Boeing Reports Third Quarter Results
• 737-7 achieved amended type certification (ATC) from the FAA; 737-10 achieved ATC in October
• Selected by the U.S. Navy to design, build and deliver the F/A-XX next generation fighter aircraft
• Operating cash flow of $1.5 billion and free cash flow (non-GAAP)* of $0.5 billion
• Total company backlog grew to a record $745 billion, including over 6,300 commercial airplanes
*Non-GAAP measure; complete definitions of Boeing’s non-GAAP measures are on page 5, “Non-GAAP Measures Disclosures."
– The Boeing Company [NYSE: BA] recorded third quarter revenue of $24.2 billion, primarily reflecting higher defense and services volume and less favorable commercial delivery mix. The company reported GAAP loss per share of ($0.26) and core loss per share (non-GAAP)* of ($0.34). Operating cash flow in the quarter was $1.5 billion and free cash flow (non-GAAP)* was $0.5 billion. Total company backlog at quarter end grew to a record $745 billion.
“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,” said Kelly Ortberg, Boeing president and chief executive officer. “But we are not done. We remain focused on safety and quality as we redouble our efforts on Lean and disciplined execution to deliver on our commitments and build the durable performance our stakeholders expect.” 1
*Non-GAAP measure; complete definitions of Boeing’s non-GAAP measures are on page 5, “Non-GAAP Measures Disclosures."
Operating cash flow was $1.5 billion in the quarter reflecting working capital timing partially offset by Department of Justice settlement payments of approximately $0.7 billion. Additions to property, plant and equipment primarily reflects higher investments in Charleston and St. Louis sites.
1 Marketable securities consist primarily of time deposits due within one year classified as "short-term investments."
Cash and investments in marketable securities totaled $20.7 billion, compared to $20.0 billion at the beginning of the quarter primarily reflecting cash flow generated in the quarter. The company maintains access to credit facilities of $10.0 billion, which remain undrawn. 2
Commercial Airplanes third quarter revenue of $10.7 billion and operating margin of (6.5) percent primarily reflects less favorable delivery mix, higher projected costs associated with future production rate adjustments and higher estimated supply chain costs. Third quarter 2025 operating margins were impacted by a charge on the 777X program.
The 737 program continues to progress toward stabilized production of 47 per month. During the quarter, the 737-7 received amended type certification from the Federal Aviation Administration, and the 737-10 received certification in October. The 787 program remains stable at a production rate of 8 per month. In the quarter, the 777X program continued to progress on 777-9 certification flight testing and remains on track for first delivery in 2027.
Commercial Airplanes booked 300 net orders including orders from Turkish Airlines, Ethiopian Airlines and Lufthansa. Commercial Airplanes delivered 161 airplanes and backlog included over 6,300 airplanes valued at a record $612 billion.
Defense, Space & Security third quarter revenue was $7.9 billion driven by higher volume. Operating margin of 6.2 percent primarily reflects a $252 million gain on the HRL Laboratories sale and improved operational performance.
During the quarter, Defense, Space & Security was selected by the U.S. Navy for a contract to design, build and deliver the F/A-XX next-generation fighter aircraft. This order is not included in backlog pending completion of the source selection and evaluation review process. Also in the quarter, the company received a seven-year contract award to expand PAC-3 Seeker production. Backlog at Defense, Space & Security grew to a record $101 billion, with 23 percent representing orders from customers outside the U.S. 3
In the quarter, Global Services captured an award from the U.S. Army to provide maintenance services for the AH-64 Apache fleet. Global Services ended the quarter with backlog of $33 billion.
