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October 30, 2025 • 3 min read
Boeing, the global aerospace and defense titan, just released its third-quarter 2025 financial results. For anyone following the company's journey through production challenges and market shifts, this report offers a complex but crucial snapshot of its current state. Let's unpack the key details from their latest 10-Q filing with the SEC to understand the numbers behind the headlines.
For the third quarter ended September 30, 2025, Boeing reported a significant 30% jump in total revenue, reaching $23.3 billion compared to $17.8 billion in the same period last year. Despite this top-line growth, the company still faces bottom-line pressures, posting a net loss of $5.3 billion, or $(7.14) per share. While still a substantial loss, it marks an improvement from the $6.2 billion loss reported in the third quarter of 2024.
The following flow diagram visualizes how the company's quarterly revenue from its various business segments is allocated towards costs, expenses, and ultimately, the net loss.
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In the chart, the "Unallocated" revenue stream represents financial adjustments, primarily the elimination of sales between Boeing's own divisions to prevent double-counting in the consolidated results.
The story of the quarter is best told by looking at Boeing's three main business divisions, which had strikingly different results.
Commercial Airplanes (BCA): This is the segment responsible for iconic aircraft like the 737 MAX and 787 Dreamliner. Revenue here soared to $11.1 billion, driven by a notable increase in deliveries—160 aircraft in the quarter versus 116 a year ago. However, profitability remains a major hurdle. The division's operating loss widened to $5.4 billion from $4.0 billion in Q3 2024. The filing indicates this was partly due to higher "reach-forward losses," which are anticipated future losses on certain production contracts, signaling that cost pressures and production inefficiencies continue to weigh on its most visible programs.
Defense, Space & Security (BDS): Boeing's defense arm, which builds military hardware like the F/A-18 Super Hornet and the KC-46 tanker, delivered a dramatic turnaround. It swung from a steep $2.4 billion operating loss last year to a $114 million operating profit this quarter. This significant improvement was driven by lower charges on fixed-price development programs, which have been a major source of financial strain in previous periods.
Global Services (BGS): The company's services division, which provides maintenance, spare parts, and analytics to commercial and defense customers, continued its role as a reliable profit engine. It posted a solid $938 million in operating earnings on $5.4 billion in revenue, demonstrating steady growth and consistent performance.
A key positive for Boeing is its massive order backlog, which serves as an indicator of future revenue. The total company backlog grew to an impressive $636 billion by the end of the quarter. The commercial airplanes division accounts for the lion's share of this at $535 billion, underscoring strong, long-term demand from airlines around the world.
Boeing's third-quarter 2025 performance paints a picture of a company making progress on multiple fronts while still grappling with significant legacy challenges. The strong revenue growth and the remarkable turnaround in its defense business are clear positives. However, the widening losses in the commercial airplanes division, even as deliveries increase, highlight the difficult road ahead in stabilizing its manufacturing operations and achieving consistent profitability. With the strategic acquisition of its key supplier Spirit AeroSystems pending, Boeing is taking bold steps to reshape its future, but its Q3 results show that this transformation is still very much a work in progress.
Last updated: October 30, 2025