The Boeing Company (BCO.DE) Q4 2024 Earnings Report

- The Boeing Company reported QQ4 2024 results that reflect a material deterioration in profitability and a cash-burn operating profile. Revenue for the quarter was USD 15.24 billion, down 30.8% year over year and 14.6% quarter over quarter, with a gross loss of USD 1.59 billion and an operating loss of USD 3.77 billion. Net loss totaled USD 3.87 billion, translating to an EPS of -$5.45.
- The company continues to post negative margins and a weak balance sheet: gross margin -10.4%, operating margin -24.7%, and net margin -25.4%. Total liabilities surpassed assets at USD 160.28 billion vs. USD 156.36 billion in assets, yielding negative stockholders’ equity (-USD 3.91 billion). Key leverage metrics remain elevated (total debt USD 54.19 billion; net debt USD 40.39 billion) with a liquidity profile characterized by a low quick ratio (0.417) and a current ratio just above 1.3. Cash and short-term investments totaled USD 26.28 billion, while cash on hand stood at USD 13.81 billion at period end.
- The quarter exhibits heavy working-capital and deferral dynamics: a substantial deferred revenue balance of USD 60.33 billion and an elevated inventory position (USD 87.56 billion) contribute to significant cash-flow headwinds. Operating cash flow was negative USD 3.45 billion, and free cash flow was negative USD 4.10 billion, underscoring near-term liquidity and sustainability considerations.
- On a QoQ basis, the quarter showed some margin stabilization signals: gross profit improved by approximately 54.7% QoQ, operating income by about 34.6% QoQ, and net income by roughly 37.4% QoQ, suggesting some earnings resilience as cost discipline and certain high-margin services/defense programs advance. Nevertheless, the scale of losses and balance-sheet stress implies meaningful hurdle for near-term profitability and the need for structural improvement in cash generation.