Boeing (BA) financials

NYSE · Industrials · Aerospace & Defense · 182,000 employees · CEO Robert K. Ortberg

Price: $171.55 -0.64%
Market cap: $136B
Enterprise value: $172B
Last report: Q3 '26 filed 2026-10-27
Next report: 2027-01-26 EPS est. -$0.66

Revenue (TTM)$94.9B+17.5% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)-0.2%+10.3 pp vs a year agoOperating income -$150M

Net income (TTM)$7.66B+177.7% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)-$1.54B+67.8% vs a year agoCapex $5.56B

Diluted EPS (TTM)$9.19+167.2% vs a year agoSum of the last 4 quarters

Net cash-$25.2B+17.0% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $136B
Revenue: $94.9B
Revenue growth: +8%
Profit margin: 8.1%
P/E: 18.0×
P/S: 1.4×
EV / EBITDA: 14.4×
Free cash flow: -$1.54B
Net income: $7.66B
Revenue estimate: $96.9B
Earnings: 2027-01-26
Dividend: –

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-10-27): revenue beat by 1.0%, EPS missed by 33.4%Revenue $24.2B vs $23.9B expected (+1.0%); EPS -$0.34 vs -$0.25 (-33.4%).
Revenue growth slowing: 3.9% year on yearQ3 '26 revenue $24.2B, against an average of 27.4% over the four quarters before.
Operating margin -0.2% (TTM), +10.3 pp on a year agoOperating income grew 98.2% while revenue grew 17.5%.
101.9% of pre-tax profit is non-operatingPre-tax income $7.86B vs operating income -$150M (TTM). Gains on equity stakes and other one-off items lift net income and EPS - operating income is the cleaner measure of the business.
Capex 5.9% of revenue (a year ago 1.3%)$5.56B invested in the last 4 quarters (+416.7% on a year earlier). Free cash flow -$1.54B = -20.2% of net income.
Diluted share count up 3.2% in a year781M diluted shares in Q3 '26, 757M a year earlier.
Net debt $25.2BCash + short-term investments $20.7B, debt incl. leases $45.9B; a year ago net debt $30.4B.

Last quarter: Q3 '26

Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q3 '26	Year ago	Change
Revenue	$24.2B	$23.3B	+3.9%
Gross margin	9.0%	-10.2%	+19.2 pp
Operating income	$139M	-$4.79B	+102.9%
Operating margin	0.6%	-20.6%	+21.2 pp
Net income	-$116M	-$5.34B	+97.8%
Diluted EPS	-$0.26	-$7.14	+96.4%
Operating cash flow	$1.5B	$1.12B	+33.2%
Capex	$1.03B	-$674M	+253.1%
Free cash flow	$464M	$1.8B	-74.2%
R&D	$830M	$897M	-7.5%
Stock-based compensation	$97M	$89M	+9.0%

Reported vs consensus

2026-10-27

	Actual	Consensus	vs consensus
Revenue	$24.2B	$23.9B	+1.0%
EPS (as estimated)	-$0.34	-$0.25	-33.4%

From the report of 2026-10-27 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q3 '26	y/y	Share	TTM	TTM y/y
Commercial Airplanes Segment	$10.7B	-3.4%	44.2%	$43.1B	+23.4%
Boeing Defense Space Security Segment	$7.94B	+15.0%	32.8%	–	–
Global Services	$5.57B	+3.8%	23.0%	–	–

Revenue by region

share of total

Segment	Q3 '26	y/y	Share	TTM	TTM y/y	12 quarters
Commercial Airplanes Segment	$10.6B	-3.9%	57.2%	–	–
Boeing Defense Space Security Segment	$7.94B	+15.0%	42.8%	–	–

Segment profits

Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).

