Boeing (BA) financial statements
Boeing reported revenue of $89.5B in fiscal 2025, down 0.5% a year over 9 years.
Net income was $2.2B and the operating margin 4.8%, against 7.0% in 2016.
Free cash flow was -$1.9B, and the company returned $331M in dividends.
The diluted share count rose 19% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Boeing's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $93.5B | $94.0B | $101.1B | $76.6B | $58.2B | $62.3B | $66.6B | $77.8B | $66.5B | $89.5B |
| Cost of revenue | $79.0B | $76.6B | $81.5B | $72.1B | $63.8B | $59.2B | $63.1B | $70.1B | $68.5B | $85.2B |
| Gross profit | $14.5B | $17.4B | $19.6B | $4.5B | -$5.7B | $3.0B | $3.5B | $7.7B | -$2.0B | $4.3B |
| Research and development | $4.6B | $3.2B | $3.3B | $3.2B | $2.5B | $2.2B | $2.9B | $3.4B | $3.8B | $3.6B |
| Selling, general and admin | $3.6B | $4.1B | $4.6B | $3.9B | $4.8B | $4.2B | $4.2B | $5.2B | $5.0B | $6.1B |
| Operating income | $6.5B | $10.3B | $12.0B | -$2.0B | -$12.8B | -$2.9B | -$3.5B | -$773M | -$10.7B | $4.3B |
| Interest expense | $306M | $360M | $475M | $722M | $2.2B | $2.7B | $2.6B | $2.5B | $2.7B | $2.8B |
| Pre-tax income | $5.8B | $10.1B | $11.6B | -$2.3B | -$14.5B | -$5.0B | -$5.0B | -$2.0B | -$12.2B | $2.6B |
| Income tax | $749M | $1.6B | $1.1B | -$1.6B | -$2.5B | -$743M | $31M | $237M | -$381M | $397M |
| Net income | $5.0B | $8.5B | $10.5B | -$636M | -$11.9B | -$4.2B | -$4.9B | -$2.2B | -$11.8B | $2.2B |
| EPS (diluted) | $7.83 | $13.85 | $17.85 | -$1.12 | -$20.88 | -$7.15 | -$8.30 | -$3.67 | -$18.36 | $2.48 |
| Diluted shares | 643M | 610M | 586M | 565M | 569M | 588M | 595M | 606M | 647M | 762M |
| Gross margin | 15.5% | 18.5% | 19.4% | 5.8% | -9.8% | 4.9% | 5.3% | 9.9% | -3.0% | 4.8% |
| Operating margin | 7.0% | 11.0% | 11.9% | -2.6% | -22.0% | -4.6% | -5.3% | -1.0% | -16.1% | 4.8% |
| Net margin | 5.4% | 9.0% | 10.3% | -0.8% | -20.4% | -6.7% | -7.4% | -2.9% | -17.8% | 2.5% |
Balance sheet
Fiscal years, from Boeing's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $10.0B | $10.0B | $8.6B | $10.0B | $25.6B | $16.2B | $17.2B | $16.0B | $26.3B | $29.4B |
| Receivables | $8.8B | $2.9B | $3.9B | $3.3B | $2.0B | $2.6B | $2.5B | $2.6B | $2.6B | $2.9B |
| Total current assets | $62.5B | $85.2B | $87.8B | $102.2B | $121.6B | $108.7B | $109.5B | $109.3B | $128.0B | $128.5B |
| Property, plant and equipment | $12.8B | $12.7B | $12.6B | $12.5B | $11.8B | $10.9B | $10.6B | $10.7B | $11.4B | $15.4B |
| Goodwill | $5.3B | $5.6B | $7.8B | $8.1B | $8.1B | $8.1B | $8.1B | $8.1B | $8.1B | $17.3B |
| Total assets | $90.0B | $112.4B | $117.4B | $133.6B | $152.1B | $138.6B | $137.1B | $137.0B | $156.4B | $168.2B |
| Total current liabilities | $50.1B | $74.6B | $81.6B | $97.3B | $87.3B | $82.0B | $90.1B | $95.8B | $97.1B | $108.1B |
| Long-term debt | $9.6B | $9.8B | $10.7B | $20.0B | $61.9B | $56.8B | $51.8B | $47.1B | $52.6B | $45.6B |
| Total liabilities | $88.1B | $110.6B | $116.9B | $141.9B | $170.2B | $153.4B | $152.9B | $154.2B | $160.3B | $162.8B |
| Shareholders' equity | $817M | $1.7B | $339M | -$8.6B | -$18.3B | -$15.0B | -$15.9B | -$17.2B | -$3.9B | $5.5B |
| Net debt | $1.2B | $2.3B | $6.2B | $17.8B | $55.8B | $50.0B | $42.4B | $39.6B | $40.1B | $43.2B |
Cash flow
Fiscal years, from Boeing's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $10.5B | $13.3B | $15.3B | -$2.4B | -$18.4B | -$3.4B | $3.5B | $6.0B | -$12.1B | $1.1B |
| Capital spending | $2.6B | $1.7B | $1.7B | $1.8B | $1.3B | $980M | $1.2B | $1.5B | $2.2B | $2.9B |
| Free cash flow | $7.9B | $11.6B | $13.6B | -$4.3B | -$19.7B | -$4.4B | $2.3B | $4.4B | -$14.3B | -$1.9B |
| Stock-based compensation | $190M | $202M | $202M | $212M | $250M | $833M | $725M | $690M | $407M | $426M |
| Dividends paid | $2.8B | $3.4B | $3.9B | $4.6B | $1.2B | — | — | — | — | $331M |
| Share buybacks (net) | -$7.0B | -$9.2B | -$9.0B | -$2.7B | — | — | — | — | — | — |
| Net borrowing | -$34M | $1.1B | $1.4B | $13.2B | $36.2B | -$5.6B | -$1.3B | -$5.1B | $1.5B | -$3.5B |
| Free cash flow margin | 8.4% | 12.3% | 13.4% | -5.6% | -33.9% | -7.1% | 3.4% | 5.7% | -21.5% | -2.1% |
| Dividends per share | $4.29 | $5.60 | $6.74 | $8.19 | $2.04 | — | — | — | — | $0.43 |
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Open BA in InvestinglyQuestions
What was Boeing's revenue in 2025?
$89.5B in fiscal 2025, from its 10-K filing.
How much free cash flow does Boeing generate?
-$1.9B in fiscal 2025 (operating cash flow minus capital spending).
From Boeing's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.