10-Q · July 28, 2026
Boeing delivered solid Q2 revenue growth, with revenue up 8.0% year over year to $24.560B and GAAP operating income recovering to $156M from a $176M loss. However, diluted EPS remained negative at $0.67, worsening from…
Earnings analysis · 10-Q
BA earnings analysis
Filed October 27, 2026 · Our reading of the company's report
The latest report
Boeing’s Q3 results showed meaningful year-over-year recovery: revenue increased to $24.188 billion, operating margin returned to 1.5%, EPS improved to $(0.26), and free cash flow was positive at $464 million. However,…
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Boeing’s Q3 results showed meaningful year-over-year recovery: revenue increased to $24.188 billion, operating margin returned to 1.5%, EPS improved to $(0.26), and free cash flow was positive at $464 million. However, revenue and EPS missed consensus, free cash flow declined sequentially from $631 million, and no quantitative forward guidance was provided. The filing reports no material changes to the risk factors from the 2025 10-K, supporting a neutral rather than bullish assessment.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.26
- Operating margin
- 1.5%
What stood out
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Revenue improved year over year
Q3 revenue was $24.188 billion, up approximately 4.0% from $23.27 billion in Q3 2025 but down approximately 1.5% from $24.56 billion in Q2 2026. Revenue missed the $24.355 billion consensus estimate.
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Loss narrowed materially
Diluted EPS was $(0.26), substantially better than $(7.14) in Q3 2025 and $(0.67) in Q2 2026, but below the $(0.20) consensus estimate.
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Operating margin returned positive
Operating margin was 1.5%, improving from negative 20.5% in Q3 2025 and 0.4% in Q2 2026, indicating a return to positive operating profitability.
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Positive free cash flow
Free cash flow was $464 million, versus $238 million in Q3 2025 and $631 million in Q2 2026. The result remained positive but declined $167 million sequentially.
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Backlog reached a record
Backlog reached a record $745.431 billion, with Defense and Global Services identified as key contributors to growth.
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Controls remained effective
Disclosure controls were concluded effective as of September 30, 2026, and management reported no changes in internal control that materially affected or were reasonably likely to materially affect controls during Q3 2026.
What to watch
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Earnings miss
The company missed consensus revenue of $24.355 billion and EPS of $(0.20), reporting $24.188 billion and $(0.26), respectively; the earnings miss indicates continued execution and profitability risk.
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Cash-flow outlook remains uncertain
Free cash flow declined from $631 million in Q2 2026 to $464 million in Q3 2026, while the filing provided no quantitative forward cash-flow outlook, leaving liquidity recovery dependent on execution.
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Existing legal risks persist
The filing states there have been no material changes to the risk factors disclosed in the 2025 Form 10-K, while legal proceedings remain subject to the contingencies discussed in Note 19.
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Reliance on financing facilities
Boeing entered into a 364-day credit agreement dated August 24, 2026 and amended two five-year credit agreements on the same date, highlighting continued reliance on committed financing facilities.
Management's outlook
No quantitative revenue, EPS, operating-profit, or free-cash-flow guidance was provided; outlook was deferred to the earnings communications.
Earlier filings 4
10-Q · April 22, 2026
Boeing reported Q1 2026 revenue of $22,217 million, up $2,721 million (+14.0%) year-over-year, with a much smaller net loss of $7 million (net loss attributable to Boeing shareholders $4 million) and diluted loss per…
10-K · January 30, 2026
Boeing's 2025 10-K reveals ongoing challenges with production and margin pressures across its segments. Although total revenue showed an upswing to $23.95B in Q4 2025, the company faced significant losses in earlier…
10-Q · October 29, 2025
Boeing reported Q3 2025 revenue of $23,270 million (up from $17,840 million in Q3 2024) but continued to report a GAAP operating loss and a significant diluted loss per share of $7.14. Commercial Airplanes led top-line…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.