Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
Return on Sales
Return on Investment
Boeing Co., profitability ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
The financial data reveals a volatile profitability trajectory characterized by a gradual recovery through 2023, a severe contraction during 2024, and a robust rebound entering 2026. The synchronization across various margin metrics suggests that the primary drivers of profitability were systemic operational challenges followed by a successful turnaround phase.
- Gross Profit Margin
- The gross margin exhibited significant instability. After showing an upward trend through 2023, peaking at 9.93% in December, it experienced a sharp reversal in 2024, falling into negative territory to reach -2.99% by December 2024. A consistent recovery followed, with the margin returning to positive values in 2025 and climbing to 9.42% by September 2026.
- Operating and Net Profit Margins
- Both operating and net margins remained predominantly negative from March 2022 through September 2025. A period of narrowing losses was observed throughout 2023, but this progress was erased by a significant downturn in 2024, where the net profit margin bottomed at -17.77% in December. A pivotal shift occurred in December 2025, where both margins turned positive (4.79% for operating and 2.50% for net). This positive momentum accelerated through 2026, with the net profit margin reaching 8.07% by the third quarter.
- Return on Assets (ROA)
- Return on assets mirrored the margin trends, maintaining negative values for the majority of the analyzed period. The ROA reached its lowest point of -7.56% in December 2024. The transition to positive territory began in December 2025 at 1.33%, eventually increasing to 4.48% by September 2026, indicating a return to asset-based efficiency.
- Return on Equity (ROE)
- ROE data becomes available starting December 2025, showing an exceptionally high initial value of 40.98%. This figure increased dramatically over the following quarters, culminating in 116.94% by September 2026. The stark contrast between the moderate ROA and the high ROE suggests a significant reliance on leverage or a diminished equity base during the recovery phase.
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Gross Profit Margin
Boeing Co., gross profit margin 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) | |||||||||||||||||||||||||
| Gross profit (loss) | 2,167) | 2,414) | 2,546) | 1,812) | (2,375) | 2,435) | 2,417) | (1,589) | (3,507) | 1,229) | 1,876) | 2,697) | 1,165) | 1,939) | 1,923) | 1,856) | (822) | 2,122) | 346) | ||||||
| Revenues | 24,188) | 24,560) | 22,217) | 23,948) | 23,270) | 22,749) | 19,496) | 15,242) | 17,840) | 16,866) | 16,569) | 22,018) | 18,104) | 19,751) | 17,921) | 19,980) | 15,956) | 16,681) | 13,991) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Gross profit margin1 | 9.42% | 4.68% | 4.79% | 4.79% | 1.10% | -0.32% | -2.09% | -2.99% | 3.13% | 9.47% | 10.04% | 9.93% | 9.09% | 6.65% | 7.20% | 5.26% | -1.41% | 2.74% | 3.20% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Caterpillar Inc. | — | 30.87% | 29.79% | 30.05% | 31.65% | 32.64% | 33.92% | 34.49% | 34.33% | 34.29% | 33.59% | 33.04% | 31.71% | 30.44% | 28.74% | 26.91% | 26.14% | 25.52% | 25.71% | ||||||
| Eaton Corp. plc | — | 35.90% | 36.89% | 37.59% | 38.10% | 38.16% | 38.45% | 38.20% | 37.83% | 37.53% | 37.06% | 36.36% | 35.54% | 34.51% | 33.64% | 33.19% | 32.83% | 32.55% | 32.36% | ||||||
| GE Aerospace | 31.06% | 30.99% | 31.25% | 31.55% | 32.16% | 31.98% | 31.87% | 30.79% | 27.00% | 24.74% | 22.97% | 21.95% | 23.26% | 23.29% | 24.24% | 24.55% | 24.52% | 25.22% | 24.26% | ||||||
| Honeywell International Inc. | 37.72% | 36.51% | 36.93% | 36.93% | 37.14% | 38.21% | 38.11% | 38.09% | 37.60% | 37.56% | 37.46% | 37.28% | 38.03% | 37.79% | 37.36% | 36.99% | 35.56% | 34.22% | 32.95% | ||||||
| Lockheed Martin Corp. | 11.73% | 11.80% | 9.82% | 10.15% | 8.16% | 8.16% | 10.11% | 9.75% | 11.97% | 11.91% | 12.10% | 12.55% | 12.54% | 12.70% | 12.74% | 12.56% | 12.99% | 13.39% | 13.36% | ||||||
| RTX Corp. | 21.10% | 20.35% | 20.21% | 20.08% | 20.13% | 20.05% | 19.53% | 19.09% | 19.21% | 16.38% | 17.01% | 17.54% | 17.36% | 20.43% | 20.53% | 20.38% | 20.49% | 20.17% | 19.94% | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
1 Q3 2026 Calculation
Gross profit margin = 100
× (Gross profit (loss)Q3 2026
+ Gross profit (loss)Q2 2026
+ Gross profit (loss)Q1 2026
+ Gross profit (loss)Q4 2025)
÷ (RevenuesQ3 2026
+ RevenuesQ2 2026
+ RevenuesQ1 2026
+ RevenuesQ4 2025)
= 100 × (2,167 + 2,414 + 2,546 + 1,812)
÷ (24,188 + 24,560 + 22,217 + 23,948)
