Boeing Co. (NYSE:BA)

Current assets exhibited a generally stable pattern over the five-year period, with a noticeable increase in the later years. Reported current assets increased from US$108,666 million in 2021 to US$109,523 million in 2022, experienced a slight decrease to US$109,275 million in 2023, and then demonstrated substantial growth, reaching US$127,998 million in 2024 and US$128,459 million in 2025.

Adjusted Current Assets Trend

The trend in adjusted current assets closely mirrors that of reported current assets. Adjusted current assets began at US$109,056 million in 2021, rose to US$109,639 million in 2022, decreased slightly to US$109,364 million in 2023, and then increased significantly to US$128,090 million in 2024 and US$128,535 million in 2025. The difference between reported and adjusted current assets remains relatively consistent across all periods.

The consistency between reported and adjusted current assets suggests that the adjustments being made are not materially altering the overall value of current assets. The substantial increase observed in both metrics from 2023 to 2024, and continuing into 2025, warrants further investigation to determine the underlying drivers of this growth. Potential factors could include increased cash holdings, higher accounts receivable due to sales growth, or a build-up in inventory.

Difference Between Reported and Adjusted Values

The difference between reported current assets and adjusted current assets is approximately US$390 million in 2021, US$116 million in 2022, US$89 million in 2023, US$108 million in 2024, and US$86 million in 2025. This indicates that the adjustments made are relatively small in comparison to the overall value of current assets, and the magnitude of the adjustment fluctuates year to year.

Overall, the analysis indicates a stable, and ultimately growing, current asset position. The adjustments made to current assets do not appear to significantly impact the overall reported value, but the recent substantial increase in both reported and adjusted figures merits further scrutiny to understand the contributing factors and potential implications for liquidity and operational efficiency.

Total assets exhibited a slight initial decrease followed by substantial growth over the five-year period. Reported total assets decreased from US$138,552 million in 2021 to US$137,100 million in 2022, and remained relatively stable at US$137,012 million in 2023. A significant increase is then observed, with total assets rising to US$156,363 million in 2024 and further to US$168,235 million in 2025.

Comparison of Reported and Adjusted Total Assets

The values for adjusted total assets closely mirror those of reported total assets across all periods. The difference between the two figures is consistently less than US$93 million annually. This suggests that the adjustments made are relatively minor in relation to the overall asset base.

The pattern of change in adjusted total assets parallels that of reported total assets. A slight decrease is noted from 2021 to 2022, followed by stabilization in 2023. Subsequently, adjusted total assets increase considerably in both 2024 and 2025, reaching US$156,270 million and US$168,204 million respectively. The consistency between reported and adjusted figures indicates that the adjustments do not fundamentally alter the overall trend in the company’s asset position.

Growth Rate

The most substantial growth in both reported and adjusted total assets occurs between 2023 and 2024, representing a significant shift from the prior period’s stagnation. The growth continues, albeit at a slightly reduced rate, from 2024 to 2025.

In summary, the company experienced a period of asset stabilization followed by a period of considerable asset growth. The adjustments to total assets are small in magnitude and do not change the observed trends.

Current liabilities exhibited a general upward trend over the five-year period. Reported current liabilities increased from $81,992 million in 2021 to $108,115 million in 2025. However, adjusted current liabilities demonstrate a slightly moderated increase over the same timeframe, rising from $80,092 million to $105,318 million.

Overall Trend

Both reported and adjusted current liabilities consistently increased annually. The rate of increase appeared to accelerate between 2021 and 2023, then slowed somewhat between 2023 and 2025. The difference between the reported and adjusted values remained relatively consistent throughout the period.

Year-over-Year Changes

The largest absolute increase in reported current liabilities occurred between 2021 and 2022, with an increase of $8,060 million. The smallest absolute increase was between 2023 and 2024, at $1,251 million. Adjusted current liabilities followed a similar pattern, with the largest increase between 2021 and 2022 ($7,685 million) and the smallest between 2023 and 2024 ($1,566 million).

