Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Boeing Co., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	Sep 30, 2025	Jun 30, 2025	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Sales of products	19,642)	19,122)	16,147)	11,901)	14,534)	13,524)	13,268)	18,920)	15,060)	16,687)	14,914)	17,126)	13,331)	14,009)	11,427)	12,162)	12,552)	14,154)	12,518)	12,486)	11,402)	9,063)	14,191)
Sales of services	3,628)	3,627)	3,349)	3,341)	3,306)	3,342)	3,301)	3,098)	3,044)	3,064)	3,007)	2,854)	2,625)	2,672)	2,564)	2,631)	2,726)	2,844)	2,699)	2,818)	2,737)	2,744)	2,717)
Revenues	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)	14,793)	15,278)	16,998)	15,217)	15,304)	14,139)	11,807)	16,908)
Cost of products	(22,737)	(17,406)	(14,379)	(14,010)	(18,413)	(12,907)	(12,064)	(16,724)	(14,464)	(15,123)	(13,553)	(15,732)	(14,541)	(12,284)	(11,412)	(14,788)	(11,271)	(12,263)	(11,632)	(18,567)	(10,910)	(10,378)	(14,713)
Cost of services	(2,908)	(2,908)	(2,700)	(2,821)	(2,934)	(2,730)	(2,629)	(2,597)	(2,475)	(2,689)	(2,445)	(2,384)	(2,230)	(2,269)	(2,226)	(2,512)	(2,288)	(2,316)	(2,167)	(2,415)	(2,185)	(2,589)	(2,043)
Cost of products and services	(25,645)	(20,314)	(17,079)	(16,831)	(21,347)	(15,637)	(14,693)	(19,321)	(16,939)	(17,812)	(15,998)	(18,116)	(16,771)	(14,553)	(13,638)	(17,300)	(13,559)	(14,579)	(13,799)	(20,982)	(13,095)	(12,967)	(16,756)
Boeing Capital interest expense	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(8)	(7)	(6)	(7)	(7)	(7)	(9)	(9)	(10)	(10)	(11)	(12)
Costs and expenses	(25,645)	(20,314)	(17,079)	(16,831)	(21,347)	(15,637)	(14,693)	(19,321)	(16,939)	(17,812)	(15,998)	(18,124)	(16,778)	(14,559)	(13,645)	(17,307)	(13,566)	(14,588)	(13,808)	(20,992)	(13,105)	(12,978)	(16,768)
Gross profit (loss)	(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)	(2,514)	1,712)	2,410)	1,409)	(5,688)	1,034)	(1,171)	140)
Income (loss) from operating investments, net	14)	25)	3)	12)	(15)	7)	67)	1)	28)	44)	(27)	11)	(24)	17)	(20)	15)	120)	38)	37)	70)	(14)	(45)	(2)
General and administrative expense	(1,522)	(1,793)	(1,112)	(1,398)	(1,085)	(1,377)	(1,161)	(1,535)	(1,043)	(1,286)	(1,304)	(1,430)	(1,226)	(668)	(863)	(988)	(1,097)	(1,040)	(1,032)	(1,828)	(955)	(1,161)	(873)
Research and development expense, net	(897)	(910)	(844)	(836)	(1,154)	(954)	(868)	(881)	(958)	(797)	(741)	(794)	(727)	(698)	(633)	(678)	(575)	(497)	(499)	(605)	(574)	(625)	(672)
Gain (loss) on dispositions, net	(1)	67)	(3)	41)	—)	5)	—)	1)	—)	1)	—)	4)	—)	1)	1)	(6)	169)	112)	2)	2)	108)	38)	54)
Earnings (loss) from operations	(4,781)	(176)	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)
Other income, net	276)	325)	323)	432)	265)	248)	277)	308)	297)	320)	302)	336)	288)	253)	181)	132)	30)	199)	190)	122)	119)	94)	112)
Interest and debt expense	(694)	(710)	(708)	(755)	(728)	(673)	(569)	(600)	(589)	(621)	(649)	(632)	(621)	(650)	(630)	(661)	(669)	(673)	(679)	(698)	(643)	(553)	(262)
Earnings (loss) before income taxes	(5,199)	(561)	76)	(4,093)	(6,224)	(1,515)	(378)	(9)	(1,100)	(400)	(496)	(649)	(3,132)	377)	(1,618)	(4,700)	(310)	549)	(572)	(8,625)	(925)	(3,423)	(1,503)
Income tax (expense) benefit	(140)	(51)	(107)	232)	50)	76)	23)	(21)	(538)	251)	71)	(14)	(176)	(217)	376)	536)	178)	18)	11)	186)	459)	1,028)	862)
Net earnings (loss)	(5,339)	(612)	(31)	(3,861)	(6,174)	(1,439)	(355)	(30)	(1,638)	(149)	(425)	(663)	(3,308)	160)	(1,242)	(4,164)	(132)	567)	(561)	(8,439)	(466)	(2,395)	(641)
Net (earnings) loss attributable to noncontrolling interest	2)	1)	(6)	(4)	4)	—)	12)	7)	2)	—)	11)	29)	33)	33)	23)	21)	23)	20)	24)	19)	17)	19)	13)
Net earnings (loss) attributable to Boeing shareholders	(5,337)	(611)	(37)	(3,865)	(6,170)	(1,439)	(343)	(23)	(1,636)	(149)	(414)	(634)	(3,275)	193)	(1,219)	(4,143)	(109)	587)	(537)	(8,420)	(449)	(2,376)	(628)
Mandatory convertible preferred stock dividends accumulated during the period	(87)	(86)	(86)	(58)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Net earnings (loss) attributable to Boeing common shareholders	(5,424)	(697)	(123)	(3,923)	(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)

