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: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
The financial data reveals notable trends in profitability margins and returns over the analyzed quarters. Initially, the gross profit margin displayed significant negative values, reaching its lowest point around late 2020. However, there was a marked improvement beginning in early 2021, with the margin turning positive and peaking towards the end of 2023. Despite this recovery, a declining trend emerged again in 2024, bringing the margin back into negative territory by early 2025.
Operating profit margin followed a broadly similar pattern, though the margins remained negative throughout the period. The deepest operating losses were recorded in 2020, with gradual but inconsistent improvement through 2021 and 2022. A temporary narrowing of operating losses occurred near the end of 2023, but this was not sustained, as the margin deteriorated sharply again in 2024 and early 2025.
Net profit margin mirrored the operating margin's trajectory, consistently negative across the timeline. The net losses were most severe in 2020, followed by incremental recoveries during 2021 and 2023. Nonetheless, the net profit margin worsened in 2024, suggesting challenges in converting operating gains into net profitability.
Return on assets (ROA) measurements show persistent negative returns, indicating that assets were not generating positive returns during the periods reviewed. The worst ROA values occurred in 2020, with some modest improvement continuing through 2023. Similar to other margins, ROA declined again in 2024, reflecting ongoing difficulties in asset efficiency and profitability.
Overall, the data depicts a company facing significant profitability challenges starting in 2020, with some periods of recovery in 2021 through 2023 across gross, operating, and net profit margins, as well as asset returns. However, the gains were not maintained into 2024 and early 2025, where profitability and return metrics once again declined appreciably. This fluctuation signals volatility and potential operational or market difficulties impacting earnings and asset utilization.
- Gross Profit Margin
- Improved from deep negative losses in 2020 to positive margins peaking near 10% in late 2023, followed by a reversal to negative in early 2025.
- Operating Profit Margin
- Consistently negative but showed some narrowing of losses between 2021 and 2023; worsened again in 2024-2025.
- Net Profit Margin
- Persistently negative, tracking closely with operating margin trends; partial recovery phases were followed by renewed declines in 2024.
- Return on Assets (ROA)
- Remained negative throughout, with initial worst performance in 2020; showed modest improvement but declined again by early 2025.
Return on Sales
Return on Investment
Gross Profit Margin
Boeing Co., gross profit margin calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Gross profit (loss) | 2,417) | (1,589) | (3,507) | 1,229) | 1,876) | 2,697) | 1,165) | 1,939) | 1,923) | 1,856) | (822) | 2,122) | 346) | (2,514) | 1,712) | 2,410) | 1,409) | (5,688) | 1,034) | (1,171) | 140) | |||||||
| Revenues | 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) | 14,793) | 15,278) | 16,998) | 15,217) | 15,304) | 14,139) | 11,807) | 16,908) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| Gross profit margin1 | -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% | 4.84% | -0.25% | -1.35% | -7.82% | -9.78% | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | ||||||||||||||||||||||||||||
| Caterpillar Inc. | 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% | 26.30% | 27.08% | 26.83% | 25.98% | 25.47% | — | — | — | |||||||
| Eaton Corp. plc | 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% | 32.28% | 32.14% | 32.23% | 30.80% | 30.52% | — | — | — | |||||||
| GE Aerospace | 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% | 24.19% | 24.97% | 22.43% | 18.80% | 17.26% | — | — | — | |||||||
| Honeywell International Inc. | 38.06% | 38.09% | 37.60% | 37.56% | 37.46% | 37.28% | 38.03% | 37.79% | 37.36% | 36.99% | 35.56% | 34.22% | 32.95% | 31.98% | 32.34% | 32.06% | 31.52% | 32.07% | — | — | — | |||||||
| Lockheed Martin Corp. | 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% | 13.52% | 13.34% | 13.00% | 13.26% | 13.23% | — | — | — | |||||||
| RTX Corp. | 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% | 19.40% | 17.59% | 15.79% | 13.98% | 15.08% | — | — | — | |||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q1 2025 Calculation
Gross profit margin = 100
× (Gross profit (loss)Q1 2025
+ Gross profit (loss)Q4 2024
+ Gross profit (loss)Q3 2024
+ Gross profit (loss)Q2 2024)
÷ (RevenuesQ1 2025
+ RevenuesQ4 2024
+ RevenuesQ3 2024
+ RevenuesQ2 2024)
= 100 × (2,417 + -1,589 + -3,507 + 1,229)
÷ (19,496 + 15,242 + 17,840 + 16,866)
