REG-Boeing Company: First Quarter Financial Results
22/04/2026 12:45
Boeing Reports First Quarter Results
ARLINGTON, Va., April 22, 2026 --
First Quarter 2026
* Revenue increased to $22.2
billion primarily reflecting 143
commercial deliveries
* GAAP loss per share of ($0.11) and core loss per
share (non-GAAP)* of ($0.20)
* Operating cash flow of ($0.2)
billion and free cash flow
(non-GAAP)* of ($1.5) billion
* Total company backlog grew to a record $695
billion, including
over 6,100 commercial airplanes
Table 1. Summary Financial Results First Quarter
(Dollars in Millions, except per share data) 2026 2025 Change
Revenues $22,217 $19,496 14 %
GAAP
Earnings from operations $448 $461 (3) %
Operating margins 2.0 % 2.4 % (0.4) Pts
Net loss ($7) ($31) NM
Diluted loss per share ($0.11) ($0.16) NM
Operating cash flow ($179) ($1,616) NM
Non-GAAP*
Core operating earnings $293 $199 47 %
Core operating margins 1.3 % 1.0 % 0.3 Pts
Core loss per share ($0.20) ($0.49) NM
*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 first quarter revenue of $22.2
billion, GAAP loss per share of ($0.11) and core loss per share
(non-GAAP)* of ($0.20). The company reported operating cash flow of ($0.2)
billion and free cash flow (non-GAAP)* of ($1.5) billion.
Results primarily reflect higher commercial delivery volume, improved
operational performance, and favorable order timing. Total company backlog
grew to a record $695 billion with all three segments
remaining at record levels.
"We're building on our momentum with a strong start to the year and growing
record-breaking backlog across our business, while supporting our customers
with inspiring missions like Artemis II," said Kelly Ortberg, Boeing president
and chief executive officer. "With a continued focus on safety and quality,
we're delivering high-quality commercial and defense products and services,
while increasing production to uphold our customer commitments and get back to
the iconic global aerospace company that leads our industry."
Table 2. Cash Flow First Quarter
(Millions) 2026 2025
Operating cash flow ($179) ($1,616)
Less additions to property, plant & equipment ($1,275) ($674)
Free cash flow* ($1,454) ($2,290)
*Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on page 5, "Non-GAAP Measures Disclosures."
Operating cash flow was ($0.2) billion in the quarter reflecting higher
commercial deliveries. Additions to property, plant and equipment primarily
reflects higher investments in Charleston and Saint Louis sites.
Table 3. Cash, Marketable Securities and Debt Balances Quarter End
(Billions) 1Q 2026 4Q 2025
Cash and investments in marketable securities 1 $20.9 $29.4
Consolidated debt $47.2 $54.1
1 Marketable securities consist primarily of time deposits due within one year classified as "short-term investments."
Cash and investments in marketable securities totaled $20.9 billion, compared
to $29.4 billion at the beginning of the quarter, reflecting debt repayments
and free cash flow usage in the quarter. The company maintains access to
credit facilities of $10.0 billion, which remain undrawn.
Segment Results
Commercial Airplanes
Table 4. Commercial Airplanes First Quarter
(Dollars in Millions) 2026 2025 Change
Deliveries 143 130 10 %
Revenues $9,203 $8,147 13 %
Loss from operations ($563) ($537) NM
Operating margins (6.1) % (6.6) % NM
Commercial Airplanes first quarter revenue of $9.2
billion and operating margin of (6.1) percent primarily reflect higher
deliveries.
The 737 program continues to produce at a 42 per month rate. In the quarter,
737-10 began the Type Inspection Authorization 2 and made progress on this
final phase of certification flight testing. We expect certification of the
737-7 and 737-10 in 2026 and the company anticipates first delivery in 2027.
The 787 program continued stabilizing production at eight per month. We also
received FAA certification on the 787-9 and 787-10 for an increased maximum
takeoff weight, an important capability that drives value for our customers.
In the quarter, the 777X program continued to make progress on 777-9
certification including FAA approval to begin the Type Inspection
Authorization 4a phase of certification flight testing. The company
anticipates first delivery in 2027.
