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Boeing Reports Second Quarter Results

PR Newswire

ARLINGTON, Va., July 28, 2026 /PRNewswire/ —


Second Quarter


 2026

  • Revenue increased to $24.6 billion primarily reflecting 171 commercial deliveries
  • GAAP loss per share of ($0.67) and core loss per share (non-GAAP)* of ($0.76)
  • Operating cash flow of $1.4 billion and free cash flow (non-GAAP)* of $0.6 billion
  • Total company backlog grew to a record $715 billion, including over 6,200 commercial airplanes


Table 1. Summary Financial Results


Second Quarter


First Half


(Dollars in Millions, except per share data)


2026


2025


Change


2026


2025


Change


Revenues


$24,560


$22,749


8 %


$46,777


$42,245


11 %



GAAP


Earnings/(loss) from operations


$156


($176)


NM


$604


$285


112 %


Operating margins


0.6 %


(0.8) %


1.4 Pts


1.3 %


0.7 %


0.6 Pts


Net loss


($428)


($612)


NM


($435)


($643)


NM


Diluted loss per share


($0.67)


($0.92)


NM


($0.79)


($1.09)


NM


Operating cash flow


$1,364


$227


501 %


$1,185


($1,389)


NM



Non-GAAP*


Core operating earnings/(loss)


$1


($433)


NM


$294


($234)


NM


Core operating margins


0.0 %


(1.9) %


1.9 Pts


0.6 %


(0.6) %


1.2 Pts


Core loss per share


($0.76)


($1.24)


NM


($0.97)


($1.73)


NM


*
Non-GAAP measure; complete definitions of Boeing’s non-GAAP measures are on page 5, “Non-GAAP Measures Disclosures.” 

The Boeing Company [NYSE: BA] recorded second quarter revenue of $24.6 billion, GAAP loss per share of ($0.67) and core loss per share (non-GAAP)* of ($0.76). The company reported operating cash flow of $1.4 billion and free cash flow (non-GAAP)* of $0.6 billion. Results primarily reflect higher commercial delivery volume and favorable working capital within the year. Total company backlog at quarter end grew to a record $715 billion.

“I’m very pleased with the progress our team is making as we execute our plan. Our operations are more stable and key certification programs remain on plan. Our focus has been on restoring trust and we are now building on that through a sustained focus on safety, quality, and on-time performance,” said Kelly Ortberg, Boeing president and chief executive officer. “While there is more work ahead in the second half of the year, the momentum we are building continues to move Boeing in the right direction.”


Table 2. Cash Flow


Second Quarter


First Half


(Millions)


2026


2025


2026


2025


Operating cash flow


$1,364


$227


$1,185


($1,389)

Less additions to property, plant & equipment


($733)


($427)


($2,008)


($1,101)


Free cash flow*


$631


($200)


($823)


($2,490)


*
Non-GAAP measure; complete definitions of Boeing’s non-GAAP measures are on page 5, “Non-GAAP Measures Disclosures.” 

Operating cash flow was $1.4 billion in the quarter reflecting higher commercial deliveries and working capital timing. Additions to property, plant and equipment primarily reflects higher investments in Charleston and St. Louis sites.


Table 3. Cash, Marketable Securities and Debt Balances


Quarter End


(Billions)


2Q 2026


1Q 2026


Cash and investments in marketable securities1


$20.0


$20.9


Consolidated debt


$45.9


$47.2


1
Marketable securities consist primarily of time deposits due within one year classified as “short-term investments.”

Cash and investments in marketable securities totaled $20.0 billion, compared to $20.9 billion at the beginning of the quarter, reflecting debt repayments partially offset by cash flow generated in the quarter. The company maintains access to credit facilities of $10.0 billion, which remain undrawn.


