BA$188.310.0%Boeing said in July its 737 line was moving to 47 a month. Then it delivered fewer 737s
Boeing's third-quarter loss was wider than analysts expected, Reuters reported, and its shares fell. Its chief executive says getting the 737 line fully stable at 47 jets a month will take into next year.
KeyVex News··6 min readFact-checked against 5 public recordsKeyVex News··6 min readFact-checked against 5 public recordsBA$188.310.0%Close, Oct. 26. Prices from Tiingo.The short versionTap to readTap to close
- In July, Boeing said its 737 line had begun moving from 42 jets a month to 47. As recently as May, Boeing executives said they would reach 47 in summer 2026, Reuters reported.
- Boeing reports deliveries, not output. It delivered 129 737s in the second quarter and 124 in the third: 43 and about 41 a month.
- Boeing aims for about $3 billion of free cash flow in 2027: cash from operations, less spending on plants and equipment. Analysts had expected $5.5 billion, according to LSEG data cited by Reuters.
- Separately, $252 million of the quarter's $354 million operating profit came from one gain: the sale of HRL Laboratories, a research lab Boeing co-owned with General Motors.
- Next: chief executive Kelly Ortberg said it will take into next year to get the line fully stable at 47, and the plan targets 52 a month in the second half of 2027.
The line: In July, Boeing said its 737, the jet it delivers most, had begun moving to 47 a month.8-K Its 737 deliveries then fell, to 124 in the third quarter from 129 in the second, though that was still more than in any quarter of 2025.8-K8-K On Oct. 27, before the market opened, it said the program "continues to progress toward stabilized production of 47 per month."8-K Chief executive Kelly Ortberg said on the call that "it'll take us into next year to get fully stable at this rate."Call transcript
The results: Boeing reported a third-quarter loss of $0.26 a share, against $7.14 a year earlier.8-K Its core loss, which leaves out some pension accounting items, was $0.34 a share, wider than the $0.21 analysts expected, according to LSEG data cited by Reuters.8-KReutersReuters At 1:18 p.m. Eastern, the stock was $170.76, down 9.3% from the Oct. 26 close and below every close after April 22, 2025.BA
Why it matters: The 737 made up 367 of the 475 jets Boeing delivered in the first nine months.8-K Boeing now expects about $3 billion of free cash flow in 2027, against the $5.5 billion analysts had expected, according to LSEG data cited by Reuters. It pushed its cash flow growth outlook back by a year, Reuters reported.Reuters
Boeing's stock and the 737's key datesDaily close, July 1, 2025 to Oct. 26, 2026 ▼ 10.2%Show chartHide chart
- 1Oct. 29, 2025 Third-quarter 2025 results. The commercial unit reports a $5.4 billion operating loss, including a charge on the 777X program.
- 2Jan. 27, 2026 Fourth-quarter 2025 results. Boeing says the 737 program raised production to 42 a month during the quarter.
- 3April 22, 2026 First-quarter results. The 737 program "continues to produce at a 42 per month rate." It delivers 114 737s.
- 4July 23, 2026 IBM agrees to buy HRL Laboratories. The research lab was jointly owned by Boeing and General Motors.
- 5July 28, 2026 Second-quarter results and 10-Q. Boeing says the 737 program began moving to 47 a month in the quarter. It delivers 129 737s.
- 6Oct. 26, 2026 Last close before the third-quarter results. $188.31. The results came out before the market opened on Oct. 27.
