BOEING CO
For the period ended Sep 30, 2025. Filed Oct 29, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 29, 2025
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Global Services
| (Dollars in millions) | Nine months ended September 30 | Three months ended September 30 | ||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Revenues | $15,714 | $14,835 | $5,370 | $4,901 |
| Earnings from operations | $2,930 | $2,620 | $938 | $834 |
| Operating margins | 18.6% | 17.7% | 17.5% | 17.0% |
BGS revenues for the nine months ended September 30, 2025 increased by $879 million compared with the same period in 2024, primarily due to higher government and commercial services revenue. The net unfavorable impact of cumulative contract catch-up adjustments for the nine months ended September 30, 2025 was $93 million lower than the prior year comparable period.
BGS revenues for the three months ended September 30, 2025 increased by $469 million compared with the same period in 2024, primarily due to higher commercial and government services revenue. The net favorable impact of cumulative contract catch-up adjustments for the three months ended September 30, 2025 was $42 million higher than the net unfavorable impact in the prior year comparable period.
Earnings From Operations
BGS earnings from operations for the nine months ended September 30, 2025 increased by $310 million compared with the same period in 2024, due to higher commercial and government services revenue and a 2025 gain on asset disposition. The net unfavorable impact of cumulative contract catch-up adjustments for the nine months ended September 30, 2025 was $71 million lower than the prior year comparable period.
BGS earnings from operations for the three months ended September 30, 2025 increased by $104 million compared with the same period in 2024, primarily due to higher commercial and government services revenue. The net favorable impact of cumulative contract catch-up adjustments for the three months ended September 30, 2025 was $54 million higher than the net unfavorable impact in the prior year comparable period.
Backlog
BGS total backlog increased from $21,403 million at December 31, 2024 to $24,634 million at September 30, 2025, primarily due to the timing of awards, partially offset by revenue recognized on contracts awarded in prior years.
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