Segment Results

Commercial Airplanes


Table 4. Commercial Airplanes


Second Quarter


First Half


(Dollars in Millions)


2026


2025


Change


2026


2025


Change


Deliveries


171


150


14 %


314


280


12 %


Revenues


$11,751


$10,874


8 %


$20,954


$19,021


10 %


Loss from operations


($322)


($557)


NM


($885)


($1,094)


NM


Operating margins


(2.7) %


(5.1) %


2.4 Pts


(4.2) %


(5.8) %


1.6 Pts

Commercial Airplanes second quarter revenue of $11.8 billion and operating margin of (2.7) percent primarily reflects higher deliveries, favorable mix, improved performance, and other adjustments.

The 737 program began transitioning production to 47 per month rate in the quarter and activated low-rate initial production on the 737 North Line in July.  As of July, certification flight testing has been completed on both the 737-7 and 737-10. The company continues to anticipate certification in 2026 and first delivery in 2027 for both variants. In the quarter, the 777X program received FAA approval to begin certification flight testing under Type Inspection Authorization 4B. The company continues to anticipate first delivery in 2027.

Commercial Airplanes booked 246 net orders including orders from Korean Air, Delta Air Lines, and SMBC Capital. Commercial Airplanes delivered 171 airplanes and backlog included over 6,200 airplanes valued at a record $597 billion.

Defense, Space & Security


Table 5. Defense, Space & Security


Second Quarter


First Half


(Dollars in Millions)


2026


2025


Change


2026


2025


Change


Revenues


$7,483


$6,617


13 %


$15,082


$12,915


17 %


Earnings/(loss) from operations


($15)


$110


NM


$218


$265


(18) %


Operating margins


(0.2) %


1.7 %


(1.9) Pts


1.4 %


2.1 %


(0.7) Pts

Defense, Space & Security second quarter revenue was $7.5 billion driven by higher volume. Operating margin was (0.2) percent in the quarter. Results include $280 million of losses on the VC-25B program primarily driven by an investment in additional production and certification resources. The company continues to anticipate first delivery in 2028.

During the quarter, Defense, Space & Security secured an award from the U.S. Space Force to provide proprietary communications capabilities, successfully completed first flight and received Milestone C on the U.S. Navy MQ-25A Stingray, and began low-rate initial production of the U.S. Air Force T-7A Red Hawk. Backlog at Defense, Space & Security was $85 billion, with 27 percent representing orders from customers outside the U.S.

Global Services


Table 6. Global Services


Second Quarter


First Half


(Dollars in Millions)


2026


2025


Change


2026


2025


Change


Revenues


$5,344


$5,281


1 %


$10,714


$10,344


4 %


Earnings from operations


$968


$1,049


(8) %


$1,939


$1,992


(3) %


Operating margins


18.1 %


19.9 %


(1.8) Pts


18.1 %


19.3 %


(1.2) Pts

Global Services second quarter revenue was $5.3 billion on higher volume. Operating margin of 18.1 percent reflects impacts from the Digital Aviation Solutions divestiture, higher costs, and unfavorable mix.

In the quarter, Global Services captured an award from the U.S. Navy to provide training systems for the P-8A and announced an agreement with Alaska Airlines to integrate the Boeing Virtual Airplane training solution. Global Services ended the quarter with backlog of $33 billion.

Additional Financial Information


Table 7. Additional Financial Information


Second Quarter


First Half


(Dollars in Millions)


2026


2025


2026


2025


Revenues

Unallocated items, eliminations and other


($18)


($23)


$27


($35)


Earnings/(loss) from operations

Unallocated items, eliminations and other


($630)


($1,035)


($978)


($1,397)

FAS/CAS service cost adjustment


$155


$257


$310


$519


Other income, net


$79


$325


$273


$648


Interest and debt expense


($600)


($710)


($1,216)


($1,418)


Income Tax Expense


($63)


($51)


($96)


($158)

Unallocated items, eliminations and other primarily reflects timing of allocations.


