Analysis of Solvency Ratios
Quarterly Data
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Boeing Co., solvency ratios (quarterly data)
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
The analysis of the quarterly financial ratios reveals several notable trends and fluctuations over the observed periods.
- Debt to Capital Ratio
- This ratio exhibited variability throughout the timeline, initially hovering around 1.3 to 1.45 from early 2021 through 2022. There was a gradual increase reaching a peak of approximately 1.69 in late 2024, suggesting a rise in the proportion of debt relative to capital during this period. Subsequently, it declined significantly to around 1.07 in mid-2025 before a slight increase to 1.18 by the end of the observed periods. This pattern indicates a period of heightened gearing followed by efforts to deleverage or improve capital structure efficiency.
- Debt to Assets Ratio
- The debt to assets ratio remained relatively stable but showed a slow downward trend. Starting at approximately 0.42 to 0.43 in 2021 and early 2022, it declined gradually to around 0.36 by late 2024, with a further dip to as low as 0.34 in mid-2025 before a slight increase toward the end of the period. This suggests a modest reduction in the proportion of the company's assets financed by debt over time, reflecting potentially improved asset management or reduced reliance on debt financing relative to assets.
- Interest Coverage Ratio
- The interest coverage ratio demonstrated significant volatility and consistently negative or near-zero values in most quarters. Starting at a deeply negative value of -4.26 in March 2021, the ratio improved gradually towards a minor positive territory at 0.18 in late 2023, indicating a brief period where operating income marginally covered interest expenses. However, the ratio deteriorated sharply thereafter, plunging back into negative territory with values such as -3.48 in mid-2025. These trends indicate sustained challenges in generating operating income sufficient to cover interest costs, highlighting ongoing financial stress or operational difficulties during the periods assessed.
Overall, the company experienced a cycle of increased leverage followed by some degree of deleveraging. Despite modest improvements in asset-related leverage ratios, the consistently poor interest coverage ratios suggest persistent difficulties in managing debt servicing obligations effectively. This financial condition warrants close monitoring and potential strategic actions to enhance profitability and strengthen financial resilience.
Debt Ratios
Coverage Ratios
Debt to Equity
Boeing Co., debt to equity calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Short-term debt and current portion of long-term debt | 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) | 1,296) | 5,377) | 6,534) | 6,021) | ||||||
| Long-term debt, excluding current portion | 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) | 56,806) | 57,042) | 57,025) | 57,554) | ||||||
| Total debt | 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) | 58,102) | 62,419) | 63,559) | 63,575) | ||||||
| Shareholders’ deficit | (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) | (14,999) | (14,440) | (16,682) | (18,058) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to equity1 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Equity, Competitors2 | |||||||||||||||||||||||||
| Caterpillar Inc. | 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 | 2.29 | 2.21 | 2.23 | 2.30 | ||||||
| Eaton Corp. plc | 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 | 0.52 | 0.57 | 0.79 | 0.68 | ||||||
| GE Aerospace | 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 | 0.87 | 1.68 | 1.90 | 2.12 | ||||||
| Honeywell International Inc. | 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 | 1.06 | 1.19 | 1.19 | 1.19 | ||||||
| Lockheed Martin Corp. | 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 | 1.07 | 1.21 | 1.87 | 1.93 | ||||||
| RTX Corp. | 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 | 0.43 | 0.44 | 0.44 | 0.44 | ||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q3 2025 Calculation
Debt to equity = Total debt ÷ Shareholders’ deficit
= 53,353 ÷ -8,250 = —
2 Click competitor name to see calculations.
The financial data shows notable movements in total debt and shareholders’ deficit over multiple quarterly periods. The total debt has exhibited a generally decreasing trend from March 31, 2021, through March 31, 2025, with some fluctuations along the timeline. Initially starting at a high of 63,575 million US dollars, the total debt declined steadily to approximately 53,353 million US dollars by the last reported quarter. This reduction indicates a measured effort to manage or reduce debt levels over the years, with more substantial decreases observable between March 31, 2023, and March 31, 2024.
