Direct Answer
The Boeing Company (BA, NYSE) reported total revenues of $66.517 billion in fiscal year 2024, down sharply from approximately $77.8 billion in FY2023. Boeing recorded a net loss of $11.817 billion and diluted loss per share of $18.97 in FY2024, driven by a severe production disruption: a door plug blowout on Alaska Airlines Flight 1282 in January 2024 triggered FAA quality oversight requirements that capped 737 MAX production, and a machinists' strike from September through October 2024 halted assembly lines for approximately seven weeks. Boeing burned $14.3 billion in operating cash during 2024 and carried approximately $57.7 billion in total debt at year-end. The dividend remains suspended.
Revenue by segment (FY2023 vs. FY2024)
| Segment | FY2023 (approx.) | FY2024 (approx.) | Change |
|---|---|---|---|
| Commercial Airplanes (BCA) | $33.9B | $24.8B | -27% |
| Defense, Space and Security (BDS) | $24.9B | $24.0B | -4% |
| Global Services (BGS) | $19.5B | $20.0B | +3% |
| Boeing Capital and other | ~$0.4B | ~$0.3B | n/m |
| Total revenues | ~$77.8B | $66.517B | -15% |
Boeing operates three major segments. Commercial Airplanes (BCA) manufactures narrowbody and widebody jets, principally the 737 MAX family and the 787 Dreamliner, plus the legacy 767, 747, and the 777/777X. Defense, Space and Security (BDS) produces military aircraft such as the F-15EX and F/A-18 Super Hornet, the KC-46 Pegasus aerial tanker, rotorcraft, satellites, and the CST-100 Starliner spacecraft. Global Services (BGS) provides maintenance, repair and overhaul, spare parts supply, pilot training, and digital analytics services to airline and government customers worldwide.
The BCA revenue decline from approximately $33.9 billion in FY2023 to $24.8 billion in FY2024 was the single largest driver of the overall revenue drop. Fewer deliveries mean fewer aircraft payments: commercial aircraft revenue is recognized largely at delivery, so production disruptions translate almost immediately into revenue shortfalls. BCA also carries significant fixed manufacturing costs that remain largely constant whether the line is running or not, creating severe operating leverage in the wrong direction when deliveries fall.
BGS remained Boeing's most profitable segment in FY2024, contributing positive operating income even as BCA and BDS produced large losses. The services business depends on the installed base of Boeing aircraft already flying with airline customers, which is relatively insulated from near-term production disruptions.
Source: The Boeing Company: Form 10-K SEC Filings (CIK 0000012927)
Key financial metrics (FY2023 vs. FY2024)
| Metric | FY2023 (approx.) | FY2024 |
|---|---|---|
| Total revenues | ~$77.8B | $66.517B |
| Net loss (GAAP) | ~($2.2B) | ($11.817B) |
| Diluted loss per share | ~($3.67) | ($18.97) |
| Operating cash flow | ~$4.4B | ($14.3B) |
| Free cash flow (approx.) | ~$4.3B | ~($14.1B) |
| Cash and equivalents (year-end) | ~$13.0B | ~$10.5B |
| Total debt (year-end) | ~$52.3B | ~$57.7B |
| Commercial deliveries | ~528 | 348 |
| Dividend | Suspended | Suspended |
The shift from roughly $4.4 billion of operating cash generation in FY2023 to $14.3 billion of operating cash consumption in FY2024 represents one of the sharpest single-year cash flow deteriorations in Boeing's modern history. The company raised approximately $21 billion in new equity through a public stock offering in late 2024 to address liquidity needs, which was dilutive to existing shareholders but prevented a near-term debt crisis.
Total debt rose from approximately $52.3 billion at the end of 2023 to approximately $57.7 billion at the end of 2024. Boeing's credit ratings fell to near-junk levels during 2024: Moody's rated Boeing at Baa3 (the lowest investment-grade tier) and S&P at BBB- (also the lowest investment-grade tier), both with negative outlooks. A downgrade to junk status would have increased Boeing's borrowing costs significantly and could have restricted some institutional holders from holding the debt.
Commercial aircraft deliveries fell from approximately 528 in FY2023 to 348 in FY2024, a decline of approximately 34%. This is the most direct operational measure of the production disruption: Boeing delivered 180 fewer aircraft than in the prior year, each representing several hundred million dollars in revenue that moved into backlog or was deferred.
The door plug incident and quality crisis
On January 5, 2024, Alaska Airlines Flight 1282, a Boeing 737 MAX 9, suffered a door plug blowout at approximately 16,000 feet shortly after departing Portland, Oregon. The door plug, which covered an unused emergency exit opening, separated from the fuselage, leaving a gaping hole in the cabin side. All 171 passengers and crew were aboard. No one was ejected because the adjacent seats happened to be unoccupied, but the decompression was dramatic and the incident attracted immediate regulatory and public attention.
