Common-Size Income Statement
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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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Boeing Co., common-size consolidated income statement
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).
The common-size income statement reveals significant fluctuations in Boeing’s profitability and cost structure over the five-year period. Revenue composition remained relatively stable, with sales of products consistently representing the majority of total revenues. However, substantial shifts occurred in profitability metrics, particularly in later years.
- Revenue Composition
- Sales of products accounted for between 82.50% and 84.30% of revenues throughout the period, demonstrating consistency. Sales of services fluctuated, decreasing from 17.50% in 2021 to 15.70% in 2023, then increasing to 19.98% in 2024 before settling at 15.77% in 2025. This suggests a potential shift in business focus or project timing affecting service revenue.
- Cost Structure
- Costs of products and services consistently represented the largest expense, ranging from 90.07% to 95.10% of revenues. A notable increase to 102.99% in 2024 indicates a period of significantly elevated costs relative to revenue, potentially due to production issues or increased material expenses. Boeing Capital interest expense was minimal and disappeared after 2022.
- Profitability – Gross Profit
- Gross profit as a percentage of revenues improved from 4.84% in 2021 to a peak of 9.93% in 2023, suggesting improved cost management or pricing strategies. However, this was followed by a substantial decline to -2.99% in 2024, mirroring the increased cost of products and services, and a partial recovery to 4.79% in 2025.
- Profitability – Operating and Net Earnings
- Earnings from operations experienced a dramatic downturn in 2024, falling to -16.10% of revenues, driven by the high cost of products and services. Net earnings followed a similar pattern, declining to -17.78% in 2024 before recovering to 2.50% in 2025. This indicates a significant impact from operational challenges in 2024. Income from operating investments was generally small and fluctuated.
- Other Income and Expenses
- Other income, net, remained relatively stable, contributing a small positive percentage to revenues. Interest and debt expense decreased slightly over the period. General and administrative and research and development expenses remained consistent as a percentage of revenue, with a slight increase in both in 2024.
- Tax Impact
- The income tax line item fluctuated between an expense and a benefit, reflecting the company’s profitability. A benefit was recorded in 2022 and 2023, while an expense was recorded in 2021, 2024, and 2025.
- Gain on Dispositions
- A significant gain on dispositions was recorded in 2025 (10.81%), substantially impacting net earnings attributable to Boeing shareholders. This one-time event contributed significantly to the positive net earnings figure for that year.
- Earnings Attributable to Shareholders
- Net earnings attributable to Boeing common shareholders mirrored the overall net earnings trend, with a substantial loss in 2024 and a recovery in 2025. Mandatory convertible preferred stock dividends began to impact net earnings in 2024 and increased in 2025.
Overall, the period was marked by volatility, with a particularly challenging year in 2024. The recovery in 2025 was aided by a significant gain on dispositions, but underlying operational performance requires further investigation given the substantial cost increases experienced in that year.