Non-GAAP Measures Disclosures

We supplement the reporting of our financial information determined under Generally Accepted Accounting Principles in the United States of America (GAAP) with certain non-GAAP financial information. The non-GAAP financial information presented excludes certain significant items that may not be indicative of, or are unrelated to, results from our ongoing business operations. We believe that these non-GAAP measures provide investors with additional insight into the company’s ongoing business performance. These non-GAAP measures should not be considered in isolation or as a substitute for the related GAAP measures, and other companies may define such measures differently. We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. The following definitions are provided:

Core Operating Earnings/(Loss), Core Operating Margins and Core Earnings/(Loss) Per Share

Core operating earnings/(loss) is defined as GAAP Earnings/(loss) from operations excluding the FAS/CAS service cost adjustment. The FAS/CAS service cost adjustment represents the difference between the Financial Accounting Standards (FAS) pension and postretirement service costs calculated under GAAP and costs allocated to the business segments. Core operating margins is defined as Core operating earnings/(loss) expressed as a percentage of revenue. Core earnings/(loss) per share is defined as GAAP Diluted earnings/(loss) per share excluding the net earnings/(loss) per share impact of the FAS/CAS service cost adjustment and Non-operating pension and postretirement expenses. Non-operating pension and postretirement expenses represent the components of net periodic benefit costs other than service cost. Pension costs allocated to BDS and BGS businesses supporting government customers are computed in accordance with U.S. Government Cost Accounting Standards (CAS), which employ different actuarial assumptions and accounting conventions than GAAP. CAS costs are allocable to government contracts. Other postretirement benefit costs are allocated to all business segments based on CAS, which is generally based on benefits paid. Management uses core operating earnings/(loss), core operating margins and core earnings/(loss) per share for purposes of evaluating and forecasting underlying business performance. Management believes these core measures provide investors additional insights into operational performance as they exclude non-service pension and post-retirement costs, which primarily represent costs driven by market factors and costs not allocable to government contracts. A reconciliation of these non-GAAP measures to the most directly comparable GAAP measure is provided on page 12.

Free Cash Flow

Free cash flow is GAAP operating cash flow reduced by capital expenditures for property, plant and equipment. Management believes free cash flow provides investors with an important perspective on the cash available for shareholders, debt repayment, and acquisitions after making the capital investments required to support ongoing business operations and long term value creation. Free cash flow does not represent the residual cash flow available for discretionary expenditures as it excludes certain mandatory expenditures such as repayment of maturing debt. Management uses free cash flow as a measure to assess both business performance and overall liquidity. See Table 2 on page 2 for a reconciliation of free cash flow to the most directly comparable GAAP measure, operating cash flow.

Caution Concerning Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “should,” “expects,” “intends,” “projects,” “plans,” “believes,” “estimates,” “targets,” “anticipates,” and other similar words or expressions, or the negative thereof, generally can be used to help identify these forward-looking statements. Examples of forward-looking statements include statements relating to our future financial condition and operating results, industry projections and outlooks, plans, objectives and goals, as well as any other statement that does not directly relate to any historical or current fact. Forward-looking statements are based on expectations and assumptions that we believe to be reasonable when made, but that may not prove to be accurate.

