Boeing Reports Q3 Revenue of $24.2 Billion and Record $745 Billion Backlog

The Boeing Company (BA ) reported third-quarter 2026 revenue of $24.2 billion on October 27, 2026, a 4 percent increase from the same period a year earlier, with a GAAP diluted loss per share of $0.26 and total backlog that grew to a record $745 billion, according to the company’s third-quarter results release.

Boeing recorded GAAP earnings from operations of $354 million for the quarter ended September 30, 2026, compared with a loss from operations of $4,781 million in the third quarter of 2025, and an operating margin of 1.5 percent versus negative 20.5 percent. The net loss narrowed to $116 million from $5,339 million, with diluted loss per share of $0.26 versus $7.14. On a non-GAAP basis, the company reported core operating earnings of $204 million versus a core operating loss of $5,049 million a year earlier, and a core loss per share of $0.34 versus $7.47. Boeing said the revenue result primarily reflected higher defense and services volume and less favorable commercial delivery mix.

“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. Ortberg added that the company remains focused on safety and quality while redoubling efforts on Lean and disciplined execution.

For the nine months ended September 30, 2026, revenue was $70,965 million versus $65,515 million a year earlier, an 8 percent increase. The nine-month net loss was $551 million versus $5,982 million, with a diluted loss per share of $1.04 versus $8.25 and a core loss per share of $1.30 versus $9.22.

Cash Flow and Balance Sheet

Third-quarter operating cash flow was $1,496 million, up 33 percent from $1,123 million a year earlier, and free cash flow, a non-GAAP measure, was $464 million versus $238 million. Boeing said operating cash flow reflected working capital timing partially offset by Department of Justice settlement payments of approximately $0.7 billion. Additions to property, plant and equipment totaled $1,032 million, primarily reflecting higher investments in the company’s Charleston and St. Louis sites. Nine-month operating cash flow was $2,681 million versus negative $266 million, and nine-month free cash flow was negative $359 million versus negative $2,252 million.

Cash and investments in marketable securities totaled $20.7 billion at quarter end, compared with $20.0 billion at the beginning of the quarter. Consolidated debt was $45.9 billion, compared with $45.9 billion at the end of the second quarter, and the company maintains access to $10.0 billion in credit facilities, which remain undrawn. Third-quarter interest and debt expense was $573 million versus $694 million a year earlier, and research and development expense was $830 million versus $897 million.

Segment Results

Commercial Airplanes revenue fell 3 percent to $10,720 million from $11,094 million, with an operating loss of $697 million versus $5,353 million and an operating margin of negative 6.5 percent versus negative 48.3 percent. Boeing attributed the quarter’s revenue and margin primarily to less favorable delivery mix, higher projected costs associated with future production rate adjustments, and higher estimated supply chain costs; the prior-year quarter’s margins were impacted by a charge on the 777X program.

The segment delivered 161 airplanes versus 160 a year earlier and booked 300 net orders, including orders from Turkish Airlines, Ethiopian Airlines, and Lufthansa. Commercial backlog included over 6,300 airplanes valued at a record $612 billion. The 737 program continues to progress toward stabilized production of 47 per month, and the 787 program remains stable at a production rate of 8 per month, the company said. During the quarter, the 737-7 received amended type certification from the Federal Aviation Administration, and the 737-10 received certification in October. The 777X program continued 777-9 certification flight testing, and Boeing said it remains on track for first delivery in 2027.

Defense, Space & Security revenue rose 15 percent to $7,935 million from $6,902 million, with operating earnings of $492 million versus $114 million and an operating margin of 6.2 percent versus 1.7 percent. Boeing said the margin primarily reflected a $252 million gain on the HRL Laboratories sale and improved operational performance. During the quarter, the segment was selected by the U.S. Navy for a contract to design, build, and deliver the F/A-XX next-generation fighter aircraft; the order is not included in backlog pending completion of the source selection and evaluation review process. The company also received a seven-year contract award to expand PAC-3 Seeker production. Segment backlog grew to a record $101 billion, with 23 percent representing orders from customers outside the United States, and the segment delivered 33 units versus 32 a year earlier.

Global Services revenue rose 4 percent to $5,574 million from $5,370 million on higher volume, with operating earnings of $1,019 million versus $938 million and an operating margin of 18.3 percent, which the company said reflected favorable volume and mix. The segment captured an award from the U.S. Army to provide maintenance services for the AH-64 Apache fleet and ended the quarter with backlog of $33 billion.

Total company backlog stood at $745,431 million at September 30, 2026, versus $682,207 million at December 31, 2025, comprising contractual backlog of $692,767 million and unobligated backlog of $52,664 million. By segment, Commercial Airplanes backlog was $611,833 million, Defense, Space & Security was $100,505 million, and Global Services was $32,725 million. Diluted weighted average common shares outstanding were 792.7 million in the quarter, versus 759.9 million a year earlier.