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Revenue growth accelerated to $24.6B in 2026Q2 (up 8% sequentially), but gross margin of 9.8% and operating margin of 0.3% remain well below historical norms, reflecting ongoing production inefficiencies.
The Boeing Company (BA) annual income statement — 30-year revenue, gross profit & net income history
| 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 | 94B | 89.46B | 66.52B | 77.79B | 66.61B | 62.29B | 58.16B | 76.56B | 101.13B | 94B | 93.5B | 96.11B | 90.76B | 86.62B | 81.7B | 68.73B | 64.31B | 68.28B | 60.91B | 66.39B | 61.53B | 53.62B | 52.46B | 50.26B | 54.06B | 58.2B | 51.32B | 57.99B | 56.15B | 45.8B | 35.45B |
| Revenue Growth % | 24.78% | 34.5% | -14.5% | 16.79% | 6.94% | 7.1% | -24.04% | -24.29% | 7.58% | 0.54% | -2.72% | 5.9% | 4.78% | 6.03% | 18.86% | 6.89% | -5.82% | 12.1% | -8.25% | 7.89% | 14.75% | 2.22% | 4.38% | -7.04% | -7.11% | 13.4% | -11.5% | 3.27% | 22.61% | 29.19% | 7.56% |
| Cost of Goods Sold | 89.6B | 85.17B | 68.51B | 70.07B | 63.08B | 59.24B | 63.84B | 72.09B | 81.49B | 76.61B | 79.03B | 82.09B | 76.75B | 73.27B | 68.67B | 55.89B | 51.84B | 56.54B | 50.35B | 53.4B | 50.44B | 44.98B | 45.02B | 44.15B | 45.98B | 48.78B | 43.71B | 51.32B | 50.49B | 42B | 29.38B |
| COGS % of Revenue | - | 95.21% | 102.99% | 90.07% | 94.7% | 95.1% | 109.78% | 94.17% | 80.58% | 81.5% | 84.52% | 85.41% | 84.56% | 84.58% | 84.05% | 81.31% | 80.62% | 82.8% | 82.67% | 80.44% | 81.97% | 83.89% | 85.83% | 87.85% | 85.04% | 83.81% | 85.17% | 88.49% | 89.92% | 91.71% | 82.88% |
| Gross Profit | 4.4B | 4.29B | -1.99B | 7.72B | 3.53B | 3.05B | -5.68B | 4.47B | 19.64B | 17.39B | 14.47B | 14.03B | 14.01B | 13.36B | 13.03B | 12.85B | 12.46B | 11.74B | 10.56B | 12.98B | 11.09B | 8.64B | 7.43B | 6.11B | 8.09B | 9.42B | 7.61B | 6.67B | 5.66B | 3.8B | 6.07B |
| Gross Margin % | 4.68% | 4.79% | -2.99% | 9.93% | 5.3% | 4.9% | -9.78% | 5.83% | 19.42% | 18.5% | 15.48% | 14.59% | 15.44% | 15.42% | 15.95% | 18.69% | 19.38% | 17.2% | 17.33% | 19.56% | 18.03% | 16.11% | 14.17% | 12.15% | 14.96% | 16.19% | 14.83% | 11.51% | 10.08% | 8.29% | 17.12% |
| Gross Profit Growth % | - | 315.42% | -125.78% | 118.81% | 15.78% | 153.63% | -227.3% | -77.26% | 12.9% | 20.2% | 3.17% | 0.11% | 4.9% | 2.47% | 1.45% | 3.08% | 6.15% | 11.22% | -18.7% | 17.06% | 28.44% | 16.21% | 21.72% | -24.48% | -14.17% | 23.8% | 14.03% | 17.86% | 49.04% | -37.41% | 8.59% |
| Operating Expenses | 9.48B | 9.71B | 8.83B | 8.54B | 7.04B | 5.92B | 7.08B | 6.44B | 7.65B | 7.05B | 7.94B | 6.58B | 6.54B | 6.79B | 6.74B | 7.02B | 7.49B | 9.64B | 6.61B | 7.16B | 8.08B | 5.83B | 5.42B | 5.71B | 4.62B | 5.52B | 4.55B | 3.5B | 4.09B | 4.05B | 3.58B |
| OpEx % of Revenue | - | 10.85% | 13.28% | 10.98% | 10.57% | 9.5% | 12.18% | 8.41% | 7.56% | 7.5% | 8.5% | 6.85% | 7.2% | 7.84% | 8.25% | 10.22% | 11.65% | 14.13% | 10.85% | 10.78% | 13.13% | 10.86% | 10.34% | 11.36% | 8.55% | 9.49% | 8.87% | 6.04% | 7.29% | 8.85% | 10.11% |
| Selling, General & Admin | 5.81B | 6.09B | 5.02B | 5.17B | 4.19B | 4.16B | 4.82B | 3.91B | 4.57B | 4.09B | 3.61B | 3.52B | 3.77B | 3.96B | 3.72B | 3.41B | 3.64B | 3.36B | 3.08B | 3.53B | 4.17B | 4.23B | 3.66B | 3.2B | 2.98B | 2.77B | 2.65B | 2.25B | 2.15B | 2.09B | 1.95B |
