Q2 revenue reached $24.56B, up 8% year over year. Boeing reported a $428M quarterly net loss, $1.364B of operating cash flow and $631M of free cash flow. Cash and marketable securities totaled $20.0B while debt fell to $45.9B.
Backlog quality: $674.506B was contractual and $40.755B was unobligated. Commercial Airplanes represented $596.724B, Defense, Space & Security $85.322B and Global Services $32.840B.
Boeing is one of two Western manufacturers capable of producing large commercial aircraft at global scale and one of a small number of U.S. primes spanning combat aircraft, tankers, maritime patrol, weapons, military satellites, human spaceflight and sustainment. That scale makes Boeing strategically difficult to replace. It does not make execution failures cheap.
Boeing designs, certifies, manufactures and supports large commercial aircraft, military aircraft, autonomous systems, weapons, satellites and human-spaceflight hardware. Its operating model has three reported segments: Boeing Commercial Airplanes, Boeing Defense, Space & Security and Boeing Global Services.
Commercial Airplanes sells the 737, 767, 777 and 787 families and carries most of the company’s backlog. Defense, Space & Security builds aircraft and systems for the U.S. military, allies, NASA and national-security customers. Global Services supports commercial and government fleets through parts, maintenance, modifications, training and logistics.
For national security, Boeing supplies platforms that move fuel, cargo, data, weapons and people across the battlespace. For capital, the central issue is not demand. Boeing has more demand than its factories can currently convert. The issue is whether production, certification and fixed-price program performance can turn that demand into durable margin and cash flow.
737: Boeing’s narrowbody volume platform. The program began transitioning from 42 to 47 aircraft per month in the first half of 2026 and started low-rate production on the new North Line in July. The 737-7 and 737-10 completed certification flight testing in July, with certification still regulator-controlled and first deliveries expected in 2027.
787 Dreamliner: Boeing’s composite widebody family and a major source of long-haul replacement demand. The company is investing in Charleston capacity as it raises output.
777 and 777X: Large twin-aisle aircraft serving long-range passenger and freighter markets. The 777X entered a new Federal Aviation Administration certification phase in Q2 2026 and remains targeted for first delivery in 2027.
F-47: Boeing won the U.S. Air Force Next Generation Air Dominance crewed fighter Engineering and Manufacturing Development award in March 2025. The disclosed award covers development, test aircraft and competitively priced low-rate production options. Value remains undisclosed.
F-15, F/A-18 and EA-18G: Boeing continues new-build and sustainment work across tactical-aircraft franchises. F/A-18 production is winding down, while F-15EX and fleet modernization extend the St. Louis fighter business.
MQ-25A Stingray and MQ-28 Ghost Bat: MQ-25 provides carrier-based uncrewed refueling and reached first flight plus Milestone C in Q2 2026. MQ-28 is a collaborative combat aircraft developed with Australia and offered to allied customers.
KC-46A Pegasus: Aerial refueling and transport aircraft based on the 767. The program is operationally important but remains exposed to retrofit, readiness and fixed-price cost risk.
T-7A Red Hawk: Digital-design trainer for the U.S. Air Force. Boeing began low-rate initial production in Q2 2026 after years of schedule and cost pressure.
P-8A Poseidon and E-7 Wedgetail: Maritime patrol, anti-submarine warfare and airborne early-warning aircraft derived from commercial platforms. Boeing competes through mission-system integration, global fleet commonality and sustainment.
C-17 and rotorcraft: Boeing no longer builds new C-17s but supports the global fleet and is modernizing its flight deck. The rotorcraft portfolio includes the AH-64 Apache, CH-47 Chinook and MH-139 Grey Wolf.
Boeing produces the Joint Direct Attack Munition, Small Diameter Bomb, Harpoon, Standoff Land Attack Missile Expanded Response and Patriot Advanced Capability-3 seeker hardware. In October 2025, Boeing announced approximately $2.7B in multiyear PAC-3 seeker-production contracts from Lockheed Martin.
Mobile User Objective System: In June 2026, Space Systems Command awarded Boeing $2.0B to design and build MUOS Space Vehicles 6 and 7, extending narrowband tactical satellite communications for U.S. and allied forces.
Space Launch System: Boeing builds the core stage and exploration upper-stage hardware for NASA’s Artemis lunar architecture.
CST-100 Starliner: Boeing’s crew vehicle remains uncertified after NASA classified the 2024 crewed flight test as a Type A mishap in February 2026. The program’s future depends on corrective actions, NASA review and a safe return-to-flight plan.
