Boeing Co. (NYSE:BA)

Coverage Ratios

Boeing Co., solvency ratios (quarterly data)

	Sep 30, 2026	Jun 30, 2026	Mar 31, 2026	Dec 31, 2025	Sep 30, 2025	Jun 30, 2025	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
Debt Ratios
Debt to equity	7.01	7.52	7.89	9.92	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Debt to capital	0.88	0.88	0.89	0.91	1.18	1.07	1.07	1.08	1.69	1.45	1.55	1.49	1.47	1.42	1.39	1.39	1.45	1.35	1.36
Debt to assets	0.27	0.28	0.29	0.32	0.36	0.34	0.34	0.34	0.42	0.41	0.36	0.38	0.39	0.39	0.41	0.42	0.42	0.42	0.43
Financial leverage	26.08	27.19	27.52	30.85	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Coverage Ratios
Interest coverage	4.21	2.08	1.96	1.95	-2.41	-2.72	-3.10	-3.48	-2.16	-0.23	0.21	0.18	-0.06	-0.85	-0.53	-0.98	-2.54	-1.40	-1.31

An analysis of solvency metrics reveals a period of significant financial stress followed by a marked improvement in the company's capital structure and ability to service debt toward the end of the observed period.

Debt to Capital and Debt to Assets: A general downward trend in leverage is observed over the long term. The debt to assets ratio declined from 0.43 in March 2022 to 0.27 by September 2026, despite a temporary spike to 0.42 in September 2024. Similarly, the debt to capital ratio exhibited volatility, peaking at 1.69 in September 2024 before undergoing a substantial correction to 0.88 by the end of the series. This suggests a strategic shift toward reducing the proportion of debt relative to total assets and overall capital.
Interest Coverage Ratio: The interest coverage ratio indicates a prolonged period of insolvency risk, characterized by negative values from March 2022 through June 2025. The most acute distress occurred in December 2024, where the ratio reached a low of -3.48, signifying that earnings were insufficient to cover interest obligations. However, a pivotal recovery began in December 2025, with the ratio turning positive at 1.95 and continuing a steep upward trajectory to reach 4.21 by September 2026, reflecting a significant restoration of operational profitability relative to debt costs.
Equity-Based Solvency Metrics: Data for debt to equity and financial leverage become available in the final stages of the period, showing a consistent improvement in the solvency profile. The debt to equity ratio decreased from 9.92 in December 2025 to 7.01 by September 2026. Simultaneously, financial leverage declined from 30.85 in March 2026 to 26.08 in September 2026. These trends indicate an strengthening of the equity base or a reduction in total liabilities, contributing to a lower overall risk profile.

The overall trajectory demonstrates a transition from a high-risk solvency position characterized by negative interest coverage and high leverage in 2022-2024 to a more stable financial footing by late 2026. The convergence of declining debt ratios and rising interest coverage suggests a successful deleveraging process and improved financial sustainability.

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Boeing Co., debt to equity calculation (quarterly data)

	Sep 30, 2026	Jun 30, 2026	Mar 31, 2026	Dec 31, 2025	Sep 30, 2025	Jun 30, 2025	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
Selected Financial Data (US$ in millions)
Short-term debt and current portion of long-term debt	4,569)	4,565)	2,855)	8,461)	8,742)	8,719)	7,930)	1,278)	4,474)	4,765)	1,063)	5,204)	4,891)	4,609)	7,926)	5,190)	5,431)	5,406)	2,591)
Long-term debt, excluding current portion	41,351)	41,335)	44,354)	45,637)	44,611)	44,604)	45,688)	52,586)	53,176)	53,162)	46,877)	47,103)	47,381)	47,659)	47,465)	51,811)	51,788)	51,794)	55,150)
Total debt	45,920)	45,900)	47,209)	54,098)	53,353)	53,323)	53,618)	53,864)	57,650)	57,927)	47,940)	52,307)	52,272)	52,268)	55,391)	57,001)	57,219)	57,200)	57,741)

