Name: Boeing Co. (NYSE:BA) | Income Statement (Quarterly)
Creator: Stock Analysis on Net

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

3 months ended:	Sep 30, 2026	Jun 30, 2026	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	20,753)	21,366)	18,998)	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	3,435)	3,194)	3,219)	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	24,188)	24,560)	22,217)	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	(19,146)	(19,487)	(17,031)	(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	(2,875)	(2,659)	(2,640)	(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	(22,021)	(22,146)	(19,671)	(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	(22,021)	(22,146)	(19,671)	(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)	2,167)	2,414)	2,546)	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	215)	24)	(10)	(17)	14)	25)	3)	12)	(15)	7)	67)	1)	28)	44)	(27)	11)	(24)	17)	(20)	15)	120)	38)	37)
General and administrative expense	(1,198)	(1,428)	(1,197)	(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	(830)	(921)	(903)	(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	—)	67)	12)	9,609)	(1)	67)	(3)	41)	—)	5)	—)	1)	—)	1)	—)	4)	—)	1)	1)	(6)	169)	112)	2)
Earnings (loss) from operations	354)	156)	448)	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	96)	79)	194)	201)	276)	325)	323)	432)	265)	248)	277)	308)	297)	320)	302)	336)	288)	253)	181)	132)	30)	199)	190)
Interest and debt expense	(573)	(600)	(616)	(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	(123)	(365)	26)	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	7)	(63)	(33)	(99)	(140)	(51)	(107)	232)	50)	76)	23)	(21)	(538)	251)	71)	(14)	(176)	(217)	376)	536)	178)	18)	11)
Net earnings (loss)	(116)	(428)	(7)	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	—)	(16)	3)	—)	2)	1)	(6)	(4)	4)	—)	12)	7)	2)	—)	11)	29)	33)	33)	23)	21)	23)	20)	24)
Net earnings (loss) attributable to Boeing shareholders	(116)	(444)	(4)	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	(87)	(86)	(86)	(86)	(87)	(86)	(86)	(58)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Net earnings (loss) attributable to Boeing common shareholders	(203)	(530)	(90)	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 over the analyzed period is characterized by increasing total revenues contrasted with significant volatility in profitability and recurring operating losses. While the top line shows a general upward trajectory, the bottom line remains unstable, heavily influenced by fluctuating production costs and occasional non-operational gains.

Revenue Trends: Total revenues grew from 15.2 billion USD in March 2021 to a peak of 24.5 billion USD in June 2026. This growth was primarily driven by sales of products, which exhibited high quarterly variance. In contrast, sales of services demonstrated a steady and predictable increase, rising from 2.69 billion USD in March 2021 to 3.43 billion USD by September 2026, providing a more stable revenue stream.
Gross Profit and Cost Dynamics: Gross profit margins showed extreme inconsistency, with frequent swings between profitability and substantial losses. Significant gross losses were recorded in December 2021, September 2022, September 2024, and September 2025. The cost of products and services often scaled aggressively, occasionally exceeding total revenues, which indicates volatility in manufacturing costs or delivery schedules.
Operating Expenses and R&D: Research and development expenses trended upward over the period, increasing from approximately 499 million USD in early 2021 to a range between 830 million and 960 million USD by 2026. General and administrative expenses fluctuated more widely, peaking at 1.79 billion USD in June 2025, reflecting inconsistent administrative overhead requirements.
Operating Income and Net Earnings: Earnings from operations were negative for the majority of the period. Severe operating losses were observed in December 2021 (-4.17 billion USD), September 2024 (-5.76 billion USD), and September 2025 (-4.78 billion USD). A notable anomaly occurred in December 2025, where a gain on dispositions of 9.6 billion USD resulted in a net earnings spike of 8.22 billion USD, masking the underlying operational trend.
Debt and Interest Obligations: Interest and debt expenses remained remarkably stable throughout the period, generally fluctuating between 570 million USD and 750 million USD per quarter. This consistency suggests a fixed debt structure despite the volatility in operating cash flows.

Overall, the data indicates a company with expanding revenue capacity but struggling to maintain operational efficiency. The reliance on non-operational gains to achieve positive net income in specific quarters underscores a persistent challenge in achieving sustainable profitability from core aircraft production and services.

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Boeing Co. (NYSE:BA)

Income StatementQuarterly Data

Income Statement
Quarterly Data