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.

Boeing Co., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	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	20,445)	19,642)	19,122)	16,147)	11,901)	14,534)	13,524)	13,268)	18,920)	15,060)	16,687)	14,914)	17,126)	13,331)	14,009)	11,427)	12,162)	12,552)	14,154)	12,518)
Sales of services	3,503)	3,628)	3,627)	3,349)	3,341)	3,306)	3,342)	3,301)	3,098)	3,044)	3,064)	3,007)	2,854)	2,625)	2,672)	2,564)	2,631)	2,726)	2,844)	2,699)
Revenues	23,948)	23,270)	22,749)	19,496)	15,242)	17,840)	16,866)	16,569)	22,018)	18,104)	19,751)	17,921)	19,980)	15,956)	16,681)	13,991)	14,793)	15,278)	16,998)	15,217)
Cost of products	(19,239)	(22,737)	(17,406)	(14,379)	(14,010)	(18,413)	(12,907)	(12,064)	(16,724)	(14,464)	(15,123)	(13,553)	(15,732)	(14,541)	(12,284)	(11,412)	(14,788)	(11,271)	(12,263)	(11,632)
Cost of services	(2,897)	(2,908)	(2,908)	(2,700)	(2,821)	(2,934)	(2,730)	(2,629)	(2,597)	(2,475)	(2,689)	(2,445)	(2,384)	(2,230)	(2,269)	(2,226)	(2,512)	(2,288)	(2,316)	(2,167)
Cost of products and services	(22,136)	(25,645)	(20,314)	(17,079)	(16,831)	(21,347)	(15,637)	(14,693)	(19,321)	(16,939)	(17,812)	(15,998)	(18,116)	(16,771)	(14,553)	(13,638)	(17,300)	(13,559)	(14,579)	(13,799)
Boeing Capital interest expense	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(8)	(7)	(6)	(7)	(7)	(7)	(9)	(9)
Costs and expenses	(22,136)	(25,645)	(20,314)	(17,079)	(16,831)	(21,347)	(15,637)	(14,693)	(19,321)	(16,939)	(17,812)	(15,998)	(18,124)	(16,778)	(14,559)	(13,645)	(17,307)	(13,566)	(14,588)	(13,808)
Gross profit (loss)	1,812)	(2,375)	2,435)	2,417)	(1,589)	(3,507)	1,229)	1,876)	2,697)	1,165)	1,939)	1,923)	1,856)	(822)	2,122)	346)	(2,514)	1,712)	2,410)	1,409)
Income (loss) from operating investments, net	(17)	14)	25)	3)	12)	(15)	7)	67)	1)	28)	44)	(27)	11)	(24)	17)	(20)	15)	120)	38)	37)
General and administrative expense	(1,663)	(1,522)	(1,793)	(1,112)	(1,398)	(1,085)	(1,377)	(1,161)	(1,535)	(1,043)	(1,286)	(1,304)	(1,430)	(1,226)	(668)	(863)	(988)	(1,097)	(1,040)	(1,032)
Research and development expense, net	(964)	(897)	(910)	(844)	(836)	(1,154)	(954)	(868)	(881)	(958)	(797)	(741)	(794)	(727)	(698)	(633)	(678)	(575)	(497)	(499)
Gain (loss) on dispositions, net	9,609)	(1)	67)	(3)	41)	—)	5)	—)	1)	—)	1)	—)	4)	—)	1)	1)	(6)	169)	112)	2)
Earnings (loss) from operations	8,777)	(4,781)	(176)	461)	(3,770)	(5,761)	(1,090)	(86)	283)	(808)	(99)	(149)	(353)	(2,799)	774)	(1,169)	(4,171)	329)	1,023)	(83)
Other income, net	201)	276)	325)	323)	432)	265)	248)	277)	308)	297)	320)	302)	336)	288)	253)	181)	132)	30)	199)	190)
Interest and debt expense	(659)	(694)	(710)	(708)	(755)	(728)	(673)	(569)	(600)	(589)	(621)	(649)	(632)	(621)	(650)	(630)	(661)	(669)	(673)	(679)
Earnings (loss) before income taxes	8,319)	(5,199)	(561)	76)	(4,093)	(6,224)	(1,515)	(378)	(9)	(1,100)	(400)	(496)	(649)	(3,132)	377)	(1,618)	(4,700)	(310)	549)	(572)
Income tax (expense) benefit	(99)	(140)	(51)	(107)	232)	50)	76)	23)	(21)	(538)	251)	71)	(14)	(176)	(217)	376)	536)	178)	18)	11)
Net earnings (loss)	8,220)	(5,339)	(612)	(31)	(3,861)	(6,174)	(1,439)	(355)	(30)	(1,638)	(149)	(425)	(663)	(3,308)	160)	(1,242)	(4,164)	(132)	567)	(561)
Net (earnings) loss attributable to noncontrolling interest	—)	2)	1)	(6)	(4)	4)	—)	12)	7)	2)	—)	11)	29)	33)	33)	23)	21)	23)	20)	24)
Net earnings (loss) attributable to Boeing shareholders	8,220)	(5,337)	(611)	(37)	(3,865)	(6,170)	(1,439)	(343)	(23)	(1,636)	(149)	(414)	(634)	(3,275)	193)	(1,219)	(4,143)	(109)	587)	(537)
Mandatory convertible preferred stock dividends accumulated during the period	(86)	(87)	(86)	(86)	(58)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Net earnings (loss) attributable to Boeing common shareholders	8,134)	(5,424)	(697)	(123)	(3,923)	(6,170)	(1,439)	(343)	(23)	(1,636)	(149)	(414)	(634)	(3,275)	193)	(1,219)	(4,143)	(109)	587)	(537)

