{"success":true,"data":{"pressRelease":{"id":"180907","rtpr_id":"nPRrR0237a-20261027","ticker":"BA","exchange":"NYSE","all_tickers":["BA"],"title":"REG-Boeing Company: Boeing Reports Third Quarter Results","author":"PR Newswire","published_at":"2026-10-27T11:30:19.849Z","article_body":"Boeing Reports Third Quarter Results\n\n \n\nARLINGTON, Va., Oct. 27, 2026 --\n\nThird Quarter 2026\n* 737-7 achieved amended type certification (ATC) from the FAA; 737-10\nachieved ATC in October\n* Selected by the U.S. Navy to design, build and deliver the F/A-XX next\ngeneration fighter aircraft\n* Operating cash flow of $1.5 billion and free cash flow (non-GAAP)* of $0.5\nbillion\n* Total company backlog grew to a record $745 billion, including over 6,300\ncommercial airplanes\n Table 1. Summary Financial Results \n Third Quarter Nine Months \n (Dollars in Millions, except per share data) 2026 2025 Change 2026 2025 Change \n \n Revenues $24,188 $23,270 4 % $70,965 $65,515 8 % \n \n GAAP \n Earnings/(loss) from operations $354 ($4,781) NM $958 ($4,496) NM \n Operating margins 1.5 % (20.5) % 22.0 Pts 1.3 % (6.9) % 8.2 Pts \n Net loss ($116) ($5,339) NM ($551) ($5,982) NM \n Diluted loss per share ($0.26) ($7.14) NM ($1.04) ($8.25) NM \n Operating cash flow $1,496 $1,123 33 % $2,681 ($266) NM \n \n Non-GAAP* \n Core operating earnings/(loss) $204 ($5,049) NM $498 ($5,283) NM \n Core operating margins 0.8 % (21.7) % 22.5 Pts 0.7 % (8.1) % 8.8 Pts \n Core loss per share ($0.34) ($7.47) NM ($1.30) ($9.22) NM \n\n *Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on page 5, \"Non-GAAP Measures Disclosures.\" \n\nThe Boeing Company (NYSE: BA) recorded third quarter revenue of $24.2 billion,\nprimarily reflecting higher defense and services volume and less favorable\ncommercial delivery mix. The company reported GAAP loss per share of ($0.26)\nand core loss per share (non-GAAP)* of ($0.34). Operating cash flow in the\nquarter was $1.5 billion and free cash flow (non-GAAP)* was $0.5 billion.\nTotal company backlog at quarter end grew to a record $745 billion.\n\n\"Recent milestones, including certification of the 737-7 and 737-10 and\nselection to design and build the Navy's sixth-generation fighter aircraft,\nare important steps as we continue building on our progress,\" said Kelly\nOrtberg, Boeing president and chief executive officer. \"But we are not done.\nWe remain focused on safety and quality as we redouble our efforts on Lean and\ndisciplined execution to deliver on our commitments and build the durable\nperformance our stakeholders expect.\"\n\n Table 2. Cash Flow Third Quarter Nine Months \n (Millions) 2026 2025 2026 2025 \n Operating cash flow $1,496 $1,123 $2,681 ($266) \n Less additions to property, plant & equipment ($1,032) ($885) ($3,040) ($1,986) \n Free cash flow* $464 $238 ($359) ($2,252) \n\n *Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on page 5, \"Non-GAAP Measures Disclosures.\" \n\nOperating cash flow was $1.5 billion in the quarter reflecting working capital\ntiming partially offset by Department of Justice settlement payments of\napproximately $0.7 billion. Additions to property, plant and equipment\nprimarily reflects higher investments in Charleston and St. Louis sites.\n\n Table 3. Cash, Marketable Securities and Debt Balances Quarter End \n (Billions) 3Q 2026 2Q 2026 \n Cash and investments in marketable securities 1 $20.7 $20.0 \n Consolidated debt $45.9 $45.9 \n\n 1 Marketable securities consist primarily of time deposits due within one year classified as \"short-term investments.\" \n\nCash and investments in marketable securities totaled $20.7 billion, compared\nto $20.0 billion at the beginning of the quarter primarily reflecting cash\nflow generated in the quarter. The company maintains access to credit\nfacilities of $10.0 billion, which remain undrawn.\n\nSegment Results\n\nCommercial Airplanes\n\n Table 4. Commercial Airplanes Third Quarter Nine Months \n (Dollars in Millions) 2026 2025 Change 2026 2025 Change \n Deliveries 161 160 1 % 475 440 8 % \n Revenues $10,720 $11,094 (3) % $31,674 $30,115 5 % \n Loss from operations ($697) ($5,353) NM ($1,582) ($6,447) NM \n Operating margins (6.5) % (48.3) % 41.8 Pts (5.0) % (21.4) % 16.4 Pts \n\nCommercial Airplanes third quarter revenue of $10.7 billion and operating\nmargin of (6.5) percent primarily reflects less favorable delivery mix, higher\nprojected costs associated with future production rate adjustments and higher\nestimated supply chain costs. Third quarter 2025 operating margins were\nimpacted by a charge on the 777X program.\n\nThe 737 program continues to progress toward stabilized production of 47 per\nmonth. During the quarter, the 737-7 received amended type certification from\nthe Federal Aviation Administration, and the 737-10 received certification in\nOctober. The 787 program remains stable at a production rate of 8 per month.\nIn the quarter, the 777X program continued to progress on 777-9 certification\nflight testing and remains on track for first delivery in 2027.\n\nCommercial Airplanes booked 300 net orders including orders from Turkish\nAirlines, Ethiopian Airlines and Lufthansa.  Commercial Airplanes delivered\n161 airplanes and backlog included over 6,300 airplanes valued at a record\n$612 billion.\n\nDefense, Space & Security\n\n Table 5. Defense, Space & Security Third Quarter Nine Months \n (Dollars in Millions) 2026 2025 Change 2026 2025 Change \n Revenues $7,935 $6,902 15 % $23,017 $19,817 16 % \n Earnings from operations $492 $114 332 % $710 $379 87 % \n Operating margins 6.2 % 1.7 % 4.5 Pts 3.1 % 1.9 % 1.2 Pts \n\nDefense, Space & Security third quarter revenue was $7.9 billion driven by\nhigher volume. Operating margin of 6.2 percent primarily reflects a $252\nmillion gain on the HRL Laboratories sale and improved operational\nperformance.\n\nDuring the quarter, Defense, Space & Security was selected by the U.S. Navy\nfor a contract to design, build and deliver the F/A-XX next-generation fighter\naircraft. This order is not included in backlog pending completion of the\nsource selection and evaluation review process. Also in the quarter, the\ncompany received a seven-year contract award to expand PAC-3 Seeker\nproduction. Backlog at Defense, Space & Security grew to a record $101\nbillion, with 23 percent representing orders from customers outside the U.S.\n\nGlobal Services\n\n Table 6. Global Services Third Quarter Nine Months \n (Dollars in Millions) 2026 2025 Change 2026 2025 Change \n Revenues $5,574 $5,370 4 % $16,288 $15,714 4 % \n Earnings from operations $1,019 $938 9 % $2,958 $2,930 1 % \n Operating margins 18.3 % 17.5 % 0.8 Pts 18.2 % 18.6 % (0.4) Pts \n\nGlobal Services third quarter revenue was $5.6 billion on higher volume.\nOperating margin of 18.3 percent reflects favorable volume and mix.\n\nIn the quarter, Global Services captured an award from the U.S. Army to\nprovide maintenance services for the AH-64 Apache fleet. Global Services ended\nthe quarter with backlog of $33 billion.\n\nAdditional Financial Information\n\n Table 7. Additional Financial Information Third Quarter Nine Months \n (Dollars in Millions) 2026 2025 2026 2025 \n Revenues \n Unallocated items, eliminations and other ($41) ($96) ($14) ($131) \n Earnings/(loss) from operations \n Unallocated items, eliminations and other ($610) ($748) ($1,588) ($2,145) \n FAS/CAS service cost adjustment $150 $268 $460 $787 \n Other income, net $96 $276 $369 $924 \n Interest and debt expense ($573) ($694) ($1,789) ($2,112) \n Income tax benefit/(expense) $7 ($140) ($89) ($298) \n\nUnallocated items, eliminations and other primarily reflects timing of\nallocations.