Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
Boeing Co., profitability ratios (quarterly data)
Based on: 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 prolonged period of profitability challenges characterized by sustained negative operating and net margins, followed by a significant recovery toward the end of the analyzed period. A cyclical pattern is evident, with a period of gradual improvement throughout 2023 that was abruptly reversed by a severe downturn in 2024, culminating in a return to profitability by late 2025.
- Gross Profit Margin
- The gross margin exhibited significant volatility, fluctuating between negative and positive territory. After an initial unstable phase in 2022, a steady upward trajectory was observed throughout 2023, peaking at 10.04% in March 2024. However, a sharp contraction occurred during the remainder of 2024, with the margin dropping to -2.99% by December. A subsequent recovery began in 2025, with the margin returning to a positive 4.79% by the end of that year and maintaining that level into March 2026.
- Operating and Net Profit Margins
- Operating and net profit margins remained consistently negative from March 2022 through September 2025, indicating that operating costs and other expenses exceeded total revenues for nearly four years. The most critical decline occurred between June 2024 and December 2024, where the operating margin plummeted from -2.31% to -16.10% and the net profit margin reached its lowest point at -17.77%. A pivot occurred in December 2025, as both metrics shifted to positive values, with the operating margin reaching 4.79% and the net margin reaching 2.50%.
- Return on Assets (ROA)
- The ROA mirrored the trends of the profit margins, remaining negative for the majority of the timeline. The metric reached its lowest point in December 2024 at -7.56%. A gradual improvement was noted throughout 2025, eventually crossing into positive territory in December 2025 at 1.33% and marginally increasing to 1.38% by March 2026.
- Return on Equity (ROE)
- While data for ROE is absent for the majority of the period, the available figures for the final two quarters show a dramatic surge. The ROE reached 40.98% in December 2025 before slightly moderating to 37.88% in March 2026, suggesting a high return on shareholder equity coinciding with the company's return to net profitability.
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Return on Sales
Return on Investment
Gross Profit Margin
Boeing Co., gross profit margin calculation (quarterly data)
| 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) | 2,546) | 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 | 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 | 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. | — | 30.05% | 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 | — | 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 | 31.25% | 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. | 36.93% | 36.93% | 36.96% | 38.12% | 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. | 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. | 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: 2026-03-31), 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 Q1 2026 Calculation
Gross profit margin = 100
× (Gross profit (loss)Q1 2026
+ Gross profit (loss)Q4 2025
+ Gross profit (loss)Q3 2025
+ Gross profit (loss)Q2 2025)
÷ (RevenuesQ1 2026
+ RevenuesQ4 2025
+ RevenuesQ3 2025
+ RevenuesQ2 2025)
= 100 × (2,546 + 1,812 + -2,375 + 2,435)
÷ (22,217 + 23,948 + 23,270 + 22,749)
= 4.79%
2 Click competitor name to see calculations.
The gross profit margin exhibits a cyclical performance pattern characterized by a period of steady expansion, a sharp contraction, and a subsequent gradual recovery. Over the analyzed timeframe, the margin transitioned from a low of -2.99% to a peak of 10.04%, reflecting significant volatility in operational profitability.
- Initial Volatility and Growth (2022-2023)
- During 2022, the margin showed instability, beginning at 3.20% and dipping to -1.41% in the third quarter before recovering to 5.26% by year-end. The 2023 fiscal year was marked by a consistent upward trajectory, with the margin increasing quarterly from 7.20% in March to 9.93% in December, indicating improved cost management or pricing power.
- Contraction Phase (2024)
- A significant reversal occurred in 2024. After reaching a peak of 10.04% in March, the margin experienced a rapid decline. The profitability ratio fell to 3.13% by September and further deteriorated to -2.99% by December 2024, marking the lowest point in the observed period.
- Recovery and Stabilization (2025-2026)
- The final phase of the data indicates a gradual return to profitability. Starting from -2.09% in March 2025, the margin steadily improved, crossing back into positive territory by the third quarter. The period concludes with a stabilized margin of 4.79% across December 2025 and March 2026.
