It has been about a month since the last earnings report for Boeing (BA). Shares have lost about 0.9% in that time frame, underperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is Boeing due for a breakout? Well, first let's take a quick look at its most recent earnings report in order to get a better handle on the recent drivers for The Boeing Company before we dive into how investors and analysts have reacted as of late.
Boeing's Q2 Loss Wider Than Estimated, Revenues Increase Y/Y
The Boeing Company incurred an adjusted loss of 76 cents per share in the second quarter of 2026, wider than the Zacks Consensus Estimate of a loss of 34 cents. The bottom line improved from the year-ago quarter’s reported loss of $1.24 per share.
Including one-time items, the company reported a GAAP loss of 67 cents per share, narrower than the year-ago quarter’s reported loss of 92 cents.
BA’s Total Revenues
Revenues amounted to $24.56 billion, which marginally outpaced the Zacks Consensus Estimate of $24.05 billion by 2.1%. The top line also surged 8% from the year-ago quarter’s reported figure of $22.75 billion.
BA’s Total Backlog
Backlog at the end of second-quarter 2026 totaled $715.3 billion, up from $682.2 billion recorded at the end of 2025.
BA’s Segmental Performances
Commercial Airplanes: Revenues in this segment surged 8% year over year to $11.8 billion, driven by higher jet deliveries. The segment incurred an operating loss of $322 million compared with the year-ago quarter’s operating loss of $557 million.
During the quarter under review, Commercial Airplanes delivered 171 airplanes and backlog included over 6,200 airplanes valued at a record $597 billion.
Boeing Defense, Space & Security (“BDS”): The segment recorded revenues of $7.5 billion, reflecting year-over-year growth of 13%. It generated an operating loss of $15 million against the year-ago quarter’s income of $110 million.
Global Services: The segment recorded revenues of $5.3 billion, reflecting year-over-year growth of 1%. This unit generated an operating income of $0.97 billion compared with the year-ago quarter’s figure of $1.05 billion.
BA’s Financial Condition
Boeing exited second-quarter 2026 with cash and cash equivalents of $7.24 billion and short-term and other investments of $12.78 billion. At the end of 2025, the company had cash and cash equivalents of $10.92 billion and short-term and other investments worth $18.48 billion.
Long-term debt amounted to $41.34 billion, down from $45.64 billion recorded at the end of 2025.
The company’s net cash provided by operating activities in the first six months of 2026 was $1.19 billion against cash used of $1.39 billion in the year-ago period.
How Have Estimates Been Moving Since Then?
It turns out, estimates revision have trended downward during the past month.
The consensus estimate has shifted 7.29% due to these changes.
VGM Scores
At this time, Boeing has a nice Growth Score of B, though it is lagging a lot on the Momentum Score front with an F. However, the stock has a score of C on the value side, putting it in the middle 20% for this investment strategy.
Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Interestingly, Boeing has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry Player
Boeing belongs to the Zacks Aerospace - Defense industry. Another stock from the same industry, Northrop Grumman (NOC), has gained 2.8% over the past month. More than a month has passed since the company reported results for the quarter ended June 2026.
Northrop Grumman reported revenues of $10.88 billion in the last reported quarter, representing a year-over-year change of +5.1%. EPS of $7.68 for the same period compares with $7.11 a year ago.
Northrop Grumman is expected to post earnings of $7.26 per share for the current quarter, representing a year-over-year change of -5.4%. Over the last 30 days, the Zacks Consensus Estimate remained unchanged.
The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Northrop Grumman. Also, the stock has a VGM Score of B.
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The Boeing Company (BA): Free Stock Analysis Report
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This article originally published on Zacks Investment Research (zacks.com).