Adjustment Impact

The adjustment to current liabilities resulted in a reduction each year. The difference between the reported and adjusted figures ranged from approximately $1,900 million in 2021 to approximately $2,797 million in 2025. This suggests a consistent application of adjustments that decrease the stated current liability position. The magnitude of the adjustment also increased over time.

The consistent adjustments to current liabilities warrant further investigation to understand the nature of these adjustments and their impact on the company’s short-term financial position and liquidity ratios. The increasing adjustment amount suggests a potential shift in the composition of current liabilities or a change in accounting practices.

Total liabilities exhibited a generally stable pattern over the five-year period, with moderate fluctuations. Reported total liabilities decreased slightly from $153,398 million in 2021 to $152,948 million in 2022, before increasing to $154,240 million in 2023. Further increases were observed in 2024 and 2025, reaching $160,277 million and $162,778 million respectively.

Adjusted total liabilities mirrored this trend, though the absolute values were consistently lower than the reported total liabilities. A decrease was noted from $151,280 million in 2021 to $150,443 million in 2022, followed by an increase to $151,563 million in 2023. Similar to the reported figures, adjusted total liabilities rose in both 2024 and 2025, reaching $158,022 million and $159,765 million respectively.

Difference between Reported and Adjusted Liabilities

The difference between reported total liabilities and adjusted total liabilities remained relatively consistent throughout the period, generally ranging between $1,900 million and $2,200 million. This suggests a consistent application of adjustments to the reported figures. The adjustments appear to be downward, reducing the overall liability position.

Growth Rates

The year-over-year growth rate of reported total liabilities was negative between 2021 and 2022 (-0.26%). Growth rates were positive in subsequent years: 0.85% (2022-2023), 3.91% (2023-2024), and 1.59% (2024-2025). Adjusted total liabilities exhibited similar growth patterns, with a -0.56% decrease between 2021 and 2022, followed by 0.68% (2022-2023), 4.27% (2023-2024), and 1.42% (2024-2025) growth.

The increases observed in both reported and adjusted total liabilities in 2024 and 2025 may warrant further investigation to determine the underlying drivers, such as increased debt financing, accrual of obligations, or changes in deferred revenue recognition. The consistent adjustments suggest a specific accounting treatment is being applied, and understanding the nature of these adjustments is crucial for a complete financial picture.

Shareholders’ equity exhibited a significant fluctuation over the five-year period. Initially, a consistent decline is observed, followed by a substantial recovery towards the end of the period. A parallel trend is present in adjusted total equity, though the magnitude of the initial decline and subsequent increase differs.

Overall Equity Trend

Shareholders’ equity began at a deficit of approximately US$15 billion in 2021 and decreased to a deficit of approximately US$17.2 billion by 2023. A dramatic shift occurred between 2023 and 2024, with the deficit narrowing to approximately US$3.9 billion. This positive trend continued into 2025, resulting in a positive equity balance of approximately US$5.5 billion.

Adjusted Equity Trend

Adjusted total equity mirrored the trend in shareholders’ equity, starting at a deficit of approximately US$12.4 billion in 2021 and declining to a deficit of approximately US$14.5 billion in 2023. The improvement from 2023 to 2024 was also substantial, reducing the deficit to approximately US$1.8 billion. Further gains were realized in 2025, culminating in a positive adjusted equity balance of approximately US$8.4 billion.

Relationship Between Equity Measures

The difference between shareholders’ equity and adjusted total equity remained relatively consistent throughout the period, generally around US$2.5 to US$2.6 billion. This suggests that the adjustments applied to total equity relate to a consistent set of items. The adjustments consistently result in a smaller deficit, or larger surplus, than reported shareholders’ equity.

The substantial improvement in both shareholders’ equity and adjusted total equity between 2023 and 2025 indicates a significant positive change in the financial position. The magnitude of the shift warrants further investigation to determine the underlying drivers of this turnaround.

