Boeing Co. (NYSE:BA)

Current Tax Expense (Benefit)

The current tax expense shows significant variability over the observed periods. In 2020, there is a substantial tax benefit of -3799 million USD, followed by a sharp increase to a positive expense of 100 million USD in 2021. In 2022 and 2023, the current tax expense remains positive but relatively low at 42 million USD and 207 million USD, respectively. In 2024, the figure turns negative again, indicating a tax benefit of -79 million USD. This pattern suggests considerable fluctuations in the company's taxable income or adjustments related to current tax obligations.

Deferred Tax Expense (Benefit)

The deferred tax expense exhibits alternating trends with an overall decline in magnitude over the years. In 2020, a deferred tax expense of 1264 million USD is recorded. This shifts to a deferred tax benefit of -843 million USD in 2021, followed by a minimal deferred tax expense of -11 million USD in 2022. In 2023, a small deferred tax expense of 30 million USD is noted, which then increases in benefit magnitude to -302 million USD in 2024. These oscillations indicate shifts in timing differences and the recognition of deferred tax assets and liabilities, possibly reflecting changes in estimates, accounting policies, or tax legislation impact.

Total Income Tax Expense (Benefit)

The total income tax expense, which combines current and deferred components, generally mirrors the trends seen in individual tax elements but with less extreme swings. In 2020, a significant tax benefit of -2535 million USD is seen, decreasing to a lesser benefit of -743 million USD in 2021. The total tax expense then transitions into a small expense of 31 million USD in 2022 and rises to 237 million USD in 2023. In 2024, an income tax benefit reappears, amounting to -381 million USD. Overall, these fluctuations reveal volatility in the company’s effective tax charges and benefits, highlighting the impact of both current and deferred tax dynamics on net tax positions over the period analyzed.

U.S. Federal Statutory Tax Rate

The statutory tax rate has remained constant at 21% throughout the observed period from 2020 to 2024.

Valuation Allowance

The valuation allowance percentage demonstrates considerable volatility, beginning at -18% in 2020, improving slightly to -10.2% in 2021, then sharply declining to -23.9% in 2022 and reaching a significant low of -57.3% in 2023, before recovering to -25.8% in 2024. This pattern indicates fluctuating assessments of deferred tax asset realizability over the years.

Federal Audit Settlement

No federal audit settlements were recorded between 2020 and 2023 except a modest item in 2024 at 4%. This suggests the recognition of a specific settlement impact in the final year.

Research and Development Credits

R&D credits show a general upward trend, starting at 2% in 2020 and rising to 4.1% by 2022. A notable spike occurs in 2023 with credits surging to 23.6%, followed by a decline to 3.3% in 2024. This indicates a substantial but temporary increase in R&D benefits recognized in 2023.

State Income Tax Provision, Net of Effects on U.S. Federal Tax

This provision increases from 1.2% in 2020 to a peak of 3.7% in 2023, then falls back to 1.8% in 2024. The upward movement through 2023 may reflect increased state tax burdens or adjustments during that period.

Tax on Non-U.S. Activities

The tax impact related to non-U.S. activities is consistently negative, worsening from -0.1% in 2020 to -1.8% in 2023, before lessening slightly to -0.9% in 2024. This negative trend points to increased tax benefits or reduced tax obligations in foreign operations, with a reversal toward the end.

Impact of Subsidiary Shares Purchased from Noncontrolling Interests

Data are sparse for this category, with a single positive adjustment of 1.5% recorded in 2023, suggesting a one-time impact from subsidiary share transactions in that year.

Other Provision Adjustments

The values fluctuate, beginning at a positive 7.3% in 2020, shifting to modest negative adjustments in subsequent years (-0.9% in 2021, -2.3% in 2022, -2.5% in 2023), and slightly improving to -0.3% in 2024. This indicates varying tax provision adjustments influencing effective taxation each year.