Shareholders’ equity (deficit)	6,547)	6,100)	5,987)	5,454)	(8,250)	(3,295)	(3,325)	(3,908)	(23,552)	(17,976)	(17,009)	(17,233)	(16,729)	(15,517)	(15,508)	(15,883)	(17,699)	(14,888)	(15,398)
Solvency Ratio
Debt to equity¹	7.01	7.52	7.89	9.92	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Benchmarks
Debt to Equity, Competitors²
Caterpillar Inc.	—	2.33	2.31	2.03	2.01	2.18	2.14	1.97	1.95	2.18	2.15	1.94	1.81	2.07	2.04	2.33	2.34	2.35	2.20
Eaton Corp. plc	—	1.02	1.07	0.51	0.57	0.59	0.54	0.50	0.49	0.51	0.48	0.49	0.50	0.52	0.50	0.51	0.56	0.59	0.58
GE Aerospace	1.10	1.09	1.12	1.10	1.11	0.99	1.02	1.00	1.06	1.06	0.69	0.77	0.73	0.70	0.71	0.89	0.97	0.94	0.86
Honeywell International Inc.	0.74	1.83	2.70	2.49	2.21	2.27	1.88	1.67	1.77	1.65	1.53	1.29	1.18	1.24	1.13	1.17	0.96	1.09	1.05
Lockheed Martin Corp.	2.04	2.34	2.76	3.23	3.59	4.06	3.04	3.20	2.68	3.12	2.92	2.55	1.88	1.90	1.62	1.68	0.96	1.02	1.16
RTX Corp.	0.54	0.56	0.56	0.58	0.61	0.67	0.67	0.69	0.69	0.71	0.71	0.73	0.51	0.49	0.47	0.44	0.48	0.45	0.43

¹ Q3 2026 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity (deficit)
= 45,920 ÷ 6,547 = 7.01

² Click competitor name to see calculations.

A significant transition in the company's solvency profile is observed between early 2022 and late 2026. The financial trajectory is characterized by a prolonged period of negative shareholders' equity followed by a recovery into positive territory and a subsequent reduction in leverage ratios.

Total Debt Trends: Total debt remained relatively stable between March 2022 and December 2024, fluctuating within a range of approximately 52 billion to 58 billion US dollars. A gradual downward trend emerged in 2025, culminating in a reduction to 45.92 billion US dollars by September 30, 2026. This indicates a strategic reduction in total liabilities over the final year of the analyzed period.
Shareholders' Equity Recovery: The company maintained a substantial equity deficit for the majority of the period, with the deficit reaching its peak of approximately 23.56 billion US dollars in June 2024. A sharp reversal occurred between June 2024 and December 2024, where the deficit narrowed significantly. The transition to positive shareholders' equity was achieved by December 31, 2025, with the balance growing steadily to 6.55 billion US dollars by September 30, 2026.
Debt to Equity Ratio Analysis: Due to the persistent negative equity, the debt to equity ratio was not applicable for the majority of the timeline. However, upon the restoration of positive equity in December 2025, the ratio stood at 9.92. A consistent improvement is observed thereafter, with the ratio declining to 7.01 by September 30, 2026. This downward trend reflects a strengthening solvency position resulting from the simultaneous decrease in total debt and the increase in shareholders' equity.

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Boeing Co., debt to capital calculation (quarterly data)

