Boeing Co.
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+ FollowMarket Cap$138.2B
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Earnings Call Q3 2026
October 27, 2026 - AI Summary
Strong operating momentum + restoring confidence (but execution risk remains)
- Boeing delivered 161 commercial aircraft in Q3 2026, the most since 2018.
- Major milestones: FAA certification for 737-7 (July) and 737-10 (last week).
- Labor stability: new 4-year agreement with union representing engineering/technical workforce in the Pacific Northwest, avoiding work interruption.
- Defense/space wins: multi‑billion contract awards (e.g., PAC‑3, F‑15EX) and a “generational win” — US Navy selects Boeing for the 6th‑generation fighter (FA‑XX) as exclusive provider for both US Air Force and US Navy.
- Good for investors: backlog quality and stakeholder trust appear to be improving alongside these milestones.
- Bad/surprising: CEO emphasized progress isn’t linear—company still flags that ramp/certification execution will drive near-term variability.
Financial results: revenue up, margins modestly improved; free cash flow positive but impacted by one-offs
- Consolidated Q3 revenue: $24.2B (+4% YoY), mainly defense/services up, partially offset by less favorable commercial delivery mix.
- Operating margin: 1.5%, improved.
- Core EPS: loss of $0.34 (improved vs prior year).
- Free cash flow (FCF): +$464M in the quarter (positive), but:
- ~$700M related to Department of Justice settlement payments weighed on FCF.
- Opportunity/positive: working capital improvement supported quarterly FCF despite headwinds.
- Risk: ongoing FCF depends heavily on program cash flows, working capital timing, and CapEx.
Capital markets outlook: FCF forecast materially improves and becomes “narrower” vs prior uncertainty
- Boeing narrowed its range and guided toward:
- ~$2B FCF in 2026
- ~$3B FCF in 2027
- ~$6B FCF in 2028
- ~$10B FCF in 2029
- Key embedded assumptions
- For planning: 777X certified by mid‑2027.
- 2027 FCF assumes no DOJ payment repeat (a key “clean-up” factor vs 2026), plus
- higher commercial delivery volume and modestly improving cash margins on 737/787
- steady improvement in BDS and growth in BGS
- CapEx ~ $5B (management referenced it as ~$1B higher than 2024) and higher CapEx in BDS for recent awards.
- Good for investors: confidence appears higher because “range of outcomes is narrowing.”
- Risk: 777X timing/approvals and production ramp synchronization remain major drivers of whether the FCF path is hit.
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$-186.11
205.2% downside
Current Fair Value
205.2% downsideOvervalued by 205.2% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $138.20 Billion |
|---|---|
| Enterprise Value | $240.92 Billion |
| Earnings per Share | $2.49 |
| Beta | 1.26 |
| Outstanding Shares | 781,000,000 |
Return
| Return on Equity | 125.51% |
|---|---|
| Return on Assets | 4.62% |
| Return on Invested Capital | 17.96% |
Valuation & Multiples
| P/E Ratio | 17.96 |
|---|---|
| PEG | -18.36 |
| Price to Sales | 1.46 |
| Price to Book Ratio | 25.28 |
| Enterprise Value to Revenue | 2.54 |
| Enterprise Value to EBIT | 23.83 |
| Enterprise Value to Net Income | 31 |
| Total Debt to Enterprise | 0.46 |
| Debt to Equity | 18.03 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 4, 2026
EPS Estimate
$-0.12
Consensus analyst estimateRevenue Estimate
$24.97 B
Consensus analyst estimateNext Earnings Call
Expected Date
January 26, 2027
EPS Estimate
$-0.71
Consensus analyst estimateRevenue Estimate
$25.62 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 19.01, the ratio is above 1, so institutions hold more puts than calls. That is a more cautious stance.
| Put/Call Ratio | 19.0123▲ 1789.59% |
|---|---|
| Total Calls | 22,901▼ 99.91% |
| Total Puts | 435,400▼ 98.49% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 2.58%▼ 71.07% |
|---|---|
| Total Invested | $3.78B▼ 97.10% |
| Investors Holding | 1,074▼ 1699.00% |
About Boeing Co.
141,014 employees
CEO: David Calhoun
Boeing is the world's largest aerospace company and leading manufacturer of commercial jetliners, defense, space and security systems, and service provider of aftermarket support. As America’s biggest manufacturing exporter, the company ...