| SG&A % of Revenue | - | 6.81% | 7.55% | 6.64% | 6.29% | 6.67% | 8.28% | 5.11% | 4.52% | 4.36% | 3.86% | 3.67% | 4.15% | 4.57% | 4.55% | 4.96% | 5.67% | 4.93% | 5.06% | 5.32% | 6.78% | 7.89% | 6.97% | 6.37% | 5.51% | 4.75% | 5.17% | 3.89% | 3.82% | 4.56% | 5.51% |
| Research & Development | 3.69B | 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% | 4.95% | 3.47% | 3.36% | 3.55% | 4.04% | 5.7% | 6.41% | 9.53% | 6.19% | 5.8% | 5.29% | 4.11% | 3.58% | 3.29% | 3.03% | 3.33% | 2.81% | 2.31% | 3.37% | 4.2% | - |
| Other Operating Expenses | -2M | 0 | 0 | 0 | 0 | -487M | -211M | -687M | -186M | -225M | -296M | -273M | -277M | -234M | -272M | -302M | -273M | -225M | -245M | -226M | 651M | -608M | -111M | 857M | 3M | 821M | 459M | -91M | 54M | 43M | 0 |
| Operating Income | -5.08B | -5.42B | -10.82B | -821M | -3.51B | -2.87B | -12.77B | -1.98B | 11.99B | 10.34B | 6.53B | 7.44B | 7.47B | 6.56B | 6.29B | 5.82B | 4.97B | 2.1B | 3.95B | 5.83B | 3.01B | 2.81B | 2.01B | 398M | 3.46B | 3.9B | 3.06B | 3.17B | 1.57B | -256M | 2.48B |
| Operating Margin % | -5.41% | -6.05% | -16.27% | -1.06% | -5.27% | -4.61% | -21.95% | -2.58% | 11.85% | 11% | 6.98% | 7.74% | 8.23% | 7.58% | 7.7% | 8.47% | 7.73% | 3.07% | 6.49% | 8.78% | 4.9% | 5.24% | 3.83% | 0.79% | 6.4% | 6.69% | 5.96% | 5.47% | 2.79% | -0.56% | 7.01% |
| Operating Income Growth % | - | 49.96% | -1218.39% | 76.6% | -22.26% | 77.52% | -546.43% | -116.48% | 15.88% | 58.48% | -12.31% | -0.4% | 13.88% | 4.32% | 8.02% | 17.14% | 137.17% | -46.94% | -32.25% | 93.43% | 7.18% | 40.11% | 404.27% | -88.5% | -11.14% | 27.4% | -3.53% | 102.3% | 712.11% | -110.3% | 886.39% |
| EBITDA | -3.33B | -3.46B | -8.99B | 1.04B | -1.53B | -726M | -10.52B | 296M | 14.1B | 12.39B | 8.42B | 9.28B | 9.38B | 8.41B | 8.1B | 7.5B | 6.72B | 3.76B | 5.44B | 7.32B | 4.56B | 4.32B | 3.52B | 1.8B | 4.96B | 5.64B | 4.54B | 4.82B | 3.19B | 1.2B | 3.75B |
| EBITDA Margin % | -3.54% | -3.87% | -13.51% | 1.34% | -2.3% | -1.17% | -18.09% | 0.39% | 13.94% | 13.18% | 9% | 9.65% | 10.33% | 9.7% | 9.92% | 10.91% | 10.45% | 5.51% | 8.93% | 11.02% | 7.41% | 8.05% | 6.7% | 3.58% | 9.17% | 9.69% | 8.84% | 8.3% | 5.68% | 2.62% | 10.58% |
| EBITDA Growth % | 55.72% | 61.47% | -964.23% | 167.97% | -110.74% | 93.1% | -3654.39% | -97.9% | 13.8% | 47.23% | -9.27% | -1.1% | 11.58% | 3.77% | 8.04% | 11.63% | 78.55% | -30.86% | -25.63% | 60.47% | 5.65% | 22.72% | 95.55% | -63.74% | -12.06% | 24.29% | -5.77% | 50.99% | 165.31% | -67.96% | 278.89% |
| D&A (Non-Cash Add-back) | 1.6B | 1.95B | 1.84B | 1.86B | 1.98B | 2.14B | 2.25B | 2.27B | 2.11B | 2.05B | 1.89B | 1.83B | 1.91B | 1.84B | 1.81B | 1.68B | 1.75B | 1.67B | 1.49B | 1.49B | 1.54B | 1.5B | 1.51B | 1.4B | 1.5B | 1.74B | 1.48B | 1.65B | 1.62B | 1.46B | 1.27B |
| EBIT | 5.35B | 5.41B | -9.48B | 454M | -2.46B | -2.32B | -12.32B | -1.54B | 12.08B | 10.47B | 6.09B | 7.43B | 7.47B | 6.62B | 6.35B | 5.87B | 5.02B | 2.07B | 4.2B | 6.31B | 3.43B | 3.11B | 2.29B | 858M | 3.5B | 4.21B | 3.44B | 3.17B | 1.57B | -256M | 2.48B |