Audit Settlements

Recorded only in 2020 as 4.1%, with no further audit settlements in subsequent years, implying resolved or infrequent tax audit developments after 2020.

Effective Income Tax Rate

The effective tax rate exhibits substantial fluctuation across the period. Starting at 17.5% in 2020, it decreases to 14.7% in 2021, plummets to a negative rate of -0.6% in 2022, declines further to -11.8% in 2023, indicating a net tax benefit, and rebounds to a positive 3.1% in 2024. This volatile trend underscores varying tax outcomes influenced by valuation allowances, credits, and other provisions throughout the years.

The data reveals several notable trends and shifts in various financial items over the five-year period ending December 31, 2024.

Inventory and long-term contract methods of income recognition

This item shows a persistently negative value throughout the period, indicating deferred income recognition or related accounting effects. The negative balance fluctuates, with a low of -5115 million USD in 2023 and a slight recovery to -4765 million USD in 2024, suggesting some volatility but a general persistence of deferred income effects.

Federal net operating loss, credit, interest, and other carryovers

There is a strong upward trend in this item, rising from 317 million USD in 2020 to a substantial 4719 million USD in 2024. This reflects increasing carryover benefits likely resulting from accumulated losses or credits, potentially indicating tax planning strategies or financial challenges generating net operating losses.

Research expenditures

This category demonstrates significant growth from 1464 million USD in 2022 to 3936 million USD in 2024. The absence of reported values in earlier years suggests an increased focus or expanded disclosure on research spending, which may denote aggressive investment in innovation or product development.

Fixed assets, intangibles, and goodwill

Values remain negative throughout but show a trend toward less negative balances, improving from -1645 million USD in 2020 to -1526 million USD in 2024. This reduction in negativity could imply amortization or disposals exceeding new acquisitions, or adjustments in asset valuations.

State net operating loss, credit, interest, and other carryovers

There is a steady increase from 777 million USD in 2020 to 1353 million USD in 2024. The upward trend parallels the federal carryovers, suggesting a similar accumulation at the state level, which could reflect ongoing tax loss positions.

Other employee benefits

This item rises steadily from 957 million USD in 2020 to a peak of 1162 million USD in 2023, followed by a decline to 1049 million USD in 2024. The increase may be related to expanding employee-related obligations, with a slight easing in the final year.

Pension benefits

A marked downward trend is evident, decreasing significantly from 3029 million USD in 2020 to 1045 million USD in 2024. This decline suggests efforts in pension funding improvements, benefit payments exceeding new obligations, or revaluation of pension liabilities.

Accrued expenses and reserves

Values fluctuate within a narrow range but generally show gradual growth from 808 million USD in 2020 to 1029 million USD in 2024, indicating moderately increasing liabilities or provisions over time.

Other postretirement benefit obligations

There is a clear downward trajectory, falling from 1023 million USD in 2020 to 587 million USD in 2024. Similar to pension benefits, this points to shrinking postretirement liabilities, possibly due to plan amendments or payments exceeding accruals.

Other

This miscellaneous category declines from 1217 million USD in 2020 to 473 million USD in 2024, reflecting reductions in unspecified obligations or assets classified under this heading.

Gross deferred tax assets (liabilities) before valuation allowance

This figure exhibits substantial growth, climbing from 2170 million USD in 2020 to 7900 million USD in 2024. The increase corresponds with expansions in deferred tax items, likely linked to growing operating losses or timing differences.

Valuation allowance

The valuation allowance becomes more negative, deepening from -3094 million USD in 2020 to -7837 million USD in 2024. This indicates that a larger portion of deferred tax assets is considered potentially unrecoverable, reflecting increased uncertainty about realizing these assets.

Net deferred tax assets (liabilities) after valuation allowance

The net deferred tax position improves from a negative -924 million USD in 2020, approaching neutral levels in 2024 with a positive 63 million USD. This suggests that despite growing gross deferred tax assets and associated allowances, the net position has stabilized and slightly improved.

