Boeing Co. (NYSE:BA)

The company's revenue experienced an overall upward trend from 2005 through 2018, increasing from $54,845 million in 2005 to a peak of $101,127 million in 2018. Notably, there was a significant drop in revenues beginning in 2019, declining sharply to $76,559 million and continuing to decrease until reaching $58,158 million by 2020. Following this decline, a modest recovery trend is visible with revenues gradually increasing to $77,794 million in 2023, before declining slightly again in 2024 to $66,517 million.

Operating earnings showed substantial fluctuation over the same period. From 2005 to 2014, there was generally an upward trajectory with fluctuations, peaking at $7,473 million in 2014. After 2014, earnings exhibited more pronounced volatility with a notable peak at $11,987 million in 2018. Starting in 2019, the company faced significant operational challenges as evidenced by operating losses beginning that year, with losses deepening markedly in subsequent years. The most severe operating loss was recorded in 2021 at $12,767 million. Operating earnings improved slightly from 2022 to 2024 but remained in negative territory, indicating continued operational difficulties.

Net earnings attributable to shareholders followed a somewhat parallel pattern to operating earnings. From 2005 to 2018, net earnings generally improved, reaching a peak of $10,460 million in 2018. Beginning in 2019, net earnings turned negative, reflecting profitability challenges. The largest net loss occurred in 2020, amounting to $11,873 million, consistent with the year when revenues were also at their lowest point in this timeframe. Subsequent years continued to report net losses, with only small variations in the magnitude of these losses, indicating ongoing financial strain.

Revenue Trends

A steady increase over the first 13 years, peaking in 2018, followed by a sharp decline in 2019-2020, modest recovery thereafter, and a slight drop in 2024.

Operating Earnings Trends

General growth and earnings improvement up to 2018, followed by a sharp shift to significant operating losses beginning in 2019, with the largest loss in 2021, and only partial recovery by 2024.

Net Earnings Attributable to Shareholders

Improvement from 2005 through 2018 was followed by a transition to losses from 2019 onward, reaching maximum losses in 2020, with continued negative results through 2024.

Financial Performance Insights

The data indicates a robust growth phase until 2018, succeeded by a period marked by financial stress, likely influenced by external or internal disruptions starting in 2019. Despite a partial rebound in revenues, profitability remains an ongoing concern through 2024, as operating and net earnings continue to show negative performance.

The financial data exhibits notable trends in both current assets and total assets over the examined periods.

Current Assets

Current assets demonstrate a general upward trend from approximately 21,968 million US dollars at the end of 2005 to a peak of approximately 127,998 million US dollars projected for the end of 2024. There are periods of accelerated growth, particularly from 2017 onwards, where values rise sharply from around 65,161 million US dollars in 2017 to the forecasted figure in 2024. Minor fluctuations occur in some years, such as a decrease in 2016 where current assets dropped from 68,234 million in 2015 to 62,488 million, reflecting some volatility. Overall, the trend indicates strengthening liquidity and asset base in the short-term category.

Total Assets

Total assets also present a generally increasing pattern over the period under review, growing from about 60,058 million US dollars at the end of 2005 to a forecast of approximately 156,363 million US dollars by the end of 2024. The data shows an initial decline from 60,058 million in 2005 to 51,794 million in 2006, followed by a recovery and steady rise with periodic fluctuations. Notably, total assets peak around 152,136 million US dollars in 2021 before a slight decrease in the subsequent two years, possibly indicating short-term adjustments, then rise again to the forecasted 156,363 million in 2024. This overall upward trajectory suggests expansion and accumulation of resources over the long term.

In summary, both current and total assets have expanded considerably over the observed time frame, with current assets showing a steeper recent growth trajectory. Periodic declines suggest responsiveness to economic or operational factors, but the enduring increase underscores growth in the company’s asset base and liquidity position.

Current liabilities

Current liabilities exhibited a steady increase from 28,188 million USD in 2005 to a peak of 97,312 million USD in 2019. After 2019, the values slightly declined but remained elevated, ending at 97,078 million USD in 2024. This indicates a substantial growth in short-term obligations over the period, with a notable surge after 2013.

Total liabilities

Total liabilities data is available only from 2020 onwards. Starting at 141,925 million USD in 2020, total liabilities rose significantly to 170,211 million USD in 2021. It then declined moderately to 153,398 million USD in 2022 and remained relatively stable through 2024, suggesting some deleveraging following the peak in 2021 but still maintaining a high liability level overall.

