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: 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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
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: 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), 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).

Analysis of the presented quarterly financial data reveals notable fluctuations and trends over the periods examined.

Revenue and Sales Trends
Overall revenues displayed a moderately volatile pattern with an initial significant drop observed in mid-2020, followed by a recovery and periods of growth into 2023 and early 2024. Sales of products experienced severe contraction during early 2020, then recovered with variable growth, culminating in peaks around late 2023 and mid-2025. Sales of services showed relatively steady performance with incremental increases over the timeline, indicating consistent service demand despite fluctuations in product sales.
Cost of Products and Services
The cost of products and services closely tracked with revenue trends but displayed higher volatility, especially notable around late 2020 where exceptionally high costs were recorded. The cost of products consistently constituted the major share, with occasional spikes leading to periods of negative gross profit. Costs appeared to stabilize somewhat in 2022 onwards but remained substantial relative to sales, suggesting ongoing cost pressures.
Gross Profit (Loss)
Gross profit margins varied widely with several quarters showing losses, particularly in 2020 and late 2021. Positive gross profit was evident in alternate quarters, correlating with increases in sales and moderated costs. The fluctuations reflect sensitivity of profitability to both sales volume and cost management effectiveness.
Operating Expenses
General and administrative expenses were somewhat erratic but generally showed a decreasing trend in early 2022 before rising again towards mid-2025. Research and development expenses remained relatively stable with minor increases toward 2024-2025, indicating sustained investment in innovation despite operational challenges.
Earnings from Operations and Income
Earnings from operations fluctuated between significant losses and moderate profits, mirroring pre-tax earnings patterns. Notably, operating losses peaked in quarters such as the end of 2020 and early 2024, with intermittent improvements in between. Earnings before income taxes and net earnings reflected this volatility, with tax expenses sometimes mitigating losses. Net earnings attributable to common shareholders largely showed losses, especially pronounced during 2020 and 2024, with only scattered quarters yielding positive returns.
Interest and Other Income
Interest and debt expenses remained relatively stable, with minor declines in the later periods. Other income, net, demonstrated a general upward trend, potentially offsetting some operational losses.
Additional Considerations
Noncontrolling interest and preferred stock dividends showed minor impacts on net earnings, with some quarters reflecting dividend accumulations, adding to expenses attributable to shareholders.

In summary, the data indicate that the company has faced significant operational challenges, particularly related to product sales and cost management in the early periods covered, with some recovery observed in later periods. Costs remain a critical factor affecting profitability, and despite steady service sales and increased other income, net earnings remain inconsistent with frequent losses. Continued focus on cost control, revenue stabilization, and operational efficiency appears essential.