	Sep 30, 2026	Jun 30, 2026	Mar 31, 2026	Dec 31, 2025	Sep 30, 2025	Jun 30, 2025	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
Selected Financial Data (US$ in millions)
Short-term debt and current portion of long-term debt	4,569)	4,565)	2,855)	8,461)	8,742)	8,719)	7,930)	1,278)	4,474)	4,765)	1,063)	5,204)	4,891)	4,609)	7,926)	5,190)	5,431)	5,406)	2,591)
Long-term debt, excluding current portion	41,351)	41,335)	44,354)	45,637)	44,611)	44,604)	45,688)	52,586)	53,176)	53,162)	46,877)	47,103)	47,381)	47,659)	47,465)	51,811)	51,788)	51,794)	55,150)
Total debt	45,920)	45,900)	47,209)	54,098)	53,353)	53,323)	53,618)	53,864)	57,650)	57,927)	47,940)	52,307)	52,272)	52,268)	55,391)	57,001)	57,219)	57,200)	57,741)
Shareholders’ equity (deficit)	6,547)	6,100)	5,987)	5,454)	(8,250)	(3,295)	(3,325)	(3,908)	(23,552)	(17,976)	(17,009)	(17,233)	(16,729)	(15,517)	(15,508)	(15,883)	(17,699)	(14,888)	(15,398)
Total capital	52,467)	52,000)	53,196)	59,552)	45,103)	50,028)	50,293)	49,956)	34,098)	39,951)	30,931)	35,074)	35,543)	36,751)	39,883)	41,118)	39,520)	42,312)	42,343)
Solvency Ratio
Debt to capital¹	0.88	0.88	0.89	0.91	1.18	1.07	1.07	1.08	1.69	1.45	1.55	1.49	1.47	1.42	1.39	1.39	1.45	1.35	1.36
Benchmarks
Debt to Capital, Competitors²
Caterpillar Inc.	—	0.70	0.70	0.67	0.67	0.69	0.68	0.66	0.66	0.69	0.68	0.66	0.64	0.67	0.67	0.70	0.70	0.70	0.69
Eaton Corp. plc	—	0.50	0.52	0.34	0.36	0.37	0.35	0.33	0.33	0.34	0.32	0.33	0.33	0.34	0.34	0.34	0.36	0.37	0.37
GE Aerospace	0.52	0.52	0.53	0.52	0.53	0.50	0.50	0.50	0.51	0.51	0.41	0.43	0.42	0.41	0.41	0.47	0.49	0.48	0.46
Honeywell International Inc.	0.43	0.65	0.73	0.71	0.69	0.69	0.65	0.63	0.64	0.62	0.61	0.56	0.54	0.55	0.53	0.54	0.49	0.52	0.51
Lockheed Martin Corp.	0.67	0.70	0.73	0.76	0.78	0.80	0.75	0.76	0.73	0.76	0.74	0.72	0.65	0.66	0.62	0.63	0.49	0.50	0.54
RTX Corp.	0.35	0.36	0.36	0.37	0.38	0.40	0.40	0.41	0.41	0.42	0.41	0.42	0.34	0.33	0.32	0.31	0.32	0.31	0.30

¹ Q3 2026 Calculation
Debt to capital = Total debt ÷ Total capital
= 45,920 ÷ 52,467 = 0.88

² Click competitor name to see calculations.

The solvency profile exhibits a distinct transition from a period of high leverage and negative equity to a more stabilized capital structure. The overall trend is characterized by an initial escalation in the debt-to-capital ratio, followed by a significant deleveraging phase and a strengthening of the capital base.

Debt to Capital Ratio Trend: The debt to capital ratio followed an upward trajectory from 1.36 in March 2022, peaking at 1.69 in September 2024. This peak indicates a period of heightened financial risk where total debt significantly exceeded total capital. A sharp reversal is observed beginning in December 2024, with the ratio declining consistently to 0.88 by September 2026. The crossing of the 1.0 threshold in December 2025 marks a critical pivot point in the company's solvency, shifting from a negative equity position to a positive one.
Total Debt Dynamics: Total debt levels remained relatively stable, fluctuating between $52 billion and $58 billion from March 2022 through March 2024. A notable spike occurred in June 2024, reaching $57.9 billion. Following this peak, a sustained downward trend in nominal debt is observed, with totals decreasing to $45.9 billion by September 2026, reflecting an active reduction in total liabilities.
Total Capital Evolution: Total capital demonstrated significant volatility, declining from $42.3 billion in early 2022 to a low of $30.9 billion in March 2024. This contraction contributed to the peak in the debt to capital ratio. Subsequently, a substantial expansion in the capital base occurred, peaking at $59.6 billion in December 2025. This increase in total capital, occurring simultaneously with debt reduction, was the primary driver in improving the overall solvency ratios toward the end of the observed period.