Total debt

Total debt showed a volatile pattern over the years. Initially, it decreased from 10,727 million USD in 2005 to 7,512 million USD in 2008, followed by a fluctuating increase reaching 13,847 million USD in 2018. A sharp spike occurred in 2020, with debt rising dramatically to 63,583 million USD, more than quadrupling from the previous year. After this peak, debt slightly declined but remained high relative to earlier years, stabilizing around 53,864 million USD by 2024. This suggests significant financing activities, possibly in response to external pressures or strategic investment.

Shareholders’ equity (deficit)

Shareholders’ equity presented considerable volatility and a downward trend over the period. Beginning at 11,059 million USD in 2005, equity dropped sharply into negative territory in 2008 (-1,294 million USD). Although some recovery occurred until 2013, equity again deteriorated substantially after 2018, reaching a low of -18,316 million USD in 2020. A slight improvement happened subsequently but equity remained negative through 2024 at -3,908 million USD. This pattern signals sustained financial stress and potentially diminished net asset value.

The analysis of the cash flow activities over the presented period reveals notable fluctuations across operating, investing, and financing categories.

Operating Activities

The net cash provided by operating activities displayed a generally positive trend from 2005 through 2014, with values typically ranging between approximately 7,000 and 15,000 million USD. The peak appears in 2019 with over 15,000 million USD, indicating strong operational cash generation. However, significant declines occurred in 2008, 2020, and 2021, registering negative cash flows of -401, -2,446, and -18,410 million USD respectively. The years 2022 and 2023 saw a recovery back to positive territory, only to dip again in 2024 to -12,080 million USD.

Investing Activities

Net cash used in investing activities was predominantly negative throughout the entire period, reflecting consistent capital outflows for investment purposes. Periods such as 2006, 2007, and 2010 showed substantial outflows exceeding -3,000 million USD. There were brief intervals of positive net cash flow in investing activities in 2008, 2011, 2014, 2017, 2018, and particularly in 2021 with a notable inflow of 9,324 million USD. Despite occasional recoveries, the trend largely indicates sustained investment expenditures with increased volatility in later years, especially with large outflows in 2020 and 2024.

Financing Activities

Cash flows from financing activities generally exhibited negative values, indicative of net repayments or reductions in financing over many years. The outflows were especially pronounced between 2012 and 2018, with steady declines reaching above -11,000 million USD annually. Contrasting this, 2009, 2015, and notably 2020 and 2024 stood out with large positive cash flows from financing, the one in 2020 being particularly significant at around 34,955 million USD, suggesting major financing inflows such as debt issuance or capital raising. Post-2020 figures display high volatility, alternating between moderate outflows and inflows.

Overall Observations

The company’s operating cash flows were strong for many years but experienced severe contractions during economic downturns or other stress periods, notably in 2008, 2020 and beyond. Investing activities consistently required cash outflows, typical of capital-intensive industries, although sporadic inflows suggest some divestitures or asset sales. Financing activities reveal phases of deleveraging followed by large periods of capital raising, particularly during crisis years, likely to support operations and investments. The extreme volatility in recent years points to intensified financial management activities in response to challenging conditions.

Basic and Diluted Earnings Per Share (EPS)

The earnings per share, both basic and diluted, exhibited considerable volatility over the examined period. From 2005 to 2007, there was a general upward trend, reaching a peak around 2007 with basic EPS at 5.38 US$. This was followed by a decline during 2008 and 2009, where basic EPS dropped to 1.86 US$. Subsequently, earnings per share increased steadily from 2010 through 2018, peaking notably in 2017 and 2018 at 13.6 and 18.05 US$, respectively. However, beginning in 2019, the EPS experienced a sharp decline, turning negative in 2019 and continuing a downward trend through 2024, reaching a low of -18.36 US$ in 2024. This pattern indicates a period of strong profit growth followed by significant financial distress or losses in recent years.

Dividend Per Share

Dividend payments per share revealed a generally positive trend up until 2019. Starting at 1.05 US$ in 2005, dividends increased steadily and quite substantially to reach 8.22 US$ by 2019. Notably, dividends were consistently raised year-over-year, reflecting growing confidence or profitability in the earlier periods. However, from 2020 onward, no dividend data are reported, suggesting a suspension or omission of dividends in the most recent years, which aligns with the observed negative earnings pattern during the same timeframe.

Overall Financial Performance and Trends

The financial data portrays a company that experienced a robust growth phase in profitability from roughly 2010 through 2018, mirrored by increasing dividends. The subsequent sharp decline starting in 2019 suggests external or internal challenges impacting earnings substantially, leading to sustained losses and cessation of dividend payouts. The divergence between strong historical growth and recent declines calls for a careful examination of underlying causes such as market conditions, operational issues, or extraordinary expenses affecting the company's financial health.