The Boeing Company stock research
FY2024 Q1
The Boeing (BA) Gross Margin — Quarter Ended Mar 31, 2024
Revenue and gross profit both declined from the prior quarter, while cost of revenue decreased at a slightly slower pace, resulting in a lower gross margin. Compared to the same quarter one year earlier, revenue was lower but gross profit was essentially stable, and gross margin improved as cost of revenue declined more than revenue.
Gross margin takeaway
Quarter ended Mar 31, 2024 · FY2024 Q1
Revenue and gross profit both declined from the prior quarter, while cost of revenue decreased at a slightly slower pace, resulting in a lower gross margin. Compared to the same quarter one year earlier, revenue was lower but gross profit was essentially stable, and gross margin improved as cost of revenue declined more than revenue.
- The strongest observable margin driver is the relationship between cost of revenue and revenue: in the current quarter, cost of revenue fell more sharply than revenue relative to the year-ago quarter, which supported gross margin improvement.
- Compared to the immediately preceding quarter, revenue, gross profit, and cost of revenue were all lower, and gross margin weakened slightly. Compared to the same quarter one year earlier, revenue was lower, gross profit was stable, cost of revenue was lower, and gross margin improved.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
11.3%
Gross profit
$1.9B
Revenue
$16.6B
Cost of revenue
$14.7B
Quarter-over-quarter change
-0.9 pts
Year-over-year change
+0.6 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 |
|---|---|---|---|---|
| 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% |
| Mar 31, 2024 | $16.6B | $1.9B | $14.7B | 11.3% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Dec 31, 2023
-0.9 pts
Year-over-year change
Mar 31, 2023
+0.6 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable margin driver is the relationship between cost of revenue and revenue: in the current quarter, cost of revenue fell more sharply than revenue relative to the year-ago quarter, which supported gross margin improvement.
Compared to the immediately preceding quarter, revenue, gross profit, and cost of revenue were all lower, and gross margin weakened slightly. Compared to the same quarter one year earlier, revenue was lower, gross profit was stable, cost of revenue was lower, and gross margin improved.
Monitor the trajectory of cost of revenue relative to revenue, as its decline was the primary factor behind the year-over-year gross margin improvement.