Common-Size Income Statement
Quarterly Data
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Boeing Co., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Revenue Composition
- The proportion of sales derived from products consistently dominates total revenues, generally ranging between approximately 76% and 86% throughout the observed quarters. Sales of services contribute the remaining revenue share, exhibiting more variability, fluctuating mainly between 14% and 23%. Notably, the share of service sales increased sharply in mid-2020 before stabilizing around the mid-teens to low twenties percent marks in subsequent periods.
- Cost Structure
- The combined cost of products and services displayed considerable volatility, with total costs as a percentage of revenues varying widely between roughly -87% and -138%. Cost of products shows the highest variability and, in some quarters, such as December 2020 and September 2024, it surged to unusually high negative percentages, exceeding -100%, indicating periods of elevated production or related expenses that significantly outpaced revenue. Cost of services generally ranged from around -11% to -21%, reflecting less volatility but a noticeable increase in certain quarters like June 2020 and December 2024. Overall, the aggregate cost burden suggests challenges in maintaining a stable cost base relative to revenues.
- Profitability Indicators
- Gross profit margins oscillated notably, with positive margins in several quarters, notably mid-2021 and early 2022 periods, while negative gross profit was recorded in quarters such as June and December 2020, December 2021, and September 2024, suggesting operational difficulties and cost management issues at times. Operating earnings followed a similar volatile pattern, with losses accentuated in specific quarters such as December 2020 and December 2021. The company experienced several quarters of earnings gains, but these gains were often offset by subsequent losses, reflecting ongoing profitability challenges.
- Expenses and Other Income
- General and administrative expenses remained a stable but significant portion of revenues, typically between -4% and -10%. Research and development expenses also fluctuated between roughly -3% and -6%, with some quarters exhibiting elevated spend relative to revenues. Other income remained positive and relatively stable, contributing between 0.2% and nearly 3% to revenues, serving as a modest offset to operating expenses and providing some cushion against operating losses.
- Interest and Debt Expense
- Interest and debt costs were consistently negative, ranging mainly from -1.5% to -5% of revenues. The peak interest expense was recorded in mid-2020 at nearly -4.7%, gradually trending downward in later periods, which may indicate refinancing activities or shifts in debt levels and associated costs.
- Net Earnings and Taxation
- Net earnings demonstrated high volatility, including quarters with significant losses, notably December 2020 (-55%), and recurring negative results in late 2024 and 2025 periods. Occasional small positive net earnings occured sporadically around 2021 and early 2022, but the overall trend points to persistent net losses relative to revenue. Income tax expense was unevenly distributed, with instances of tax benefits in some quarters and tax expenses in others, indicating fluctuations in taxable income and possibly the utilization of tax credits or loss carryforwards.
- Summary Insights
- The financial data reflects a company facing significant operational and profitability challenges over the observed periods, characterized by volatile cost structures and earnings performance. While revenues remained steady in total, the mix between products and services shifted moderately, and costs at times surged beyond revenue levels, leading to negative gross profits and operating losses. Expenses, especially administrative and R&D, were fairly consistent in proportion, and interest expenses showed some improvement over time. Overall, the pattern suggests periods of financial stress and recovery attempts, with persistent issues in sustaining positive net earnings, requiring close strategic and operational management focus.