# Boeing (BA) Q2 2026 earnings

Results filed 2026-07-28 for the quarter ended 2026-06-30. Source page: https://earnings.opennash.com/companies/ba/2026-q2/
Press release and exhibits: https://www.sec.gov/Archives/edgar/data/12927/000162828026049929/0001628280-26-049929-index.htm
> Summaries and transcripts are machine-generated and can contain errors.

## In brief

Boeing recorded second quarter revenue of $24.6 billion, GAAP loss per share of ($0.67) and core loss per share (non-GAAP)* of ($0.76), with operating cash flow of $1.4 billion and free cash flow (non-GAAP)* of $0.6 billion.

Boeing's second quarter revenue rose 8% to $24,560 million, helped by 171 commercial deliveries, up from 150 a year ago. The company still lost money, with a GAAP loss per share of ($0.67) versus ($0.92) a year earlier. Operating cash flow was $1,364 million and free cash flow turned positive at $631 million. Total backlog reached a record $715 billion, including over 6,200 commercial airplanes.
Management gave no numerical guidance in the release. It says the 737 is moving to a 47 per month production rate, and expects certification of the 737-7 and 737-10 in 2026 with first delivery in 2027, and first 777X delivery in 2027. The main tension is that profitability remains thin: Commercial Airplanes still lost money, and Defense took $280 million of VC-25B losses. Boeing also said there is more work ahead in the second half.

## Key numbers

| Metric | Value | Change | Basis |
| --- | --- | --- | --- |
| Revenue | $24,560 | 8% from a year ago | GAAP |
| Net loss | ($428) | compared with ($612) a year ago | GAAP |
| Diluted loss per share | ($0.67) | compared with ($0.92) a year ago | GAAP |
| Core loss per share | ($0.76) | compared with ($1.24) a year ago | non-GAAP |
| Earnings from operations | $156 | compared with ($176) a year ago | GAAP |
| Operating margin | 0.6% | up 1.4 Pts from a year ago | GAAP |
| Operating cash flow | $1,364 | 501% from a year ago | GAAP |
| Free cash flow | $631 | compared with ($200) a year ago | non-GAAP |
| Total backlog | $715 billion |  |  |

## Segments and operating metrics

| Name | Value | Change |
| --- | --- | --- |
| Commercial Airplanes revenue | $11,751 | 8% from a year ago |
| Commercial Airplanes deliveries | 171 | 14% from a year ago |
| Defense, Space & Security revenue | $7,483 | 13% from a year ago |
| Global Services revenue | $5,344 | 1% from a year ago |
| Global Services operating margin | 18.1% | down 1.8 Pts from a year ago |
| Commercial Airplanes backlog | $597 billion |  |

## Key takeaways

1. **Revenue grew 8% on higher deliveries** Revenue was $24,560 million, up 8%, with Commercial Airplanes deliveries rising 14% to 171. Defense, Space & Security revenue grew 13%.
2. **Still loss-making, but losses narrowed** Diluted loss per share was ($0.67) versus ($0.92) a year ago, and core loss per share was ($0.76) versus ($1.24). Earnings from operations turned positive at $156 million.
3. **Cash flow turned positive in the quarter** Operating cash flow was $1,364 million and free cash flow was $631 million, versus ($200) a year ago. Management cited higher deliveries and working capital timing.
4. **Backlog hit a record $715 billion** Commercial Airplanes backlog was $597 billion with over 6,200 airplanes, after 246 net orders. Defense, Space & Security backlog was $85 billion.
5. **Defense charges and Services margin pressure** Defense, Space & Security had $280 million of losses on the VC-25B program, leaving operating margin at (0.2)%. Global Services margin fell to 18.1% from 19.9%.

## Questions

**What were Boeing's headline results for Q2 2026?** Boeing reported revenue of $24.6 billion, a GAAP loss per share of ($0.67) and a core loss per share (non-GAAP) of ($0.76). Operating cash flow was $1.4 billion and free cash flow (non-GAAP) was $0.6 billion.
**How many airplanes did Boeing deliver in Q2 2026?** Commercial Airplanes delivered 171 airplanes, up 14% from 150 a year earlier. The 737 accounted for 129 of them.
**Did Boeing generate cash in the quarter?** Yes. Operating cash flow was $1,364 million and free cash flow was $631 million, compared with free cash flow of ($200) million a year earlier. Cash and marketable securities were $20.0 billion and consolidated debt was $45.9 billion.
**How large is Boeing's backlog?** Total backlog was a record $715 billion. Commercial Airplanes accounted for $597 billion, Defense, Space & Security $85 billion and Global Services $33 billion.
**What are the key program milestones Boeing expects?** Boeing anticipates 737-7 and 737-10 certification in 2026 with first delivery in 2027. It also expects first delivery of the 777X in 2027 and of the VC-25B in 2028.

## Slides and investor documents

- [Presentation](https://s2.q4cdn.com/661678649/files/doc_financials/2026/q2/Presentation.pdf) (Slide deck)
- [Transcript](https://s2.q4cdn.com/661678649/files/doc_financials/2026/q2/Transcript.pdf) (Company's official transcript)
- [Webcast](https://events.q4inc.com/attendee/304389448) (Webcast replay)
- [10-Q](https://d18rn0p25nwr6d.cloudfront.net/CIK-0000012927/1e2c73f2-0761-469d-93b1-2d72af7f2c7a.pdf) (Document)