The Boeing Company (BA) - Stock report

The Boeing Company builds commercial aircraft such as the 737 and 787, military and space systems, and services that keep aircraft flying throughout their working lives. Airlines pay Boeing when it delivers airplanes. Governments pay for military aircraft, satellites, and weapons, usually booked as the work progresses over several years. Commercial and defense customers also pay for maintenance, spare parts, upgrades, logistics, and training. Boeing runs three parts: Commercial Airplanes, Defense, Space & Security, and Global Services. Most revenue comes from delivering airplanes and running long defense contracts, while the services work supports fleets that are already in operation.

In the quarter ended June 30, 2026, revenue rose 8% year over year to $24.6 billion on 171 commercial deliveries. Consolidated operating margin turned positive at 0.6%, from negative 0.8% a year earlier, and quarterly operating cash flow reached $1.4 billion. After years of losses, Boeing produced cash again, though only for a single quarter so far.

Backlog, meaning contracted future work, reached $715 billion, including more than 6,200 commercial airplanes. That demand only becomes profit if Boeing can build and deliver reliably, so the whole story turns on production rather than on winning more orders.