BA · Earnings call · 2026Q3T · Full report
Guidance / Outlook
BOEING CO · 2026-10-27 · Importance 93 · Surprise 82 · In source text
Boeing forecast free cash flow of approximately $2 billion in 2026, $3 billion in 2027, $6 billion in 2028, and $10 billion in 2029, with further growth potential thereafter. Management tied the trajectory to higher commercial deliveries, improving cash margins, continued improvement in Defense and Global Services, and the abating of legacy cash drags. The 2027 outlook includes about $1 billion of additional capital expenditure and assumes the 777X is certified by midyear 2027; Boeing described its overall expectations as roughly a one-year shift to the right, without a change in the long-term endpoint.
Key facts
- Boeing expects total BCA deliveries to be up 10% or more in 2027, with program-specific detail to be provided in January 2027.
- Boeing reached a new four-year agreement with the union representing its Pacific Northwest engineering and technical workforce, avoiding a work interruption.
- Boeing expects BDS to achieve high-single-digit operating margins by the end of the decade.
- Boeing expects 2029 737 deliveries at production levels in the mid-to-high fifties, 787 production around 12 per month, and positive 777X free cash flow.
- Boeing characterized its free cash flow profile as approximately a one-year shift to the right, with no change to the expected slope or absolute endpoint.
- Two years ago, every Boeing fixed-price development program was challenged; Boeing says it now has those programs in hand.
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | positive | committed | — | Boeing expects total BCA deliveries to be up 10% or more in 2027, with program-specific detail to be provided in January 2027. |
| cash | positive | probable | — | Boeing expects 2029 737 deliveries at production levels in the mid-to-high fifties, 787 production around 12 per month, and positive 777X… |