= -2.09%
2 Click competitor name to see calculations.
The financial data presents a varying performance trend over the observed quarters, highlighting fluctuations in gross profit (loss), revenues, and gross profit margin percentages.
- Gross Profit (Loss)
- The gross profit figures demonstrate significant volatility throughout the periods. Initial quarters show a mixture of losses and gains, including sharp negative values such as -1171 million USD in June 2020 and -5688 million USD in December 2020. Following these losses, the company experienced periods of recovery with positive gross profits in multiple quarters, peaking in several instances such as 2410 million USD in June 2021 and 2697 million USD in December 2023. However, the trend is not consistently upward; some quarters revert to negative gross profits, notably in September 2022 (-822 million USD), September 2024 (-3507 million USD), and December 2024 (-1589 million USD). In the latest quarter, gross profit rebounds to a positive 2417 million USD.
- Revenues
- Revenues across the quarters are relatively stable with some growth noted over time. Initial revenues were 16.9 billion USD in March 2020, dipping in the middle quarters of 2020 but recovering to reach 19.98 billion USD by December 2022. After this peak, revenues fluctuate moderately but maintain a general range around 15 to 22 billion USD, indicating relatively steady sales activity. The latest recorded revenue stands at 19.5 billion USD in March 2025, reflecting a recovery from a slightly lower 15.2 billion USD in March 2025 quarter preceding it, suggesting fluctuations possibly tied to seasonality or market conditions.
- Gross Profit Margin
- The gross profit margin data reveals an initially negative margin in 2020, with values such as -9.78% at the end of the first quarter and consistently negative margins through the year. Margins gradually improve into mid-2021, moving towards positive territory, fluctuating between low single digits and near zero during this period. From late 2021 through 2023, the gross margin shows more consistent positive percentages, peaking at around 10.04% in mid-2023, suggesting improved cost management or pricing. However, there is a noticeable decline back into negative margins again approaching the end of the data span in late 2024 and early 2025, indicating challenges that temporarily erode profitability.
Overall, the data indicates a company experiencing significant challenges impacting profitability in early and late periods of the dataset, with intervals of recovery showing improved revenue generation and margin expansion. Volatility in gross profit and margin suggests sensitivity either to cost pressures or revenue recognition inconsistencies, while revenue figures imply reasonable market demand resilience despite operational difficulties reflected in earnings.