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Operating Profit Margin
Boeing Co., operating profit margin calculation (quarterly data)
| 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 | 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 | 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 | 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. | — | 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 | — | 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 | 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. | 14.14% | 14.88% | 18.44% | 19.03% | 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. | 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. | 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: 2026-03-31), 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 Q1 2026 Calculation
Operating profit margin = 100
× (Earnings (loss) from operationsQ1 2026
+ Earnings (loss) from operationsQ4 2025
+ Earnings (loss) from operationsQ3 2025
+ Earnings (loss) from operationsQ2 2025)
÷ (RevenuesQ1 2026
+ RevenuesQ4 2025
+ RevenuesQ3 2025
+ RevenuesQ2 2025)
= 100 × (448 + 8,777 + -4,781 + -176)
÷ (22,217 + 23,948 + 23,270 + 22,749)
= 4.63%
2 Click competitor name to see calculations.
The operating profit margin exhibits extreme volatility over the analyzed period, characterized by prolonged intervals of negative profitability followed by a sharp recovery toward the end of 2025. The company struggled to maintain a positive margin for the majority of the timeframe, with significant fluctuations in operational efficiency relative to revenue generation.
- Initial Volatility and Marginal Recovery (2022–2023)
- During 2022, operating margins remained consistently negative, reaching a low of -11.99% in the third quarter before recovering slightly to -5.33% by year-end. A period of gradual improvement followed throughout 2023, where the margin narrowed from -3.58% in March to -0.99% by December, indicating a trend toward operational break-even.
- Severe Operational Deterioration (2024)
- The trend reversed sharply in 2024. After starting the year near break-even at -0.93%, the operating profit margin plummeted significantly in the second half of the year. The margin declined to -9.08% in September and reached a period low of -16.10% by December 31, 2024, coinciding with a substantial increase in operational losses despite relatively stable revenues.
- Recovery and Pivot to Profitability (2025–2026)
- Profitability remained deeply negative through the first three quarters of 2025, with margins fluctuating between -14.63% and -10.24%. However, a dramatic pivot occurred in the fourth quarter of 2025, where the operating profit margin shifted to a positive 4.79%. This positive trajectory was sustained into the first quarter of 2026, with the margin remaining stable at 4.63%.
- Revenue and Earnings Correlation
- A notable divergence is observed between revenue growth and operating profit. While revenues generally trended upward, peaking at 23,948 million in December 2025, operational earnings experienced extreme swings. The most significant recovery is noted in the final quarter of 2025, where a spike in earnings from operations to 8,777 million successfully transitioned the operating margin from a deficit to a surplus.
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Net Profit Margin
Boeing Co., net profit margin calculation (quarterly data)
| 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 | (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 | 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 | 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. | — | 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 | — | 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 | 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. | 10.89% | 12.63% | 15.41% | 14.62% | 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. | 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. | 8.03% | 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: 2026-03-31), 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 Q1 2026 Calculation
Net profit margin = 100
× (Net earnings (loss) attributable to Boeing shareholdersQ1 2026
+ Net earnings (loss) attributable to Boeing shareholdersQ4 2025
+ Net earnings (loss) attributable to Boeing shareholdersQ3 2025
+ Net earnings (loss) attributable to Boeing shareholdersQ2 2025)
÷ (RevenuesQ1 2026
+ RevenuesQ4 2025
+ RevenuesQ3 2025
+ RevenuesQ2 2025)
= 100 × (-4 + 8,220 + -5,337 + -611)
÷ (22,217 + 23,948 + 23,270 + 22,749)
= 2.46%
2 Click competitor name to see calculations.
The financial performance from March 2022 through March 2026 is characterized by a prolonged period of net losses, extreme volatility in profit margins, and a sharp recovery toward the end of the analyzed timeframe. The net profit margin remained negative for the majority of the period, reflecting a consistent inability to convert revenues into net earnings until late 2025.
- Margin Volatility and Initial Stabilization (2022-2023)
- During 2022, net profit margins fluctuated significantly, reaching a low of -13.75% in September 2022. However, a trend of gradual improvement emerged throughout 2023, where the margin narrowed from -5.86% in March to -2.86% by December. This period indicated a steady reduction in the relative scale of losses despite fluctuating quarterly revenues.
- Accelerated Margin Erosion (2024-2025)
- A severe deterioration in profitability occurred starting in mid-2024. The net profit margin plunged from -4.68% in June 2024 to a period low of -17.77% in December 2024. This downturn was driven by substantial increases in net losses, specifically the -6,170 million loss reported in September 2024. Although margins began a slow recovery in early 2025, remaining in the double-digit negative range, they did not return to baseline levels until the final quarter of the year.
- Pivot to Positive Profitability (Late 2025-2026)
- A significant reversal in financial performance is observed in December 2025, where the net profit margin shifted to a positive 2.50%. This shift corresponds with a substantial increase in net earnings to 8,220 million. This positive trajectory was maintained into March 2026, with the net profit margin stabilizing at 2.46%, marking the first sustained period of profitability within the analyzed window.