View the data (333 trading days)
| Date | Close | Day change |
|---|---|---|
| 2026-10-26 | $188.31 | 0.0% |
| 2026-10-23 | $188.35 | +0.4% |
| 2026-10-22 | $187.55 | −2.5% |
| 2026-10-21 | $192.28 | +1.0% |
| 2026-10-20 | $190.47 | −0.5% |
| 2026-10-19 | $191.42 | +0.6% |
| 2026-10-16 | $190.21 | +0.8% |
| 2026-10-15 | $188.73 | +2.2% |
| 2026-10-14 | $184.66 | −1.0% |
| 2026-10-13 | $186.49 | −1.6% |
| 2026-10-12 | $189.50 | −0.5% |
| 2026-10-09 | $190.37 | +1.4% |
| 2026-10-08 | $187.75 | −0.3% |
| 2026-10-07 | $188.32 | −0.8% |
| 2026-10-06 | $189.82 | −1.5% |
| 2026-10-05 | $192.72 | −0.4% |
| 2026-10-02 | $193.56 | +0.7% |
| 2026-10-01 | $192.28 | +3.3% |
| 2026-09-30 | $186.05 | −0.9% |
| 2026-09-29 | $187.68 | +1.8% |
| 2026-09-28 | $184.39 | −6.9% |
| 2026-09-25 | $198.07 | +0.6% |
| 2026-09-24 | $196.80 | −1.6% |
| 2026-09-23 | $199.93 | +1.1% |
| 2026-09-22 | $197.72 | −1.7% |
| 2026-09-21 | $201.15 | +1.5% |
| 2026-09-18 | $198.20 | +0.6% |
| 2026-09-17 | $197.00 | −2.5% |
| 2026-09-16 | $201.96 | −3.7% |
| 2026-09-15 | $209.69 | −0.3% |
| 2026-09-14 | $210.27 | −0.1% |
| 2026-09-11 | $210.45 | +2.8% |
| 2026-09-10 | $204.80 | −0.8% |
| 2026-09-09 | $206.42 | −2.0% |
| 2026-09-08 | $210.73 | −0.7% |
| 2026-09-04 | $212.25 | +0.8% |
| 2026-09-03 | $210.51 | +0.8% |
| 2026-09-02 | $208.87 | +1.6% |
| 2026-09-01 | $205.66 | −1.0% |
| 2026-08-31 | $207.78 | −1.0% |
| 2026-08-28 | $209.82 | 0.0% |
| 2026-08-27 | $209.89 | −1.0% |
| 2026-08-26 | $212.09 | +0.5% |
| 2026-08-25 | $211.08 | +0.3% |
| 2026-08-24 | $210.46 | −1.7% |
| 2026-08-21 | $214.20 | −0.4% |
| 2026-08-20 | $215.10 | −3.2% |
| 2026-08-19 | $222.20 | −0.4% |
| 2026-08-18 | $223.06 | −1.3% |
| 2026-08-17 | $225.95 | −2.5% |
| 2026-08-14 | $231.67 | +0.6% |
| 2026-08-13 | $230.33 | −0.4% |
| 2026-08-12 | $231.20 | −0.9% |
| 2026-08-11 | $233.24 | +0.2% |
| 2026-08-10 | $232.79 | −0.7% |
| 2026-08-07 | $234.42 | +1.0% |
| 2026-08-06 | $232.19 | −3.3% |
| 2026-08-05 | $240.19 | +1.3% |
| 2026-08-04 | $237.16 | +1.6% |
| 2026-08-03 | $233.49 | +8.0% |
| 2026-07-31 | $216.14 | −2.2% |
| 2026-07-30 | $220.90 | +3.2% |
| 2026-07-29 | $214.01 | −3.4% |
| 2026-07-28 | $221.56 | +4.8% |
| 2026-07-27 | $211.50 | +0.9% |
| 2026-07-24 | $209.52 | +0.1% |
| 2026-07-23 | $209.23 | +0.3% |
| 2026-07-22 | $208.65 | +1.9% |
| 2026-07-21 | $204.80 | −2.2% |
| 2026-07-20 | $209.48 | −2.1% |
| 2026-07-17 | $214.03 | −0.1% |
| 2026-07-16 | $214.34 | −1.7% |
| 2026-07-15 | $218.12 | +0.5% |
