Boeing Co. (NYSE:BA)

The financial margins and returns across the reported periods exhibit distinct patterns and fluctuations, reflecting varying operational and profitability conditions over time.

Gross Profit Margin (%)

The gross profit margin started with missing data in early 2020 but became negative at the end of 2020, reaching a low of -9.78%. Thereafter, it showed a gradual recovery, moving toward positive territory by late 2021, reaching 4.84%. The margin fluctuated in the following periods with values ranging mostly between minor positive and negative margins, peaking at around 10% in early 2024 before declining again towards nearly zero and slightly negative margins by mid-2025. This trend suggests an initial period of cost pressure or pricing challenges followed by intermittent improvements and subsequent struggles to maintain consistent profitability at the gross level.

Operating Profit Margin (%)

The operating profit margin similarly started with missing data and then showed significant negative values at the close of 2020, with a steep decline to -21.95%. A gradual improvement was observed throughout 2021, narrowing losses to around -4.66% by March 2022. However, the margin did not sustain this positivity, with recurring dips returning to deeper negative figures in late 2022 and fluctuating between losses of approximately -1.86% to -16.1% through 2023 and into mid-2025. The persistent negative operating margins indicate ongoing operational challenges and cost management issues, limiting the company's ability to convert gross profit into operating profit effectively.

Net Profit Margin (%)

The net profit margin followed a similar downward trend initially, with a peak negative margin of -20.87% in mid-2020 and no recorded positive values throughout the periods. Although the margin improved somewhat by 2021 and 2022, reaching less severe losses close to -6.75%, the overall trajectory remained negative, with recurrent deeper losses observed in late 2022 and 2023. The margin deteriorated again towards the end of the series, nearing -14.18% by mid-2025. This persistent net loss pattern aligns with continued challenges in profitability beyond operating income, possibly reflecting financial expenses or tax impacts compounding the operational losses.

Return on Assets (ROA) (%)

ROA data is available from the end of Q1 2020 and mirrors the negative profitability trend, starting at -7.8%. The figure showed limited improvement through 2021 and early 2022, reaching a less negative -3.03%. However, the trend turned downward again in the subsequent periods, with ROA consistently below zero and fluctuating between -1.6% and approximately -7.56% through mid-2025. This persistent negative ROA highlights inefficiencies in asset utilization and the inability to generate positive returns on the company’s asset base over the observed periods.

Overall, the data reveals a pattern of significant financial stress and negative profitability throughout the examined timeframe. There are intermittent signs of recovery and improvement in some quarters, notably in gross margin, but these are not sustained, as operating and net margins remain predominantly negative. The negative return on assets further confirms that the company has struggled to generate adequate earnings from its asset investments, underscoring the need for improved operational efficiency and cost control strategies to restore financial health.

Revenue Trends

The revenue data over the observed quarters exhibits notable fluctuations with some recovery patterns. Initial quarters show a decline from 16,908 million US$ in March 2020 to 11,807 million US$ in June 2020, indicating a significant drop potentially attributable to external challenges. Following this, revenues generally fluctuate around a range of approximately 14,000 to 20,000 million US$ per quarter through 2020 and 2021, showing some recovery and stabilization. From 2022 onward, revenues appear to increase, peaking at around 22,749 million US$ in June 2025, suggesting a positive growth trajectory in the latter periods.

Gross Profit (Loss) Patterns

Gross profit demonstrates high volatility across the time span. The company reports large gross losses in several quarters, most notably in December 2020 (-5,688 million US$) and December 2021 (-2,514 million US$), contrasted by robust gross profits in quarters such as September 2020 (1,034 million US$) and June 2021 (2,410 million US$). Post-2021, the gross profit shows improvement with increased positive values and fewer large losses, culminating in gains around 2,400 million US$ in mid-2025. This pattern indicates intermittent operational challenges causing negative profitability with an improving performance trend in recent years.

Gross Profit Margin Dynamics

The gross profit margin data reflects significant instability, with negative margins prevalent in many quarters during 2020 and 2021. Margins reached lows below -9% early on but gradually improved over time. By 2022 and onwards, margins mostly return to positive figures, frequently exceeding 5% and peaking near 10% in multiple quarters. However, some downturns back into negative territory are observed sporadically in 2024, although these are less severe than earlier periods. The improving margin trend aligns with the gross profit recovery and suggests enhanced operational efficiency or pricing improvements over the timeframe.

