The Boeing Company (BA) Q2 2026 earnings summary

Executive summary

• Revenue rose 8% year-over-year to $24.6 billion in Q2 2026, driven by higher commercial deliveries and strong defense volume, with 171 commercial airplanes delivered.

• Net loss attributable to shareholders narrowed to $428 million in Q2, with GAAP loss per share improving to ($0.67) and core loss per share (non-GAAP) at ($0.76).

• Operating cash flow reached $1.4 billion in Q2, with free cash flow at $631 million, exceeding expectations due to favorable receipt timing and higher deliveries.

• Record backlog of $715 billion, including over 6,200 commercial airplanes, reflecting robust demand across commercial and defense segments.

• Completed $8.4 billion acquisition of Spirit AeroSystems, with integration focused on Commercial Airplanes and $1 billion investment pledged for Wichita facilities.

Financial highlights

• Q2 2026 revenue: $24.6B (up 8% year-over-year); first half revenue: $46.8B (up 11%).

• Operating margin improved to 0.6% in Q2; core EPS improved to a loss of $0.76.

• Free cash flow was $631 million in Q2, up from prior year.

• Debt reduced to $45.9 billion, down $1.3 billion in the quarter and $8.2 billion year-to-date; cash and investments at $20 billion.

• S&P and Fitch credit ratings at BBB-, Moody’s at Baa3; Fitch revised outlook to positive.

Outlook and guidance

• On track to achieve full-year free cash flow of $1–3 billion, with positive third quarter expected despite a $700 million DOJ payment.

• 2026 free cash flow estimated at $5B–$7B; confident in reaching $10 billion annual free cash flow by decade’s end.

• Certification flight testing completed for 737-7, 737-10, and 777X; first deliveries expected in 2027.

• Commercial airplane deliveries and production rates expected to rise, with 737 and 787 programs ramping up.

• Backlog reached $715.3 billion, with 21% expected to convert to revenue by 2027.