| 2026-07-14 | $217.11 | +0.7% |
| 2026-07-13 | $215.51 | −3.0% |
| 2026-07-10 | $222.28 | −0.4% |
| 2026-07-09 | $223.11 | −0.8% |
| 2026-07-08 | $224.95 | −2.9% |
| 2026-07-07 | $231.68 | −1.2% |
| 2026-07-06 | $234.54 | +3.6% |
| 2026-07-02 | $226.49 | +3.6% |
| 2026-07-01 | $218.58 | +1.0% |
| 2026-06-30 | $216.47 | +0.8% |
| 2026-06-29 | $214.69 | −1.2% |
| 2026-06-26 | $217.25 | −0.4% |
| 2026-06-25 | $218.12 | −1.0% |
| 2026-06-24 | $220.25 | +1.6% |
| 2026-06-23 | $216.71 | −1.9% |
| 2026-06-22 | $220.83 | −0.8% |
| 2026-06-18 | $222.72 | −1.3% |
| 2026-06-17 | $225.63 | −0.8% |
| 2026-06-16 | $227.49 | −0.6% |
| 2026-06-15 | $228.95 | +4.5% |
| 2026-06-12 | $219.05 | −1.2% |
| 2026-06-11 | $221.63 | +6.0% |
| 2026-06-10 | $209.00 | −2.6% |
| 2026-06-09 | $214.51 | −0.7% |
| 2026-06-08 | $215.92 | +0.2% |
| 2026-06-05 | $215.45 | −0.9% |
| 2026-06-04 | $217.42 | +3.2% |
| 2026-06-03 | $210.58 | −3.3% |
| 2026-06-02 | $217.70 | −2.9% |
| 2026-06-01 | $224.30 | −3.0% |
| 2026-05-29 | $231.15 | +1.0% |
| 2026-05-28 | $228.78 | +2.0% |
| 2026-05-27 | $224.30 | +2.5% |
| 2026-05-26 | $218.90 | −0.1% |
| 2026-05-22 | $219.02 | −0.3% |
| 2026-05-21 | $219.61 | −1.2% |
| 2026-05-20 | $222.20 | +3.3% |
| 2026-05-19 | $215.01 | −2.5% |
| 2026-05-18 | $220.61 | +0.1% |
| 2026-05-15 | $220.49 | −3.8% |
| 2026-05-14 | $229.21 | −4.7% |
| 2026-05-13 | $240.60 | +1.6% |
| 2026-05-12 | $236.87 | −0.6% |
| 2026-05-11 | $238.21 | +0.4% |
| 2026-05-08 | $237.36 | +2.7% |
| 2026-05-07 | $231.03 | +0.5% |
| 2026-05-06 | $229.93 | +2.5% |
| 2026-05-05 | $224.38 | +1.4% |
| 2026-05-04 | $221.30 | −2.7% |
| 2026-05-01 | $227.38 | −0.7% |
| 2026-04-30 | $229.03 | +2.2% |
| 2026-04-29 | $224.11 | −2.9% |
| 2026-04-28 | $230.72 | −0.3% |
| 2026-04-27 | $231.33 | −0.5% |
| 2026-04-24 | $232.44 | −0.7% |
| 2026-04-23 | $234.15 | +1.2% |
| 2026-04-22 | $231.28 | +5.5% |
| 2026-04-21 | $219.16 | −2.6% |
| 2026-04-20 | $225.08 | +0.8% |
| 2026-04-17 | $223.38 | +2.1% |
| 2026-04-16 | $218.88 | −2.3% |
| 2026-04-15 | $223.93 | +0.1% |
| 2026-04-14 | $223.77 | +0.7% |
| 2026-04-13 | $222.14 | +2.1% |
| 2026-04-10 | $217.63 | −1.1% |
| 2026-04-09 | $220.06 | +1.0% |
| 2026-04-08 | $217.80 | +3.7% |
| 2026-04-07 | $210.00 | −1.1% |
| 2026-04-06 | $212.30 | +2.0% |
| 2026-04-02 | $208.22 | +0.4% |
| 2026-04-01 | $207.32 | +4.2% |
| 2026-03-31 | $199.03 | +5.2% |
| 2026-03-30 | $189.21 | −0.7% |
| 2026-03-27 | $190.52 | −2.0% |
| 2026-03-26 | $194.36 | −2.6% |
| 2026-03-25 | $199.61 | +1.6% |