Sales and Revenues Trends: The sales of products exhibit significant volatility, with a notable decline in mid-2020 followed by intermittent recoveries and drops through subsequent quarters. The highest sales of products occur in late 2023, approaching US$ 18.9 billion, before again fluctuating downward into 2024 and 2025. Sales of services remain relatively stable with slight gradual increases, peaking in mid-2025 around US$ 3.6 billion. Overall revenues, combining products and services, reflect the fluctuations of product sales, showing an initial drop in 2020, gradual recovery through 2021 and 2022, a peak in late 2023, and subsequent decreases toward 2025.
Cost of Goods Sold and Overall Expenses: Costs of products mostly track sales patterns but display higher volatility, peaking significantly negative in late 2020 and again in late 2024 and 2025, which indicates stress on production costs or write-downs. Costs of services remain comparatively stable but do not show substantial improvement or deterioration. Combined cost of products and services aligns closely with these individual trends, highlighting periods of increased expense burden toward the end of 2024 and into 2025. General and administrative expenses fluctuate but lack a clear trend, maintaining a mid-range level without dramatic shifts. Research and development expenses demonstrate a slight upward trend over time, indicating sustained investment in innovation despite operational challenges.
Profitability Indicators: Gross profit margins are highly volatile with multiple quarters of losses, especially pronounced in 2020’s end and again in late 2024 and 2025. Positive gains are sporadic and insufficient to establish consistent profitability at the gross level. Operating earnings mirror this volatility, with significant losses evident in late 2020 and late 2024, interspersed with brief profitable quarters. Earnings before income taxes also portray fluctuating fortunes, including sharp declines in some quarters followed by periods of modest profit or reduced losses.
Net Earnings and Shareholder Impact: Net earnings show persistently negative values across much of the timeline, particularly severe losses recorded at the end of 2020 and again from late 2024 onward. While some quarters report slight profits or reduced losses, the general trend is a continuation of net losses. The net earnings attributable to Boeing shareholders and common shareholders closely reflect these losses, with a clear pattern of significant negative impact on equity holders. Later quarters in 2024 and 2025 show exacerbated negative results, especially among common shareholders, indicating increasing financial strain.
Additional Income and Expenses: Other income remains positive and gradually increases, providing some offset to operating losses. Interest and debt expenses remain relatively consistent with minor fluctuations but do not heavily influence the overall profitability trend. Boeing Capital interest expense is minimal and does not substantially affect aggregate expenses. Income tax expense or benefit fluctuates in line with pre-tax earnings, reflecting smaller tax burdens or benefits in loss periods.
Operational and Financial Performance Summary: The data reveals an overall challenging financial environment characterized by volatile sales of products, steady but modest service sales, and highly fluctuating costs leading to irregular profitability. The company faces periods of deep losses, predominantly in late 2020 and from late 2024 onward, suggesting cyclical or external pressures impacting operational efficiency and market demand. Despite intermittent positive income from operations and other income streams, these do not translate consistently into net profitability. Continued investment in research and development alongside persistent general administrative spending highlights ongoing commitments to growth and operations despite the financial strains observed.

Download chart

Boeing Co. (NYSE:BA)

Income Statement Quarterly Data

Income Statement
Quarterly Data