Summary
Boeing's 2023 10-K highlights a year of revenue growth, driven primarily by increased deliveries in the Commercial Airplanes (BCA) segment, particularly the 787, and strong performance in Global Services (BGS). However, the company reported a net loss attributable to shareholders of $2.22 billion, a notable improvement from the prior year's $4.93 billion net loss, but still indicative of ongoing challenges. The Defense, Space & Security (BDS) segment continues to face significant losses, primarily due to charges on fixed-price development programs, though the magnitude of these charges lessened compared to 2022. The company also experienced an increase in research and development expenses, particularly on the 777X program. Investors should note the significant backlog of $520 billion, which signals future revenue potential, but also the ongoing risks associated with production quality issues, supply chain disruptions, and regulatory scrutiny, particularly following the January 2024 Alaska Airlines 737-9 incident and the subsequent FAA investigation into Boeing's quality control systems.
Financial Highlights
54 data points| Revenue | $77.79B |
| Cost of Revenue | $70.07B |
| Gross Profit | $7.72B |
| R&D Expenses | $3.38B |
| Operating Income | -$773.00M |
| Net Income | -$2.22B |
| EPS (Basic) | $-3.67 |
| EPS (Diluted) | $-3.67 |
| Shares Outstanding (Basic) | 605.80M |
| Shares Outstanding (Diluted) | 605.80M |
Key Highlights
- 1Boeing reported a net loss attributable to shareholders of $2.22 billion for 2023, an improvement from $4.93 billion in 2022, but still a loss.
- 2Total revenues increased to $77.79 billion in 2023, up from $66.61 billion in 2022, driven by higher deliveries across all segments, especially Commercial Airplanes (BCA).
- 3The Commercial Airplanes segment saw revenues increase by $7.87 billion, largely due to higher 787 deliveries.
- 4The Defense, Space & Security (BDS) segment incurred a loss from operations of $1.76 billion, an improvement from $3.54 billion in 2022, though still reporting losses on major fixed-price development programs.
- 5The company's backlog grew significantly to $520.2 billion by the end of 2023.
- 6The Federal Aviation Administration (FAA) initiated an investigation into Boeing's quality control system following the January 5, 2024, Alaska Airlines incident involving a 737-9 aircraft, leading to increased FAA oversight and a halt on production rate increases for the 737 MAX.