Cash Flow Statement
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Assets (ROA) since 2005
- Price to Earnings (P/E) since 2005
- Price to Sales (P/S) since 2005
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Boeing Co., consolidated cash flow statement
US$ in millions
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).
- Net Loss Trends
- The net loss displays a volatile pattern over the periods, starting at a significant loss of $11.9 billion in 2020, improving to around $2.2 billion in 2023, but then deteriorating sharply again to approximately $11.8 billion in 2024. This indicates substantial fluctuations in profitability with no clear sustained recovery.
- Expense Patterns
- Share-based plans expense peaks in 2021 at $833 million and then gradually declines to $407 million in 2024. Treasury shares issued for 401(k) contributions steadily increase, more than doubling from $195 million in 2020 to $1.6 billion in 2024. Depreciation and amortization, as well as investment impairment charges, show a generally declining trend, reflecting possible asset base adjustments or reduced impairment over time.
- Non-Cash and Special Items
- Non-cash items significantly decrease from $10.9 billion in 2020 to around $4.1 billion in 2023 before rising again to $8.5 billion in 2024. The "777X and 767 reach-forward losses" show large values in 2020 and 2021, then are absent in 2022 and 2023 before reappearing substantially in 2024, indicating episodic impacts from these programs. Gain on dispositions remains marginal and slightly negative throughout the periods.
- Working Capital Dynamics
- Accounts receivable and unbilled receivables fluctuate significantly, including several negative values, signaling possible write-offs or adjustments. Advances and progress billings increase notably in later years, indicating rising billing activity. Inventories exhibit a strong negative value again in 2024 after some positive fluctuations, potentially reflecting inventory build-up or valuation adjustments. Accounts payable and accrued liabilities show mixed movements with some recovery signs mid-period but end with less favorable values. Pension and postretirement liabilities consistently increase in deficit, indicating growing obligations.
- Cash Flow from Operating Activities
- Operating cash flow moves from a large negative in 2020 to positive in the interval 2022–2023, suggesting improving operational efficiency or working capital management during these years, but declines sharply again to a large negative in 2024, mirroring the net loss pattern. Adjustments reconciling net loss to cash flow also show substantial volatility, correlating with non-cash charges and working capital changes.
- Investing Activities
- Payments for property, plant, and equipment increased steadily, indicative of ongoing capital expenditure commitments, peaking at $2.2 billion in 2024. Proceeds from disposals remain minor and inconsistent. Contributions to investments dramatically reduce over time but remain significant outflows, while proceeds from investments vary markedly with a peak in 2021. These patterns reflect active management of investment portfolios and capital assets, accompanied by some divestiture activities.
- Financing Activities
- New borrowings are highest in 2020 ($47.2 billion) and partially resume in 2024 ($10.2 billion) after a low activity period, indicating shifts in financing needs. Debt repayments vary, generally decreasing after 2021 but still substantial. Notably, common stock and convertible preferred stock issuances occur only in 2024, contributing significantly to financing inflows and potentially indicating capital raising efforts. Dividends were paid only in 2020 and ceased afterward.
- Liquidity Positions
- Cash and cash equivalents show variability, declining in 2020 and 2024 but increasing substantially in 2022. Despite fluctuations, the ending cash balance remains robust, increasing slightly to $13.8 billion in 2024 from $7.8 billion in 2020. Restricted cash balances show a slight declining trend, holding relatively minor amounts compared to total cash.
- Overall Insights
- The data reflects a company experiencing significant operational and financial volatility over the analyzed periods, with substantial losses and cash flow fluctuations. Capital expenditures and investment activities remain strong, while financing strategies show periods of aggressive borrowing and capital raising, particularly in early and late periods. Working capital and non-cash adjustments contribute materially to cash flow variability, suggesting active balance sheet management amid operational challenges.