Overall Insights

The analysis depicts a company experiencing significant financial challenges early in the period, with substantial swings in profitability and profit margins coinciding with volatile revenue figures. The negative profitability and margins in 2020 and 2021 likely reflect external pressures impacting cost structures and revenue streams. There is evidence of gradual recovery and stabilization from 2022 onward, marked by increasing revenues, positive gross profits, and improved margins. The presence of some negative margins in 2024 suggests that challenges remain but the overall trajectory is towards financial improvement and recovery of profitability.

The financial data reveals fluctuating performance in earnings from operations over the examined quarters. The earnings exhibited substantial operational losses in the early periods around 2020, with the largest negative value reaching -8049 million US dollars by the end of December 2020. Thereafter, earnings showed intermittent improvements and deteriorations, with occasional positive quarters such as June 2021 (1023 million US dollars) and December 2023 (283 million US dollars). However, losses resumed with significant negative figures in several periods, the most marked being -5761 million US dollars in December 2024, indicating challenges in sustaining operational profitability.

Revenue trends present a generally upward trajectory despite some volatility. Revenues originally decreased from 16908 million US dollars in March 2020 to a trough of 11807 million US dollars in June 2020, aligning with the onset of operational challenges. Subsequent quarters display a recovery trend, with notable increases reaching peaks in December 2022 (19980 million US dollars), December 2023 (22018 million US dollars), and June 2025 (22749 million US dollars). These figures suggest growing top-line strength, though not consistently translating into operational profitability.

The operating profit margin percentages further highlight the relationship between revenues and earnings. The margins remained negative throughout the periods provided, starting with deeply negative figures such as -21.95% in September 2020 and -20.36% in December 2020. While some improvement is observed with margins approaching -0.93% in June 2024, the margin deteriorates again sharply to -16.1% by December 2024. The persistent negative margins imply continuing operational inefficiencies or cost pressures impacting profitability despite growing revenues.

Earnings from Operations

Exhibited high volatility with large operational losses in most quarters, intermittent positive results, and no sustained profitability.

Revenues

Showed initial decline followed by a recovery and growth pattern, reaching record highs in the most recent quarters analyzed.

Operating Profit Margin

Remained negative throughout the data series, indicating ongoing challenges in converting revenue growth into operating profits, with some fluctuations in margin severity.

Revenue Trends

The revenue figures fluctuate across the quarters, with values ranging from a low of approximately 11,807 million USD in June 2020 to a high nearing 22,749 million USD by June 2025. The data shows an overall increasing trend from mid-2021 onwards, marked by several peaks and troughs. Notably, the latter periods, especially between December 2023 and June 2025, show significant revenue growth compared to earlier periods in 2020, suggesting recovery and expansion activity during these recent quarters.

Net Earnings (Loss) Analysis

Net earnings attributable to shareholders demonstrate high volatility and a predominantly negative trend throughout the observed period. Beginning with considerable losses in early 2020, there is an intermittent improvement seen around mid-2021 and into 2022 where positive earnings occur, though these are short-lived. From late 2022 onwards, losses deepen significantly again, particularly in the last few quarters leading up to mid-2025 where large negative values reappear. This pattern indicates ongoing financial challenges with only brief intervals of profitability.

Net Profit Margin Patterns

Net profit margin values are consistently negative, illustrating that the company sustained losses on its revenues during the entire timeframe for which data is available. The margin fluctuates between roughly -2.86% and as low as around -20.87%, with sharper declines in early 2020 and sporadic widening around the end of 2022 and into 2024. The margin became slightly improved (less negative) in mid-2023 but deteriorates again in subsequent periods, reflecting struggle to attain profitability despite increasing revenues in some quarters.