= 9.42%
2 Click competitor name to see calculations.
The gross profit margin exhibits significant volatility over the analyzed period, characterized by alternating cycles of expansion, sharp contraction, and subsequent recovery.
- Margin Expansion and Peak Performance
- A period of steady growth is observed throughout 2023, with the gross profit margin increasing from 7.20% in March to 9.93% by December. This upward trajectory reached its zenith in March 2024, hitting a peak of 10.04%, indicating a period of optimal cost management relative to revenue.
- Periods of Operational Loss
- The margin experienced two distinct episodes of negative profitability. The first was a brief dip to -1.41% in September 2022. The second was more prolonged and severe, beginning in the second half of 2024. The margin fell sharply from 9.47% in June 2024 to -2.99% by December 2024, remaining negative through March 2025 at -2.09%.
- Revenue Trend Divergence
- A divergence is noted between revenue growth and margin stability. While total revenues generally increased from 13,991 million USD in March 2022 to 24,188 million USD by September 2026, the gross profit did not follow a linear path. Notably, during the contraction phase of late 2024 and early 2025, revenues remained substantial, yet gross profits became deeply negative, suggesting a significant spike in the cost of sales during those intervals.
- Recovery and Stabilization Phase
- A corrective trend began in the second quarter of 2025, as margins returned to positive territory. This recovery accelerated through 2026, moving from 4.79% in March to 9.42% by September 2026, effectively restoring the margin to levels observed during the 2023 growth phase.
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Operating Profit Margin
Boeing Co., operating profit margin 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) | |||||||||||||||||||||||||
| Earnings (loss) from operations | 354) | 156) | 448) | 8,777) | (4,781) | (176) | 461) | (3,770) | (5,761) | (1,090) | (86) | 283) | (808) | (99) | (149) | (353) | (2,799) | 774) | (1,169) | ||||||
| Revenues | 24,188) | 24,560) | 22,217) | 23,948) | 23,270) | 22,749) | 19,496) | 15,242) | 17,840) | 16,866) | 16,569) | 22,018) | 18,104) | 19,751) | 17,921) | 19,980) | 15,956) | 16,681) | 13,991) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Operating profit margin1 | 10.26% | 4.89% | 4.63% | 4.79% | -10.24% | -12.27% | -14.63% | -16.10% | -9.08% | -2.31% | -0.93% | -0.99% | -1.86% | -4.62% | -3.58% | -5.33% | -11.99% | -6.98% | -6.53% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Caterpillar Inc. | — | 18.44% | 17.38% | 17.43% | 18.68% | 19.31% | 20.29% | 21.30% | 21.33% | 21.55% | 21.58% | 20.30% | 18.13% | 16.97% | 14.94% | 13.97% | 14.56% | 13.81% | 13.87% | ||||||
