The Boeing Company (BA) investor relations material

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 airplanes delivered and favorable working capital timing.

• Net loss attributable to shareholders narrowed to $428 million in Q2, with GAAP loss per share at ($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.

• Total company backlog hit a record $715 billion, including over 6,200 commercial airplanes, with strong demand across all segments.

• Completed $8.4 billion acquisition of Spirit AeroSystems, focusing integration on Commercial Airplanes.

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; first half operating margin at 1.3%.

• Free cash flow: $631 million in Q2; cash and marketable securities at $20 billion; debt reduced to $45.9 billion.

• BCA revenue: $11.8 billion in Q2, up 8%; 171 airplanes delivered, highest since 2018.

• BDS revenue: $7.5 billion in Q2, up 13%; 35 aircraft delivered; $280 million VC-25B charge.

Outlook and guidance

• On track for full-year free cash flow of $1–3 billion, with Q3 impacted by a $700 million DOJ payment.

• 2026 free cash flow estimated at $5B–$7B; long-term target of $10 billion and higher into the next decade.

• Commercial deliveries and production rates to increase, with 737 ramping to 52/month and 787 targeting 90–100 deliveries in 2026.

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

• BDS margins expected to improve sequentially, aiming for high single digits by decade's end.