These statements are not guarantees and are subject to risks, uncertainties, and changes in circumstances that are difficult to predict. Many factors could cause actual results to differ materially and adversely from these forward-looking statements. Among these factors are risks related to: (1) general conditions in the economy and our industry, including those due to regulatory changes and geopolitical developments; (2) our reliance on our commercial airline customers; (3) the overall health of our aircraft production system, production quality issues, commercial airplane production rates, our ability to successfully develop and certify new aircraft or new derivative aircraft, and the ability of our aircraft to meet stringent performance and reliability standards; (4) changing budget and appropriation levels and acquisition priorities of the U.S. government, as well as significant delays in U.S. government appropriations; (5) our dependence on our subcontractors and suppliers, as well as the availability of highly skilled labor and raw materials; (6) work stoppages or other labor disruptions; (7) competition within our markets; (8) our non-U.S. operations and sales to non-U.S. customers, including tariffs, trade restrictions and government actions; (9) changes in accounting estimates; (10) realizing the anticipated benefits of mergers, acquisitions, joint ventures/strategic alliances or divestitures, including anticipated synergies and quality improvements related to our acquisition of Spirit AeroSystems Holdings, Inc.; (11) our dependence on U.S. government contracts; (12) our reliance on fixed-price contracts; (13) our reliance on cost-type contracts; (14) contracts that include in-orbit incentive payments; (15) management of a complex, global IT infrastructure; (16) compromised or unauthorized access to our, our customers’ and/or our suppliers’ information and systems; (17) potential business disruptions, including threats to physical security or our information technology systems, extreme weather (including effects of climate change) or other acts of nature, and pandemics or other public health crises; (18) potential adverse developments in new or pending litigation and/or government inquiries or investigations; (19) potential environmental liabilities; (20) effects of climate change and legal, regulatory or market responses to such change; (21) credit rating agency actions and our ability to effectively manage our liquidity; (22) substantial pension and other postretirement benefit obligations; (23) the adequacy of our insurance coverage; (24) the dilutive effect of future issuances of our common stock; and (25) the preferential treatment of our 6.00% mandatory convertible preferred stock.

Additional information concerning these and other factors can be found in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Any forward-looking statement speaks only as of the date on which it is made, and we assume no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.

Contact:

Investor Relations:

Eric Hill or Mike Harris [email protected]

Communications:

Wilson Chow [email protected]

 


The Boeing Company and Subsidiaries

Consolidated Statements of Operations
(Unaudited)

 


Six months ended
June 30


Three months ended
June 30


(Dollars in millions, except per share data)


2026

2025


2026

2025

Sales of products


$40,364

$35,269


$21,366

$19,122

Sales of services


6,413

6,976


3,194

3,627


Total revenues


46,777

42,245


24,560

22,749

Cost of products


(36,518)

(31,785)


(19,487)

(17,406)

Cost of services


(5,299)

(5,608)


(2,659)

(2,908)


Total costs and expenses


(41,817)

(37,393)


(22,146)

(20,314)


4,960

4,852


2,414

2,435

Income from operating investments, net


14

28


24

25

General and administrative expense


(2,625)

(2,905)


(1,428)

(1,793)

Research and development expense, net


(1,824)

(1,754)


(921)

(910)

Gain on dispositions, net


79

64


67

67


Earnings/(loss) from operations


604

285


156

(176)

Other income, net


273

648


79

325

Interest and debt expense


(1,216)

(1,418)


(600)

(710)


Loss before income taxes


(339)

(485)


(365)

(561)

Income tax expense


(96)

(158)


(63)

(51)


Net loss


(435)

(643)


(428)

(612)

Less: Net earnings/(loss) attributable to noncontrolling interest


13

5


16

(1)


Net loss attributable to Boeing shareholders


(448)

(648)


(444)

(611)

Less: Mandatory convertible preferred stock dividends accumulated during the period


172

172


86

86


Net loss attributable to Boeing common shareholders


($620)

($820)


($530)

($697)


Basic loss per share


($0.79)

($1.09)


($0.67)

($0.92)


Diluted loss per share


($0.79)

($1.09)


($0.67)

($0.92)

 


The Boeing Company and Subsidiaries

Consolidated Statements of Financial Position
(Unaudited)


(Dollars in millions, except per share data)


June 30

2026

December 31
2025


Assets

Cash and cash equivalents


$7,239

$10,921

Short-term and other investments


12,783

18,479

Accounts receivable, net


3,515

2,921

Unbilled receivables, net


9,660

9,158

Inventories


88,388

84,679

Other current assets, net


3,045

2,301


Total current assets


124,630

128,459

Financing receivables and operating lease equipment, net


365

241

Property, plant and equipment, net of accumulated depreciation of $24,318 and
   $23,613


