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Boeing (NYSE: BA) grows Q2 revenue to $24.6B but remains unprofitable

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

The Boeing Company reported second-quarter 2026 revenue of $24.6 billion, up 8% from 2025, with GAAP earnings from operations of $156 million and a GAAP net loss of $428 million, or ($0.67) per share. Core (non-GAAP) operating earnings were $1 million and core loss per share ($0.76). Operating cash flow grew to $1.4 billion and free cash flow to $0.6 billion. Total company backlog at quarter end reached a record $715 billion, including over 6,200 commercial airplanes.

Commercial Airplanes delivered 171 aircraft, generating $11.8 billion of revenue with a (2.7)% operating margin, and booked 246 net orders for a backlog valued at about $597 billion. Defense, Space & Security revenue was $7.5 billion with a (0.2)% margin, including $280 million of VC‑25B program losses, while Global Services produced $5.3 billion of revenue and an 18.1% margin. Cash and investments in marketable securities totaled $20.0 billion and consolidated debt $45.9 billion at quarter end, with $10.0 billion of undrawn credit facilities.

Positive

  • Operating cash flow increased to $1,364 million in second-quarter 2026 from $227 million a year earlier (a 501% rise), driving free cash flow to $631 million from a ($200 million) outflow.

Negative

  • None.

Filing Explained

For the second quarter of 2026, Boeing reported a loss attributable to common shareholders after preferred dividends.

The July 28, 2026 Form 8-K reports Boeing’s second-quarter results through a furnished press release; the completed quarter included mandatory-convertible preferred dividends deducted in reaching the loss attributable to common shareholders.

Form 8-K reports specified material events, and Item 2.02 identifies results of operations and financial condition. The filing reports 5,750,000 Series A mandatory convertible preferred shares issued, alongside 1,012,261,159 common shares issued and 222,468,625 treasury shares at June 30, 2026.

The company says certification flight testing has been completed for the 737-7 and 737-10, but it still anticipates certification in 2026 and first deliveries in 2027; it also anticipates the 777X’s first delivery in 2027, so those milestones remain prospective rather than completed deliveries.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Revenue Q2 2026 $24,560 Second quarter 2026 total revenues (Dollars in millions), up 8% year over year
GAAP net loss Q2 2026 ($428) GAAP net loss in second quarter 2026 (Dollars in millions)
Diluted loss per share Q2 2026 ($0.67) GAAP diluted loss per share for quarter ended June 30, 2026
Operating cash flow Q2 2026 $1,364 Second quarter 2026 operating cash flow (Dollars in millions), 501% increase from 2025
Free cash flow Q2 2026 $631 Second quarter 2026 free cash flow (Dollars in millions), versus ($200) in Q2 2025
Total backlog $715,261 Total backlog at June 30, 2026 (Dollars in millions), record level
Consolidated debt $45.9 Consolidated debt at quarter end 2Q 2026 (Billions)
free cash flow financial
"Free cash flow* | | $631 | | | ($200) | |"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
FAS/CAS service cost adjustment financial
"FAS/CAS service cost adjustment | 310 | | | 519"
mandatory convertible preferred stock financial
"Mandatory convertible preferred stock, 6.00% Series A, par value $1.00"
A mandatory convertible preferred stock is a type of investment that pays regular income like a preferred share but is designed to automatically turn into a set number of common shares at a future date, much like a timed coupon that becomes company ownership. It matters to investors because it combines a near-term income stream with a guaranteed future increase in the company’s share count, which can dilute existing owners and change earnings-per-share and voting balance.
Type Inspection Authorization regulatory
"received FAA approval to begin certification flight testing under Type Inspection Authorization 4B"
An authorization that confirms a specific design or model of a regulated product has passed official testing and inspection and is allowed to be manufactured or sold. For investors it matters because this green light reduces regulatory risk, clears the way for production and revenue, and can be a prerequisite for accessing certain markets — much like a safety stamp that lets a new car or medical device legally reach customers.
Milestone C regulatory
"successfully completed first flight and received Milestone C on the U.S. Navy MQ-25A Stingray"
Milestone C is a specific, predefined development or regulatory checkpoint in a licensing or partnership contract—one of several labeled stages (A, B, C, etc.)—whose achievement triggers a payment, royalty change, or transfer of rights. Investors watch these milestones because they convert progress into measurable financial outcomes and can change a deal’s value quickly, much like reaching a named stage in a project plan that releases the next tranche of funding.
Revenue $24,560 up 8% from $22,749 in second quarter 2025
GAAP net loss ($428) vs ($612) in second quarter 2025
GAAP diluted loss per share ($0.67) vs ($0.92) in second quarter 2025
Operating cash flow $1,364 vs $227 in second quarter 2025, a 501% increase
Free cash flow (non-GAAP) $631 vs ($200) in second quarter 2025