Unallocated items, eliminations and other primarily reflects timing of allocations. 4
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) is defined as GAAP Earnings/( l oss) 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 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
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, our financial outlook, targets, plans, goals and objectives, and industry projections and outlooks, 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 HarrisBoeingInvestorRelations@boeing.com Communications: Wilson Chowmedia@boeing.com
(Dollars in millions, except per share September 30 December 31 data) 2026 2025 ────────────────────────────────────────────────────────────────────────────── Assets Cash and cash equivalents $9,498 $10,921 Short-term and other 11,216 18,479 investments Accounts receivable, net 4,069 2,921 Unbilled receivables, net 10,179 9,158 Inventories 90,948 84,679 Other current assets, net 2,674 2,301 Assets held for sale 688 Total current assets 129,272 128,459 Financing receivables and operating 334 241 lease equipment, net Property, plant and equipment, net of accumulated depreciation 16,685 15,361 of $24,507 and $23,613 Goodwill 17,778 17,275 Acquired intangible 1,279 1,567 assets, net Deferred income taxes 193 107 Investments 970 1,048 Other assets, net of accumulated 4,228 4,177 amortization of $1,186 and $1,014 Total assets $170,739 $168,235 Liabilities and equity Accounts payable $15,288 $13,109 Accrued liabilities 26,441 27,141 Advances and progress 67,502 59,404 billings Short-term debt and current portion of 4,569 8,461 long-term debt Liabilities held for sale 161 Total current liabilities 113,961 108,115 Deferred income taxes 310 216 Accrued retiree health 1,995 2,091 care Accrued pension plan 4,018 4,287 liability, net Other long-term 2,542 2,432 liabilities Long-term debt 41,351 45,637 Total liabilities 164,177 162,778 Shareholders’ equity: Mandatory convertible preferred stock, 6.00% Series A, par value $1.00 - 20,000,000 shares 6 6 authorized; 5,750,000 shares issued; aggregate liquidation preference $5,750 Common stock, par value $5.00 – 1,200,000,000 shares 5,061 5,061 authorized; 1,012,261,159 shares issued Additional paid-in 22,222 21,441 capital Treasury stock, at cost - 220,364,848 -27,159 -28,029 and 227,562,887 shares Retained earnings 16,429 17,252 Accumulated other -10,012 -10,277 comprehensive loss Total shareholders' 6,547 5,454 equity Noncontrolling interests 15 3 Total equity 6,562 5,457 Total liabilities and $170,739 $168,235 equity
Nine months ended September 30 (Dollars in 2026 2025 millions) Cash flows – operating activities: Net loss -$551 -$5,982 Adjustments to reconcile net loss to net cash provided/(used) by operating activities: Non-cash items – Share-based plans 361 343 expense Treasury shares issued for 401(k) 1,275 1,173 contributions Depreciation and 1,753 1,417 amortization Investment/asset impairment charges, 122 32 net Gain on -79 -63 dispositions, net 777X and 767 reach-forward 86 5,140 losses Other charges and -1 217 credits, net Changes in assets and liabilities – Accounts receivable -1,130 -836 Unbilled -1,039 -679 receivables Advances and 8,113 -2,065 progress billings Inventories -6,733 -116 Other current -127 227 assets Accounts payable 2,436 539 Accrued liabilities -1,562 574 Income taxes receivable, payable -76 93 and deferred Other long-term -148 -294 liabilities Pension and other postretirement -86 -436 plans Financing receivables and operating -112 274 lease equipment, net Other 179 176 Net cash provided/(used) by 2,681 -266 operating activities Cash flows – investing activities: Payments to acquire property, plant and -3,040 -1,986 equipment Proceeds from disposals of 21 5 property, plant and equipment Proceeds from 35 dispositions Contributions to -28,170 -36,337 investments Proceeds from 35,040 32,674 investments Supplier notes -11 -292 receivable Repayments on supplier notes 12 receivable Other 1 Net cash provided/(used) by 3,853 -5,901 investing activities Cash flows – financing activities: New borrowings 46 138 Debt repayments -8,415 -721 Employee taxes on certain share-based -38 -28 payment arrangements Dividends paid on Mandatory -259 -244 convertible preferred stock Other 46 43 Net cash used by financing -8,620 -812 activities Effect of exchange rate changes on cash 5 39 and cash equivalents Net decrease in cash & cash equivalents, -2,081 -6,940 including restricted Less net decrease in cash & cash equivalents 41 classified as Assets held for sale Cash & cash equivalents, including 11,663 13,822 restricted, at beginning of year Cash & cash equivalents, including 9,541 6,882 restricted, at end of period Less restricted cash & cash equivalents, 43 709 included in Investments Cash & cash equivalents at end $9,498 $6,173 of period
1 Deliveries of new-build production units, including remanufactures and modifications
(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.
