Cash Flow Statement
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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- Income Statement
- Common-Size Balance Sheet: Assets
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
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Boeing Co., consolidated cash flow statement
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The financial statement information reveals a period of significant volatility in cash flows over the five-year period. Operating activities exhibited substantial fluctuations, while investing and financing activities also demonstrated considerable shifts. Net earnings displayed a dramatic arc, beginning with losses, reaching a peak, and then experiencing a substantial loss before recovering.
- Operating Activities
- Net cash provided by operating activities was initially negative in 2021, at -US$3,416 million, before turning positive in 2022 and 2023, reaching US$5,960 million. However, it sharply declined to a negative US$12,080 million in 2024, followed by a recovery to US$1,065 million in 2025. This volatility was heavily influenced by changes in working capital components. Accounts receivable and unbilled receivables showed inconsistent patterns, while advances and progress billings experienced a large increase in 2023 and a significant decrease in 2025. Inventory changes also contributed to the fluctuations, with a substantial decrease in 2024. Adjustments to reconcile net earnings to net cash provided by operating activities were consistently positive, except for 2024, where it was negative, amplifying the impact of the net earnings trend.
- Investing Activities
- Net cash used in investing activities was substantial throughout the period. Significant outflows were consistently related to payments to acquire property, plant, and equipment, which increased over time. Proceeds from disposals of property, plant, and equipment were relatively small. A major outflow in 2025, US$51,938 million, was attributed to contributions to investments, while a large inflow of US$46,628 million was from proceeds from investments. Acquisitions also contributed to cash outflows, particularly in 2025. Supplier notes receivable and repayments also had a notable impact, with increasing outflows in later years.
- Financing Activities
- Financing activities were also highly variable. Net cash used in financing activities was observed in 2021, 2022, and 2023, driven by debt repayments and dividends paid. 2024 saw a significant net cash inflow of US$25,209 million, largely due to common stock issuance and mandatory convertible preferred stock issuance. This was followed by a net cash outflow in 2025. New borrowings were a consistent source of cash inflow, while debt repayments remained a significant outflow. Stock options exercised provided a minor cash inflow.
- Net Earnings and Non-Cash Items
- Net earnings began with substantial losses in 2021 and 2022, improved in 2023, experienced a large loss in 2024, and then became positive in 2025. Non-cash items, including share-based plans expense, depreciation and amortization, and investment/asset impairment charges, were significant contributors to the overall cash flow picture. The 777X and 767 reach-forward losses were substantial in 2021 and reappeared in 2024 and 2025. A large loss on dispositions in 2025 significantly impacted net earnings.
Overall, the period was characterized by substantial financial maneuvering, including significant investment activity, debt management, and equity financing. The volatility in operating cash flow, coupled with large non-cash adjustments, highlights the complexity of the company’s financial position and the impact of large-scale projects and strategic decisions.