Boeing Global Services sells parts, repairs, modifications, training, logistics and fleet-management services. It is the company’s most consistently profitable operating segment. The 2025 Digital Aviation Solutions divestiture removed Jeppesen, ForeFlight, AerData and OzRunways but generated $10.55B in proceeds and a $9.566B gain on that transaction.
William Boeing founded the company in Seattle in 1916. Boeing grew from early aircraft manufacturing into a commercial and military aerospace group, absorbed McDonnell Douglas in 1997 and became one of the companies at the center of the post-Cold War defense-prime consolidation described in Defense Briefing’s Last Supper analysis.
The modern company’s strategic importance is matched by a long execution crisis. Two 737 MAX accidents, certification failures, production-quality problems, the January 2024 Alaska Airlines door-plug event, labor disruption, defense-program charges and Starliner failures damaged trust with regulators, customers, employees and investors. Kelly Ortberg took over in August 2024 with a mandate to rebuild safety, engineering discipline and factory stability.
Boeing closed its acquisition of Spirit AeroSystems on 08-DEC-2025. The transaction was valued at approximately $8.3B including assumed debt. Commercial operations are being integrated into Boeing Commercial Airplanes, aftermarket operations into Global Services and Spirit Defense remains independently governed inside Boeing Defense, Space & Security. A Federal Trade Commission consent order requires specified divestitures and continued supply to competing aircraft manufacturers.
On 31-OCT-2025, Boeing sold major Digital Aviation Solutions assets to Thoma Bravo for $10.55B. The sale strengthened liquidity and created a large accounting gain, but it also means FY2025 GAAP earnings are not a clean measure of continuing operating performance.
Boeing delivered 171 commercial aircraft in Q2 2026 and 314 in the first half. Commercial Airplanes generated $11.751B of Q2 revenue, up 8%, but still lost $322M from operations. Moving the 737 rate to 47 per month, stabilizing the 787 line and clearing stored inventory are the largest near-term revenue and cash levers.
Certification of the 737-7, 737-10 and 777X controls when Boeing can convert completed aircraft and customer advances into deliveries. Delays raise inventory, defer cash and can trigger customer concessions or cancellations.
Defense, Space & Security revenue rose 13% in Q2 to $7.483B, driven by higher volume, but the segment posted a $15M operating loss. F-47, MUOS, proprietary programs, weapons, T-7 and MQ-25 can expand the top line. Fixed-price charges determine whether that growth creates profit.
Global Services produced $5.344B of Q2 revenue and an 18.1% operating margin. Its installed-base economics, parts demand and government sustainment work provide recurring cash generation that offsets lower-margin aircraft development and production.
Boeing produced $631M of Q2 free cash flow but remained negative by $823M for the first half because capital spending reached $2.008B. Debt fell to $45.9B. Management’s 2026 free-cash-flow guidance remains $1B to $3B, making second-half deliveries and working-capital execution decisive.
| Filed | Form | Description | Link |
|---|---|---|---|
| 28-JUL-2026 | 10-Q | Quarterly report for period ended 30-JUN-2026 | View → |
| 28-JUL-2026 | 8-K | Q2 2026 results and earnings exhibits | View → |
| 30-JAN-2026 | 10-K | Annual report for year ended 31-DEC-2025 | View → |
| 26-MAR-2026 | DEF 14A | 2026 proxy statement, governance and executive compensation | View → |
| Current | EDGAR | Complete Boeing filing index | View → |
| Date | Awarding Body | Program / Scope | Value | Status |
|---|---|---|---|---|
| 24-JUN-2026 | U.S. Space Force, Space Systems Command | MUOS Space Vehicles 6 and 7 design and production. Prime contractor for tactical narrowband communications satellites. | $2.0B | Awarded |
| Q4 2025 | U.S. Air Force | C-17A flight-deck modernization covering design, manufacture, integration, qualification and certification. | Undisclosed | Awarded |
| 14-OCT-2025 | Lockheed Martin | PAC-3 missile-seeker production under multiyear contracts. Boeing is the seeker supplier, not the missile-system prime. | ≈$2.7B | Awarded |
| 21-MAR-2025 | U.S. Air Force | F-47 Next Generation Air Dominance Engineering and Manufacturing Development, including test aircraft and low-rate production options. | Undisclosed | EMD award |
| 21-NOV-2024 | U.S. Air Force | KC-46A Lot 11 production for 15 tankers, bringing the production-contract total to 154 aircraft. | Not separately disclosed here | Production lot |
| 09-AUG-2024 | U.S. Air Force | E-7A rapid-prototype program for 2 missionized aircraft plus ground and support systems. | $2.561B | Definitized |
| Date | Insider / Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 01-APR-2026 | Robert Bradway · Director | Phantom award | 428 units | $0 | Director compensation |
| 24-FEB-2026 | Jeff Shockey · EVP | Tax withholding | 4,444.18 | $232.26 | ≈$1.03M |
| 19-FEB-2026 | Kelly Ortberg · President & CEO | Tax withholding | 5,016.643 | $236.71 | ≈$1.19M |
| 17-FEB-2026 | Kelly Ortberg · President & CEO | RSU awards | 58,097 | $0 | Compensation award |
Boeing has moved from acute crisis toward controlled recovery, but the recovery is not complete. Record backlog, F-47 and MUOS prove demand and strategic relevance. The investment case and the national-security case now turn on the same thing: production discipline.
