Boeing's Q2 Earnings Top Estimates, Revenues Increase Y/Y

The Boeing Company (BA) 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) 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) 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) 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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This article originally published on Zacks Investment Research (zacks.com).

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