General Observations

The data suggests that while revenue growth shows promise, profitability remains elusive. The company experiences large net losses across most quarters, indicating significant cost pressures or other operational challenges. The recurring negative profit margins corroborate this issue, highlighting efficiency or market difficulties that the company has yet to overcome effectively. The intermittent positive net earnings periods indicate some success in controlling losses, but the inability to sustain them points to ongoing financial instability or volatility in business conditions during the analyzed period.

The financial data exhibits significant volatility in net earnings (loss) attributable to shareholders over the observed periods. Initially, the company experienced substantial losses with the largest losses recorded in December 2020 at -8,420 million USD. Following this, there was some recovery observed with net earnings turning positive in June 2021 (587 million USD) and March 2023 (-414 million USD showing a smaller loss compared to earlier quarters). However, this recovery was short-lived as losses reoccurred in subsequent quarters, including sharp declines again in December 2024 (-6,170 million USD). Overall, the pattern indicates high instability in profitability with no sustained positive trending in net earnings.

The shareholders’ deficit reflects persistent negative equity over time, indicating the company has had significant accumulated losses or other comprehensive losses. The deficit deepened reaching a trough of -18,316 million USD by the end of 2020. After peaking, the deficit showed some improvement, moving upward to about -14,440 million USD in September 2021, but then resumed a downward trajectory. Notably, by December 2024, the deficit expanded substantially again to -23,552 million USD—a marked deterioration. Towards the end of the period, there is an unusual and pronounced improvement in the deficit from December 2024 (-23,552 million USD) to March 2025 (-3,295 million USD), which suggests a significant event or adjustment reduced the deficit dramatically, but this improvement level remains below earlier periods. Overall, the shareholders’ deficit shows a trend of deterioration interrupted by intermittent partial recoveries and a substantial late improvement.

The absence of reported Return on Equity (ROE) limits direct assessment of profitability in relation to shareholders’ equity. However, given the large and fluctuating net losses combined with a negative and variable shareholders’ deficit, it can be inferred that ROE is likely to have been negative or highly unstable throughout the timeline.

In summary, the company’s financial results display a pattern of fluctuating and generally negative profitability with intermittent positive quarters that are not sustained. The shareholders’ equity position remains under pressure with continued deficits and marked volatility. These factors together suggest ongoing challenges in achieving stable profitability and equity growth in the observed timeframe.

The financial data reveals several notable trends over the examined periods. Net earnings attributable to shareholders exhibit significant volatility with frequent losses interspersed with occasional gains. The most pronounced loss occurred in the December 31, 2020 quarter, followed by recovery attempts in subsequent quarters. Despite some quarters displaying positive net earnings, losses generally dominate, with a considerable loss spike recurring near the end of 2024 and into mid-2025.

Total assets show a somewhat steady pattern with minor fluctuations. Initially, assets slightly increased through mid-2020 before gradually declining until the end of 2021. From early 2022 onwards, the asset base stabilizes with moderate increases and decreases, reaching a peak around mid-2025. This suggests relatively stable asset management despite earnings volatility.

Return on assets (ROA) is consistently negative across all available quarterly measurements, indicating ongoing challenges in generating profit from the asset base. The ROA values range approximately from -1.6% to nearly -8%, with the worst performance recorded around late 2020 and early 2025. This persistent negative ROA reflects difficulty in utilizing assets efficiently to drive profitability.

Net Earnings (Loss) Attributable to Shareholders

Exhibits high volatility with both sharp losses and sporadic profits; largest losses occur in late 2020 and towards the end of 2024.

Positive earnings are intermittent and insufficient to offset cumulative losses.

Recent quarters show continued losses, indicating ongoing profitability challenges.

Total Assets

Show minor fluctuations with an initial increase then gradual decline through 2021, followed by relative stability and slight growth into 2025.

The asset base remains substantial and fairly consistent despite earnings instability.

Return on Assets (ROA)

Consistently negative across all periods, signaling persistent inefficiency in asset utilization.

Larger negative ROA values are concentrated around late 2020 and late 2024, aligning with periods of high net losses.

A modest improvement is noted in some mid-year quarters but negativity prevails overall.

Overall, the data suggests that despite maintaining a strong asset base, the entity faces ongoing difficulties in converting assets into positive earnings, as evidenced by repeated significant net losses and negative ROA across the entire period analyzed.