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

What were Boeing (BA)'s revenues in the second quarter of 2026?
Boeing generated $24,560 million in total revenues in Q2 2026, up 8% from $22,749 million in Q2 2025. Growth was driven primarily by higher commercial airplane deliveries and volume across key businesses.

Did Boeing (BA) report a profit or loss in Q2 2026?
Boeing reported a GAAP net loss of $428 million, or ($0.67) diluted loss per share, in Q2 2026. This compares with a net loss of $612 million, or ($0.92) per share, in the same quarter of 2025.

How much operating and free cash flow did Boeing (BA) generate in Q2 2026?
Boeing produced $1,364 million of operating cash flow and $631 million of free cash flow in Q2 2026. This was a major improvement from Q2 2025, when operating cash flow was $227 million and free cash flow was a ($200 million) outflow.

What was Boeing (BA)'s total backlog at June 30, 2026?
Total backlog reached a record $715,261 million at June 30, 2026. This included $596,724 million for Commercial Airplanes, $85,322 million for Defense, Space & Security, and $32,840 million for Global Services.

How did Boeing (BA)'s business segments perform in Q2 2026?
Commercial Airplanes delivered 171 jets, with $11,751 million revenue and a (2.7)% margin. Defense, Space & Security posted $7,483 million revenue and a (0.2)% margin, while Global Services generated $5,344 million revenue and an 18.1% operating margin.

What is Boeing (BA)'s cash and debt position after Q2 2026?
At quarter end, Boeing held $20.0 billion in cash and investments in marketable securities and had $45.9 billion in consolidated debt. The company also maintained access to $10.0 billion in undrawn credit facilities.
BOEING COfalse0000012927929 Long Bridge DriveArlingtonVA703465-350000000129272026-07-282026-07-280000012927us-gaap:CommonStockMember2026-07-282026-07-280000012927us-gaap:ConvertiblePreferredStockSubjectToMandatoryRedemptionMember2026-07-282026-07-28

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

 CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): July 28, 2026
 
THE BOEING COMPANY
(Exact name of registrant as specified in its charter)
Delaware1-44291-0425694
(State or other jurisdiction of
incorporation or organization)		 (Commission file number) (I.R.S. Employer Identification No.)
 
929 Long Bridge Drive, Arlington, VA
22202
(Address of principal executive offices) (Zip Code)
(703) 465-3500
(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $5.00 Par ValueBANew York Stock Exchange
Depositary Shares, each representing a 1/20th interest in a share of 6.00% Series A Mandatory Convertible Preferred Stock, $1.00 Par ValueBA-PRANew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02 Results of Operations and Financial Condition.
On July 28, 2026, The Boeing Company issued a press release reporting its financial results for the second quarter of 2026. A copy of the Company’s press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.


 Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.
Exhibit
Number		  Description
99.1
Press Release issued by The Boeing Company dated July 28, 2026, reporting Boeing's financial results for the second quarter of 2026, furnished herewith.
104Cover Page Interactive Data File (embedded within the Inline XBRL document)



SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

 
THE BOEING COMPANY
(Registrant)
July 28, 2026/s/ Michael J. Cleary
(Date)
Michael J. Cleary
Senior Vice President and Controller



