Boeing's profitability remains severely impaired, with gross margins failing to consistently exceed 12% and operating income frequently turning negative, including a -20.6% operating margin reported in 2025Q3.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 92.18B | 89.46B | 66.52B | 77.79B | 66.61B | 62.29B | 58.16B | 76.56B | 101.13B | 94B | 94.57B | 96.11B | 90.76B | 86.62B | 81.7B | 68.73B | 64.31B | 68.28B | 60.91B | 66.39B | 61.53B | 53.62B | 52.46B | 50.48B | 54.07B | 58.2B | 51.32B | 57.99B | 56.15B | 45.8B | 22.68B |
| Revenue Growth % | 32.74% | 34.49% | -14.49% | 16.8% | 6.94% | 7.09% | -24.03% | -24.29% | 7.58% | -0.6% | -1.61% | 5.9% | 4.78% | 6.03% | 18.86% | 6.89% | -5.82% | 12.1% | -8.25% | 7.89% | 14.75% | 2.22% | 3.91% | -6.63% | -7.09% | 13.4% | -11.5% | 3.27% | 22.61% | 101.93% | 16.22% |
| Cost of Goods Sold | 87.75B | 85.17B | 68.48B | 70.09B | 63.14B | 55.8B | 57.15B | 72.07B | 81.49B | 76.61B | 80.79B | 82.09B | 76.75B | 73.27B | 68.64B | 55.87B | 51.84B | 56.54B | 50.39B | 53.43B | 50.46B | 44.63B | 44.67B | 44.3B | 45.5B | 48.78B | 43.71B | 51.32B | 50.55B | 40.64B | 21.33B |
| COGS % of Revenue | - | 95.21% | 102.94% | 90.09% | 94.8% | 89.59% | 98.26% | 94.13% | 80.58% | 81.5% | 85.43% | 85.41% | 84.56% | 84.58% | 84.02% | 81.28% | 80.62% | 82.8% | 82.72% | 80.48% | 82.01% | 83.22% | 85.17% | 87.76% | 84.15% | 83.81% | 85.17% | 88.49% | 90.01% | 88.74% | 94.03% |
| Gross Profit | 4.43B | 4.29B | -1.96B | 7.71B | 3.46B | 6.48B | 1.01B | 4.49B | 19.64B | 17.39B | 13.78B | 14.03B | 14.01B | 13.36B | 13.05B | 12.87B | 12.46B | 11.74B | 10.52B | 12.96B | 11.07B | 9B | 7.78B | 6.18B | 8.57B | 9.42B | 7.61B | 6.67B | 5.61B | 5.16B | 1.35B |
| Gross Margin % | 4.81% | 4.79% | -2.94% | 9.91% | 5.2% | 10.41% | 1.74% | 5.87% | 19.42% | 18.5% | 14.57% | 14.59% | 15.44% | 15.42% | 15.98% | 18.72% | 19.38% | 17.2% | 17.28% | 19.52% | 17.99% | 16.78% | 14.84% | 12.24% | 15.85% | 16.19% | 14.83% | 11.51% | 9.99% | 11.26% | 5.97% |
| Gross Profit Growth % | - | 319.05% | -125.4% | 122.58% | -46.58% | 539.88% | -77.44% | -77.13% | 12.9% | 26.21% | -1.75% | 0.11% | 4.9% | 2.31% | 1.45% | 3.25% | 6.15% | 11.57% | -18.81% | 17.09% | 23.04% | 15.6% | 25.9% | -27.88% | -9.02% | 23.8% | 14.03% | 18.99% | 8.77% | 280.8% | 50.11% |
| Operating Expenses | 9.84B | 9.71B | 8.83B | 8.52B | 7.02B | 6.42B | 7.29B | 6.43B | 7.84B | 7.27B | 8.24B | 6.86B | 6.81B | 7.03B | 7.01B | 7.33B | 7.76B | 9.87B | 6.85B | 7.38B | 7.43B | 6.43B | 5.54B | 4.83B | 4.66B | 4.57B | 3.99B | 3.5B | 4.04B | 5.51B | 0 |
| OpEx % of Revenue | - | 10.85% | 13.28% | 10.95% | 10.53% | 10.31% | 12.53% | 8.39% | 7.75% | 7.74% | 8.72% | 7.13% | 7.51% | 8.11% | 8.59% | 10.66% | 12.08% | 14.46% | 11.25% | 11.12% | 12.07% | 12% | 10.55% | 9.56% | 8.61% | 7.85% | 7.78% | 6.04% | 7.2% | 12.03% | - |
| Selling, General & Admin | 6.18B | 6.09B | 5.02B | 5.14B | 4.17B | 4.17B | 4.81B | 3.21B | 4.57B | 4.09B | 3.62B | 3.52B | 3.77B | 3.96B | 3.72B | 3.41B | 3.64B | 3.36B | 3.08B | 3.53B | 4.17B | 4.23B | 3.08B | 3.22B | 2.98B | 2.77B | 2.65B | 2.25B | 2.15B | 2.19B | 0 |