| Eaton Corp. plc | — | 17.71% | 18.16% | 18.98% | 18.95% | 18.82% | 19.08% | 18.62% | 18.23% | 17.96% | 17.28% | 16.75% | 16.28% | 15.48% | 14.85% | 14.55% | 13.90% | 16.33% | 15.97% | ||||||
| GE Aerospace | 24.79% | 24.37% | 25.05% | 26.03% | 26.24% | 25.57% | 25.46% | 23.29% | 16.88% | 13.80% | 10.44% | 8.49% | 8.08% | 6.92% | 7.40% | 6.05% | 7.05% | 8.12% | 7.31% | ||||||
| Honeywell International Inc. | 13.32% | 13.72% | 14.14% | 14.88% | 17.98% | 18.83% | 19.06% | 19.33% | 19.23% | 19.68% | 19.65% | 19.32% | 20.09% | 19.73% | 19.05% | 18.12% | 17.55% | 17.31% | 17.37% | ||||||
| Lockheed Martin Corp. | 11.78% | 11.88% | 9.88% | 10.30% | 8.31% | 8.29% | 10.24% | 9.87% | 12.08% | 11.98% | 12.20% | 12.59% | 12.57% | 12.80% | 12.78% | 12.65% | 13.15% | 13.47% | 13.50% | ||||||
| RTX Corp. | 11.77% | 11.21% | 10.87% | 10.50% | 10.25% | 9.95% | 8.20% | 8.10% | 7.94% | 3.94% | 5.32% | 5.17% | 4.79% | 8.63% | 8.73% | 8.07% | 7.93% | 7.81% | 7.75% | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
1 Q3 2026 Calculation
Operating profit margin = 100
× (Earnings (loss) from operationsQ3 2026
+ Earnings (loss) from operationsQ2 2026
+ Earnings (loss) from operationsQ1 2026
+ Earnings (loss) from operationsQ4 2025)
÷ (RevenuesQ3 2026
+ RevenuesQ2 2026
+ RevenuesQ1 2026
+ RevenuesQ4 2025)
= 100 × (354 + 156 + 448 + 8,777)
÷ (24,188 + 24,560 + 22,217 + 23,948)
= 10.26%
2 Click competitor name to see calculations.
The operating profit margin exhibits a multi-year trajectory characterized by persistent negative margins, a severe contraction throughout 2024, and a subsequent recovery into positive territory starting in late 2025.
- Operational Performance 2022-2023
- During this period, operating margins remained consistently negative, fluctuating between -0.99% and -11.99%. A gradual recovery trend was observable throughout 2023, as the margin improved from -3.58% in March to -0.99% by December, indicating a reduction in operating losses relative to total revenue.
- Margin Deterioration in 2024
- A significant decline in operational efficiency occurred during 2024. While the year began with a margin of -0.93%, a sharp downward trend followed, reaching a trough of -16.10% by December 31, 2024. This period was marked by substantial operating losses, specifically peaking at -5,761 million in September 2024, which severely compressed the profit margin despite revenues remaining relatively stable between 15 and 18 billion.
- Recovery and Pivot to Profitability 2025-2026
- The first three quarters of 2025 demonstrated a steady reduction in negative margins, moving from -14.63% in March to -10.24% in September. A decisive shift to profitability was achieved in December 2025, with the operating margin rising to 4.79%. This positive momentum sustained into 2026, with margins stabilizing above 4% before increasing sharply to 10.26% by September 30, 2026, supported by revenues consistently exceeding 24 billion.
