Short answer
Boeing (BA) filed its Q3 2025 10-Q quarterly report on Oct 29, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $23.3B (up 30.4% year over year) with net income of −$5.3B.
Q3 2025 key financials · XBRL
- Revenue
- $23.3B
- +30.4% YoY · +2.3% QoQ
- Net income
- −$5.3B
- +13.5% YoY · −773.5% QoQ
- Operating margin
- -20.5%
- EPS (diluted)
- −$7.16
- +28.5% YoY · −669.9% QoQ
Source: XBRL data from the Boeing (BA) Q3 2025 10-Q on SEC EDGAR. USD.
Boeing Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Revenue $23.27B Q3 FY25 vs $17.84B Q3 FY24, up $5.43B (+30.4%), driven by Commercial Airplanes (+$3.65B) and Defense, Space & Security (+$1.37B)
- Operating margin Q3 FY25 (GAAP) (20.5%) vs (32.3%) YoY; Core operating margin (non-GAAP) (21.7%) vs (33.6%) YoY, improved by ~12 pp
- Best segment: Defense, Space & Security profit from operations Q3 FY25 $114M vs loss ($2.38B) YoY; Worst segment: Commercial Airplanes loss from operations Q3 FY25 ($5.35B) vs ($4.02B) YoY, margin (48.3%) vs (54.0%) YoY
- Cash & equivalents $6.88B Q3 FY25 vs $9.98B Q3 FY24; Operating cash flow used $0.3B YTD FY25 vs $8.6B used YTD FY24, driven by higher deliveries and working capital improvements
- Management highlights continuing FAA-induced 737 production challenges, delayed certification for 737-7/737-10, and delays in 777X certification pushing first delivery to 2027; forecasts risk from labor strikes, supply chain inflation, and U.S.-China trade tensions
Risk Factors
- Newly added risk: China delivery pause in Q2 2025 triggered by ongoing U.S.-China tariff negotiations impacting commercial aircraft deliveries
- Most materially updated risk: heightened U.S.-China and EU trade tensions increasing potential for lower demand, delivery delays, and order terminations
- Most impactful regulatory risk: escalating tariffs and retaliatory trade actions raising product costs and complicating export compliance requirements
- Operational risk: complexity managing global supply chain amid tariffs, trade restrictions, and political volatility affecting near-term delivery schedules
- Financial risk: exposure to currency fluctuations and financing uncertainties from non-U.S. customers, accounting for 46% total and 70% Commercial Airplanes revenues
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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