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Boeing Co., debt to assets calculation (quarterly data)

	Sep 30, 2026	Jun 30, 2026	Mar 31, 2026	Dec 31, 2025	Sep 30, 2025	Jun 30, 2025	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
Selected Financial Data (US$ in millions)
Short-term debt and current portion of long-term debt	4,569)	4,565)	2,855)	8,461)	8,742)	8,719)	7,930)	1,278)	4,474)	4,765)	1,063)	5,204)	4,891)	4,609)	7,926)	5,190)	5,431)	5,406)	2,591)
Long-term debt, excluding current portion	41,351)	41,335)	44,354)	45,637)	44,611)	44,604)	45,688)	52,586)	53,176)	53,162)	46,877)	47,103)	47,381)	47,659)	47,465)	51,811)	51,788)	51,794)	55,150)
Total debt	45,920)	45,900)	47,209)	54,098)	53,353)	53,323)	53,618)	53,864)	57,650)	57,927)	47,940)	52,307)	52,272)	52,268)	55,391)	57,001)	57,219)	57,200)	57,741)

Total assets	170,739)	165,870)	164,787)	168,235)	150,023)	155,120)	156,494)	156,363)	137,695)	142,720)	134,484)	137,012)	134,281)	134,774)	136,347)	137,100)	137,558)	135,479)	135,801)
Solvency Ratio
Debt to assets¹	0.27	0.28	0.29	0.32	0.36	0.34	0.34	0.34	0.42	0.41	0.36	0.38	0.39	0.39	0.41	0.42	0.42	0.42	0.43
Benchmarks
Debt to Assets, Competitors²
Caterpillar Inc.	—	0.44	0.45	0.44	0.44	0.45	0.45	0.44	0.44	0.45	0.45	0.43	0.43	0.44	0.44	0.45	0.45	0.46	0.46
Eaton Corp. plc	—	0.37	0.38	0.24	0.26	0.27	0.26	0.24	0.24	0.25	0.24	0.24	0.25	0.25	0.25	0.25	0.26	0.28	0.27
GE Aerospace	0.15	0.15	0.16	0.16	0.16	0.15	0.16	0.16	0.16	0.16	0.13	0.13	0.13	0.13	0.14	0.17	0.17	0.18	0.18
Honeywell International Inc.	0.31	0.44	0.50	0.47	0.46	0.47	0.44	0.41	0.42	0.40	0.38	0.33	0.33	0.34	0.32	0.31	0.28	0.31	0.31
Lockheed Martin Corp.	0.32	0.33	0.35	0.36	0.37	0.37	0.36	0.36	0.35	0.35	0.35	0.33	0.31	0.31	0.29	0.29	0.22	0.22	0.23
RTX Corp.	0.21	0.21	0.22	0.22	0.23	0.25	0.25	0.25	0.26	0.26	0.27	0.27	0.22	0.22	0.21	0.20	0.21	0.20	0.20

¹ Q3 2026 Calculation
Debt to assets = Total debt ÷ Total assets
= 45,920 ÷ 170,739 = 0.27

² Click competitor name to see calculations.

The solvency profile shows a significant long-term improvement in the debt-to-assets ratio, which declined from 0.43 in March 2022 to 0.27 by September 2026. This overall trajectory indicates a reduction in financial leverage and an increased capacity to cover liabilities with total assets over the analyzed period.

Debt to Assets Ratio Trends: The ratio exhibited a general downward trend characterized by a period of volatility between June and September 2024. Following an initial decline to 0.36 by March 2024, the ratio experienced a temporary increase, peaking at 0.42 in September 2024. Subsequently, a sustained descent occurred, reaching a period low of 0.27 by the end of the observed timeframe.
Total Debt Dynamics: Total debt remained relatively stable, fluctuating between 52 billion and 58 billion US dollars from March 2022 through March 2024. A spike was observed in June 2024, where debt reached 57.9 billion US dollars. Following this peak, a consistent deleveraging process is evident, with total debt decreasing to 45.9 billion US dollars by September 2026.
Total Asset Growth: The asset base demonstrated a steady expansion, particularly accelerating from December 2024 onward. Total assets rose from 135.8 billion US dollars in March 2022 to 170.7 billion US dollars by September 2026. The simultaneous expansion of assets and the reduction of total debt acted as the primary catalysts for the improved solvency ratio.