1 The income tax impact is calculated using the U.S. corporate statutory tax rate . 12
(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.
1 The income tax impact is calculated using the U.S. corporate statutory tax rate . 13
Full text with the tables
Exhibit 99.1
Boeing Reports Third Quarter Results
Third Quarter 2026
• 737-7 achieved amended type certification (ATC) from the FAA; 737-10 achieved
ATC in October
• Selected by the U.S. Navy to design, build and deliver the F/A-XX next
generation fighter aircraft
• Operating cash flow of $1.5 billion and free cash flow (non-GAAP)* of $0.5
billion
• Total company backlog grew to a record $745 billion, including over 6,300
commercial airplanes
T…
1. Th… Ni…
S… Qu… Mo…
F…
R…
(…
in
M…
e… 20… 20… Ch… 20… 20… Ch…
p…
s…
d…
R… $2… $2… 4% $7… $6… 8%
G…
E…
f… $3… -$… NM $9… -$… NM
o…
O… 1.5 % -2… % 22… 1.3 % -6… % 8.2
m… Pts Pts
N… -$… -$… NM -$… -$… NM
l…
D…
l… -$… -$… NM -$… -$… NM
p…
s…
O…
c… $1… $1… 33% $2… -$… NM
f…
N…
C…
o… $2… -$… NM $4… -$… NM
e…
C… 22… 8.8
o… 0.8 % -2… % Pts 0.7 % -8… % Pts
m…
C…
l… -$… -$… NM -$… -$… NM
p…
s…
*Non-GAAP measure; complete definitions of Boeing’s non-GAAP measures are on
page 5, “Non-GAAP Measures Disclosures."
ARLINGTON, Va., October 27, 2026
– The Boeing Company [NYSE: BA] recorded third quarter revenue of $24.2 billion,
primarily reflecting higher defense and services volume and less favorable
commercial delivery mix. The company reported GAAP loss per share of ($0.26) and
core loss per share (non-GAAP)* of ($0.34). Operating cash flow in the quarter
was $1.5 billion and free cash flow (non-GAAP)* was $0.5 billion. Total company
backlog at quarter end grew to a record $745 billion.
“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,” said Kelly Ortberg,
Boeing president and chief executive officer. “But we are not done. We remain
focused on safety and quality as we redouble our efforts on Lean and disciplined
execution to deliver on our commitments and build the durable performance our
stakeholders expect.”
1
Table
2. Third Nine
Cash Quart… Months
Flow
(Mill… 2026 2025 2026 2025
Opera…
cash $1,496 $1,123 $2,681 -$266
flow
Less
addit…
to
prope… -$1,032 -$885 -$3,040 -$1,9…
plant
&
equip…
Free
cash $464 $238 -$359 -$2,2…
flow*
*Non-GAAP measure; complete definitions of Boeing’s non-GAAP measures are on
page 5, “Non-GAAP Measures Disclosures."
Operating cash flow was $1.5 billion in the quarter reflecting working capital
timing partially offset by Department of Justice settlement payments of
approximately $0.7 billion. 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) 3Q 2026 2Q 2026
──────────────────────────────────────────────────────────────────────────────
Cash and investments in
marketable $20.7 $20.0
securities1
Consolidated debt $45.9 $45.9
1 Marketable securities consist primarily of time deposits due within one year
classified as "short-term investments."
Cash and investments in marketable securities totaled $20.7 billion, compared to
$20.0 billion at the beginning of the quarter primarily reflecting 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
T…
4. Th… Ni…
C… Qu… Mo…
A…
(…
in 20… 20… Ch… 20… 20… Ch…
M…
D… 161 160 1% 475 440 8%
R… $1… $1… (3… $3… $3… 5%
L…
f… -$… -$… NM -$… -$… NM
o…
O… -6… % -4… % 41… -5… % -2… % 16…
m… Pts Pts
Commercial Airplanes third quarter revenue of $10.7 billion and operating margin
of (6.5) percent primarily reflects less favorable delivery mix, higher
projected costs associated with future production rate adjustments and higher
estimated supply chain costs. Third quarter 2025 operating margins were impacted
by a charge on the 777X program.