Shareholders’ deficit, which reflects negative equity, remains consistently negative throughout the reported periods, indicating ongoing equity challenges. The deficit starts at -18,058 million US dollars in March 2021 and shows variability with some periods of improvement and deterioration. Notably, the deficit worsens significantly by September 30, 2024, reaching -23,552 million US dollars, before a sharp improvement is seen by December 31, 2024, and June 30, 2025, where the deficit narrows substantially to approximately -3,295 million US dollars. However, a slight increase in deficit is apparent again by September 30, 2025, reaching -8,250 million US dollars.
The debt to equity ratio is not provided numerically, but considering the declining total debt and large, fluctuating shareholders' deficit, the ratio would be influenced heavily by the changes in equity. Since the equity remains negative, traditional ratio interpretations might be less meaningful, but the trends suggest improved equity conditions in the latter periods compared to earlier quarters.
Overall, the data reveals a concerted effort to reduce debt levels alongside persistent equity challenges, with a notable improvement in equity position toward the end of the timeline. These shifts may imply strategic financial restructuring or operational changes impacting the balance sheet, albeit with continued vulnerability reflected in the negative equity status over most periods analyzed.
- Total Debt
- Decreased from approximately 63.6 billion to 53.4 billion USD over the four-year period, showing a consistent reduction trend with occasional minor fluctuations.
- Shareholders' Deficit
- Persistently negative, indicating ongoing negative equity. Experienced significant volatility with a peak deficit near -23.6 billion USD before improving markedly to just under -3.3 billion USD, then slightly worsening again.
- Debt to Equity
- Ratio values are not reported; however, given negative equity figures, the ratio would have limited interpretability but would generally reflect the interplay of reducing debt and improving, yet still negative, equity.
Debt to Capital
Boeing Co., debt to capital calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Short-term debt and current portion of long-term debt | 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) | 1,296) | 5,377) | 6,534) | 6,021) | ||||||
| Long-term debt, excluding current portion | 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) | 56,806) | 57,042) | 57,025) | 57,554) | ||||||
| Total debt | 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) | 58,102) | 62,419) | 63,559) | 63,575) | ||||||
| Shareholders’ deficit | (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) | (14,999) | (14,440) | (16,682) | (18,058) | ||||||
| Total capital | 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) | 43,103) | 47,979) | 46,877) | 45,517) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to capital1 | 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 | 1.35 | 1.30 | 1.36 | 1.40 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Capital, Competitors2 | |||||||||||||||||||||||||
| Caterpillar Inc. | 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 | 0.70 | 0.69 | 0.69 | 0.70 | ||||||
| Eaton Corp. plc | 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 | 0.34 | 0.36 | 0.44 | 0.40 | ||||||
| GE Aerospace | 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 | 0.47 | 0.63 | 0.65 | 0.68 | ||||||
| Honeywell International Inc. | 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 | 0.51 | 0.54 | 0.54 | 0.54 | ||||||
| Lockheed Martin Corp. | 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 | 0.52 | 0.55 | 0.65 | 0.66 | ||||||
| RTX Corp. | 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 | 0.30 | 0.30 | 0.31 | 0.31 | ||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q3 2025 Calculation
Debt to capital = Total debt ÷ Total capital
= 53,353 ÷ 45,103 = 1.18
2 Click competitor name to see calculations.
- Total Debt Trends
- Total debt exhibited a gradual decline from March 2021 through December 2021, decreasing from approximately 63.6 billion USD to 58.1 billion USD. This downward trend continued into 2023, reaching a low near 47.9 billion USD by March 2024. However, from March 2024 onwards, total debt showed fluctuation with occasional increases, such as a rise to approximately 57.9 billion USD in June 2024, followed by decreases toward the end of 2025, stabilizing around 53.3 billion USD in September 2025.
- Total Capital Trends
- Total capital experienced general volatility throughout the periods. Initially, it increased modestly between March and September 2021, rising from approximately 45.5 billion USD to 48.0 billion USD. Subsequently, it declined sharply by December 2021 to roughly 43.1 billion USD. In 2022 and early 2023, total capital continued to decrease, hitting its nadir around 30.9 billion USD in March 2024. A notable recovery was observed subsequently, with total capital increasing to nearly 50.3 billion USD by June 2025, before a slight reduction toward the final quarter of 2025.
