Boeing

Boeing designs and builds commercial airplanes, military aircraft, satellites, and weapons, and it gives services to airlines and governments. It reports three segments. Commercial Airplanes builds the 737, 767, 777, and 787 and gave $21.0 billion of its $46.8 billion of revenue in the first half of 2026. Defense, Space & Security builds aircraft such as the KC-46 tanker, the T-7A trainer, and the MQ-25 drone, mostly for the US government.

Global Services sells parts, maintenance, training, and data services, and it is the most profitable segment, with an operating margin of 18.3% in Q3 2026. Boeing gets most of the cash for an airplane when it delivers it, so the number of deliveries drives its cash flow. At September 30, 2026, its backlog was a record $745 billion, with more than 6,300 commercial airplanes. In December 2025, it bought Spirit AeroSystems, its main supplier of 737 fuselages.

The market prices Boeing at a discount because it doubts that Boeing can raise production and turn its large backlog into steady cash flow on time. Boeing still lost money in the first nine months of 2026: core loss per share was $1.30, and free cash flow was an outflow of $0.4 billion. It also carried $45.9 billion of debt at September 30, 2026. Its value depends on more deliveries each year, but each step needs the FAA.

The 737 production rate went from 42 to 47 a month in 2026. The FAA certified the 737-7 in August 2026 and the 737-10 on October 20, 2026, after a software review delayed it. The first 777-9 delivery is planned for 2027, years late, and each delay pushes cash into later years. For the gap to close, four things must be true.

The 737 line must stay stable at 47 a month, and the FAA must approve higher rates and the new North Line. The FAA must certify the 777-9 in time for first delivery in 2027, and other regulators must validate the 737-10. Free cash flow must turn positive for 2026 and grow strongly in 2027, as management expects. Boeing must keep reducing its debt and keep its investment-grade ratings.

The next check is the Q4 2026 report and the 2027 outlook, expected in late January 2027. If these hold, the gap can close over several years as cash flow grows. Another quality problem or a long certification delay would push this out again.

1. Oct 20, 2026Passed

   737-10 certificationFAA certification of the 737-10 by the end of 2026, which keeps first delivery in 2027, passes; a new delay into 2027 fails.Outcome: The FAA certified the 737-10 on October 20, 2026.
2. Oct 27, 2026Passed

   Q3 2026 results: cash flow and 737 ratePositive free cash flow in Q3 and a 737 line stable at 47 a month pass; a cash outflow, new charges, or a slower 737 rate fail.Outcome: Free cash flow was $0.5 billion with no new large program charge, and the 737 line kept moving toward a stable 47 a month.
3. Jan 27, 2027 · est.Pending

   Q4 2026 results and 2027 outlookPositive free cash flow for 2026 and a 2027 outlook with much higher free cash flow and more deliveries pass; negative cash flow for 2026 or a weaker outlook fails.
4. 2027 · est.Pending

   First 777-9 deliveryFirst delivery of the 777-9 in 2027 as planned passes; another delay into 2028 fails.
5. 2027 · est.Pending

   First 737-10 deliveryFirst delivery of the 737-10 to a customer in 2027 passes; a delay into 2028 fails.

Every passed and failed checkpoint across all picks

• November 4, 2026Avolon finalized an order for 140 737-10 airplanes. Boeing said that this is the largest 737 MAX order by a leasing company and that it raises Avolon's backlog to more than 240 airplanes. Leasing companies placed firm orders for more than 230 737-10 airplanes in 2026.
• October 27, 2026Boeing reported Q3 2026 results. Revenue was $24.2 billion, up 4%, from 161 commercial deliveries. The core loss per share was $0.34. Free cash flow was $0.5 billion, after payments of about $0.7 billion for the settlement with the Department of Justice, and debt stayed at $45.9 billion. Total backlog grew to a record $745 billion. Defense, Space & Security had an operating margin of 6.2%, which included a gain of $252 million on the sale of HRL Laboratories. Boeing still expects the first 777-9 delivery in 2027.
• October 20, 2026The FAA certified the 737-10. Boeing confirmed the certification in its Q3 2026 report. Reuters reported that Canadian and European regulators must still approve the aircraft.

Last earnings

October 27, 2026 (8-K on sec.gov)

Next earnings

Expected about January 27, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 27, 2026 · ba-20260930
• 8-KEarnings releaseFiled October 27, 2026 · Press release and exhibits
• 8-KNew material agreement and New debt or financial obligationFiled August 28, 2026 · ba-20260824
• 8-KChange of directors or officersFiled August 21, 2026 · ba-20260819
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 28, 2026 · ba-20260630
• 8-KEarnings releaseFiled July 28, 2026 · Press release and exhibits
• 10-QQuarterly report for the period ended Mar 31, 2026Filed April 22, 2026 · ba-20260331
• 8-KEarnings releaseFiled April 22, 2026 · Press release and exhibits
• 8-KShareholder vote resultsFiled April 17, 2026 · ba-20260417
• 10-KAnnual report for the period ended Dec 31, 2025Filed January 30, 2026 · ba-20251231

Every filing on SEC EDGAR (CIK 12927)

• Boeing needs FAA approval for higher 737 rates, the new 737 North Line, and the 777-9. The 737-10 also needs approval from other regulators, such as those of Canada and Europe. Another quality problem or a long certification delay can stop the increase in deliveries and cash flow, as it did after the door plug event in January 2024.
• Boeing still lost money in the first nine months of 2026, and its debt was $45.9 billion at September 30, 2026. Operating earnings covered only about half of interest expense in that period. If cash flow is weak, the ratings, which are one step above junk, can fall.
• Fixed-price defense programs, such as the VC-25B Air Force One, KC-46, MQ-25, and T-7A, have caused repeated losses. The VC-25B lost $280 million in Q2 2026. More losses on these programs can reduce profit.
• Suppliers have shortages and financial problems. A shortage slowed the 787 factory in April 2026. Tariffs and US-China trade tension can raise costs and reduce orders and deliveries to China, which is a large market for airplanes.
• Labor actions can stop production. A strike in 2024 stopped most commercial airplane production for about seven weeks.

Boeing funds itself mostly with unsecured bonds that it issued after 2020, when its losses grew. Total debt was $45.9 billion at September 30, 2026, the same as at June 30 and down from $54.1 billion at December 31, 2025, after debt repayments of $8.4 billion in the first nine months of 2026. Read more

Boeing does not pay a dividend.

Source: company filings and market data, read on November 13, 2026.