| 2026-03-24 | $196.42 | −1.0% |
| 2026-03-23 | $198.41 | +1.7% |
| 2026-03-20 | $195.12 | −3.0% |
| 2026-03-19 | $201.18 | −2.3% |
| 2026-03-18 | $205.99 | −2.3% |
| 2026-03-17 | $210.82 | −1.2% |
| 2026-03-16 | $213.47 | +1.7% |
| 2026-03-13 | $209.89 | +2.5% |
| 2026-03-12 | $204.76 | −4.4% |
| 2026-03-11 | $214.10 | −1.7% |
| 2026-03-10 | $217.76 | −3.2% |
| 2026-03-09 | $225.00 | −2.6% |
| 2026-03-06 | $231.11 | +4.1% |
| 2026-03-05 | $222.06 | −2.3% |
| 2026-03-04 | $227.31 | +1.4% |
| 2026-03-03 | $224.12 | −2.4% |
| 2026-03-02 | $229.74 | +1.0% |
| 2026-02-27 | $227.53 | −0.8% |
| 2026-02-26 | $229.41 | −0.4% |
| 2026-02-25 | $230.36 | −1.3% |
| 2026-02-24 | $233.39 | +1.3% |
| 2026-02-23 | $230.44 | −0.7% |
| 2026-02-20 | $232.03 | −0.7% |
| 2026-02-19 | $233.71 | −2.2% |
| 2026-02-18 | $238.93 | −2.1% |
| 2026-02-17 | $244.04 | +0.4% |
| 2026-02-13 | $242.96 | +1.5% |
| 2026-02-12 | $239.35 | +1.3% |
| 2026-02-11 | $236.26 | −2.6% |
| 2026-02-10 | $242.59 | −0.9% |
| 2026-02-09 | $244.71 | +0.7% |
| 2026-02-06 | $243.03 | +2.6% |
| 2026-02-05 | $236.95 | +0.4% |
| 2026-02-04 | $235.95 | +1.2% |
| 2026-02-03 | $233.15 | +0.1% |
| 2026-02-02 | $233.02 | −0.3% |
| 2026-01-30 | $233.72 | −0.1% |
| 2026-01-29 | $234.04 | −3.1% |
| 2026-01-28 | $241.59 | −1.2% |
| 2026-01-27 | $244.56 | −1.6% |
| 2026-01-26 | $248.43 | −1.5% |
| 2026-01-23 | $252.15 | +0.3% |
| 2026-01-22 | $251.41 | +0.5% |
| 2026-01-21 | $250.07 | +0.4% |
| 2026-01-20 | $249.00 | +0.5% |
| 2026-01-16 | $247.68 | 0.0% |
| 2026-01-15 | $247.74 | +2.1% |
| 2026-01-14 | $242.61 | −0.8% |
| 2026-01-13 | $244.55 | +2.0% |
| 2026-01-12 | $239.81 | +2.3% |
| 2026-01-09 | $234.53 | +3.1% |
| 2026-01-08 | $227.38 | −0.3% |
| 2026-01-07 | $228.12 | −0.7% |
| 2026-01-06 | $229.84 | +0.7% |
| 2026-01-05 | $228.13 | +0.2% |
| 2026-01-02 | $227.77 | +4.9% |
| 2025-12-31 | $217.12 | −0.6% |
| 2025-12-30 | $218.50 | +0.6% |
| 2025-12-29 | $217.25 | +0.4% |
| 2025-12-26 | $216.44 | −0.8% |
| 2025-12-24 | $218.16 | +0.6% |
| 2025-12-23 | $216.85 | 0.0% |
| 2025-12-22 | $216.84 | +1.3% |
| 2025-12-19 | $214.08 | +2.8% |
| 2025-12-18 | $208.27 | +0.9% |
| 2025-12-17 | $206.33 | −0.2% |
| 2025-12-16 | $206.71 | +0.6% |
| 2025-12-15 | $205.50 | +0.5% |
| 2025-12-12 | $204.38 | +1.8% |
| 2025-12-11 | $200.71 | +1.0% |
| 2025-12-10 | $198.72 | −0.8% |
| 2025-12-09 | $200.37 | −2.9% |
| 2025-12-08 | $206.27 | +2.2% |
| 2025-12-05 | $201.89 | 0.0% |
| 2025-12-04 | $201.87 | −0.3% |
