Analysis of Revenues

Revenues as Reported

Revenues as Reported

Boeing Co., income statement, revenues

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Asia	11,994)	10,013)	8,393)	5,845)	5,931)
Europe	8,734)	10,520)	7,916)	8,967)	7,961)
Middle East	4,635)	6,594)	5,047)	4,653)	5,308)
Oceania	1,565)	1,655)	1,576)	1,147)	832)
Canada	1,472)	1,256)	1,612)	969)	1,302)
Africa	1,143)	825)	418)	239)	114)
Latin America, Caribbean and other	1,246)	1,524)	2,412)	1,376)	229)
Non-U.S. revenues	30,789)	32,387)	27,374)	23,196)	21,677)
United States	36,171)	45,380)	39,218)	39,076)	36,979)
Estimated potential concessions and other considerations to 737 MAX customers, net of insurance recoveries	(443)	27)	16)	14)	(498)
Revenues	66,517)	77,794)	66,608)	62,286)	58,158)

Based on: 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), 10-K (reporting date: 2020-12-31).

Overall Revenue Trend

The total revenue shows an increasing trend from 2020 through 2023, starting at 58,158 million USD and rising steadily to 77,794 million USD in 2023. However, a notable decline occurs in 2024, where revenue decreases to 66,517 million USD.

Regional Revenue Trends

Asia: Revenues increase consistently over the five years, from 5,931 million USD in 2020 to 11,994 million USD in 2024, indicating strong growth in this region.
Europe: Revenue fluctuates over the period, with an increase up to 8,967 million USD in 2021, a decline in 2022 to 7,916 million USD, a peak in 2023 at 10,520 million USD, then a drop to 8,734 million USD in 2024, reflecting volatility.
Middle East: Middle East revenues show variability, decreasing from 5,308 million USD in 2020 to a low of 4,653 million USD in 2021, rising to 6,594 million USD in 2023, and then declining sharply to 4,635 million USD in 2024.
Oceania: A steady but modest increase is observed, growing from 832 million USD in 2020 to 1,655 million USD in 2023, then slightly decreasing to 1,565 million USD in 2024.
Canada: Revenues demonstrate some fluctuation, declining from 1,302 million USD in 2020 to 969 million USD in 2021, then rising to 1,612 million USD in 2022, falling to 1,256 million USD in 2023, and increasing again to 1,472 million USD in 2024.
Africa: This region shows a strong revenue growth trend, starting from a low base of 114 million USD in 2020 and reaching 1,143 million USD in 2024, indicating expanding operations or market penetration.
Latin America, Caribbean and Other: There is an increase from 229 million USD in 2020 to a peak of 2,412 million USD in 2022, followed by a decline to 1,246 million USD in 2024, revealing significant volatility.

Non-U.S. Revenues

Non-U.S. revenues steadily increase each year from 21,677 million USD in 2020 to 32,387 million USD in 2023 before a decline to 30,789 million USD in 2024. This growth aligns with the increase in revenue across most international regions, except in some cases such as Europe, Middle East, and Latin America, which show fluctuations.

United States Revenues

U.S. revenues rise from 36,979 million USD in 2020 to 45,380 million USD in 2023, followed by a pronounced decrease to 36,171 million USD in 2024. This pattern parallels the overall revenue trend, suggesting that the U.S. market significantly influences total company revenue movements.

Estimated Potential Concessions and Other Considerations

Potential concessions related to 737 MAX customers show negative impact in 2020 (-498 million USD) and again in 2024 (-443 million USD), with small positive values in the intervening years. This suggests a financial liability or adjustment affecting revenues in the first and last years of the period.

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Boeing Co. (NYSE:BA)

Analysis of Revenues

Revenues as Reported