Stock Analysis on Net
Stock Analysis on Net

Boeing Co. (NYSE:BA)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity 

Boeing Co., common-size consolidated balance sheet: liabilities and stockholders’ equity

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Dec 31, 2025 Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021
Accounts payable 7.79 7.27 8.73 7.44 6.68
Accrued compensation and employee benefit costs 4.44 3.91 4.91 4.63 4.36
Forward loss recognition 3.99 4.88 3.43 2.96 1.45
Product warranties 1.66 1.36 1.79 1.66 1.37
Other customer concessions and considerations 1.01 0.99 0.95 0.80 0.17
Off-market contracts 0.63 0.00 0.00 0.00 0.00
Environmental 0.52 0.53 0.62 0.55 0.44
Accrued interest payable 0.52 0.51 0.48 0.44 0.46
Current portion of retiree healthcare and pension liabilities 0.26 0.29 0.35 0.36 0.39
737 MAX customer concessions and other considerations 0.23 0.41 0.97 1.36 2.12
Current portion of operating lease liabilities 0.20 0.21 0.22 0.20 0.19
Other 2.67 2.32 2.61 2.78 2.36
Accrued liabilities 16.13% 15.41% 16.30% 15.74% 13.32%
Advances and progress billings 35.31 38.59 41.11 38.72 38.24
Short-term debt and current portion of long-term debt 5.03 0.82 3.80 3.79 0.94
Current liabilities 64.26% 62.09% 69.94% 65.68% 59.18%
Deferred income taxes 0.13 0.08 0.17 0.17 0.16
Accrued retiree health care 1.24 1.39 1.63 1.83 2.55
Accrued pension plan liability, net 2.55 3.84 4.76 4.48 6.57
Other long-term liabilities 1.45 1.48 1.70 1.61 1.26
Long-term debt, excluding current portion 27.13 33.63 34.38 37.79 41.00
Long-term liabilities 32.49% 40.42% 42.63% 45.88% 51.54%
Total liabilities 96.76% 102.50% 112.57% 111.56% 110.72%
Mandatory convertible preferred stock, 6.00% Series A, par value $1.00 0.00 0.00 0.00 0.00 0.00
Common stock, par value $5.00 3.01 3.24 3.69 3.69 3.65
Additional paid-in capital 12.74 12.13 7.52 7.26 6.53
Treasury stock, at cost -16.66 -20.71 -36.16 -37.06 -37.43
Retained earnings 10.25 9.82 19.89 21.50 24.83
Accumulated other comprehensive loss -6.11 -6.98 -7.52 -6.97 -8.41
Shareholders’ equity (deficit) 3.24% -2.50% -12.58% -11.58% -10.83%
Noncontrolling interests 0.00 0.00 0.00 0.03 0.11
Total equity (deficit) 3.24% -2.50% -12.57% -11.56% -10.72%
Total liabilities and equity (deficit) 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2025-12-31), 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).

The composition of liabilities and stockholders’ equity exhibited notable shifts between 2021 and 2025. Overall, the proportion of total liabilities decreased significantly, while stockholders’ equity transitioned from a deficit to a positive value over the period.

Current Liabilities
Current liabilities as a percentage of total liabilities and equity initially increased from 59.18% in 2021 to a peak of 69.94% in 2023. Subsequently, this proportion declined to 64.26% by 2025. Within current liabilities, advances and progress billings consistently represented the largest component, fluctuating between 35.31% and 41.11% of the total. Accounts payable also showed an increasing trend from 6.68% to 8.73% before decreasing to 7.79% in 2025. A substantial decrease is observed in the 737 MAX customer concessions and other considerations, falling from 2.12% in 2021 to 0.23% in 2025.
Long-Term Liabilities
Long-term liabilities decreased as a percentage of the total from 51.54% in 2021 to 32.49% in 2025. This decline was primarily driven by a reduction in long-term debt, excluding the current portion, which fell from 41.00% to 27.13%. Accrued pension plan liability also decreased substantially, moving from 6.57% to 2.55% over the same period. Deferred income taxes remained relatively stable, albeit at a lower percentage by 2025.
Stockholders’ Equity
Stockholders’ equity experienced a significant transformation. Initially reported as a deficit (-10.83% in 2021), it grew to a positive 3.24% by 2025. This improvement was largely attributable to increases in additional paid-in capital (from 6.53% to 12.74%) and a reduction in treasury stock (from -37.43% to -16.66%). Retained earnings also contributed, increasing from 24.83% to 10.25%, although with some volatility. Accumulated other comprehensive loss remained consistently negative, but decreased in magnitude over the period.
Specific Liability Accounts
Forward loss recognition increased from 1.45% to 4.88% between 2021 and 2024, before decreasing to 3.99% in 2025. Other customer concessions and considerations also increased, rising from 0.17% to 1.01%. Environmental liabilities remained relatively stable, fluctuating between 0.44% and 0.62%. Mandatory convertible preferred stock was only present in 2024, representing 0.00% of the total.

In summary, the company demonstrated a strategic shift in its financial structure, reducing its reliance on liabilities and improving its equity position. This was achieved through a combination of debt reduction, effective management of equity accounts, and changes in specific liability provisions.

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