16,321

15,361

Goodwill


17,554

17,275

Acquired intangible assets, net


1,531

1,567

Deferred income taxes


152

107

Investments


1,117

1,048

Other assets, net of accumulated amortization of $1,138 and $1,014


4,200

4,177


Total assets


$165,870

$168,235


Liabilities and equity

Accounts payable


$14,346

$13,109

Accrued liabilities


26,593

27,141

Advances and progress billings


64,059

59,404

Short-term debt and current portion of long-term debt


4,565

8,461


Total current liabilities


109,563

108,115

Deferred income taxes


260

216

Accrued retiree health care


2,027

2,091

Accrued pension plan liability, net


4,108

4,287

Other long-term liabilities


2,462

2,432

Long-term debt


41,335

45,637


Total liabilities


159,755

162,778

Shareholders’ equity:

Mandatory convertible preferred stock, 6.00% Series A, par value $1.00 –
20,000,000 shares authorized; 5,750,000 shares issued; aggregate
liquidation preference $5,750


6

6

Common stock, par value $5.00 – 1,200,000,000 shares authorized;
1,012,261,159 shares issued


5,061

5,061

Additional paid-in capital


21,949

21,441

Treasury stock, at cost – 222,468,625 and 227,562,887 shares


(27,416)

(28,029)

Retained earnings


16,632

17,252

Accumulated other comprehensive loss


(10,132)

(10,277)


Total shareholders’ equity


6,100

5,454

Noncontrolling interests


15

3


Total equity


6,115

5,457


Total liabilities and equity


$165,870

$168,235

 


The Boeing Company and Subsidiaries

Consolidated Statements of Cash Flows (Unaudited)


Six months ended June 30


(Dollars in millions)


2026

2025


Cash flows – operating activities:

Net loss


($435)

($643)

Adjustments to reconcile net loss to net cash provided/(used) by operating activities:

Non-cash items – 

Share-based plans expense


264

254

Treasury shares issued for 401(k) contributions


855

793

Depreciation and amortization


1,169

926

Investment/asset impairment charges, net


18

30

Gain on dispositions, net


(79)

(64)

Other charges and credits, net


149

162

Changes in assets and liabilities – 

Accounts receivable


(553)

(683)

Unbilled receivables


(504)

(908)

Advances and progress billings


4,660

(616)

Inventories


(3,859)

(374)

Other current assets


(642)

265

Accounts payable


1,381

(46)

Accrued liabilities


(1,070)

(248)

Income taxes receivable, payable and deferred


(20)

(3)

Other long-term liabilities


(92)

(212)

Pension and other postretirement plans


(55)

(292)

Financing receivables and operating lease equipment, net


(137)

185

Other


135

85


Net cash provided/(used) by operating activities


1,185

(1,389)


Cash flows – investing activities:

Payments to acquire property, plant and equipment


(2,008)

(1,101)

Proceeds from disposals of property, plant and equipment


3

4

Proceeds from dispositions

35

Contributions to investments


(19,444)

(21,581)

Proceeds from investments


25,090

18,847

Supplier notes receivable


(11)

(150)

Other


(1)


Net cash provided/(used) by investing activities


3,629

(3,946)


Cash flows – financing activities:

New borrowings


35

98

Debt repayments


(8,376)

(677)

Employee taxes on certain share-based payment arrangements


(32)

(18)

Dividends paid on mandatory convertible preferred stock


(172)

(158)

Other


32

30


Net cash used by financing activities


(8,513)

(725)

Effect of exchange rate changes on cash and cash equivalents


2

34


Net decrease in cash & cash equivalents, including restricted


(3,697)

(6,026)

Cash & cash equivalents, including restricted, at beginning of year


11,663

13,822


Cash & cash equivalents, including restricted, at end of period


7,966

7,796

Less restricted cash & cash equivalents, included in Investments


727

709


Cash & cash equivalents at end of period


$7,239

$7,087

 


