Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
Boeing Co., liquidity ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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).
Liquidity levels exhibit a gradual long-term compression interspersed with acute volatility during the 2024 fiscal year. While the organization maintains a current ratio above 1.0 throughout the observed period, the narrowing margin suggests a reduced cushion for meeting short-term obligations over time.
- Current Ratio Trends
- The current ratio transitioned from a peak of 1.30 in March 2022 to a low of 1.12 in September 2024, before recovering to 1.32 by December 2024. Following this recovery, the ratio experienced a steady decline, concluding at 1.13 in September 2026. This pattern indicates a sustained, albeit diminishing, ability to cover short-term liabilities with current assets.
- Quick Ratio and Asset Composition
- The quick ratio remained consistently low, fluctuating between 0.22 and 0.39. The significant and persistent disparity between the current ratio and the quick ratio highlights a structural reliance on inventory to sustain liquidity. A notable trough occurred in March 2024 at 0.22, followed by a peak of 0.39 in December 2024, suggesting a period of temporary asset realignment or liability management.
- Cash Ratio Volatility
- The cash ratio demonstrates the highest degree of relative volatility. After maintaining a range between 0.14 and 0.19 from 2022 through 2023, the ratio plummeted to 0.08 in March 2024. This was followed by a sharp increase to 0.27 by December 2024, before stabilizing near 0.18 through 2026. These fluctuations indicate periodic instability in immediate cash availability relative to current liabilities.
The synchronization of the dip and subsequent recovery across all three ratios in 2024 points to a specific liquidity event and a corresponding correction. However, the overall trajectory reveals a liquidity profile characterized by high inventory dependence and a long-term drift toward lower liquidity thresholds.
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Current Ratio
Boeing Co., current ratio calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | 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) | |||||||||||||||||||||||||
| Current assets | 129,272) | 124,630) | 124,141) | 128,459) | 122,132) | 127,301) | 127,662) | 127,998) | 109,436) | 114,439) | 106,532) | 109,275) | 106,935) | 107,412) | 108,811) | 109,523) | 109,251) | 106,000) | 106,012) | ||||||
| Current liabilities | 113,961) | 109,563) | 105,547) | 108,115) | 103,324) | 103,376) | 103,654) | 97,078) | 97,300) | 96,630) | 93,258) | 95,827) | 93,062) | 92,076) | 93,510) | 90,052) | 89,618) | 84,799) | 81,692) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||||
| Current ratio1 | 1.13 | 1.14 | 1.18 | 1.19 | 1.18 | 1.23 | 1.23 | 1.32 | 1.12 | 1.18 | 1.14 | 1.14 | 1.15 | 1.17 | 1.16 | 1.22 | 1.22 | 1.25 | 1.30 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Current Ratio, Competitors2 | |||||||||||||||||||||||||
| Caterpillar Inc. | — | 1.37 | 1.35 | 1.44 | 1.38 | 1.34 | 1.32 | 1.42 | 1.40 | 1.28 | 1.35 | 1.35 | 1.45 | 1.33 | 1.43 | 1.39 | 1.41 | 1.45 | 1.44 | ||||||
| Eaton Corp. plc | — | 1.24 | 1.19 | 1.32 | 1.28 | 1.24 | 1.31 | 1.50 | 1.53 | 1.56 | 1.56 | 1.51 | 1.45 | 1.53 | 1.50 | 1.38 | 1.28 | 0.97 | 0.99 | ||||||
| GE Aerospace | 0.98 | 0.98 | 1.01 | 1.04 | 1.08 | 1.04 | 1.08 | 1.09 | 1.13 | 1.14 | 1.17 | 1.18 | 1.17 | 1.25 | 1.25 | 1.16 | 1.10 | 1.13 | 1.19 | ||||||
| Honeywell International Inc. | 0.96 | 1.21 | 1.39 | 1.30 | 1.36 | 1.29 | 1.25 | 1.31 | 1.44 | 1.21 | 1.66 | 1.27 | 1.35 | 1.41 | 1.26 | 1.25 | 1.24 | 1.20 | 1.21 | ||||||
| Lockheed Martin Corp. | 1.26 | 1.19 | 1.14 | 1.09 | 1.13 | 0.98 | 1.08 | 1.13 | 1.30 | 1.24 | 1.30 | 1.21 | 1.36 | 1.36 | 1.30 | 1.32 | 1.28 | 1.27 | 1.27 | ||||||
| RTX Corp. | 1.05 | 1.01 | 1.02 | 1.03 | 1.07 | 1.01 | 1.01 | 0.99 | 0.99 | 0.99 | 1.07 | 1.04 | 1.03 | 1.10 | 1.13 | 1.09 | 1.09 | 1.10 | 1.16 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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 Q3 2026 Calculation