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Net Profit Margin
Boeing Co., net profit margin 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) | ||||||
| Revenues | 24,188) | 24,560) | 22,217) | 23,948) | 23,270) | 22,749) | 19,496) | 15,242) | 17,840) | 16,866) | 16,569) | 22,018) | 18,104) | 19,751) | 17,921) | 19,980) | 15,956) | 16,681) | 13,991) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Net profit margin1 | 8.07% | 2.59% | 2.46% | 2.50% | -12.20% | -14.18% | -16.58% | -17.77% | -10.88% | -4.68% | -2.81% | -2.86% | -3.74% | -6.08% | -5.86% | -7.41% | -13.75% | -8.69% | -8.00% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Caterpillar Inc. | — | 15.28% | 14.06% | 13.89% | 15.17% | 15.83% | 16.63% | 17.59% | 17.15% | 17.46% | 17.65% | 16.18% | 14.35% | 13.53% | 12.10% | 11.85% | 13.70% | 13.19% | 13.02% | ||||||
| Eaton Corp. plc | — | 12.75% | 13.99% | 14.89% | 14.74% | 15.11% | 15.55% | 15.25% | 15.31% | 15.12% | 14.38% | 13.87% | 13.24% | 12.30% | 12.00% | 11.86% | 11.36% | 11.70% | 11.21% | ||||||
| GE Aerospace | 18.43% | 18.92% | 19.21% | 20.57% | 19.99% | 20.43% | 19.41% | 18.67% | 14.28% | 9.25% | 5.96% | 14.68% | 15.08% | 13.91% | 12.35% | 0.31% | -8.10% | -6.18% | -6.70% | ||||||
| Honeywell International Inc. | 20.98% | 21.58% | 10.89% | 12.63% | 16.23% | 15.02% | 14.85% | 14.82% | 15.01% | 15.49% | 15.52% | 15.43% | 14.87% | 15.08% | 14.54% | 14.00% | 15.38% | 14.74% | 15.30% | ||||||
| Lockheed Martin Corp. | 8.23% | 8.16% | 6.38% | 6.69% | 5.73% | 5.85% | 7.66% | 7.51% | 9.36% | 9.48% | 9.73% | 10.24% | 10.29% | 10.48% | 8.60% | 8.69% | 9.07% | 7.33% | 9.45% | ||||||
| RTX Corp. | 8.75% | 8.28% | 8.03% | 7.60% | 7.67% | 7.35% | 5.63% | 5.91% | 5.97% | 3.12% | 4.90% | 4.64% | 4.76% | 7.88% | 8.08% | 7.75% | 6.76% | 6.84% | 6.47% | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
1 Q3 2026 Calculation
Net profit margin = 100
× (Net earnings (loss) attributable to Boeing shareholdersQ3 2026
+ Net earnings (loss) attributable to Boeing shareholdersQ2 2026
+ Net earnings (loss) attributable to Boeing shareholdersQ1 2026
+ Net earnings (loss) attributable to Boeing shareholdersQ4 2025)
÷ (RevenuesQ3 2026
+ RevenuesQ2 2026
+ RevenuesQ1 2026
+ RevenuesQ4 2025)
= 100 × (-116 + -444 + -4 + 8,220)
÷ (24,188 + 24,560 + 22,217 + 23,948)
= 8.07%
2 Click competitor name to see calculations.
The financial performance over the analyzed period is characterized by prolonged periods of negative net profit margins, significant volatility in earnings, and a eventual transition toward positive profitability in late 2025 and 2026.
- Margin Volatility and Deterioration (2022-2024)
- From March 2022 through December 2024, the net profit margin remained consistently negative. While there was a period of marginal improvement throughout 2023—where the margin narrowed from -5.86% to -2.86%—this trend reversed sharply in 2024. A severe contraction is observed in the second half of 2024, with the margin dropping to -10.88% in September and reaching a period low of -17.77% in December 2024.
- Revenue Trends versus Profitability
- A general upward trajectory in revenues is evident, growing from approximately 13.99 billion USD in March 2022 to 24.19 billion USD by September 2026. However, this revenue growth did not immediately correlate with profitability. For a significant portion of the timeline, increasing revenues coincided with deepening losses, particularly between June 2024 and September 2025, suggesting that operational costs or one-time charges outweighed the gains from increased sales.
- Recovery and Positive Pivot (2025-2026)
- A definitive shift in profitability occurred in December 2025, where the net profit margin transitioned to a positive 2.50%, driven by a substantial spike in net earnings of 8.22 billion USD. This positive momentum was sustained into 2026, with margins stabilizing and then expanding, culminating in a peak of 8.07% by September 2026.