The Boeing Company and Subsidiaries

Summary of Business Segment Data
(Unaudited)


Six months ended
June 30


Three months ended
June 30


(Dollars in millions)


2026

2025


2026

2025

Revenues:

Commercial Airplanes


$20,954

$19,021


$11,751

$10,874

Defense, Space & Security


15,082

12,915


7,483

6,617

Global Services


10,714

10,344


5,344

5,281

Unallocated items, eliminations and other


27

(35)


(18)

(23)


Total revenues


$46,777

$42,245


$24,560

$22,749

Earnings/(loss) from operations:

Commercial Airplanes


($885)

($1,094)


($322)

($557)

Defense, Space & Security


218

265


(15)

110

Global Services


1,939

1,992


968

1,049


Segment operating earnings


1,272

1,163


631

602

Unallocated items, eliminations and other


(978)

(1,397)


(630)

(1,035)

FAS/CAS service cost adjustment


310

519


155

257


Earnings/(loss) from operations


604

285


156

(176)

Other income, net


273

648


79

325

Interest and debt expense


(1,216)

(1,418)


(600)

(710)


Loss before income taxes


(339)

(485)


(365)

(561)

Income tax expense


(96)

(158)


(63)

(51)


Net loss


(435)

(643)


(428)

(612)

Less: Net earnings/(loss) attributable to noncontrolling interest


13

5


16

(1)


Net loss attributable to Boeing shareholders


(448)

(648)


(444)

(611)

Less: Mandatory convertible preferred stock dividends accumulated during the period


172


172


86


86


Net loss attributable to Boeing common shareholders


($620)

($820)


($530)

($697)


Research and development expense, net:

Commercial Airplanes


$1,200

$1,092


$597

$558

Defense, Space & Security


366

420


192

221

Global Services


48

59


26

30

Other


210

183


106

101


Total research and development expense, net


$1,824

$1,754


$921

$910


Unallocated items, eliminations and other:

Share-based plans


($52)

($51)


$3

($21)

Deferred compensation


(107)

(80)


(124)

(85)

Amortization of previously capitalized interest


(45)

(42)


(23)

(21)

Research and development expense, net


(210)

(183)


(106)

(101)

Eliminations and other unallocated items


(564)

(1,041)


(380)

(807)


Sub-total (included in Core operating earnings/(loss)


(978)

(1,397)


(630)

(1,035)

Pension FAS/CAS service cost adjustment


185

390


92

197

Postretirement FAS/CAS service cost adjustment


125

129


63

60


FAS/CAS service cost adjustment


310

519


$155

$257


Total


($668)

($878)


($475)

($778)

 


The Boeing Company and Subsidiaries

Operating and Financial Data
(Unaudited)


Deliveries


Six months
ended June 30


Three months
ended June 30

Commercial Airplanes


2026

2025


2026

2025

737


243

209


129

104

767


16

14


10

9

777


15

20


7

13

787


40

37


25

24


Total


314

280


171

150

Defense, Space & Security

AH-64 Apache (New)


8

6


6

2

AH-64 Apache (Remanufactured)


24

21


9

10

CH-47 Chinook (New)


5

1


4

—

CH-47 Chinook (Renewed)


3

7


2

5

F-15 Models


4

4


3

3

F/A-18 Models


5

9


3

4

KC-46 Tanker


8

5


4

5

MH-139


5

5


3

4

P-8 Models


2

2


1

1

Commercial Satellites


1

2


—

2


Total1


65

62


35

36


1
Deliveries of new-build production units, including remanufactures and modifications

 


Total backlog
(Dollars in millions)


June 30

2026

December 31
2025

Commercial Airplanes


$596,724

$567,290

Defense, Space & Security


85,322

84,786

Global Services


32,840

29,720

Unallocated items, eliminations and other


375

411


Total backlog


$715,261

$682,207

Contractual backlog


$674,506

$639,721

Unobligated backlog


40,755

42,486


Total backlog


$715,261

$682,207

The Boeing Company and Subsidiaries

Reconciliation of Non-GAAP Measures
(Unaudited)

The tables provided below reconcile the non-GAAP financial measures core operating earnings/(loss), core operating margins, and core earnings/(loss) per share with the most directly comparable GAAP financial measures of earnings/(loss) from operations, operating margins, and diluted earnings/(loss) per share. See page 5 of this release for additional information on the use of these non-GAAP financial measures.