The 737 program continues to progress toward stabilized production of 47 per
month. During the quarter, the 737-7 received amended type certification from
the Federal Aviation Administration, and the 737-10 received certification in
October. The 787 program remains stable at a production rate of 8 per month. In
the quarter, the 777X program continued to progress on 777-9 certification
flight testing and remains on track for first delivery in 2027.
Commercial Airplanes booked 300 net orders including orders from Turkish
Airlines, Ethiopian Airlines and Lufthansa. Commercial Airplanes delivered 161
airplanes and backlog included over 6,300 airplanes valued at a record $612
billion.
Defense, Space & Security
T…
5.
D… Th… Ni…
S… Qu… Mo…
&
S…
(…
in 20… 20… Ch… 20… 20… Ch…
M…
R… $7… $6… 15% $2… $1… 16%
E…
f… $4… $1… 33… $7… $3… 87%
o…
O… 6.2 % 1.7 % 4.5 3.1 % 1.9 % 1.2
m… Pts Pts
Defense, Space & Security third quarter revenue was $7.9 billion driven by
higher volume. Operating margin of 6.2 percent primarily reflects a $252 million
gain on the HRL Laboratories sale and improved operational performance.
During the quarter, Defense, Space & Security was selected by the U.S. Navy for
a contract to design, build and deliver the F/A-XX next-generation fighter
aircraft. This order is not included in backlog pending completion of the source
selection and evaluation review process. Also in the quarter, the company
received a seven-year contract award to expand PAC-3 Seeker production. Backlog
at Defense, Space & Security grew to a record $101 billion, with 23 percent
representing orders from customers outside the U.S.
3
Global Services
T…
6. Th… Ni…
G… Qu… Mo…
S…
(…
in 20… 20… Ch… 20… 20… Ch…
M…
R… $5… $5… 4% $1… $1… 4%
E…
f… $1… $9… 9% $2… $2… 1%
o…
O… 18… % 17… % 0.8 18… % 18… % (0…
m… Pts Pts
Global Services third quarter revenue was $5.6 billion on higher volume.
Operating margin of 18.3 percent reflects favorable volume and mix.
In the quarter, Global Services captured an award from the U.S. Army to provide
maintenance services for the AH-64 Apache fleet. Global Services ended the
quarter with backlog of $33 billion.
Additional Financial Information
Table
7. Third Nine
Addit… Quarter Months
Finan…
Infor…
(Doll…
in 2026 2025 2026 2025
Milli…
Reven…
Unall…
items,
elimi… -$41 -$96 -$14 -$131
and
other
Earni…
from
opera…
Unall…
items,
elimi… -$610 -$748 -$1,588 -$2,145
and
other
FAS/C…
servi… $150 $268 $460 $787
cost
adjus…
Other
incom… $96 $276 $369 $924
net
Inter…
and -$573 -$694 -$1,789 -$2,112
debt
expen…
Income
tax $7 -$140 -$89 -$298
benef…
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/( l oss) 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, our financial
outlook, targets, plans, goals and objectives, and industry projections and
outlooks, 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
HarrisBoeingInvestorRelations@boeing.com
Communications: Wilson Chowmedia@boeing.com
6
The Boeing Company and Subsidiaries
Consolidated Statements of Operations
(Unaudited)
Nine Thr…
mont… mon…
ended end…
Sept… Sep…
30 30
(Do…
in