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Return on Equity (ROE)
Boeing Co., ROE 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) | ||||||
| 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) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| ROE1 | 116.94% | 39.92% | 37.88% | 40.98% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Benchmarks | |||||||||||||||||||||||||
| ROE, Competitors2 | |||||||||||||||||||||||||
| Caterpillar Inc. | — | 55.91% | 50.53% | 41.67% | 44.89% | 50.57% | 55.01% | 55.37% | 55.04% | 64.26% | 63.77% | 53.02% | 44.48% | 45.85% | 39.18% | 42.25% | 47.28% | 42.96% | 38.07% | ||||||
| Eaton Corp. plc | — | 18.90% | 20.23% | 21.04% | 20.84% | 21.10% | 21.27% | 20.52% | 19.71% | 18.99% | 17.63% | 16.90% | 16.29% | 15.10% | 14.72% | 14.45% | 14.26% | 14.12% | 13.35% | ||||||
| GE Aerospace | 51.95% | 50.86% | 47.79% | 46.60% | 42.86% | 40.54% | 36.34% | 33.90% | 33.11% | 25.51% | 11.77% | 34.63% | 35.27% | 30.77% | 27.72% | 0.62% | -18.56% | -12.75% | -12.20% | ||||||
| Honeywell International Inc. | 31.46% | 44.31% | 30.18% | 34.01% | 36.52% | 35.52% | 32.59% | 30.64% | 32.65% | 34.13% | 34.81% | 35.68% | 31.42% | 31.52% | 30.89% | 29.74% | 30.36% | 28.96% | 28.58% | ||||||
| Lockheed Martin Corp. | 64.72% | 71.70% | 64.00% | 74.65% | 67.95% | 78.82% | 82.34% | 84.26% | 92.71% | 109.09% | 101.89% | 101.24% | 75.11% | 76.41% | 58.97% | 61.86% | 49.05% | 41.16% | 62.10% | ||||||
| RTX Corp. | 12.13% | 11.66% | 10.95% | 10.32% | 10.22% | 9.85% | 7.48% | 7.94% | 7.72% | 3.83% | 5.75% | 5.34% | 4.59% | 7.67% | 7.61% | 7.16% | 6.36% | 6.34% | 5.79% | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
1 Q3 2026 Calculation
ROE = 100
× (Net earnings (loss) attributable to Boeing shareholdersQ3 2026
+ Net earnings (loss) attributable to Boeing shareholdersQ2 2026
+ Net earnings (loss) attributable to Boeing shareholdersQ1 2026
+ Net earnings (loss) attributable to Boeing shareholdersQ4 2025)
÷ Shareholders’ equity (deficit)
= 100 × (-116 + -444 + -4 + 8,220)
÷ 6,547 = 116.94%
2 Click competitor name to see calculations.
The financial trajectory from March 2022 through September 2026 is characterized by a prolonged period of negative equity and recurring net losses, followed by a significant structural shift in the balance sheet and high volatility in profitability metrics.
- Equity Position and Balance Sheet Stability
- A persistent shareholders' equity deficit is observed from March 2022 until late 2025. The deficit reached its peak in September 2024 at -23,552 million USD. A substantial recovery occurred between December 2024 and December 2025, during which equity transitioned from a deficit of -3,908 million USD to a positive balance of 5,454 million USD. This positive trend continued through the third quarter of 2026, reaching 6,547 million USD.
- Net Earnings Trends
- Net earnings remained predominantly negative for most of the analyzed period, with notable quarterly losses recorded in September 2024 (-6,170 million USD) and September 2025 (-5,337 million USD). A significant reversal is evident in December 2025, with earnings spiking to 8,220 million USD. However, the trend returned to marginal losses in the first three quarters of 2026, with the most recent value recorded at -116 million USD in September 2026.
- Return on Equity (ROE) Interpretation
- ROE calculations were absent throughout the period of negative shareholders' equity, as the ratio is not meaningful when equity is in deficit. Following the restoration of positive equity in December 2025, ROE was initially recorded at 40.98%. The ratio showed relative stability in the first half of 2026, ranging between 37.88% and 39.92%. A sharp increase to 116.94% occurred by September 30, 2026, indicating extreme volatility and a disproportionate relationship between net earnings and the equity base at the conclusion of the period.