boeing.jpg
Boeing Reports Second Quarter Results
Second Quarter 2026
•Revenue increased to $24.6 billion primarily reflecting 171 commercial deliveries
•GAAP loss per share of ($0.67) and core loss per share (non-GAAP)* of ($0.76)
•Operating cash flow of $1.4 billion and free cash flow (non-GAAP)* of $0.6 billion
•Total company backlog grew to a record $715 billion, including over 6,200 commercial airplanes
Table 1. Summary Financial ResultsSecond QuarterFirst Half
(Dollars in Millions, except per share data)20262025Change20262025Change
Revenues$24,560 $22,749 8%$46,777 $42,245 11%
GAAP
Earnings/(loss) from operations$156 ($176)NM$604 $285 112%
Operating margins0.6 %(0.8)%1.4 Pts1.3 %0.7 %0.6 Pts
Net loss($428)($612)NM($435)($643)NM
Diluted loss per share($0.67)($0.92)NM($0.79)($1.09)NM
Operating cash flow$1,364 $227 501%$1,185 ($1,389)NM
Non-GAAP*
Core operating earnings/(loss)$1 ($433)NM$294 ($234)NM
Core operating margins0.0 %(1.9)%1.9 Pts0.6 %(0.6)%1.2 Pts
Core loss per share($0.76)($1.24)NM($0.97)($1.73)NM
*Non-GAAP measure; complete definitions of Boeing’s non-GAAP measures are on page 5, “Non-GAAP Measures Disclosures."    
    ARLINGTON, Va., July 28, 2026 – The Boeing Company [NYSE: BA] recorded second quarter revenue of $24.6 billion, GAAP loss per share of ($0.67) and core loss per share (non-GAAP)* of ($0.76). The company reported operating cash flow of $1.4 billion and free cash flow (non-GAAP)* of $0.6 billion. Results primarily reflect higher commercial delivery volume and favorable working capital within the year. Total company backlog at quarter end grew to a record $715 billion.
“I’m very pleased with the progress our team is making as we execute our plan. Our operations are more stable and key certification programs remain on plan. Our focus has been on restoring trust and we are now building on that through a sustained focus on safety, quality, and on-time performance,” said Kelly Ortberg, Boeing president and chief executive officer. “While there is more work ahead in the second half of the year, the momentum we are building continues to move Boeing in the right direction.”
1

Table 2. Cash Flow
Second QuarterFirst Half
(Millions)2026202520262025
Operating cash flow$1,364 $227 $1,185 ($1,389)
Less additions to property, plant & equipment($733)($427)($2,008)($1,101)
Free cash flow*$631 ($200)($823)($2,490)
*Non-GAAP measure; complete definitions of Boeing’s non-GAAP measures are on page 5, “Non-GAAP Measures Disclosures."    
    Operating cash flow was $1.4 billion in the quarter reflecting higher commercial deliveries and working capital timing. Additions to property, plant and equipment primarily reflects higher investments in Charleston and St. Louis sites.

Table 3. Cash, Marketable Securities and Debt Balances
Quarter End
(Billions)2Q 20261Q 2026
Cash and investments in marketable securities1
$20.0$20.9
Consolidated debt$45.9$47.2
1 Marketable securities consist primarily of time deposits due within one year classified as "short-term investments."
    Cash and investments in marketable securities totaled $20.0 billion, compared to $20.9 billion at the beginning of the quarter, reflecting debt repayments partially offset by cash flow generated in the quarter. The company maintains access to credit facilities of $10.0 billion, which remain undrawn.
2

Segment Results
Commercial Airplanes
Table 4. Commercial AirplanesSecond QuarterFirst Half
(Dollars in Millions)20262025Change20262025Change
Deliveries171 150 14%314 280 12%
Revenues$11,751 $10,874 8%$20,954 $19,021 10%
Loss from operations($322)($557)NM($885)($1,094)NM
Operating margins(2.7)%(5.1)%2.4 Pts(4.2)%(5.8)%1.6 Pts
Commercial Airplanes second quarter revenue of $11.8 billion and operating margin of (2.7) percent primarily reflects higher deliveries, favorable mix, improved performance, and other adjustments.
The 737 program began transitioning production to 47 per month rate in the quarter and activated low-rate initial production on the 737 North Line in July. As of July, certification flight testing has been completed on both the 737-7 and 737-10. The company continues to anticipate certification in 2026 and first delivery in 2027 for both variants. In the quarter, the 777X program received FAA approval to begin certification flight testing under Type Inspection Authorization 4B. The company continues to anticipate first delivery in 2027.
Commercial Airplanes booked 246 net orders including orders from Korean Air, Delta Air Lines, and SMBC Capital. Commercial Airplanes delivered 171 airplanes and backlog included over 6,200 airplanes valued at a record $597 billion.
Defense, Space & Security
Table 5. Defense, Space & Security
Second QuarterFirst Half
(Dollars in Millions)20262025Change20262025Change
Revenues$7,483 $6,617 13%$15,082 $12,915 17%
Earnings/(loss) from operations($15)$110 NM$218 $265 (18)%
Operating margins(0.2)%1.7 %(1.9) Pts1.4 %2.1 %(0.7) Pts
Defense, Space & Security second quarter revenue was $7.5 billion driven by higher volume. Operating margin was (0.2) percent in the quarter. Results include $280 million of losses on the VC-25B program primarily driven by an investment in additional production and certification resources. The company continues to anticipate first delivery in 2028.
During the quarter, Defense, Space & Security secured an award from the U.S. Space Force to provide proprietary communications capabilities, successfully completed first flight and received Milestone C on the U.S. Navy MQ-25A Stingray, and began low-rate initial production of the U.S. Air Force T-7A Red Hawk. Backlog at Defense, Space & Security was $85 billion, with 27 percent representing orders from customers outside the U.S.

