The Boeing Company (BA) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 4% YoY to $24.2B; GAAP net loss was $116M and core loss per share was $0.34.

• Free cash flow was $464M and total backlog reached a record $745B, supporting a multi-year cash-flow growth outlook.

• 737-7 and 737-10 certifications, defense awards and commercial production recovery supported the outlook, though rate and supplier challenges persist.

Financial highlights

• Q3 operating cash flow was $1.496B and free cash flow was $464M, versus $238M a year earlier; working capital helped, partly offset by ~$700M in DOJ settlement payments.

• Nine-month revenue rose 8% YoY to $71.0B; net loss narrowed to $551M from $6.0B.

• Nine-month operating cash flow was $2.681B versus cash use of $266M; free cash flow was negative $359M versus negative $2.252B.

• Cash and marketable securities ended Q3 at $20.7B; debt was $45.9B, unchanged QoQ.

Outlook and guidance

• Free cash flow targets are ~$2B in 2026, ~$3B in 2027, ~$6B in 2028 and $10B in 2029; significant growth potential remains beyond 2029.

• Targets assume 777X certification by mid-2027; 2027 cash-flow drivers include higher deliveries and improving cash margins, partly offset by lower BCA deposits and ~$1B higher CapEx.

• CapEx is expected at ~$5B in 2027 and ~$4B in each of 2028 and 2029; normalized future levels are expected at 3%–4% of revenue.

• BCA deliveries are expected to rise 10%+ in 2027; 2026 737 deliveries will fall short of 500, while 787 deliveries are expected at 90–100, nearer the lower end.

• 737 production is progressing toward 47 per month, with Rate 52 targeted for H2 2027; 787 rate increases beyond eight per month are planned from December 2026, and first 777X delivery remains targeted for 2027.