The strongest evidence of progress is operational. Commercial deliveries increased, the 737 system began moving toward 47 per month, quarterly free cash flow turned positive and debt declined. Boeing also secured franchises that matter beyond a single budget cycle, especially F-47 and MUOS.
The weak point remains margin conversion. Commercial Airplanes still loses money, Defense, Space & Security produced a near-zero Q2 margin and the VC-25B program added another $280M charge. Boeing’s backlog can support years of revenue, but backlog is not cash and total program value is not profit.
For the U.S. industrial base, Boeing’s recovery matters because the country cannot casually replace its capacity in large commercial aircraft, tankers, maritime patrol aircraft, advanced combat-air development, strategic communications satellites and human-spaceflight hardware. That strategic importance gives Boeing time. It also gives customers little tolerance for another breakdown in quality or schedule.
Watch the 737 rate transition, Federal Aviation Administration certification of the 737-7 and 737-10, 777X Type Inspection Authorization progress, Spirit integration, second-half free cash flow, VC-25B and KC-46 charges, F-47 execution, MUOS development and NASA’s Starliner corrective-action decisions.
Building a large commercial aircraft or advanced military platform requires certification, specialized labor, tooling, flight-test capacity, supplier qualification and billions of dollars before meaningful production begins. Boeing already owns that infrastructure across commercial, defense and space markets. New entrants cannot reproduce it quickly.
Thousands of Boeing aircraft create long-duration demand for parts, training, maintenance and modifications. Airlines and governments incur major switching costs through pilot training, maintenance systems, spares and infrastructure. Boeing Global Services converts that installed base into recurring revenue.
Boeing holds clearances, secure facilities, engineering teams and customer relationships that span the Air Force, Navy, Army, Space Force and NASA. F-47, P-8, KC-46, E-7, MUOS and other programs embed Boeing inside future force structures for decades.
Few companies can combine commercial-aircraft cash flows, military platforms, weapons, satellites and services. That breadth allows Boeing to share engineering, manufacturing and customer relationships across markets. It also gives the U.S. government an industrial partner that can integrate air and space systems at scale.
Boeing’s market position protected demand through years of execution failure, but it did not protect profit, cash flow or reputation. Airbus gained commercial share, SpaceX became NASA’s reliable crew provider and fixed-price defense programs produced repeated charges. Boeing’s moat preserves relevance. Management still has to earn performance.
Higher rates only create value if quality remains stable. A new production escape, supplier failure or regulatory finding could stop deliveries and reverse cash-flow progress.
The 737-7, 737-10 and 777X remain exposed to certification and delivery timing. Delays defer cash receipts and increase inventory and engineering costs.
VC-25B, KC-46, T-7, MQ-25 and other development programs can generate further reach-forward losses when cost estimates or schedules deteriorate. The $280M Q2 VC-25B charge shows this risk remains current.
NASA’s Type A mishap classification, continuing technical work and lack of human-rating certification create cost, schedule and reputational exposure. The next flight is not a routine return to service.
Boeing must integrate large commercial and aftermarket operations while maintaining firewalls and supply obligations for rival primes. The acquisition created $10.278B of provisional goodwill and brings additional labor, working-capital and execution exposure.
$45.9B of debt limits flexibility. Cash generation depends on customer advances, delivery cadence and avoiding further program charges. FY2025 GAAP profit was heavily influenced by a one-time disposition gain.
Skilled labor, engines, castings, electronics and other constrained inputs can limit production even when Boeing’s own factories are ready. Boeing’s two contracts with the Society of Professional Engineering Employees in Aerospace expire 06-OCT-2026 and were under negotiation at quarter end.
Defense revenue depends on appropriations, procurement priorities and program execution. Commercial demand is exposed to trade restrictions, tariffs, export approvals and relationships with major international customers.
Commercial Airplanes represents about 83% of total backlog. Boeing also depends heavily on U.S. government programs and on a small number of engine, aerostructure and systems suppliers. Scale reduces single-program dependence but increases the consequences when a shared production system fails.