- Debt to Capital Ratio Analysis
- The debt to capital ratio consistently remained above 1.0 across all periods, indicating total debt exceeded total capital throughout. The ratio showed some variability, starting at 1.40 in March 2021, decreasing to around 1.30 by September 2021, then rising again to about 1.49 by December 2023. The highest recorded ratio was approximately 1.69 in September 2024, reflecting an increased leverage position. Notably, a marked decline in the ratio occurred after September 2024, reaching its lowest point near 1.07 by June and September 2025, suggesting an improvement in capital structure and a reduction in leverage.
- Overall Insights
- Over the analyzed time frame, debt levels were actively managed, with an initial reduction phase followed by periods of fluctuation. Capital levels demonstrated greater volatility with a significant dip in early 2024 followed by recovery, suggesting possible changes in equity or asset base. The debt to capital ratio signals a high leverage environment overall, but the declining trend toward mid and late 2025 may indicate strategic deleveraging or capital strengthening efforts. These movements reflect responsive financial management adapting to changing operational or market conditions.
Debt to Assets
Boeing Co., debt to assets calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Short-term debt and current portion of long-term debt | 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) | 1,296) | 5,377) | 6,534) | 6,021) | ||||||
| Long-term debt, excluding current portion | 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) | 56,806) | 57,042) | 57,025) | 57,554) | ||||||
| Total debt | 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) | 58,102) | 62,419) | 63,559) | 63,575) | ||||||
| Total assets | 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) | 138,552) | 146,846) | 148,935) | 150,035) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to assets1 | 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 | 0.42 | 0.43 | 0.43 | 0.42 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Assets, Competitors2 | |||||||||||||||||||||||||
| Caterpillar Inc. | 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 | 0.46 | 0.46 | 0.46 | 0.47 | ||||||
| Eaton Corp. plc | 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 | 0.25 | 0.27 | 0.33 | 0.30 | ||||||
| GE Aerospace | 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 | 0.18 | 0.27 | 0.27 | 0.29 | ||||||
| Honeywell International Inc. | 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 | 0.30 | 0.33 | 0.33 | 0.34 | ||||||
| Lockheed Martin Corp. | 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 | 0.23 | 0.23 | 0.23 | 0.24 | ||||||
| RTX Corp. | 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 | 0.20 | 0.20 | 0.20 | 0.20 | ||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q3 2025 Calculation
Debt to assets = Total debt ÷ Total assets
= 53,353 ÷ 150,023 = 0.36
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several noteworthy trends in the company's debt and asset management over the examined periods.
- Total Debt
- The total debt exhibited a gradual decline from approximately $63.58 billion in March 2021 to around $52.31 billion by December 2023. This reduction demonstrates a consistent effort to lower debt levels during this timeframe. However, starting in the first quarter of 2024, there is a marked fluctuation with debt increasing again to nearly $57.93 billion in June 2024, followed by some variability but generally maintaining a range between approximately $53.3 billion and $57.9 billion through September 2025. This suggests a period of renewed borrowing or debt refinancing activities after a period of deleveraging.
- Total Assets
- Total assets showed an initial decline from about $150.04 billion in March 2021 to approximately $134.48 billion by March 2024, indicating a contraction in asset base possibly due to asset disposals or valuation adjustments. Subsequently, assets rebounded significantly, reaching $156.36 billion by December 2024 before stabilizing slightly above $150 billion through September 2025. This rebound may reflect acquisitions, capital expenditures, or revaluation gains, suggesting renewed asset growth and investment in the latter periods.