Current ratio = Current assets ÷ Current liabilities
= 129,272 ÷ 113,961 = 1.13
2 Click competitor name to see calculations.
The short-term liquidity position exhibits a general downward trajectory over the analyzed period, characterized by a gradual compression of the margin between current assets and current liabilities. While both asset and liability bases expanded in absolute terms, the growth in obligations frequently outpaced the accumulation of liquid assets, leading to a reduction in the overall liquidity cushion.
- Current Asset Trends
- Current assets remained relatively stagnant between March 2022 and March 2024, fluctuating within a narrow range of 106 billion to 109 billion US dollars. A notable expansion occurred during 2024, with assets peaking at 127.9 billion US dollars by December 31, 2024. This elevated level was largely maintained through 2025 and into 2026, concluding at 129.2 billion US dollars in September 2026, representing a total increase of approximately 22% over the period.
- Current Liability Trends
- Current liabilities demonstrated a more consistent and linear upward trend compared to assets. Obligations rose from 81.6 billion US dollars in March 2022 to 113.9 billion US dollars by September 2026. The growth was particularly pronounced during 2022 and again throughout 2025 and 2026, indicating a steady increase in short-term financial commitments.
- Current Ratio Analysis
- The current ratio declined from a peak of 1.30 in March 2022 to 1.13 by September 2026. A period of sustained erosion is observed through 2023, where the ratio fell to 1.14. A temporary recovery occurred in late 2024, reaching a high of 1.32 in December, driven by a significant surge in current assets. However, this recovery was short-lived; the ratio entered a subsequent decline through 2025 and 2026. The final value of 1.13 suggests that while the company maintains a current ratio above 1.0, the ability to cover short-term obligations with short-term assets has diminished over the five-year horizon.
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Quick Ratio
Boeing Co., quick ratio calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | 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) | |||||||||||||||||||||||||
| Cash and cash equivalents | 9,498) | 7,239) | 9,441) | 10,921) | 6,173) | 7,087) | 10,142) | 13,801) | 9,961) | 10,894) | 6,914) | 12,691) | 6,811) | 7,254) | 10,812) | 14,614) | 13,494) | 10,090) | 7,409) | ||||||
| Short-term and other investments | 11,216) | 12,783) | 11,464) | 18,479) | 16,811) | 15,880) | 13,532) | 12,481) | 509) | 1,727) | 615) | 3,274) | 6,561) | 6,508) | 3,955) | 2,606) | 763) | 1,358) | 4,873) | ||||||
| Accounts receivable, net | 4,069) | 3,515) | 3,485) | 2,921) | 3,314) | 3,190) | 3,204) | 2,631) | 2,894) | 3,155) | 2,959) | 2,649) | 3,032) | 2,945) | 2,862) | 2,517) | 2,673) | 2,996) | 2,407) | ||||||
| Unbilled receivables, net | 10,179) | 9,660) | 9,793) | 9,158) | 9,032) | 9,261) | 9,031) | 8,363) | 9,356) | 9,660) | 9,673) | 8,317) | 9,184) | 9,357) | 9,689) | 8,634) | 9,316) | 9,394) | 8,991) | ||||||
| Current portion of financing receivables, net | —) | —) | —) | —) | —) | 16) | 202) | 207) | 457) | 60) | 57) | 99) | 88) | 85) | 133) | 154) | 155) | 159) | 157) | ||||||
