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Boeing's Q3 Loss Wider Than Expected, Revenues Increase Y/Y
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Key Takeaways
BA posted an adjusted loss of 34 cents per share, wider than estimates, while revenues rose 3.9% to $24.19B.
Boeing's backlog reached $745.43B, supported by more than 6,300 commercial airplanes valued at $612B.
Defense and services earnings improved, while Commercial Airplanes recorded a $697 million operating loss.
The Boeing Company (BA - Free Report) incurred an adjusted loss of 34 cents per share in the third quarter of 2026, wider than the Zacks Consensus Estimate of a loss of 21 cents. The reported figure improved from the year-ago quarter’s reported loss of $7.47 per share.
Including one-time items, the company reported a GAAP loss of 26 cents per share, narrower than the year-ago quarter’s loss of $7.14.
BA’s Total Revenues
Revenues amounted to $24.19 billion, which marginally missed the Zacks Consensus Estimate of $24.28 billion by 0.4%. However, the top line increased 3.9% from the year-ago quarter’s reported figure of $23.27 billion.
The year-over-year improvement was primarily driven by higher defense and services volumes, partially offset by an unfavorable commercial airplane delivery mix.
The Boeing Company Price, Consensus and EPS Surprise
Boeing’s backlog at the end of third-quarter 2026 totaled $745.43 billion, up from $682.21 billion recorded at the end of 2025. The backlog comprised contractual orders worth $692.77 billion and unobligated orders valued at $52.66 billion.
BA’s Segmental Performances
Commercial Airplanes: Revenues in this segment declined 3% year over year to $10.72 billion, primarily reflecting an unfavorable delivery mix, higher projected costs related to future production rate adjustments and increased estimated supply-chain costs. The segment incurred an operating loss of $697 million compared with the year-ago quarter’s operating loss of $5.35 billion.
During the quarter, Commercial Airplanes delivered 161 airplanes compared with 160 in the year-ago period. The unit booked 300 net orders, including orders from Turkish Airlines, Ethiopian Airlines and Lufthansa. Its backlog included more than 6,300 airplanes valued at a record $612 billion.
The 737 program continued progressing toward stabilized production of 47 aircraft per month. The 737-7 received amended type certification from the Federal Aviation Administration during the quarter, while the 737-10 received certification in October. The 787 production rate remained stable at eight per month, while the 777X program remained on track for its first delivery in 2027.
Boeing Defense, Space & Security (“BDS”): The segment recorded revenues of $7.94 billion, reflecting year-over-year growth of 15%, driven by higher volume. It generated operating earnings of $492 million compared with $114 million in the year-ago quarter.
Global Services: The segment recorded revenues of $5.57 billion, reflecting year-over-year growth of 4%, driven by higher volume. Operating earnings increased 9% to $1.02 billion from $938 million a year ago.
BA’s Financial Condition
Boeing exited third-quarter 2026 with cash and cash equivalents of $9.50 billion and short-term and other investments of $11.22 billion. At the end of 2025, the company had cash and cash equivalents of $10.92 billion and short-term and other investments worth $18.48 billion.
Long-term debt amounted to $41.35 billion, down from $45.64 billion recorded at the end of 2025.
The company’s net cash provided by operating activities in the first nine months of 2026 was $2.68 billion against cash used worth $266 million in the year-ago period.
BA’s Zacks Rank
The company currently carries a Zacks Rank #4 (Sell).
RTX Corporation’s (RTX - Free Report) third-quarter 2026 adjusted earnings per share (EPS) of $2.26 beat the Zacks Consensus Estimate of $1.78 by 27%. The bottom line improved 32.9% from the year-ago quarter’s level of $1.70.
RTX’s revenues rose 11.1% year over year to $24.97 billion and beat the consensus mark of $24.01 billion by 4%. Growth was supported by higher commercial aftermarket and defense demand.
Lockheed Martin Corporation (LMT - Free Report) reported third-quarter 2026 adjusted earnings of $7.97 per share, which beat the Zacks Consensus Estimate of $7.49 by 6.4%. The bottom line increased 14.7% from the year-ago quarter's reported figure of $6.95.
LMT’s net sales were $20.71 billion, which beat the Zacks Consensus Estimate of $20.44 billion by 1.4%. The top line inched up 11.3% from $18.61 billion reported in the year-ago quarter.
Northrop Grumman Corporation (NOC - Free Report) reported third-quarter 2026 adjusted earnings of $7.89 per share, which beat the Zacks Consensus Estimate of $7.22 by 9.3%. The bottom line also increased 2.9% from the year-ago quarter’s level of $7.67.
NOC’s total sales of $11.12 billion in the third quarter beat the Zacks Consensus Estimate of $11.06 billion by 0.6%. The top line also improved 6.7% from $10.42 billion reported in the year-ago quarter.