The financial performance presented exhibits significant volatility over the analyzed period, spanning from March 2021 to December 2025. Revenues demonstrate an initial increase, peaking in June 2021, followed by fluctuations and a general upward trend towards the end of the period. However, profitability, as indicated by gross profit and net earnings, displays a more erratic pattern.

Revenue Trends: Revenues initially rose from $15.217 billion in March 2021 to $16.998 billion in June 2021, before declining to $14.793 billion by December 2021. A subsequent recovery began in 2022, culminating in $19.980 billion in December 2022. This growth continued into 2023 and 2024, reaching $23.948 billion in December 2023 and then decreasing to $20.445 billion in December 2024. The final quarter shows a further increase to $23.948 billion in December 2025.
Profitability Analysis: Gross profit experienced substantial swings. A peak of $2.410 billion was observed in June 2021, followed by a significant loss of -$2.514 billion in December 2021. While recovering in subsequent periods, gross profit remained volatile. Net earnings attributable to Boeing shareholders mirrored this pattern, with a profit of $587 million in June 2021, a substantial loss of -$4.143 billion in December 2021, and a return to profitability with $8.220 billion in December 2025. The period between September 2022 and December 2024 was characterized by consistent net losses.
Cost Structure: Cost of products and services consistently represents a significant portion of revenues, generally exceeding 80% throughout the period. A notable increase in these costs occurred in late 2021 and throughout 2022, contributing to the lower profitability observed during those periods. The substantial increase in cost of products in September 2024 ($21.347 million) is a key driver of the loss in that quarter. General and administrative expenses and research and development expenses remained relatively stable as a percentage of revenue, though absolute values increased over time.
Service vs. Product Sales: Sales of services demonstrate a more consistent pattern compared to product sales. Service revenues remained relatively stable, generally ranging between $2.5 billion and $3.6 billion throughout the period. Product sales, however, exhibited greater fluctuations, directly impacting overall revenue trends. The contribution of service revenue to total revenue remained relatively constant, typically around 15-20%.
Other Notable Items: Gain (loss) on dispositions had a significant impact in certain quarters, particularly a substantial gain of $9.609 billion in December 2025. Boeing Capital interest expense remained relatively consistent, though minor, throughout the period. The impact of mandatory convertible preferred stock dividends became apparent in the later quarters of 2024 and 2025, reducing net earnings attributable to Boeing common shareholders.

Overall, the financial performance demonstrates a recovery from the significant losses experienced in 2021 and early 2022, culminating in a substantial profit in December 2025. However, the period was marked by considerable volatility, particularly in profitability, influenced by fluctuations in product sales, cost management, and specific items such as gains on dispositions and preferred stock dividends.

Download chart

Boeing Co. (NYSE:BA)

Income Statement Quarterly Data

Income Statement
Quarterly Data