mil…
exc… 2026 2025 2026 2025
per
sha…
dat…
Sal…
of $61,… $54,… $20,… $19…
pro…
Sal…
of 9,848 10,6… 3,435 3,6…
ser…
Tot… 70,9… 65,5… 24,1… 23,…
rev…
Cost
of -55,… -54,… -19,… -22…
pro…
Cost
of -8,1… -8,5… -2,8… -2,…
ser…
Tot…
cos… -63,… -63,… -22,… -25…
and
exp…
7,127 2,477 2,167 -2,…
Inc…
from
ope… 229 42 215 14
inv…
net
Gen…
and -3,8… -4,4… -1,1… -1,…
adm…
exp…
Res…
and
dev… -2,6… -2,6… -830 -897
exp…
net
Gai…
on 79 63 -1
dis…
net
Ear…
from 958 -4,4… 354 -4,…
ope…
Oth…
inc… 369 924 96 276
net
Int…
and -1,7… -2,1… -573 -694
debt
exp…
Loss
bef… -462 -5,6… -123 -5,…
inc…
tax…
Inc…
tax -89 -298 7 -140
(ex…
Net -551 -5,9… -116 -5,…
loss
Les…
Net
ear…
att… 13 3 -2
to
non…
int…
Net
loss
att… -564 -5,9… -116 -5,…
to
Boe…
sha…
Les…
Man…
con…
pre…
sto… 259 259 87 87
div…
acc…
dur…
the
per…
Net
loss
att…
to -$823 -$6,… -$203 -$5…
Boe…
com…
sha…
Bas…
loss -$1.… -$8.… -$0.… -$7…
per
sha…
Dil…
loss -$1.… -$8.… -$0.… -$7…
per
sha…
7
The Boeing Company and Subsidiaries
Consolidated Statements of Financial Position
(Unaudited)
(Dollars in millions,
except per share September 30 December 31
data) 2026 2025
──────────────────────────────────────────────────────────────────────────────
Assets
Cash and cash equivalents $9,498 $10,921
Short-term and other 11,216 18,479
investments
Accounts receivable, net 4,069 2,921
Unbilled receivables, net 10,179 9,158
Inventories 90,948 84,679
Other current assets, net 2,674 2,301
Assets held for sale 688
Total current assets 129,272 128,459
Financing receivables and
operating 334 241
lease equipment, net
Property, plant and
equipment, net of
accumulated depreciation 16,685 15,361
of $24,507 and
$23,613
Goodwill 17,778 17,275
Acquired intangible 1,279 1,567
assets, net
Deferred income taxes 193 107
Investments 970 1,048
Other assets, net of
accumulated 4,228 4,177
amortization of $1,186
and $1,014
Total assets $170,739 $168,235
Liabilities and equity
Accounts payable $15,288 $13,109
Accrued liabilities 26,441 27,141
Advances and progress 67,502 59,404
billings
Short-term debt and
current portion of 4,569 8,461
long-term debt
Liabilities held for sale 161
Total current liabilities 113,961 108,115
Deferred income taxes 310 216
Accrued retiree health 1,995 2,091
care
Accrued pension plan 4,018 4,287
liability, net
Other long-term 2,542 2,432
liabilities
Long-term debt 41,351 45,637
Total liabilities 164,177 162,778
Shareholders’ equity:
Mandatory convertible
preferred stock,
6.00% Series A, par value
$1.00 -
20,000,000 shares 6 6
authorized; 5,750,000
shares issued; aggregate
liquidation
preference $5,750
Common stock, par value
$5.00 –
1,200,000,000 shares 5,061 5,061
authorized;
1,012,261,159 shares
issued
Additional paid-in 22,222 21,441
capital
Treasury stock, at cost -
220,364,848 -27,159 -28,029
and 227,562,887 shares
Retained earnings 16,429 17,252
Accumulated other -10,012 -10,277
comprehensive loss
Total shareholders' 6,547 5,454
equity
Noncontrolling interests 15 3
Total equity 6,562 5,457
Total liabilities and $170,739 $168,235
equity
8
The Boeing Company and Subsidiaries
Consolidated Statements of Cash Flows (Unaudited)
