The Boeing Company (BA)
Recap: Q1 2026
Clean Quarter, Revenue $22.2B (+14%), 143 Deliveries, 737 Stable at 42/Mo, BDS Op Margin 3.1% (Fifth Quarter Held EACs), Record $576B BCA Backlog, FY26 FCF Guide $1–$3B Reiterated — Maintaining Outperform
Recap: Q4 2025
FY25 600 Commercial Deliveries (Highest Since 2018), Record $567B Backlog, Spirit + Jeppesen Closed, FY26 FCF Guide +$1–$3B Positive, $10B Long-Term Target "Very Attainable" — Upgrading to Outperform
Recap: Q3 2025
First Positive Free Cash Flow Since Q4 2023 (+$238M); 737 Rate Approved at 42/Mo by FAA; FAA Restores Limited Airworthiness Delegation; but $4.9B 777X Charge as First Delivery Slips to 2027 — Maintaining Hold
Recap: Q2 2025
Revenue $22.7B (+35%), 150 Commercial Deliveries (Best H1 Since 2018), 737 Reaches 38/Mo, FCF Use of Just $0.2B Beats Expectations; FY FCF Now Tracking ~$3B Usage — Initiating at Hold