The Boeing Company stock research
FY2024 Q4
The Boeing (BA) Gross Margin — Quarter Ended Dec 31, 2024
Revenue and cost of revenue both decreased from the prior quarter, but gross profit improved from a larger loss to a smaller loss, resulting in a higher gross margin. Compared with the same quarter one year earlier, revenue was lower while cost of revenue was also lower, yet gross profit turned from positive to negative, causing gross margin to weaken.
Gross margin takeaway
Quarter ended Dec 31, 2024 · FY2024 Q4
Revenue and cost of revenue both decreased from the prior quarter, but gross profit improved from a larger loss to a smaller loss, resulting in a higher gross margin. Compared with the same quarter one year earlier, revenue was lower while cost of revenue was also lower, yet gross profit turned from positive to negative, causing gross margin to weaken.
- The strongest observable margin driver is the change in cost of revenue relative to revenue. In the current quarter, cost of revenue declined more sharply than revenue compared with the prior quarter, which narrowed the gross loss.
- Compared with the immediately preceding quarter, gross margin improved from a negative level to a less negative level. Compared with the same quarter one year earlier, gross margin weakened from positive to negative.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
-10.4%
Gross profit
-$1.6B
Revenue
$15.2B
Cost of revenue
$16.8B
Quarter-over-quarter change
+9.2 pts
Year-over-year change
-22.7 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, 2024 | $16.6B | $1.9B | $14.7B | 11.3% |
| Jun 30, 2024 | $16.9B | $1.2B | $15.6B | 7.3% |
| Sep 30, 2024 | $17.8B | -$3.5B | $21.3B | -19.7% |
| Dec 31, 2024 | $15.2B | -$1.6B | $16.8B | -10.4% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Sep 30, 2024
+9.2 pts
Year-over-year change
Dec 31, 2023
-22.7 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable margin driver is the change in cost of revenue relative to revenue. In the current quarter, cost of revenue declined more sharply than revenue compared with the prior quarter, which narrowed the gross loss.
Compared with the immediately preceding quarter, gross margin improved from a negative level to a less negative level. Compared with the same quarter one year earlier, gross margin weakened from positive to negative.
Monitor the trajectory of cost of revenue relative to revenue, as its movement has been the primary factor in gross margin changes.