Operating Profit Margin
Boeing Co., operating profit margin calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Earnings (loss) from operations | 461) | (3,770) | (5,761) | (1,090) | (86) | 283) | (808) | (99) | (149) | (353) | (2,799) | 774) | (1,169) | (4,171) | 329) | 1,023) | (83) | (8,049) | (401) | (2,964) | (1,353) | |||||||
| Revenues | 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) | 14,793) | 15,278) | 16,998) | 15,217) | 15,304) | 14,139) | 11,807) | 16,908) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| Operating profit margin1 | -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% | -4.66% | -10.80% | -12.18% | -20.36% | -21.95% | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | ||||||||||||||||||||||||||||
| Caterpillar Inc. | 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% | 14.27% | 14.56% | 13.82% | 12.32% | 11.67% | — | — | — | |||||||
| Eaton Corp. plc | 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% | 15.69% | 15.50% | 12.54% | 10.81% | 11.45% | — | — | — | |||||||
| GE Aerospace | 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% | 8.58% | 7.86% | 6.82% | 4.72% | 5.49% | — | — | — | |||||||
| Honeywell International Inc. | 19.26% | 19.33% | 19.23% | 19.68% | 19.65% | 19.32% | 20.09% | 19.73% | 19.05% | 18.12% | 17.55% | 17.31% | 17.37% | 18.03% | 18.36% | 17.95% | 16.90% | 17.45% | — | — | — | |||||||
| Lockheed Martin Corp. | 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% | 13.61% | 13.50% | 13.19% | 13.19% | 13.22% | — | — | — | |||||||
| RTX Corp. | 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% | 7.70% | 5.93% | 4.61% | -3.59% | -3.34% | — | — | — | |||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q1 2025 Calculation
Operating profit margin = 100
× (Earnings (loss) from operationsQ1 2025
+ Earnings (loss) from operationsQ4 2024
+ Earnings (loss) from operationsQ3 2024
+ Earnings (loss) from operationsQ2 2024)
÷ (RevenuesQ1 2025
+ RevenuesQ4 2024
+ RevenuesQ3 2024
+ RevenuesQ2 2024)
= 100 × (461 + -3,770 + -5,761 + -1,090)
÷ (19,496 + 15,242 + 17,840 + 16,866)
= -14.63%
2 Click competitor name to see calculations.
The financial data reveals notable volatility in earnings from operations over the observed periods. Initially, earnings showed significant losses, with the most substantial negative values recorded around the end of 2020, indicating a severe operational downturn during that time. A moderate recovery is apparent in 2021, characterized by intermittent positive earnings, yet this improvement was not sustained, as losses reemerged in subsequent quarters. The trend toward large negative earnings intensified again toward the end of 2024 before showing signs of recovery by early 2025.
Revenues throughout the periods demonstrate fluctuating but generally resilient performance. Despite the operational losses, revenue levels remain relatively stable with episodic increases peaking in late 2022 and late 2023. The range of revenues across quarters suggests the company maintained consistent sales volumes or contract values, albeit with some variability quarter to quarter.
The operating profit margin measures consistently negative values across all available quarters, reflecting persistent challenges in achieving operational profitability. Although there is a slight improvement in margin percentages post-2020, they remain below zero, emphasizing ongoing cost pressures or lower operational efficiency in relation to revenue generation. The margins illustrate a pattern of initial steep losses, followed by some reduction in negative margins, and then a worsening trend toward the latter part of the series, reinforcing the difficulty in converting revenues into positive operating profits.
- Earnings from Operations
- Exhibited significant fluctuations with deep losses at the end of 2020, partial recovery in 2021, subsequent volatility, and a return to sizeable losses toward late 2024, followed by a modest positive shift in early 2025.
- Revenues
- Displayed relative stability with fluctuations that include peaks in late 2022 and 2023, indicating maintained sales levels despite operational challenges.
- Operating Profit Margin
- Persistently negative throughout the periods, indicating operational inefficiencies or cost challenges; margins showed minor improvements post-2020 but remained unprofitable overall with a tendency toward worsening at the end of the data series.