3

Global Services
Table 6. Global Services
Second QuarterFirst Half
(Dollars in Millions)20262025Change20262025Change
Revenues$5,344 $5,281 1%$10,714 $10,344 4%
Earnings from operations$968 $1,049 (8)%$1,939 $1,992 (3)%
Operating margins18.1 %19.9 %(1.8) Pts18.1 %19.3 %(1.2) Pts
Global Services second quarter revenue was $5.3 billion on higher volume. Operating margin of 18.1 percent reflects impacts from the Digital Aviation Solutions divestiture, higher costs, and unfavorable mix.
In the quarter, Global Services captured an award from the U.S. Navy to provide training systems for the P-8A and announced an agreement with Alaska Airlines to integrate the Boeing Virtual Airplane training solution. Global Services ended the quarter with backlog of $33 billion.
Additional Financial Information
Table 7. Additional Financial Information
Second QuarterFirst Half
(Dollars in Millions)2026202520262025
Revenues
Unallocated items, eliminations and other($18)($23)$27 ($35)
Earnings/(loss) from operations
Unallocated items, eliminations and other($630)($1,035)($978)($1,397)
FAS/CAS service cost adjustment$155 $257 $310 $519 
Other income, net$79 $325 $273 $648 
Interest and debt expense($600)($710)($1,216)($1,418)
Income Tax Expense($63)($51)($96)($158)
    Unallocated items, eliminations and other primarily reflects timing of allocations.
4

Non-GAAP Measures Disclosures
    We supplement the reporting of our financial information determined under Generally Accepted Accounting Principles in the United States of America (GAAP) with certain non-GAAP financial information. The non-GAAP financial information presented excludes certain significant items that may not be indicative of, or are unrelated to, results from our ongoing business operations. We believe that these non-GAAP measures provide investors with additional insight into the company’s ongoing business performance. These non-GAAP measures should not be considered in isolation or as a substitute for the related GAAP measures, and other companies may define such measures differently. We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. The following definitions are provided:
Core Operating Earnings/(Loss), Core Operating Margins and Core Earnings/(Loss) Per Share
    Core operating earnings/(loss) is defined as GAAP Earnings/(loss) from operations excluding the FAS/CAS service cost adjustment. The FAS/CAS service cost adjustment represents the difference between the Financial Accounting Standards (FAS) pension and postretirement service costs calculated under GAAP and costs allocated to the business segments. Core operating margins is defined as Core operating earnings/(loss) expressed as a percentage of revenue. Core earnings/(loss) per share is defined as GAAP Diluted earnings/(loss) per share excluding the net earnings/(loss) per share impact of the FAS/CAS service cost adjustment and Non-operating pension and postretirement expenses. Non-operating pension and postretirement expenses represent the components of net periodic benefit costs other than service cost. Pension costs allocated to BDS and BGS businesses supporting government customers are computed in accordance with U.S. Government Cost Accounting Standards (CAS), which employ different actuarial assumptions and accounting conventions than GAAP. CAS costs are allocable to government contracts. Other postretirement benefit costs are allocated to all business segments based on CAS, which is generally based on benefits paid. Management uses core operating earnings/(loss), core operating margins and core earnings/(loss) per share for purposes of evaluating and forecasting underlying business performance. Management believes these core measures provide investors additional insights into operational performance as they exclude non-service pension and post-retirement costs, which primarily represent costs driven by market factors and costs not allocable to government contracts. A reconciliation of these non-GAAP measures to the most directly comparable GAAP measure is provided on page 12.
Free Cash Flow
    Free cash flow is GAAP operating cash flow reduced by capital expenditures for property, plant and equipment. Management believes free cash flow provides investors with an important perspective on the cash available for shareholders, debt repayment, and acquisitions after making the capital investments required to support ongoing business operations and long term value creation. Free cash flow does not represent the residual cash flow available for discretionary expenditures as it excludes certain mandatory expenditures such as repayment of maturing debt. Management uses free cash flow as a measure to assess both business performance and overall liquidity. See Table 2 on page 2 for a reconciliation of free cash flow to the most directly comparable GAAP measure, operating cash flow.