| 2025-12-03 | $202.54 | −1.4% |
| 2025-12-02 | $205.38 | +10.1% |
| 2025-12-01 | $186.46 | −1.3% |
| 2025-11-28 | $189.00 | +1.1% |
| 2025-11-26 | $186.92 | +2.5% |
| 2025-11-25 | $182.44 | +1.9% |
| 2025-11-24 | $179.12 | −0.3% |
| 2025-11-21 | $179.70 | +0.2% |
| 2025-11-20 | $179.38 | −3.4% |
| 2025-11-19 | $185.70 | −2.1% |
| 2025-11-18 | $189.63 | −1.1% |
| 2025-11-17 | $191.81 | −1.4% |
| 2025-11-14 | $194.52 | 0.0% |
| 2025-11-13 | $194.58 | −0.5% |
| 2025-11-12 | $195.50 | +0.1% |
| 2025-11-11 | $195.21 | +0.2% |
| 2025-11-10 | $194.81 | +0.1% |
| 2025-11-07 | $194.61 | −1.0% |
| 2025-11-06 | $196.50 | −0.6% |
| 2025-11-05 | $197.62 | −0.2% |
| 2025-11-04 | $198.05 | −3.2% |
| 2025-11-03 | $204.55 | +1.8% |
| 2025-10-31 | $201.02 | +0.5% |
| 2025-10-30 | $200.08 | −6.3% |
| 2025-10-29 | $213.58 | −4.4% |
| 2025-10-28 | $223.33 | +0.1% |
| 2025-10-27 | $223.00 | +0.7% |
| 2025-10-24 | $221.35 | +1.6% |
| 2025-10-23 | $217.77 | +0.5% |
| 2025-10-22 | $216.59 | −0.3% |
| 2025-10-21 | $217.26 | +0.2% |
| 2025-10-20 | $216.82 | +1.8% |
| 2025-10-17 | $212.94 | +0.5% |
| 2025-10-16 | $211.89 | −1.0% |
| 2025-10-15 | $214.00 | −0.1% |
| 2025-10-14 | $214.30 | −0.6% |
| 2025-10-13 | $215.56 | +2.3% |
| 2025-10-10 | $210.73 | −2.4% |
| 2025-10-09 | $216.00 | −4.1% |
| 2025-10-08 | $225.32 | +1.6% |
| 2025-10-07 | $221.82 | +1.0% |
| 2025-10-06 | $219.73 | +1.6% |
| 2025-10-03 | $216.30 | −0.5% |
| 2025-10-02 | $217.43 | +1.0% |
| 2025-10-01 | $215.20 | −0.3% |
| 2025-09-30 | $215.83 | −0.6% |
| 2025-09-29 | $217.08 | −1.9% |
| 2025-09-26 | $221.26 | +3.6% |
| 2025-09-25 | $213.53 | −0.7% |
| 2025-09-24 | $215.10 | −0.6% |
| 2025-09-23 | $216.34 | +2.0% |
| 2025-09-22 | $212.09 | −1.7% |
| 2025-09-19 | $215.65 | 0.0% |
| 2025-09-18 | $215.66 | +0.5% |
| 2025-09-17 | $214.63 | −0.2% |
| 2025-09-16 | $215.02 | −0.3% |
| 2025-09-15 | $215.75 | −0.1% |
| 2025-09-12 | $215.94 | −1.8% |
| 2025-09-11 | $219.99 | −3.3% |
| 2025-09-10 | $227.52 | −0.9% |
| 2025-09-09 | $229.52 | −0.6% |
| 2025-09-08 | $230.95 | +0.6% |
| 2025-09-05 | $229.61 | −0.5% |
| 2025-09-04 | $230.75 | −0.7% |
| 2025-09-03 | $232.38 | −2.1% |
| 2025-09-02 | $237.38 | +1.2% |
| 2025-08-29 | $234.68 | −0.6% |
| 2025-08-28 | $236.16 | +0.2% |
| 2025-08-27 | $235.62 | +0.3% |
| 2025-08-26 | $234.83 | +3.5% |
| 2025-08-25 | $226.87 | −1.4% |
| 2025-08-22 | $230.12 | +2.5% |
| 2025-08-21 | $224.46 | −0.5% |
| 2025-08-20 | $225.62 | +0.3% |
| 2025-08-19 | $225.00 | −3.2% |
| 2025-08-18 | $232.41 | −1.2% |