| Net Interest Income | -2.57B | -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 | 2.57B | 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 | 7.86B | 8.05B | -1.39B | -1.18B | -1.51B | -2.16B | -1.71B | -284M | -383M | -237M | -744M | -288M | -336M | -330M | -380M | -430M | -464M | -365M | 45M | 288M | 180M | 7M | -47M | 102M | -282M | -332M | -59M | 154M | -170M | -85M | -5M |
| Pretax Income | 2.78B | 2.63B | -12.21B | -2B | -5.02B | -5.03B | -14.48B | -2.26B | 11.6B | 10.11B | 5.78B | 7.16B | 7.14B | 6.23B | 5.91B | 5.39B | 4.51B | 1.73B | 4B | 6.12B | 3.19B | 2.82B | 1.96B | 500M | 3.18B | 3.56B | 3B | 3.32B | 1.4B | -341M | 2.48B |
| Pretax Margin % | 2.96% | 2.95% | -18.36% | -2.58% | -7.54% | -8.08% | -24.89% | -2.95% | 11.47% | 10.75% | 6.19% | 7.44% | 7.86% | 7.19% | 7.23% | 7.85% | 7.01% | 2.54% | 6.56% | 9.22% | 5.19% | 5.26% | 3.74% | 0.99% | 5.88% | 6.12% | 5.84% | 5.73% | 2.49% | -0.74% | 7% |
| Income Tax | 209M | 397M | -381M | 237M | 31M | -743M | -2.54B | -1.62B | 1.14B | 1.65B | 749M | 1.98B | 1.69B | 1.65B | 2.01B | 1.38B | 1.2B | 396M | 1.34B | 2.06B | 988M | 257M | 140M | -185M | 861M | 738M | 871M | 1.01B | 277M | -163M | 662M |
| Effective Tax Rate % | 7.52% | 15.07% | 3.12% | -11.82% | -0.62% | 14.76% | 17.51% | 71.85% | 9.86% | 16.32% | 12.95% | 27.66% | 23.69% | 26.41% | 33.96% | 25.63% | 26.54% | 22.88% | 33.57% | 33.67% | 30.93% | 9.12% | 7.14% | -37% | 27.08% | 20.71% | 29.04% | 30.54% | 19.83% | 47.8% | 26.69% |
| Net Income | 2.44B | 2.23B | -11.82B | -2.22B | -4.93B | -4.2B | -11.94B | -636M | 10.46B | 8.46B | 5.03B | 5.18B | 5.45B | 4.58B | 3.9B | 4.02B | 3.31B | 1.31B | 2.67B | 4.07B | 2.21B | 2.57B | 1.87B | 718M | 492M | 2.83B | 2.13B | 2.31B | 1.12B | -178M | 1.82B |
| Net Margin % | 2.59% | 2.5% | -17.77% | -2.86% | -7.41% | -6.75% | -20.53% | -0.83% | 10.34% | 9% | 5.38% | 5.39% | 6% | 5.29% | 4.77% | 5.85% | 5.14% | 1.92% | 4.39% | 6.14% | 3.6% | 4.8% | 3.57% | 1.43% | 0.91% | 4.86% | 4.15% | 3.98% | 1.99% | -0.39% | 5.13% |
| Net Income Growth % | 122.79% | 118.91% | -431.82% | 54.97% | -17.44% | 64.81% | -1777.52% | -106.08% | 23.67% | 68.02% | -2.74% | -4.96% | 18.78% | 17.56% | -2.94% | 21.5% | 152.06% | -50.9% | -34.41% | 83.93% | -13.88% | 37.39% | 160.72% | 45.93% | -82.6% | 32.85% | -7.84% | 106.16% | 729.21% | -109.79% | 5150% |
| Net Income (Continuing) | 2.57B | 2.24B | -11.83B | -2.24B | -5.05B | -4.29B | -11.94B | -636M | 10.46B | 8.46B | 5.03B | 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 | -1M | -3M | 7M | -4M | -23M | 18M | 16M | 9M | 10M | 52M | 33M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 15M | 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) | 3.08 | 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 % | 114% | 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 | 791.04M | 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 | 791.04M | 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 | - | 14.81% | - | - | - | - | - | - | 37.72% | 40.4% | 54.75% | 48.11% | 38.84% | 32% | 33.9% | 30.96% | 37.89% | 92.99% | 44.61% | 26.9% | 43.16% | 31.88% | 34.62% | 79.67% | 116.06% | 20.59% | 23.68% | 23.26% | 50.36% | - | 20.85% |
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 152.3% increase compared to $35.45B 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.