5

Caution Concerning Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “should,” “expects,” “intends,” “projects,” “plans,” “believes,” “estimates,” “targets,” “anticipates,” and other similar words or expressions, or the negative thereof, generally can be used to help identify these forward-looking statements. Examples of forward-looking statements include statements relating to our future financial condition and operating results, industry projections and outlooks, plans, objectives and goals, as well as any other statement that does not directly relate to any historical or current fact. Forward-looking statements are based on expectations and assumptions that we believe to be reasonable when made, but that may not prove to be accurate.

These statements are not guarantees and are subject to risks, uncertainties, and changes in circumstances that are difficult to predict. Many factors could cause actual results to differ materially and adversely from these forward-looking statements. Among these factors are risks related to: (1) general conditions in the economy and our industry, including those due to regulatory changes and geopolitical developments; (2) our reliance on our commercial airline customers; (3) the overall health of our aircraft production system, production quality issues, commercial airplane production rates, our ability to successfully develop and certify new aircraft or new derivative aircraft, and the ability of our aircraft to meet stringent performance and reliability standards; (4) changing budget and appropriation levels and acquisition priorities of the U.S. government, as well as significant delays in U.S. government appropriations; (5) our dependence on our subcontractors and suppliers, as well as the availability of highly skilled labor and raw materials; (6) work stoppages or other labor disruptions; (7) competition within our markets; (8) our non-U.S. operations and sales to non-U.S. customers, including tariffs, trade restrictions and government actions; (9) changes in accounting estimates; (10) realizing the anticipated benefits of mergers, acquisitions, joint ventures/strategic alliances or divestitures, including anticipated synergies and quality improvements related to our acquisition of Spirit AeroSystems Holdings, Inc.; (11) our dependence on U.S. government contracts; (12) our reliance on fixed-price contracts; (13) our reliance on cost-type contracts; (14) contracts that include in-orbit incentive payments; (15) management of a complex, global IT infrastructure; (16) compromised or unauthorized access to our, our customers’ and/or our suppliers' information and systems; (17) potential business disruptions, including threats to physical security or our information technology systems, extreme weather (including effects of climate change) or other acts of nature, and pandemics or other public health crises; (18) potential adverse developments in new or pending litigation and/or government inquiries or investigations; (19) potential environmental liabilities; (20) effects of climate change and legal, regulatory or market responses to such change; (21) credit rating agency actions and our ability to effectively manage our liquidity; (22) substantial pension and other postretirement benefit obligations; (23) the adequacy of our insurance coverage; (24) the dilutive effect of future issuances of our common stock; and (25) the preferential treatment of our 6.00% mandatory convertible preferred stock.

Additional information concerning these and other factors can be found in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Any forward-looking statement speaks only as of the date on which it is made, and we assume no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.
# # #
Contact:
Investor Relations:  
Eric Hill or Mike Harris BoeingInvestorRelations@boeing.com
Communications:  
Wilson Chow media@boeing.com

6

The Boeing Company and Subsidiaries
Consolidated Statements of Operations
(Unaudited)