Net Profit Margin
Boeing Co., net profit margin calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Net earnings (loss) attributable to Boeing Shareholders | (37) | (3,865) | (6,170) | (1,439) | (343) | (23) | (1,636) | (149) | (414) | (634) | (3,275) | 193) | (1,219) | (4,143) | (109) | 587) | (537) | (8,420) | (449) | (2,376) | (628) | |||||||
| Revenues | 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) | 14,793) | 15,278) | 16,998) | 15,217) | 15,304) | 14,139) | 11,807) | 16,908) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| Net profit margin1 | -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% | -6.75% | -13.50% | -14.30% | -20.87% | -20.42% | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | ||||||||||||||||||||||||||||
| Caterpillar Inc. | 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% | 13.47% | 11.28% | 10.17% | 8.53% | 7.68% | — | — | — | |||||||
| Eaton Corp. plc | 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% | 10.92% | 10.60% | 9.86% | 8.05% | 7.90% | — | — | — | |||||||
| GE Aerospace | 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% | -9.17% | -0.06% | -3.39% | -4.68% | 7.81% | — | — | — | |||||||
| Honeywell International Inc. | 14.51% | 14.82% | 15.01% | 15.49% | 15.52% | 15.43% | 14.87% | 15.08% | 14.54% | 14.00% | 15.38% | 14.74% | 15.30% | 16.11% | 15.80% | 14.65% | 14.17% | 14.64% | — | — | — | |||||||
| Lockheed Martin Corp. | 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% | 9.42% | 9.13% | 10.69% | 10.53% | 10.45% | — | — | — | |||||||
| RTX Corp. | 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% | 6.00% | 5.20% | 3.51% | -4.44% | -6.22% | — | — | — | |||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q1 2025 Calculation
Net profit margin = 100
× (Net earnings (loss) attributable to Boeing ShareholdersQ1 2025
+ Net earnings (loss) attributable to Boeing ShareholdersQ4 2024
+ Net earnings (loss) attributable to Boeing ShareholdersQ3 2024
+ Net earnings (loss) attributable to Boeing ShareholdersQ2 2024)
÷ (RevenuesQ1 2025
+ RevenuesQ4 2024
+ RevenuesQ3 2024
+ RevenuesQ2 2024)
= 100 × (-37 + -3,865 + -6,170 + -1,439)
÷ (19,496 + 15,242 + 17,840 + 16,866)
= -16.58%
2 Click competitor name to see calculations.
The financial data reveals substantial volatility in net earnings attributable to shareholders over the analyzed quarters. The company reported significant net losses in early 2020, notably reaching a peak loss in December 2020. Although there were intermittent quarters of net profit following this period, such as June 2021, the trend predominantly shows recurring losses with varying magnitudes extending through 2024 and into early 2025. This volatility indicates ongoing challenges affecting profitability despite occasional recovery attempts.
Revenues display a generally fluctuating trend with some quarters showing considerable increases, particularly in the latter part of the data set. The revenue figures oscillate, with troughs observed in mid-2020 and sporadic peaks from the end of 2022 onwards. This pattern suggests variability in sales or contract fulfillment that may be influenced by external market conditions or internal operational factors. Despite the irregular revenue pattern, there is an observable upward movement in revenues towards the end of the period under review, which could indicate a recovery phase or successful business initiatives.
The net profit margin consistently remains negative for all periods where data is available, reflecting a persistent inability to convert revenues into profits. Margins show slight improvement during some quarters, such as mid-2021 and early 2023, but the overall trend is a declining margin trending deeper into negative territory toward the end of the dataset. This persistent negative profitability margin is indicative of structural cost issues, inefficiencies, or other financial pressures which outweigh the gains in revenue.
- Net Earnings (Loss) Trends
- Significant net losses dominate the timeline, with sporadic gains that are insufficient to establish a stable profitability pattern.
- Revenue Fluctuations
- Revenue shows cyclical fluctuations but leans slightly upward in later quarters, indicating some recovery or growth potential despite instability.
- Profit Margin Analysis
- Consistent negative net profit margins suggest ongoing operational or financial challenges that diminish the impact of revenue fluctuations on net profitability.
- Overall Financial Health Indicators
- The combination of volatile earnings, fluctuating revenues, and persistent negative profit margins points to underlying challenges in cost management, operational efficiency, or market conditions.
