Boeing reported Q1 2025 results that reflect meaningful operational progress, with strong revenue growth and narrower losses, although the company remains in the red. Total revenue rose to $19.5 billion, an 18% increase from $16.6 billion in the same quarter last year, fueled largely by a surge in commercial airplane deliveries — 130 units, up 57% from 83 a year ago.

While Boeing still posted a net loss of ($31) million, this marks a significant improvement from the ($355) million loss in Q1 2024. On a GAAP basis, loss per share narrowed to ($0.16) from ($0.56), and on a core (non-GAAP) basis, to ($0.49) from ($1.13). Operating cash flow improved substantially to ($1.6) billion, compared to ($3.4) billion a year ago, and free cash flow came in at ($2.3) billion, also showing a significant year-over-year improvement from ($3.9) billion.

The Commercial Airplanes segment was a standout, generating $8.1 billion in revenue — a 75% increase — and reducing its operating loss to ($537) million from ($1.1) billion. Operating margin improved sharply to (6.6%), up from (24.6%) in Q1 2024. The segment delivered 130 aircraft and secured 221 net new orders, including notable deals with Korean Air and BOC Aviation. Production ramp-up for the 737 and 787 is underway, and 777X certification testing has expanded.

In Defense, Space & Security, revenue declined 9% YoY to $6.3 billion, but operating earnings rose 3% to $155 million, with a modest 2.5% margin. A major U.S. Air Force contract win for the F-47 fighter highlights potential future upside, although it’s not yet reflected in the backlog, which stood at $62 billion, with 29% from international customers.

The Global Services segment held steady with $5.1 billion in revenue and posted $943 million in operating earnings, up 3% YoY, maintaining a strong 18.6% margin. Key milestones included delivery of the 100th 767-300 Boeing Converted Freighter and a U.S. Air Force contract for F-15 upgrades. Boeing also announced plans to divest parts of its Digital Aviation Solutions business by year-end.

On the balance sheet, cash and marketable securities decreased to $23.7 billion, down from $26.3 billion at the start of the quarter, largely due to ongoing free cash flow usage. Consolidated debt edged down to $53.6 billion, and the company retains access to $10.0 billion in undrawn credit facilities.

CEO Kelly Ortberg emphasized the company’s operational improvements, underscoring a renewed focus on safety and quality. He reiterated Boeing’s commitment to its recovery strategy and long-term transformation efforts.

In summary, Boeing’s first quarter performance in 2025 shows a clear trajectory of recovery, especially in its commercial segment, with stronger revenues, improved margins, and a still-robust $545 billion total backlog — including over 5,600 commercial aircraft valued at $460 billion. While challenges remain, momentum appears to be building for sustained progress through the year.