\n\nNon-GAAP Measures Disclosures\n\nWe supplement the reporting of our financial information determined under\nGenerally Accepted Accounting Principles in the United States of America\n(GAAP) with certain non-GAAP financial information. The non-GAAP financial\ninformation presented excludes certain significant items that may not be\nindicative of, or are unrelated to, results from our ongoing business\noperations. We believe that these non-GAAP measures provide investors with\nadditional insight into the company's ongoing business performance. These\nnon-GAAP measures should not be considered in isolation or as a substitute for\nthe related GAAP measures, and other companies may define such measures\ndifferently. We encourage investors to review our financial statements and\npublicly-filed reports in their entirety and not to rely on any single\nfinancial measure. The following definitions are provided:\n\nCore Operating Earnings/(Loss), Core Operating Margins and Core\nEarnings/(Loss) Per Share\n\nCore operating earnings/(loss) is defined as GAAP Earnings/(loss) from\noperations excluding the FAS/CAS service cost adjustment. The FAS/CAS service\ncost adjustment represents the difference between the Financial Accounting\nStandards (FAS) pension and postretirement service costs calculated under GAAP\nand costs allocated to the business segments. Core operating margins is\ndefined as Core operating earnings/(loss) expressed as a percentage of\nrevenue. Core earnings/(loss) per share is defined as GAAP Diluted\nearnings/(loss) per share excluding the net earnings/(loss) per share impact\nof the FAS/CAS service cost adjustment and Non-operating pension and\npostretirement expenses. Non-operating pension and postretirement expenses\nrepresent the components of net periodic benefit costs other than service\ncost. Pension costs allocated to BDS and BGS businesses supporting government\ncustomers are computed in accordance with U.S. Government Cost Accounting\nStandards (CAS), which employ different actuarial assumptions and accounting\nconventions than GAAP. CAS costs are allocable to government contracts. Other\npostretirement benefit costs are allocated to all business segments based on\nCAS, which is generally based on benefits paid. Management uses core operating\nearnings/(loss), core operating margins and core earnings/(loss) per share for\npurposes of evaluating and forecasting underlying business performance.\nManagement believes these core measures provide investors additional insights\ninto operational performance as they exclude non-service pension and\npost-retirement costs, which primarily represent costs driven by market\nfactors and costs not allocable to government contracts. A reconciliation of\nthese non-GAAP measures to the most directly comparable GAAP measure is\nprovided on page 12.\n\nFree Cash Flow\n\nFree cash flow is GAAP operating cash flow reduced by capital expenditures\nfor property, plant and equipment. Management believes free cash flow provides\ninvestors with an important perspective on the cash available for\nshareholders, debt repayment, and acquisitions after making the capital\ninvestments required to support ongoing business operations and long term\nvalue creation. Free cash flow does not represent the residual cash flow\navailable for discretionary expenditures as it excludes certain mandatory\nexpenditures such as repayment of maturing debt. Management uses free cash\nflow as a measure to assess both business performance and overall liquidity.\nSee Table 2 on page 2 for a reconciliation of free cash flow to the most\ndirectly comparable GAAP measure, operating cash flow.\n\nCaution Concerning Forward-Looking Statements\n\nThis press release contains \"forward-looking statements\" within the meaning of\nthe Private Securities Litigation Reform Act of 1995. Words such as \"may,\"\n\"will,\" \"should,\" \"expects,\" \"intends,\" \"projects,\" \"plans,\" \"believes,\"\n\"estimates,\" \"targets,\" \"anticipates,\" and other similar words or expressions,\nor the negative thereof, generally can be used to help identify these\nforward-looking statements. Examples of forward-looking statements include\nstatements relating to our future financial condition and operating results,\nour financial outlook, targets, plans, goals and objectives, and industry\nprojections and outlooks, as well as any other statement that does not\ndirectly relate to any historical or current fact. Forward-looking statements\nare based on expectations and assumptions that we believe to be reasonable\nwhen made, but that may not prove to be accurate.\n\nThese statements are not guarantees and are subject to risks, uncertainties,\nand changes in circumstances that are difficult to predict. Many factors could\ncause actual results to differ materially and adversely from these\nforward-looking statements. Among these factors are risks related to: (1)\ngeneral conditions in the economy and our industry, including those due to\nregulatory changes and geopolitical developments; (2) our reliance on our\ncommercial airline customers; (3) the overall health of our aircraft\nproduction system, production quality issues, commercial airplane production\nrates, our ability to successfully develop and certify new aircraft or new\nderivative aircraft, and the ability of our aircraft to meet stringent\nperformance and reliability standards; (4) changing budget and appropriation\nlevels and acquisition priorities of the U.S. government, as well as\nsignificant delays in U.S. government appropriations; (5) our dependence on\nour subcontractors and suppliers, as well as the availability of highly\nskilled labor and raw materials; (6) work stoppages or other labor\ndisruptions; (7) competition within our markets; (8) our non-U.S. operations\nand sales to non-U.S. customers, including tariffs, trade restrictions and\ngovernment actions; (9) changes in accounting estimates; (10) realizing the\nanticipated benefits of mergers, acquisitions, joint ventures/strategic\nalliances or divestitures, including anticipated synergies and quality\nimprovements related to our acquisition of Spirit AeroSystems Holdings, Inc.;\n(11) our dependence on U.S. government contracts; (12) our reliance on\nfixed-price contracts; (13) our reliance on cost-type contracts; (14)\ncontracts that include in-orbit incentive payments; (15) management of a\ncomplex, global IT infrastructure; (16) compromised or unauthorized access to\nour, our customers' and/or our suppliers' information and systems; (17)\npotential business disruptions, including threats to physical security or our\ninformation technology systems, extreme weather (including effects of climate\nchange) or other acts of nature, and pandemics or other public health crises;\n(18) potential adverse developments in new or pending litigation and/or\ngovernment inquiries or investigations; (19) potential environmental\nliabilities; (20) effects of climate change and legal, regulatory or market\nresponses to such change; (21) credit rating agency actions and our ability to\neffectively manage our liquidity; (22) substantial pension and other\npostretirement benefit obligations; (23) the adequacy of our insurance\ncoverage; (24) the dilutive effect of future issuances of our common stock;\nand (25) the preferential treatment of our 6.00% mandatory convertible\npreferred stock.\n\nAdditional information concerning these and other factors can be found in our\nfilings with the Securities and Exchange Commission, including our most recent\nAnnual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports\non Form 8-K. Any forward-looking statement speaks only as of the date on which\nit is made, and we assume no obligation to update or revise any\nforward-looking statement, whether as a result of new information, future\nevents, or otherwise, except as required by law.