Boeing’s (NYSE: BA) latest earnings report shows the company is making progress even though it is still losing money. For the second quarter of 2026, Boeing reported a loss of $428 million, or 67 cents per share.
The company lost more money than many analysts expected. However, there was also good news. BA’s revenue increased to $24.6 billion, up about 8% from the same time last year. The increase came mainly from delivering more airplanes to customers.
Air Force One Project Adds More Costs
One of the biggest reasons Boeing lost money was a $280 million charge connected to its Air Force One project. The company is building two new aircraft for the U.S., but the program has faced years of delays and rising costs. The company said the extra money will help complete the work and meet certification requirements. They still expect to deliver the first new Air Force One aircraft in 2028.
Even with that setback, Boeing’s commercial airplane business continued to improve. During the quarter, the company delivered 171 airplanes, compared with 150 during the same period last year. Delivering more aircraft means Boeing can collect payments from airline customers, which helps improve its financial results.
The company’s commercial airplane division also lost less money than it did a year ago. That shows BA is becoming more efficient as production increases.
Cash Flow and Debt Show Positive Progress
Another positive sign was Boeing’s cash flow. The company generated $631 million in free cash flow during the quarter. Last year, BA was spending more cash than it was bringing in. This year, it generated extra cash, which is an important step toward a stronger financial future.
The company also made progress reducing its debt. At the end of the quarter, the company had about $20 billion in cash and investments while lowering its total debt by more than $1 billion.
Helping, CEO Kelly Ortberg said the company remains focused on improving safety, product quality, and production. He admitted some projects are still difficult, but he believes the company is moving in the right direction.
Production Continues to Increase
The company is also increasing production of its popular 737 Max aircraft. Boeing recently opened another assembly line to help build more planes and is working toward producing 47 aircraft each month. Higher production should allow the company to deliver more airplanes and earn more revenue.
Boeing also shared updates on two other aircraft programs. The company said flight testing has been completed for the 737-7 and 737-10, and it expects both models to receive government certification sometime in 2026. Deliveries to airlines are expected to begin in 2027. Another aircraft, the 777X, is also moving closer to entering service. Boeing expects to begin delivering that long-range jet to customers in 2027.
Investors Focus on the Recovery
Although BA missed Wall Street’s earnings expectations, many investors focused on the company’s overall progress instead of the quarterly loss. The company is delivering more airplanes, bringing in more cash, and slowly improving its finances.
Boeing has faced many challenges over the past several years, including the 737 Max crisis, the pandemic, supply chain problems, labor issues, and expensive government contracts. Those problems have not completely disappeared, but the company appears to be making progress.
The defense business remains a challenge because projects like Air Force One continue to cost more than expected. However, Boeing’s commercial airplane business is becoming stronger, which is helping balance those losses.
Looking Ahead
Overall, Boeing’s latest earnings report shows a company that is still in recovery. It is not back to full strength yet, but it is moving in the right direction. By building and delivering more airplanes, improving cash flow, and reducing debt, BA is taking important steps toward becoming profitable again.