Nine months ended
September 30
(Dollars in 2026 2025
millions)
Cash flows –
operating
activities:
Net loss -$551 -$5,982
Adjustments to
reconcile net loss
to net
cash
provided/(used) by
operating
activities:
Non-cash items –
Share-based plans 361 343
expense
Treasury shares
issued for 401(k) 1,275 1,173
contributions
Depreciation and 1,753 1,417
amortization
Investment/asset
impairment charges, 122 32
net
Gain on -79 -63
dispositions, net
777X and 767
reach-forward 86 5,140
losses
Other charges and -1 217
credits, net
Changes in assets
and liabilities –
Accounts receivable -1,130 -836
Unbilled -1,039 -679
receivables
Advances and 8,113 -2,065
progress billings
Inventories -6,733 -116
Other current -127 227
assets
Accounts payable 2,436 539
Accrued liabilities -1,562 574
Income taxes
receivable, payable -76 93
and
deferred
Other long-term -148 -294
liabilities
Pension and other
postretirement -86 -436
plans
Financing
receivables and
operating -112 274
lease equipment,
net
Other 179 176
Net cash
provided/(used) by 2,681 -266
operating
activities
Cash flows –
investing
activities:
Payments to acquire
property, plant and -3,040 -1,986
equipment
Proceeds from
disposals of 21 5
property,
plant and equipment
Proceeds from 35
dispositions
Contributions to -28,170 -36,337
investments
Proceeds from 35,040 32,674
investments
Supplier notes -11 -292
receivable
Repayments on
supplier notes 12
receivable
Other 1
Net cash
provided/(used) by 3,853 -5,901
investing
activities
Cash flows –
financing
activities:
New borrowings 46 138
Debt repayments -8,415 -721
Employee taxes on
certain share-based -38 -28
payment
arrangements
Dividends paid on
Mandatory -259 -244
convertible
preferred stock
Other 46 43
Net cash used by
financing -8,620 -812
activities
Effect of exchange
rate changes on
cash 5 39
and cash
equivalents
Net decrease in
cash & cash
equivalents, -2,081 -6,940
including
restricted
Less net decrease
in cash & cash
equivalents 41
classified as
Assets held
for sale
Cash & cash
equivalents,
including 11,663 13,822
restricted, at
beginning of year
Cash & cash
equivalents,
including 9,541 6,882
restricted, at end
of period
Less restricted
cash & cash
equivalents, 43 709
included in
Investments
Cash & cash
equivalents at end $9,498 $6,173
of period
9
The Boeing Company and Subsidiaries
Summary of Business Segment Data
(Unaudited)
Nine Thr…
mont… mon…
ended end…
Sept… Sep…
30 30
(Do…
in 2026 2025 2026 2025
mil…
Rev…
Com… $31,… $30,… $10,… $11…
Air…
Def…
Spa… 23,0… 19,8… 7,935 6,9…
&
Sec…
Glo… 16,2… 15,7… 5,574 5,3…
Ser…
Una…
ite…
eli… -14 -131 -41 -96
and
oth…
Tot… $70,… $65,… $24,… $23…
rev…
Ear…
from
ope…
Com… -$1,… -$6,… -$697 -$5…
Air…
Def…
Spa… 710 379 492 114
&
Sec…
Glo… 2,958 2,930 1,019 938
Ser…
Seg…
ope… 2,086 -3,1… 814 -4,…
ear…
Una…
ite…
eli… -1,5… -2,1… -610 -748
and
oth…
FAS…
ser… 460 787 150 268
cost
adj…
Ear…
from 958 -4,4… 354 -4,…
ope…
Oth…
inc… 369 924 96 276
net
Int…
and -1,7… -2,1… -573 -694
debt
exp…
Loss
bef… -462 -5,6… -123 -5,…
inc…
tax…
Inc…
tax -89 -298 7 -140
(ex…
Net -551 -5,9… -116 -5,…
loss
Les…
Net
