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Company Research19 Mar 2024
The Boeing-Airbus Duopoly: Titans of the Skies
Dive into the fascinating history and competitive dynamics of the Boeing-Airbus duopoly in the commercial aircraft industry.
The Boeing Company (BA) investor relations material
The Boeing Company Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Revenue rose 30% year-over-year to $23.3 billion in Q3, driven by higher commercial and defense volumes, with 160 commercial deliveries, the highest since 2018.
A $4.9 billion non-cash charge on the 777X program due to certification delays pushed first delivery to 2027 and significantly impacted earnings.
Net loss for the quarter was $5.3 billion, an improvement from $6.2 billion loss in the prior year quarter.
Backlog increased to $636 billion, with over 5,900 commercial airplanes.
Culture change initiatives and operational improvements are energizing teams and enhancing performance.
Financial highlights
Revenue: $23.3 billion in Q3, up 30% year-over-year; $65.5 billion for the nine months, up 28%.
Core loss per share (non-GAAP): $(7.47); diluted loss per share (GAAP): $(7.14) for the quarter.
Free cash flow for the quarter was $238 million, a turnaround from negative $1.3 billion last year.
Commercial Airplanes revenue: $11.1 billion, up nearly 50% year-over-year; 160 airplanes delivered.
Cash and investments stable at $23.0 billion; consolidated debt at $53.4 billion.
Outlook and guidance
737 production stabilized at 38 per month, with FAA agreement to increase to 42 per month; 787 targeting 8/month by year-end.
777X first delivery now expected in 2027 due to certification delays.
Backlog reached $635.7 billion, with 17% expected to convert to revenue by 2026.
Focus remains on operational recovery, safety, and quality improvements.
777X delay impact on future orders?
What challenges remain for production stability?
Defense segment's non-U.S. backlog growth drivers?
FAA TIA approval impact on 777X schedule?
Key supply chain constraints for rate increases?
Long-term free cash flow target viability?
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Next The Boeing Company earnings date
Q4 202527 Jan, 2026
Next The Boeing Company earnings date
Q4 202527 Jan, 2026
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Frequently asked questions
Aviation Pioneers
The Boeing Company is a leading figure in the aerospace and defense industry. Founded in 1916, Boeing's impact on global travel, defense, and space exploration has been immense. Today the company operates in multiple segments, including Commercial Airplanes, Defense, Space & Security, and maintenance for their aircraft.
Born and Bred in Seattle
Boeing's journey began in 1916 when timber merchant William E. Boeing established the "Pacific Aero Products Co." in Seattle. A year later, the company was renamed "The Boeing Airplane Company," marking the beginning of a long history of aviation innovation. Over the years, Boeing has been responsible for pioneering a variety of aircraft, including commercial jetliners and military planes. One of Boeing's most significant milestones was the development of the Boeing 707, which revolutionized air travel by making commercial jet service more available than previously. As the company continued to grow, it diversified its operations through acquisitions and mergers, including the notable merger with McDonnell Douglas in 1997. Today, Boeing is one of the biggest suppliers of aircraft in the world together with Airbus.
The Three Divisions of The Business
The Commercial Airplanes division designs, assembles, markets, and services a comprehensive line of commercial aircraft, from the narrow-body 737 to the large and iconic, wide-body 777 and 787 families.
The Defense, Space & Security segment provides end-to-end services for a broad range of military and commercial customers. This includes the production of fighter aircraft and rotorcraft and Boeing has been involved in several projects in space exploration.
Boeing also provides a variety of services that complement its portfolio of aircraft. These include training, supply chain, and data analytics for their aircraft. The company also provides maintenance, modifications, and upgrades through this division ensuring support for customers throughout the lifecycle of their aircraft and systems.
Commercial and Military customers
Boeing's customers span the globe and include commercial airlines, governments, and private entities. The company's commercial aircraft are used by airlines worldwide, including major carriers such as Delta and United Airlines. On the defense side, Boeing's primary customer is the U.S. Department of Defense, but it also has relationships with military customers outside of the US.
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