52.59 billion recorded at the end of 2024.
The company’s operating cash outflow in the first six months of 2025 was $1.39 billion compared with $7.29 billion in the first six months of 2024.
Free cash outflow totaled $2.49 billion in the first six months of 2025 compared with $8.26 billion in the year-ago period.
RTX Corporation’s ((RTX - Free Report) ) second-quarter 2025 adjusted earnings per share of $1.56 beat the Zacks Consensus Estimate of $1.45 by 7.6%. The bottom line also improved 10.6% from the year-ago quarter’s level of $1.41.
RTX’s second-quarter sales totaled $21.58 billion, which surpassed the Zacks Consensus Estimate of $20.53 billion by 5.1%. The top line also surged a solid 9.4% from $19.72 billion recorded for the second quarter of 2024.
Lockheed Martin Corporation ((LMT - Free Report) ) reported second-quarter 2025 adjusted earnings of $7.29 per share, which beat the Zacks Consensus Estimate of $6.49 by 12.3%. The bottom line increased 2.5% from the year-ago quarter's reported figure of $7.11.
Net sales were $18.16 billion, which missed the Zacks Consensus Estimate of $18.56 billion by 2.2%. The top line, however, inched up 0.2% from $18.12 billion reported in the year-ago quarter.
Northrop Grumman Corporation ((NOC - Free Report) ) reported second-quarter 2025 adjusted earnings of $7.11 per share, which beat the Zacks Consensus Estimate of $6.71 by 6%.
NOC’s total sales of $10.35 billion in the second quarter beat the Zacks Consensus Estimate of $10.06 billion by 2.9%. The top line also rose 1.3% from $10.22 billion reported in the year-ago quarter.
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Boeing's Q2 Earnings Top Estimates, Revenues Increase Y/Y
Key Takeaways
The Boeing Company ((BA - Free Report) ) incurred an adjusted loss of $1.24 per share in the second quarter of 2025, narrower than the Zacks Consensus Estimate of a loss of $1.54. The bottom line improved from the year-ago quarter’s reported loss of $2.90 per share.
Including one-time items, the company reported a GAAP loss of 92 cents per share, narrower than the year-ago quarter’s reported loss of $2.33 per share.
The year-over-year improvement in the bottom line can be primarily attributed to improved operational performance and commercial delivery volume.
Revenues
Revenues amounted to $22.75 billion, which outpaced the Zacks Consensus Estimate of $21.86 billion by 4.1%. The top line also surged 34.9% from the year-ago quarter’s reported figure of $16.87 billion.
The year-over-year improvement can be attributed to revenue growth registered in all three of its major business segments.
The Boeing Company Price, Consensus and EPS Surprise
The Boeing Company price-consensus-eps-surprise-chart | The Boeing Company Quote
Total Backlog
Backlog at the end of the second quarter totaled $618.54 billion, up from $544.74 billion recorded at the end of the first quarter of 2025.
Segmental Performances
Commercial Airplane: Revenues in this segment surged 81% year over year to $10.87 billion, driven by higher jet deliveries. The segment incurred an operating loss of $557 million, indicating an improvement from the year-ago quarter’s reported operating loss of $715 million.
During the quarter under review, Boeing delivered 150 commercial planes. The figure improved 63% year over year.
The backlog for this segment remained healthy, with more than 5,900 airplanes valued at $522 billion.
Boeing Defense, Space & Security (BDS): The segment recorded revenues of $6.62 billion, indicating year-over-year growth of 10%. It generated an operating income of $110 million against the year-ago quarter’s operating loss of $913 million.
BDS recorded a backlog of $74 billion, 22% of which comprised orders from international clients.
Global Services: The segment recorded revenues of $5.28 billion, indicating year-over-year growth of 8%. This unit generated an operating income of $1,049 million, which improved 21% from the prior-year quarter’s level.
Financial Condition
Boeing exited second-quarter 2025 with cash and cash equivalents of $7.09 billion and short-term and other investments of $15.88 billion. At the end of 2024, the company had cash and cash equivalents of $13.80 billion and short-term and other investments worth $12.48 billion.
Long-term debt amounted to $44.60 billion, down from $52.59 billion recorded at the end of 2024.
The company’s operating cash outflow in the first six months of 2025 was $1.39 billion compared with $7.29 billion in the first six months of 2024.
Free cash outflow totaled $2.49 billion in the first six months of 2025 compared with $8.26 billion in the year-ago period.
Zacks Rank
Boeing currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Q2 Defense Releases
RTX Corporation’s ((RTX - Free Report) ) second-quarter 2025 adjusted earnings per share of $1.56 beat the Zacks Consensus Estimate of $1.45 by 7.6%. The bottom line also improved 10.6% from the year-ago quarter’s level of $1.41.
RTX’s second-quarter sales totaled $21.58 billion, which surpassed the Zacks Consensus Estimate of $20.53 billion by 5.1%. The top line also surged a solid 9.4% from $19.72 billion recorded for the second quarter of 2024.
Lockheed Martin Corporation ((LMT - Free Report) ) reported second-quarter 2025 adjusted earnings of $7.29 per share, which beat the Zacks Consensus Estimate of $6.49 by 12.3%. The bottom line increased 2.5% from the year-ago quarter's reported figure of $7.11.
Net sales were $18.16 billion, which missed the Zacks Consensus Estimate of $18.56 billion by 2.2%. The top line, however, inched up 0.2% from $18.12 billion reported in the year-ago quarter.
Northrop Grumman Corporation ((NOC - Free Report) ) reported second-quarter 2025 adjusted earnings of $7.11 per share, which beat the Zacks Consensus Estimate of $6.71 by 6%.
NOC’s total sales of $10.35 billion in the second quarter beat the Zacks Consensus Estimate of $10.06 billion by 2.9%. The top line also rose 1.3% from $10.22 billion reported in the year-ago quarter.