| 2025-08-15 | $235.26 | +0.9% |
| 2025-08-14 | $233.19 | −0.1% |
| 2025-08-13 | $233.37 | +0.3% |
| 2025-08-12 | $232.61 | +2.9% |
| 2025-08-11 | $225.96 | −1.4% |
| 2025-08-08 | $229.12 | +0.8% |
| 2025-08-07 | $227.33 | +1.0% |
| 2025-08-06 | $225.04 | +0.1% |
| 2025-08-05 | $224.86 | +1.1% |
| 2025-08-04 | $222.34 | +0.2% |
| 2025-08-01 | $221.90 | 0.0% |
| 2025-07-31 | $221.84 | −1.8% |
| 2025-07-30 | $225.84 | −0.1% |
| 2025-07-29 | $226.08 | −4.4% |
| 2025-07-28 | $236.41 | +1.4% |
| 2025-07-25 | $233.06 | +0.8% |
| 2025-07-24 | $231.27 | −1.1% |
| 2025-07-23 | $233.88 | +2.4% |
| 2025-07-22 | $228.48 | −0.4% |
| 2025-07-21 | $229.32 | 0.0% |
| 2025-07-18 | $229.34 | −0.7% |
| 2025-07-17 | $231.00 | +0.5% |
| 2025-07-16 | $229.90 | 0.0% |
| 2025-07-15 | $230.00 | −0.2% |
| 2025-07-14 | $230.51 | +1.6% |
| 2025-07-11 | $226.84 | +0.3% |
| 2025-07-10 | $226.09 | −0.2% |
| 2025-07-09 | $226.60 | +3.7% |
| 2025-07-08 | $218.52 | −0.1% |
| 2025-07-07 | $218.63 | +1.3% |
| 2025-07-03 | $215.92 | +1.8% |
| 2025-07-02 | $212.03 | +1.1% |
| 2025-07-01 | $209.79 |
Boeing's highest close in the range was $252.15 on Jan. 23, 2026.Chart data Source: Tiingo end-of-day closes, as traded, via KeyVex.
What the 737 deliveries show
Boeing reports deliveries, not how many planes it builds, so the two can differ in any quarter. Still, a line running steadily at 47 a month makes about 141 planes a quarter. Boeing's best 737 quarter this year was 129, in the second quarter. That is 43 a month.8-K In the third it delivered 124, about 41 a month.8-K In 2025, its 737 deliveries ran from 104 to 121 a quarter.8-K8-K
View the data
| Quarter | 737s delivered | Note |
|---|---|---|
| Q1 2025 | 105 | |
| Q2 2025 | 104 | |
| Q3 2025 | 121 | |
| Q4 2025 | 117 | Boeing says production rose to 42 a month in the quarter |
| Q1 2026 | 114 | Production at 42 a month, Boeing said |
| Q2 2026 | 129 | Boeing said the move to 47 a month began |
| Q3 2026 | 124 | Still working toward a stable 47 a month |
Source: Boeing's quarterly results releases, Exhibit 99.1 to its Form 8-Ks of Jan. 27, April 22, July 28 and Oct. 27, 2026.8-K8-K8-K8-K
The 737 line reached 42 a month in the last quarter of 2025, Boeing said in January.8-K In its July quarterly report, Boeing told the SEC what came next:10-Q
During the first half of 2026, the 737 program began to transition from a production rate of 42 to 47 per month with the concurrence of the Federal Aviation Administration (FAA).
