Stock Analysis on Net
Stock Analysis on Net

Boeing Co. (NYSE:BA)

$24.99

Common-Size Income Statement

Paying user area

Try for free

Boeing Co. pages available for free this week:

The data is hidden behind: . Unhide it.

Get access

This is a one-time payment. There is no automatic renewal.

We accept:

Visa Mastercard American Express Maestro Discover JCB PayPal Google Pay
Visa Secure Mastercard Identity Check American Express SafeKey

Boeing Co., common-size consolidated income statement

Microsoft Excel
12 months ended: Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
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 on dispositions, net
Loss from operations
Other income, net
Interest and debt expense
Loss before income taxes
Income tax (expense) benefit
Net loss
Net loss attributable to noncontrolling interest
Net loss attributable to Boeing shareholders
Mandatory convertible preferred stock dividends accumulated during the period
Net loss attributable to Boeing common shareholders

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Revenue Composition Trends
The proportion of revenues derived from product sales increased from 81.06% in 2020 to a peak of 84.3% in 2023 before declining to 80.02% in 2024. Conversely, the share from service sales decreased steadily from 18.94% in 2020 to 15.7% in 2023 but rebounded sharply to 19.98% in 2024, indicating a possible strategic shift or market conditions favoring higher service revenue contributions in the latest period.
Cost Structure Evolution
Costs associated with products have shown significant fluctuation, starting at -93.83% of revenues in 2020, improving markedly to -76.95% in 2023, then deteriorating substantially to -86.28% in 2024. Costs for services followed a similar pattern, decreasing from -15.87% in 2020 to -13.12% in 2023, then rising to -16.71% in 2024. Overall, combined costs and expenses improved from -109.78% in 2020 to -90.07% in 2023 but reversed to -102.99% in 2024, suggesting increased operational inefficiencies or cost pressures in the most recent year.
Profitability Indicators
Gross profit as a percentage of revenues moved from a negative -9.78% in 2020 to positive figures between 4.84% and 9.93% from 2021 to 2023, reflecting improved operational profitability. However, in 2024, the gross profit ratio declined sharply to -2.99%, signaling a return to losses at the gross margin level. Operating loss trends mirrored this pattern, with substantial loss reduction from -21.95% in 2020 to -0.99% in 2023, followed by a deterioration to -16.1% in 2024.
Operating Expenses
General and administrative expenses as a percentage of revenues decreased from -8.28% in 2020 to a low of -6.29% in 2022 but increased again to -7.55% in 2024. Research and development expenses showed a downward trend initially from -4.26% in 2020 to -3.61% in 2021 but rose consistently thereafter, reaching -5.73% in 2024, which may indicate increased investment in innovation or response to competitive dynamics.
Non-Operating Items and Income Taxes
Other income increased gradually from 0.77% in 2020 to 1.84% in 2024, contributing positively to overall results. Interest and debt expenses fluctuated but averaged around -3.7% to -4.3%, reflecting ongoing financing costs. Income tax benefits dwindled from a positive 4.36% in 2020 to small negative values in 2022 and 2023 before slightly rebounding to 0.57% in 2024, indicating variability in tax management or taxable income base.
Net Loss Analysis
Net losses attributable to Boeing shareholders showed significant improvement from -20.42% in 2020 to a low of -2.86% in 2023, reflecting recovery phases. Nonetheless, 2024 saw a sharp increase in losses to -17.77%, which correlates with the increased costs and reduced gross margin observed in that year. Net losses attributable to common shareholders followed the same trend with a slight increase due to preferred stock dividend impact identified in 2024.
Summary
Overall, the data reveals a recovery trend in profitability and cost efficiency from 2020 to 2023, indicated by improved gross profit margins, reduced operating losses, and declining net losses. However, 2024 shows a notable reversal with increased costs, diminished margins, and larger net losses, suggesting emerging challenges or adverse conditions impacting financial performance. Revenue composition changes, particularly the rebound in service sales proportion, and increased research and development expenses imply strategic adjustments in response to evolving market or competitive dynamics.