Analysis of Inventory
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- Income Statement
- Common-Size Balance Sheet: Assets
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
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Inventory Disclosure
Boeing Co., balance sheet: inventory
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Overall inventory levels exhibited a generally increasing trend over the five-year period, though with some fluctuations. A significant portion of the inventory is attributable to commercial aircraft programs. Detailed analysis reveals varying patterns within the different inventory components.
- Commercial Aircraft Programs
- The value of commercial aircraft programs in inventory remained relatively stable between 2021 and 2023, fluctuating around US$68 billion. A notable increase occurred in 2024, reaching US$75.2 billion, before decreasing slightly to US$70.8 billion in 2025. This suggests potential build-up and then partial delivery or reclassification of aircraft during this period.
- Long-Term Contracts in Progress
- Long-term contracts in progress experienced a decrease from US$872 million in 2021 to US$582 million in 2022. The value then recovered, reaching US$752 million in 2024, with a slight decrease to US$720 million in 2025. This indicates a cyclical pattern potentially linked to the timing of contract milestones and revenue recognition.
- Capitalized Precontract Costs
- Capitalized precontract costs consistently increased throughout the period, rising from US$648 million in 2021 to US$1,411 million in 2025. This steady growth suggests increased investment in future programs and potential expansion of the order backlog.
- Commercial Spare Parts, Used Aircraft, and General Stock
- This inventory component also demonstrated a consistent upward trend, increasing from US$9.2 billion in 2021 to US$11.8 billion in 2025. This growth could be attributed to increased aftermarket demand, expansion of the installed base of aircraft, or changes in supply chain management strategies.
- Total Inventories
- Total inventories decreased slightly from US$78.8 billion in 2021 to US$78.2 billion in 2022. Subsequently, a clear upward trend is observed, peaking at US$87.6 billion in 2024, before declining to US$84.7 billion in 2025. The overall increase suggests a potential build-up of inventory, possibly in anticipation of future demand or due to production challenges.
The composition of inventory is heavily weighted towards commercial aircraft programs. The increasing trend in capitalized precontract costs and spare parts inventory warrants further investigation to assess the implications for future profitability and working capital management.