Analysis of Liquidity Ratios
Liquidity ratios measure the company ability to meet its short-term obligations.
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Liquidity Ratios (Summary)
Boeing Co., liquidity ratios
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Current ratio | ||||||
| Quick ratio | ||||||
| Cash ratio |
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).
The liquidity position, as indicated by the examined ratios, demonstrates a generally declining trend from 2021 through 2023, followed by a partial recovery in 2024, with a slight decline again in 2025. This pattern is observed across all three liquidity metrics: current ratio, quick ratio, and cash ratio.
- Current Ratio
- The current ratio decreased from 1.33 in 2021 to a low of 1.14 in 2023, suggesting a diminishing ability to cover short-term liabilities with short-term assets. A recovery to 1.32 was noted in 2024, but this was followed by a decrease to 1.19 in 2025. This fluctuation indicates potential instability in the short-term asset-liability balance.
- Quick Ratio
- The quick ratio exhibited a consistent decline from 0.34 in 2021 to 0.28 in 2023. This suggests a weakening ability to meet immediate obligations with the most liquid assets. An improvement to 0.39 occurred in 2024, but it retreated to 0.38 in 2025. The consistently low values of this ratio raise concerns about immediate liquidity.
- Cash Ratio
- A similar downward trend is apparent in the cash ratio, decreasing from 0.20 in 2021 to 0.17 in 2023. This indicates a reduction in the proportion of current assets held as cash. The ratio increased to 0.27 in 2024 and remained stable at 0.27 in 2025, representing a modest improvement but still indicating a relatively low level of cash reserves relative to current liabilities.
Overall, the observed trends suggest a period of increasing liquidity pressure culminating in 2023, followed by a partial, but not complete, restoration of liquidity in 2024, with a slight weakening again in 2025. Continued monitoring of these ratios is recommended to assess the sustainability of the recent improvements and to identify any further potential liquidity risks.
Current Ratio
Boeing Co., current ratio calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Current assets | ||||||
| Current liabilities | ||||||
| Liquidity Ratio | ||||||
| Current ratio1 | ||||||
| Benchmarks | ||||||
| Current Ratio, Competitors2 | ||||||
| Caterpillar Inc. | ||||||
| Eaton Corp. plc | ||||||
| GE Aerospace | ||||||
| Honeywell International Inc. | ||||||
| Lockheed Martin Corp. | ||||||
| RTX Corp. | ||||||
| Current Ratio, Sector | ||||||
| Capital Goods | ||||||
| Current Ratio, Industry | ||||||
| Industrials | ||||||
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).
1 2025 Calculation
Current ratio = Current assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
The current ratio exhibited fluctuations over the five-year period. Initially, the ratio decreased before showing signs of recovery, followed by another decline. A detailed examination of the components and the resulting ratio is presented below.
- Current Ratio Trend
- The current ratio began at 1.33 in 2021. It experienced a decrease to 1.22 in 2022, and further declined to 1.14 in 2023, representing the lowest point in the observed period. A subsequent increase to 1.32 was noted in 2024, but this was followed by a decrease to 1.19 in 2025.
- Current Assets
- Current assets demonstrated a generally upward trend, increasing from US$108,666 million in 2021 to US$109,523 million in 2022. This was followed by a slight decrease to US$109,275 million in 2023. A more substantial increase occurred between 2023 and 2024, reaching US$127,998 million, and continued to US$128,459 million in 2025.
- Current Liabilities
- Current liabilities consistently increased throughout the period. From US$81,992 million in 2021, they rose to US$90,052 million in 2022, US$95,827 million in 2023, US$97,078 million in 2024, and reached US$108,115 million in 2025. The rate of increase in current liabilities appeared to accelerate in the later years of the period.
- Relationship between Assets and Liabilities
- The initial decline in the current ratio from 2021 to 2023 was likely driven by a faster rate of growth in current liabilities compared to current assets. While current assets increased in 2024, the ratio improved due to a proportionally smaller increase in current liabilities. The subsequent decline in the current ratio in 2025 suggests that the growth in current liabilities resumed at a faster pace than that of current assets.
Overall, the current ratio indicates a fluctuating liquidity position. While the company maintains current assets exceeding current liabilities throughout the period, the decreasing trend in the ratio in the most recent year warrants further investigation into the composition and management of both current assets and current liabilities.
