The Boeing Company stock research
FY2023 Q4
The Boeing (BA) Gross Margin — Quarter Ended Dec 31, 2023
Revenue and gross profit both increased compared to the prior quarter and the same quarter last year, while cost of revenue rose in absolute terms. Gross margin improved versus both periods, reflecting a larger share of revenue flowing through to gross profit.
Gross margin takeaway
Quarter ended Dec 31, 2023 · FY2023 Q4
Revenue and gross profit both increased compared to the prior quarter and the same quarter last year, while cost of revenue rose in absolute terms. Gross margin improved versus both periods, reflecting a larger share of revenue flowing through to gross profit.
- The strongest observable driver is the improvement in gross margin relative to both the prior quarter and the year-ago quarter, as gross profit grew faster than revenue.
- Compared to the immediately preceding quarter, revenue, gross profit, and gross margin were all higher. Compared to the same quarter one year earlier, revenue, gross profit, and gross margin were also higher.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
12.2%
Gross profit
$2.7B
Revenue
$22.0B
Cost of revenue
$19.3B
Quarter-over-quarter change
+5.8 pts
Year-over-year change
+2.9 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Mar 31, 2023 | $17.9B | $1.9B | $16.0B | 10.7% |
| Jun 30, 2023 | $19.8B | $1.9B | $17.8B | 9.8% |
| Sep 30, 2023 | $18.1B | $1.2B | $16.9B | 6.4% |
| Dec 31, 2023 | $22.0B | $2.7B | $19.3B | 12.2% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Sep 30, 2023
+5.8 pts
Year-over-year change
Dec 31, 2022
+2.9 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable driver is the improvement in gross margin relative to both the prior quarter and the year-ago quarter, as gross profit grew faster than revenue.
Compared to the immediately preceding quarter, revenue, gross profit, and gross margin were all higher. Compared to the same quarter one year earlier, revenue, gross profit, and gross margin were also higher.
Monitor the trajectory of cost of revenue relative to revenue, as its absolute increase could pressure gross margin if revenue growth slows.