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Saturday 17 October 2026 Export BA’s income statement to Excel — free account

The Boeing Company

BA Industrials Aerospace & Defense

The Boeing Company’s revenue for fiscal 2025 (year ended December 2025) was $89.5 billion, up 34.5% from fiscal 2024. In the quarter to June 2026, revenue grew 7.96%, EPS grew 27.2%, free cash flow grew 417.6% and total debt fell 13.9%, each against the same quarter a year earlier. Member of the S&P 500 and Dow Jones; dividend growth for twenty-five consecutive years; insiders bought in the last twelve months.

190.20 1.47 +0.78%
Market cap
$149.2B
P/E
71.2×
Fwd P/E
468×
Dividend yield
—
F-score
6/9
Altman Z
1.51
Beneish M
−2.98
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

The Boeing Company (BA) Financial Analysis

Updated · Covers results through Q2 FY2026 · Sources · How this is made

Snapshot

Boeing generated revenue of $89.5 billion in FY2025, compared with $66.5 billion in FY2024, and recorded net income of $2.2 billion in FY2025 after net income of −$11.8 billion in FY2024. Diluted EPS was $2.48 in FY2025, compared with −$18.36 in FY2024.

In Q2 FY2026, revenue was $24.6 billion, gross profit was $2.4 billion, operating income was $156.0 million, and net income was −$428.0 million. Diluted EPS was −$0.67 in Q2 FY2026. On a trailing-twelve-month basis to Q2 FY2026, revenue was $94.0 billion and net income was $2.4 billion. Market capitalisation was $145.8 billion as of September 28, 2026.

Growth

Revenue increased 34.5% in FY2025 against FY2024, reaching $89.5 billion in FY2025. Revenue compound annual growth was 10.3% over FY2022–FY2025 and 9.00% over FY2020–FY2025. Diluted EPS was $2.48 in FY2025, compared with −$18.36 in FY2024; EPS growth rates are not meaningful over the stated FY2025 comparison and multi-year periods because an endpoint was zero or negative.

Free cash flow was −$1.8 billion in FY2025, compared with −$14.3 billion in FY2024, and its growth comparisons are not meaningful because an endpoint was zero or negative. Revenue was $24.6 billion in Q2 FY2026, up 10.5% against Q1 FY2026 and 7.96% against Q2 FY2025. Free cash flow was $632.0 million in Q2 FY2026, following −$1.5 billion in Q1 FY2026.

Profitability

Gross margin was 4.79% in FY2025, and operating margin was 4.79% in FY2025. Pre-tax margin was 2.95% in FY2025 and net margin was 2.50% in FY2025. From FY2020–FY2025, gross margin changed by 14.5 percentage points, operating margin by 26.7 percentage points, pre-tax margin by 27.8 percentage points, and net margin by 23.0 percentage points.

Gross margin was 9.83% in Q2 FY2026, down −1.6 percentage points against Q1 FY2026. Operating margin was 0.64% in Q2 FY2026, down −1.4 percentage points against Q1 FY2026. Return on assets was 1.16% in FY2025 and return on invested capital was 8.87% in FY2025, compared with −8.10% and −28.3% in FY2024, respectively. Return on equity was 246.8% in FY2025.

Balance sheet

Total debt was $54.1 billion in FY2025, while cash and short-term investments were $29.4 billion in FY2025. Net debt was $24.7 billion in FY2025, down from $27.6 billion in FY2024. Net debt was $25.9 billion in Q2 FY2026, compared with $26.3 billion in Q1 FY2026 and $30.4 billion in Q2 FY2025.

Shareholders’ equity was $5.5 billion in FY2025, compared with −$3.9 billion in FY2024. Book value per share was $7.18 in FY2025, following −$6.05 in FY2024. Working capital was $20.3 billion in FY2025, compared with $30.9 billion in FY2024. The current ratio was 1.1× in Q2 FY2026, while debt to equity was 7.5× in Q2 FY2026.

Cash flow & capital return

Operating cash flow was $1.1 billion in FY2025, following −$12.1 billion in FY2024. Capital expenditure was $2.9 billion in FY2025, compared with $2.3 billion in FY2024. Free cash flow was −$1.8 billion in FY2025 despite positive operating cash flow, and free cash flow as a share of net income was −80.6% in FY2025.

For the TTM to Q2 FY2026, operating cash flow was $3.6 billion and free cash flow was −$129.0 million. Free cash flow was $632.0 million in Q2 FY2026, compared with −$1.5 billion in Q1 FY2026. Dividends paid were $331.0 million in FY2025. Net share repurchases were −$23.9 billion in FY2024. Weighted average shares were 759.8 million shares in FY2025 and 790.6 million shares in Q2 FY2026; share count changed 33.6% over FY2020–FY2025.

Valuation

As of September 28, 2026, P/E was 69.1×, higher than the industry median P/E of 33.4× as of September 28, 2026. P/S was 1.6× as of September 28, 2026, below the five-year median of 1.8× and the ten-year median of 1.9× as of September 28, 2026. P/S was also below the industry median of 3.6× as of September 28, 2026.

P/B was 23.9× as of September 28, 2026, higher than the industry median P/B of 3.2× as of September 28, 2026. EV/Sales was 1.8× as of September 28, 2026, below the five-year median of 2.3×, the ten-year median of 2.2×, and the industry median of 3.7× as of September 28, 2026. EV/Cash flow was not meaningful as of September 28, 2026 because earnings or book value were negative.

What changed since last quarter

Revenue was $24.6 billion in Q2 FY2026, up 10.5% against Q1 FY2026 and 7.96% against Q2 FY2025. Gross margin was 9.83% in Q2 FY2026, down −1.6 percentage points against Q1 FY2026 and −0.9 percentage points against Q2 FY2025. Operating margin was 0.64% in Q2 FY2026, down −1.4 percentage points against Q1 FY2026 but up 1.4 percentage points against Q2 FY2025.

Operating income was $156.0 million in Q2 FY2026, compared with $448.0 million in Q1 FY2026 and −$176.0 million in Q2 FY2025. Management attributes the year-over-year revenue increase for the three months ended June 30, 2026 primarily to higher revenues at BDS and BCA. It attributes the year-over-year improvement in operating results for the three months ended June 30, 2026 primarily to lower losses on unallocated items and at BCA, partly offset by lower BDS operating results and an unfavorable FAS/CAS service-cost adjustment. Free cash flow was $632.0 million in Q2 FY2026, compared with −$1.5 billion in Q1 FY2026 and −$199.0 million in Q2 FY2025.

Open questions

  • How sustainable are the changes in operating margins across the business segments?
  • How will supplier cost pressures and supply-chain disruptions affect future cash flows?
  • Will production and delivery assumptions for commercial aircraft be met?
  • What effect could further reach-forward losses on fixed-price development programs have on results?

Sources

This page is for information only. It is not investment advice, a recommendation or an offer to buy or sell any security. Figures come from the sources listed above and may contain errors; verify against the company's filings.