| Total quick assets | 34,962) | 33,197) | 34,183) | 41,479) | 35,330) | 35,434) | 36,111) | 37,483) | 23,177) | 25,496) | 20,218) | 27,030) | 25,676) | 26,149) | 27,451) | 28,525) | 26,401) | 23,997) | 23,837) | ||||||
| Current liabilities | 113,961) | 109,563) | 105,547) | 108,115) | 103,324) | 103,376) | 103,654) | 97,078) | 97,300) | 96,630) | 93,258) | 95,827) | 93,062) | 92,076) | 93,510) | 90,052) | 89,618) | 84,799) | 81,692) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||||
| Quick ratio1 | 0.31 | 0.30 | 0.32 | 0.38 | 0.34 | 0.34 | 0.35 | 0.39 | 0.24 | 0.26 | 0.22 | 0.28 | 0.28 | 0.28 | 0.29 | 0.32 | 0.29 | 0.28 | 0.29 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Quick Ratio, Competitors2 | |||||||||||||||||||||||||
| Caterpillar Inc. | — | 0.77 | 0.72 | 0.86 | 0.78 | 0.72 | 0.69 | 0.80 | 0.76 | 0.69 | 0.73 | 0.74 | 0.76 | 0.74 | 0.79 | 0.79 | 0.78 | 0.81 | 0.84 | ||||||
| Eaton Corp. plc | — | 0.62 | 0.61 | 0.66 | 0.65 | 0.63 | 0.74 | 0.85 | 0.87 | 0.94 | 0.93 | 0.91 | 0.84 | 0.85 | 0.78 | 0.73 | 0.65 | 0.50 | 0.51 | ||||||
| GE Aerospace | 0.62 | 0.62 | 0.67 | 0.71 | 0.73 | 0.70 | 0.74 | 0.78 | 0.81 | 0.81 | 0.76 | 0.78 | 0.76 | 0.84 | 0.86 | 0.81 | 0.73 | 0.75 | 0.82 | ||||||
| Honeywell International Inc. | 0.76 | 0.76 | 0.93 | 0.88 | 0.98 | 0.90 | 0.83 | 0.88 | 0.96 | 0.83 | 1.18 | 0.84 | 0.92 | 0.98 | 0.84 | 0.88 | 0.85 | 0.82 | 0.84 | ||||||
| Lockheed Martin Corp. | 1.06 | 0.97 | 0.91 | 0.90 | 0.93 | 0.80 | 0.87 | 0.92 | 1.10 | 1.05 | 1.08 | 0.99 | 1.14 | 1.14 | 1.07 | 1.09 | 1.06 | 1.03 | 1.03 | ||||||
| RTX Corp. | 0.67 | 0.65 | 0.65 | 0.67 | 0.67 | 0.60 | 0.60 | 0.60 | 0.60 | 0.60 | 0.64 | 0.63 | 0.63 | 0.68 | 0.71 | 0.69 | 0.70 | 0.71 | 0.76 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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 Q3 2026 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 34,962 ÷ 113,961 = 0.31
2 Click competitor name to see calculations.
The overall liquidity position remains constrained, with the quick ratio consistently staying below 1.0 throughout the analyzed period. This indicates a structural dependency on assets beyond the most liquid categories or external financing to meet short-term obligations.
- Quick Asset Trends
- Total quick assets exhibited significant volatility, starting at 23,837 million USD in March 2022 and reaching a peak of 41,479 million USD by December 2024. A notable contraction occurred in March 2024, where assets fell to a period low of 20,218 million USD before a sharp recovery. From 2025 through September 2026, these assets stabilized, oscillating between 33,197 million USD and 35,434 million USD.
- Current Liabilities Growth
- Current liabilities demonstrated a consistent and sustained upward trajectory. Obligations grew from 81,692 million USD in March 2022 to 113,961 million USD by September 2026. This steady increase indicates a growing volume of short-term debt and accruals over the five-year span.
- Quick Ratio Analysis
- The quick ratio fluctuated within a narrow range of 0.22 to 0.39. The minimum liquidity level was recorded in March 2024 at 0.22, corresponding with the sharp dip in quick assets. A peak of 0.39 was achieved in December 2024. In the final two years of the period, the ratio remained relatively stable, fluctuating between 0.30 and 0.34, reflecting a persistent gap between liquid assets and immediate liabilities.