View the Zacks #1 Rank List
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Boeing's Q3 Loss Wider Than Expected, Revenues Increase Y/Y
Key Takeaways
The Boeing Company (BA - Free Report) incurred an adjusted loss of 34 cents per share in the third quarter of 2026, wider than the Zacks Consensus Estimate of a loss of 21 cents. The reported figure improved from the year-ago quarter’s reported loss of $7.47 per share.
Including one-time items, the company reported a GAAP loss of 26 cents per share, narrower than the year-ago quarter’s loss of $7.14.
BA’s Total Revenues
Revenues amounted to $24.19 billion, which marginally missed the Zacks Consensus Estimate of $24.28 billion by 0.4%. However, the top line increased 3.9% from the year-ago quarter’s reported figure of $23.27 billion.
The year-over-year improvement was primarily driven by higher defense and services volumes, partially offset by an unfavorable commercial airplane delivery mix.
The Boeing Company Price, Consensus and EPS Surprise
The Boeing Company price-consensus-eps-surprise-chart | The Boeing Company Quote
BA’s Total Backlog
Boeing’s backlog at the end of third-quarter 2026 totaled $745.43 billion, up from $682.21 billion recorded at the end of 2025. The backlog comprised contractual orders worth $692.77 billion and unobligated orders valued at $52.66 billion.
BA’s Segmental Performances
Commercial Airplanes: Revenues in this segment declined 3% year over year to $10.72 billion, primarily reflecting an unfavorable delivery mix, higher projected costs related to future production rate adjustments and increased estimated supply-chain costs. The segment incurred an operating loss of $697 million compared with the year-ago quarter’s operating loss of $5.35 billion.
During the quarter, Commercial Airplanes delivered 161 airplanes compared with 160 in the year-ago period. The unit booked 300 net orders, including orders from Turkish Airlines, Ethiopian Airlines and Lufthansa. Its backlog included more than 6,300 airplanes valued at a record $612 billion.
The 737 program continued progressing toward stabilized production of 47 aircraft per month. The 737-7 received amended type certification from the Federal Aviation Administration during the quarter, while the 737-10 received certification in October. The 787 production rate remained stable at eight per month, while the 777X program remained on track for its first delivery in 2027.
Boeing Defense, Space & Security (“BDS”): The segment recorded revenues of $7.94 billion, reflecting year-over-year growth of 15%, driven by higher volume. It generated operating earnings of $492 million compared with $114 million in the year-ago quarter.
Global Services: The segment recorded revenues of $5.57 billion, reflecting year-over-year growth of 4%, driven by higher volume. Operating earnings increased 9% to $1.02 billion from $938 million a year ago.
BA’s Financial Condition
Boeing exited third-quarter 2026 with cash and cash equivalents of $9.50 billion and short-term and other investments of $11.22 billion. At the end of 2025, the company had cash and cash equivalents of $10.92 billion and short-term and other investments worth $18.48 billion.
Long-term debt amounted to $41.35 billion, down from $45.64 billion recorded at the end of 2025.
The company’s net cash provided by operating activities in the first nine months of 2026 was $2.68 billion against cash used worth $266 million in the year-ago period.
BA’s Zacks Rank
The company currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Recent Defense Release
RTX Corporation’s (RTX - Free Report) third-quarter 2026 adjusted earnings per share (EPS) of $2.26 beat the Zacks Consensus Estimate of $1.78 by 27%. The bottom line improved 32.9% from the year-ago quarter’s level of $1.70.
RTX’s revenues rose 11.1% year over year to $24.97 billion and beat the consensus mark of $24.01 billion by 4%. Growth was supported by higher commercial aftermarket and defense demand.
Lockheed Martin Corporation (LMT - Free Report) reported third-quarter 2026 adjusted earnings of $7.97 per share, which beat the Zacks Consensus Estimate of $7.49 by 6.4%. The bottom line increased 14.7% from the year-ago quarter's reported figure of
$6.95.
LMT’s net sales were $20.71 billion, which beat the Zacks Consensus Estimate of $20.44 billion by 1.4%. The top line inched up 11.3% from $18.61 billion reported in the year-ago quarter.
Northrop Grumman Corporation (NOC - Free Report) reported third-quarter 2026 adjusted earnings of $7.89 per share, which beat the Zacks Consensus Estimate of $7.22 by 9.3%. The bottom line also increased 2.9% from the year-ago quarter’s level of $7.67.
NOC’s total sales of $11.12 billion in the third quarter beat the Zacks Consensus Estimate of $11.06 billion by 0.6%. The top line also improved 6.7% from $10.42 billion reported in the year-ago quarter.