Commercial Airplanes booked 140 net orders in the quarter, including 25 737-10
and 25 737-8 airplanes for Aviation Capital Group, 30 787-10 airplanes for
Delta Air Lines and 20 737-8 airplanes for Air India. Commercial Airplanes
delivered 143 airplanes and backlog included over 6,100 airplanes valued at a
record $576 billion.
Defense, Space & Security
Table 5. Defense, Space & Security First Quarter
(Dollars in Millions) 2026 2025 Change
Revenues $7,599 $6,298 21 %
Earnings from operations $233 $155 50 %
Operating margins 3.1 % 2.5 % 0.6 Pts
Defense, Space & Security first quarter revenue of $7.6 billion and operating
margin of 3.1 percent reflect higher volume and stabilizing operational
performance.
During the quarter, Defense, Space & Security signed a seven-year framework
agreement to expand PAC-3 Seeker production and announced a strategic
partnership with Rheinmetall to offer the MQ-28 Ghost Bat to Germany. In
April, Artemis II successfully completed its mission to the moon propelled by
the Boeing-built Space Launch System core stage rocket. Backlog at Defense,
Space & Security grew to a record $86 billion, with 27 percent representing
orders from customers outside the U.S.
Global Services
Table 6. Global Services First Quarter
(Dollars in Millions) 2026 2025 Change
Revenues $5,370 $5,063 6 %
Earnings from operations $971 $943 3 %
Operating margins 18.1 % 18.6 % (0.5) Pts
Global Services first quarter revenue was $5.4 billion on higher government
volume. Operating margin of 18.1 percent reflects the impact of the Digital
Aviation Solutions divestiture.
During the quarter, Global Services secured the largest-ever Landing Gear
Exchange Program agreement with Singapore Airlines Group and received initial
FAA and EASA qualification for 777-9 training devices. Global Services ended
the quarter with record backlog of $33 billion.
Additional Financial Information
Table 7. Additional Financial Information First Quarter
(Dollars in Millions) 2026 2025
Revenues
Unallocated items, eliminations and other $45 ($12)
Earnings/(loss) from operations
Unallocated items, eliminations and other ($348) ($362)
FAS/CAS service cost adjustment $155 $262
Other income, net $194 $323
Interest and debt expense ($616) ($708)
Income Tax Expense ($33) ($107)
Unallocated items, eliminations and other primarily
reflects timing of allocations.
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.
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
The Boeing Company and Subsidiaries Consolidated Statements of Operations (Unaudited)
Three months ended
March 31
(Dollars in millions, except per share data) 2026 2025
Sales of products $18,998 $16,147
Sales of services 3,219 3,349
Total revenues 22,217 19,496
Cost of products (17,031) (14,379)
Cost of services (2,640) (2,700)
Total costs and expenses (19,671) (17,079)
2,546 2,417
Loss/income from operating investments, net (10) 3
General and administrative expense (1,197) (1,112)
Research and development expense, net (903) (844)
Gain/(loss) on dispositions, net 12 (3)
Earnings from operations 448 461
Other income, net 194 323
Interest and debt expense (616) (708)
Earnings before income taxes 26 76
Income tax expense (33) (107)
Net loss (7) (31)
Less: net (loss)/earnings attributable to noncontrolling interest (3) 6
Net loss attributable to Boeing shareholders (4) (37)
Less: Mandatory convertible preferred stock dividends accumulated during the period 86 86
Net loss attributable to Boeing common shareholders ($90) ($123)
Basic loss per share ($0.11) ($0.16)
Diluted loss per share ($0.11) ($0.16)
The Boeing Company and Subsidiaries Consolidated Statements of Financial Position (Unaudited)
(Dollars in millions, except per share data) March 31 December 31
2026 2025
Assets
Cash and cash equivalents $9,441 $10,921
Short-term and other investments 11,464 18,479
