Key Highlights

  • Revenue was $24.188 billion, up 4%, with a core loss of $0.34 per share against a loss of $7.47 a year earlier.
  • Free cash flow was $464 million, up from $238 million, on operating cash flow of $1.496 billion.
  • Total backlog hit a record $745.4 billion, including $611.8 billion at Commercial Airplanes.
  • Boeing delivered 161 commercial airplanes, including 124 737s and 22 787s.
  • Cash and marketable securities were $20.7 billion against consolidated debt of $45.9 billion.

Boeing Earnings: Why Did Core Results Stay Negative Despite Higher Revenue?

Boeing (NYSE:BA) reported third-quarter results on Tuesday, October 27, with revenue of $24.188 billion, up 4% from $23.270 billion. The GAAP loss was $0.26 per share and the core loss was $0.34 per share, against losses of $7.14 and $7.47 a year earlier, when a 777X charge weighed on results. The core figure compares with analyst estimates of a $0.20 loss, a miss of 69.16% as screened.

GAAP operating earnings were $354 million, a 1.5% margin, against a loss of $4.781 billion. Core operating earnings were $204 million, a 0.8% margin. The release contained no formal financial guidance.

Boeing Segments: Where Did Commercial Airplanes Lose Money and Defense Gain?

Commercial Airplanes revenue fell 3% to $10.7 billion, with an operating loss of $697 million, a negative 6.5% margin. Boeing cited a less favorable delivery mix, higher projected costs tied to future production rate changes and higher supply chain costs.

Defense, Space and Security revenue rose 15% to $7.9 billion, with operating earnings of $492 million, a 6.2% margin, which includes a $252 million gain on the sale of HRL Laboratories. Global Services revenue rose 4% to $5.6 billion, and operating earnings were $1.019 billion, an 18.3% margin on favorable volume and mix.

Reach-forward losses on the 777X and 767 were $86 million over nine months, against $5.140 billion a year earlier.

Boeing Production and Backlog: Is the 737 Ramp Toward 47 a Month on Course?

Boeing delivered 161 commercial airplanes in the quarter, against 160: 124 737s, 10 767s, five 777s and 22 787s. Nine-month deliveries were 475, up from 440. The 737 program continues toward stabilized production of 47 per month, the 787 is stable at eight per month, and the 737-7 received amended type certification, with the 737-10 certified in October.

The 777-9 remains in certification flight testing and on track for first delivery in 2027. Commercial net orders were 300 in the quarter.

Total backlog reached a record $745.4 billion, up from $682.2 billion at year-end 2025. That includes $611.8 billion at Commercial Airplanes covering more than 6,300 airplanes and $100.5 billion in defense. The F/A-XX award is excluded until source selection is complete.

Boeing Cash and Debt: What Do $464 Million of Free Cash Flow Show?

Operating cash flow was $1.496 billion, up from $1.123 billion, reflecting working capital timing and partly offset by about $0.7 billion of Department of Justice settlement payments. Capital expenditure rose to $1.032 billion for the Charleston and St. Louis sites. Free cash flow was $464 million, against $238 million, and negative $359 million over nine months, against negative $2.252 billion.

Cash and marketable securities were $20.7 billion, up from $20.0 billion at the start of the quarter. Consolidated debt was $45.9 billion, unchanged, with $10.0 billion of undrawn credit facilities.

Management said it remains focused on safety, quality and disciplined execution. Next to watch are 737 output at 47 a month, 777-9 testing ahead of 2027, any F/A-XX backlog booking and full-year free cash flow.