Common-Size Income Statement
Quarterly Data
Boeing Co., common-size consolidated income statement (quarterly data)
Based on: 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).
- Sales of Products and Services
- Sales of products consistently represent the majority of revenues, generally fluctuating between approximately 78% and 86% of total revenues across the periods. Sales of services complement this, varying between roughly 14% and 23%, with a notable increase in the latter periods up to about 22%. This indicates a relatively stable revenue composition with slight shifts toward higher service sales in some quarters.
- Cost of Products and Services
- The combined cost of products and services as a percentage of revenues shows high volatility. Initially, there was a sharp increase in cost ratios, peaking at over 137% in December 2020, indicating costs exceeding revenues significantly during this period. Subsequently, there are fluctuations, with costs generally remaining high, often above 85%, and spiking above 110% on several occasions. This reflects persistent challenges in cost control or extraordinary expenses impacting gross margins at various times.
- Gross Profit (Loss)
- Gross profit as a percentage of revenues reveals highly variable performance. Positive gross profit margins are present in some quarters, reaching up to around 14%, while significant gross losses occur in others, notably in December 2020 and in various quarters post-2022 where negative margins again dominate. This inconsistency aligns with the cost of sales volatility and suggests phases of operational difficulties affecting profitability at the gross level.
- Operating Expenses
- General and administrative expenses remain relatively stable as a percentage of revenues, typically ranging from about -4% to -9%, with a tendency toward mid to high single digits negative impact. Research and development expenses fluctuate in a narrower band, around -3% to -6%, without showing significant trend growth or reduction. These expenses represent consistent operational spending with moderate variability but no clear improvement or deterioration trend.
- Earnings from Operations and Net Earnings
- Earnings (loss) from operations often show negative outcomes, with extreme losses notably during 2020 and sporadically thereafter, including pronounced negative margins of over -50% in late 2020. Some recovery is noted in parts of 2021 and 2022 with positive operating margins returning occasionally. Net earnings follow a similar pattern, with significant losses especially in early 2020 and end of 2024 periods, but intermittent quarters of small positive gains indicate partial recovery phases. Overall, profitability remains volatile with episodes of severe distress.
- Other Income and Interest Expenses
- Other income generally contributes positively between about 0.2% and 2.8% of revenues, providing a consistent albeit small supplementary profit stream. Interest and debt expense ratios show a declining trend over time, moving from nearly -4.7% in early periods to roughly -3.6% or less in the most recent quarters, indicating gradual debt cost reduction or improved capital structure management.
- Income Taxes and Tax Benefits
- The income tax expense or benefit oscillates considerably, with periods of positive tax charges as well as tax benefits. Some quarters record negative tax effects (benefits), contributing to improved net results despite operational losses, highlighting volatile tax impacts on profitability through the periods.
- Overall Financial Trend Analysis
- The data depicts a company facing substantial operational and cost challenges through the period analyzed, with extraordinary volatility in cost structure leading to periods of gross loss. Earnings at the operating and net levels suffer wide swings, including severe negative quarters largely associated with elevated costs relative to revenues. Some phases of recovery and positive earnings are apparent, though consistency remains elusive. Expense control shows mixed progress with interest expenses softening but general operational costs remaining steady. Tax effects variably offset some losses. The composition of revenues remains dominated by product sales, with modest but important service sales proportion. This pattern suggests an environment of ongoing adjustment and financial stress, with intermittent improvements but persistent operational headwinds.