01—Abstract
Summary
Summary of the 10-Q filed April 22, 2026. Cited figures are marked; the original filing is the authoritative source.
Boeing Co. (BA) reported its first-quarter 2026 results, showing a net loss attributable to common shareholders of $90 milliona, or $0.11 per diluted share.
This represents a widening of the loss compared to the prior year's first quarter, which saw a loss of $123 millionb, or $0.16 per diluted share. Total revenues increased to $22.2 billion from $19.5 billion year-over-year, driven by growth in the Commercial Airplanes and Defense, Space & Security segments. The company's balance sheet reflects a decrease in cash and cash equivalents, while inventories have grown.
Significant progress has been made in reducing overall debt. The acquisition of Spirit AeroSystems is proceeding, with preliminary purchase price allocations being finalized. Investors should note the ongoing challenges in the Commercial Airplanes segment, which continues to report an operating loss, and the substantial reach-forward losses on several long-term fixed-price contracts, particularly in the Defense, Space & Security segment.
02—Key points
Key Highlights
- Total revenues increased 14.5% to $22.2 billion, driven by higher sales in Commercial Airplanes and Defense, Space & Security.
- Net loss attributable to Boeing common shareholders was $90 million ($0.11/share) compared to a loss of $123 million ($0.16/share) in the prior year.
- Inventories increased to $87.2 billion from $84.7 billion, while cash and cash equivalents decreased to $9.4 billion from $10.9 billion.
- Total debt decreased to $47.2 billion from $54.1 billion.
- The acquisition of Spirit AeroSystems is reflected in the financials, with preliminary purchase price allocation showing significant goodwill ($10.36 billion).
- Commercial Airplanes segment reported an operating loss of $563 million, an increase from $537 million in the prior year.
- Multiple long-term fixed-price contracts, including VC-25B, KC-46A Tanker, MQ-25, T-7A Red Hawk, and Commercial Crew, continue to carry significant reach-forward losses, posing ongoing financial risk.
03—One dollar
Follow one dollar
For each $1.00 of revenue in Q1 FY2026, Boeing Co lost $0.00.
- Revenue$22.22B100.0%
- Cost of revenue−$19.67B88.5%
- Gross profit$2.55B11.5%
- Operating costs−$2.10B9.4%
- Operating income$448.0M2.0%
- Interest, other & tax−$452.0M2.0%
- Net income−$4.0M0.0%
04—Financials
Financial Highlights
Figures from 10-QQ1 FY2026filed April 22, 2026Financial Statements
Q1 FY2026 against Q1 FY2025
| Line item | Q1 FY2026Q1 FY2025 | Change |
|---|---|---|
| Revenue | $22.22B$19.50B | +14.0% |
| Cost of Revenue | $19.67B$17.08B | +15.2% |
| Gross Profit | $2.55B$2.42B | +5.3% |
| R&D Expenses | $903.00M$844.00M | +7.0% |
| Operating Income | $448.00M$461.00M | −2.8% |
| Net Income | -$4.00M-$37.00M | +89.2% |
| EPS (Basic) | $-0.11$-0.16 | +31.3% |
| EPS (Diluted) | $-0.11$-0.16 | +31.3% |
| Shares Outstanding (Basic) | 788.00M753.40M | +4.6% |
| Shares Outstanding (Diluted) | 788.00M753.40M | +4.6% |
05—Questions
Frequently Asked Questions
What were Boeing's key financial results for the first quarter of 2026?
For the first quarter of 2026, Boeing reported total revenues of $22.2 billion, an increase from $19.5 billion in the same period of 2025. However, the company reported a net loss attributable to common shareholders of $90 million, or $0.11 per diluted share, which is an improvement from the $123 million loss ($0.16 per share) in the prior year. Operating income was $448 million, a slight decrease from $461 million in Q1 2025.
How did the Spirit AeroSystems acquisition impact the financial statements?
The acquisition of Spirit AeroSystems, completed in December 2025, has significantly impacted the balance sheet, particularly with the preliminary recognition of goodwill totaling $10.36 billion. The purchase price of $8.4 billion was allocated across various assets and liabilities, with adjustments still being made as valuations are finalized. The integration of Spirit is expected to yield synergies, primarily within the commercial airplane segment.
What are the primary challenges and risks highlighted in the report?
Key challenges include continued operating losses in the Commercial Airplanes segment, driven by higher R&D spending and production issues. Significant reach-forward losses on several large fixed-price defense contracts represent a substantial ongoing financial risk. The company also faces market volatility, supply chain disruptions, and potential impacts from geopolitical events and global trade dynamics. The report also notes ongoing litigation related to past accidents.
What is the company's liquidity position and debt management strategy?
Boeing ended the quarter with $9.4 billion in cash and $11.5 billion in short-term investments. The company significantly reduced its total debt to $47.2 billion from $54.1 billion at the end of 2025, primarily through debt repayments. Boeing maintains substantial unused borrowing capacity on its revolving credit facilities and retains investment-grade credit ratings, indicating a stable liquidity position. The company continues to manage its debt through various means, including market purchases and retirements.
06—Continue