The Boeing Company · BA · FY2026 Q2 · Calendar Q3 2026

Boeing Q2 2026: Backlog Supports Ramp, but Supply Risks Remain

Boeing's record backlog, planned commercial production increases, defense demand and services growth support a constructive operating trajectory. The thesis depends on converting backlog into deliveries and cash flow while containing program charges and managing supply, labor and certification risks.

Reported Before market openNYSEIndustrials $156.27B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $-0.76 Consensus $-0.34
EPS surprise -123.5% Reported versus consensus
Reported revenue $24.56B Consensus $24.26B
Revenue surprise +1.2% Reported versus consensus

Market reaction

prior-close to event-session close
Stock move +4.8% Event window
SPY move +0.2% Same window
Abnormal move +4.5% Stock minus SPY
Volume 2.0× Versus trailing sessions
Subsequent drift -4.7% Up to 20 sessions
BASPY benchmark

Ask FN2 about BA FY2026 Q2

Transcript, numbers and history already loaded
Why did BA rise 4.8% after missing EPS estimates in FY2026 Q2?What changed in BA's guidance and outlook in FY2026 Q2?Give me the bull and bear case for BA after FY2026 Q2 earnings.

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Transcript intelligence

What changed

Relative to the prior quarter, Boeing's backlog increased from $576 billion to $597 billion, while management added a $1 billion Wichita investment and highlighted a $280 million VC-25B charge. The company also identified SPEEA negotiations and a pending DOJ payment as additional execution and cash-flow considerations.

Guidance delta

Maintained; management remains on track for its 2026 plan and targets $10 billion of free cash flow for 2026.

Key takeaways

  • Production plans call for 47–52 737s per month and 8 787s per month, with higher rate breaks targeted later.
  • The record backlog rose to $597 billion, supporting revenue visibility and the free-cash-flow outlook.
  • A $280 million VC-25B charge and a pending $700 million DOJ payment add pressure while supply-chain and labor risks remain.

Management priorities

  • Raise 737 and 787 production rates while improving supply-chain readiness
  • Advance certification for the 737-7, 737-10 and 777X programs
  • Invest $1 billion in Wichita and recover 787 engine deliveries with GE

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Earnings History

Estimate Beat Miss Match
BA EPS earnings history estimate and actual scatter chart 9 reported fiscal quarters and 3 future estimate-only quarters. Q4 '23 estimate $-0.72 Q4 '23 actual $-0.47, beat Q1 '24 estimate $-1.63 Q1 '24 actual $-1.13, beat Q2 '24 estimate $-1.95 Q2 '24 actual $-2.90, miss Q3 '24 estimate $-10.35 Q3 '24 actual $-10.44, miss Q2 '25 estimate $-1.40 Q2 '25 actual $-1.24, beat Q3 '25 estimate $-5.16 Q3 '25 actual $-7.47, miss Q4 '25 estimate $-0.44 Q4 '25 actual $9.92, beat Q1 '26 estimate $-0.68 Q1 '26 actual $-0.20, beat Q2 '26 estimate $-0.34 Q2 '26 actual $-0.76, miss Q3 '26 estimate $-0.20 Q4 '26 estimate $0.07 Q1 '27 estimate $0.56
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Analyst Consensus ?

ConsensusBuy55 ratings
Bullish3869.1%
Neutral1221.8%
Bearish59.1%

Analyst 52W Price Targets

$199.93Current
$109Low
$233.69Average
$305High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 24, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
Jefferies Buy BuyMaintainSep 21, 2026
B of A Securities Buy BuyMaintainSep 18, 2026
Argus Research Buy HoldUpgradeAug 11, 2026
Tigress Financial Buy BuyMaintainAug 6, 2026
BNP Paribas Outperform UnderperformUpgradeAug 3, 2026
Show 50 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $199.93. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
JefferiesAnalyst unavailable$265$200.76 +32.5%Sep 21, 2026
Argus ResearchAnalyst unavailable$265$232.79 +32.5%Aug 11, 2026
Tigress FinancialIvan Feinseth$305$234.28 +52.6%Aug 6, 2026
RBC CapitalAnalyst unavailable$265$212.4 +32.5%Jul 29, 2026
Robert W. BairdPeter Arment$300$221.56 +50.1%Jul 29, 2026
See 116 more

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Company context

Snapshot as of publication

The Boeing Company is a global aerospace powerhouse specializing in the design, development, manufacture, sale, and comprehensive support of commercial airliners, military aircraft, satellites, missile defense systems, human space flight, and launch technologies, along with related services across the globe. Its operations are organized into four key segments. The Commercial Airplanes division delivers commercial jet aircraft for passenger and cargo transport, alongside essential fleet support services.…

Historical context

All BA earnings
+5.5%FY2026 Q1 · Calendar Q2 2026

Industrials peers this season

Latest reports in the same sector
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FPS Forgent Power Solutions, Inc. FY2026 Q4 · Calendar Q3 2026 +4.3% +9.5% Forgent Power Solutions pairs record results with an aggressive FY27 buildout
CPRT Copart, Inc. FY2026 Q4 · Calendar Q3 2026 -8.7% -2.6% Copart pairs international growth with ACV investment amid higher costs
SUNB Sunbelt Rentals Holdings Inc FY2027 Q1 · Calendar Q3 2026 +19.2% +5.9% Sunbelt raises FY27 outlook as specialty rental demand accelerates
FRO Frontline Plc FY2026 Q2 · Calendar Q3 2026 +8.0% +1.0% Frontline posts a record quarter as tanker rates remain elevated
DCI Donaldson Company, Inc. FY2026 Q4 · Calendar Q3 2026 +1.8% +2.1% Donaldson posts record FY26 and targets further growth

Latest beats and misses

Who reports next

Beat on EPS

Missed on EPS

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Sources

  1. Earnings call transcript and parsed analysis · 2026-07-28T19:03:59.629822+00:00
  2. FN2 earnings calendar · 2026-09-02T01:23:14.593608+00:00
  3. Polygon adjusted daily market bars · 2026-09-23T23:50:54.229473+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-23T23:50:54.226753+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-09-23. For educational purposes only; not investment advice.