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The Boeing Company (BA-1.85%) has submitted its annual report on Form 10-K for the fiscal year ended December 31, 2024 filing.
The filing reports that Boeing's total revenues for 2024 were $66.5 billion, a decrease from $77.8 billion in 2023. The decrease was primarily driven by lower revenues in the Commercial Airplanes and Defense, Space & Security segments.
Boeing's Commercial Airplanes segment reported revenues of $22.9 billion, down from $33.9 billion in 2023. The decline was attributed to lower deliveries across all programs and considerations related to the 737-9 grounding.
The Defense, Space & Security segment reported revenues of $23.9 billion, a decrease from $24.9 billion in 2023. This was primarily due to higher net unfavorable cumulative contract catch-up adjustments on major fixed-price development programs.
The Global Services segment saw an increase in revenues to $20.0 billion, up from $19.1 billion in 2023, mainly due to higher commercial services revenue.
Boeing reported a net loss of $11.8 billion for 2024, compared to a net loss of $2.2 billion in 2023. The loss was driven by reach-forward losses on the 777X and 767 programs, customer considerations related to the 737-9, and higher charges on fixed-price development programs.
The company recorded a reach-forward loss of $3.5 billion on the 777X program and $580 million on the 767 program during 2024.
Boeing's backlog at the end of 2024 was $521.3 billion, slightly up from $520.2 billion at the end of 2023. The increase was due to a higher backlog in the Defense, Space & Security and Global Services segments.
Boeing continues to face challenges related to supply chain disruptions, labor instability, and regulatory scrutiny, particularly affecting the 737 and 777X programs.
The filing also notes that Boeing entered into an agreement to acquire Spirit AeroSystems Holdings, Inc. in an all-stock transaction, expected to close in mid-2025, subject to regulatory approvals and other conditions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Boeing Company annual 10-K report dated February 3, 2025. To report an error, please email earnings@qz.com.