- Debt to Assets Ratio
- The debt to assets ratio remained relatively stable around 0.42 to 0.43 during the initial quarters through mid-2022, correlating with both steady debt levels and declining assets. From late 2022 to early 2024, the ratio trended downward, reaching as low as 0.36 by March 2024. This decline indicates an improvement in the balance sheet leverage, driven by either asset growth, debt reduction, or a combination thereof. However, in mid-2024, the ratio rose again close to 0.42 but subsequently decreased to around 0.34 by September 2025, suggesting ongoing management of leverage towards more conservative levels despite fluctuations in debt and assets.
Overall, the data reflects a period of deleveraging and asset contraction through early 2024, followed by a phase of asset expansion and more dynamic debt levels. The company's leverage ratios indicate an emphasis on maintaining moderate leverage despite the fluctuations, likely balancing growth initiatives with financial stability concerns.
Financial Leverage
Boeing Co., financial leverage calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Total assets | 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) | 138,552) | 146,846) | 148,935) | 150,035) | ||||||
| Shareholders’ deficit | (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) | (14,999) | (14,440) | (16,682) | (18,058) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Financial leverage1 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Financial Leverage, Competitors2 | |||||||||||||||||||||||||
| Caterpillar Inc. | 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 | 5.02 | 4.85 | 4.85 | 4.87 | ||||||
| Eaton Corp. plc | 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 | 2.07 | 2.14 | 2.39 | 2.27 | ||||||
| GE Aerospace | 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 | 4.93 | 6.33 | 7.09 | 7.30 | ||||||
| Honeywell International Inc. | 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 | 3.47 | 3.60 | 3.56 | 3.53 | ||||||
| Lockheed Martin Corp. | 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 | 4.64 | 5.38 | 7.99 | 8.15 | ||||||
| RTX Corp. | 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 | 2.21 | 2.23 | 2.23 | 2.24 | ||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q3 2025 Calculation
Financial leverage = Total assets ÷ Shareholders’ deficit
= 150,023 ÷ -8,250 = —
2 Click competitor name to see calculations.
The financial data reveals several notable trends across the observed periods. Total assets show an overall fluctuating pattern with some periods of decline followed by recovery. Specifically, total assets decreased from approximately 150 billion US dollars at the beginning of 2021 to a low point near 135 billion by mid-2022. Thereafter, the assets gradually increased, reaching a peak around 156 billion US dollars in late 2024 and remained above 150 billion through to late 2025.
In terms of shareholders' deficit, there is significant volatility over the periods. Starting from a deficit of about 18 billion US dollars in early 2021, this figure improved somewhat to a deficit of approximately 14 billion by late 2021. However, during 2022 and early 2023, the deficit fluctuated again, ranging between roughly 15 billion and 18 billion. From early 2024 onwards, the deficit exhibits a sharp improvement, decreasing dramatically to under 4 billion in mid-2025, before rising slightly to around 8 billion by late 2025. This indicates some reduction in financial distress or better equity positioning towards the latter periods.
The absence of data on financial leverage ratios prevents a direct analysis of the company’s debt structure and risk profile based on this metric. However, the movement in shareholders’ deficit alongside stable to increasing total assets suggests improvements in equity and potentially a stronger balance sheet towards the end of the observed period.
- Total Assets
- Displayed a decline from early 2021 through mid-2022, followed by a gradual recovery and growth, peaking in late 2024 before stabilizing above 150 billion US dollars.
- Shareholders’ Deficit
- Fluctuated notably over time, with initial improvement in 2021, subsequent volatility through 2022 and 2023, and a marked reduction starting in early 2024, reaching much lower deficit values by mid-2025 before a slight uptick at the end of the period.
- Financial Leverage
- Lacking data, thus precluding analysis of leverage trends or debt-equity relationship changes during the periods reported.