Segments in Q3 '26

Segment	Revenue	y/y	Operating income	y/y	Margin	Margin a year ago	TTM operating income
Commercial Airplanes Segment	–	–	-$697M	+87.0%	–	–	-$2.21B
Boeing Defense Space Security Segment	–	–	$492M	+331.6%	–	–	–
Global Services	–	–	$1.02B	+8.6%	–	–	–

Operating income by segment

quarterly

Segment operating margin

quarterly

Fourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $4.01B
Capex: -$5.56B
Buybacks: -$32M
Dividends: $0
Acquisitions: -$1.17B
Net debt issued: -$11.2B
Stock-based compensation: $338M
Free cash flow: -$1.54B
Returned to shareholders / FCF: -2.1%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	18.0×	87.2× 1 of 5 years	87.2× – 87.2×
EV / EBITDA	14.4×	56.9× 2 of 5 years	28.4× – 85.4×
EV / Sales	1.8×	2.5×	2.3× – 2.7×
Price / FCF	-88.1×	42.5× 2 of 5 years	35.6× – 49.5×
Price / Book	20.5×	30.3× 1 of 5 years	30.3× – 30.3×
FCF yield	-1.1%	-2.5%	-12.6% – 2.8%
Return on invested capital	-0.2%	-4.9%	-17.2% – 5.3%
Return on equity	127.1%	83.1%	12.9% – 302.4%

Analysts

Consensus target $243.73 (+42.1%)
range $195.00 – $305.00 · rating Buy

Strong buy0

Buy39

Hold12

Sell4

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$96.9B	+8.3%	-$1.75	-170.6%	-97.9×	15
FY2027	$109B	+12.9%	$1.42	+181.1%	120.7×	13
FY2028	$121B	+11.0%	$5.48	+285.5%	31.3×	14
FY2029	$134B	+10.2%	$9.01	+64.4%	19.0×	7
FY2030	$146B	+9.1%	$11.95	+32.6%	14.4×	11