Six months ended June 30Three months ended June 30
(Dollars in millions, except per share data)2026202520262025
Sales of products$40,364 $35,269 $21,366 $19,122 
Sales of services6,413 6,976 3,194 3,627 
Total revenues46,777 42,245 24,560 22,749 
Cost of products(36,518)(31,785)(19,487)(17,406)
Cost of services(5,299)(5,608)(2,659)(2,908)
Total costs and expenses(41,817)(37,393)(22,146)(20,314)
4,960 4,852 2,414 2,435 
Income from operating investments, net14 28 24 25 
General and administrative expense(2,625)(2,905)(1,428)(1,793)
Research and development expense, net(1,824)(1,754)(921)(910)
Gain on dispositions, net79 64 67 67 
Earnings/(loss) from operations604 285 156 (176)
Other income, net273 648 79 325 
Interest and debt expense(1,216)(1,418)(600)(710)
Loss before income taxes(339)(485)(365)(561)
Income tax expense(96)(158)(63)(51)
Net loss(435)(643)(428)(612)
Less: Net earnings/(loss) attributable to noncontrolling interest13 5 16 (1)
Net loss attributable to Boeing shareholders(448)(648)(444)(611)
Less: Mandatory convertible preferred stock dividends accumulated during the period172 172 86 86 
Net loss attributable to Boeing common shareholders($620)($820)($530)($697)
Basic loss per share($0.79)($1.09)($0.67)($0.92)
Diluted loss per share($0.79)($1.09)($0.67)($0.92)




7

The Boeing Company and Subsidiaries
Consolidated Statements of Financial Position
(Unaudited)
(Dollars in millions, except per share data)June 30
2026		December 31
2025
Assets
Cash and cash equivalents$7,239 $10,921 
Short-term and other investments12,783 18,479 
Accounts receivable, net3,515 2,921 
Unbilled receivables, net9,660 9,158 
Inventories88,388 84,679 
Other current assets, net3,045 2,301 
Total current assets124,630 128,459 
Financing receivables and operating lease equipment, net365 241 
Property, plant and equipment, net of accumulated depreciation of $24,318 and $23,613
16,321 15,361 
Goodwill17,554 17,275 
Acquired intangible assets, net1,531 1,567 
Deferred income taxes152 107 
Investments1,117 1,048 
Other assets, net of accumulated amortization of $1,138 and $1,014
4,200 4,177 
Total assets$165,870 $168,235 
Liabilities and equity
Accounts payable$14,346 $13,109 
Accrued liabilities26,593 27,141 
Advances and progress billings64,059 59,404 
Short-term debt and current portion of long-term debt4,565 8,461 
Total current liabilities109,563 108,115 
Deferred income taxes260 216 
Accrued retiree health care2,027 2,091 
Accrued pension plan liability, net4,108 4,287 
Other long-term liabilities2,462 2,432 
Long-term debt41,335 45,637 
Total liabilities159,755 162,778 
Shareholders’ equity:
Mandatory convertible preferred stock, 6.00% Series A, par value $1.00 - 20,000,000 shares authorized; 5,750,000 shares issued; aggregate liquidation preference $5,7506 6 
Common stock, par value $5.00 – 1,200,000,000 shares authorized; 1,012,261,159 shares issued
5,061 5,061 
Additional paid-in capital21,949 21,441 
Treasury stock, at cost - 222,468,625 and 227,562,887 shares
(27,416)(28,029)
Retained earnings16,632 17,252 
Accumulated other comprehensive loss(10,132)(10,277)
Total shareholders' equity6,100 5,454 
Noncontrolling interests15 3 
Total equity6,115 5,457 
Total liabilities and equity$165,870 $168,235 
8

