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BA · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
The recovery is visible but unfinished — operating profit turned positive ($156M vs a loss a year ago) on 171 commercial deliveries and a record $715B backlog, yet $600M of quarterly interest on $45.9B of debt still keeps Boeing loss-making at the bottom line.
All figures in $M.
| Line item | Amount and change |
|---|---|
| Commercial Airplanes | $11,751 · +8% · 171 deliveries · -2.7% segment margin |
| Defense, Space & Security | $7,483 · +13% |
| Global Services | $5,344 · +1% · 18.1% segment margin |
| Total Revenue | $24,560 · +8% |
| Other Income & Gains | $170 · Other income $79 · dispositions $67 · op. investments $24 |
| Net Loss to Common (GAAP) | $530 · vs −$697 · Diluted LPS −$0.67 · was −$0.92 |
| Cost of Products & Services | $22,146 · +9% |
| General & Administrative | $1,428 · -20% |
| R&D, net | $921 · +1% |
| Interest & Debt Expense | $600 · -15% · On $45.9B consolidated debt |
| Income Tax | $63 |
| Noncontrolling Interests | $16 |
| Preferred Dividends | $86 · 6.00% mandatory convertible |
Verdict: the recovery is visible but unfinished — operating profit turned positive ($156M vs a loss a year ago) on 171 commercial deliveries and a record $715B backlog, yet $600M of quarterly interest on $45.9B of debt still keeps Boeing loss-making at the bottom line.
Loss quarter (mirror layout): left side shows where the money came from — revenue plus the net loss itself; right side shows what it covered. OCF $1,364M · capex $733M · FCF $631M · cash & securities $20.0B · undrawn credit lines $10B.
Source and notation
* marks non-cash / ≈ estimated. Segment revenues sum $18M above total (unallocated eliminations). Source: Boeing press release, 8-K EX-99.1 (SEC EDGAR).
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<figure> <a href="https://whoreportstoday.com/t/ba/q2-2026"><img src="https://whoreportstoday.com/t/ba/q2-2026/sankey.png" alt="BA Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/ba/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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- Operating profit swung positive: +$156M vs −$176M a year ago; the remaining GAAP loss is created below the operating line — $600M of interest and debt expense against only $79M of other income.
- Commercial Airplanes delivered 171 jets (+14% y/y) and narrowed its operating loss to −$322M (−2.7% margin); 737 output is transitioning to 47/month, certification flight testing is complete on both 737-7 and 737-10 with first deliveries expected in 2027.
- Defense, Space & Security slipped to a −$15M operating loss because of a $280M charge on the VC-25B (Air Force One) program for additional production and certification resources; first delivery still anticipated in 2028.
- Global Services remains the profit engine: $968M of operating earnings at an 18.1% margin, though margin fell 1.8 pp on the Digital Aviation Solutions divestiture and unfavorable mix.
- Total backlog reached a record $715B, including over 6,200 commercial airplanes worth $597B; the quarter saw 246 net commercial orders (Korean Air, Delta, SMBC).
- Free cash flow turned positive at $631M (vs −$200M a year ago) on delivery volume and working-capital timing; consolidated debt fell $1.3B in the quarter to $45.9B.
- $86M of accumulated dividends on the 6.00% mandatory convertible preferred stock widens the loss attributable to common shareholders to $530M (−$0.67 per share, improved from −$0.92).
What distorts the picture in this report and what to watch beyond the headlines.
BA — Boeing is an aerospace company engaged in the design, manufacture, and sale of airplanes, rotorcraft, rockets, and satellites.
It is headquartered in Arlington, Virginia, and serves commercial and government customers worldwide.
Heads-up
- a net loss in Q2 2026 ($530 · vs −$697)
Net loss for Q2 2026: $530M. Based on the Q2 2026 report.
Company filings on SEC EDGAR ↗More reports: BE · Q2 2026 · BR · Q4 FY2026 · CARR · Q2 2026 · CAT · Q2 2026 · CHRW · Q2 2026 · CMI · Q2 2026 · CPRT · Q4 FY2026 · CSX · Q3 2026 · CTAS · FQ1 2027 · DAL · Q3 2026 · all reports