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 357 figures The Boeing Company tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
Accounts Payable, Current	$15.3B	$11.7B	+30.3%	$13.1B	$11.4B	+15.4%
Accounts Receivable, after Allowance for Credit Loss, Current	$4.07B	$3.31B	+22.8%	$2.92B	$2.63B	+11.0%
Accounts Receivable, Allowance for Credit Loss	$82M	$75M	+9.3%	$76M	$92M	-17.4%
Accounts Receivable, Allowance for Credit Loss, Recovery	$1M2025-12-31	$0	–	$2M	$1M	+100.0%
Accounts Receivable, Allowance for Credit Loss, Writeoff	$6M	$8M	-25.0%	$18M	$41M	-56.1%
Accounts Receivable, Credit Loss Expense (Reversal)	$10M	$7M	+42.9%	$4M	$45M	-91.1%
Accrual for Environmental Loss Contingencies	$1.2B	$908M	+32.3%	$877M	$834M	+5.2%
Accrual for Environmental Loss Contingencies, Payments	$19M	$18M	+5.6%	$95M	$120M	-20.8%
Accrual for Environmental Loss Contingencies, Revision in Estimates	$249M	$78M	+219.2%	$138M	$110M	+25.5%
Accrued Liabilities, Current	$26.4B	$24.4B	+8.5%	$27.1B	$24.1B	+12.6%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$24.5B	$23.5B	+4.4%	$23.6B	$22.9B	+3.0%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$10B	-$10.5B	+5.0%	-$10.3B	-$10.9B	+5.8%
Additional Paid in Capital	$22.2B	$19.2B	+15.6%	$21.4B	$19B	+13.1%
Amortization of Intangible Assets	–	–	–	$204M	$223M	-8.5%
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$97M	$89M	+9.0%	$426M	$407M	+4.7%
Asset Impairment Charges	$104M	$2M	+5,100.0%	$45M	$112M	-59.8%
Assets	$171B	$150B	+13.8%	$168B	$156B	+7.6%
Assets, Current	$129B	$122B	+5.8%	$128B	$128B	+0.4%
Assumed Premiums Written	–	–	–	$99M	$110M	-10.0%
Capital Expenditures Incurred but Not yet Paid	–	–	–	$847M	$591M	+43.3%
Capitalized Computer Software, Accumulated Amortization	$1.19B	$947M	+25.2%	$1.01B	$1.09B	-6.5%
Cash and Cash Equivalents, at Carrying Value	$9.5B	$6.17B	+53.9%	$10.9B	$13.8B	-20.9%
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	$24M	-$3M	+900.0%	$16M	-$64M	+125.0%
Cash Surrender Value of Life Insurance	$331M2025-12-31	$342M	-3.2%	$331M	$342M	-3.2%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$9.54B	$6.88B	+38.6%	$11.7B	$13.8B	-15.6%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$1.62B	-$914M	+276.8%	-$2.16B	$1.11B	-294.7%
Ceded Premiums Written	–	–	–	$123M	$123M	0.0%
Common Stock, Par or Stated Value Per Share	$5.00	$5.00	0.0%	$5.00	$5.00	0.0%
Common Stock, Shares Authorized	1.2B	1.2B	0.0%	1.2B	1.2B	0.0%
Common Stock, Shares, Issued	1.01B	1.01B	0.0%	1.01B	1.01B	0.0%
Common Stock, Shares, Outstanding	1.01B2025-12-31	1.01B	0.0%	1.01B	1.01B	0.0%
Common Stock, Value, Issued	$5.06B	$5.06B	0.0%	$5.06B	$5.06B	0.0%
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	$0	-$2M	+100.0%	$3M	-$12M	+125.0%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$4M	-$5.34B	+100.1%	$2.87B	-$12.4B	+123.1%
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	$4M	-$5.34B	+100.1%	$2.88B	-$12.4B	+123.1%
Contract with Customer, Asset, Allowance for Credit Loss	$22M	$42M	-47.6%	$42M	$38M	+10.5%
Contract with Customer, Asset, Credit Loss Expense (Reversal)	-$10M	-$1M	-900.0%	$4M	$19M	-78.9%
Contract with Customer, Liability, Current	$67.5B	$58B	+16.5%	$59.4B	$60.3B	-1.5%
Contract with Customer, Liability, Revenue Recognized	$4.49B	$5.25B	-14.5%	$20.6B	$14.5B	+41.7%
Contract with Customer, Receivable, before Allowance for Credit Loss, Current	$6.56B2025-12-31	$6.35B	+3.3%	$6.56B	$6.35B	+3.3%
Contract with Customer, Receivable, before Allowance for Credit Loss, Noncurrent	$2.64B2025-12-31	$2.05B	+28.8%	$2.64B	$2.05B	+28.8%
Contracts Receivable, Claims and Uncertain Amounts	$89M2025-12-31	$60M	+48.3%	$89M	$60M	+48.3%
Contracts Receivable, Claims and Uncertain Amounts, Expected to be Collected after Next Twelve Months	$89M2025-12-31	$51M	+74.5%	$89M	$51M	+74.5%
Contracts Receivable, Claims and Uncertain Amounts, Expected to be Collected in Next Twelve Months	–	–	–	$9M2024-12-31	$6M	+50.0%
Cost of Revenue	$22B	$25.6B	-14.1%	$85.2B	$68.5B	+24.3%
Current Federal Tax Expense (Benefit)	–	–	–	$2M	-$277M	+100.7%
Current Foreign Tax Expense (Benefit)	–	–	–	$287M	$184M	+56.0%
Current Income Tax Expense (Benefit)	–	–	–	$298M	-$79M	+477.2%
Current State and Local Tax Expense (Benefit)	–	–	–	$9M	$14M	-35.7%
Debt and Lease Obligation	$54.1B2025-12-31	$53.9B	+0.4%	$54.1B	$53.9B	+0.4%
Debt Instrument, Fair Value Disclosure	$42.6B	$53.3B	-20.1%	$53.8B	$51.1B	+5.2%
Debt Securities, Available-for-sale	$530M	$529M	+0.2%	–	–	–
Debt Securities, Available-for-sale, Amortized Cost	$524M2025-12-31	$517M	+1.4%	$524M	$517M	+1.4%
Debt, Current	$4.57B	$8.74B	-47.7%	$8.46B	$1.28B	+562.1%
Deferred Compensation Arrangement with Individual, Compensation Expense	–	–	–	$182M	$114M	+59.6%
Deferred Compensation Liability, Current and Noncurrent	$1.69B2025-12-31	$1.68B	+0.6%	$1.69B	$1.68B	+0.6%
Deferred Federal Income Tax Expense (Benefit)	–	–	–	$40M	-$71M	+156.3%
Deferred Foreign Income Tax Expense (Benefit)	–	–	–	-$25M	$3M	-933.3%
Deferred Income Tax Assets, Net	$193M	$44M	+338.6%	$107M	$185M	-42.2%
Deferred Income Tax Expense (Benefit)	–	–	–	$99M	-$302M	+132.8%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30

Data as of 2026-11-01