Accounts receivable, net 3,485 2,921
Unbilled receivables, net 9,793 9,158
Inventories 87,225 84,679
Other current assets, net 2,733 2,301
Total current assets 124,141 128,459
Financing receivables and operating lease equipment, net 389 241
Property, plant and equipment, net of accumulated depreciation of $23,961 and 15,763 15,361
$23,613
Goodwill 17,633 17,275
Acquired intangible assets, net 1,517 1,567
Deferred income taxes 136 107
Investments 1,048 1,048
Other assets, net of accumulated amortization of $1,076 and $1,014 4,160 4,177
Total assets $164,787 $168,235
Liabilities and equity
Accounts payable $13,713 $13,109
Accrued liabilities 26,388 27,141
Advances and progress billings 62,591 59,404
Short-term debt and current portion of long-term debt 2,855 8,461
Total current liabilities 105,547 108,115
Deferred income taxes 237 216
Accrued retiree health care 2,059 2,091
Accrued pension plan liability, net 4,198 4,287
Other long-term liabilities 2,405 2,432
Long-term debt 44,354 45,637
Total liabilities 158,800 162,778
Shareholders' equity:
Mandatory convertible preferred stock, 6.00% Series A, par value $1.00 - 6 6
20,000,000 shares authorized; 5,750,000 shares issued; aggregate
liquidation preference $5,750
Common stock, par value $5.00 – 1,200,000,000 shares authorized; 5,061 5,061
1,012,261,159 shares issued
Additional paid-in capital 21,671 21,441
Treasury stock, at cost - 224,344,344 and 227,562,887 shares (27,647) (28,029)
Retained earnings 17,162 17,252
Accumulated other comprehensive loss (10,266) (10,277)
Total shareholders' equity 5,987 5,454
Noncontrolling interests 3
Total equity 5,987 5,457
Total liabilities and equity $164,787 $168,235
The Boeing Company and Subsidiaries Consolidated Statements of Cash Flows
(Unaudited)
Three months ended
March 31
(Dollars in millions) 2026 2025
Cash flows – operating activities:
Net loss ($7) ($31)
Adjustments to reconcile net loss to net cash used by operating activities:
Non-cash items –
Share-based plans expense 161 135
Treasury shares issued for 401(k) contributions 466 418
Depreciation and amortization 573 466
Investment/asset impairment charges, net 9 7
(Gain)/loss on dispositions, net (12) 3
Other charges and credits, net 45 99
Changes in assets and liabilities –
Accounts receivable (509) (570)
Unbilled receivables (635) (671)
Advances and progress billings 3,181 781
Inventories (2,634) (1,521)
Other current assets (418) (29)
Accounts payable 1,073 (95)
Accrued liabilities (1,260) (386)
Income taxes receivable, payable and deferred (16) 26
Other long-term liabilities (49) (151)
Pension and other postretirement plans (22) (150)
Financing receivables and operating lease equipment, net (156) 12
Other 31 41
Net cash used by operating activities (179) (1,616)
Cash flows – investing activities:
Payments to acquire property, plant and equipment (1,275) (674)
Proceeds from disposals of property, plant and equipment 2 3
Contributions to investments (9,265) (8,797)
Proceeds from investments 16,256 7,750
Supplier notes receivable (3)
Other (4) 1
Net cash provided/(used) by investing activities 5,711 (1,717)
Cash flows – financing activities:
New borrowings 24 29
Debt repayments (6,950) (295)
Employee taxes on certain share-based payment arrangements (31) (14)
Dividends paid on mandatory convertible preferred stock (86) (72)
Other 15 14
Net cash used by financing activities (7,028) (338)
Effect of exchange rate changes on cash and cash equivalents 1 12
Net decrease in cash & cash equivalents, including restricted (1,495) (3,659)
Cash & cash equivalents, including restricted, at beginning of year 11,663 13,822
Cash & cash equivalents, including restricted, at end of period 10,168 10,163
Less restricted cash & cash equivalents, included in Investments 727 21
Cash & cash equivalents at end of period $9,441 $10,142
