Boeing misses EPS estimates but revenue beats as free cash flow turns positive

Boeing posted a mixed Q2 2026 earnings report, missing analyst expectations on earnings per share while beating on revenue and delivering positive free cash flow. The numbers behind the beat-and-miss Analysts had projected Boeing would report an EPS of roughly -$0.24 for the quarter. The company came in below that expectation, widening the miss on the bottom line. But the revenue picture told a different story, with Boeing surpassing the consensus estimate of around $24 billion. The revenue beat builds on momentum from Q1 2026, when the company reported $22.2 billion in revenue, a 14% year-over-year increase. That quarter also carried a core loss per share of -$0.20 and negative free cash flow of $1.5 billion, making Q2’s pivot to positive cash flow all the more significant. Boeing has been targeting full-year 2026 positive free cash flow in the range of $1 billion to $3 billion. CEO Kelly Ortberg and CFO Jay Malave are expected to address analysts on the earnings call. Why cash flow matters more than EPS right now Boeing’s investment thesis in 2026 is fundamentally a cash flow story. The company sits on a backlog exceeding $680 billion. That backlog represents years of future reve...