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Return on Assets (ROA)
Boeing Co., ROA 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) | ||||||
| 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) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| ROA1 | 4.48% | 1.47% | 1.38% | 1.33% | -6.57% | -6.89% | -7.36% | -7.56% | -5.79% | -2.41% | -1.60% | -1.62% | -2.11% | -3.32% | -3.03% | -3.60% | -6.14% | -3.90% | -3.60% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| ROA, Competitors2 | |||||||||||||||||||||||||
| Caterpillar Inc. | — | 10.57% | 9.87% | 9.01% | 9.89% | 10.45% | 11.70% | 12.30% | 12.38% | 13.21% | 13.43% | 11.81% | 10.50% | 9.79% | 8.50% | 8.18% | 9.11% | 8.33% | 7.90% | ||||||
| Eaton Corp. plc | — | 6.81% | 7.24% | 9.91% | 9.66% | 9.69% | 10.04% | 9.89% | 9.60% | 9.27% | 8.83% | 8.37% | 8.03% | 7.37% | 7.23% | 7.03% | 6.67% | 6.58% | 6.30% | ||||||
| GE Aerospace | 7.16% | 7.03% | 6.72% | 6.69% | 6.29% | 6.19% | 5.64% | 5.32% | 4.93% | 3.85% | 2.14% | 5.81% | 6.45% | 5.89% | 5.33% | 0.12% | -3.23% | -2.38% | -2.48% | ||||||
| Honeywell International Inc. | 13.28% | 10.62% | 5.54% | 6.42% | 7.57% | 7.29% | 7.57% | 7.59% | 7.73% | 8.34% | 8.72% | 9.20% | 8.83% | 8.75% | 8.73% | 7.97% | 8.92% | 8.16% | 8.29% | ||||||
| Lockheed Martin Corp. | 10.10% | 10.07% | 8.09% | 8.38% | 6.97% | 7.14% | 9.71% | 9.59% | 12.02% | 12.23% | 12.33% | 13.19% | 12.29% | 12.39% | 10.41% | 10.84% | 11.28% | 9.09% | 12.06% | ||||||
| RTX Corp. | 4.76% | 4.45% | 4.26% | 3.94% | 3.91% | 3.68% | 2.79% | 2.93% | 2.86% | 1.40% | 2.17% | 1.97% | 1.96% | 3.43% | 3.43% | 3.27% | 2.82% | 2.81% | 2.63% | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
1 Q3 2026 Calculation
ROA = 100
× (Net earnings (loss) attributable to Boeing shareholdersQ3 2026
+ Net earnings (loss) attributable to Boeing shareholdersQ2 2026
+ Net earnings (loss) attributable to Boeing shareholdersQ1 2026
+ Net earnings (loss) attributable to Boeing shareholdersQ4 2025)
÷ Total assets
= 100 × (-116 + -444 + -4 + 8,220)
÷ 170,739 = 4.48%
2 Click competitor name to see calculations.
The Return on Assets (ROA) exhibits a prolonged period of negative performance followed by a distinct pivot toward profitability beginning in late 2025. For the majority of the observed timeframe, the organization struggled with net losses, which suppressed ROA despite a generally expanding asset base. The trend is characterized by significant volatility, particularly in the quarterly earnings that drive the ratio.
- Performance Trends 2022–2023
- During this period, ROA remained consistently negative, fluctuating between -1.62% and -6.14%. Net losses were prevalent, with a notable dip in September 2022 reaching -6.14% ROA. While there was a slight improvement toward the end of 2023, where ROA reached -1.62%, the company failed to maintain positive earnings momentum.
- 2024–2025 Deterioration and Volatility
- A significant downward trend occurred throughout 2024, coinciding with substantial net losses. The ROA declined sharply from -1.60% in March 2024 to a period low of -7.56% by December 31, 2024. This decline persisted into the first three quarters of 2025, with the ratio remaining between -6.57% and -7.36%, driven by repeated quarterly losses exceeding 5 billion US dollars in September 2025.
- Recovery and Positive Pivot 2025–2026
- A sharp reversal is observed on December 31, 2025, when net earnings rose to 8,220 million US dollars, shifting the ROA to a positive 1.33%. This recovery trend accelerated through 2026, with ROA steadily increasing from 1.38% in March to 4.48% by September 30, 2026, signaling a transition toward sustainable asset efficiency.
- Asset Base Correlation
- Total assets showed a gradual upward trajectory, growing from 135,801 million US dollars in March 2022 to 170,739 million US dollars by September 2026. The increase in the asset base during periods of negative earnings exacerbated the decline in ROA, as the organization grew its resource base without a corresponding increase in net profitability until the final stages of the reported period.
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