BA · Boeing Co
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AI Brief
Q2 FY26 earnings call · Jul 28, 2026TL;DR. Boeing posted Q2 revenue of $24.6B (up 8%), 171 commercial deliveries (highest since 2018), free cash flow of $631M, and reiterated its full-year FCF outlook of $1–$3B, while booking a $280M VC-25B charge that pushed BDS margins negative.
- + Revenue rose 8% to $24.6B with 171 commercial deliveries, the highest quarterly total since 2018
- + Total backlog grew to a record $715B, including over 6,200 commercial airplanes valued at a record $597B
- + Free cash flow was positive $631M, better than prior guidance expectations, with full-year $1–$3B FCF outlook reiterated and Q3 expected positive in low hundreds of millions
- + 737-7 and 737-10 certification flight testing has been completed, with certification and first deliveries expected in 2027
- + 737 production ramping to 47/month with North Line low-rate production activated for the next rate break to 52/month
- + 777-9 remains on track for 2027 first delivery with 55%+ certification flight testing complete and TIA-4B FAA approval secured
- − BDS posted a $280M VC-25B charge, driving segment operating margin to (0.2)% in the quarter
- − 787 seat certification issues continue, creating delivery lumpiness through the balance of the year
- − Commercial Airplanes operating margin remained negative at (2.7)% despite higher deliveries
- − A planned $700M DOJ payment in Q3 will weigh on near-term free cash flow
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Research
our published analysis of this company-
Research ThesisSpaceX's $1.8T cap is a two-customer AI bet, with $14.1B in CSAs carrying the entire $100B ARR claim
A Q2-print read on SpaceX as a public company: how $15.8B of the $18.4B Q2 capex flowed into the AI segment, why Customer B at 19.5% and Customer A at 18.3% of revenue sit between the $47.5B backlog and the $100B December ARR target, and how the Cursor close reframes the same concentration risk.
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Research ThesisRocket Lab: Backlog is converting, but the $39B market cap is paying for a Neutron debut the company has yet to validate
Rocket Lab enters Q2 2026 with record backlog of $2,219.8M and guided revenue of $225.0M–$240.0M, yet the stock trades at -55.2% from its $150.23 high on a $39.0B market cap against $679.6M of trailing revenue — a gap the equity-funded growth model and the un-flown Neutron debut have to close.
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders NeutralIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
Earlier KPI extraction records exist, but do not meet the current evidence-completeness requirements. No current verified series is available. Earlier figures remain withheld until revalidated; this is not evidence that the company reports no KPIs.
Versus peers
Aerospace & Defense — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
BA
this stock
Boeing Co
|
$164.87B | -3.4% | +34.5% | 75.0 | 2.0% |
|
SPCX
Space Exploration Technologies Corp
|
$1.90T | — | — | — | 1.3% |
|
GE
General Electric Co
|
$329.49B | -0.3% | +18.5% | 37.4 | 1.5% |
|
RTX
RTX Corp
|
$261.28B | +6.6% | +17.1% | 34.1 | 0.9% |
|
EADSF
Airbus SE/ADR
|
$181.25B | -4.2% | — | — | 0.1% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| BA | -0.5% | -7.2% | +6.8% | +0.9% | -3.4% |
| SPY | -1.1% | -2.0% | +16.0% | -1.3% | +11.1% |
| vs SPY | +0.6% | -5.2% | -9.2% | +2.2% | -14.5% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.