ear…
att… 13 3 -2
to
non…
int…
Net
loss
att… -564 -5,9… -116 -5,…
to
Boe…
sha…
Les…
Man…
con…
pre…
sto… 259 259 87 87
div…
acc…
dur…
the
per…
Net
loss
att…
to -$823 -$6,… -$203 -$5…
Boe…
com…
sha…
Res…
and
dev…
exp…
net:
Com… $1,7… $1,6… $500 $565
Air…
Def…
Spa… 563 618 197 198
&
Sec…
Glo… 76 91 28 32
Ser…
Oth… 315 285 105 102
Tot…
res…
and $2,6… $2,6… $830 $897
dev…
exp…
net
Una…
ite…
eli…
and
oth…
Sha… -$44 -$40 $8 $11
pla…
Def… -104 -150 3 -70
com…
Amo…
of
pre… -69 -64 -24 -22
cap…
int…
Res…
and
dev… -315 -285 -105 -102
exp…
net
Eli…
and
oth… -1,0… -1,6… -492 -565
una…
ite…
Sub…
(in…
in -1,5… -2,1… -610 -748
Core
ope…
ear…
Pen…
FAS…
ser… 277 588 92 198
cost
adj…
Pos…
FAS…
ser… 183 199 58 70
cost
adj…
FAS…
ser… 460 787 $150 $268
cost
adj…
Tot… -$1,… -$1,… -$460 -$4…
10
The Boeing Company and Subsidiaries
Operating and Financial Data
(Unaudited)
Nine Three
months months
Deliv… ended ended
Septem… Septem…
30 30
Comme… 2026 2025 2026 2025
Airpl…
737 367 330 124 121
767 26 20 10 6
777 20 29 5 9
787 62 61 22 24
Total 475 440 161 160
Defen…
Space
&
Secur…
AH-64
Apache 11 14 3 8
(New)
AH-64
Apache 36 28 12 7
(Rema…
CH-47
Chino… 7 1 2 —
(New)
CH-47
Chino… 4 9 1 2
(Rene…
F-15 6 7 2 3
Models
F/A-18 7 12 2 3
Models
KC-46 15 9 7 4
Tanker
MH-139 6 6 1 1
P-8 2 4 — 2
Models
Comme… 4 4 3 2
Satel…
Total1 98 94 33 32
1 Deliveries of new-build production units, including remanufactures and
modifications
Total backlog(Dollars in September 30 December 31
millions) 2026 2025
──────────────────────────────────────────────────────────────────────────────
Commercial Airplanes $611,833 $567,290
Defense, Space & Security 100,505 84,786
Global Services 32,725 29,720
Unallocated items,
eliminations and 368 411
other
Total backlog $745,431 $682,207
Contractual backlog $692,767 $639,721
Unobligated backlog 52,664 42,486
Total backlog $745,431 $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.
(…
in
m… Th… Th…
e… Qu… Qu…
p… 20… 20…
s…
d…
$ Per $ Per
mil… Sha… mi… Sh…
R… $2… $23…
E…
f… 354 -4,…
o…
(…
O…
m… 1.5 % -20… %
(…
F…
s…
c…
a…
P…
F…
s… -92 -198
c…
a…
P…
F…
s… -58 -70
c…
a…
F…
s… -1… -268
c…
a…
C…
o… $2… -$5…
e…
(…
C…
o… 0.8 % -21… %
m…
(…
D…
l…
p… -$… -$7…
s…
(…
P…
F…
s… -$… -0… -$1… -0.…
c…
a…
P…
F…
s… -58 -0… -70 -0.…
c…
a…
N…
p… 76 0.… -42 -0.…
e…
N…
p… -9 -0… -5 -0.…
i…
P…
f…
d…
i… 17 0.… 66 0.09
t…
on
a…
S…
of -$… -$… -$2… -$0…
a…
C…
l…
p… -$… -$7…
s…
(…
D…
w…
a…
c… 79… 759…
s…
o…
(…
m…
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.
(…
in
m… Ni… Nine
e… Mo… Mon…
p… 20… 2025
s…
d…
$ Per $ Per
mi… Sh… mi… Sh…
R… $7… $65…
E…
f… 958 -4,…
o…
(…
O…
m… 1.3 % -6.9 %
(…
F…
s…
c…
a…
P…
F…
s… -2… -588
c…
a…
P…
F…
s… -1… -199
c…
a…
F…
s… -4… -787
c…
a…
C…
o… $4… -$5…
e…
(…
C…
o… 0.7 % -8.1 %
m…
(…
D…
l…
p… -$1… -$8…
s…
(…
P…
F…
s… -$… -0.… -$5… -0.…
c…
a…
P…
F…
s… -1… -0… -1… -0.…
c…
a…
N…
p… 223 0.28 -127 -0.…
e…
N…
p… -27 -0… -14 -0.…
i…
P…
f…
d…
i… 55 0.07 195 0.26
t…
on
a…
S…
of -$… -$0… -$7… -$0…
a…
C…
l…
p… -$1… -$9…
s…
(…
D…
w…
a…
c… 790… 756…
s…
o…
(…
m…
1 The income tax impact is calculated using the U.S. corporate statutory tax
rate .
13