\n\n Contact: \n \n Investor Relations: Eric Hill or Mike Harris BoeingInvestorRelations@boeing.com \n Communications: Wilson Chow media@boeing.com \n\n \n\n The Boeing Company and Subsidiaries Consolidated Statements of Operations (Unaudited) \n \n Nine months ended Three months ended \n September 30 September 30 \n (Dollars in millions, except per share data) 2026 2025 2026 2025 \n Sales of products $61,117 $54,911 $20,753 $19,642 \n Sales of services 9,848 10,604 3,435 3,628 \n Total revenues 70,965 65,515 24,188 23,270 \n \n Cost of products (55,664) (54,522) (19,146) (22,737) \n Cost of services (8,174) (8,516) (2,875) (2,908) \n Total costs and expenses (63,838) (63,038) (22,021) (25,645) \n 7,127 2,477 2,167 (2,375) \n Income from operating investments, net 229 42 215 14 \n General and administrative expense (3,823) (4,427) (1,198) (1,522) \n Research and development expense, net (2,654) (2,651) (830) (897) \n Gain/(loss) on dispositions, net 79 63 (1) \n Earnings/(loss) from operations 958 (4,496) 354 (4,781) \n Other income, net 369 924 96 276 \n Interest and debt expense (1,789) (2,112) (573) (694) \n Loss before income taxes (462) (5,684) (123) (5,199) \n Income tax (expense)/benefit (89) (298) 7 (140) \n Net loss (551) (5,982) (116) (5,339) \n Less: Net earnings/(loss) attributable to noncontrolling interest 13 3 (2) \n Net loss attributable to Boeing shareholders (564) (5,985) (116) (5,337) \n Less: Mandatory convertible preferred stock dividends 259 259 87 87 \n accumulated during the period \n ‌ ($823) ($6,244) ($203) ($5,424) \n Net loss attributable to Boeing common shareholders \n ‌ ($1.04) ($8.25) ($0.26) ($7.14) \n Basic loss per share \n ‌ ($1.04) ($8.25) ($0.26) ($7.14) \n Diluted loss per share \n\n \n\n The Boeing Company and Subsidiaries Consolidated Statements of Financial Position (Unaudited) \n \n (Dollars in millions, except per share data) September 30 December 31 \n 2026 2025 \n Assets \n Cash and cash equivalents $9,498 $10,921 \n Short-term and other investments 11,216 18,479 \n Accounts receivable, net 4,069 2,921 \n Unbilled receivables, net 10,179 9,158 \n Inventories 90,948 84,679 \n Other current assets, net 2,674 2,301 \n Assets held for sale 688 \n Total current assets 129,272 128,459 \n Financing receivables and operating lease equipment, net 334 241 \n Property, plant and equipment, net of accumulated depreciation of $24,507 and 16,685 15,361 \n $23,613 \n Goodwill 17,778 17,275 \n Acquired intangible assets, net 1,279 1,567 \n Deferred income taxes 193 107 \n Investments 970 1,048 \n Other assets, net of accumulated amortization of $1,186 and $1,014 4,228 4,177 \n Total assets $170,739 $168,235 \n Liabilities and equity \n Accounts payable $15,288 $13,109 \n Accrued liabilities 26,441 27,141 \n Advances and progress billings 67,502 59,404 \n Short-term debt and current portion of long-term debt 4,569 8,461 \n Liabilities held for sale 161 \n Total current liabilities 113,961 108,115 \n Deferred income taxes 310 216 \n Accrued retiree health care 1,995 2,091 \n Accrued pension plan liability, net 4,018 4,287 \n Other long-term liabilities 2,542 2,432 \n Long-term debt 41,351 45,637 \n Total liabilities 164,177 162,778 \n Shareholders' equity: \n Mandatory convertible preferred stock, 6.00% Series A, par value $1.00 - 6 6 \n 20,000,000 shares authorized; 5,750,000 shares issued; aggregate \n liquidation preference $5,750 \n Common stock, par value $5.00 – 1,200,000,000 shares authorized; 5,061 5,061 \n 1,012,261,159 shares issued \n Additional paid-in capital 22,222 21,441 \n Treasury stock, at cost - 220,364,848 and 227,562,887 shares (27,159) (28,029) \n Retained earnings 16,429 17,252 \n Accumulated other comprehensive loss (10,012) (10,277) \n Total shareholders' equity 6,547 5,454 \n Noncontrolling interests 15 3 \n Total equity 6,562 5,457 \n Total liabilities and equity $170,739 $168,235 \n\n \n\n The Boeing Company and Subsidiaries Consolidated Statements of Cash Flows (Unaudited) \n \n Nine months ended \n September 30 \n (Dollars in millions) 2026 2025 \n Cash flows – operating activities: \n Net loss ($551) ($5,982) \n Adjustments to reconcile net loss to net cash provided/(used) by operating activities: \n Non-cash items – \n Share-based plans expense 361 343 \n Treasury shares issued for 401(k) contributions 1,275 1,173 \n Depreciation and amortization 1,753 1,417 \n Investment/asset impairment charges, net 122 32 \n Gain on dispositions, net (79) (63) \n 777X and 767 reach-forward losses 86 5,140 \n Other charges and credits, net (1) 217 \n Changes in assets and liabilities – \n Accounts receivable (1,130) (836) \n Unbilled receivables (1,039) (679) \n Advances and progress billings 8,113 (2,065) \n Inventories (6,733) (116) \n Other current assets (127) 227 \n Accounts payable 2,436 539 \n Accrued liabilities (1,562) 574 \n Income taxes receivable, payable and deferred (76) 93 \n Other long-term liabilities (148) (294) \n Pension and other postretirement plans (86) (436) \n Financing receivables and operating lease equipment, net (112) 274 \n Other 179 176 \n Net cash provided/(used) by operating activities 2,681 (266) \n Cash flows – investing activities: \n Payments to acquire property, plant and equipment (3,040) (1,986) \n Proceeds from disposals of property, plant and equipment 21 5 \n Proceeds from dispositions 35 \n Contributions to investments (28,170) (36,337) \n Proceeds from investments 35,040 32,674 \n Supplier notes receivable (11) (292) \n Repayments on supplier notes receivable 12 \n Other 1 \n Net cash provided/(used) by investing activities 3,853 (5,901) \n Cash flows – financing activities: \n New borrowings 46 138 \n Debt repayments (8,415) (721) \n Employee taxes on certain share-based payment arrangements (38) (28) \n Dividends paid on Mandatory convertible preferred stock (259) (244) \n Other 46 43 \n Net cash used by financing activities (8,620) (812) \n Effect of exchange rate changes on cash and cash equivalents 5 39 \n Net decrease in cash & cash equivalents, including restricted (2,081) (6,940) \n Less net decrease in cash & cash equivalents classified as Assets held for sale 41 \n Cash & cash equivalents, including restricted, at beginning of year 11,663 13,822 \n Cash & cash equivalents, including restricted, at end of period 9,541 6,882 \n Less restricted cash & cash equivalents, included in Investments 43 709 \n Cash & cash equivalents at end of period $9,498 $6,173 \n\n \n\n The Boeing Company and Subsidiaries Summary of Business Segment Data (Unaudited) \n \n Nine months ended Three months ended \n September 30 September 30 \n (Dollars in millions) 2026 2025 2026 2025 \n Revenues: \n Commercial Airplanes $31,674 $30,115 $10,720 $11,094 \n Defense, Space & Security 23,017 19,817 7,935 6,902 \n Global Services 16,288 15,714 5,574 5,370 \n Unallocated items, eliminations and other (14) (131) (41) (96) \n Total revenues $70,965 $65,515 $24,188 $23,270 \n Earnings/(loss) from operations: \n Commercial Airplanes ($1,582) ($6,447) ($697) ($5,353) \n Defense, Space & Security 710 379 492 114 \n Global Services 2,958 2,930 1,019 938 \n Segment operating earnings/(loss) 2,086 (3,138) 814 (4,301) \n Unallocated items, eliminations and other (1,588) (2,145) (610) (748) \n FAS/CAS service cost adjustment 460 787 150 268 \n Earnings/(loss) from operations 958 (4,496) 354 (4,781) \n Other income, net 369 924 96 276 \n Interest and debt expense (1,789) (2,112) (573) (694) \n Loss before income taxes (462) (5,684) (123) (5,199) \n Income tax (expense)/benefit (89) (298) 7 (140) \n Net loss (551) (5,982) (116) (5,339) \n Less: Net earnings/(loss) attributable to noncontrolling interest 13 3 (2) \n Net loss attributable to Boeing shareholders (564) (5,985) (116) (5,337) \n Less: Mandatory convertible preferred stock dividends 259 259 87 87 \n accumulated during the period \n ‌ ($823) ($6,244) ($203) ($5,424) \n Net loss attributable to Boeing common shareholders \n Research and development expense, net: \n Commercial Airplanes $1,700 $1,657 $500 $565 \n Defense, Space & Security 563 618 197 198 \n Global Services 76 91 28 32 \n Other 315 285 105 102 \n Total research and development expense, net $2,654 $2,651 $830 $897 \n Unallocated items, eliminations and other: \n Share-based plans ($44) ($40) $8 $11 \n Deferred compensation (104) (150) 3 (70) \n Amortization of previously capitalized interest (69) (64) (24) (22) \n Research and development expense, net (315) (285) (105) (102) \n Eliminations and other unallocated items (1,056) (1,606) (492) (565) \n Sub-total (included in Core operating earnings/(loss) (1,588) (2,145) (610) (748) \n Pension FAS/CAS service cost adjustment 277 588 92 198 \n Postretirement FAS/CAS service cost adjustment 183 199 58 70 \n FAS/CAS service cost adjustment 460 787 $150 $268 \n Total ($1,128) ($1,358) ($460) ($480) \n\n \n\n The Boeing Company and Subsidiaries Operating and Financial Data (Unaudited) \n \n Deliveries Nine months ended Three months ended \n September 30 September 30 \n Commercial Airplanes 2026 2025 2026 2025 \n 737 367 330 124 121 \n 767 26 20 10 6 \n 777 20 29 5 9 \n 787 62 61 22 24 \n Total 475 440 161 160 \n \n \n Defense, Space & Security \n AH-64 Apache (New) 11 14 3 8 \n AH-64 Apache (Remanufactured) 36 28 12 7 \n CH-47 Chinook (New) 7 1 2 — \n CH-47 Chinook (Renewed) 4 9 1 2 \n F-15 Models 6 7 2 3 \n F/A-18 Models 7 12 2 3 \n KC-46 Tanker 15 9 7 4 \n MH-139 6 6 1 1 \n P-8 Models 2 4 — 2 \n Commercial Satellites 4 4 3 2 \n Total 1 98 94 33 32 \n ‌ 1 Deliveries of new-build production units, including remanufactures and modifications \n \n \n Total backlog (Dollars in millions) September 30 December 31 \n 2026 2025 \n Commercial Airplanes $611,833 $567,290 \n Defense, Space & Security 100,505 84,786 \n Global Services 32,725 29,720 \n Unallocated items, eliminations and other 368 411 \n Total backlog $745,431 $682,207 \n \n Contractual backlog $692,767 $639,721 \n Unobligated backlog 52,664 42,486 \n Total backlog $745,431 $682,207 \n\nThe Boeing Company and Subsidiaries \nReconciliation of Non-GAAP Measures \n(Unaudited)\n\nThe tables provided below reconcile the non-GAAP financial measures core\noperating earnings/(loss), core operating margins, and core earnings/(loss)\nper share with the most directly comparable GAAP financial measures of\nearnings/(loss) from operations, operating margins, and diluted\nearnings/(loss) per share. See page 5 of this release for additional\ninformation on the use of these non-GAAP financial measures.