| SG&A % of Revenue | - | 6.81% | 7.55% | 6.61% | 6.25% | 6.69% | 8.27% | 4.19% | 4.52% | 4.36% | 3.82% | 3.67% | 4.15% | 4.57% | 4.55% | 4.96% | 5.67% | 4.93% | 5.06% | 5.32% | 6.78% | 7.89% | 5.87% | 6.39% | 5.51% | 4.75% | 5.17% | 3.89% | 3.82% | 4.78% | - |
| Research & Development | 3.67B | 3.62B | 3.81B | 3.38B | 2.85B | 2.25B | 2.48B | 3.22B | 3.27B | 3.18B | 4.63B | 3.33B | 3.05B | 3.07B | 3.3B | 3.92B | 4.12B | 6.51B | 3.77B | 3.85B | 3.26B | 2.21B | 1.88B | 1.65B | 1.64B | 1.94B | 1.44B | 1.34B | 1.9B | 1.92B | 0 |
| R&D % of Revenue | - | 4.04% | 5.73% | 4.34% | 4.28% | 3.61% | 4.26% | 4.2% | 3.23% | 3.38% | 4.89% | 3.47% | 3.36% | 3.55% | 4.04% | 5.7% | 6.41% | 9.53% | 6.19% | 5.8% | 5.29% | 4.11% | 3.58% | 3.27% | 3.03% | 3.33% | 2.81% | 2.31% | 3.37% | 4.2% | - |
| Other Operating Expenses | -2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 576M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -5.41B | -5.42B | -10.79B | -813M | -3.55B | 63M | -6.27B | -1.94B | 11.8B | 10.12B | 5.54B | 7.17B | 7.2B | 6.33B | 6.04B | 5.54B | 4.7B | 1.87B | 3.67B | 5.58B | 3.64B | 2.56B | 2.25B | 449M | 3.87B | 3.9B | 3.06B | 3.17B | 1.57B | -355M | 1.35B |
| Operating Margin % | -5.87% | -6.05% | -16.22% | -1.05% | -5.34% | 0.1% | -10.79% | -2.53% | 11.67% | 10.76% | 5.86% | 7.46% | 7.93% | 7.31% | 7.39% | 8.06% | 7.31% | 2.74% | 6.03% | 8.41% | 5.92% | 4.78% | 4.28% | 0.89% | 7.15% | 6.69% | 5.96% | 5.47% | 2.79% | -0.78% | 5.97% |
| Operating Income Growth % | - | 49.8% | -1227.06% | 77.12% | -5741.27% | 101% | -224.02% | -116.41% | 16.62% | 82.72% | -22.76% | -0.36% | 13.72% | 4.79% | 8.97% | 17.97% | 151.1% | -49.03% | -34.21% | 53.25% | 42.06% | 14.11% | 400.22% | -88.39% | -0.72% | 27.4% | -3.53% | 102.3% | 541.41% | -126.22% | 348.34% |
| EBITDA | -3.35B | -3.46B | -8.95B | 1.05B | -1.57B | 2.21B | -4.03B | 335M | 13.91B | 12.19B | 7.45B | 9B | 9.1B | 8.17B | 7.85B | 7.2B | 6.42B | 3.54B | 5.16B | 7.07B | 5.19B | 4.07B | 3.75B | 1.9B | 5.37B | 5.65B | 4.54B | 4.82B | 3.19B | 1.1B | 2.35B |
| EBITDA Margin % | -3.64% | -3.87% | -13.46% | 1.35% | -2.36% | 3.54% | -6.92% | 0.44% | 13.76% | 12.97% | 7.88% | 9.37% | 10.03% | 9.43% | 9.61% | 10.48% | 9.99% | 5.18% | 8.47% | 10.64% | 8.43% | 7.58% | 7.16% | 3.76% | 9.92% | 9.7% | 8.84% | 8.3% | 5.68% | 2.41% | 10.34% |
| EBITDA Growth % | 59.63% | 61.32% | -954.29% | 166.54% | -171.36% | 154.81% | -1302.09% | -97.59% | 14.17% | 63.64% | -17.27% | -1.09% | 11.38% | 4.1% | 9% | 12.09% | 81.65% | -31.48% | -26.95% | 36.25% | 27.55% | 8.28% | 97.74% | -64.6% | -4.98% | 24.44% | -5.77% | 50.99% | 189.12% | -52.96% | 75.66% |
| D&A (Non-Cash Add-back) | 2.06B | 1.95B | 1.84B | 1.86B | 1.98B | 2.14B | 2.25B | 2.27B | 2.11B | 2.07B | 1.91B | 1.83B | 1.91B | 1.84B | 1.81B | 1.66B | 1.73B | 1.67B | 1.49B | 1.49B | 1.54B | 1.5B | 1.51B | 1.45B | 1.5B | 1.75B | 1.48B | 1.65B | 1.62B | 1.46B | 991M |
