Stock Analysis on Net

Boeing Co. (NYSE:BA)

$24.99

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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Boeing Co., consolidated cash flow statement (quarterly data)

US$ in millions

Microsoft Excel
3 months ended: Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Net earnings (loss)
Share-based plans expense
Treasury shares issued for 401(k) contribution
Depreciation and amortization
Investment/asset impairment charges, net
(Gain) loss 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 earnings (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 on mandatory convertible preferred stock
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

Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).


The quarterly financial data reveals significant fluctuations and varied trends across key financial metrics over the observed period.

Net Earnings (Loss)
The net earnings show high volatility with recurrent losses and intermittent positive results. Early 2020 and late 2020 exhibit substantial losses, including a peak loss of -8439 million USD in December 2020. Recovery phases are noticeable in mid-2021 with profits, but the trend reverts to losses thereafter, including significant losses near the end of 2024. The data indicates persistent challenges in profitability with no sustained positive earnings trend.
Share-Based Plans Expense
Expenses related to share-based compensation generally increased from 2020 through 2023, peaking in early 2023. The trend moderates somewhat but remains elevated relative to earlier years, reflecting sustained investment in employee incentive plans.
Treasury Shares Issued for 401(k) Contributions
Starting from mid-2020, issuances steadily increased with several fluctuations, reaching the highest issuance levels in the first quarter of 2023 and maintaining substantial levels thereafter, suggesting ongoing employee benefit funding activities.
Depreciation and Amortization
These charges were relatively stable, fluctuating moderately around 500 million USD per quarter, with a slight decline in 2023 and 2024. This stability indicates consistent asset base and amortization schedules.
Investment/Asset Impairment Charges
Impairments showed sporadic spikes, particularly notable in mid-2020 and early 2022. Overall, impairment charges remained inconsistent but represent a recurring negative impact on asset values.
Gain/Loss on Dispositions
Gains and losses from asset dispositions vary widely, with larger net gains reported in mid-2020 and mid-2021, but the pattern lacks clear directional momentum, suggesting opportunistic asset sales and occasional losses.
Major Project Losses (777X and 767 Reach-Forward)
Significant losses were recorded in limited periods, notably mid-2020 and again in 2024, indicating substantial cost overruns or write-downs linked to these particular programs.
Other Charges and Credits
These items are characterized by high volatility, with major peaks in early 2020, late 2020, and intermittent gains and losses afterward. The pattern reflects ongoing operational adjustments and non-recurring items influencing earnings.
Non-Cash Items
Non-cash adjustments peaked in late 2020, aligned with significant losses, then remained elevated through 2024. This trend suggests recurring valuations, provisions, or accounting adjustments impacting financial results.
Working Capital Components
Accounts Receivable
Accounts receivable fluctuate substantially, alternating between positive and negative changes, indicating variability in collections and billing cycles.
Unbilled Receivables
These figures show considerable instability with large negative and positive swings, reflecting irregular project billing and revenue recognition timing.
Advances and Progress Billings
Advances and billings display a similar pattern of volatility with both sizeable inflows and outflows, indicating fluctuations in customer prepayments and milestone billings.
Inventories
Inventory levels dropped sharply in early 2020, then oscillate with notable declines in certain quarters of 2024, pointing to inventory management challenges or product demand shifts.
Other Current Assets
These assets exhibit inconsistent values with no clear trend, suggesting sporadic adjustments or seasonal factors.
Accounts Payable and Accrued Liabilities
Both liabilities show erratic movements, with periods of strong decreases and increases, potentially indicating variable vendor payment strategies and accrued expenses management.
Pension and Other Postretirement Plans
The liabilities show gradual reduction in negative values, indicating some improvement or funding of pension obligations over time.
Financing Receivables and Operating Lease Equipment
This asset category increased notably from 2022 to 2023, possibly tied to expanded leasing activities or financing initiatives.
Cash Flows from Operating Activities
Operating cash flows consistently exhibit large negative values in early periods, with occasional positive quarters, notably between mid-2021 and mid-2022. However, more recent quarters reflect renewed cash outflows, indicating continuing operational cash generation challenges.
Cash Flows from Investing Activities
The investing cash flows were strongly negative especially in 2020, driven likely by large contributions to investments. Mid-periods show some positive inflows balancing these outflows, but the overall investing trend is cash-consuming, reflecting ongoing capital expenditure and strategic investments.
Capital Expenditures and Dispositions
Investments in property, plant, and equipment remained relatively steady, with peaks in late 2023 and 2024. Proceeds from disposals are small in comparison and sporadic, indicating limited asset sales to offset investments.
Financing Activities
Financing cash flows exhibit large inflows early in the period, reflecting significant new borrowings and capital raises, including a substantial common stock issuance near the end of the data timeline. Debt repayments occur intermittently but are generally lower than new borrowing, suggesting an overall increase in indebtedness. Some dividend payments and mandatory convertible preferred stock activities are also noted.
Cash and Cash Equivalents Changes
The net cash position shows major variability: increases in early 2020 decline sharply later that year, recovering somewhat through 2021 and 2022, but again decreasing in some recent quarters. This volatility reflects the combined effects of operational losses, investment outflows, and financing cash movements.
Effect of Exchange Rate Changes
Foreign exchange impacts on cash are generally minor but occasionally contribute to cash fluctuations, with no sustained effect.

In summary, the data portrays a company experiencing considerable financial challenges, exemplified by large operating losses and working capital volatility. Despite intermittent improvements in profitability and cash flow, the overall financial position remains pressured by high costs, significant project-related charges, and fluctuating asset and liability balances. Substantial financing activities support liquidity and investment expenditures, although increasing debt levels and capital structure changes indicate ongoing financial strategy adjustments. The investment in employee-related plans and capital assets is notable, suggesting confidence in future operations despite near-term volatility.