\n\n (Dollars in millions, except per share data) Third Quarter 2026 Third Quarter 2025 \n $ millions Per Share $ millions Per Share \n Revenues $24,188 $23,270 \n Earnings/(loss) from operations (GAAP) 354 (4,781) \n Operating margins (GAAP) 1.5 % (20.5) % \n \n FAS/CAS service cost adjustment: \n Pension FAS/CAS service cost adjustment (92) (198) \n Postretirement FAS/CAS service cost adjustment (58) (70) \n FAS/CAS service cost adjustment (150) (268) \n Core operating earnings/(loss) (non-GAAP) $204 ($5,049) \n Core operating margins (non-GAAP) 0.8 % (21.7) % \n \n Diluted loss per share (GAAP) ($0.26) ($7.14) \n Pension FAS/CAS service cost adjustment ($92) (0.12) ($198) (0.26) \n Postretirement FAS/CAS service cost adjustment (58) (0.07) (70) (0.09) \n Non-operating pension expense/(income) 76 0.10 (42) (0.06) \n Non-operating postretirement income (9) (0.01) (5) (0.01) \n Provision for deferred income taxes on adjustments 1 17 0.02 66 0.09 \n Subtotal of adjustments ($66) ($0.08) ($249) ($0.33) \n Core loss per share (non-GAAP) ($0.34) ($7.47) \n ‌ 792.7 759.9 \n Diluted weighted average common shares outstanding (in \n millions) \n\n 1 The income tax impact is calculated using the U.S. corporate statutory tax rate. \n\nThe Boeing Company and Subsidiaries \nReconciliation of Non-GAAP Measures \n(Unaudited)\n\nThe tables provided below reconcile the non-GAAP financial measures core\noperating earnings/(loss), core operating margins, and core earnings/(loss)\nper share with the most directly comparable GAAP financial measures of\nearnings/(loss) from operations, operating margins, and diluted\nearnings/(loss) per share. See page 5 of this release for additional\ninformation on the use of these non-GAAP financial measures.\n\n (Dollars in millions, except per share data) Nine Months 2026 Nine Months 2025 \n $ millions Per Share $ millions Per Share \n Revenues $70,965 $65,515 \n Earnings/(loss) from operations (GAAP) 958 (4,496) \n Operating margins (GAAP) 1.3 % (6.9) % \n \n FAS/CAS service cost adjustment: \n Pension FAS/CAS service cost adjustment (277) (588) \n Postretirement FAS/CAS service cost adjustment (183) (199) \n FAS/CAS service cost adjustment (460) (787) \n Core operating earnings/(loss) (non-GAAP) $498 ($5,283) \n Core operating margins (non-GAAP) 0.7 % (8.1) % \n \n Diluted loss per share (GAAP) ($1.04) ($8.25) \n Pension FAS/CAS service cost adjustment ($277) (0.35) ($588) (0.78) \n Postretirement FAS/CAS service cost adjustment (183) (0.23) (199) (0.26) \n Non-operating pension expense/(income) 223 0.28 (127) (0.17) \n Non-operating postretirement income (27) (0.03) (14) (0.02) \n Provision for deferred income taxes on adjustments 1 55 0.07 195 0.26 \n Subtotal of adjustments ($209) ($0.26) ($733) ($0.97) \n Core loss per share (non-GAAP) ($1.30) ($9.22) \n ‌ 790.4 756.7 \n Diluted weighted average common shares outstanding (in \n millions) \n\n 1 The income tax impact is calculated using the U.S. corporate statutory tax rate. \n\n \n\n \n\n \n\n \n\n\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved.","article_body_html":"","raw_payload":{"data":{"id":"nPRrR0237a-20261027","title":"REG-Boeing Company: Boeing Reports Third Quarter Results","author":"PR Newswire","ticker":"BA","created":"2026-10-27T11:30:19.849Z","tickers":["BA"],"exchange":"NYSE","article_body":"Boeing Reports Third Quarter Results\n\n \n\nARLINGTON, Va., Oct. 27, 2026 --\n\nThird Quarter 2026\n* 737-7 achieved amended type certification (ATC) from the FAA; 737-10\nachieved ATC in October\n* Selected by the U.S. Navy to design, build and deliver the F/A-XX next\ngeneration fighter aircraft\n* Operating cash flow of $1.5 billion and free cash flow (non-GAAP)* of $0.5\nbillion\n* Total company backlog grew to a record $745 billion, including over 6,300\ncommercial airplanes\n Table 1. Summary Financial Results \n Third Quarter Nine Months \n (Dollars in Millions, except per share data) 2026 2025 Change 2026 2025 Change \n \n Revenues $24,188 $23,270 4 % $70,965 $65,515 8 % \n \n GAAP \n Earnings/(loss) from operations $354 ($4,781) NM $958 ($4,496) NM \n Operating margins 1.5 % (20.5) % 22.0 Pts 1.3 % (6.9) % 8.2 Pts \n Net loss ($116) ($5,339) NM ($551) ($5,982) NM \n Diluted loss per share ($0.26) ($7.14) NM ($1.04) ($8.25) NM \n Operating cash flow $1,496 $1,123 33 % $2,681 ($266) NM \n \n Non-GAAP* \n Core operating earnings/(loss) $204 ($5,049) NM $498 ($5,283) NM \n Core operating margins 0.8 % (21.7) % 22.5 Pts 0.7 % (8.1) % 8.8 Pts \n Core loss per share ($0.34) ($7.47) NM ($1.30) ($9.22) NM \n\n *Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on page 5, \"Non-GAAP Measures Disclosures.\" \n\nThe Boeing Company (NYSE: BA) recorded third quarter revenue of $24.2 billion,\nprimarily reflecting higher defense and services volume and less favorable\ncommercial delivery mix. The company reported GAAP loss per share of ($0.26)\nand core loss per share (non-GAAP)* of ($0.34). Operating cash flow in the\nquarter was $1.5 billion and free cash flow (non-GAAP)* was $0.5 billion.\nTotal company backlog at quarter end grew to a record $745 billion.\n\n\"Recent milestones, including certification of the 737-7 and 737-10 and\nselection to design and build the Navy's sixth-generation fighter aircraft,\nare important steps as we continue building on our progress,\" said Kelly\nOrtberg, Boeing president and chief executive officer. \"But we are not done.\nWe remain focused on safety and quality as we redouble our efforts on Lean and\ndisciplined execution to deliver on our commitments and build the durable\nperformance our stakeholders expect.\"\n\n Table 2. Cash Flow Third Quarter Nine Months \n (Millions) 2026 2025 2026 2025 \n Operating cash flow $1,496 $1,123 $2,681 ($266) \n Less additions to property, plant & equipment ($1,032) ($885) ($3,040) ($1,986) \n Free cash flow* $464 $238 ($359) ($2,252) \n\n *Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on page 5, \"Non-GAAP Measures Disclosures.\" \n\nOperating cash flow was $1.5 billion in the quarter reflecting working capital\ntiming partially offset by Department of Justice settlement payments of\napproximately $0.7 billion. Additions to property, plant and equipment\nprimarily reflects higher investments in Charleston and St. Louis sites.\n\n Table 3. Cash, Marketable Securities and Debt Balances Quarter End \n (Billions) 3Q 2026 2Q 2026 \n Cash and investments in marketable securities 1 $20.7 $20.0 \n Consolidated debt $45.9 $45.9 \n\n 1 Marketable securities consist primarily of time deposits due within one year classified as \"short-term investments.\" \n\nCash and investments in marketable securities totaled $20.7 billion, compared\nto $20.0 billion at the beginning of the quarter primarily reflecting cash\nflow generated in the quarter. The company maintains access to credit\nfacilities of $10.0 billion, which remain undrawn.\n\nSegment Results\n\nCommercial Airplanes\n\n Table 4. Commercial Airplanes Third Quarter Nine Months \n (Dollars in Millions) 2026 2025 Change 2026 2025 Change \n Deliveries 161 160 1 % 475 440 8 % \n Revenues $10,720 $11,094 (3) % $31,674 $30,115 5 % \n Loss from operations ($697) ($5,353) NM ($1,582) ($6,447) NM \n Operating margins (6.5) % (48.3) % 41.8 Pts (5.0) % (21.4) % 16.4 Pts \n\nCommercial Airplanes third quarter revenue of $10.7 billion and operating\nmargin of (6.5) percent primarily reflects less favorable delivery mix, higher\nprojected costs associated with future production rate adjustments and higher\nestimated supply chain costs. Third quarter 2025 operating margins were\nimpacted by a charge on the 777X program.