Boeing (1BA) Q3 2026 Earnings Report
IT:1BA Q3 2026 EPS Results
- Actual EPS
- -EUR 0.30
- Consensus EPS
- -EUR 0.23
- Beat/Miss
- Missed by -EUR 0.08
- One Year Ago EPS
- -EUR 6.67
IT:1BA Q3 2026 Revenue Results
- Actual Revenue
- EUR 21.60B
- Expected Revenue
- EUR 21.38B
- Beat/Miss
- Beat by +EUR 212.78M
- YoY Revenue Growth
- +3.94%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/27/2026
- Time
- Before Open
- Conference Call
- Tuesday, October 27, 2026
Boeing's next earnings date is estimated for January 27, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was strongly positive overall. Boeing reported improved revenue, operating margin, free cash flow, aircraft deliveries, backlog, defense awards, services performance, and progress on certifications and production. Management also introduced a multiyear free cash flow trajectory and emphasized reduced portfolio risk. Significant challenges remain, including delayed 737 rate stabilization, uneven 787 deliveries, 777X certification and cash usage, supplier disruption costs, negative BCA margins, and continuing legacy cash drags, but management characterized these risks as increasingly understood and incorporated into its outlook.
Boeing expects approximately $2 billion of free cash flow in 2026, about $3 billion in 2027, about $6 billion in 2028, and $10 billion in 2029, with significant growth potential beyond $10 billion; 2027 free cash flow assumes 777 x certification by midyear 27, approximately $5 billion of CapEx, and 2028 and 2029 CapEx of around $4 billion each, or 3% to 4% on a normalized basis out in the future. Boeing is working toward 737 production at 47 airplanes per month, expects it will take us into next year to get fully stable at this rate, and targets rate 52 in the back half of 2027; it expects to deliver 90 to 100 787 airplanes in the year, but expects it to be closer to the lower end, start the transition to 10 per month yet this year, and deliver around 30 prebuilt 737-7 and 737-10 aircraft early next year. Boeing expects first 777-9 delivery in 2027, is currently producing approximately 1 per month, and expects to stay at that level for most of 2027; for 2029, it expects 737 deliveries closer to the mid to high fifties, around 12 per month on a 787, and positive free cash flow on the 777 x. BCA total deliveries are expected to be up 10% plus in 2027, BCA is expected to get to about breakeven in early 2028, BDS remains on a path to high single digit operating margins by the end of the BDS, and defense revenue growth is expected to be more towards the high. Middle single digit or higher going forward.
- Commercial Aircraft Deliveries Reached Highest Level Since 2018Boeing delivered 161 commercial aircraft through the third quarter, the most since 2018.
- 737 MAX Certifications CompletedThe FAA certified the 737-7 in July and the 737-10 in the week before the call, completing nearly 100 test flights and more than 4,000 hours of ground and flight testing.
- Major Labor and Defense Program WinsBoeing reached a new four-year agreement with its engineering and technical workforce in the Pacific Northwest, avoiding a work interruption. The company also secured multibillion-dollar awards on programs including PAC-3 and F-15EX, and the U.S. Navy selected Boeing to design, build, and deliver its sixth-generation fighter jet, making Boeing the exclusive sixth-generation fighter company for both the U.S. Air Force and U.S. Navy.
- 777-9 Program Continues Toward 2027 DeliveryBoeing continues flight testing of the 777-9, expects first delivery in 2027, and said its latest assumptions remain within the estimate at completion reset last year.
- Improved 737 Factory Rework Performance737 final-assembly rework has improved by 40% since the start of last year.
- 787 Factory Stability and Capacity ExpansionThe 787 factory is stable at eight aircraft per month, Boeing still expects to begin transitioning to 10 aircraft per month this year, and the Charleston expansion is progressing to support higher production rates.
- Record Backlog and Improved Financial VisibilityBoeing cited a record company backlog of $745 billion, improved pricing dynamics, a more stable production system, better underwriting on development programs, and continued progress on aircraft certification as the basis for greater financial visibility.
- Multiyear Free Cash Flow Targets EstablishedBoeing expects approximately $2 billion of free cash flow in 2026, about $3 billion in 2027, about $6 billion in 2028, and $10 billion in 2029, with significant growth potential beyond $10 billion.
- PAC-3 and F-15EX Defense AwardsBoeing received a seven-year contract to accelerate and eventually triple PAC-3 Seeker production, supported by prior investments in facilities, workforce, and supply chain. It also received a contract for 22 additional F-15EX aircraft, bringing the total number under contract to 120, with potential for additional upside.
- Starliner Path Forward With Additional NASA FundingBoeing worked with NASA on a path forward to support future Starliner flights while reducing program risks, including $359 million of additional NASA funding.
