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Boeing said its 737 production “gradually increased” during the first quarter of 2025, but its April 23 results release did not give monthly production totals. The company’s goal of reaching 38 737s per month was a target for 2025—not evidence that it had reached that rate during the quarter.
What Boeing said about 737 production
In its first-quarter results released April 23, 2025, Boeing described 737 production as having “gradually increased” during the quarter. The release did not specify how many 737s the company produced in each month, so the statement indicates a direction of change but does not establish a monthly rate or a precise increase.
Boeing also said it planned to reach production of 38 aircraft per month “this year,” referring to 2025. That was a company target, not a reported Q1 production figure or a statement that the rate had already been achieved.
Production, deliveries, orders, and targets are different measures
The release reported 130 Commercial Airplanes deliveries in Q1 2025, compared with 83 in Q1 2024—a 57% increase. Deliveries count aircraft handed over to customers; they are not the same as aircraft produced during the quarter. The delivery figures cover Boeing’s Commercial Airplanes segment, not just the 737 program.
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Boeing also reported booking 50 orders for 737-8 aircraft from BOC Aviation. Orders represent customer commitments and do not mean those aircraft were produced or delivered in the quarter. The 38-per-month figure, meanwhile, was a forward-looking production target. Keeping these measures separate avoids treating a rise in deliveries or orders as proof of a particular production rate.
What the quarter’s financial results show
Boeing reported total revenue of $19.5 billion for Q1 2025. Its Commercial Airplanes segment generated $8.147 billion in revenue, up from $4.653 billion in Q1 2024. The segment still recorded an operating loss of $537 million, or a negative 6.6% operating margin. A year earlier, it reported a $1.143 billion operating loss and a negative 24.6% margin.
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Those comparisons show higher Commercial Airplanes revenue and a smaller operating loss year over year, but they do not establish that the gradual production increase caused those changes. Boeing said its results primarily reflected improved operational performance and commercial delivery volume, and that they reflected tariffs enacted as of March 31, 2025.
For the company as a whole, Boeing reported a GAAP loss per share of $0.16 and a non-GAAP core loss per share of $0.49. Operating cash flow was negative $1.6 billion, and free cash flow was negative $2.3 billion. Boeing reported a total backlog of $545 billion at quarter end; backlog is not revenue already earned or a count of aircraft delivered.
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How to read Boeing’s statement
The release supports a limited conclusion: Boeing said 737 production increased gradually during Q1 2025 and set a 2025 target of 38 per month. It does not provide monthly 737 production counts to quantify the Q1 change or demonstrate that the target was met. Boeing CEO Kelly Ortberg described the company as “moving in the right direction” as it saw improved operational performance; that is management’s assessment, distinct from the reported production figures.
Boeing’s SEC-filed Exhibit 99.1 contains the same first-quarter results release.
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