TLDR
- Boeing posted a Q2 net loss of $428 million, narrower than the $612 million loss a year ago
- A $280 million charge on the Air Force One replacement program drove a core loss per share of $0.76, worse than the $0.30 analysts expected
- Boeing generated $631 million in free cash flow, a turnaround from negative $200 million in Q2 2025
- Full-year free cash flow guidance held at $1 billion to $3 billion — its first positive result since 2023 if achieved
- Sales climbed 8% to $24.56 billion, with production of 737 MAX jets continuing to ramp up
Boeing reported a second-quarter net loss of $428 million on Tuesday, worse than Wall Street expected, as a fresh $280 million charge on its troubled Air Force One replacement program weighed on results. BA stock was up around 0.95% premarket at $211.50.
BOEING $BA Q2’26 EARNINGS HIGHLIGHTS
🔹 Revenue: $24.6B (Est. $24.25B) 🟢; +8% YoY
🔹 Adj. EPS: -$0.76 (Est. -$0.30) 🔴
🔹 Backlog: $715B; record
🔹 Operating Cash Flow: $1.4B; +501% YoY
🔹 Free Cash Flow: $0.6B (Est. -0.31) 🟢Segment Net Revenue:
🔹 Commercial Airplanes:…— Wall St Engine (@wallstengine) July 28, 2026
The core loss per share came in at $0.76, well below the $0.30 loss analysts had penciled in according to LSEG data. That said, it was an improvement on the $1.24 per share core loss in Q2 2025.
Revenue came in at $24.56 billion, up 8% year over year, showing the underlying business is moving in the right direction.
The Air Force One program remains a headache. Boeing is building two 747-8 jets under a $3.9 billion fixed-price contract signed back in 2018. The program is now four years behind schedule and more than $1 billion over budget.
The latest charge was taken to cover higher engineering costs tied to delivering the two presidential planes in 2028.
Free Cash Flow Turns Positive
One of the cleaner pieces of news in the report was free cash flow. Boeing generated $631 million in Q2, compared to negative $200 million in the same period last year.
The company credited higher-than-expected customer payments as part of that improvement. Boeing is maintaining its full-year free cash flow guidance of $1 billion to $3 billion — which would mark its first positive annual result since 2023.
Capital spending also rose in the quarter. Boeing has been investing in expanding 787 production capacity in South Carolina and military jet production in the St. Louis area.
737 MAX Production Ramp Continues
The 737 MAX program remains central to Boeing’s recovery story. Production of the narrow-body jet has been increasing, and it is still the company’s best-selling aircraft.
Boeing has faced years of production and safety scrutiny on the MAX, so any steady progress here matters to investors watching the turnaround.
On the Air Force One front, President Trump had been using a Qatari-donated 747-8 as a temporary replacement. Trump said earlier this month it would be sent away for upgrades after questions were raised about its security features.
Boeing’s full-year guidance remains unchanged. The company continues to target positive free cash flow for 2026, with production expansion and program deliveries the key drivers to watch.
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