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Boeing Co., financial leverage calculation (quarterly data)

	Sep 30, 2026	Jun 30, 2026	Mar 31, 2026	Dec 31, 2025	Sep 30, 2025	Jun 30, 2025	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
Selected Financial Data (US$ in millions)
Total assets	170,739)	165,870)	164,787)	168,235)	150,023)	155,120)	156,494)	156,363)	137,695)	142,720)	134,484)	137,012)	134,281)	134,774)	136,347)	137,100)	137,558)	135,479)	135,801)
Shareholders’ equity (deficit)	6,547)	6,100)	5,987)	5,454)	(8,250)	(3,295)	(3,325)	(3,908)	(23,552)	(17,976)	(17,009)	(17,233)	(16,729)	(15,517)	(15,508)	(15,883)	(17,699)	(14,888)	(15,398)
Solvency Ratio
Financial leverage¹	26.08	27.19	27.52	30.85	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Benchmarks
Financial Leverage, Competitors²
Caterpillar Inc.	—	5.29	5.12	4.62	4.54	4.84	4.70	4.50	4.45	4.86	4.75	4.49	4.24	4.68	4.61	5.16	5.19	5.16	4.82
Eaton Corp. plc	—	2.77	2.79	2.12	2.16	2.18	2.12	2.08	2.05	2.05	2.00	2.02	2.03	2.05	2.04	2.06	2.14	2.15	2.12
GE Aerospace	7.26	7.24	7.11	6.97	6.82	6.55	6.45	6.37	6.71	6.62	5.49	5.96	5.47	5.23	5.20	5.16	5.75	5.35	4.92
Honeywell International Inc.	2.37	4.17	5.44	5.30	4.82	4.87	4.31	4.04	4.22	4.09	3.99	3.88	3.56	3.60	3.54	3.73	3.40	3.55	3.45
Lockheed Martin Corp.	6.41	7.12	7.91	8.90	9.75	11.04	8.48	8.78	7.71	8.92	8.27	7.67	6.11	6.17	5.66	5.71	4.35	4.53	5.15
RTX Corp.	2.55	2.62	2.57	2.62	2.61	2.68	2.68	2.71	2.70	2.73	2.65	2.71	2.33	2.24	2.22	2.19	2.25	2.26	2.20

¹ Q3 2026 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity (deficit)
= 170,739 ÷ 6,547 = 26.08

² Click competitor name to see calculations.

The financial structure is characterized by a prolonged period of negative shareholders' equity followed by a significant recovery and a transition toward positive solvency. Total assets exhibited a general upward trajectory, growing from 135,801 million USD in March 2022 to 170,739 million USD by September 2026, despite periodic fluctuations.

Equity Position and Solvency Transition: A persistent equity deficit was observed from March 2022 through November 2025. The deficit deepened significantly during the first half of 2024, reaching a peak deficit of 23,552 million USD in June 2024. However, a substantial reversal occurred in the latter half of 2024, with the deficit narrowing to 3,908 million USD by September 2024. The company achieved a positive equity position in December 2025, reporting 5,454 million USD, which continued to grow steadily to 6,547 million USD by September 2026.
Financial Leverage Trends: Financial leverage ratios became calculable upon the return to positive shareholders' equity. A consistent downward trend is observed in the final four quarters of the analyzed period. The ratio decreased from 30.85 in December 2025 to 26.08 in September 2026. This steady decline indicates a reduction in the reliance on debt relative to equity and an overall improvement in the company's long-term solvency profile.

