Boeing (BA) Q3 2026 Earnings: Revenue Up 4%, Gain Lifted Profit
By Chad Hartman
Published · Last updated
Boeing (BA) reported Q3 FY2026 revenue of $24.19 billion, up 3.9% year over year, and diluted EPS of -$0.26 against -$7.14, for the quarter ended September 30, 2026; the earnings release and the 10-Q both landed on October 27, 2026. Operating income swung to $354 million from a $4.78 billion loss, but $252 million of it was a gain on the sale of an equity method investment, and the year-ago quarter carried a $4.9 billion charge. Remove both and operating income was about $102 million against about $118 million a year earlier.
| Field | Value |
|---|---|
| Company | Boeing ($BA) |
| Quarter | Q3 FY2026, period ended September 30, 2026 |
| Earnings release | October 27, 2026 (Form 8-K) |
| 10-Q filed | October 27, 2026 |
| Revenue | $24.19 Billion (+3.9% YoY) |
| Diluted EPS | -$0.26 (+96.4% YoY) |
| Operating margin | 1.5% (+22.0 pts YoY) |
| Operating cash flow (TTM) | $4.01 Billion |
| Operating income excluding $252M equity-investment sale gain (derived) | $102 million |
Boeing Q3 2026 Revenue, EPS and Operating Margin
Boeing's Q3 2026 revenue was $24.19 billion, up 3.9% from $23.27 billion and the second-highest of the last 16 quarters. Diluted EPS of -$0.26 is a 96.4% improvement, and most of that improvement is a comparison effect.
The Data: Operating income was $354 million, lifting operating margin to 1.5%, the fourth-highest of the last 16 quarters and 22.0 points above Q3 2025. Defense, Space & Security revenue rose 15% to $7.94 billion while Commercial Airplanes revenue fell 3% to $10.72 billion, with a $697 million segment loss. Net loss was $116 million, but loss to common shareholders was $203 million after $87 million of preferred dividends. Diluted shares of 792.7 million were the most of the last 16 quarters, up 4.3%.
Why: The release attributes revenue to higher defense and services volume and less favorable commercial delivery mix. The year-ago quarter held a $4.9 billion reach-forward loss on the 777X, which is why cost of sales fell from 110.2% of revenue to 91.0%. Without that charge, Q3 2025 operating income would have been roughly $118 million (derived).
What Boeing's 10-Q Shows Beyond the Press Release
The release led with the 737-7 and 737-10 certifications, the Navy fighter selection and a $745 billion backlog. The 10-Q's segment discussion adds what those headlines leave out: Boeing's Q3 2026 operating income of $354 million includes a $252 million gain on an equity method investment sale, 71% of the total.
A reader who saw the 22-point margin gain would expect operating performance to have improved by about that much. Instead the two one-time items offset each other. Operating income excluding the gain was about $102 million (derived), a margin of 0.4%, against about $118 million in Q3 2025 excluding the 777X charge (derived).
The Data: Defense, Space & Security earned $492 million, of which the gain was $252 million, leaving about $240 million (derived). Commercial Airplanes lost $697 million, and the filing says that loss reflects the Q3 2026 decision to delay planned 737 and 787 rate increases and higher estimated supply chain costs.
Why: Boeing attributes the commercial loss to rate-delay costs and supplier costs, and the filing backs this with a forward-looking disclosure. Supplier shortages disrupted 777 Freighter and KC-46A Tanker factory operations in Q3, and the company expects that to continue into 2027 with abnormal production costs expensed as incurred. A gain lifts one quarter; abnormal costs recur until the shortage ends.
Boeing Q3 2026 Free Cash Flow, Capex and Debt
Boeing's Q3 2026 operating cash flow was $1.50 billion, up 33.2% from a year earlier, but free cash flow of $464 million fell 26.5% from Q2. Capital spending is absorbing the improvement.
The Data: Capital expenditure was $1.03 billion, up 40.8% sequentially, the second-highest of the last 16 quarters and the third-highest of 70 since 2009. GeminIQ's pre-calculated Free Cash Flow was $16 million over the trailing twelve months, against operating cash flow of $4.01 billion. The 10-Q puts total debt at $45.9 billion, down from $54.1 billion at December 31, 2025, and GeminIQ's Net Debt to EBITDA is 3.03x.
Why: Operating cash flow carried roughly $0.7 billion of Department of Justice settlement payments, which the release says working capital timing partly offset, so the cash came in with a one-time drag and still covered capex, leaving only $464 million. The filing says capex reflects Charleston and St. Louis investment and that 2026 spending will exceed 2025. The $86 million paid in the quarter was the mandatory convertible preferred dividend; the 10-Q describes no common dividend.
How BA Stock Has Moved After Past Earnings Reports
Boeing's stock was followed by a median one-month return of -2.0% across its last 12 completed 10-Q filings, positive after 4 of 12, with a range of -15.9% to +19.4%. The three-month median was -1.4%, positive after 6 of 12.
The Data: The past three Q3 filings were followed by one-month returns of +17.1%, -10.7% and -15.9%, and the last of those, filed October 29, 2025, is the weakest one-month window in the set. This filing's window has not elapsed. Institutions held 73.44% at June 30, 2026, up 3.89 points in a year and the second-highest of the last 16 quarter ends. Form 4 filings from May 20, 2025 to May 20, 2026 show 6 sales totaling $6.1 million and 4 purchases totaling $1.4 million, the latest purchase on May 20, 2026.
Why: These figures describe how Boeing's stock moved after its past filings; they are a historical association, not a forecast. The 4 purchases are the first in the last two years of Form 4 windows shown here, against 8 sales and none in the prior 12 months, though $1.4 million is small beside $6.1 million of sales. The Earnings Reaction Heat Map shows the full record.
When a profit swing comes from one item leaving and another arriving, the run rate lives in the line that excludes both.
Frequently Asked Questions
Is Boeing doing well financially?
Boeing reported a Q3 2026 net loss of $116 million, and its nine-month net loss was $551 million. Trailing-twelve-month net profit margin was 7.88% against -12.48% a year earlier, and the current ratio was 1.13x. Free cash flow over the trailing twelve months was only $16 million.
When does Boeing report earnings?
Boeing reported Q3 2026 results on October 27, 2026 and filed its 10-Q the same day. Last year it filed its fourth-quarter results on January 30, 2026, which is a pattern from the filing record, not a forecast of the next date.
Does Boeing pay a dividend?
Boeing's cash flow statement shows $345 million of dividends paid over the trailing twelve months. The 10-Q attributes the quarter's $86 million to the 6.00% mandatory convertible preferred stock, which pays $15.00 per preferred share in cash on October 15, 2026.
Where can I verify Boeing's Q3 2026 figures?
The figures come from Boeing's Q3 2026 10-Q on EDGAR and the October 27, 2026 earnings release.
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All financial figures cited in this article reference THE BOEING COMPANY's Q3 2026 10-Q (filed October 27, 2026, period ending September 30, 2026), with guidance and management commentary drawn from the company's Form 8-K earnings release (filed October 27, 2026). All SEC filings are publicly available at SEC EDGAR and SEC EDGAR.
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