Boeing Posts Wider Loss Than Expected on $280M Air Force One Charge
The aerospace giant's Q2 loss per share of $0.76 missed analyst estimates of $0.30.
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Boeing reported a net loss of $428 million for the second quarter of 2026, with an adjusted loss per share of $0.76 that fell short of analyst expectations of a $0.30 loss. The result was weighed down by a $280 million charge on the Air Force One (VC-25B) program.
Despite the loss, Boeing's revenue rose 8% year-over-year to $24.56 billion. The company delivered 171 commercial jets in the quarter, up 14% from 150 a year earlier, and generated $631 million in free cash flow compared to a cash burn of $200 million in the same period last year.
Commercial and Defense Divergence
Boeing's Commercial Airplanes segment posted revenue of $11.8 billion, up from $10.9 billion a year earlier. The company is ramping up 737 MAX output to 47 aircraft per month and expects first deliveries of the 737-7 and 737-10 in 2027. The 787 production rate has stabilized at 8 per month, with plans to increase to 10.
In contrast, the Defense, Space & Security segment swung to an operating loss of $15 million, compared to a profit of $110 million a year earlier, though revenue rose 13% to $7.5 billion.
Air Force One Program and Backlog
The Air Force One program remains a significant challenge. Boeing expects the first delivery in 2028, but the program is reported to be four years behind schedule and over $1 billion over budget.
Boeing's total backlog grew to a record $715 billion, including more than 6,200 commercial aircraft valued at $597 billion. The company ended the quarter with $20 billion in cash and investments and debt of $45.9 billion, and reiterated its full-year free cash flow guidance of $1 billion to $3 billion.
Following the results, Boeing's stock rose around 1.2%. Separately, the FAA on Monday requested another inspection of Boeing planes after reports of improperly installed cabin seats.
Updates
Boeing reported a Q2 2026 free cash flow of $631 million, significantly outperforming the $177 million burn analysts had projected. The company also reduced its consolidated debt to $45.9 billion and confirmed the FAA has authorized the resumption of airworthiness certificate issuance for 737 MAX and 787 aircraft. Additionally, management announced the opening of a fourth 737 final assembly line in Everett and is targeting a production rate of 52 aircraft per month. Regarding the VC-25B program, Boeing and the U.S. Air Force have agreed to shift the certification basis to military standards, amidst conflicting reports regarding the program's budget overruns and the status of a gifted 747 aircraft.
Boeing generated $631 million in free cash flow for Q2 2026, surpassing analyst expectations of a $177 million burn. The company reduced its consolidated debt to $45.9 billion and reported an operating loss for its Commercial Airplanes segment of $322 million, an improvement from the $557 million loss recorded in Q2 2025. Additionally, the FAA has authorized the resumption of airworthiness certificate issuance for all 737 MAX and 787 aircraft, while Boeing has opened a fourth final assembly line for the 737 in Everett to support production rate increases.
Boeing reported a Q2 2026 free cash flow of $631 million, surpassing analyst expectations of a $177 million burn, and reduced its consolidated debt to $45.9 billion. While the company's Commercial Airplanes segment operating loss narrowed to $322 million compared to $557 million in Q2 2025, defense segment margins remain a point of contention among sources, with estimates fluctuating between negative 2.2% and negative 0.2%. Additionally, the FAA has authorized the resumption of airworthiness certificate issuance for 737 MAX and 787 aircraft, as CEO Kelly Ortberg announced plans to increase 737 production rates to 52 per month.
Beyond the quarterly loss, Boeing generated $631 million in free cash flow, exceeding analyst expectations of a $177 million burn. The company reduced its consolidated debt to $45.9 billion and reported that its Commercial Airplanes segment operating loss narrowed to $322 million. Additionally, the FAA has authorized the firm to resume issuing airworthiness certificates for 737 MAX and 787 aircraft, while production of the 737 continues to scale with the opening of a new final assembly line in Everett.
