Boeing Q3 2026 Loss Narrows Sharply but EPS and Revenue Miss Estimates

Boeing reported a third-quarter net loss of $116 million, or 26 cents per share on a GAAP basis, a dramatic improvement from the $5.34 billion loss, or $7.14 per share, posted in the same period a year earlier, when the company took a roughly $5 billion charge on its 777X program. Adjusting for one-time items, the company posted a non-GAAP loss of 34 cents per share, missing analyst estimates by 14 cents. Revenue rose 4% year over year to $24.19 billion but fell about $180 million short of Wall Street expectations.

The improvement was driven largely by Boeing's defense segment, where revenue jumped 15%, and continued growth in its services business. Commercial deliveries reflected a less favorable aircraft mix. Free cash flow climbed to $464 million from $238 million in the third quarter of 2025, a metric closely watched by investors following years of cash strain at the company.

The company's total order backlog reached $745 billion, underscoring long-term demand even as near-term execution remains a focus. Investor attention centered on the 737 Max production ramp, with Boeing targeting an increase in output from 42 to 47 aircraft per month and beginning low-rate production on a new fourth 737 line. CEO Kelly Ortberg acknowledged the company has "more work to do" as it also awaits FAA certification of the 737-7 and 737-10 variants, with both certification and full production-line approval still pending from regulators.