- Improved Consolidated Quarterly ResultsThird-quarter revenue was $24.2 billion, up 4%, primarily driven by higher defense and services volume. Operating margin improved to 1.5%, core earnings per share improved to a loss of $0.34, and free cash flow was positive $464 million.
- BCA Backlog Reached a RecordBCA revenue was $10.7 billion and the segment backlog increased to a record $612 billion, including more than 6,300 airplanes and orders from Turkish Airlines, Ethiopian Airlines, and Lufthansa.
- Defense and Space Segment GrowthBDS delivered 30 aircraft and three satellites. Revenue increased 15% to $7.9 billion, primarily due to higher volume, including classified programs in missiles and weapons. BDS booked $23 billion of orders and ended the quarter with a record $101 billion backlog.
- BDS Margin Improvement PathBDS reported a 6.2% operating margin, including a $252 million gain on the sale of HRL Laboratories, and management remained confident in reaching high single-digit operating margins by the end of the BDS plan.
- Strong Global Services PerformanceBGS revenue increased 4% to $5.6 billion, or 11% excluding the digital aviation solutions divestiture, primarily driven by government and commercial modifications volume. Operating margin was 18.3%, both commercial and government businesses delivered double-digit margins, and BGS ended the quarter with $5 billion of orders and a $33 billion backlog.
- Operational Improvements in Global ServicesBGS reported process improvements across the business, including record-low rework levels on the C-17 heavy maintenance program while taking on greater customer scope.
- Additional Freighter Production ApprovedBoeing received FAA approval for incremental production of up to 35 current 777 freighters, further extending the production of the dedicated freighter.
- Liquidity and Credit Resources MaintainedCash and marketable securities ended the quarter at $20.7 billion. Boeing had $45.9 billion of debt, maintained access to $10 billion of undrawn revolving credit facilities, and said it remains committed to strengthening the balance sheet and supporting its investment-grade rating.
- Strong Aircraft Demand Despite Higher Fuel PricesBoeing said it has not seen customers replan order growth because of higher fuel prices. Replacement-aircraft demand remains strong because newer aircraft are more fuel efficient, and Boeing said some customers want aircraft sooner.
- Positive Defense Growth OutlookManagement said defense revenue growth should be more toward the high middle single digits or higher, compared with the prior expectation of low single-digit growth. Boeing also cited improved contract structures, milestones on MQT-25 and T-7, the F-15EX award, PAC-3 Seeker growth, and customer agreements on major fixed-price development contracts.
- Long-Term Production and Cash Flow UpsideManagement said the 2029 free cash flow outlook is based on higher production and delivery levels, including mid-to-high fifties deliveries on the 737, approximately 12 787 aircraft per month, and positive free cash flow from the 777X. Boeing also identified potential future delivery rates of 63 on the 737 and 14 per month on the 787 beyond 2029.
- New Single-Aisle Aircraft Planning ContinuesBoeing has a product-development team defining a potential new airplane and its market timing. Management said there was no change to its outlook, that related investment is contemplated in the cash outlook, and that resources and spending will shift from completed development programs toward new programs.
- Deferred Production Expected to Become a Cash SourceDeferred production balances on the 737 and 787 are expected to flatten next year and become significant sources of cash in 2028 and 2029 as profitability improves. The 777X balance is expected to grow over the next few years as the program begins deliveries.
IT:1BA Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Jan 27, 2027 | 2026 (Q4) | -0.59- | 8.86 | ― | ― |
| Oct 27, 2026 | 2026 (Q3) | -0.23-0.30 | -6.67 | 95.45% (+6.37) | |
| Jul 28, 2026 | 2026 (Q2) | -0.25-0.68 | -1.11 | 38.71% (+0.43) | |
| Apr 22, 2026 | 2026 (Q1) | -0.61-0.18 | -0.44 | 59.18% (+0.26) | |
| Jan 27, 2026 | 2025 (Q4) | -0.398.86 | -5.27 | 268.14% (+14.12) | |
| Oct 29, 2025 | 2025 (Q3) | -4.61-6.67 | -9.32 | 28.45% (+2.65) | |
| Jul 29, 2025 | 2025 (Q2) | -1.25-1.11 | -2.59 | 57.24% (+1.48) | |
| Apr 23, 2025 | 2025 (Q1) | -1.05-0.44 | -1.01 | 56.64% (+0.57) | |
| Jan 28, 2025 | 2024 (Q4) | -2.90-5.27 | -0.42 | -1155.32% (-4.85) | |
| Oct 23, 2024 | 2024 (Q3) | -9.25-9.32 | -2.91 | -220.25% (-6.41) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
