The Boeing Company recorded fourth-quarter revenue of $20.0 billion, GAAP loss per share of ($1.06), and core loss per share (non-GAAP) of ($1.75). The industry also generated $3.5 billion of operating cash flow and $3.1 billion of free cash flow (non-GAAP). Results improved on commercial volume and performance. 

Operating cash flow improved to $3.5 billion in the quarter, reflecting higher commercial deliveries and timing of receipts and expenditures. 

Cash and investments in marketable securities increased to $17.2 billion, compared to $14.3 billion at the beginning of the quarter, primarily driven by cash from operations. The company has access to credit facilities of $12.0 billion, which remain undrawn.

Total company backlog at quarter-end was $404 billion.

Segment Results

Commercial Airplanes

Commercial Airplanes fourth-quarter revenue increased to $9.2 billion driven by higher 737 and 787 deliveries, partially offset by 787 customer considerations. Operating margin of (6.8) percent also reflects abnormal costs and period expenses, including research and development.

The 737 program is stabilizing production rate at 31 per month with plans to ramp production to approximately 50 per month in the 2025/2026 timeframe. Additionally, the 787 program continues at a low production rate with plans to ramp production to five per month in late 2023 and to 10 per month in the 2025/2026 timeframe.

During the quarter, the company secured net orders for 376 aircraft, including an order from United Airlines for 100 B-737 MAX and 100 B-787 airplanes. Commercial Airplanes delivered 152 airplanes during the quarter and backlog included over 4,500 airplanes valued at $330 billion.

Defense, Space & Security

Defense, Space & Security fourth-quarter revenue was $6.2 billion. Fourth-quarter operating margin of 1.8 percent reflects the continued operational impact of labor instability and supply chain disruption.

It delivered 45 aircraft and three satellites, including the first P-8A Poseidon to New Zealand. Also in the quarter, the Boeing-built Space Launch System core stage powered the first Artemis I mission to the moon and the T-7A program completed engine testing.

During the quarter, Defense, Space & Security captured awards from Japan for two KC-46A Tankers and from the Egyptian Air Force for 12 CH-47F Chinook helicopters. Backlog at Defense, Space & Security was $54 billion, of which 28 percent represents orders from customers outside the US.

Global Services

Its fourth-quarter revenue of $4.6 billion and operating margin of 13.9 percent reflect higher commercial volume, partially offset by lower government volume.

During the quarter, Global Services finalized the US Air Force F-15 depot support order and opened the Germany Distribution Center to serve 6,000+ customers with chemicals and specialty materials.