Quick Ratio
Boeing Co., quick ratio calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Cash and cash equivalents | ||||||
| Short-term and other investments | ||||||
| Accounts receivable, net | ||||||
| Unbilled receivables, net | ||||||
| Current portion of financing receivables, net | ||||||
| Total quick assets | ||||||
| Current liabilities | ||||||
| Liquidity Ratio | ||||||
| Quick ratio1 | ||||||
| Benchmarks | ||||||
| Quick Ratio, Competitors2 | ||||||
| Caterpillar Inc. | ||||||
| Eaton Corp. plc | ||||||
| GE Aerospace | ||||||
| Honeywell International Inc. | ||||||
| Lockheed Martin Corp. | ||||||
| RTX Corp. | ||||||
| Quick Ratio, Sector | ||||||
| Capital Goods | ||||||
| Quick Ratio, Industry | ||||||
| Industrials | ||||||
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).
1 2025 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
The quick ratio exhibited fluctuations over the five-year period. Initially, the ratio decreased from 2021 to 2023, before increasing in the subsequent two years. This suggests a changing ability to meet short-term obligations with the most liquid assets.
- Quick Ratio Trend
- The quick ratio began at 0.34 in 2021, declining to 0.28 by 2023. This represents a consistent decrease in the company’s ability to cover its current liabilities with highly liquid assets. However, the ratio then improved to 0.39 in 2024 and remained relatively stable at 0.38 in 2025, indicating a recovery in short-term liquidity.
- Total Quick Assets
- Total quick assets remained relatively stable between 2021 and 2023, fluctuating around US$27-28.5 billion. A significant increase was observed in 2024, reaching US$37.5 billion, and continued to rise to US$41.5 billion in 2025. This growth in quick assets contributed to the improvement in the quick ratio during those years.
- Current Liabilities
- Current liabilities demonstrated a consistent upward trend throughout the period. Starting at US$82.0 billion in 2021, they increased to US$108.1 billion by 2025. This continuous rise in short-term obligations likely contributed to the initial decline in the quick ratio, as quick assets did not increase at the same rate.
The combined effect of increasing quick assets and rising current liabilities resulted in the observed quick ratio pattern. While the ratio initially weakened, the substantial growth in quick assets in 2024 and 2025 partially offset the impact of increasing liabilities, leading to a stabilization and slight improvement in the company’s short-term liquidity position.
Cash Ratio
Boeing Co., cash ratio calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Cash and cash equivalents | ||||||
| Short-term and other investments | ||||||
| Total cash assets | ||||||
| Current liabilities | ||||||
| Liquidity Ratio | ||||||
| Cash ratio1 | ||||||
| Benchmarks | ||||||
| Cash Ratio, Competitors2 | ||||||
| Caterpillar Inc. | ||||||
| Eaton Corp. plc | ||||||
| GE Aerospace | ||||||
| Honeywell International Inc. | ||||||
| Lockheed Martin Corp. | ||||||
| RTX Corp. | ||||||
| Cash Ratio, Sector | ||||||
| Capital Goods | ||||||
| Cash Ratio, Industry | ||||||
| Industrials | ||||||
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).
1 2025 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
The cash ratio exhibited a fluctuating pattern over the five-year period. While initially declining, it demonstrated improvement in the latter years of the observed timeframe. A review of the underlying components reveals the dynamics driving this trend.
- Total Cash Assets
- Total cash assets increased from US$16,244 million in 2021 to US$17,220 million in 2022, representing a moderate rise. A subsequent decrease to US$15,965 million was noted in 2023. However, a substantial increase occurred in 2024, reaching US$26,282 million, and continued into 2025 with a value of US$29,400 million. This indicates a significant accumulation of cash assets in the most recent two years.
- Current Liabilities
- Current liabilities consistently increased throughout the period. From US$81,992 million in 2021, they rose to US$90,052 million in 2022, US$95,827 million in 2023, and US$97,078 million in 2024. The most substantial increase occurred between 2024 and 2025, with current liabilities reaching US$108,115 million. This consistent growth in current obligations represents an increasing short-term financial burden.
- Cash Ratio
- The cash ratio decreased from 0.20 in 2021 to 0.19 in 2022 and further to 0.17 in 2023. This downward trend suggests a diminishing ability to cover immediate liabilities with available cash. However, the ratio experienced a notable recovery, increasing to 0.27 in 2024 and remaining stable at 0.27 in 2025. This improvement is attributable to the significant increase in total cash assets outpacing the growth in current liabilities during these years. Despite the improvement, the ratio remains relatively low, indicating a continued reliance on other liquid assets or financing to meet short-term obligations.
In summary, the cash ratio initially weakened due to a slower growth rate of cash assets compared to current liabilities. The substantial increase in cash assets in 2024 and 2025 reversed this trend, leading to a strengthened, though still modest, cash ratio.