Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Boeing Co., consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Sales of products	75,356)	53,227)	65,581)	55,893)	51,386)
Sales of services	14,107)	13,290)	12,213)	10,715)	10,900)
Revenues	89,463)	66,517)	77,794)	66,608)	62,286)
Cost of products	(73,761)	(57,394)	(59,864)	(53,969)	(49,954)
Cost of services	(11,413)	(11,114)	(10,206)	(9,109)	(9,283)
Cost of products and services	(85,174)	(68,508)	(70,070)	(63,078)	(59,237)
Boeing Capital interest expense	—)	—)	—)	(28)	(32)
Costs and expenses	(85,174)	(68,508)	(70,070)	(63,106)	(59,269)
Gross profit (loss)	4,289)	(1,991)	7,724)	3,502)	3,017)
Income (loss) from operating investments, net	25)	71)	46)	(16)	210)
General and administrative expense	(6,090)	(5,021)	(5,168)	(4,187)	(4,157)
Research and development expense, net	(3,615)	(3,812)	(3,377)	(2,852)	(2,249)
Gain on dispositions, net	9,672)	46)	2)	6)	277)
Earnings (loss) from operations	4,281)	(10,707)	(773)	(3,547)	(2,902)
Other income, net	1,125)	1,222)	1,227)	1,058)	551)
Interest and debt expense	(2,771)	(2,725)	(2,459)	(2,533)	(2,682)
Earnings (loss) before income taxes	2,635)	(12,210)	(2,005)	(5,022)	(5,033)
Income tax (expense) benefit	(397)	381)	(237)	(31)	743)
Net earnings (loss)	2,238)	(11,829)	(2,242)	(5,053)	(4,290)
Net (earnings) loss attributable to noncontrolling interest	(3)	12)	20)	118)	88)
Net earnings (loss) attributable to Boeing shareholders	2,235)	(11,817)	(2,222)	(4,935)	(4,202)
Mandatory convertible preferred stock dividends accumulated during the period	(345)	(58)	—)	—)	—)
Net earnings (loss) attributable to Boeing common shareholders	1,890)	(11,875)	(2,222)	(4,935)	(4,202)

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 financial performance presented demonstrates significant volatility over the five-year period. Revenues initially increased, peaked in 2023, then declined before recovering substantially in 2025. Profitability metrics exhibit even greater fluctuations, with periods of loss followed by recovery, culminating in a positive net earnings attributable to Boeing common shareholders in the final year.

Revenue Analysis: Total revenues grew from US$62.286 billion in 2021 to US$77.794 billion in 2023, representing a compound annual growth rate of approximately 8.1%. However, revenues decreased to US$66.517 billion in 2024 before rebounding strongly to US$89.463 billion in 2025. This suggests potential cyclicality or the impact of specific events affecting sales. Sales of products and services both contributed to the overall revenue trend, with services showing a more consistent, albeit slower, growth rate.
Profitability Trends: Gross profit initially improved, reaching US$7.724 billion in 2023, but experienced a substantial loss of US$1.991 billion in 2024. This was followed by a recovery to US$4.289 billion in 2025. The earnings from operations followed a similar pattern, with a significant loss of US$10.707 billion in 2024 before turning positive in 2025. Net earnings attributable to Boeing common shareholders were negative for the first four years of the period, reaching a low of -US$11.875 billion in 2024, before becoming positive at US$1.890 billion in 2025.
Cost Structure: Cost of products and services consistently increased over the period, rising from US$59.237 billion in 2021 to US$85.174 billion in 2025. This increase generally tracked revenue growth, but the disproportionate increase in costs in 2024 contributed significantly to the operating loss. General and administrative expenses, and research and development expenses also increased steadily throughout the period.
Other Financial Items: Other income, net, remained relatively stable, fluctuating between US$551 million and US$1.227 million. Interest and debt expense also remained consistent, around US$2.5 to US$2.8 billion annually. A significant gain on dispositions of US$9.672 billion in 2025 positively impacted net earnings, although this appears to be a non-recurring event. Mandatory convertible preferred stock dividends accumulated were negligible until 2024 and 2025, where they reached US$58 million and US$345 million respectively.
Tax Impact: The income tax line item fluctuated significantly, moving from an expense of US$743 million in 2021 to a benefit in 2022 and 2023, then back to an expense in 2024 and 2025. This variability is likely linked to the company’s profitability and the utilization of tax loss carryforwards.

Overall, the period was characterized by substantial financial swings. While the company demonstrated a capacity for recovery, as evidenced by the positive earnings in 2025, the volatility warrants further investigation into the underlying drivers of these fluctuations.

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Boeing Co. (NYSE:BA)

Income Statement