Stock Analysis on Net
Stock Analysis on Net

Boeing Co. (NYSE:BA)

$24.99

Income Statement
Quarterly Data

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.

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Boeing Co., consolidated income statement (quarterly data)

US$ in millions

Microsoft Excel
3 months ended: Mar 31, 2026 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-Q (reporting date: 2026-03-31), 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).

Revenues demonstrate a general upward trajectory over the analyzed period, increasing from 15,217 million USD in March 2021 to 22,217 million USD by March 2026. This growth is characterized by significant quarterly volatility, with peak revenues occurring in December 2023 and throughout the latter half of 2025.

Revenue Composition
Sales of products constitute the primary revenue driver and exhibit the highest volatility, fluctuating between 11,427 million USD and 20,445 million USD. In contrast, sales of services show steady, incremental growth, rising from 2,699 million USD in March 2021 to a peak of 3,628 million USD in June 2025, providing a more stable revenue stream compared to product sales.
Gross Profitability and Margin Stability
Gross profit margins are highly inconsistent, with frequent oscillations between profit and loss. Notable deficits occurred in December 2021, September 2022, September 2024, and September 2025. The most significant gross loss was recorded in September 2024 at 3,507 million USD, indicating periods where the cost of products and services exceeded total revenues.
Operating Expense Trends
Research and development expenses show a consistent long-term increase, growing from 499 million USD in March 2021 to 903 million USD by March 2026. General and administrative expenses remain volatile but generally trend upward, peaking at 1,793 million USD in June 2025, suggesting rising overhead costs relative to revenue growth.
Operating Income and Extraordinary Items
Earnings from operations are characterized by severe volatility and recurring losses. Deep operational losses were observed in December 2021, September 2022, and September 2024. However, a substantial anomaly occurred in December 2025, where earnings from operations reached 8,777 million USD, primarily driven by a gain on dispositions of 9,609 million USD.
Bottom Line Performance
Net earnings largely mirror the instability of operating income. For the majority of the period, the company reported net losses, including a peak loss of 6,174 million USD in September 2024. The overall net loss trend was interrupted in December 2025 by the aforementioned disposition gain, resulting in a net earning of 8,220 million USD. Interest and debt expenses remained relatively stable, typically ranging between 600 million USD and 750 million USD per quarter.