\n\nThe 737 program continues to progress toward stabilized production of 47 per\nmonth. During the quarter, the 737-7 received amended type certification from\nthe Federal Aviation Administration, and the 737-10 received certification in\nOctober. The 787 program remains stable at a production rate of 8 per month.\nIn the quarter, the 777X program continued to progress on 777-9 certification\nflight testing and remains on track for first delivery in 2027.\n\nCommercial Airplanes booked 300 net orders including orders from Turkish\nAirlines, Ethiopian Airlines and Lufthansa.  Commercial Airplanes delivered\n161 airplanes and backlog included over 6,300 airplanes valued at a record\n$612 billion.\n\nDefense, Space & Security\n\n Table 5. Defense, Space & Security Third Quarter Nine Months \n (Dollars in Millions) 2026 2025 Change 2026 2025 Change \n Revenues $7,935 $6,902 15 % $23,017 $19,817 16 % \n Earnings from operations $492 $114 332 % $710 $379 87 % \n Operating margins 6.2 % 1.7 % 4.5 Pts 3.1 % 1.9 % 1.2 Pts \n\nDefense, Space & Security third quarter revenue was $7.9 billion driven by\nhigher volume. Operating margin of 6.2 percent primarily reflects a $252\nmillion gain on the HRL Laboratories sale and improved operational\nperformance.\n\nDuring the quarter, Defense, Space & Security was selected by the U.S. Navy\nfor a contract to design, build and deliver the F/A-XX next-generation fighter\naircraft. This order is not included in backlog pending completion of the\nsource selection and evaluation review process. Also in the quarter, the\ncompany received a seven-year contract award to expand PAC-3 Seeker\nproduction. Backlog at Defense, Space & Security grew to a record $101\nbillion, with 23 percent representing orders from customers outside the U.S.\n\nGlobal Services\n\n Table 6. Global Services Third Quarter Nine Months \n (Dollars in Millions) 2026 2025 Change 2026 2025 Change \n Revenues $5,574 $5,370 4 % $16,288 $15,714 4 % \n Earnings from operations $1,019 $938 9 % $2,958 $2,930 1 % \n Operating margins 18.3 % 17.5 % 0.8 Pts 18.2 % 18.6 % (0.4) Pts \n\nGlobal Services third quarter revenue was $5.6 billion on higher volume.\nOperating margin of 18.3 percent reflects favorable volume and mix.\n\nIn the quarter, Global Services captured an award from the U.S. Army to\nprovide maintenance services for the AH-64 Apache fleet. Global Services ended\nthe quarter with backlog of $33 billion.\n\nAdditional Financial Information\n\n Table 7. Additional Financial Information Third Quarter Nine Months \n (Dollars in Millions) 2026 2025 2026 2025 \n Revenues \n Unallocated items, eliminations and other ($41) ($96) ($14) ($131) \n Earnings/(loss) from operations \n Unallocated items, eliminations and other ($610) ($748) ($1,588) ($2,145) \n FAS/CAS service cost adjustment $150 $268 $460 $787 \n Other income, net $96 $276 $369 $924 \n Interest and debt expense ($573) ($694) ($1,789) ($2,112) \n Income tax benefit/(expense) $7 ($140) ($89) ($298) \n\nUnallocated items, eliminations and other primarily reflects timing of\nallocations.\n\nNon-GAAP Measures Disclosures\n\nWe supplement the reporting of our financial information determined under\nGenerally Accepted Accounting Principles in the United States of America\n(GAAP) with certain non-GAAP financial information. The non-GAAP financial\ninformation presented excludes certain significant items that may not be\nindicative of, or are unrelated to, results from our ongoing business\noperations. We believe that these non-GAAP measures provide investors with\nadditional insight into the company's ongoing business performance. These\nnon-GAAP measures should not be considered in isolation or as a substitute for\nthe related GAAP measures, and other companies may define such measures\ndifferently. We encourage investors to review our financial statements and\npublicly-filed reports in their entirety and not to rely on any single\nfinancial measure. The following definitions are provided:\n\nCore Operating Earnings/(Loss), Core Operating Margins and Core\nEarnings/(Loss) Per Share\n\nCore operating earnings/(loss) is defined as GAAP Earnings/(loss) from\noperations excluding the FAS/CAS service cost adjustment. The FAS/CAS service\ncost adjustment represents the difference between the Financial Accounting\nStandards (FAS) pension and postretirement service costs calculated under GAAP\nand costs allocated to the business segments. Core operating margins is\ndefined as Core operating earnings/(loss) expressed as a percentage of\nrevenue. Core earnings/(loss) per share is defined as GAAP Diluted\nearnings/(loss) per share excluding the net earnings/(loss) per share impact\nof the FAS/CAS service cost adjustment and Non-operating pension and\npostretirement expenses. Non-operating pension and postretirement expenses\nrepresent the components of net periodic benefit costs other than service\ncost. Pension costs allocated to BDS and BGS businesses supporting government\ncustomers are computed in accordance with U.S. Government Cost Accounting\nStandards (CAS), which employ different actuarial assumptions and accounting\nconventions than GAAP. CAS costs are allocable to government contracts. Other\npostretirement benefit costs are allocated to all business segments based on\nCAS, which is generally based on benefits paid. Management uses core operating\nearnings/(loss), core operating margins and core earnings/(loss) per share for\npurposes of evaluating and forecasting underlying business performance.\nManagement believes these core measures provide investors additional insights\ninto operational performance as they exclude non-service pension and\npost-retirement costs, which primarily represent costs driven by market\nfactors and costs not allocable to government contracts. A reconciliation of\nthese non-GAAP measures to the most directly comparable GAAP measure is\nprovided on page 12.\n\nFree Cash Flow\n\nFree cash flow is GAAP operating cash flow reduced by capital expenditures\nfor property, plant and equipment. Management believes free cash flow provides\ninvestors with an important perspective on the cash available for\nshareholders, debt repayment, and acquisitions after making the capital\ninvestments required to support ongoing business operations and long term\nvalue creation. Free cash flow does not represent the residual cash flow\navailable for discretionary expenditures as it excludes certain mandatory\nexpenditures such as repayment of maturing debt. Management uses free cash\nflow as a measure to assess both business performance and overall liquidity.\nSee Table 2 on page 2 for a reconciliation of free cash flow to the most\ndirectly comparable GAAP measure, operating cash flow.\n\nCaution Concerning Forward-Looking Statements\n\nThis press release contains \"forward-looking statements\" within the meaning of\nthe Private Securities Litigation Reform Act of 1995. Words such as \"may,\"\n\"will,\" \"should,\" \"expects,\" \"intends,\" \"projects,\" \"plans,\" \"believes,\"\n\"estimates,\" \"targets,\" \"anticipates,\" and other similar words or expressions,\nor the negative thereof, generally can be used to help identify these\nforward-looking statements. Examples of forward-looking statements include\nstatements relating to our future financial condition and operating results,\nour financial outlook, targets, plans, goals and objectives, and industry\nprojections and outlooks, as well as any other statement that does not\ndirectly relate to any historical or current fact. Forward-looking statements\nare based on expectations and assumptions that we believe to be reasonable\nwhen made, but that may not prove to be accurate.