Stock Analysis on Net
Stock Analysis on Net

Boeing Co. (NYSE:BA)

$24.99

Operating Profit Margin
since 2005

Microsoft Excel

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Calculation

Boeing Co., operating profit margin, long-term trends, calculation

Microsoft Excel
Operating profit margin = 100 × Earnings (loss) from operations1 ÷ Revenues1
Dec 31, 2025 = 100 × ÷
Dec 31, 2024 = 100 × ÷
Dec 31, 2023 = 100 × ÷
Dec 31, 2022 = 100 × ÷
Dec 31, 2021 = 100 × ÷
Dec 31, 2020 = 100 × ÷
Dec 31, 2019 = 100 × ÷
Dec 31, 2018 = 100 × ÷
Dec 31, 2017 = 100 × ÷
Dec 31, 2016 = 100 × ÷
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Dec 31, 2014 = 100 × ÷
Dec 31, 2013 = 100 × ÷
Dec 31, 2012 = 100 × ÷
Dec 31, 2011 = 100 × ÷
Dec 31, 2010 = 100 × ÷
Dec 31, 2009 = 100 × ÷
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Dec 31, 2007 = 100 × ÷
Dec 31, 2006 = 100 × ÷
Dec 31, 2005 = 100 × ÷

Based on: 10-K (reporting date: 2025-12-31), 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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).

1 US$ in millions

The operating profit margin exhibited considerable fluctuation between 2005 and 2025. Initial years showed moderate margins, followed by a period of significant volatility and, ultimately, a return to positive performance in the latter part of the analyzed timeframe.

Overall Trend (2005-2019)
From 2005 to 2019, the operating profit margin generally trended upwards, albeit with intermittent dips. Starting at 5.13% in 2005, it experienced growth, peaking at 11.85% in 2018. The highest margin observed during this period was 11.85% in 2018, indicating a period of strong operational profitability. A notable peak of 8.78% was recorded in 2007, followed by a decline and subsequent recovery.
Significant Decline (2019-2021)
A dramatic shift occurred beginning in 2019. The operating profit margin plummeted to -2.58% in 2019, followed by substantial losses in 2020 (-21.95%) and 2021 (-4.66%). This represents a period of significant operational challenges and decreased profitability. The negative margin in 2020 was particularly pronounced, indicating substantial losses relative to revenue.
Recent Recovery (2022-2025)
Following the substantial declines, a recovery began to emerge. The operating profit margin remained negative in 2022 (-0.99%) and 2023 (-16.10%), but showed improvement in 2024, reaching 4.79%. This trend continued into 2025, with the margin increasing to 4.79%, suggesting a potential stabilization and return towards profitability. However, the 2023 value indicates continued challenges before the final year’s improvement.
Correlation with Revenues
The fluctuations in operating profit margin do not appear to be directly correlated with revenue trends. While revenues generally increased from 2005 to 2019, the significant decline in margin beginning in 2019 occurred despite relatively stable revenues until 2020. The substantial revenue decline in 2020 coincided with the most negative operating profit margin, suggesting a strong relationship during that period. The revenue recovery in 2022-2025 was accompanied by a gradual improvement in the operating profit margin.

In summary, the operating profit margin experienced a period of growth and stability, followed by a period of significant disruption and loss, and then a nascent recovery. The recent improvement suggests a potential return to more sustainable profitability, but continued monitoring is warranted.

Comparison to Competitors

Boeing Co., operating profit margin, long-term trends, comparison to competitors

Microsoft Excel
Boeing Co. Caterpillar Inc. Lockheed Martin Corp. RTX Corp.
Dec 31, 2025
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Based on: 10-K (reporting date: 2025-12-31), 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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).