Boeing’s third quarter was defined by robust sales growth and operational progress but overshadowed by a significant loss and market disappointment. Management pointed to strong demand and increased commercial deliveries, with CEO Kelly Ortberg highlighting that “by August of this year, we have delivered more commercial airplanes than all of last year.” However, the quarter was marked by a $4.9 billion non-cash charge linked to further delays in the 777X certification process, which Ortberg described as “a disappointment,” and which weighed heavily on adjusted earnings. Despite these setbacks, Boeing generated positive free cash flow for the first time since 2023, driven by improved delivery performance, but ongoing challenges in development and certification programs tempered market enthusiasm.

Is now the time to buy BA? Find out in our full research report (it’s free for active Edge members).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Boeing’s Q3 Earnings Call

• Myles Walton (Wolfe Research) asked about the cash flow impact of the 777X delay. CFO Jay Malave responded that 2026 will be another “heavy use year” for cash, with neutrality expected closer to 2028 as deliveries ramp up.
• Ronald Epstein (Bank of America) pressed on what precipitated the 777X charge. CEO Kelly Ortberg explained the revision stemmed from underestimating the FAA’s certification requirements, not technical issues with the airplane or engine.
• Robert Stallard (Vertical Research) inquired about managing the 777X supply chain. Malave described the need to renegotiate schedules with suppliers, factoring in increased carrying costs and slower ramp rates.
• Noah Poponak (Goldman Sachs) questioned the timeline for 737 production rate hikes. Ortberg clarified that Boeing is now producing at the 42-per-month rate and future increases will be spaced by at least six months to ensure stability.
• Douglas Harned (Bernstein) sought clarity on Charleston facility investments for the 787. Ortberg confirmed Boeing is doubling the manufacturing footprint to enable future rate increases above 10 aircraft per month.

Catalysts in Upcoming Quarters

In the coming quarters, the StockStory team will be watching (1) Boeing’s progress on 777X certification and any updates to delivery timelines, (2) the pace and sustainability of 737 and 787 production rate increases amidst ongoing supply chain constraints, and (3) new contract wins and backlog growth in the defense and services businesses. Execution on cost control and capital expenditures will also be key signposts for improvement in free cash flow and long-term profitability.

Boeing currently trades at $197.14, down from $223.26 just before the earnings. In the wake of this quarter, is it a buy or sell? The answer lies in our full research report (it’s free for active Edge members).

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