\n\nThese statements are not guarantees and are subject to risks, uncertainties,\nand changes in circumstances that are difficult to predict. Many factors could\ncause actual results to differ materially and adversely from these\nforward-looking statements. Among these factors are risks related to: (1)\ngeneral conditions in the economy and our industry, including those due to\nregulatory changes and geopolitical developments; (2) our reliance on our\ncommercial airline customers; (3) the overall health of our aircraft\nproduction system, production quality issues, commercial airplane production\nrates, our ability to successfully develop and certify new aircraft or new\nderivative aircraft, and the ability of our aircraft to meet stringent\nperformance and reliability standards; (4) changing budget and appropriation\nlevels and acquisition priorities of the U.S. government, as well as\nsignificant delays in U.S. government appropriations; (5) our dependence on\nour subcontractors and suppliers, as well as the availability of highly\nskilled labor and raw materials; (6) work stoppages or other labor\ndisruptions; (7) competition within our markets; (8) our non-U.S. operations\nand sales to non-U.S. customers, including tariffs, trade restrictions and\ngovernment actions; (9) changes in accounting estimates; (10) realizing the\nanticipated benefits of mergers, acquisitions, joint ventures/strategic\nalliances or divestitures, including anticipated synergies and quality\nimprovements related to our acquisition of Spirit AeroSystems Holdings, Inc.;\n(11) our dependence on U.S. government contracts; (12) our reliance on\nfixed-price contracts; (13) our reliance on cost-type contracts; (14)\ncontracts that include in-orbit incentive payments; (15) management of a\ncomplex, global IT infrastructure; (16) compromised or unauthorized access to\nour, our customers' and/or our suppliers' information and systems; (17)\npotential business disruptions, including threats to physical security or our\ninformation technology systems, extreme weather (including effects of climate\nchange) or other acts of nature, and pandemics or other public health crises;\n(18) potential adverse developments in new or pending litigation and/or\ngovernment inquiries or investigations; (19) potential environmental\nliabilities; (20) effects of climate change and legal, regulatory or market\nresponses to such change; (21) credit rating agency actions and our ability to\neffectively manage our liquidity; (22) substantial pension and other\npostretirement benefit obligations; (23) the adequacy of our insurance\ncoverage; (24) the dilutive effect of future issuances of our common stock;\nand (25) the preferential treatment of our 6.00% mandatory convertible\npreferred stock.\n\nAdditional information concerning these and other factors can be found in our\nfilings with the Securities and Exchange Commission, including our most recent\nAnnual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports\non Form 8-K. Any forward-looking statement speaks only as of the date on which\nit is made, and we assume no obligation to update or revise any\nforward-looking statement, whether as a result of new information, future\nevents, or otherwise, except as required by law.\n\n Contact: \n \n Investor Relations: Eric Hill or Mike Harris BoeingInvestorRelations@boeing.com \n Communications: Wilson Chow media@boeing.com \n\n \n\n The Boeing Company and Subsidiaries Consolidated Statements of Operations (Unaudited) \n \n Nine months ended Three months ended \n September 30 September 30 \n (Dollars in millions, except per share data) 2026 2025 2026 2025 \n Sales of products $61,117 $54,911 $20,753 $19,642 \n Sales of services 9,848 10,604 3,435 3,628 \n Total revenues 70,965 65,515 24,188 23,270 \n \n Cost of products (55,664) (54,522) (19,146) (22,737) \n Cost of services (8,174) (8,516) (2,875) (2,908) \n Total costs and expenses (63,838) (63,038) (22,021) (25,645) \n 7,127 2,477 2,167 (2,375) \n Income from operating investments, net 229 42 215 14 \n General and administrative expense (3,823) (4,427) (1,198) (1,522) \n Research and development expense, net (2,654) (2,651) (830) (897) \n Gain/(loss) on dispositions, net 79 63 (1) \n Earnings/(loss) from operations 958 (4,496) 354 (4,781) \n Other income, net 369 924 96 276 \n Interest and debt expense (1,789) (2,112) (573) (694) \n Loss before income taxes (462) (5,684) (123) (5,199) \n Income tax (expense)/benefit (89) (298) 7 (140) \n Net loss (551) (5,982) (116) (5,339) \n Less: Net earnings/(loss) attributable to noncontrolling interest 13 3 (2) \n Net loss attributable to Boeing shareholders (564) (5,985) (116) (5,337) \n Less: Mandatory convertible preferred stock dividends 259 259 87 87 \n accumulated during the period \n ‌ ($823) ($6,244) ($203) ($5,424) \n Net loss attributable to Boeing common shareholders \n ‌ ($1.04) ($8.25) ($0.26) ($7.14) \n Basic loss per share \n ‌ ($1.04) ($8.25) ($0.26) ($7.14) \n Diluted loss per share \n\n \n\n The Boeing Company and Subsidiaries Consolidated Statements of Financial Position (Unaudited) \n \n (Dollars in millions, except per share data) September 30 December 31 \n 2026 2025 \n Assets \n Cash and cash equivalents $9,498 $10,921 \n Short-term and other investments 11,216 18,479 \n Accounts receivable, net 4,069 2,921 \n Unbilled receivables, net 10,179 9,158 \n Inventories 90,948 84,679 \n Other current assets, net 2,674 2,301 \n Assets held for sale 688 \n Total current assets 129,272 128,459 \n Financing receivables and operating lease equipment, net 334 241 \n Property, plant and equipment, net of accumulated depreciation of $24,507 and 16,685 15,361 \n $23,613 \n Goodwill 17,778 17,275 \n Acquired intangible assets, net 1,279 1,567 \n Deferred income taxes 193 107 \n Investments 970 1,048 \n Other assets, net of accumulated amortization of $1,186 and $1,014 4,228 4,177 \n Total assets $170,739 $168,235 \n Liabilities and equity \n Accounts payable $15,288 $13,109 \n Accrued liabilities 26,441 27,141 \n Advances and progress billings 67,502 59,404 \n Short-term debt and current portion of long-term debt 4,569 8,461 \n Liabilities held for sale 161 \n Total current liabilities 113,961 108,115 \n Deferred income taxes 310 216 \n Accrued retiree health care 1,995 2,091 \n Accrued pension plan liability, net 4,018 4,287 \n Other long-term liabilities 2,542 2,432 \n Long-term debt 41,351 45,637 \n Total liabilities 164,177 162,778 \n Shareholders' equity: \n Mandatory convertible preferred stock, 6.00% Series A, par value $1.00 - 6 6 \n 20,000,000 shares authorized; 5,750,000 shares issued; aggregate \n liquidation preference $5,750 \n Common stock, par value $5.00 – 1,200,000,000 shares authorized; 5,061 5,061 \n 1,012,261,159 shares issued \n Additional paid-in capital 22,222 21,441 \n Treasury stock, at cost - 220,364,848 and 227,562,887 shares (27,159) (28,029) \n Retained earnings 16,429 17,252 \n Accumulated other comprehensive loss (10,012) (10,277) \n Total shareholders' equity 6,547 5,454 \n Noncontrolling interests 15 3 \n Total equity 6,562 5,457 \n Total liabilities and equity $170,739 $168,235 \n\n \n\n The Boeing Company and Subsidiaries Consolidated Statements of Cash Flows (Unaudited) \n \n Nine months ended \n September 30 \n (Dollars in millions) 2026 2025 \n Cash flows – operating activities: \n Net loss ($551) ($5,982) \n Adjustments to reconcile net loss to net cash provided/(used) by operating activities: \n Non-cash items – \n Share-based plans expense 361 343 \n Treasury shares issued for 401(k) contributions 1,275 1,173 \n Depreciation and amortization 1,753 1,417 \n Investment/asset impairment charges, net 122 32 \n Gain on dispositions, net (79) (63) \n 777X and 767 reach-forward losses 86 5,140 \n Other charges and credits, net (1) 217 \n Changes in assets and liabilities – \n Accounts receivable (1,130) (836) \n Unbilled receivables (1,039) (679) \n Advances and progress billings 8,113 (2,065) \n Inventories (6,733) (116) \n Other current assets (127) 227 \n Accounts payable 2,436 539 \n Accrued liabilities (1,562) 574 \n Income taxes receivable, payable and deferred (76) 93 \n Other long-term liabilities (148) (294) \n Pension and other postretirement plans (86) (436) \n Financing receivables and operating lease equipment, net (112) 274 \n Other 179 176 \n Net cash provided/(used) by operating activities 2,681 (266) \n Cash flows – investing activities: \n Payments to acquire property, plant and equipment (3,040) (1,986) \n Proceeds from disposals of property, plant and equipment 21 5 \n Proceeds from dispositions 35 \n Contributions to investments (28,170) (36,337) \n Proceeds from investments 