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The Boeing Co. (Arlington, Va., U.S.) has recorded first quarter (Q1) 2025 results. The company cites a revenue of $19.5 billion, primarily reflecting 130 commercial deliveries and the growth of total company backlog to $545 billion, including more than 5,600 commercial airplanes. The company reports that 737 production also gradually increased this quarter, which is still expected to reach 38/month in 2025. Overall, Boeing says Q1 2025 results reflect improved operational performance and commercial delivery volume. Results also reflect tariffs enacted only as of March 31.

“Our company is moving in the right direction as we start to see improved operational performance across our businesses from our ongoing focus on safety and quality,” says Kelly Ortberg, Boeing president and CEO. “We continue to execute our plan, are seeing early positive results and remain committed to making the fundamental changes needed to fully recover the company's performance while navigating the current environment.”

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Operating cash flow was ($1.6) billion in Q1, reflecting higher commercial deliveries, as well as working capital timing (Table 2). Cash and investments in marketable securities totaled $23.7 billion, compared to $26.3 billion at the beginning of the quarter, primarily driven by the free cash flow use in the quarter (Table 3). Debt was $53.6 billion, down from $53.9 billion at the beginning of the quarter due to the pay down of maturing debt. The company maintains access to credit facilities of $10.0 billion, which remain undrawn.

Total company backlog at quarter end was $545 billion.

Segment results

In Boeing’s Commercial Airplanes segment, the 737 program gradually increased production in Q1 2025 and maintains plans to reach 38/month. The 787 program continued to stabilize production at five/month in the quarter and still expects to increase to seven/month in 2025. The 777X program also began expanded FAA certification flight testing, and the company still anticipates first delivery of the 777-9 in 2026.

Commercial Airplanes booked 221 net orders in Q1, including 20 777-9 and 20 787-10 airplanes for Korean Air and 50 737-8 airplanes for BOC Aviation. This segment delivered 130 airplanes (2024: 83) and backlog included more than 5,600 airplanes valued at $460 billion.

Airbus says Commercial Airplanes Q1 revenue of $8.1 billion (2024: $4.7) and operating margin of 6.6% (2024: 24.6%) primarily reflect higher deliveries compared to 2024.

The Defense, Space & Security segment was selected by the U.S. Air Force for a contract to design, build and deliver the F-47, its next-generation fighter aircraft. This order is not included in backlog at the end of Q1 pending completion of the source selection and evaluation review process. Backlog at Defense, Space & Security was $62 billion, of which 29% represents orders from customers outside the U.S. Its revenue was $6.3 billion, and an operating margin of 2.5% reflects stabilizing operational performance.

Global Services delivered the 100th 767-300 Boeing Converted Freighter to SF Airlines and received a modification contract from the U.S. Air Force to integrate electronic warfare systems for the F-15 Eagle. In April, the company entered an agreement to sell portions of its Digital Aviation Solutions business, and the transaction is expected to close by the end of 2025 subject to regulatory approval and customary closing conditions.

Overall, this segment’s revenue ($5.1 billion), earnings and operation margins (18.6%) remained similar to 2024, highlighting a favorable performance and mix according to Boeing.

Boeing provides charts and figures on its Q1 2025 results .

For related content, read “Airbus Q1 2025 demonstrates production progress despite headwinds.”