Stock Analysis on Net

Boeing Co. (NYSE:BA)

$24.99

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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Boeing Co., consolidated cash flow statement

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Net loss
Share-based plans expense
Treasury shares issued for 401(k) contribution
Depreciation and amortization
Investment/asset impairment charges, net
Gain on dispositions, net
777X and 767 reach-forward losses
Other charges and credits, net
Non-cash items
Accounts receivable
Unbilled receivables
Advances and progress billings
Inventories
Other current assets
Accounts payable
Accrued liabilities
Income taxes receivable, payable and deferred
Other long-term liabilities
Pension and other postretirement plans
Financing receivables and operating lease equipment, net
Other
Changes in assets and liabilities
Adjustments to reconcile net loss to net cash provided (used) by operating activities
Net cash provided (used) by operating activities
Payments to acquire property, plant and equipment
Proceeds from disposals of property, plant and equipment
Acquisitions, net of cash acquired
Proceeds from dispositions
Contributions to investments
Proceeds from investments
Supplier notes receivable
Repayments on supplier notes receivable
Purchase of distribution rights
Other
Net cash (used) provided by investing activities
New borrowings
Debt repayments
Common stock issuance, net of issuance costs
Mandatory convertible preferred stock issuance, net of issuance costs
Stock options exercised
Employee taxes on certain share-based payment arrangements
Dividends paid
Other
Net cash provided (used) by financing activities
Effect of exchange rate changes on cash and cash equivalents
Net increase (decrease) in cash & cash equivalents, including restricted
Cash & cash equivalents, including restricted, at beginning of year
Cash & cash equivalents, including restricted, at end of year
Restricted cash & cash equivalents, included in Investments
Cash and cash equivalents at end of year

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.