Common-Size Income Statement
Quarterly Data
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- Income Statement
- Balance Sheet: Assets
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2005
- Current Ratio since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Revenues
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Boeing Co., common-size consolidated income statement (quarterly data)
Based on: 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).
The financial data exhibits notable fluctuations across the observed periods, reflecting volatility in profitability and cost management.
- Sales Composition
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Sales of products consistently comprised the majority of revenues, generally ranging from around 76% to 86%. Despite some variability, product sales maintained dominance in revenue composition. Sales of services fluctuated inversely to product sales, generally between approximately 14% and 23%, indicating a relatively stable mix with occasional shifts between the two segments.
- Cost Trends
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The cost of products and services combined as a percentage of revenues showed considerable swings, occasionally exceeding revenue levels, which is unusual and indicates periods of significant loss at the gross level. Notably, the cost of products exhibited extremely high variability, with some quarters showing costs surpassing 100% of revenues (for example, -121.32% in December 2020 and -116.95% in December 2021), indicating severe challenges in managing product costs during these periods.
The cost of services, while less volatile than product costs, still showed variation, generally between -11.79% and -21.93%, contributing to overall cost fluctuations. These elevated and volatile costs resulted in negative gross profit margins during several quarters, notably in many 2020 and 2021 quarters and several periods in 2024 and 2025.
- Profitability Indicators
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Gross profit margin demonstrated significant fluctuations, ranging from negative values (e.g., -37.17% in December 2020) to positive levels around 12%. Several quarters showed severe gross losses, indicating operational challenges impacting direct profitability.
Earnings from operations followed a similar erratic pattern, with deeply negative margins in many quarters, such as -52.59% in December 2020, and intermittent positive earnings in some quarters within 2021 and 2022. The general negative trend in operating earnings points to operational inefficiencies or external factors negatively impacting operating performance during these years.
- Operating Expenses
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General and administrative expenses as a percentage of revenue fluctuated relatively modestly within a range from around -4% to about -9.8%, indicating some control but occasional increases in overhead. Research and development expenses also varied, mostly staying between approximately -2.9% and -6.5%, with a notable uptick in certain quarters (e.g., -6.47% in September 2024), suggesting varying levels of investment in innovation or product development.
- Other Income and Interest
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Other income, net, remained a modest but consistent positive contributor to revenues, generally around 0.8% to 2.8%, which may have partially offset losses from core operations in some periods.
Interest and debt expenses showed some variability, generally ranging from about -1.5% to nearly -5% of revenues, indicating the impact of financing costs on overall profitability. The expense tended to decrease slightly in later periods, implying possible debt management or refinancing efforts.
- Net Earnings
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Net earnings displayed significant volatility, frequently negative and reaching severe losses greater than -50% of revenue in some quarters, such as December 2020 and various 2024 quarters. Positive net earnings were sporadic and typically modest, highlighting ongoing challenges to sustain profitability.
Periods of tax benefits and liabilities showed variation, with tax expenses benefiting some quarters subtly but unable to substantially offset operational losses.
Overall, the data reflects a challenging financial environment marked by high cost levels, volatile gross and net profitability, and fluctuating operating expenses. While some quarters showcased improvements in earnings and cost control, the general trend indicates ongoing operational and profitability pressures over the extended period reviewed.