Common-Size Income Statement
Quarterly Data
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- Enterprise Value to EBITDA (EV/EBITDA)
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- Selected Financial Data since 2005
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- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Total Asset Turnover since 2005
- Analysis of Debt
- Aggregate Accruals
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Boeing Co., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
The common-size income statement reveals a period of significant financial volatility, characterized by inconsistent gross margins and recurring operational losses. While revenue streams remain divided between product and service sales, the cost of goods sold frequently exceeds total revenue, leading to periodic negative gross profit margins.
- Revenue Composition
- The revenue mix is dominated by product sales, which typically range between 80% and 87% of total revenues. Sales of services provide a secondary stream, fluctuating between 13% and 22%. A gradual increase in the proportion of product sales is observed toward the end of the analyzed period, reaching 87% by June 2026.
- Cost of Sales and Gross Margin
- Cost of products and services exhibits extreme volatility, often surpassing 100% of revenues. Significant spikes in costs are noted in December 2021 (-116.95%), September 2024 (-119.66%), and September 2025 (-110.21%). These surges result in erratic gross profit figures, swinging from peaks of 14.18% to depths of -19.66%, indicating instability in production costs or timing differences in revenue recognition.
- Operating Expenses
- General and administrative expenses generally fluctuate between 4% and 9% of revenues, while research and development costs remain relatively stable, typically ranging from 3% to 6%. Despite the relative stability of these overheads, they contribute to a consistent downward pressure on operating income during quarters where gross margins are thin or negative.
- Operating and Net Performance
- Earnings from operations are predominantly negative throughout the period, with severe contractions observed in December 2021 (-28.20%) and September 2024 (-32.29%). However, a significant anomaly occurs in December 2025, where a gain on dispositions of 40.12% of revenues offsets operational losses to produce a net earnings peak of 34.32%. Excluding this one-time event, net earnings attributable to common shareholders remain largely negative or marginally positive.
- Financial Obligations
- Interest and debt expenses represent a consistent drag on the bottom line, typically ranging from 2.4% to 5.0% of revenues. The introduction of mandatory convertible preferred stock dividends in late 2024 further reduces the net earnings available to common shareholders, typically subtracting between 0.35% and 0.44% of revenues per quarter.