Interest Coverage
Boeing Co., interest coverage calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net earnings (loss) attributable to Boeing shareholders | (5,337) | (611) | (37) | (3,865) | (6,170) | (1,439) | (343) | (23) | (1,636) | (149) | (414) | (634) | (3,275) | 193) | (1,219) | (4,143) | (109) | 587) | (537) | ||||||
| Add: Net income attributable to noncontrolling interest | (2) | (1) | 6) | 4) | (4) | —) | (12) | (7) | (2) | —) | (11) | (29) | (33) | (33) | (23) | (21) | (23) | (20) | (24) | ||||||
| Add: Income tax expense | 140) | 51) | 107) | (232) | (50) | (76) | (23) | 21) | 538) | (251) | (71) | 14) | 176) | 217) | (376) | (536) | (178) | (18) | (11) | ||||||
| Add: Interest and debt expense | 694) | 710) | 708) | 755) | 728) | 673) | 569) | 600) | 589) | 621) | 649) | 632) | 621) | 650) | 630) | 661) | 669) | 673) | 679) | ||||||
| Earnings before interest and tax (EBIT) | (4,505) | 149) | 784) | (3,338) | (5,496) | (842) | 191) | 591) | (511) | 221) | 153) | (17) | (2,511) | 1,027) | (988) | (4,039) | 359) | 1,222) | 107) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Interest coverage1 | -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 | -0.88 | -2.29 | -2.55 | -4.26 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Interest Coverage, Competitors2 | |||||||||||||||||||||||||
| Caterpillar Inc. | 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 | 17.88 | 14.11 | 11.79 | 9.28 | ||||||
| Eaton Corp. plc | 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 | 21.11 | 20.08 | 15.71 | 11.87 | ||||||
| GE Aerospace | 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 | -0.96 | 2.15 | 1.11 | 0.65 | ||||||
| Honeywell International Inc. | 6.96 | 6.92 | 7.43 | 7.82 | 8.40 | 9.33 | 9.89 | 10.36 | 10.68 | 12.45 | 14.34 | 16.41 | 20.95 | 20.60 | 21.35 | 22.09 | 20.98 | 18.89 | 16.79 | ||||||
| Lockheed Martin Corp. | 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 | 14.27 | 13.67 | 15.97 | 15.44 | ||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q3 2025 Calculation
Interest coverage
= (EBITQ3 2025
+ EBITQ2 2025
+ EBITQ1 2025
+ EBITQ4 2024)
÷ (Interest expenseQ3 2025
+ Interest expenseQ2 2025
+ Interest expenseQ1 2025
+ Interest expenseQ4 2024)
= (-4,505 + 149 + 784 + -3,338)
÷ (694 + 710 + 708 + 755)
= -2.41
2 Click competitor name to see calculations.
- Earnings Before Interest and Tax (EBIT)
- The EBIT exhibits significant volatility over the analyzed quarters. Starting with a positive value of 107 million USD in the first quarter of 2021, it surged notably to a peak of 1222 million USD by the second quarter of 2021. However, this was followed by a sharp decline, entering negative territory in the final quarter of 2021 with a substantial loss of -4039 million USD. The subsequent periods continue to reflect instability, oscillating between positive and negative values without establishing a clear upward or downward trend. Noteworthy is the deep negative value of -5496 million USD toward the fourth quarter of 2024, indicating severe operational challenges, before a partial recovery occurs in early 2025. Overall, EBIT performance reflects a pattern of considerable fluctuations with multiple episodes of large operating losses interspersed by occasional positive quarters.
- Interest and Debt Expense
- Interest and debt expense remained relatively consistent across the entire timeframe. The expense hovers mostly within the 600 to 700 million USD range per quarter, suggesting stable financing costs without significant fluctuations. Some modest variation occurs but lacks any notable trends upward or downward, implying steady debt levels or interest rates without material changes in capital structure or borrowing costs.
- Interest Coverage Ratio
- The interest coverage ratio remained negative throughout most periods, reflecting EBIT values insufficient to cover interest expense, which signals recurring operational losses and potential financial strain. The ratio improved slightly in certain quarters, such as at the end of 2023 and early 2024 where it reached positive but low values (0.18 and 0.21), indicating brief periods where EBIT marginally exceeded interest payments. Nevertheless, the general trend shows persistent weak coverage, with the ratio often falling below -2. This is especially pronounced in the latter quarters of 2024 and early 2025, evidencing heightened inability to meet interest obligations comfortably from operating earnings. Such negative coverage ratios indicate increased risk and possible reliance on external funding or restructuring to sustain operations.