$BA · BOEING CO
Boeing filed its Q3 FY2026 10-Q, reporting revenue of $24.188B (+3.9% YoY) and a GAAP net loss of $(116M), or $(0.26) per share, versus $(5.339B) a year ago. Core EPS was $(0.34). The improvement was driven by BCA's loss narrowing to $(697M) from $(5.353B) and BDS swinging to a $492M profit. YTD operating cash flow turned positive at $2.681B.
- Q3 revenue $24.188B (+3.9% YoY), driven by BDS at $7.935B (+15% YoY)
- GAAP EPS $(0.26) vs $(7.14) a year ago; core EPS $(0.34)
- BCA segment loss $(697M) — improved from $(5,353M) in Q3 2025 but still deeply unprofitable
- Operating cash flow turned positive: $2.681B YTD vs $(266M) in prior year
- Total debt reduced to $45.92B from $54.1B at year-end 2025; cash + investments at $20.7B
BA dropped 9.31% to $170.78 despite the dramatic YoY loss improvement, suggesting the market priced in a stronger BCA recovery. The $(0.34) core loss and BCA's continued $(697M) quarterly burn signal the turnaround remains fragile.
Boeing's turnaround is showing green shoots — positive operating cash flow and sharply narrower losses — but BCA's continued $(697M) quarterly burn at $10.7B revenue proves the commercial recovery is far from complete.
Boeing's BDS revenue surge (+15% YoY) contrasts with defense peers facing budget uncertainty, while BCA's persistent losses highlight the widening gap vs. Airbus in commercial delivery execution. BGS remains the steady profit engine at $1.019B segment earnings.
BCA's $(697M) segment loss on $10.7B revenue shows production still below breakeven. Inventories swelled to $90.9B from $84.7B at year-end, signaling continued supply-chain or delivery bottlenecks. The 777X and 767 programs recorded $86M in reach-forward losses YTD.