In summary, the data displays a company managing growing tax loss carryovers and increasing investment in research and development, alongside shrinking postretirement benefit obligations. Deferred tax assets and valuation allowances have expanded markedly, highlighting heightened uncertainty regarding their realizability. Meanwhile, fixed assets and intangible values show slight improvements, and accrued liabilities have gradually increased. These dynamics collectively offer insights into the entity's financial management, tax strategies, and investment focus during the observed years.

Deferred Tax Assets

Over the five-year period, deferred tax assets exhibit a fluctuating trend. Initially, there is a decline from 86 million US dollars in 2020 to 59 million US dollars in 2023. This represents a cumulative decrease, suggesting reductions in deductible temporary differences or changes in tax planning strategies. However, in 2024, there is a significant increase to 185 million US dollars, more than tripling the previous year's value. This sharp rise may indicate newly recognized deductible temporary differences or adjustments in management's estimation of future tax benefits.

Deferred Tax Liabilities

Deferred tax liabilities demonstrate a marked decline over the five-year horizon. Starting from a substantial 1,010 million US dollars in 2020, the liabilities precipitously drop to approximately 218-230 million US dollars during the 2021 to 2023 period, stabilizing around that level. By 2024, the deferred tax liabilities further decrease to 122 million US dollars, continuing the downward trajectory. This consistent reduction may reflect the settlement or reclassification of taxable temporary differences or shifts in the underlying asset base.

Overall Observations

The contrasting trends between deferred tax assets and liabilities result in a narrowing net deferred tax liability position over time, notably due to the sharp increase in deferred tax assets combined with the decreasing deferred tax liabilities in the last recorded year. This shift could imply changes in the company's future tax obligations or benefits expected from timing differences. The data points to strategic or operational developments influencing tax-related items, possibly including changes in tax laws, asset valuations, or estimates of recoverability of deferred tax assets.

Total Assets

Total assets, both reported and adjusted, display a declining trend from 2020 through 2023, reaching their lowest points in 2023 before experiencing a notable increase in 2024. The reported total assets decreased from 152,136 million USD in 2020 to 137,012 million USD in 2023, then rose to 156,363 million USD in 2024. The adjusted total assets follow a similar pattern, declining from 152,050 million USD in 2020 to 136,953 million USD in 2023, then increasing to 156,178 million USD in 2024.

Total Liabilities

Reported total liabilities decrease steadily from 170,211 million USD in 2020 to 152,948 million USD in 2022, followed by a slight increase through 2023 and 2024, ending at 160,277 million USD. Adjusted total liabilities mirror this trend, decreasing initially from 169,201 million USD in 2020 to 152,718 million USD in 2022, then rising slightly to 160,155 million USD by 2024. This suggests that liabilities were managed downward in the early period but began to rise again in the more recent years.

Shareholders’ Deficit

Both reported and adjusted shareholders’ deficits show a fluctuating deterioration from 2020 to 2023, with values becoming more negative. The reported shareholders’ deficit improves slightly in 2024, significantly less negative compared to previous years (from -17,233 million USD in 2023 to -3,908 million USD in 2024). Adjusted shareholders’ deficit follows a similar pattern but remains consistently less negative than the reported figures. This indicates some recovery or reduction in deficit exposure in 2024 after a period of worsening deficits.

Net Loss Attributable to Shareholders

Net losses as reported and adjusted reflect large losses in 2020, followed by a reduction in losses in subsequent years through 2023. The reported net loss decreases markedly from -11,873 million USD in 2020 to -2,222 million USD in 2023, but then sharply increases again to -11,817 million USD in 2024. Adjusted net loss data follow a similar trend with a decrease and a subsequent rise, ending at -12,119 million USD in 2024. This indicates a volatile earnings performance with periods of loss reduction punctuated by a substantial setback in the most recent year.

