The Boeing Company (BA) Q2 2026 earnings summary

Executive summary

• Revenue rose 8% year-over-year to $24.6 billion in Q2 2026, driven by higher commercial deliveries and strong defense volume, with first half revenue up 11% to $46.8 billion.

• Net loss attributable to shareholders narrowed to $428 million in Q2 and $448 million for the first half, with GAAP loss per share improving to ($0.67) and core loss per share at ($0.76).

• Operating cash flow reached $1.4 billion in Q2 and $1.2 billion for the first half; free cash flow was $631 million, exceeding expectations.

• Record backlog of over 6,200 airplanes and $715 billion, with strong demand across all segments.

• Completed $8.4 billion acquisition of Spirit AeroSystems, focusing integration on Commercial Airplanes.

Financial highlights

• Q2 2026 revenue: $24.6B (up 8% year-over-year); first half revenue: $46.8B (up 11%).

• Operating margin improved to 0.6% in Q2 and 1.3% for the first half; core EPS at a loss of $0.76.

• Free cash flow was $631 million in Q2, up from ($0.2B) year-over-year.

• Cash and marketable securities at $20 billion; consolidated debt reduced to $45.9 billion.

• BCA delivered 171 airplanes in Q2, highest quarterly total since 2018; BDS revenue up 13% to $7.5B; BGS revenue up 1% to $5.3B.

Outlook and guidance

• Backlog reached $715.3 billion, with 21% expected to convert to revenue by 2027.

• 2026 free cash flow estimated at $5B–$7B; on track for $1–3B free cash flow for 2026, with Q3 expected positive despite a $700M DOJ payment.

• Confident in achieving $10B free cash flow in the next decade, driven by higher deliveries and margin improvements.

• BCA expects to deliver 500 737s and 90–100 787s in 2026; 777X and 737-7/10 first deliveries on track for 2027.