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Return on Equity (ROE)
Boeing Co., ROE calculation (quarterly data)
| 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 | (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) | 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 | 37.88% | 40.98% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Benchmarks | |||||||||||||||||||||||
| ROE, Competitors2 | |||||||||||||||||||||||
| Caterpillar Inc. | — | 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 | — | 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 | 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. | 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. | 64.00% | 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. | 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: 2026-03-31), 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 Q1 2026 Calculation
ROE = 100
× (Net earnings (loss) attributable to Boeing shareholdersQ1 2026
+ Net earnings (loss) attributable to Boeing shareholdersQ4 2025
+ Net earnings (loss) attributable to Boeing shareholdersQ3 2025
+ Net earnings (loss) attributable to Boeing shareholdersQ2 2025)
÷ Shareholders’ equity (deficit)
= 100 × (-4 + 8,220 + -5,337 + -611)
÷ 5,987 = 37.88%
2 Click competitor name to see calculations.
The financial performance across the observed period is characterized by prolonged net losses and a sustained shareholders' equity deficit, followed by a significant structural shift in the final stages of the timeline.
- Net Earnings Performance
- Net losses were prevalent from March 2022 through September 2025, exhibiting significant volatility. A period of intensified losses peaked in September 2024 at -6,170 million US$. A substantial reversal occurred in December 2025, where net earnings spiked to 8,220 million US$, prior to a return to a marginal loss of -4 million US$ in March 2026.
- Shareholders' Equity Position
- A persistent equity deficit was maintained for the majority of the analyzed timeframe, reaching its lowest point in June 2024 at -23,552 million US$. A marked recovery began in December 2024, leading to a transition into positive equity territory by December 2025, with a balance of 5,454 million US$, which further increased to 5,987 million US$ by March 2026.
- Return on Equity (ROE) Trends
- ROE values were absent during the quarters where shareholders' equity remained in a deficit. Following the restoration of a positive equity balance, ROE emerged at 40.98% for the period ending December 31, 2025, before experiencing a slight decline to 37.88% by March 31, 2026.
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Return on Assets (ROA)
Boeing Co., ROA calculation (quarterly data)
| 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 | (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 | 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 | 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. | — | 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 | — | 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 | 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. | 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. | 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. | 4.26% | 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: 2026-03-31), 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 Q1 2026 Calculation
ROA = 100
× (Net earnings (loss) attributable to Boeing shareholdersQ1 2026
+ Net earnings (loss) attributable to Boeing shareholdersQ4 2025
+ Net earnings (loss) attributable to Boeing shareholdersQ3 2025
+ Net earnings (loss) attributable to Boeing shareholdersQ2 2025)
÷ Total assets
= 100 × (-4 + 8,220 + -5,337 + -611)
÷ 164,787 = 1.38%
2 Click competitor name to see calculations.
The analysis of Return on Assets (ROA) reveals a prolonged period of negative profitability, characterized by significant volatility and a recent transition toward positive returns. For the majority of the period between March 2022 and September 2025, the company failed to generate positive returns from its asset base, with ROA figures consistently remaining in negative territory.
- Early Volatility and Marginal Improvement (2022-2023)
- During 2022, ROA exhibited instability, reaching a low of -6.14% in September before recovering to -3.60% by year-end. A period of gradual improvement was observed throughout 2023, where the ratio climbed from -3.03% in March to -1.62% by December, suggesting a temporary stabilization in operational efficiency relative to total assets.
- Significant Performance Decline (2024-2025)
- A sharp downward trend emerged in 2024, with ROA deteriorating from -1.60% in March to a period low of -7.56% by December 31, 2024. This decline coincided with a substantial expansion of the asset base, which grew from approximately 134 billion USD in early 2024 to over 156 billion USD by year-end, while net losses intensified. This trend persisted into the first three quarters of 2025, with ROA remaining deeply negative, fluctuating between -7.36% and -6.57%.
- Profitability Pivot (Late 2025-2026)
- A decisive reversal in profitability is evident in the final quarter of 2025. The ROA pivoted from -6.57% in September to 1.33% in December, driven by a substantial increase in net earnings to 8.22 billion USD. This positive momentum was sustained into the first quarter of 2026, with the ROA marginally increasing to 1.38%, marking the first period of sustained positive asset utilization in the analyzed timeframe.
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