The FAA responded within days. The agency grounded all 737 MAX 9 aircraft equipped with the same door plug configuration and ordered inspections. Investigators found that four bolts meant to secure the door plug were missing from the specific aircraft involved. Boeing and Spirit AeroSystems, its fuselage supplier, came under scrutiny for quality-control failures in the manufacturing and inspection process.
Beyond the immediate 737 MAX 9 grounding, the FAA took the broader step of freezing Boeing's plan to increase 737 MAX production rates. Boeing had been preparing to ramp production from roughly 38 aircraft per month toward 50 per month, a level needed to work through a backlog of more than 5,000 orders and generate the cash flow required to service its debt. The FAA instead required Boeing to demonstrate improved quality management systems before any production increase would be approved. This production cap remained in place through the end of FY2024.
The FAA also increased its direct oversight of Boeing's manufacturing operations, including requiring the agency's own inspectors to monitor certain production steps rather than relying on Boeing's delegated inspection authority. The Senate Commerce Committee held hearings that included testimony from former Boeing quality-control employees describing a factory culture under pressure to prioritize speed over safety.
Dave Calhoun, Boeing's CEO since January 2020, announced in March 2024 that he would retire by the end of the year. The company also replaced the heads of its Commercial Airplanes and defense segments. Kelly Ortberg, a veteran of aerospace supplier Rockwell Collins and later Collins Aerospace, was named Boeing's new CEO in August 2024.
Path to recovery under Kelly Ortberg
Kelly Ortberg took over as Boeing CEO on August 5, 2024, with the company in the middle of a self-described transformation. His stated priorities were stabilizing the production system, improving quality culture, resolving the machinists' strike, and addressing the debt load.
The International Association of Machinists (IAM) District 751 began a strike on September 13, 2024, after members rejected a tentative contract agreement. The strike halted 737 MAX and 787 Dreamliner production at Boeing's Puget Sound facilities in Washington state for approximately seven weeks. Boeing and union negotiators reached a new agreement in late October 2024, and machinists voted to ratify a contract that included a wage increase of approximately 38% over four years. Production resumed, but the strike cost Boeing an estimated 50 aircraft of lost production output.
Boeing's target to return to a 737 MAX production rate above 38 per month requires FAA approval, which in turn requires demonstrating sustained improvement in quality metrics. The company has outlined a path to approximately 38 aircraft per month in 2025 with gradual increases thereafter, contingent on performance. The 787 Dreamliner production rate was also below its long-run target of 10 per month in 2024.
Debt reduction is a central challenge. With approximately $57.7 billion in total debt, interest expense consumes a material portion of cash flow even before considering operating losses. The $21 billion equity raise in late 2024 improved the liquidity position but did not materially reduce debt. Boeing will need sustained positive free cash flow, which depends on production rate recovery and delivery volume, before it can begin a meaningful deleveraging program.
The 777X widebody jet, Boeing's next major commercial program, remained in development and testing during 2024 with its first delivery expected in 2026. The program's schedule and cost have been delayed multiple times since the original target years. The 777X is intended to be a significant contributor to future BCA revenues and profitability once it enters service.
Frequently Asked Questions
What was Boeing's total revenue in fiscal year 2024?
Boeing reported total revenues of $66.517 billion in fiscal year 2024, a significant decline from approximately $77.8 billion in fiscal year 2023. The drop was driven by sharply lower Commercial Airplanes deliveries caused by the January 2024 door plug incident, FAA-imposed production limits on the 737 MAX, and a seven-week machinists' strike that began in September 2024.
Why did Boeing report such large losses in 2024?
Boeing reported a net loss of $11.817 billion in fiscal year 2024, compared with a net loss of approximately $2.2 billion in fiscal year 2023. The losses were driven by lower production volume and deliveries across the Commercial Airplanes segment following the Alaska Airlines door plug blowout in January 2024, FAA quality oversight requirements that capped 737 MAX production at approximately 38 aircraft per month, and the IAM machinists' strike from September through October 2024 that halted 737 and 787 production lines for approximately seven weeks. Fixed manufacturing costs spread over fewer deliveries pushed unit costs sharply higher.
Does Boeing pay a dividend?
No. Boeing suspended its dividend in March 2020 during the COVID-19 pandemic and had not reinstated it as of the end of fiscal year 2024. Given the company's net loss of $11.817 billion, operating cash outflow of $14.3 billion, and total debt of approximately $57.7 billion in 2024, dividend reinstatement was not under consideration.
What happened to Boeing's 737 MAX production in 2024?
A door plug blew out on Alaska Airlines Flight 1282, a 737 MAX 9, on January 5, 2024, at approximately 16,000 feet. The FAA immediately capped Boeing's 737 MAX 9 production and grounded the affected fleet for inspection. Following the incident, the FAA restricted Boeing's overall 737 MAX production rate to approximately 38 aircraft per month pending quality-system improvements verified by the agency. Boeing had been targeting a ramp to 50 or more per month. The production cap, combined with the September 2024 machinists' strike, caused Boeing to deliver only 348 commercial aircraft in full-year 2024, down from approximately 528 in 2023.