35,040 32,674 \n Supplier notes receivable (11) (292) \n Repayments on supplier notes receivable 12 \n Other 1 \n Net cash provided/(used) by investing activities 3,853 (5,901) \n Cash flows – financing activities: \n New borrowings 46 138 \n Debt repayments (8,415) (721) \n Employee taxes on certain share-based payment arrangements (38) (28) \n Dividends paid on Mandatory convertible preferred stock (259) (244) \n Other 46 43 \n Net cash used by financing activities (8,620) (812) \n Effect of exchange rate changes on cash and cash equivalents 5 39 \n Net decrease in cash & cash equivalents, including restricted (2,081) (6,940) \n Less net decrease in cash & cash equivalents classified as Assets held for sale 41 \n Cash & cash equivalents, including restricted, at beginning of year 11,663 13,822 \n Cash & cash equivalents, including restricted, at end of period 9,541 6,882 \n Less restricted cash & cash equivalents, included in Investments 43 709 \n Cash & cash equivalents at end of period $9,498 $6,173 \n\n \n\n The Boeing Company and Subsidiaries Summary of Business Segment Data (Unaudited) \n \n Nine months ended Three months ended \n September 30 September 30 \n (Dollars in millions) 2026 2025 2026 2025 \n Revenues: \n Commercial Airplanes $31,674 $30,115 $10,720 $11,094 \n Defense, Space & Security 23,017 19,817 7,935 6,902 \n Global Services 16,288 15,714 5,574 5,370 \n Unallocated items, eliminations and other (14) (131) (41) (96) \n Total revenues $70,965 $65,515 $24,188 $23,270 \n Earnings/(loss) from operations: \n Commercial Airplanes ($1,582) ($6,447) ($697) ($5,353) \n Defense, Space & Security 710 379 492 114 \n Global Services 2,958 2,930 1,019 938 \n Segment operating earnings/(loss) 2,086 (3,138) 814 (4,301) \n Unallocated items, eliminations and other (1,588) (2,145) (610) (748) \n FAS/CAS service cost adjustment 460 787 150 268 \n Earnings/(loss) from operations 958 (4,496) 354 (4,781) \n Other income, net 369 924 96 276 \n Interest and debt expense (1,789) (2,112) (573) (694) \n Loss before income taxes (462) (5,684) (123) (5,199) \n Income tax (expense)/benefit (89) (298) 7 (140) \n Net loss (551) (5,982) (116) (5,339) \n Less: Net earnings/(loss) attributable to noncontrolling interest 13 3 (2) \n Net loss attributable to Boeing shareholders (564) (5,985) (116) (5,337) \n Less: Mandatory convertible preferred stock dividends 259 259 87 87 \n accumulated during the period \n ‌ ($823) ($6,244) ($203) ($5,424) \n Net loss attributable to Boeing common shareholders \n Research and development expense, net: \n Commercial Airplanes $1,700 $1,657 $500 $565 \n Defense, Space & Security 563 618 197 198 \n Global Services 76 91 28 32 \n Other 315 285 105 102 \n Total research and development expense, net $2,654 $2,651 $830 $897 \n Unallocated items, eliminations and other: \n Share-based plans ($44) ($40) $8 $11 \n Deferred compensation (104) (150) 3 (70) \n Amortization of previously capitalized interest (69) (64) (24) (22) \n Research and development expense, net (315) (285) (105) (102) \n Eliminations and other unallocated items (1,056) (1,606) (492) (565) \n Sub-total (included in Core operating earnings/(loss) (1,588) (2,145) (610) (748) \n Pension FAS/CAS service cost adjustment 277 588 92 198 \n Postretirement FAS/CAS service cost adjustment 183 199 58 70 \n FAS/CAS service cost adjustment 460 787 $150 $268 \n Total ($1,128) ($1,358) ($460) ($480) \n\n \n\n The Boeing Company and Subsidiaries Operating and Financial Data (Unaudited) \n \n Deliveries Nine months ended Three months ended \n September 30 September 30 \n Commercial Airplanes 2026 2025 2026 2025 \n 737 367 330 124 121 \n 767 26 20 10 6 \n 777 20 29 5 9 \n 787 62 61 22 24 \n Total 475 440 161 160 \n \n \n Defense, Space & Security \n AH-64 Apache (New) 11 14 3 8 \n AH-64 Apache (Remanufactured) 36 28 12 7 \n CH-47 Chinook (New) 7 1 2 — \n CH-47 Chinook (Renewed) 4 9 1 2 \n F-15 Models 6 7 2 3 \n F/A-18 Models 7 12 2 3 \n KC-46 Tanker 15 9 7 4 \n MH-139 6 6 1 1 \n P-8 Models 2 4 — 2 \n Commercial Satellites 4 4 3 2 \n Total 1 98 94 33 32 \n ‌ 1 Deliveries of new-build production units, including remanufactures and modifications \n \n \n Total backlog (Dollars in millions) September 30 December 31 \n 2026 2025 \n Commercial Airplanes $611,833 $567,290 \n Defense, Space & Security 100,505 84,786 \n Global Services 32,725 29,720 \n Unallocated items, eliminations and other 368 411 \n Total backlog $745,431 $682,207 \n \n Contractual backlog $692,767 $639,721 \n Unobligated backlog 52,664 42,486 \n Total backlog $745,431 $682,207 \n\nThe Boeing Company and Subsidiaries \nReconciliation of Non-GAAP Measures \n(Unaudited)\n\nThe tables provided below reconcile the non-GAAP financial measures core\noperating earnings/(loss), core operating margins, and core earnings/(loss)\nper share with the most directly comparable GAAP financial measures of\nearnings/(loss) from operations, operating margins, and diluted\nearnings/(loss) per share. See page 5 of this release for additional\ninformation on the use of these non-GAAP financial measures.\n\n (Dollars in millions, except per share data) Third Quarter 2026 Third Quarter 2025 \n $ millions Per Share $ millions Per Share \n Revenues $24,188 $23,270 \n Earnings/(loss) from operations (GAAP) 354 (4,781) \n Operating margins (GAAP) 1.5 % (20.5) % \n \n FAS/CAS service cost adjustment: \n Pension FAS/CAS service cost adjustment (92) (198) \n Postretirement FAS/CAS service cost adjustment (58) (70) \n FAS/CAS service cost adjustment (150) (268) \n Core operating earnings/(loss) (non-GAAP) $204 ($5,049) \n Core operating margins (non-GAAP) 0.8 % (21.7) % \n \n Diluted loss per share (GAAP) ($0.26) ($7.14) \n Pension FAS/CAS service cost adjustment ($92) (0.12) ($198) (0.26) \n Postretirement FAS/CAS service cost adjustment (58) (0.07) (70) (0.09) \n Non-operating pension expense/(income) 76 0.10 (42) (0.06) \n Non-operating postretirement income (9) (0.01) (5) (0.01) \n Provision for deferred income taxes on adjustments 1 17 0.02 66 0.09 \n Subtotal of adjustments ($66) ($0.08) ($249) ($0.33) \n Core loss per share (non-GAAP) ($0.34) ($7.47) \n ‌ 792.7 759.9 \n Diluted weighted average common shares outstanding (in \n millions) \n\n 1 The income tax impact is calculated using the U.S. corporate statutory tax rate. \n\nThe Boeing Company and Subsidiaries \nReconciliation of Non-GAAP Measures \n(Unaudited)\n\nThe tables provided below reconcile the non-GAAP financial measures core\noperating earnings/(loss), core operating margins, and core earnings/(loss)\nper share with the most directly comparable GAAP financial measures of\nearnings/(loss) from operations, operating margins, and diluted\nearnings/(loss) per share. See page 5 of this release for additional\ninformation on the use of these non-GAAP financial measures.\n\n (Dollars in millions, except per share data) Nine Months 2026 Nine Months 2025 \n $ millions Per Share $ millions Per Share \n Revenues $70,965 $65,515 \n Earnings/(loss) from operations (GAAP) 958 (4,496) \n Operating margins (GAAP) 1.3 % (6.9) % \n \n FAS/CAS service cost adjustment: \n Pension FAS/CAS service cost adjustment (277) (588) \n Postretirement FAS/CAS service cost adjustment (183) (199) \n FAS/CAS service cost adjustment (460) (787) \n Core operating earnings/(loss) (non-GAAP) $498 ($5,283) \n Core operating margins (non-GAAP) 0.7 % (8.1) % \n \n Diluted loss per share (GAAP) ($1.04) ($8.25) \n Pension FAS/CAS service cost adjustment ($277) (0.35) ($588) (0.78) \n Postretirement FAS/CAS service cost adjustment (183) (0.23) (199) (0.26) \n Non-operating pension expense/(income) 223 0.28 (127) (0.17) \n Non-operating postretirement income (27) (0.03) (14) (0.02) \n Provision for deferred income taxes on adjustments 1 55 0.07 195 0.26 \n Subtotal of adjustments ($209) ($0.26) ($733) ($0.97) \n Core loss per share (non-GAAP) ($1.30) ($9.22) \n ‌ 790.4 756.7 \n Diluted weighted average common shares outstanding (in \n millions) \n\n 1 The income tax impact is calculated using the U.S. corporate statutory tax rate. \n\n \n\n \n\n \n\n \n\n\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved."