The Boeing Company
Market data · as of Oct 19, 2026, 9:30 AM ET
The verifiable parts of management's story hold: revenue growth, a positive second-quarter cash turn and deleveraging. The profitability narrative does not yet reconcile with the filing.
Price
Snapshot
Financial Highlights
Quarter ended June 30, 2026 · From Boeing’s quarterly report (10-Q)Analysis as of September 28, 2026
Executive Brief
Boeing's second quarter of 2026 delivered top-line growth and a cash turn, but not the operating leverage that management's recovery narrative implies. Revenue reached , yet earnings from operations fell to . The net loss attributable to shareholders widened to , and came in at . The cash story does reconcile. The filing's first-half of (calculated from operating cash flow less capital expenditures), less the first quarter's deficit, implies a positive second quarter. That is consistent with the positive free cash flow of roughly that management's second-quarter release reported.
The gap between narrative and fundamentals sits in profitability and program risk. In the first-quarter call management described solid performance across all three businesses and said there were no major EAC adjustments. This quarter, Defense, Space & Security swung to an operating loss after a VC-25B reach-forward charge of . Commercial Airplanes grew revenue but still lost money. Consolidated compressed sequentially. The quarter also missed the EPS consensus by a wide margin. Offsetting that, balance-sheet repair is real: long-term debt fell to as the company used investment maturities to repay borrowings. Management's release also cited a record backlog of .
External signals are mixed. Analyst sentiment remains constructive, and the insider tape is quiet, with no open-market trades. Sentia's drift assessment therefore sits in the high-50s. Cash and revenue claims check out against the filing, but the tone of broad-based operational progress runs ahead of segment margins and fixed-price charges. The cross-period detail is traced in Narrative Evolution, and the analyst picture in Market Context.
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Revenue rose to , up from in the first quarter, matching the management's release reported.
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Earnings from operations fell to from in the first quarter as gross profit slipped to .
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of missed the estimate on an adjusted actual of .
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First-half was . The implied second-quarter figure is consistent with management's reported .
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Defense, Space & Security posted a quarterly operating loss of , driven by the VC-25B reach-forward loss of .
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Long-term debt declined to , and cash was .
Sentiment Shift
Management's framing has moved from 'off to a really good start' in the first quarter toward a record-backlog, positive-cash message, while filed margins and a defense charge weakened relative to that tone.
Investor Takeaway
The verifiable parts of management's story hold: revenue growth, a positive second-quarter cash turn and deleveraging. The profitability narrative does not yet reconcile with the filing. fell sequentially to , fixed-price defense charges resurfaced, and Commercial Airplanes remains loss-making despite higher deliveries. The recovery thesis now depends on the 737 rate step to 47 per month and on 2026 certifications converting volume into margin.
Narrative Evolution
Total revenue grew both sequentially and year over year. Second-quarter revenue of was up about from in the first quarter and up about from in the second quarter of 2025. Across the three quarters available, the top line has risen from in the first quarter of 2025, consistent with the delivery recovery management described. First-half revenue reached , up from a year earlier.
Commercial Airplanes drove the growth. Segment revenue of rose about from in the first quarter and about from a year earlier. The segment loss narrowed to , from a year earlier and from in the first quarter. The segment still has not reached breakeven. Defense, Space & Security revenue of eased about from in the first quarter but rose about from a year earlier. Its earnings swung from in the first quarter to a loss of , mainly on the VC-25B charge. Global Services revenue of was essentially flat against in the first quarter. Its operating earnings of compare with sequentially and a year earlier.
Margins moved the wrong way sequentially. Gross profit of implies a of about 9.8%. That compares with and about in the first quarter, a roughly 170bp sequential contraction. Against about in the second quarter of 2025, the decline is roughly 90bp. of gives a margin of about , down from about on in the first quarter. It is still better than the loss a year earlier, when a charge related to the Department of Justice agreement weighed on results. was , little changed from in the first quarter.
Below the line, the net loss attributable to shareholders widened to from in the first quarter. It narrowed from a year earlier. followed the same path: , against in the first quarter and a year earlier. The diluted share count rose to 791M from 788M in the first quarter. Lower interest expense, which management attributes to lower debt balances, provided a partial offset.
Cash flow is where the arc improved most, and like-for-like periods matter here. First-half was , against for the first quarter alone. That implies a derived second-quarter operating cash flow of about , consistent with the roughly management's release reported for the quarter. First-half was (calculated from operating cash flow less capital expenditures), and the first quarter was . The derived second-quarter free cash flow of about therefore matches the roughly management reported for the quarter. First-half rose to , from a year earlier. Advances and progress billings supplied much of the inflow, while inventories consumed cash.
Capital allocation remained focused on the balance sheet. Long-term debt fell to , from at the end of the first quarter and at year-end 2025. First-half debt repayments of were funded partly by net investment maturities. There were no share buybacks. Dividends were limited to on the mandatory convertible preferred stock.
The enrichment sources add three observations. First, the third-party geographic series reports a Commercial Airplanes line of for the second quarter, against in the first quarter. That direction conflicts with the filing's segment table, so the filed figures govern. Second, on expectations, the first quarter beat, with an actual of against a estimate, while the second quarter missed, at against . The pattern of the prior eight quarters is uneven. Third, insider activity (Form 4 / Section 16) showed no open-market sales or purchases in the trailing window, only tax withholdings and routine director grants.
Sentia's drift assessment has moved from 74 (Strengthening) after the first quarter to the mid-to-high 50s now. Themes have shifted from revenue recovery and cash-flow repair toward profitability, defense fixed-price risk and certification timing. The current 58 reflects cash and revenue claims that verify, alongside a margin and program-charge record that lags management's tone.