Key Metrics
Top Statement Risk
Persistent negative operating margins
Metrics are mathematically derived from official filings.
Top-Line Rebound Masks Underlying Strain
Revenue surged 34.5% year-over-year in 2025Q2, reaching $22.7B, according to the latest quarterly report, marking a clear acceleration from the prior year's contraction. However, this growth appears driven by delivery recovery from a depressed base, not broad-based demand strength.
The 34.5% YoY growth in 2025Q2 follows a 30.4% increase in 2025Q3, indicating a strong rebound in commercial deliveries. Yet, the sequential trend shows a slight deceleration from 2025Q1's 17.7% growth, suggesting the pace may be plateauing. Investors should monitor whether this growth is sustainable as the FAA production cap on the 737 program limits near-term volume expansion.
Gross Margin Volatility Reflects Production Disruption
Gross margin swung from -19.7% in 2024Q3 to 9.8% in 2026Q2, per financial statements, illustrating severe instability. The latest quarter's 9.8% remains well below the 12.4% seen in 2025Q1, suggesting ongoing inefficiencies.
The negative gross margins in 2024Q3 and 2025Q3 were driven by abnormal production costs and customer compensation, as reported. While the latest quarter shows improvement, the margin is still below the 11-12% range seen in early 2025, indicating that cost pressures persist. The company's pricing power appears limited in the current environment, as it must absorb rework costs and supply chain disruptions.
Operating Leverage Still Elusive
Despite revenue growth, operating income turned negative in 2025Q2 at -$268M, as per the income statement, showing that fixed costs are not being absorbed efficiently. SG&A and R&D expenses have remained relatively stable, failing to scale down with revenue fluctuations.
Operating margin improved from -20.6% in 2025Q3 to -1.2% in 2025Q2, but the company still cannot generate positive operating income on a consistent basis. The high fixed-cost base, including R&D of ~$900M per quarter, means that revenue growth must be substantial to achieve operating leverage. The recent EPS miss in 2026Q2, with actual EPS of -$0.76 versus estimates of -$0.13, suggests that operating leverage is not materializing as expected.
Net Income Distorted by Non-Operating Items
Net income swung to a positive $8.2B in 2025Q4 despite negative operating income of -$815M, as reported in the financial statements, indicating significant non-operating gains. This disconnect raises questions about the quality of reported earnings.
The $8.2B net income in 2025Q4 appears to be driven by one-time tax benefits or settlements, as operating income was deeply negative. Similarly, the net margin of 2.50% in the latest quarter against a negative operating margin of -6.05% suggests that non-operating items are masking underlying losses. Investors should adjust for these items to assess the true earnings power of the core business.
COGS and Abnormal Costs Weigh Heavily
COGS as a percentage of revenue has been volatile, reaching as high as 110% in 2025Q3, per the income statement, indicating that production costs exceeded revenue. This reflects the impact of abnormal costs from production pauses and rework.
The negative gross profit in 2025Q3 and 2024Q4 highlights the severity of cost overruns on programs like the 737 and 787. Management's expense discipline appears challenged, as SG&A has not been cut proportionally despite revenue declines. The potential reintegration of Spirit AeroSystems could add further cost complexity, though this remains speculative.
Margin Recovery May Be Prolonged
Despite revenue growth, operating margin remains negative at -6.1% in the latest quarter, as per the income statement, suggesting that the company is still far from profitability. Short-sellers could argue that the recovery is slower than expected and that the balance sheet limits flexibility.
The negative operating margin, combined with a debt-to-equity ratio of 9.97, indicates that the company is highly leveraged and may face refinancing risks. The recent EPS miss in 2026Q2, with actual EPS of -$0.76 versus estimates of -$0.13, suggests that cost pressures are persisting. If the company cannot achieve positive operating income soon, it may need to raise capital, diluting shareholders.