The capitalization structure exhibited notable shifts over the five-year period. Reported total debt generally decreased from 2021 to 2023, before increasing in 2024 and 2025. Shareholders’ equity, initially a substantial deficit, demonstrated a significant improvement, moving from a negative value to a positive balance by 2025. Total reported capital followed a similar pattern to equity, initially declining and then recovering.

Debt Trends

Reported total debt decreased from US$58.102 billion in 2021 to US$52.307 billion in 2023, representing a reduction of approximately 10.3%. However, debt levels increased to US$53.864 billion in 2024 and further to US$54.098 billion in 2025. Adjusted total debt mirrored this trend, starting at US$59.641 billion in 2021, decreasing to US$54.121 billion in 2023, and then increasing to US$55.958 billion in 2024 and US$56.365 billion in 2025. The adjusted debt figures consistently exceeded the reported debt figures throughout the period.

Equity and Capital Trends

Shareholders’ equity experienced a substantial turnaround. The deficit widened from US$14.999 billion in 2021 to US$17.233 billion in 2023. A dramatic improvement occurred in 2024, with the deficit narrowing to US$3.908 billion, culminating in a positive equity balance of US$5.454 billion in 2025. Adjusted total equity followed a similar trajectory, though the magnitude of the deficit was smaller in each year compared to the reported equity. Total reported capital decreased from US$43.103 billion in 2021 to US$35.074 billion in 2023, then increased significantly to US$49.956 billion in 2024 and US$59.552 billion in 2025. Adjusted total capital exhibited a comparable pattern, moving from US$47.226 billion to US$39.600 billion, and then to US$54.206 billion and US$64.804 billion.

The difference between reported and adjusted figures for both debt and equity remained consistent throughout the period. The adjustments resulted in higher debt and a less negative, and eventually positive, equity position. The overall trend indicates a strengthening capital structure, particularly in the latter years of the period, driven by the substantial recovery in shareholders’ equity.

Capital Structure Shift

The ratio of total capital to total debt, using adjusted figures, decreased from 0.79 in 2021 to 0.69 in 2023, indicating increased leverage. However, this ratio improved to 0.97 in 2024 and 1.15 in 2025, suggesting a reduction in leverage and a more robust capital structure. This improvement is directly linked to the increase in adjusted equity and the moderate increase in adjusted debt.

The reported net earnings attributable to Boeing shareholders demonstrate significant volatility over the observed period. Initially negative in 2021 and 2022, earnings improved to a loss in 2023 before experiencing a substantial decline in 2024, followed by a return to profitability in 2025. A parallel examination of adjusted net earnings reveals a similar pattern, though the magnitudes of the figures differ considerably.

Net Earnings Trend

Net earnings attributable to Boeing shareholders began at a loss of US$4.202 billion in 2021, worsening to a loss of US$4.935 billion in 2022. A modest improvement occurred in 2023, with the loss decreasing to US$2.222 billion. However, 2024 witnessed a dramatic increase in losses, reaching US$11.817 billion. This was followed by a substantial recovery in 2025, resulting in a profit of US$2.235 billion.

Adjusted Net Earnings Trend

Adjusted net earnings started at a profit of US$660 million in 2021, then decreased to a loss of US$2.854 billion in 2022. Losses continued in 2023 at US$2.821 billion. The loss expanded significantly in 2024 to US$13.053 billion, mirroring the trend in reported net earnings. A substantial recovery was also observed in 2025, with adjusted net earnings reaching a profit of US$3.623 billion.

Relationship Between Reported and Adjusted Earnings

Throughout the period, adjusted net earnings consistently differ from reported net earnings. The adjustments made appear to significantly impact the bottom line, often exacerbating losses or amplifying profits. In 2021, the adjustment increased reported earnings. However, from 2022 through 2024, the adjustments resulted in substantially lower figures than those reported. In 2025, the adjustment further increased the reported profit.

The considerable divergence between net earnings and adjusted net earnings suggests the presence of significant non-recurring items or accounting adjustments impacting the company’s financial performance. The substantial loss in 2024, followed by a recovery in 2025, warrants further investigation to understand the underlying drivers of these fluctuations and the nature of the adjustments applied.