Net Profit Margin

The reported net profit margin exhibited a volatile trend with negative values throughout the observed periods. Initially, it was significantly negative at -20.42% in 2020, improving to a lesser negative of -6.75% in 2021 and further to -7.41% in 2022. There was a notable improvement in 2023 with the margin reaching -2.86%, but this was followed by a sharp decline back to -17.77% in 2024. The adjusted net profit margin follows a similar pattern, indicating consistency between reported and deferred income tax adjustments. It started at -18.24% in 2020, improved to -8.10% in 2021, slightly declined to -7.43% in 2022, improved again in 2023 to -2.82%, and saw a significant downturn to -18.22% in 2024.

Total Asset Turnover

Both reported and adjusted total asset turnover showed an improving trend from 2020 through 2023. The ratio increased from 0.38 in 2020 to 0.45 in 2021, 0.49 in 2022, and peaked at 0.57 in 2023. However, in 2024, the turnover ratio decreased to 0.43, suggesting a reduction in the efficiency of asset use to generate revenue compared to the previous year. The identical values for reported and adjusted total asset turnover indicate no effect of deferred tax on this metric.

Return on Assets (ROA)

The reported ROA was consistently negative over the five-year span, reflecting ongoing challenges in generating profits from assets. The value improved from -7.8% in 2020 to -3.03% in 2021, then slightly decreased to -3.6% in 2022, followed by further improvement to -1.62% in 2023, before worsening again to -7.56% in 2024. Adjusted ROA exhibited a parallel trajectory, starting at -6.98% in 2020, decreasing to -3.64% in 2021, largely stable at -3.61% in 2022, improving marginally to -1.6% in 2023, and then deteriorating to -7.76% in 2024. This indicates that adjustments for deferred taxes did not markedly alter the overall performance trend.

Financial Leverage and Return on Equity (ROE)

Data on reported and adjusted financial leverage and ROE were not provided, precluding any analysis of trends or impacts related to these metrics.

Overall Insights

The financial data shows a pattern of initial recovery from deeply negative profitability and asset returns between 2020 and 2023, followed by a significant deterioration in 2024. The temporary improvements in profitability and efficiency ratios suggest some operational or market conditions favorable during the middle years, but the sharp decline in 2024 could indicate emerging challenges or adverse events affecting financial performance. The consistency between reported and adjusted figures highlights that deferred income tax adjustments have minimal impact on the examined profitability and efficiency ratios during these periods.

Net Loss Analysis

Over the five-year period, the reported net loss attributable to shareholders demonstrates significant volatility. In 2020, the net loss was at its peak of -11,873 million US dollars. The loss then notably improved in 2021 to -4,202 million, followed by a slight worsening in 2022 to -4,935 million. The trend towards reduced losses continued in 2023 with a value of -2,222 million, indicating an improving financial performance during that year. However, in 2024, the net loss sharply deteriorated again, reaching -11,817 million, nearly returning to the 2020 level.

Adjusted net loss attributable to shareholders follows a similar pattern, with the highest loss recorded in 2024 at -12,119 million. The adjusted losses also show improvement from 2020 (-10,609 million) to 2023 (-2,192 million), before worsening dramatically in the final year.

Profit Margin Trends

The reported net profit margin reflects a pattern consistent with the net loss figures. It indicates a deep negative margin of -20.42% in 2020, then a substantial improvement to -6.75% in 2021. Subsequent years saw a gradual increase in margin, moving to -7.41% in 2022 and to the least negative margin of -2.86% in 2023. The margin then declined significantly to -17.77% in 2024, signaling a return to poorer profitability.

Adjusted net profit margin values show a comparable trajectory, starting at -18.24% in 2020 and improving to -8.10% in 2021. The margin stabilizes around -7.43% in 2022 and slightly improves to -2.82% in 2023 before sharply deteriorating to -18.22% in 2024. This trend underlines the adjusted margins’ sensitivity to operational or accounting adjustments that closely mirror the reported figures.

