Stock Analysis on Net

Boeing Co. (NYSE:BA)

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

Microsoft Excel
3 months ended: 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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Sales of products 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 12,486 11,402 9,063 14,191
Sales of services 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 2,818 2,737 2,744 2,717
Revenues 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 15,304 14,139 11,807 16,908
Cost of products (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) (18,567) (10,910) (10,378) (14,713)
Cost of services (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) (2,415) (2,185) (2,589) (2,043)
Cost of products and services (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) (20,982) (13,095) (12,967) (16,756)
Boeing Capital interest expense (8) (7) (6) (7) (7) (7) (9) (9) (10) (10) (11) (12)
Costs and expenses (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) (20,992) (13,105) (12,978) (16,768)
Gross profit (loss) 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 (5,688) 1,034 (1,171) 140
Income (loss) from operating investments, net 3 12 (15) 7 67 1 28 44 (27) 11 (24) 17 (20) 15 120 38 37 70 (14) (45) (2)
General and administrative expense (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) (1,828) (955) (1,161) (873)
Research and development expense, net (844) (836) (1,154) (954) (868) (881) (958) (797) (741) (794) (727) (698) (633) (678) (575) (497) (499) (605) (574) (625) (672)
Gain (loss) on dispositions, net (3) 41 5 1 1 4 1 1 (6) 169 112 2 2 108 38 54
Earnings (loss) from operations 461 (3,770) (5,761) (1,090) (86) 283 (808) (99) (149) (353) (2,799) 774 (1,169) (4,171) 329 1,023 (83) (8,049) (401) (2,964) (1,353)
Other income, net 323 432 265 248 277 308 297 320 302 336 288 253 181 132 30 199 190 122 119 94 112
Interest and debt expense (708) (755) (728) (673) (569) (600) (589) (621) (649) (632) (621) (650) (630) (661) (669) (673) (679) (698) (643) (553) (262)
Earnings (loss) before income taxes 76 (4,093) (6,224) (1,515) (378) (9) (1,100) (400) (496) (649) (3,132) 377 (1,618) (4,700) (310) 549 (572) (8,625) (925) (3,423) (1,503)
Income tax (expense) benefit (107) 232 50 76 23 (21) (538) 251 71 (14) (176) (217) 376 536 178 18 11 186 459 1,028 862
Net earnings (loss) (31) (3,861) (6,174) (1,439) (355) (30) (1,638) (149) (425) (663) (3,308) 160 (1,242) (4,164) (132) 567 (561) (8,439) (466) (2,395) (641)
Net (earnings) loss attributable to noncontrolling interest (6) (4) 4 12 7 2 11 29 33 33 23 21 23 20 24 19 17 19 13
Net earnings (loss) attributable to Boeing Shareholders (37) (3,865) (6,170) (1,439) (343) (23) (1,636) (149) (414) (634) (3,275) 193 (1,219) (4,143) (109) 587 (537) (8,420) (449) (2,376) (628)
Mandatory convertible preferred stock dividends accumulated during the period (86) (58)
Net earnings (loss) attributable to Boeing common shareholders (123) (3,923) (6,170) (1,439) (343) (23) (1,636) (149) (414) (634) (3,275) 193 (1,219) (4,143) (109) 587 (537) (8,420) (449) (2,376) (628)

Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).


The financial data reveals multiple trends affecting profitability, revenue streams, and cost management over the periods under review.

Revenue Trends

Overall revenues demonstrated fluctuations reflecting variability in both product and service sales. Sales of products saw a sharp decline during early 2020, bottoming in June 2020, followed by a recovery with some volatility into 2023. Service sales remained relatively stable with modest growth, showing resilience even as product sales fluctuated significantly. The combined revenue streams indicate a recovery trajectory post-mid 2020 but continued challenges in consistency up to the end of 2024.

Cost and Expense Patterns

Costs of products and services moved in a pattern generally mirroring revenues, but the rate of cost increase often outpaced revenue growth, particularly notable during Q4 2020 and sporadically thereafter. The combined costs reached exceptionally high levels late in 2020 and again during 2024, resulting in pressure on profitability. General and administrative expenses showed some variation but no clear directional trend, while research and development expenses experienced a gradual increase over time, indicating continued investment in innovation despite overall cost pressures.

Profitability Measures

Gross profit exhibited significant volatility, with substantial losses in several quarters, especially at the end of 2020 and during multiple quarters in 2024. These negative gross profit intervals highlight challenges in controlling costs or generating sufficient margin at those times. Earnings from operations followed a similarly volatile trend, with several quarters showing large losses offset by intervals of modest profits. Net earnings attributable to shareholders mostly reflected these fluctuations, with heavy losses concentrated around late 2020 and again during parts of 2024, while some quarters in 2021 and early 2023 showed improvements into profitability.

Other Income and Expenses

Other income remained positive and generally increased slightly over time, contributing positively to overall earnings. Interest and debt expenses were fairly consistent but modestly declined in absolute terms by late 2023, helping to alleviate financial burdens slightly. Interest expense related to Boeing Capital was minimal and reported inconsistently, indicating a less material effect on overall financial outcomes.

Tax and Net Earnings Implications

Income tax expenses fluctuated in relation to earnings before taxes, with some periods showing tax benefits corresponding to losses. The net earnings attributable to common shareholders were negative in the majority of periods, reflecting the operational challenges and cost-management pressures seen elsewhere in the data. Losses were particularly pronounced during significant downturns in revenue or spikes in cost impacts, while positive earnings quarters were relatively few and typically associated with stable or improving revenue and careful expense oversight.

Summary

The overall financial profile over this multi-year span is characterized by significant volatility in earnings driven primarily by fluctuating product sales and corresponding costs. Service revenues provide some stability but are insufficient to offset challenges in product profitability fully. Cost control remains a critical issue as spikes in costs have often exceeded revenue growth, leading to sharp declines in gross and net profits at several points. Continued investment in R&D suggests a strategic focus on long-term competitiveness even in periods of earnings pressure. Managing these volatile income patterns and cost pressures will be essential to stabilizing profitability in future periods.