The Boeing Company and Subsidiaries Summary of Business Segment Data (Unaudited)
Three months ended
March 31
(Dollars in millions) 2026 2025
Revenues:
Commercial Airplanes $9,203 $8,147
Defense, Space & Security 7,599 6,298
Global Services 5,370 5,063
Unallocated items, eliminations and other 45 (12)
Total revenues $22,217 $19,496
Earnings from operations:
Commercial Airplanes ($563) ($537)
Defense, Space & Security 233 155
Global Services 971 943
Segment operating earnings 641 561
Unallocated items, eliminations and other (348) (362)
FAS/CAS service cost adjustment 155 262
Earnings from operations 448 461
Other income, net 194 323
Interest and debt expense (616) (708)
Earnings before income taxes 26 76
Income tax expense (33) (107)
Net loss (7) (31)
Less: Net (loss)/earnings attributable to noncontrolling interest (3) 6
Net loss attributable to Boeing shareholders (4) (37)
Less: Mandatory convertible preferred stock dividends accumulated during the period 86 86
Net loss attributable to Boeing common shareholders ($90) ($123)
Research and development expense, net:
Commercial Airplanes $603 $534
Defense, Space & Security 174 199
Global Services 22 29
Other 104 82
Total research and development expense, net $903 $844
Unallocated items, eliminations and other:
Share-based plans ($55) ($30)
Deferred compensation 17 5
Amortization of previously capitalized interest (22) (21)
Research and development expense, net (104) (82)
Eliminations and other unallocated items (184) (234)
Sub-total (included in Core operating earnings) (348) (362)
Pension FAS/CAS service cost adjustment 93 193
Postretirement FAS/CAS service cost adjustment 62 69
FAS/CAS service cost adjustment $155 $262
Total ($193) ($100)
The Boeing Company and Subsidiaries Operating and Financial Data (Unaudited)
Deliveries Three months ended
March 31
Commercial Airplanes 2026 2025
737 114 105
767 6 5
777 8 7
787 15 13
Total 143 130
Defense, Space & Security
AH-64 Apache (New) 2 4
AH-64 Apache (Remanufactured) 15 11
CH-47 Chinook (New) 1 1
CH-47 Chinook (Renewed) 1 2
F-15 Models 1 1
F/A-18 Models 2 5
KC-46 Tanker 4 —
MH-139 2 1
P-8 Models 1 1
Commercial Satellites 1 —
Total 1 30 26
1 Deliveries of new-build production units, including remanufactures and modifications
Total backlog (Dollars in millions) March 31 December 31
2026 2025
Commercial Airplanes $575,583 $567,290
Defense, Space & Security 85,821 84,786
Global Services 32,957 29,720
Unallocated items, eliminations and other 348 411
Total backlog $694,709 $682,207
Contractual backlog $652,671 $639,721
Unobligated backlog 42,038 42,486
Total backlog $694,709 $682,207
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 Quarter 2026 First Quarter 2025
$ millions Per Share $ millions Per Share
Revenues $22,217 $19,496
Earnings from operations (GAAP) 448 461
Operating margins (GAAP) 2.0 % 2.4 %
FAS/CAS service cost adjustment:
Pension FAS/CAS service cost adjustment (93) (193)
Postretirement FAS/CAS service cost adjustment (62) (69)
FAS/CAS service cost adjustment (155) (262)
Core operating earnings (non-GAAP) $293 $199
Core operating margins (non-GAAP) 1.3 % 1.0 %
Diluted loss per share (GAAP) ($0.11) ($0.16)
Pension FAS/CAS service cost adjustment ($93) ($0.12) ($193) ($0.26)
Postretirement FAS/CAS service cost adjustment (62) (0.08) (69) (0.09)
Non-operating pension income 74 0.10 (43) (0.06)
Non-operating postretirement income (9) (0.01) (5) (0.01)
Provision for deferred income taxes on adjustments 1 19 0.02 65 0.09
Subtotal of adjustments ($71) ($0.09) ($245) ($0.33)
Core loss per share (non-GAAP) ($0.20) ($0.49)
Diluted weighted average common shares outstanding (in 788.0 753.4
millions)
1 The income tax impact is calculated using the U.S. corporate statutory tax rate.
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