| EBIT | 5.07B | 5.41B | -9.48B | 454M | -2.49B | -2.35B | -12.32B | -1.54B | 12.08B | 10.47B | 5.87B | 7.43B | 7.47B | 6.62B | 6.37B | 5.89B | 5.02B | 2.07B | 4.2B | 6.31B | 3.43B | 3.42B | 2.65B | 858M | 3.5B | 4.21B | 3.44B | 3.17B | 1.57B | -256M | 2.48B |
| Net Interest Income | -2.68B | -2.77B | -2.73B | -2.46B | -2.53B | -2.68B | -2.16B | -722M | -475M | -360M | -306M | -275M | -333M | -386M | -463M | -498M | -516M | -339M | -202M | -196M | -240M | -553M | -466M | -358M | -320M | -650M | -445M | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 2.68B | 2.77B | 2.73B | 2.46B | 2.53B | 2.68B | 2.16B | 722M | 475M | 360M | 306M | 275M | 333M | 386M | 463M | 498M | 516M | 339M | 202M | 196M | 240M | 653M | 685M | 358M | 730M | 650M | 445M | 0 | 0 | 0 | 0 |
| Other Income/Expense | 8B | 8.05B | -1.42B | -1.19B | -1.47B | -5.1B | -8.2B | -323M | -197M | -12M | 30M | -15M | -59M | -96M | -129M | -149M | -191M | -140M | 324M | 538M | -447M | 256M | -286M | 102M | -282M | -332M | -59M | 154M | -170M | -85M | -5M |
| Pretax Income | 2.58B | 2.63B | -12.21B | -2B | -5.02B | -5.03B | -14.48B | -2.26B | 11.6B | 10.05B | 5.57B | 7.16B | 7.14B | 6.23B | 5.91B | 5.39B | 4.51B | 1.73B | 4B | 6.12B | 3.19B | 2.82B | 1.96B | 550M | 3.18B | 3.56B | 3B | 3.32B | 1.4B | -341M | 1.36B |
| Pretax Margin % | 2.8% | 2.95% | -18.36% | -2.58% | -7.54% | -8.08% | -24.89% | -2.95% | 11.47% | 10.69% | 5.89% | 7.44% | 7.86% | 7.19% | 7.23% | 7.85% | 7.01% | 2.54% | 6.56% | 9.22% | 5.19% | 5.26% | 3.74% | 1.09% | 5.88% | 6.12% | 5.84% | 5.73% | 2.49% | -0.74% | 6.01% |
| Income Tax | 323M | 397M | -381M | 237M | 31M | -743M | -2.54B | -1.62B | 1.14B | 1.85B | 673M | 1.98B | 1.69B | 1.65B | 2.01B | 1.38B | 1.2B | 396M | 1.34B | 2.06B | 988M | 257M | 140M | -168M | 861M | 738M | 871M | 1.01B | 277M | -163M | 268M |
| Effective Tax Rate % | 12.5% | 15.07% | 3.12% | -11.82% | -0.62% | 14.76% | 17.51% | 71.85% | 9.86% | 18.41% | 12.09% | 27.66% | 23.69% | 26.41% | 33.96% | 25.63% | 26.54% | 22.88% | 33.57% | 33.67% | 30.93% | 9.12% | 7.14% | -30.55% | 27.08% | 20.71% | 29.04% | 30.54% | 19.83% | 47.8% | 19.66% |
| Net Income | 2.27B | 2.23B | -11.82B | -2.22B | -4.93B | -4.2B | -11.87B | -636M | 10.45B | 8.45B | 4.89B | 5.17B | 5.44B | 4.58B | 3.9B | 4.01B | 3.31B | 1.33B | 2.65B | 4.06B | 2.21B | 2.56B | 1.83B | 718M | 492M | 2.83B | 2.13B | 2.31B | 1.12B | -178M | 1.09B |
| Net Margin % | 2.46% | 2.5% | -17.77% | -2.86% | -7.41% | -6.75% | -20.41% | -0.83% | 10.34% | 8.99% | 5.17% | 5.38% | 5.99% | 5.29% | 4.77% | 5.84% | 5.15% | 1.96% | 4.36% | 6.11% | 3.59% | 4.78% | 3.49% | 1.42% | 0.91% | 4.86% | 4.15% | 3.98% | 1.99% | -0.39% | 4.83% |
| Net Income Growth % | 119.7% | 118.91% | -431.82% | 54.97% | -17.44% | 64.61% | -1766.82% | -106.08% | 23.67% | 72.77% | -5.41% | -4.93% | 18.8% | 17.56% | -2.89% | 21.14% | 148.02% | -49.7% | -34.6% | 83.95% | -13.9% | 40% | 154.87% | 45.93% | -82.6% | 32.85% | -7.84% | 106.16% | 729.21% | -116.26% | 178.63% |