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Boeing Co., interest coverage calculation (quarterly data)

	Sep 30, 2026	Jun 30, 2026	Mar 31, 2026	Dec 31, 2025	Sep 30, 2025	Jun 30, 2025	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
Selected Financial Data (US$ in millions)
Net earnings (loss) attributable to Boeing shareholders	(116)	(444)	(4)	8,220)	(5,337)	(611)	(37)	(3,865)	(6,170)	(1,439)	(343)	(23)	(1,636)	(149)	(414)	(634)	(3,275)	193)	(1,219)
Add: Net income attributable to noncontrolling interest	—)	16)	(3)	—)	(2)	(1)	6)	4)	(4)	—)	(12)	(7)	(2)	—)	(11)	(29)	(33)	(33)	(23)
Add: Income tax expense	(7)	63)	33)	99)	140)	51)	107)	(232)	(50)	(76)	(23)	21)	538)	(251)	(71)	14)	176)	217)	(376)
Add: Interest and debt expense	573)	600)	616)	659)	694)	710)	708)	755)	728)	673)	569)	600)	589)	621)	649)	632)	621)	650)	630)
Earnings before interest and tax (EBIT)	450)	235)	642)	8,978)	(4,505)	149)	784)	(3,338)	(5,496)	(842)	191)	591)	(511)	221)	153)	(17)	(2,511)	1,027)	(988)
Solvency Ratio
Interest coverage¹	4.21	2.08	1.96	1.95	-2.41	-2.72	-3.10	-3.48	-2.16	-0.23	0.21	0.18	-0.06	-0.85	-0.53	-0.98	-2.54	-1.40	-1.31
Benchmarks
Interest Coverage, Competitors²
Caterpillar Inc.	—	27.68	24.64	24.21	25.46	25.81	26.67	27.21	26.28	26.88	27.68	26.66	24.81	23.80	21.33	20.80	22.05	20.08	19.10
Eaton Corp. plc	—	11.86	16.48	21.46	23.55	28.05	36.65	36.12	40.37	37.97	32.04	26.34	22.25	19.68	19.85	21.22	21.33	24.31	22.57
GE Aerospace	12.51	12.27	12.53	12.86	12.56	11.46	9.44	8.73	7.93	6.25	6.11	10.12	9.41	8.49	6.73	1.88	-1.66	-1.16	-1.49
Honeywell International Inc.	8.38	8.13	4.32	5.07	6.46	6.54	7.24	7.82	8.40	9.33	9.89	10.36	10.68	12.45	14.34	16.41	20.95	20.60	21.35
Lockheed Martin Corp.	8.03	7.68	6.06	6.30	5.50	5.60	7.12	7.00	8.65	8.83	9.19	9.84	10.42	11.74	10.58	11.72	13.31	10.88	14.12

¹ Q3 2026 Calculation
Interest coverage = (EBIT_{Q3 2026} + EBIT_{Q2 2026} + EBIT_{Q1 2026} + EBIT_{Q4 2025}) ÷ (Interest expense_{Q3 2026} + Interest expense_{Q2 2026} + Interest expense_{Q1 2026} + Interest expense_{Q4 2025})
= (450 + 235 + 642 + 8,978) ÷ (573 + 600 + 616 + 659) = 4.21

² Click competitor name to see calculations.

The analysis of interest coverage reveals a period of significant financial instability characterized by a frequent inability to meet interest obligations from operating profits, followed by a sharp recovery in late 2025 and 2026.

Earnings Before Interest and Tax (EBIT) Volatility: EBIT exhibits extreme variance, with multiple periods of substantial losses. Significant troughs are observed in September 2022, September 2024, and September 2025. Conversely, a substantial peak occurred in December 2025, where EBIT reached 8,978 million US dollars, marking a critical turning point in the solvency profile.
Interest and Debt Expense Trends: Debt servicing costs remained relatively stable throughout the analyzed period, generally fluctuating between 569 million and 755 million US dollars. A gradual increase in expenses was observed through 2024, peaking in December 2024 before trending slightly downward through September 2026.
Interest Coverage Ratio Dynamics: The interest coverage ratio remained predominantly negative from March 2022 through September 2025, indicating that operating earnings were insufficient to cover interest costs. A brief period of marginal positivity occurred between December 2023 and March 2024, but the ratio declined again to a low of -3.48 in December 2024. A sustained positive trend emerged starting in December 2025, with the ratio improving from 1.95 to 4.21 by September 2026, suggesting a strengthened capacity to service debt obligations.

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