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Cash Ratio
Boeing Co., cash ratio calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | 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) | |||||||||||||||||||||||||
| Cash and cash equivalents | 9,498) | 7,239) | 9,441) | 10,921) | 6,173) | 7,087) | 10,142) | 13,801) | 9,961) | 10,894) | 6,914) | 12,691) | 6,811) | 7,254) | 10,812) | 14,614) | 13,494) | 10,090) | 7,409) | ||||||
| Short-term and other investments | 11,216) | 12,783) | 11,464) | 18,479) | 16,811) | 15,880) | 13,532) | 12,481) | 509) | 1,727) | 615) | 3,274) | 6,561) | 6,508) | 3,955) | 2,606) | 763) | 1,358) | 4,873) | ||||||
| Total cash assets | 20,714) | 20,022) | 20,905) | 29,400) | 22,984) | 22,967) | 23,674) | 26,282) | 10,470) | 12,621) | 7,529) | 15,965) | 13,372) | 13,762) | 14,767) | 17,220) | 14,257) | 11,448) | 12,282) | ||||||
| Current liabilities | 113,961) | 109,563) | 105,547) | 108,115) | 103,324) | 103,376) | 103,654) | 97,078) | 97,300) | 96,630) | 93,258) | 95,827) | 93,062) | 92,076) | 93,510) | 90,052) | 89,618) | 84,799) | 81,692) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||||
| Cash ratio1 | 0.18 | 0.18 | 0.20 | 0.27 | 0.22 | 0.22 | 0.23 | 0.27 | 0.11 | 0.13 | 0.08 | 0.17 | 0.14 | 0.15 | 0.16 | 0.19 | 0.16 | 0.14 | 0.15 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Cash Ratio, Competitors2 | |||||||||||||||||||||||||
| Caterpillar Inc. | — | 0.17 | 0.11 | 0.27 | 0.21 | 0.16 | 0.11 | 0.21 | 0.17 | 0.13 | 0.15 | 0.20 | 0.20 | 0.21 | 0.21 | 0.22 | 0.21 | 0.21 | 0.22 | ||||||
| Eaton Corp. plc | — | 0.06 | 0.06 | 0.09 | 0.06 | 0.06 | 0.20 | 0.26 | 0.25 | 0.34 | 0.32 | 0.34 | 0.25 | 0.20 | 0.09 | 0.09 | 0.08 | 0.07 | 0.06 | ||||||
| GE Aerospace | 0.21 | 0.23 | 0.27 | 0.32 | 0.36 | 0.33 | 0.38 | 0.42 | 0.47 | 0.47 | 0.43 | 0.45 | 0.42 | 0.49 | 0.52 | 0.44 | 0.35 | 0.37 | 0.44 | ||||||
| Honeywell International Inc. | 0.41 | 0.40 | 0.56 | 0.55 | 0.59 | 0.49 | 0.46 | 0.52 | 0.56 | 0.47 | 0.73 | 0.44 | 0.46 | 0.51 | 0.40 | 0.51 | 0.44 | 0.43 | 0.49 | ||||||
| Lockheed Martin Corp. | 0.24 | 0.16 | 0.09 | 0.18 | 0.15 | 0.05 | 0.09 | 0.13 | 0.18 | 0.14 | 0.16 | 0.09 | 0.21 | 0.21 | 0.14 | 0.16 | 0.15 | 0.11 | 0.12 | ||||||
| RTX Corp. | 0.15 | 0.13 | 0.12 | 0.13 | 0.11 | 0.09 | 0.10 | 0.11 | 0.13 | 0.12 | 0.12 | 0.14 | 0.12 | 0.13 | 0.15 | 0.16 | 0.14 | 0.13 | 0.17 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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 Q3 2026 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 20,714 ÷ 113,961 = 0.18
2 Click competitor name to see calculations.
The liquidity position, as measured by the cash ratio, demonstrates significant volatility and a general trend of low immediate coverage of short-term obligations from March 2022 through September 2026. While the ratio consistently remains below 0.30, fluctuations in cash reserves have created distinct periods of liquidity contraction and expansion.
- Cash Ratio Fluctuations
- The cash ratio remained relatively stable between 0.14 and 0.19 throughout 2022 and 2023. A sharp decline occurred in the first quarter of 2024, where the ratio dropped to a period low of 0.08, driven by a significant reduction in cash assets to 7.5 billion USD. This low was followed by a substantial recovery, with the ratio peaking at 0.27 in December 2024 and again in December 2025. By the third quarter of 2026, the ratio stabilized at 0.18.
- Growth of Short-Term Obligations
- A consistent upward trajectory in current liabilities is observed over the analyzed period. Liabilities increased from 81.7 billion USD in March 2022 to 113.9 billion USD by September 2026. This steady growth in obligations indicates an increasing requirement for liquid assets to maintain a stable solvency profile, as the rising denominator puts continuous downward pressure on the cash ratio.
- Correlation Between Cash Assets and Liquidity
- The volatility of the cash ratio is primarily attributed to swings in total cash assets rather than fluctuations in liabilities. The highest liquidity levels observed in December 2024 and December 2025 correlate directly with peaks in cash holdings of 26.3 billion USD and 29.4 billion USD, respectively. Conversely, the liquidity dip in early 2024 was a direct result of the depletion of cash assets, underscoring a high sensitivity of the cash ratio to cash flow volatility.
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