July 28, 2026

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The Boeing Company (NYSE: BA) reported second-quarter 2026 results with revenue above expectations, higher commercial deliveries, positive operating cash flow, and record backlog, but the company posted a wider-than-expected core loss per share.
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Boeing is an aerospace and defense company with businesses across commercial airplanes, defense, space and security, and global services.
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The company reported a core loss per share of $0.76, worse than estimates for a loss of $0.34. Revenue came in at $24.56 billion, above estimates of $24.05 billion, with revenue growth of 8.0%.

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Revenue Beat Expectations

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Revenue increased 8% year-over-year to $24.56 billion.
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The increase was mainly driven by higher commercial aircraft deliveries.
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GAAP loss per share was $0.67, compared with a loss of $0.92 in the prior-year quarter.
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Core loss per share was $0.76, compared with a core loss of $1.24 in the prior-year quarter.
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Net loss was $428 million, compared with a net loss of $612 million a year earlier.
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Operating cash flow was $1.36 billion.
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Free cash flow was $631 million.

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Backlog Reached a Record

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Boeing’s total backlog increased to a record $715 billion.
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That included more than 6,200 commercial airplanes.
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Cash and investments in marketable securities totaled than 6,200 commercial airplanes.
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Cash and investments in marketable securities totaled $20.0 billion at quarter-end.
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Consolidated debt declined to $45.9 billion from $47.2 billion in the first quarter.
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The company also maintained access to $10.0 billion in undrawn credit facilities.

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Commercial Airplanes Improved

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Commercial Airplanes revenue increased 8% to $11.75 billion.
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Deliveries increased 14% year-over-year to 171 aircraft.
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The segment posted an operating loss of $322 million, improving from a $557 million loss in the prior-year quarter.
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Operating margin improved to negative 2.7% from negative 5.1%.
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Boeing said the improvement reflected higher deliveries, favorable mix, improved performance, and other adjustments.
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The 737 program began transitioning production to 47 aircraft per month during the quarter.
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Boeing also said certification flight testing had been completed for both the 737-7 and 737-10 as of July.

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Defense Results Were Pressured

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Defense, Space & Security revenue increased 13% to $7.48 billion.
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The segment posted a $15 million operating loss, compared with operating earnings of $110 million in the prior-year quarter.
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Operating margin was negative 0.2%.
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Results included $280 million of losses on the VC-25B program.
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Boeing said those losses were mainly tied to additional production and certification resources.
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The segment ended the quarter with $85 billion in backlog.

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Global Services Remained Profitable

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Global Services revenue increased 1% to $5.34 billion.
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Segment operating earnings declined 8% to $968 million.
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Operating margin was 18.1%, down from 19.9% in the prior-year quarter.
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Boeing said the margin decline reflected the impact of the Digital Aviation Solutions divestiture, higher costs, and unfavorable mix.
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Global Services ended the quarter with backlog of $33 billion.

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The Bigger Picture

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Boeing’s quarter showed progress, but not a clean turnaround yet.
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Revenue increased, commercial deliveries improved, operating cash flow turned positive, free cash flow improved, and backlog reached a record $715 billion. The company also reduced debt during the quarter and continued to show improvement in Commercial Airplanes losses.
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The issue is that Boeing still posted a core loss, and defense program charges remained a drag.
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