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Call sheet · Q2'26

Boeing (BA)

Q2'26 earnings call · held July 28, 2026 · compared with the Q1'26 call · management-credibility review
5/12
Disclosure score
4 high, 5 medium, 1 low flags
Financial quality
Bottom line
The sleeper story is that Boeing is building planes it can't deliver while booking revenue it hasn't collected: 25 undelivered 787s and zero GE engines for months means working capital is exploding despite improving headlines. Yes, they delivered 171 planes, but that's masking a supply chain that's actually deteriorating, not improving, with production literally stopped in April and engines MIA. The binding constraint isn't demand or even FAA relations anymore, it's GE's ability to deliver engines and Boeing's own working capital to finance inventory builds. Kelly admitted 'we have fallen behind deliveries in the first half' on engines but tried to minimize it. My view changes if GE actually delivers engines in Q3 AND Boeing burns down that 787 inventory in Q4, but the FCF math requires both to hit their $1B minimum guide.

The 30-second version

  • Spirit Wichita integration driving 20% quality improvement but hiding deeper supply chain rot at rate 52+
  • 777X certification at 55% complete looks like progress until you realize GE still hasn't delivered a single modified engine
  • BDS margins of 3.5% ex-charges masks that VC-25B just ate another $280M and Starliner EAC is still TBD

What changed this quarter

MetricQ1'26Q2'26Change
Revenue$22.2B (+14% YoY)$24.6B (+8% YoY)Growth decelerated 600 bps
Core EPS-$0.20 (improved YoY)-$0.76 (improved YoY)Loss widened $0.56 sequentially
Free Cash Flow-$1.5B+$631MSwung positive $2.1B
Operating Margin2.0%0.6%Compressed 140 bps
BCA Revenue$9.2B (+13% YoY)$11.8B (+8% YoY)Growth slowed 500 bps
BCA Operating Margin-6.1%-2.7%Improved 340 bps
737 Deliveries114 units129 units+13% sequential acceleration
787 Deliveries15 units25 units+67% sequential surge
BDS Revenue$7.6B (+21% YoY)$7.5B (+13% YoY)Growth decelerated 800 bps
BDS Operating Margin3.1%-0.2%Turned negative on VC-25B charge

Accountability tracked

8 new promises made5 narrative shifts flagged7 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
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Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

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