Boeing Co. (NYSE:BA)

The analysis of the annual financial data reveals several significant trends over the reported periods.

Earnings (loss) from operations

From 2005 through 2018, operating earnings generally exhibited a positive trend, with fluctuations but an overall increase from $2,812 million in 2005 to a peak of $11,987 million in 2018. Notably, earnings experienced some volatility between 2007 and 2009, reflecting possible business cycle effects or operational challenges. Starting in 2019, a sharp reversal occurred, with losses reported in most subsequent years, including substantial negative earnings in 2020 (-$12,767 million) and 2021 (-$2,902 million). This marked a significant operational downturn, with partial recovery in later years, though earnings remained negative through 2024, indicating sustained operational difficulties.

Revenues

Revenue growth was generally positive from 2005 to 2018, increasing from approximately $54,845 million to $101,127 million, demonstrating expansion in sales or business scale. However, there was a notable revenue decline starting in 2019, dropping sharply to $58,158 million by 2020. Subsequently, revenues showed gradual recovery, reaching $77,794 million in 2023, but declined again to $66,517 million in 2024. These trends point toward significant external or internal challenges impacting sales, followed by a partial rebound and recent instability.

Operating profit margin

The operating profit margin was relatively stable between 2005 and 2018, typically ranging from around 5% to nearly 12%, peaking at 11.85% in 2018. Margins reflect efficient management of costs relative to revenues during this period. However, margins drastically deteriorated after 2018, turning negative in 2019 (-2.58%) and plunging to a low of -21.95% in 2020. Margins remained negative through 2024, though the depth of losses lessened somewhat after the pandemic-related peak. This suggests that while revenues started to recover post-2020, cost pressures or other factors continued to negatively impact profitability.

In summary, this period showed strong revenue and earnings growth up to 2018, followed by a pronounced decline in both revenues and earnings, with operating margins turning sharply negative starting in 2019. The downturn coincided with significant operational losses, likely reflecting external shocks or internal restructuring. Despite some recovery in revenues, operating profit margins remain negative, highlighting ongoing challenges to profitability.