Overall Insights

The financial results indicate an initial period of extreme losses and low profitability in 2020, followed by a phase of recovery and improvement through 2023. The marked improvement is evident in both reported and adjusted figures, highlighting some recovery in the company's operational or financial performance during those years. However, the substantial reversal in 2024 suggests renewed challenges or adverse events impacting profitability and net losses significantly.

The similarity in trends between reported and adjusted data implies that the adjustments for deferred income tax and other items do not substantially alter the overall performance conclusions, reinforcing the reliability of observed patterns in underlying financial health over the given period.

Asset Levels and Adjustments

The reported total assets decreased from 152,136 million USD in 2020 to approximately 137,012 million USD by the end of 2023, indicating a downward trend over the four-year period. However, in 2024, a notable increase was observed as reported total assets rose sharply to 156,363 million USD, surpassing the 2020 level. Adjusted total assets followed a similar pattern, gently declining from 152,050 million USD in 2020 to 136,953 million USD in 2023 before increasing to 156,178 million USD in 2024. The close alignment between reported and adjusted totals suggests minor adjustments with negligible impact on asset valuation throughout these periods.

Asset Turnover Trends

The reported total asset turnover ratio exhibited an upward trajectory from 0.38 in 2020 to a peak of 0.57 by the end of 2023, reflecting improved efficiency in asset utilization over this timeframe. This increasing trend indicates that the company generated progressively higher revenue relative to its asset base. However, in 2024, the asset turnover ratio declined to 0.43, signaling a reduction in turnover efficiency after the prior years’ improvements. Adjusted total asset turnover mirrored the reported figures identically, reinforcing the consistency in performance measurement.

Overall Observations

The asset base experienced a contraction phase through 2023, then expanded significantly in 2024, potentially reflecting increased investments or asset acquisitions. During the contraction phase, operational efficiency as measured by asset turnover improved substantially, indicating better use of a shrinking asset base to drive revenue. The subsequent asset growth in 2024 coincided with reduced turnover efficiency, suggesting that the newly added assets might not have been fully leveraged yet or that revenue growth did not keep pace with asset expansion. The adjustments related to deferred income taxes appear minimal, having little influence on reported financial metrics.

Total Assets

The reported total assets display a declining trend from 152,136 million US dollars in 2020 to 137,012 million US dollars in 2023, followed by a notable increase to 156,363 million US dollars in 2024. The adjusted total assets closely mirror this pattern, decreasing from 152,050 million US dollars in 2020 to 136,953 million US dollars in 2023, then rising to 156,178 million US dollars in 2024. This fluctuation suggests an initial contraction in asset base over the four-year period, succeeded by an expansion in the most recent year.

Shareholders’ Deficit

The reported shareholders’ deficit shows improvement in 2021 compared to 2020, decreasing in absolute value from -18,316 million US dollars to -14,999 million US dollars. However, the deficit deepens slightly in 2022 and 2023 to -15,883 million US dollars and -17,233 million US dollars respectively, before substantially improving to -3,908 million US dollars in 2024. The adjusted shareholders’ deficit follows a similar trajectory, improving from -17,392 million US dollars in 2020 to -14,858 million US dollars in 2021, worsening through 2022 and 2023, and markedly improving to -3,971 million US dollars by 2024. This pattern indicates a period of financial strain followed by a significant recovery in the latest year.

Financial Leverage

No data is available for reported or adjusted financial leverage ratios across the periods analyzed, limiting the assessment of the company’s debt level relative to its equity base over time.

Summary

Overall, the data reveals an initial contraction in total assets and a fluctuating but generally negative position in shareholders’ equity from 2020 through 2023. The substantial asset growth and sharp reduction in the shareholders’ deficit in 2024 suggest a significant positive shift in the company’s financial position. These trends may reflect operational improvements, capital restructuring, or other financial strategies implemented in the most recent period. The absence of financial leverage data restricts a fuller assessment of the capital structure dynamics during these years.