Return on Equity (ROE)
Boeing Co., ROE calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Net earnings (loss) attributable to Boeing Shareholders | (37) | (3,865) | (6,170) | (1,439) | (343) | (23) | (1,636) | (149) | (414) | (634) | (3,275) | 193) | (1,219) | (4,143) | (109) | 587) | (537) | (8,420) | (449) | (2,376) | (628) | |||||||
| Shareholders’ deficit | (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) | (18,316) | (11,821) | (11,667) | (9,665) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| ROE1 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| ROE, Competitors2 | ||||||||||||||||||||||||||||
| Caterpillar Inc. | 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% | 39.37% | 30.90% | 26.09% | 20.73% | 19.56% | — | — | — | |||||||
| Eaton Corp. plc | 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% | 13.06% | 12.95% | 12.23% | 9.54% | 9.44% | — | — | — | |||||||
| GE Aerospace | 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% | -16.17% | -0.11% | -7.29% | -9.82% | 16.04% | — | — | — | |||||||
| Honeywell International Inc. | 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% | 29.85% | 30.67% | 27.73% | 25.71% | 27.23% | — | — | — | |||||||
| Lockheed Martin Corp. | 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% | 57.62% | 62.90% | 109.51% | 110.16% | 113.60% | — | — | — | |||||||
| RTX Corp. | 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% | 5.29% | 4.65% | 3.07% | -3.74% | -4.88% | — | — | — | |||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q1 2025 Calculation
ROE = 100
× (Net earnings (loss) attributable to Boeing ShareholdersQ1 2025
+ Net earnings (loss) attributable to Boeing ShareholdersQ4 2024
+ Net earnings (loss) attributable to Boeing ShareholdersQ3 2024
+ Net earnings (loss) attributable to Boeing ShareholdersQ2 2024)
÷ Shareholders’ deficit
= 100 × (-37 + -3,865 + -6,170 + -1,439)
÷ -3,325 = —
2 Click competitor name to see calculations.
The net earnings attributable to shareholders show significant volatility over the observed periods, fluctuating between large losses and occasional positive earnings. From March 2020 to December 2020, the company experienced substantial losses, with an extreme low of -8,420 million US dollars at the end of 2020. The first quarter of 2021 saw a slight loss of -537 million, followed by a brief positive turnaround in the second quarter of 2021 at 587 million US dollars. However, gains were short-lived, with subsequent quarters often recording losses again, including a particularly pronounced loss in December 2021 of -4,143 million US dollars. The period from 2022 through the first quarter of 2023 reveals a mix of losses and minor profits, but the overall trend indicates continuing financial challenges. From mid-2023 onward, the losses intensified considerably, reaching a significant deficit of -6,170 million US dollars by December 2024, though slightly improving to -3,865 million and -37 million in the first quarter of 2025.
Shareholders’ deficit consistently depicts a negative balance throughout the timeline, demonstrating sustained financial strain. The deficit deepened markedly from -9,665 million US dollars in March 2020 to peak at -18,316 million by the end of 2020. The subsequent quarters up to December 2021 show some fluctuations, with temporary reductions in the deficit, such as in September 2021 (-14,440 million) and June 2021 (-16,682 million). However, the overall trend remains unfavorable, with the deficit levels mostly hovering around -15,000 to -18,000 million during 2021 and 2022. Notably, from 2023 onward, there is an erratic pattern with a severe dip to -23,552 million in September 2024, followed by a sharp recovery to deficits as low as -3,325 million by the first quarter of 2025, indicating unusual volatility or possible restructuring actions during this period.
Return on equity (ROE) data is absent throughout the entire period, which precludes direct assessment of profitability relative to shareholder equity. This lack of data limits the ability to quantify efficiency in utilizing equity for earnings generation or to correlate net income fluctuations with shareholders’ equity changes.
Overall, the company’s financial performance in terms of net earnings demonstrates high instability, with recurring and deep losses dominating most quarters. The shareholders’ deficit largely reflects this strain, showing sustained negative equity positions that only recently display some signs of improvement. The combination of persistent losses and negative equity highlights ongoing financial challenges, suggesting potential risks related to capital structure and profitability stability.
- Net Earnings (Loss)
- Highly volatile with frequent, substantial losses; intermittent brief positive earnings in 2021; severe losses intensify from mid-2023 onward.
- Shareholders’ Deficit
- Consistently negative and large; worsening through 2020; fluctuates with some recovery periods but remains substantial; extreme volatility noted in late 2024 to early 2025.
- Return on Equity (ROE)
- Data unavailable, limiting profitability ratio assessment.
