The Boeing Company stock research
FY2025 Q4
The Boeing (BA) Gross Margin — Quarter Ended Dec 31, 2025
Revenue increased compared to both the prior quarter and the same quarter last year. Gross profit turned positive from a loss in both comparison periods, resulting in a gross margin that improved from negative to positive.
Gross margin takeaway
Quarter ended Dec 31, 2025 · FY2025 Q4
Revenue increased compared to both the prior quarter and the same quarter last year. Gross profit turned positive from a loss in both comparison periods, resulting in a gross margin that improved from negative to positive.
- The strongest observable margin driver is the shift in gross profit from a loss to a profit, which directly lifted gross margin from negative to positive. This improvement occurred alongside a lower cost of revenue relative to revenue compared to the prior quarter.
- Compared to the immediately preceding quarter, revenue was higher and gross profit improved from a loss to a profit, leading to a higher gross margin. Versus the same quarter one year earlier, revenue was also higher and gross margin strengthened from a negative level to a positive level.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
7.6%
Gross profit
$1.8B
Revenue
$23.9B
Cost of revenue
$22.1B
Quarter-over-quarter change
+17.8 pts
Year-over-year change
+18.0 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, 2025 | $19.5B | $2.4B | $17.1B | 12.4% |
| Jun 30, 2025 | $22.7B | $2.4B | $20.3B | 10.7% |
| Sep 30, 2025 | $23.3B | -$2.4B | $25.6B | -10.2% |
| Dec 31, 2025 | $23.9B | $1.8B | $22.1B | 7.6% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Sep 30, 2025
+17.8 pts
Year-over-year change
Dec 31, 2024
+18.0 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable margin driver is the shift in gross profit from a loss to a profit, which directly lifted gross margin from negative to positive. This improvement occurred alongside a lower cost of revenue relative to revenue compared to the prior quarter.
Compared to the immediately preceding quarter, revenue was higher and gross profit improved from a loss to a profit, leading to a higher gross margin. Versus the same quarter one year earlier, revenue was also higher and gross margin strengthened from a negative level to a positive level.
Monitor the sustainability of the positive gross margin given the prior two comparable quarters showed negative gross margins.