Boeing (BA) — Q2 2026 Earnings Preview
Key Points
| Factor | Details |
|---|---|
| Guidance for FY26 | Positive free cash flow of $1B–$3B; BCA deliveries up ~10% YoY; BCA margins to turn positive mid-2027 |
| Consensus for Q2 2026 | Revenue: $24,022M; EBITDA: $946M; Net income: -$302M; EPS: $0.08 |
| Q1 2026 Actuals | Revenue: $22,217M; EBITDA: $669M; Net income: -$7M; EPS: -$0.11; FCF: -$1,454M |
| Q2 2025 Actuals | Revenue: $21,612M (restated); EBITDA: $570M; Net income: -$1,065M; EPS: -$0.67; FCF: -$2,290M |
| YoY Comparison | Q2 2026 faces a relatively easy comp vs. Q2 2025, which had negative FCF and net loss |
| Key Watch Items | Progress on 737/787 production rates, supply chain stability, BCA margin trajectory, defense margin improvement, cash flow inflection, certification milestones, China/Middle East demand risk, Spirit AeroSystems integration impact |
