The Boeing Company stock research
FY2025 Q2
The Boeing (BA) Gross Margin — Quarter Ended Jun 30, 2025
Revenue increased compared to both the prior quarter and the same quarter last year. Gross profit was stable relative to the prior quarter but significantly higher than a year ago, while cost of revenue also increased, resulting in a gross margin that weakened from the prior quarter but improved from the year-ago period.
Gross margin takeaway
Quarter ended Jun 30, 2025 · FY2025 Q2
Revenue increased compared to both the prior quarter and the same quarter last year. Gross profit was stable relative to the prior quarter but significantly higher than a year ago, while cost of revenue also increased, resulting in a gross margin that weakened from the prior quarter but improved from the year-ago period.
- The strongest observable margin driver was the change in gross profit relative to revenue. Sequentially, gross profit held steady as revenue rose, causing margin compression; year-over-year, gross profit grew more than revenue, boosting the margin.
- Compared to the immediately preceding quarter, gross margin was lower, driven by a higher proportion of cost of revenue to revenue. Compared to the same quarter one year earlier, gross margin was higher, as gross profit increased more than revenue.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
10.7%
Gross profit
$2.4B
Revenue
$22.7B
Cost of revenue
$20.3B
Quarter-over-quarter change
-1.7 pts
Year-over-year change
+3.4 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 |
|---|---|---|---|---|
| Sep 30, 2024 | $17.8B | -$3.5B | $21.3B | -19.7% |
| Dec 31, 2024 | $15.2B | -$1.6B | $16.8B | -10.4% |
| Mar 31, 2025 | $19.5B | $2.4B | $17.1B | 12.4% |
| Jun 30, 2025 | $22.7B | $2.4B | $20.3B | 10.7% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Mar 31, 2025
-1.7 pts
Year-over-year change
Jun 30, 2024
+3.4 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable margin driver was the change in gross profit relative to revenue. Sequentially, gross profit held steady as revenue rose, causing margin compression; year-over-year, gross profit grew more than revenue, boosting the margin.
Compared to the immediately preceding quarter, gross margin was lower, driven by a higher proportion of cost of revenue to revenue. Compared to the same quarter one year earlier, gross margin was higher, as gross profit increased more than revenue.
Monitor the relationship between cost of revenue and revenue trends in upcoming quarters.