},"type":"article","timestamp":"2026-10-27T11:30:19.916560524Z","server_sent_at_ms":1793100619916},"received_at":"2026-10-27T11:30:20.231Z","source_url":null},"analysis":{"id":"168732","press_release_id":"180907","analysis_json":{"industry":{"label":"Aerospace & Defense","sector":"Industrials"},"redFlags":["still GAAP net loss of $116M in the quarter","Commercial Airplanes operating margin negative at (6.5)%","FA-XX win not yet in backlog pending source selection review","higher projected costs for future 737 production rate adjustments and supply chain"],"eventType":"earnings","narrative":"Boeing reported Q3 2026 revenue of $24.2 billion, up 4% year-over-year, with a GAAP loss per share of ($0.26) and core (non-GAAP) loss per share of ($0.34) — a dramatic improvement from the year-ago loss of ($7.14).\n\nKey milestones included FAA amended type certification for the 737-7 (and 737-10 in October), selection by the U.S. Navy for the F/A-XX next-generation fighter, and a record total backlog of $745 billion including over 6,300 commercial airplanes.\n\nOperating cash flow was $1.5 billion with free cash flow of $0.5 billion despite roughly $0.7 billion in DOJ settlement payments, while Defense, Space & Security revenue grew 15% with a 6.2% margin.\n\nCommercial Airplanes remains the drag: revenue fell 3% to $10.7 billion with a (6.5)% operating margin on unfavorable delivery mix, higher projected production-rate adjustment costs, and higher supply-chain costs; the 777X remains on track for first delivery in 2027.","sentiment":"mixed","agentHooks":{"shouldPost":true,"suggestedAngle":"Boeing turns a corner: 737-7/737-10 certified, F/A-XX win, and record $745B backlog — but commercial margins still negative as recovery continues."},"keyFigures":{"revenue":"$24.2 billion","guidance":"","revenueYoy":"4%","customDimensions":{"fcf":464000000,"bca_revenue":10720000000,"bgs_revenue":5574000000,"fa_xx_award":"U.S. Navy F/A-XX next-generation fighter contract","hrl_labs_gain":252000000,"total_backlog":745431000000,"net_orders_bca":300,"defense_revenue":7935000000,"consolidated_debt":45900000000,"commercial_backlog":611833000000,"defense_revenue_yoy":"15%","operating_cash_flow":1496000000,"bca_operating_margin":"-6.5%","bgs_operating_margin":"18.3%","commercial_deliveries":161,"pac_3_seeker_contract":"seven-year PAC-3 Seeker production expansion","doj_settlement_payments":"$0.7 billion","defense_operating_margin":"6.2%","cash_and_marketable_securities":20700000000}},"quotedText":"Recent milestones, including certification of the 737-7 and 737-10 and selection to design and build the Navy's sixth-generation fighter aircraft, are important steps as we continue building on our progress","namedEntities":{"people":[{"name":"Kelly Ortberg","role":"President and CEO"}],"products":["737-7","737-10","777X","777-9","787","767","F/A-XX","PAC-3 Seeker","AH-64 Apache","KC-46 Tanker"],"companies":[{"name":"The Boeing Company","ticker":"BA","relationship":"filer"},{"name":"U.S. Navy","relationship":"customer"},{"name":"U.S. Army","relationship":"customer"},{"name":"Turkish Airlines","relationship":"customer"},{"name":"Ethiopian Airlines","relationship":"customer"},{"name":"Lufthansa","relationship":"customer"},{"name":"HRL Laboratories","relationship":"divested asset"}],"dollarAmounts":[{"amount":"$24,188","context":"Q3 2026 revenue (millions)"},{"amount":"$1.5 billion","context":"Q3 2026 operating cash flow"},{"amount":"$0.5 billion","context":"Q3 2026 free cash flow (non-GAAP)"},{"amount":"$745 billion","context":"record total company backlog"},{"amount":"$612 billion","context":"Commercial Airplanes backlog"},{"amount":"$101 billion","context":"Defense, Space & Security backlog"},{"amount":"$0.7 billion","context":"Department of Justice settlement payments in the quarter"},{"amount":"$252 million","context":"gain on HRL Laboratories sale"},{"amount":"$20.7 billion","context":"cash and marketable securities at quarter end"},{"amount":"$45.9 billion","context":"consolidated debt"},{"amount":"$10.0 billion","context":"undrawn credit facilities"}]},"materialImpact":{"score":5,"reasoning":"Mega-cap quarterly earnings release with major positive catalysts: FAA certification of 737-7 and 737-10, U.S. Navy F/A-XX fighter win, record $745B backlog, and positive operating income versus a massive year-ago loss. However the company still posted a GAAP net loss and Commercial Airplanes margins remain negative."},"tickerRelevance":{"others":[],"primary":"BA"},"globalImportance":72,"audienceRelevance":85,"eventTypeSecondary":[],"importanceComponents":{"tickerTier":"mega-cap / Dow component","eventGravity":"quarterly earnings with regulatory certification milestone and major defense contract win","householdBrandBoost":true,"retailFavoriteBoost":true,"earningsSurpriseEstimate":"no consensus figures stated in release"}},"event_type":"earnings","event_type_secondary":null,"sentiment":"mixed","material_impact_score":5,"narrative":"Boeing reported Q3 2026 revenue of $24.2 billion, up 4% year-over-year, with a GAAP loss per share of ($0.26) and core (non-GAAP) loss per share of ($0.34) — a dramatic improvement from the year-ago loss of ($7.14).\n\nKey milestones included FAA amended type certification for the 737-7 (and 737-10 in October), selection by the U.S. Navy for the F/A-XX next-generation fighter, and a record total backlog of $745 billion including over 6,300 commercial airplanes.\n\nOperating cash flow was $1.5 billion with free cash flow of $0.5 billion despite roughly $0.7 billion in DOJ settlement payments, while Defense, Space & Security revenue grew 15% with a 6.2% margin.\n\nCommercial Airplanes remains the drag: revenue fell 3% to $10.7 billion with a (6.5)% operating margin on unfavorable delivery mix, higher projected production-rate adjustment costs, and higher supply-chain costs; the 777X remains on track for first delivery in 2027.","key_figures":{"revenue":"$24.2 billion","guidance":"","revenueYoy":"4%","customDimensions":{"fcf":464000000,"bca_revenue":10720000000,"bgs_revenue":5574000000,"fa_xx_award":"U.S. Navy F/A-XX next-generation fighter contract","hrl_labs_gain":252000000,"total_backlog":745431000000,"net_orders_bca":300,"defense_revenue":7935000000,"consolidated_debt":45900000000,"commercial_backlog":611833000000,"defense_revenue_yoy":"15%","operating_cash_flow":1496000000,"bca_operating_margin":"-6.5%","bgs_operating_margin":"18.3%","commercial_deliveries":161,"pac_3_seeker_contract":"seven-year PAC-3 Seeker production expansion","doj_settlement_payments":"$0.7 billion","defense_operating_margin":"6.2%","cash_and_marketable_securities":20700000000}},"named_entities":{"people":[{"name":"Kelly Ortberg","role":"President and CEO"}],"products":["737-7","737-10","777X","777-9","787","767","F/A-XX","PAC-3 Seeker","AH-64 Apache","KC-46 Tanker"],"companies":[{"name":"The Boeing Company","ticker":"BA","relationship":"filer"},{"name":"U.S. Navy","relationship":"customer"},{"name":"U.S. Army","relationship":"customer"},{"name":"Turkish Airlines","relationship":"customer"},{"name":"Ethiopian Airlines","relationship":"customer"},{"name":"Lufthansa","relationship":"customer"},{"name":"HRL Laboratories","relationship":"divested asset"}],"dollarAmounts":[{"amount":"$24,188","context":"Q3 2026 revenue (millions)"},{"amount":"$1.5 billion","context":"Q3 2026 operating cash flow"},{"amount":"$0.5 billion","context":"Q3 2026 free cash flow (non-GAAP)"},{"amount":"$745 billion","context":"record total company backlog"},{"amount":"$612 billion","context":"Commercial Airplanes backlog"},{"amount":"$101 billion","context":"Defense, Space & Security backlog"},{"amount":"$0.7 billion","context":"Department of Justice settlement payments in the quarter"},{"amount":"$252 million","context":"gain on HRL Laboratories sale"},{"amount":"$20.7 billion","context":"cash and marketable securities at quarter end"},{"amount":"$45.9 billion","context":"consolidated debt"},{"amount":"$10.0 billion","context":"undrawn credit facilities"}]},"model_name":"glm-5.3-flashx","prompt_hash":"sha256:5c812bd9e28b810d","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-10-27T11:30:32.903Z","global_importance":72,"audience_relevance":85,"importance_components":{"tickerTier":"mega-cap / Dow component","eventGravity":"quarterly earnings with regulatory certification milestone and major defense contract win","householdBrandBoost":true,"retailFavoriteBoost":true,"earningsSurpriseEstimate":"no consensus figures stated in release"}},"durationMs":10493,"modelName":"glm-5.3-flashx"}}