Stock Analysis on Net

Boeing Co. (NYSE:BA)

$24.99

Analysis of Revenues

Microsoft Excel

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Revenues as Reported

Boeing Co., income statement, revenues

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2025 Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021
Asia
Europe
Middle East
Oceania
Canada
Africa
Latin America, Caribbean and other
Non-U.S. revenues
United States
Estimated potential concessions and other considerations to 737 MAX customers, net of insurance recoveries
Revenues

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 revenues exhibited a fluctuating pattern over the five-year period. While initially increasing, revenues experienced a decline in the fourth year before rebounding strongly in the final year. A significant portion of revenue generation is attributable to non-U.S. markets, which demonstrated consistent growth throughout the period, accelerating in the later years. Revenue contributions from individual geographic regions varied, with Asia emerging as a key growth driver.

Geographic Revenue Trends
Asia demonstrated the most substantial growth, increasing from US$5.845 billion in 2021 to US$16.466 billion in 2025. Europe also showed growth, albeit less pronounced, moving from US$8.967 billion to US$11.419 billion. The Middle East experienced moderate growth, with revenues rising from US$4.653 billion to US$7.023 billion. Oceania exhibited relatively stable, albeit modest, growth, increasing from US$1.147 billion to US$1.587 billion. Canada showed initial growth followed by a slight dip, ending at US$1.781 billion in 2025. Africa experienced the highest percentage growth, albeit from a smaller base, increasing from US$239 million to US$1.625 billion. Latin America, Caribbean and other regions showed initial growth, followed by a decline and stabilization around US$1.479 billion.
U.S. vs. Non-U.S. Revenue
Non-U.S. revenues consistently represented a substantial portion of total revenues, growing from US$23.196 billion in 2021 to US$41.380 billion in 2025. U.S. revenues also increased overall, from US$39.076 billion to US$48.083 billion, but experienced a notable decrease in 2024 to US$36.171 billion before recovering in 2025. The proportion of revenue derived from non-U.S. sources increased over the period.
Impact of 737 MAX Considerations
The line item representing potential concessions and other considerations to 737 MAX customers initially showed small positive values, indicating net recoveries. However, in 2024, a significant negative value of -US$443 million was recorded, suggesting substantial concessions were made. This negative impact likely contributed to the overall revenue decline observed in that year. No value is available for 2025.
Overall Revenue Performance
Total revenues increased from US$62.286 billion in 2021 to US$66.608 billion in 2022, then to US$77.794 billion in 2023. A decrease was observed in 2024, with revenues falling to US$66.517 billion, likely influenced by the 737 MAX considerations. Revenues then rebounded significantly in 2025, reaching US$89.463 billion, representing the highest value in the observed period.