Net Loss Attributable to Shareholders

The reported net loss attributable to Boeing shareholders exhibits significant fluctuations over the five-year period. Beginning with a high loss of $11,873 million in 2020, the loss decreased substantially to $4,202 million in 2021. The loss remained relatively stable in 2022, at $4,935 million, followed by a further reduction to $2,222 million in 2023. However, there was a sharp increase in net loss again in 2024, rising to $11,817 million. The adjusted net loss figures follow a similar pattern, with an initial large loss of $10,609 million in 2020, a moderate increase in loss to $5,045 million in 2021, a slight improvement in 2022 to $4,946 million, a further improvement in 2023 to $2,192 million, and then a worsening to $12,119 million in 2024.

Shareholders' Deficit

The reported shareholders’ deficit shows a declining trend in magnitude from 2020 to 2021, improving from a deficit of $18,316 million to $14,999 million. However, the deficit increased again in 2022 and 2023, reaching $15,883 million and $17,233 million, respectively. A noteworthy improvement occurs in 2024, with the deficit sharply reducing to $3,908 million. Adjusted shareholders’ deficit follows a similar course, declining from $17,392 million in 2020 to $14,858 million in 2021, increasing again through 2022 and 2023 to $15,716 million and $17,063 million, and then improving significantly to $3,971 million in 2024.

Return on Equity (ROE)

There are no reported or adjusted ROE values available for the periods under review. Therefore, no analysis can be provided regarding the company’s profitability relative to shareholder equity.

Net Loss Attributable to Boeing Shareholders

The reported net loss exhibited significant fluctuations over the five-year period. Starting with a substantial loss of $11,873 million in 2020, there was a notable improvement by 2021 with the loss declining to $4,202 million. However, the loss slightly increased in 2022 to $4,935 million before improving again to a loss of $2,222 million in 2023. Despite these improvements, 2024 saw a sharp reversal with the net loss rising close to the initial level at $11,817 million. The adjusted net loss mirrored a similar pattern, showing a significant reduction in 2021 relative to 2020, followed by relatively stable losses in 2022 and 2023, then a pronounced increase in 2024 to $12,119 million, indicating challenges impacting both reported and adjusted performance metrics.

Total Assets

The company’s total assets remained relatively stable from 2020 through 2023, with reported assets declining slightly from $152,136 million in 2020 to approximately $137,012 million in 2023. This was followed by a notable increase in 2024 to $156,363 million, suggesting a possible reinvestment or asset acquisition in the most recent year. Adjusted total assets followed the same trend but showed minor discrepancies, maintaining close alignment with reported totals throughout the period.

Return on Assets (ROA)

Return on assets, both reported and adjusted, indicated persistent net losses impacting asset efficiency. Reported ROA started at a low of -7.8% in 2020, improved significantly over the next three years reaching the least negative rate of -1.62% in 2023, reflecting better utilization or reduced losses relative to asset base. However, in 2024, ROA declined sharply again to -7.56%, signaling a deterioration consistent with increased net losses. Adjusted ROA displayed a comparable trajectory, moving from -6.98% in 2020 to a peak improvement near -1.6% in 2023, then falling back to -7.76% in 2024, confirming the trend observed with reported figures.

Overall Trends and Insights

The data shows a cyclical pattern of financial performance, with an initial severe loss in 2020, gradual improvement through 2023, and a sharp decline again in 2024. Asset levels remained largely stable with a marked increase in 2024, which may be associated with strategic investments or changes in operational scale. The recurring negative ROA underscores ongoing challenges in generating positive returns from assets over the analyzed period. The close alignment between reported and adjusted metrics suggests that the adjustments do not dramatically alter the interpretation of the company's financial health but reinforce the observed trends.