Boeing said on 27 October that it recorded third-quarter 2026 revenue of $24.2 billion, up 4% on the same quarter of 2025, and a GAAP net loss of $116 million, or $0.26 per share. In the third quarter of 2025 the company reported a net loss of $5.34 billion, or $7.14 per share, according to its results release.
Earnings and Cash Flow
Boeing reported earnings from operations of $354 million, an operating margin of 1.5%, compared with an operating loss of $4.78 billion a year earlier. On a non-GAAP basis, it reported a core loss per share of $0.34, against $7.47 in the third quarter of 2025. Core operating earnings were $204 million, compared with a loss of $5.05 billion.
Operating cash flow was $1.5 billion, up 33%. Free cash flow, which Boeing reports as a non-GAAP measure, was $464 million, against $238 million a year earlier, after $1.03 billion of capital expenditure. The release said operating cash flow was partly offset by roughly $0.7 billion of Department of Justice settlement payments. Cash and marketable securities were $20.7 billion.
The Three Segments
- Commercial Airplanes: revenue of $10.72 billion, down 3%, and an operating loss of $697 million, a margin of negative 6.5% against negative 48.3% a year earlier.
- Defence, Space & Security: revenue of $7.94 billion, up 15%, and operating earnings of $492 million, a 6.2% margin. Boeing said the result includes a $252 million gain on the sale of HRL Laboratories.
- Global Services: revenue of $5.57 billion, up 4%, and operating earnings of $1.02 billion, an 18.3% margin.
Deliveries, Backlog and Certification
Boeing delivered 161 airplanes in the quarter, compared with 160 a year earlier, including 124 of the 737 family. It said the 737 programme continues to progress toward stabilised production of 47 aircraft a month, while 787 production is stable at eight a month and first delivery of the 777X remains on track for 2027. The company said the 737-7 received amended type certification from the FAA during the quarter and that the 737-10 was certified in October.
Total backlog reached $745.4 billion at 30 September, which Boeing described as a record. It included more than 6,300 commercial airplanes, and $100.5 billion in defence and space. The company also said the US Navy had selected it for the F/A-XX next-generation fighter programme; Boeing said that order is not yet included in backlog. Chief executive Kelly Ortberg said the milestones were important steps but added: “But we are not done.”
Why It Matters
In our view, the figures show a company whose headline loss has narrowed sharply, though it remains loss-making on both GAAP and core measures and the commercial airplanes business is still posting an operating loss. Readers should note that the comparison is with a 2025 quarter that showed a far larger loss. Backlog and certification milestones are the company’s own indicators; how quickly they convert into deliveries is the thing to watch.
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