Common-Size Income Statement
Quarterly Data
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- Statement of Comprehensive Income
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Enterprise Value (EV)
- Dividend Discount Model (DDM)
- Price to Operating Profit (P/OP) since 2005
- Aggregate Accruals
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Boeing Co., common-size consolidated income statement (quarterly data)
Based on: 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 financial performance over the analyzed period is characterized by significant volatility in gross margins and recurring operational losses, punctuated by isolated quarters of substantial gains from non-core activities. Revenue streams remain consistently divided between product sales and service offerings, but the cost of products exhibits extreme fluctuations that frequently erode profitability.
- Revenue Composition
- Revenue is primarily driven by the sale of products, which typically constitutes between 78% and 86% of total revenues. Sales of services provide a secondary, more stable revenue stream, generally ranging from 14% to 22%. A slight shift toward service revenue was observed in early 2024, peaking at 21.92% in December 2024, before reverting to lower levels in 2025.
- Cost of Goods Sold and Gross Profitability
- The cost of products is the most volatile component of the income statement, with several quarters showing costs exceeding 90% of total revenues. Notably, the cost of products reached 99.97% in December 2021 and 103.21% in September 2024, leading to negative gross profit margins during those periods. While the cost of services remains relatively stable, typically between 11% and 18%, it is insufficient to offset the volatility in product costs. This results in an erratic gross profit trend, with significant troughs in December 2021 (-16.99%), September 2024 (-19.66%), and September 2025 (-10.21%).
- Operating Expense Trends
- General and administrative expenses fluctuate between 4% and 9.17% of revenue, while research and development expenses consistently range from approximately 3% to 6.5%. These overhead costs, combined with erratic gross margins, result in frequent operating losses. Earnings from operations have been negative in the majority of the quarters analyzed, with severe contractions occurring in December 2021 (-28.20%) and September 2024 (-32.29%).
- Non-Operating Items and Net Earnings
- Interest and debt expenses represent a persistent burden, consistently consuming between 2.7% and 5.0% of revenues. Net earnings typically mirror operating losses, though they are occasionally mitigated by income tax benefits. A significant anomaly occurred in December 2025, where a gain on dispositions amounting to 40.12% of revenues fundamentally altered the bottom line, resulting in a net earnings surge to 34.32% for that quarter. Excluding this extraordinary item, the trend for net earnings attributable to common shareholders remains predominantly negative or marginally break-even.