Return on Assets (ROA)
Boeing Co., ROA calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Net earnings (loss) attributable to Boeing Shareholders | (37) | (3,865) | (6,170) | (1,439) | (343) | (23) | (1,636) | (149) | (414) | (634) | (3,275) | 193) | (1,219) | (4,143) | (109) | 587) | (537) | (8,420) | (449) | (2,376) | (628) | |||||||
| Total assets | 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) | 152,136) | 161,261) | 162,872) | 143,075) | |||||||
| Profitability Ratio | ||||||||||||||||||||||||||||
| ROA1 | -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% | -3.03% | -5.77% | -5.92% | -7.85% | -7.80% | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| ROA, Competitors2 | ||||||||||||||||||||||||||||
| Caterpillar Inc. | 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% | 7.84% | 6.37% | 5.37% | 4.26% | 3.83% | — | — | — | |||||||
| Eaton Corp. plc | 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% | 6.30% | 6.06% | 5.12% | 4.20% | 4.43% | — | — | — | |||||||
| GE Aerospace | 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% | -3.28% | -0.02% | -1.03% | -1.34% | 2.25% | — | — | — | |||||||
| Honeywell International Inc. | 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% | 8.60% | 8.53% | 7.78% | 7.28% | 7.40% | — | — | — | |||||||
| Lockheed Martin Corp. | 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% | 12.41% | 11.69% | 13.71% | 13.52% | 13.47% | — | — | — | |||||||
| RTX Corp. | 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% | 2.39% | 2.09% | 1.37% | -1.67% | -2.17% | — | — | — | |||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q1 2025 Calculation
ROA = 100
× (Net earnings (loss) attributable to Boeing ShareholdersQ1 2025
+ Net earnings (loss) attributable to Boeing ShareholdersQ4 2024
+ Net earnings (loss) attributable to Boeing ShareholdersQ3 2024
+ Net earnings (loss) attributable to Boeing ShareholdersQ2 2024)
÷ Total assets
= 100 × (-37 + -3,865 + -6,170 + -1,439)
÷ 156,494 = -7.36%
2 Click competitor name to see calculations.
The financial data indicates significant volatility in net earnings attributable to shareholders across the observed periods. Initially, there are substantial losses, notably a peak negative value around December 2020. This period marks the lowest net earnings performance, with a loss of approximately $8.4 billion. Following this, a partial recovery is evident through 2021, oscillating between positive and negative results but not reaching consistent profitability.
From early 2022 through late 2023, net earnings exhibit continued fluctuations including both losses and moderate gains, yet no sustained positive trend emerges. In the latest quarters of 2024 and into March 2025, losses deepen again, with net earnings moving into multi-billion-dollar negative territory. This pattern suggests ongoing challenges in achieving stable profitability.
Total assets demonstrate a downward trend from early 2020 through 2021, declining from approximately $143 billion to about $138.5 billion. Thereafter, asset values fluctuate with some recovery and volatility, culminating in a significant increase by March 2025, reaching over $156 billion. This rise indicates potential asset accumulation or revaluation despite operational earnings difficulties.
The Return on Assets (ROA) percentages, provided intermittently, confirm persistent negative returns on the company’s asset base throughout the timeline. ROA remains below zero, with the greatest negative values coinciding with periods of deep net losses, particularly during 2020 and again in late 2024 and early 2025. Slight improvements in ROA occur from 2022 through mid-2023 but revert to more pronounced negatives subsequently.
- Summary of Observations:
- - Net earnings show significant instability with large losses at several points, including the deepest in late 2020 and renewals of severe losses in late 2024 and early 2025.
- - Total assets decrease initially with some recovery and notable growth toward the end of the period, indicating a strengthening or expansion of asset holdings despite profitability issues.
- - ROA consistently remains negative, reinforcing the lack of profitable returns on invested assets over the entire timeframe.
- - The overall financial picture reflects operational challenges with intermittent recovery phases overshadowed by recurrent losses and a persistently negative return profile.