Stock Analysis on Net
Stock Analysis on Net

Boeing Co. (NYSE:BA)

$24.99

Income Statement

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

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 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 on dispositions, net
Loss from operations
Other income, net
Interest and debt expense
Loss before income taxes
Income tax (expense) benefit
Net loss
Net loss attributable to noncontrolling interest
Net loss attributable to Boeing Shareholders
Mandatory convertible preferred stock dividends accumulated during the period
Net loss attributable to Boeing common shareholders

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Revenue Trends
Revenues exhibited an overall increasing trend from 2020 through 2023, rising from $58,158 million in 2020 to a peak of $77,794 million in 2023, followed by a notable decline to $66,517 million in 2024. This fluctuation appears primarily driven by changes in product sales, which increased steadily from $47,142 million in 2020 to $65,581 million in 2023 before dropping to $53,227 million in 2024. Sales of services remained relatively stable with a slight increase towards 2024, reaching $13,290 million.
Cost Analysis
The combined cost of products and services generally followed a similar pattern to revenues, increasing from $63,800 million in 2020 to $70,070 million in 2023, then marginally declining to $68,508 million in 2024. The cost of products showed a decrease in 2021 to $49,954 million, but subsequently rose through 2023 and decreased slightly by 2024. The cost of services remained relatively stable with minor increases from 2020 to 2024.
Profitability and Margins
Gross profit fluctuated considerably over the period, reflecting volatile operational conditions. A negative gross loss of $5,685 million was recorded in 2020, transitioning to positive gross profits between 2021 and 2023, peaking at $7,724 million in 2023, before returning to a loss of $1,991 million in 2024. Operating loss displayed improvement from a severe loss of $12,767 million in 2020 to a much smaller loss of $773 million in 2023, but deteriorated significantly again in 2024 to a loss of $10,707 million.
Expenses and Investments
General and administrative expenses declined from $4,817 million in 2020 to around $4,157 million in 2021 and remained relatively stable thereafter, hovering around $5,000 million. Research and development expenses increased gradually throughout the period, rising from $2,476 million in 2020 to $3,812 million in 2024. Gains on dispositions were relatively minor and volatile, suggesting limited impact on overall financial results.
Other Income and Interest
Other income grew from $447 million in 2020 to over $1,200 million in 2023 and 2024, indicating improved returns from non-operating activities. Interest and debt expenses saw an increasing trend over the years, rising from $2,156 million in 2020 to a peak of $2,725 million in 2024, which may have pressured net results.
Net Loss and Taxation
The company sustained net losses throughout the period, with the largest losses in 2020 and 2024, around $11,900 million and $11,800 million respectively. The net loss narrowed significantly in the interim years with the smallest loss of $2,222 million in 2023. Income tax expense/benefit showed variability, with tax benefits in years of heavy losses and minor expenses or negligible impact in other years. Net loss attributable to Boeing common shareholders followed the overall net loss pattern closely, reflecting consistent challenges to profitability.
Summary of Financial Health
The financial data reveal a company experiencing considerable volatility, recovering somewhat from deep losses in 2020, reaching a better profit position in 2023, before facing renewed setbacks in 2024. Despite revenue growth up to 2023, cost pressures, rising expenses, and growing interest costs contributed to persistent losses. The increase in research and development spending indicates ongoing investment in future capabilities, but has not yet translated into sustainable profitability. Operational improvements in 2023 suggest potential for recovery, but the data for 2024 raise concerns related to cost management and market conditions affecting product sales.