As recently as May, Boeing executives said they would reach 47 a month in summer 2026, Reuters reported.Reuters On the call, Ortberg named the bottleneck. "I think right now wings are what have caused us the instability," he said.Call transcript Boeing's plan now targets 52 a month "in the back half of 2027," he said.Call transcript
Where the quarter's profit came from
The commercial airplane unit lost $697 million. Boeing cited a less favorable mix of deliveries, higher estimated supply chain costs and higher projected costs tied to future changes in production rates.8-K Across the company, Boeing earned $354 million from operations, after a $4.8 billion operating loss a year earlier.8-K
The defense unit earned $492 million. That included a $252 million gain on the sale of HRL Laboratories, Boeing said.8-K HRL was a research lab jointly owned by Boeing and General Motors. IBM agreed in July to buy it, without disclosing terms.IBM The gain equals 71% of the quarter's operating profit. Without it, operating profit would have been $102 million, by KeyVex's math.8-K
How Boeing's units added up to $354 million of operating profitShow chartHide chart
View the data
| Amount | Note | |
|---|---|---|
| Global Services (Parts, maintenance, training) | $1,019M | |
| Defense, Space & Security (Excluding the HRL gain (KeyVex's math)) | +$240M | $492 million reported, less the $252 million gain |
| Gain on the HRL Laboratories sale | +$252M | |
| Commercial Airplanes (Operating loss) | -$697M | |
| Unallocated items and pension adjustment | -$460M | Unallocated items, eliminations and other (minus $610 million), partly offset by the $150 million FAS/CAS service cost adjustment, a pension accounting item |
| Earnings from operations (Third quarter, GAAP) | $354M |
Source: Boeing third-quarter 2026 results, Tables 1, 4, 5, 6 and 7.8-K
What it means for Boeing's cash
Boeing generated $464 million of free cash flow in the third quarter. That was after about $700 million of payments under its Justice Department settlement.8-K Over the first nine months it used $359 million.8-K Boeing now expects about $2 billion for the full year, after narrowing its earlier range, according to the call transcript.Call transcript Reaching that would take about $2.4 billion in the fourth quarter, by KeyVex's math; Boeing generated $0.6 billion in its strongest quarter so far this year, the second.8-K
Ortberg said on the call that free cash flow should improve to about $6 billion in 2028.Call transcript
"We're going to be smart about this, stay disciplined, and the outlook is there," Ortberg said, according to Reuters.Reuters On the call, Doug Harned of Bernstein asked "how do we get comfortable that things are moving onto the right track to get to that 52 point next year?"Call transcript
Boeing's backlog grew to a record $745 billion, including more than 6,300 commercial airplanes.8-K Its results do not say when the 737 line will run stably at 47 a month.8-K
What to watch
Whether Boeing's free cash flow reaches about $2.4 billion, the amount its roughly $2 billion target for 2026 implies, by KeyVex's math.
A fully stable 47 737s a month, which Ortberg said will take "into next year"; about $3 billion of free cash flow; and the first 777X delivery, which Boeing says remains on track.
The 737 rate of 52 a month that Boeing's financial plan targets, Ortberg said.
