BA · Q2 FY2026
BOEING CO Q2 FY2026 earnings analysis
By SageNoodle ResearchBullish
| Metric | Actual | Estimate | Result |
|---|---|---|---|
| Revenue | $24.56B | $22.75B (yr ago) | Beat |
| EPS | -$0.67 GAAP | -$0.92 (yr ago) | Beat |
| Free Cash Flow | $0.63B | -$0.20B (yr ago) | Beat |
| Gross Margin | 9.8% | 10.7% (yr ago) | Miss |
| Operating Margin | 0.6% | -0.8% (yr ago) | Beat |
What changed
Revenue increased 8.0% year over year as commercial deliveries rose to 171 aircraft, while GAAP operating margin improved 1.4 percentage points to 0.6%. Free cash flow turned positive at $0.63 billion, but gross margin declined 0.9 percentage points and the company still reported a $0.67-per-share GAAP loss.
Impact on the investment thesis
There was no prior SageNoodle fair value to revise; we establish fair value at $221 per share. The quarter supports a recovery thesis, but near-breakeven margins, negative first-half free cash flow and execution risk prevent a higher starting value.