Cash Flow Statement
Quarterly Data
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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- Income Statement
- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Reportable Segments
- Return on Equity (ROE) since 2005
- Debt to Equity since 2005
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Boeing Co., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
The financial data reveals a period of extreme volatility in earnings and operational cash flows, characterized by significant periodic losses and heavy reliance on external financing and asset management to maintain liquidity.
- Operational Performance and Cash Flow
- Net earnings exhibit severe instability, with substantial losses appearing in multiple quarters, most notably in September 2024 and September 2025. While a significant positive earnings spike is recorded in December 2025, the overall trend indicates a struggle to maintain consistent profitability. Net cash provided by operating activities mirrors this volatility, frequently swinging between deep deficits and moderate surpluses. Significant operational outflows were particularly pronounced throughout 2024, indicating persistent challenges in converting earnings into cash.
- Working Capital and Asset Management
- Inventory levels have placed a recurring strain on liquidity, with massive cash outflows for inventory builds seen in December 2024 and March 2026. The relationship between unbilled receivables and advances and progress billings shows a cyclical pattern typical of large-scale aerospace manufacturing, though the magnitude of these swings often offsets operational gains. Accounts payable and accrued liabilities have been used as levers for cash preservation, with large increases in these liabilities providing temporary cash infusions in several quarters.
- Investing Activities and Capital Expenditure
- A consistent pattern of high-volume contributions to and proceeds from investments is observed, suggesting active liquidity management. Capital expenditures for property, plant, and equipment have trended upward over the analyzed period, increasing from roughly 300 million per quarter in 2021 to over 1.2 billion by March 2026. A massive liquidity event occurred in December 2025, where proceeds from dispositions reached 10.55 billion, significantly offsetting the operational losses of that period.
- Financing and Capital Structure
- The organization has engaged in aggressive capital raising to stabilize its balance sheet. A pivotal event occurred in December 2024 with a combined influx of over 23 billion from common stock and mandatory convertible preferred stock issuances. This equity injection was critical in offsetting the heavy operating losses and funding substantial debt repayments. Debt repayment activity has remained frequent, with a significant reduction in liabilities observed in March 2026.
- Non-Cash Adjustments and Special Charges
- Cash flows are heavily impacted by non-cash charges, specifically reach-forward losses related to the 777X and 767 programs. These charges created significant headwinds in December 2021, September 2024, and September 2025. Depreciation and amortization have remained relatively stable, though they represent a consistent non-cash add-back to operating cash flow.
Overall, the analysis indicates a company in a high-capital-intensity phase, characterized by unstable operational margins and a dependency on equity markets and asset divestitures to fund ongoing investments and debt obligations.