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Boeing Stock Fell 11% After Q3 2026: A Wider Loss, 737 Output Short of Plan and a $697 Million Jet Loss
- Boeing reported a third-quarter 2026 core loss of $0.34 per share, versus about $0.20 expected. GAAP loss was $0.26 per share.
- Revenue rose 4% to $24.2 billion, slightly below the $24.37 billion analysts expected.
- Commercial Airplanes lost $697 million (operating margin −6.5%) on 161 deliveries, including 124 737s.
- 737 output is progressing toward 47 a month but market reports said it will fall short of target. Shares fell about 11% on October 27.
- Backlog hit a record $745 billion. Free cash flow was $0.5 billion. Cash: $20.7 billion; debt: $45.9 billion.
The results
Boeing reported third-quarter 2026 results on Tuesday, October 27. The stock fell about 11%, to roughly $168, one of the biggest drops in the Dow that day.
| Measure | Q3 2026 | Q3 2025 / estimate |
|---|---|---|
| Revenue | $24.2 billion (+4%) | $23.3B; est. ~$24.37B |
| GAAP EPS | −$0.26 | −$7.14 |
| Core EPS (non-GAAP) | −$0.34 | est. ~−$0.20 |
| Operating cash flow | $1.5 billion | — |
| Free cash flow | $0.5 billion | — |
| Total backlog | $745 billion (record) | $682B at end of 2025 |
Source: Boeing Form 8-K, October 27, 2026; analyst estimates as reported by Investrade.
By business
| Segment | Revenue | Operating margin | Note |
|---|---|---|---|
| Commercial Airplanes | $10.7B (−3%) | −6.5% | Loss of $697M; 161 deliveries |
| Defense, Space & Security | $7.9B (+15%) | 6.2% | Includes $252M gain from HRL Labs sale |
| Global Services | $5.6B (+4%) | 18.3% | Steady profit engine |
Defense and services did their part. The problem is the commercial airplane business, which builds the 737 and 787 and is Boeing's biggest long-term opportunity.
The 737 problem
Boeing is trying to get 737 production to a stable 47 jets a month. After the FAA lifted its production cap in October 2025, Boeing raised output from 38 to 42 a month. But market reports on Tuesday said 737 output will fall short of target, and CEO Kelly Ortberg had already warned in September: "We are not stable yet at 47 a month."
Every jet Boeing can't build is revenue and cash pushed into the future. And the costs of a factory geared for higher output keep running.
There was good news on certification: the 737-7 received amended FAA approval, and the 737-10 was certified in October. The 777X remains on track for first delivery in 2027.
Supplier stocks fell too
When Boeing slows, its suppliers feel it. Carpenter Technology and ATI, which make specialty metals for aircraft, also fell on Tuesday.
The balance sheet
- Cash and marketable securities: $20.7 billion
- Debt: $45.9 billion
- Undrawn credit lines: $10.0 billion
Boeing has enough liquidity. The question is how fast it can turn its record backlog into cash.
What it means for you
Backlog isn't profit. Boeing has more than 6,300 commercial jets on order. That demand is real, but it only becomes value if Boeing can build planes reliably and profitably. Our guide to reading an earnings report explains why cash flow matters more than headline orders.
Turnarounds take longer than expected. Investors who bought Boeing on recovery hopes have been tested repeatedly. If you own it, size it as a higher-risk position.
Index investors: Boeing is a small weight in the S&P 500 but a larger one in the price-weighted Dow, which is why the Dow lagged on Tuesday.
What to watch next
- Monthly delivery numbers, released in early November.
- Any update on the 737 rate increase to 47 and beyond.
- 777X certification progress.
Frequently asked questions
Why did Boeing stock fall after Q3 2026 earnings?
The core loss of $0.34 a share was wider than the roughly $0.20 analysts expected, the commercial airplane unit lost $697 million, and reports indicated 737 production would fall short of Boeing's target. Shares dropped about 11% on October 27, 2026.
How many planes did Boeing deliver in Q3 2026?
Boeing delivered 161 commercial airplanes in the third quarter of 2026, including 124 737s. The 787 program is stable at eight a month.
What is Boeing's 737 production rate?
Boeing is working toward a stabilized rate of 47 737s a month. It raised output from 38 to 42 a month after the FAA lifted its production cap in October 2025, but CEO Kelly Ortberg has said production is not yet stable at 47.
How big is Boeing's backlog?
A record $745 billion at the end of September 2026, including more than 6,300 commercial airplanes worth over $612 billion, up from $682 billion at the end of 2025.
Is Boeing generating cash again?
Modestly. Free cash flow was $0.5 billion in the third quarter, but negative $0.4 billion for the first nine months of 2026. Operating cash flow included about $0.7 billion of Justice Department settlement payments.
Primary sources
Data & disclaimer: This article is for educational purposes only and is not financial or investment advice. Figures reflect data available as of Oct 28, 2026, and conditions change — always confirm current pricing, rates and rules with the provider before you act. Written by Elizabeta Dimoska. See our editorial standards and disclosure.
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