| Net Income (Continuing) | 2.26B | 2.24B | -11.83B | -2.24B | -5.05B | -4.29B | -11.94B | -636M | 10.46B | 8.46B | 4.89B | 5.18B | 5.45B | 4.59B | 3.9B | 4.01B | 3.31B | 1.33B | 2.65B | 4.06B | 2.21B | 2.56B | 1.82B | 685M | 2.32B | 2.83B | 2.13B | 2.31B | 1.12B | -178M | 1.82B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 3M | -6M | 5M | 35M | 153M | 241M | 317M | 71M | 57M | 60M | 62M | 125M | 122M | 100M | 93M | 96M | 97M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.77 | 2.48 | -18.36 | -3.67 | -8.29 | -7.15 | -20.99 | -1.12 | 17.84 | 13.43 | 7.61 | 7.44 | 7.38 | 5.96 | 5.11 | 5.34 | 4.45 | 1.84 | 3.67 | 5.28 | 2.85 | 3.20 | 2.30 | 0.89 | 0.61 | 3.41 | 2.44 | 2.49 | 1.15 | -0.18 | 1.85 |
| EPS Growth % | 111.5% | 113.51% | -400.27% | 55.73% | -15.94% | 65.94% | -1774.11% | -106.28% | 32.84% | 76.48% | 2.28% | 0.81% | 23.83% | 16.63% | -4.31% | 20% | 141.85% | -49.86% | -30.49% | 85.26% | -10.94% | 39.13% | 158.43% | 45.9% | -82.11% | 39.75% | -2.01% | 116.52% | 738.89% | -109.73% | 224.56% |
| EPS (Basic) | - | 2.49 | -18.36 | -3.67 | -8.30 | -7.15 | -21.00 | -1.12 | 18.05 | 13.60 | 7.70 | 7.52 | 7.47 | 6.03 | 5.15 | 5.39 | 4.49 | 1.86 | 3.70 | 5.38 | 2.89 | 3.27 | 2.33 | 0.90 | 0.62 | 3.46 | 2.48 | 2.52 | 1.16 | -0.18 | 1.88 |
| Diluted Shares Outstanding | 818.18M | 762.3M | 646.9M | 606.1M | 595.2M | 588M | 569M | 567.86M | 586.2M | 610.7M | 643.8M | 696.1M | 738M | 769.5M | 763.8M | 753.1M | 744.3M | 713.4M | 729M | 772.5M | 787.6M | 802.9M | 813M | 808.9M | 808.4M | 829.3M | 871.3M | 925.9M | 976.7M | 970.1M | 981.9M |
| Basic Shares Outstanding | 818.18M | 762.3M | 646.9M | 605.45M | 594.58M | 587.69M | 568.63M | 567.86M | 579.5M | 602.72M | 635.71M | 688.3M | 729.05M | 760.36M | 757.28M | 745.45M | 744.3M | 705.38M | 722.8M | 759.3M | 771M | 788.5M | 807M | 805.4M | 799M | 816.2M | 859.5M | 917.1M | 966.9M | 970.1M | 968.7M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | 37.75% | 40.43% | 56.34% | 48.14% | 38.88% | 32.04% | 33.94% | 31.01% | 37.84% | 91.39% | 44.91% | 27.01% | 43.34% | 32.01% | 35.41% | 79.67% | 116.06% | 20.59% | 23.68% | 23.26% | 50.36% | - | 34.61% |
Operational and Regulatory Constraints
As reported in recent financial filings, Boeing's revenue growth has exhibited extreme volatility, swinging from a 30.8% contraction in 2024Q4 to a 57.1% expansion in 2025Q4, reflecting the inconsistent delivery cadence of the 737 program and ongoing regulatory hurdles that continue to impede predictable top-line scaling.
The wide variance in quarterly revenue growth suggests that the company is struggling to normalize production rates, with growth appearing more reflective of clearing backlogs rather than sustainable organic demand. Investors should monitor whether the recent 14.0% growth in 2026Q1 represents a stabilization of output or merely a temporary reprieve from previous delivery bottlenecks.
According to the company's income statement data, gross margins have fluctuated wildly, reaching a low of -19.7% in 2024Q3 and failing to consistently exceed 12% in recent quarters, which highlights the severe impact of manufacturing inefficiencies and the high cost of rework on core commercial airframe programs.