The Boeing Company and Subsidiaries
Consolidated Statements of Cash Flows (Unaudited)
Six months ended June 30
(Dollars in millions)20262025
Cash flows – operating activities:
Net loss($435)($643)
Adjustments to reconcile net loss to net cash provided/(used) by operating activities:
Non-cash items – 
Share-based plans expense264 254 
Treasury shares issued for 401(k) contributions855 793 
Depreciation and amortization1,169 926 
Investment/asset impairment charges, net18 30 
Gain on dispositions, net(79)(64)
Other charges and credits, net149 162 
Changes in assets and liabilities – 
Accounts receivable(553)(683)
Unbilled receivables(504)(908)
Advances and progress billings4,660 (616)
Inventories(3,859)(374)
Other current assets(642)265 
Accounts payable1,381 (46)
Accrued liabilities(1,070)(248)
Income taxes receivable, payable and deferred(20)(3)
Other long-term liabilities(92)(212)
Pension and other postretirement plans(55)(292)
Financing receivables and operating lease equipment, net(137)185 
Other135 85 
Net cash provided/(used) by operating activities1,185 (1,389)
Cash flows – investing activities:
Payments to acquire property, plant and equipment(2,008)(1,101)
Proceeds from disposals of property, plant and equipment 3 4 
Proceeds from dispositions 35 
Contributions to investments(19,444)(21,581)
Proceeds from investments25,090 18,847 
Supplier notes receivable(11)(150)
Other(1)
Net cash provided/(used) by investing activities3,629 (3,946)
Cash flows – financing activities:
New borrowings35 98 
Debt repayments(8,376)(677)
Employee taxes on certain share-based payment arrangements(32)(18)
Dividends paid on mandatory convertible preferred stock(172)(158)
Other32 30 
Net cash used by financing activities(8,513)(725)
Effect of exchange rate changes on cash and cash equivalents2 34 
Net decrease in cash & cash equivalents, including restricted(3,697)(6,026)
Cash & cash equivalents, including restricted, at beginning of year11,663 13,822 
Cash & cash equivalents, including restricted, at end of period7,966 7,796 
Less restricted cash & cash equivalents, included in Investments727 709 
Cash & cash equivalents at end of period$7,239 $7,087 
9

The Boeing Company and Subsidiaries
Summary of Business Segment Data
(Unaudited)
Six months ended June 30Three months ended June 30
(Dollars in millions)2026202520262025
Revenues:
Commercial Airplanes$20,954 $19,021 $11,751 $10,874 
Defense, Space & Security15,082 12,915 7,483 6,617 
Global Services10,714 10,344 5,344 5,281 
Unallocated items, eliminations and other27 (35)(18)(23)
Total revenues$46,777 $42,245 $24,560 $22,749 
Earnings/(loss) from operations:
Commercial Airplanes($885)($1,094)($322)($557)
Defense, Space & Security218 265 (15)110 
Global Services1,939 1,992 968 1,049 
Segment operating earnings1,272 1,163 631 602 
Unallocated items, eliminations and other(978)(1,397)(630)(1,035)
FAS/CAS service cost adjustment310 519 155 257 
Earnings/(loss) from operations604 285 156 (176)
Other income, net273 648 79 325 
Interest and debt expense(1,216)(1,418)(600)(710)
Loss before income taxes(339)(485)(365)(561)
Income tax expense(96)(158)(63)(51)
Net loss(435)(643)(428)(612)
Less: Net earnings/(loss) attributable to noncontrolling interest13 5 16 (1)
Net loss attributable to Boeing shareholders(448)(648)(444)(611)
Less: Mandatory convertible preferred stock dividends accumulated during the period172 172 86 86 
Net loss attributable to Boeing common shareholders($620)($820)($530)($697)
Research and development expense, net:
Commercial Airplanes$1,200 $1,092 $597 $558 
Defense, Space & Security366 420 192 221 
Global Services48 59 26 30 
Other210 183 106 101 
Total research and development expense, net$1,824 $1,754 $921 $910 
Unallocated items, eliminations and other:
Share-based plans($52)($51)$3 ($21)
Deferred compensation(107)(80)(124)(85)
Amortization of previously capitalized interest(45)(42)(23)(21)
Research and development expense, net(210)(183)(106)(101)
Eliminations and other unallocated items(564)(1,041)(380)(807)
Sub-total (included in Core operating earnings/(loss)(978)(1,397)(630)(1,035)
Pension FAS/CAS service cost adjustment185 390 92 197 
Postretirement FAS/CAS service cost adjustment125 129 63 60 
FAS/CAS service cost adjustment310 519 $155 $257 
Total($668)($878)($475)($778)


10

The Boeing Company and Subsidiaries
Operating and Financial Data
(Unaudited)