Key Themes
| Theme | Direction |
|---|---|
| Commercial Airplanes volume | Improving |
| Commercial Airplanes profitability | Improving |
| Defense fixed-price risk | Declining |
| Global Services ballast | Stable |
| Cash-flow framing | Improving |
| Deleveraging | Improving |
| Inventory build | Declining |
| Certification timing | Stable |
| Earnings versus expectations | Declining |
| Insider activity | Stable |
Fundamental Context
Revenue was , with growth led by Commercial Airplanes deliveries.
Gross profit was and .
Long-term debt was and cash , plus short-term investments of . Total equity was .
The filing continues to expect 737-7/-10 certification in 2026 and began low-rate production on a new 737 line in July 2026.
Market Context
No peer or sector source was provided, so this section focuses on the analyst consensus, business-line exposure and the market-versus-drift read.
Analyst sentiment remains constructive. Of 55 ratings, 38 are Buy, 12 Hold and 5 Sell, with no Strong Buy or Strong Sell. The consensus label is Buy. The price-target consensus is , with a median of a high of and a low of . The range is relatively narrow, which suggests analysts broadly share the recovery thesis.
Forward estimates model continued growth: revenue of for FY2029 and for FY2030. EPS estimates are for FY2029 and for FY2030. These are third-party estimates, not Sentia's forecast.
The third-party segmentation series shows Commercial Airplanes and Defense, Space & Security as the two tracked lines. Its Commercial Airplanes figure of for the second quarter conflicts with the filing's segment table, so the filed figures govern. The filing notes that the FY27 NASA budget request is , a relevant consideration for the space programs.
The market appears to be pricing management's multi-year recovery story rather than the quarter's margin compression. The second-quarter EPS miss sits alongside a Buy consensus that has not visibly shifted. That divergence is consistent with a of 58: the cash and revenue elements corroborate the story, while profitability lags it.
Risks & Watchpoints
The following risks are derived from the company’s most recent SEC filings, subsequent 8-K disclosures, and earnings call transcripts. Each risk is grouped as new, escalated, or removed relative to the prior period, using the Sentia analytical framework applied to management language patterns and disclosed risk factors.
New Risks
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The VC-25B reach-forward loss increased by in the quarter, and the filing says additional losses remain possible.
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In May 2026 Boeing agreed to guarantee of ULA credit facilities and expects to provide additional support to ULA while Vulcan launches are paused.
Escalated Risks
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Product warranty liabilities rose to , with changes in estimates of in the first half.
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Aircraft order cancellations in the first half totaled , mainly on 737 aircraft.
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The environmental remediation liability rose to .
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The new credit agreements, as management described them, add a minimum-liquidity covenant.
Removed Risks
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Insider selling (Form 4 / Section 16) is not a current risk signal: the window shows no open-market sales.
Peer Comparison
Filings This Analysis Cites
1 of 50 · SEC EDGAR| Filed | Type | Period | Accession | Source |
|---|---|---|---|---|
| Jul 28, 2026 | 10-Q | Jun 30, 2026 | 0001628280-26-050038 | EDGAR → |
Key Questions for Advisors
Meeting prep — copy these into your client discussion notes
Sources & Documentation
Primary filing: 10-Q — Q2 2026 (ending 2026-06-30) (filed 2026-07-28)
All source documents are publicly available via SEC EDGAR. Reported figures link back to the SEC filing they came from, and market data is labeled with its source and time.
- Full DocumentView on EDGAR
Cited Figures
Every figure below is taken directly from the company’s XBRL data in the filing named. Follow the accession link to the source document on SEC EDGAR.
| Figure / XBRL concept | Value | Accession (SEC EDGAR) |
|---|---|---|
| Revenueus-gaap:Revenues | $24.56B | 0001628280-26-050038 |
| Gross profitus-gaap:GrossProfit | $2.41B | 0001628280-26-050038 |
| Operating incomeus-gaap:OperatingIncomeLoss | $156M | 0001628280-26-050038 |
| Net incomeus-gaap:NetIncomeLoss | -$444M | 0001628280-26-050038 |
| R&D expenseus-gaap:ResearchAndDevelopmentExpense | $921M | 0001628280-26-050038 |
| Diluted EPSus-gaap:EarningsPerShareDiluted | -$0.67 | 0001628280-26-050038 |
| Shares outstandingus-gaap:WeightedAverageNumberOfDilutedSharesOutstanding | 791M shares | 0001628280-26-050038 |
| Cash & securitiesus-gaap:CashAndCashEquivalentsAtCarryingValue | $7.24B | 0001628280-26-050038 |
| Operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities | $1.19B | 0001628280-26-050038 |
| Capital expenditureus-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $2.01B | 0001628280-26-050038 |
| Free cash flowderived: us-gaap:NetCashProvidedByUsedInOperatingActivities - us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | -$823M | 0001628280-26-050038 |
| Sga expenseus-gaap:SellingGeneralAndAdministrativeExpense | $1.43B | 0001628280-26-050038 |
| Dividends paidus-gaap:PaymentsOfDividends | $86M | 0001628280-26-050038 |
| Long-term debtus-gaap:LongTermDebtAndCapitalLeaseObligations | $41.34B | 0001628280-26-050038 |
| Total debtderived: us-gaap:DebtCurrent 4,565 + us-gaap:LongTermDebtAndCapitalLeaseObligations 41,335 (USD millions) | $45.90B | 0001628280-26-050038 |
Figures cited from the filing text
These were read from the filing’s own wording rather than its XBRL tags. Open one to see the sentence it came from, in context.
Suggested Sources for BA Coverage
Selected from the company’s SEC filer profile and its sector classification (Aerospace & Defense · Industrials).
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Analysis on this page is generated from primary SEC filings submitted by The Boeing Company to the U.S. Securities and Exchange Commission; all source documents are publicly available and linked above.