Boeing and Airbus:
The Financials — April 2025

Having appeared to be on a road to recovery in 2023, Boeing reported a massive net loss in 2024, $(11.8)bn, a -17.7% net margin, while Airbus was again profitable, $4.1bn or a 5.9% margin on revenues. Over the past ten years (2014-24) Boeing has accumulated a net loss of $24.1bn while Airbus has achieved a total net profit of $27.5bn.

The stockmarkets’ verdict on the two OEMs is indicated by the graph. Up to the end of 2020, including the period when the MAX crisis emerged and the whole market plummeted when the implications of the pandemic became clear, the share prices of the two OEMs more or less tracked each other. Then they diverged, with Airbus strongly outperforming Boeing. Still, the equity market value of Boeing is now about $140bn while Airbus is capitalised at the equivalent of $125bn; back in 2017 Boeing was valued at $175bn almost two and half times Airbus’s $73bn.