The paper trail
Boeing's quarterly results and the July 10-Q, Jan. 27 through Oct. 27, 2026, with the time EDGAR accepted each one.
| Filed (ET) | Form | Filer | What it shows |
|---|---|---|---|
| Jan. 27, 7:30 a.m. | 8-K | Boeing | Fourth-quarter 2025 results. The 737 program raised production to 42 a month in the quarter; 117 737s delivered. |
| April 22, 7:40 a.m. | 8-K | Boeing | First-quarter results. The 737 program produces at 42 a month; 114 737s delivered. |
| July 28, 7:31 a.m. | 8-K | Boeing | Second-quarter results. The 737 program began moving to 47 a month; 129 737s delivered. |
| July 28, 1:16 p.m. | 10-Q | Boeing | The 737 program began to transition from 42 to 47 a month in the first half, with the FAA's concurrence. |
| Oct. 27, 7:30 a.m. | 8-K | Boeing | Third-quarter results. Still progressing toward a stable 47; 124 737s delivered; $252 million gain on the HRL sale. |
Sources
11 sources, 5 of them public records
Public records
- The Boeing Co., Form 8-K, Exhibit 99.1: third-quarter 2026 resultsSEC EDGAR · Oct. 27, 2026
- The Boeing Co., Form 8-K, Exhibit 99.1: second-quarter 2026 resultsSEC EDGAR · July 28, 2026
- The Boeing Co., Form 10-Q for the quarter ended June 30, 2026SEC EDGAR · July 28, 2026
- The Boeing Co., Form 8-K, Exhibit 99.1: first-quarter 2026 resultsSEC EDGAR · April 22, 2026
- The Boeing Co., Form 8-K, Exhibit 99.1: fourth-quarter 2025 resultsSEC EDGAR · Jan. 27, 2026
Reporting
- "IBM to Acquire HRL Laboratories to Power the Future of Quantum"IBM · July 23, 2026
- Boeing shares plunge on slower-than-expected 737 production, weaker free cash flow outlook (updated Oct. 27, 1:18 p.m.)Reuters, via Investing.com · Oct. 27, 2026
- Boeing share price plummets with slower 737 production and free cash flow growth outlook (earlier version, as syndicated)Reuters, via Virginia Business · Oct. 27, 2026
- Earnings call transcript: Boeing Q3 2026 (AI-assisted, editor-reviewed, per the publisher)Investing.com · Oct. 27, 2026
Data
- End-of-day prices for BA, SPY and QQQ (Tiingo), and the 1:18 p.m. Tiingo IEX quoteKeyVex · through Oct. 27, 2026
- The chart's Filings layer: KeyVex's Congress trade, insider trade, Form 144, 8-K and lobbying records for BAKeyVex · through Oct. 26, 2026
How we got these numbers
- Prices are end-of-day closes as traded, not adjusted for dividends. The chart ends at the Oct. 26 close, the last before the results; the Oct. 27 price in the text is Tiingo's IEX quote at 1:18 p.m. Eastern, not a close. The S&P 500 and Nasdaq 100 lines follow SPY and QQQ, rebased to Boeing's close at the start of the range shown. The Filings switch shows a selection of the filing markers from KeyVex's Boeing page, not every filing, and not only those tied to this story.
- Boeing reports deliveries, not production. "About 141 a quarter" is 47 a month times three; monthly paces are quarterly deliveries divided by three.
- "Without the gain" figures subtract the $252 million HRL gain Boeing reported from its reported earnings from operations ($354 million) and defense earnings ($492 million). The fourth-quarter figure is Boeing's roughly $2 billion target for 2026 plus the $359 million it used in the first nine months: about $2.4 billion. These are KeyVex's math, not Boeing's figures.
- Quotes from the earnings call come from a transcript Investing.com published, which it says was produced with the support of AI and reviewed by an editor. The 2027 cash target is also in Reuters' report. Reuters updated its story during the day; the analysts' estimate in this story ($5.5 billion for 2027) is from its 1:18 p.m. version.
- The header image was generated for KeyVex by an image model. It is an illustration, not a photograph.