The inability to maintain double-digit gross margins in a high-volume environment suggests that the company's cost structure is currently misaligned with its production output. This margin profile appears significantly weaker than defense-focused peers, indicating that the commercial segment's operational friction is currently overwhelming the profitability of the broader enterprise.
Based on reported figures, Boeing's operating income has frequently turned negative, with an operating margin of -6.05% over the observed period, demonstrating that the company has failed to achieve the necessary operating leverage to offset its substantial fixed-cost base during periods of production disruption.
The persistent gap between gross profit and operating income indicates that SG&A and R&D expenses remain elevated relative to the company's ability to generate profitable revenue. This lack of operating leverage suggests that until production volumes reach a steady state, the company will likely continue to struggle with bottom-line profitability regardless of top-line performance.
As evidenced by the 2025Q4 net income of $8.2B despite an operating loss of $815M, the quality of reported earnings appears highly suspect, as non-operating items and tax anomalies frequently obscure the underlying weakness in the company's core manufacturing and services operations.
Investors should be cautious of relying on net income figures, as they appear to be heavily influenced by one-time items rather than sustainable operational performance. The disconnect between negative operating margins and positive net income in certain periods warrants further investigation into the nature of these non-operating gains.
Based on the provided income statement history, the strongest challenge to the recovery narrative is the persistent inability to generate positive operating income, which suggests that the company's current business model may be fundamentally broken under existing regulatory and supply chain constraints.
Short-sellers would likely focus on the recurring nature of negative operating margins and the potential for further reach-forward losses on fixed-price contracts. The reliance on non-operating items to bolster the bottom line suggests that the company's core business is not yet self-sustaining, posing a significant risk to long-term equity value.
Quick answers to the most common questions about buying BA stock.
For fiscal year 2025, The Boeing Company (BA) reported total revenue of $89.46B. This represents a 294.4% increase compared to $22.68B in 1996.
The Boeing Company (BA) is profitable, generating $2.23B in net income for the fiscal year ending 2025 with a net profit margin of 2.5%.
The Boeing Company (BA) reported an operating income of $-5416.0M, resulting in an operating profit margin of -6.1%. This margin reflects the operational efficiency of the business before interest and taxes.
The Boeing Company (BA) generated $4.29B in gross profit for the year, representing a gross profit margin of 4.8%. This demonstrates the company's core pricing power and production efficiency.