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 increased steadily from 58,158 million USD in 2020 to a peak of 77,794 million USD in 2023, followed by a decline to 66,517 million USD in 2024. Sales of products showed consistent growth until 2023, rising from 47,142 million USD in 2020 to 65,581 million USD, but then dropped significantly to 53,227 million USD in 2024. Sales of services remained relatively stable with slight fluctuations, increasing modestly to 13,290 million USD in 2024.
Cost Patterns
Costs of products and services generally mirrored revenue trends. Total costs and expenses decreased from 63,843 million USD in 2020 to 59,269 million USD in 2021 but then climbed back up to 70,070 million USD in 2023 before a slight reduction to 68,508 million USD in 2024. Specifically, cost of products decreased sharply in 2021 but then increased again, while cost of services remained fairly stable with a gradual upward trend by 2024.
Profitability
Gross profit experienced a shift from negative 5,685 million USD in 2020 to positive territory by 2021, peaking at 7,724 million USD in 2023, followed by a reversal to a loss of 1,991 million USD in 2024. Loss from operations decreased substantially over the years, reaching its lowest loss of 773 million USD in 2023, but worsened again in 2024 to 10,707 million USD. Net loss exhibited a similar pattern, reducing from 11,941 million USD in 2020 to 2,242 million USD in 2023 before rising again to 11,829 million USD in 2024. This suggests episodic recovery periods interrupted by significant setbacks.
Expense Analysis
General and administrative expenses exhibited a declining trend from 4,817 million USD in 2020 to 4,157 million USD in 2021, then rose again, peaking at 5,168 million USD in 2023 before a slight decrease in 2024. Research and development expenses increased consistently each year, from 2,476 million USD in 2020 to 3,812 million USD in 2024, indicating sustained investment in innovation despite fluctuating earnings.
Other Financial Items
Other income showed consistent growth from 447 million USD in 2020 to 1,227 million USD in 2023 and stabilized thereafter. Interest and debt expenses fluctuated but overall remained significant, averaging above 2,400 million USD annually. Income tax expense varied with occasional benefits, resulting in a net tax expense shift from a positive 2,535 million USD in 2020 to a negative position in later years, reflecting complex tax impacts related to profitability variations.
Equity and Ownership
Net loss attributable to company shareholders closely followed the overall net loss trend, indicating that losses were primarily borne by shareholders. Accumulated mandatory convertible preferred stock dividends appeared for the first time in 2024, indicating changes in capital structure or financing arrangements that affect shareholder equity.
Overall Assessment
The financial data reflects a volatile performance with periods of recovery interrupted by significant downturns, especially in 2024. While revenues and gross profit improved markedly up to 2023, a notable decline in product sales and increased losses in 2024 suggest challenges affecting core operations. Increasing research and development costs imply strategic focus on future growth despite near-term financial pressures. Expense management shows mixed results, with administrative costs rising alongside investment-related expenditures. The fluctuation in net loss and tax positions highlights ongoing operational and fiscal complexities.