EarningsQ3 2026 Earnings Report
MX:BA Q3 2026 EPS Results
Actual EPS-$6.42
Consensus EPS-$4.81
Beat/MissMissed by -$1.60
One Year Ago EPS-$141.05
MX:BA Q3 2026 Revenue Results
Actual Revenue$456.72B
Expected Revenue$452.22B
Beat/MissBeat by +$4.50B
YoY Revenue Growth+3.94%
Earnings Announcement Details
QuarterQ3 2026
Date10/27/2026
TimeBefore Open
Conference CallTuesday, October 27, 2026
MX:BA Upcoming Earnings
Boeing's next earnings date is estimated for January 27, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:BA Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
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.Company Guidance
Commercial Aircraft Deliveries Reached Highest Level Since 2018
Boeing delivered 161 commercial aircraft through the third quarter, the most since 2018.
737 MAX Certifications Completed
The 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 Wins
Boeing 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 Delivery
Boeing 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 Performance
737 final-assembly rework has improved by 40% since the start of last year.
787 Factory Stability and Capacity Expansion
The 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 Visibility
Boeing 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 Established
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.
PAC-3 and F-15EX Defense Awards
Boeing 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 Funding
Boeing 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 Results
Third-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 Record
BCA 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 Growth
BDS 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 Path
BDS 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 Performance
BGS 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 Services
BGS 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 Approved
Boeing 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 Maintained
Cash 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 Prices
Boeing 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 Outlook
Management 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 Upside
Management 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 Continues
Boeing 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 Source
Deferred 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.
MX:BA Earnings History
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.
Beat
Missed