(Dollars in millions, except per share data)


Second Quarter 2026

Second Quarter 2025


$ millions


Per Share

$ millions

Per Share


Revenues


$24,560

$22,749


Earnings/(loss) from operations (GAAP)


156

(176)


Operating margins (GAAP)



0.6 %


(0.8) %


FAS/CAS service cost adjustment:

Pension FAS/CAS service cost adjustment


(92)

(197)

Postretirement FAS/CAS service cost adjustment


(63)

(60)


FAS/CAS service cost adjustment


(155)

(257)


Core operating earnings/(loss) (non-GAAP)


$1

($433)


Core operating margins (non-GAAP)



0.0 %


(1.9) %


Diluted loss per share (GAAP)


($0.67)

($0.92)

Pension FAS/CAS service cost adjustment


($92)


(0.12)

($197)

(0.26)

Postretirement FAS/CAS service cost adjustment


(63)


(0.08)

(60)

(0.08)

Non-operating pension expense/(income)


73


0.10

(42)

(0.05)

Non-operating postretirement income


(9)


(0.01)

(4)

(0.01)

Provision for deferred income taxes on adjustments 1


19


0.02

64

0.08


Subtotal of adjustments


($72)


($0.09)

($239)

($0.32)


Core loss per share (non-GAAP)


($0.76)

($1.24)


Diluted weighted average common shares outstanding (in
millions)


790.6

756.6




1 


The income tax impact is calculated using the U.S. corporate statutory tax rate
.

The Boeing Company and Subsidiaries

Reconciliation of Non-GAAP Measures
(Unaudited)

The tables provided below reconcile the non-GAAP financial measures core operating earnings/(loss), core operating margins, and core earnings/(loss) per share with the most directly comparable GAAP financial measures of earnings/(loss) from operations, operating margins, and diluted earnings/(loss) per share. See page 5 of this release for additional information on the use of these non-GAAP financial measures.


(Dollars in millions, except per share data)


First Half of 2026

First Half of 2025


$ millions


Per Share

$ millions

Per Share


Revenues


$46,777

$42,245


Earnings from operations (GAAP)


604

285


Operating margins (GAAP)



1.3 %


0.7 %


FAS/CAS service cost adjustment:

Pension FAS/CAS service cost adjustment


(185)

(390)

Postretirement FAS/CAS service cost adjustment


(125)

(129)


FAS/CAS service cost adjustment


(310)

(519)


Core operating earnings/(loss) (non-GAAP)


$294

($234)


Core operating margins (non-GAAP)



0.6 %


(0.6) %


Diluted loss per share (GAAP)


($0.79)

($1.09)

Pension FAS/CAS service cost adjustment


($185)


(0.23)

($390)

(0.52)

Postretirement FAS/CAS service cost adjustment


(125)


(0.16)

(129)

(0.17)

Non-operating pension expense/(income)


147


0.18

(85)

(0.11)

Non-operating postretirement income


(18)


(0.02)

(9)

(0.01)

Provision for deferred income taxes on adjustments 1


38


0.05

129

0.17


Subtotal of adjustments


($143)


($0.18)

($484)

($0.64)


Core loss per share (non-GAAP)


($0.97)

($1.73)


Diluted weighted average common shares outstanding (in
millions)


789.2

755.0




1


The income tax impact is calculated using the U.S. corporate statutory tax rate
.

 

Cision View original content:https://www.prnewswire.com/news-releases/boeing-reports-second-quarter-results-302836414.html

SOURCE Boeing