Boeing Reports First Quarter Results (Form 8-K)

Boeing Reports First Quarter Results

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."

ARLINGTON, Va., April 22, 2026 - 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."

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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 securities1

$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.

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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.

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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.

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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/(loss) 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.

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