Boeing — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total revenue was $24.2 billion for the third quarter of 2026, a 4% increase from $23.3 billion in the same period in 2025; for the nine months ended September 30, 2026, revenue was $71.0 billion, an 8% increase from $65.5 billion in 2025.
• GAAP earnings from operations were $354 million for the quarter, compared to a loss of $4.8 billion in the prior year period; for the nine months, GAAP earnings were $958 million versus a loss of $4.5 billion in 2025.
• GAAP operating margins were 1.5% for the quarter, a 22.0 percentage point improvement from (20.5)% in 2025; for the nine months, margins were 1.3% versus (6.9)% in 2025.
• GAAP net loss was $116 million for the quarter, compared to a net loss of $5.3 billion in 2025; for the nine months, net loss was $551 million versus $6.0 billion in 2025.
• Diluted loss per share was ($0.26) for the quarter, compared to ($7.14) in 2025; for the nine months, diluted loss per share was ($1.04) versus ($8.25) in 2025.
• Operating cash flow was $1.5 billion for the quarter, a 33% increase from $1.1 billion in 2025; for the nine months, operating cash flow was $2.7 billion versus a negative $266 million in 2025.
• Free cash flow (non-GAAP) was $0.5 billion for the quarter, compared to $0.2 billion in 2025; for the nine months, free cash flow was negative $359 million versus negative $2.3 billion in 2025.
• Core operating earnings (non-GAAP) were $204 million for the quarter, compared to a loss of $5.0 billion in 2025; for the nine months, core operating earnings were $498 million versus a loss of $5.3 billion in 2025.
• Core operating margins (non-GAAP) were 0.8% for the quarter, a 22.5 percentage point improvement from (21.7)% in 2025; for the nine months, margins were 0.7% versus (8.1)% in 2025.
• Core loss per share (non-GAAP) was ($0.34) for the quarter, compared to ($7.47) in 2025; for the nine months, core loss per share was ($1.30) versus ($9.22) in 2025.
• Cash and investments in marketable securities totaled $20.7 billion at quarter end, up from $20.0 billion at the beginning of the quarter.
• Consolidated debt was $45.9 billion at quarter end, unchanged from the beginning of the quarter.
• The company maintains access to $10.0 billion in undrawn credit facilities.

Business Segments and Product Lines:

• Commercial Airplanes: Revenue was $10.7 billion for the quarter, a 3% decrease from $11.1 billion in 2025; for the nine months, revenue was $31.7 billion, a 5% increase from $30.1 billion in 2025. Operating loss was $697 million for the quarter, compared to a loss of $5.4 billion in 2025. Deliveries were 161 units (1% increase from 160 in 2025); nine-month deliveries were 475 units (8% increase from 440 in 2025). The segment booked 300 net orders, including customers Turkish Airlines, Ethiopian Airlines, and Lufthansa. Backlog reached a record $612 billion with over 6,300 airplanes. The 737 program is progressing toward 47 units per month; the 737-7 received amended type certification, and the 737-10 received certification in October. The 787 program is stable at 8 units per month. The 777X program remains on track for first delivery in 2027.
• Defense, Space & Security: Revenue was $7.9 billion for the quarter, a 15% increase from $6.9 billion in 2025; for the nine months, revenue was $23.0 billion, a 16% increase from $19.8 billion in 2025. Earnings from operations were $492 million, a 332% increase from $114 million in 2025. Operating margins were 6.2% for the quarter, up 4.5 percentage points from 1.7% in 2025. A $252 million gain on the HRL Laboratories sale and improved operational performance drove margin expansion. Backlog grew to a record $101 billion, with 23% from non-U.S. customers. The segment was selected by the U.S. Navy to design, build, and deliver the F/A-XX next-generation fighter aircraft (order pending source selection). A seven-year contract award was received to expand PAC-3 Seeker production.
• Global Services: Revenue was $5.6 billion for the quarter, a 4% increase from $5.4 billion in 2025; for the nine months, revenue was $16.3 billion, a 4% increase from $15.7 billion in 2025. Earnings from operations were $1.0 billion, a 9% increase from $938 million in 2025. Operating margins were 18.3% for the quarter, up 0.8 percentage points from 17.5% in 2025. The segment captured a U.S. Army award for AH-64 Apache fleet maintenance services. Backlog ended the quarter at $33 billion.

Other Key Points:

• Total company backlog grew to a record $745.4 billion at September 30, 2026, up from $682.2 billion at December 31, 2025.
• Contractual backlog was $692.8 billion, and unobligated backlog was $52.7 billion.
• Operating cash flow for the quarter was partially offset by Department of Justice settlement payments of approximately $0.7 billion.
• Additions to property, plant, and equipment primarily reflected higher investments in Charleston and St. Louis sites.
• Kelly Ortberg, President and CEO, stated the company remains focused on safety, quality, and disciplined execution to deliver on commitments.