DeliveriesSix months ended June 30Three months ended June 30
Commercial Airplanes2026202520262025
737243 209 129 104 
76716 14 10 9 
77715 20 7 13 
78740 37 25 24 
Total314 280 171 150 
Defense, Space & Security
AH-64 Apache (New)8 6 6 2
AH-64 Apache (Remanufactured)24 21 9 10
CH-47 Chinook (New)5 1 4 —
CH-47 Chinook (Renewed)3 7 2 5
F-15 Models4 4 3 3
F/A-18 Models5 9 3 4
KC-46 Tanker8 5 4 5
MH-1395 5 3 4
P-8 Models2 2 1 1
Commercial Satellites
1 2 — 2 
Total1
65 62 35 36 
1 Deliveries of new-build production units, including remanufactures and modifications
Total backlog (Dollars in millions)
June 30
2026		December 31
2025
Commercial Airplanes$596,724 $567,290 
Defense, Space & Security85,322 84,786 
Global Services32,840 29,720 
Unallocated items, eliminations and other375 411 
Total backlog$715,261 $682,207 
Contractual backlog$674,506 $639,721 
Unobligated backlog40,755 42,486 
Total backlog$715,261 $682,207 
11

The Boeing Company and Subsidiaries
Reconciliation of Non-GAAP Measures
(Unaudited)
The tables provided below reconcile the non-GAAP financial measures core operating earnings/(loss), core operating margins, and core earnings/(loss) per share with the most directly comparable GAAP financial measures of earnings/(loss) from operations, operating margins, and diluted earnings/(loss) per share. See page 5 of this release for additional information on the use of these non-GAAP financial measures.
(Dollars in millions, except per share data)
Second Quarter 2026
Second Quarter 2025
$ millionsPer Share$ millionsPer Share
Revenues$24,560 $22,749 
Earnings/(loss) from operations (GAAP)156 (176)
Operating margins (GAAP)0.6 %(0.8)%
FAS/CAS service cost adjustment:
Pension FAS/CAS service cost adjustment(92)(197)
Postretirement FAS/CAS service cost adjustment(63)(60)
FAS/CAS service cost adjustment(155)(257)
Core operating earnings/(loss) (non-GAAP)$1 ($433)
Core operating margins (non-GAAP)
0.0 %(1.9)%
Diluted loss per share (GAAP)
($0.67)($0.92)
Pension FAS/CAS service cost adjustment($92)(0.12)($197)(0.26)
Postretirement FAS/CAS service cost adjustment(63)(0.08)(60)(0.08)
Non-operating pension expense/(income)73 0.10 (42)(0.05)
Non-operating postretirement income
(9)(0.01)(4)(0.01)
Provision for deferred income taxes on adjustments 1
19 0.02 64 0.08 
Subtotal of adjustments($72)($0.09)($239)($0.32)
Core loss per share (non-GAAP)
($0.76)($1.24)
Diluted weighted average common shares outstanding (in millions)790.6 756.6 
1 The income tax impact is calculated using the U.S. corporate statutory tax rate.











12

The Boeing Company and Subsidiaries
Reconciliation of Non-GAAP Measures
(Unaudited)
The tables provided below reconcile the non-GAAP financial measures core operating earnings/(loss), core operating margins, and core earnings/(loss) per share with the most directly comparable GAAP financial measures of earnings/(loss) from operations, operating margins, and diluted earnings/(loss) per share. See page 5 of this release for additional information on the use of these non-GAAP financial measures.
(Dollars in millions, except per share data)First Half of 2026First Half of 2025
$ millionsPer Share$ millionsPer Share
Revenues$46,777 $42,245 
Earnings from operations (GAAP)604 285 
Operating margins (GAAP)1.3 %0.7 %
FAS/CAS service cost adjustment:
Pension FAS/CAS service cost adjustment(185)(390)
Postretirement FAS/CAS service cost adjustment(125)(129)
FAS/CAS service cost adjustment(310)(519)
Core operating earnings/(loss) (non-GAAP)$294 ($234)
Core operating margins (non-GAAP)
0.6 %(0.6)%
Diluted loss per share (GAAP)
($0.79)($1.09)
Pension FAS/CAS service cost adjustment($185)(0.23)($390)(0.52)
Postretirement FAS/CAS service cost adjustment(125)(0.16)(129)(0.17)
Non-operating pension expense/(income)147 0.18 (85)(0.11)
Non-operating postretirement income
(18)(0.02)(9)(0.01)
Provision for deferred income taxes on adjustments 1
38 0.05 129 0.17 
Subtotal of adjustments($143)($0.18)($484)($0.64)
Core loss per share (non-GAAP)
($0.97)($1.73)
Diluted weighted average common shares outstanding (in millions)789.2 755.0 
1 The income tax impact is calculated using the U.S. corporate statutory tax rate.











13

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