Stock Analysis on Net
Stock Analysis on Net

Boeing Co. (NYSE:BA)

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Common-Size Income Statement
Quarterly Data

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Boeing Co., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Sales of products
Sales of services
Revenues
Cost of products
Cost of services
Cost of products and services
Boeing Capital interest expense
Costs and expenses
Gross profit (loss)
Income (loss) from operating investments, net
General and administrative expense
Research and development expense, net
Gain (loss) on dispositions, net
Earnings (loss) from operations
Other income, net
Interest and debt expense
Earnings (loss) before income taxes
Income tax (expense) benefit
Net earnings (loss)
Net (earnings) loss attributable to noncontrolling interest
Net earnings (loss) attributable to Boeing shareholders
Mandatory convertible preferred stock dividends accumulated during the period
Net earnings (loss) attributable to Boeing common shareholders

Based on: 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 significant fluctuations in Boeing’s financial performance between March 2021 and December 2025. Revenue composition, profitability, and expense management all exhibit notable shifts over the observed period.

Revenue Composition
Sales of products consistently represent the majority of revenues, typically ranging between 80% and 86%. However, there is a slight decreasing trend in the proportion of product sales, while sales of services show a corresponding, albeit less pronounced, increase. Notably, in the latter half of 2024 and early 2025, service revenues approach a higher percentage of total revenue, peaking at 15.94% in June 2025. This suggests a potential shift in the company’s business model or revenue streams.
Cost of Goods Sold and Services
The combined cost of products and services as a percentage of revenue is substantial, generally between 85% and 117%. A significant spike in this cost occurred in December 2021 (116.95%) and September 2022 (105.11%), and again in September 2024 (119.66%) and December 2024 (110.43%). These peaks correlate with periods of significant losses. Cost of services remains relatively stable as a percentage of revenue, fluctuating between 11% and 19%.
Gross Profit
Gross profit as a percentage of revenue demonstrates considerable volatility. A substantial loss is recorded in December 2021 (-16.99%), followed by a return to positive, though fluctuating, values. The period from March 2023 to September 2024 shows a decline in gross profit margin, culminating in a significant loss in September 2024 (-10.21%). However, a dramatic recovery is observed in December 2025, with gross profit reaching 7.57%.
Operating Expenses
General and administrative expenses and research and development expenses remain relatively consistent as percentages of revenue, averaging around 6-8% and 3-6% respectively. However, research and development expenses show an increasing trend in the latter part of the observed period. These expenses, combined with other costs, contribute to significant fluctuations in earnings from operations.
Net Earnings
Net earnings attributable to Boeing shareholders exhibit substantial swings, ranging from significant losses to modest gains. The most pronounced loss occurs in December 2021 (-28.01%), followed by another substantial loss in December 2024 (-34.59%). A notable turnaround is evident in December 2025, with net earnings reaching 33.97%, although this is partially offset by mandatory convertible preferred stock dividends. The net earnings attributable to Boeing common shareholders follow a similar pattern, ending at 23.31% in December 2025.
Other Notable Items
Other income, net, consistently contributes a positive percentage to revenues, generally between 0.20% and 1.80%. Interest and debt expense remains a consistent negative percentage, fluctuating between approximately -2.73% and -4.95%. A large gain on dispositions is observed in December 2025 (40.12%), significantly impacting net earnings for that period.

Overall, the financial performance of Boeing appears highly sensitive to external factors and internal operational challenges. The significant fluctuations in profitability suggest a volatile business environment and the impact of large-scale projects or events. The recent positive trend in December 2025, while encouraging, requires further investigation to determine its sustainability.