Boeing Q3 Earnings Due as 737 Max Output Stalls at 47 a Month

Boeing reports third-quarter results before the market opens on Tuesday, with Wall Street expecting a narrower loss than a year ago as the planemaker hands over more aircraft, according to Cnbc. The company lost $5.34 billion on a net basis in the same quarter of 2025, a period shaped by safety and manufacturing troubles.

Consensus from LSEG, cited by Cnbc, points to a loss per share of 21 cents, against $7.47 a year earlier. Coincentral reports that TipRanks puts the loss at 26 cents and that revenue is forecast to rise about 3% to $23.95 billion. Boeing shares were down about 17% year to date ahead of the release, Coincentral reported, citing Reuters data, while TipRanks puts the decline at more than 13%.

Also read: US Stocks Close Mixed as Q3 Earnings Season Opens

Key facts

• LSEG consensus is a loss of 21 cents per share; TipRanks cites 26 cents, per Coincentral.
• Revenue is projected at about $23.95 billion, up roughly 3%, Coincentral reports.
• LSEG consensus free cash flow is $330.5 million for the quarter and $2.3 billion for the year, per Coincentral.
• Analysts expect a net loss of $153 million and net debt of $25.4 billion, down from $30.4 billion a year ago, Coincentral reports.
• The FAA signed off on the 737 Max 10 last week, after approving the 737 Max 7 in August, completing certifications for the aircraft line, according to Cnbc.

Output, not orders, is the question

Boeing has been building about 47 737 Max jets a month and wants to go higher. CEO Kelly Ortberg told investors last month that output is taking “a little bit longer” than expected to stabilize, and the company expects to raise production next year. Cnbc notes that deliveries matter most because the bulk of an aircraft’s price is paid on handover. Coincentral adds that the 787 line has also struggled to move from eight jets a month to 10, and that Boeing delivered 363 737 Max jets in the first nine months of 2026.

The quarter brought wins: the US Navy’s F/A-XX fighter contract and the final two 737 Max certifications. BNP Paribas analyst Matt Akers, cited by Coincentral, says the market had largely priced those in. Bernstein’s Douglas Harned cut his price target to $278 from $298 while keeping a Buy rating, and RBC’s Kenneth Herbert lowered his to $235 from $265, also at Buy, Coincentral reports. Wall Street carries 18 Buy ratings and one Hold, with an average target of $266.94, about 42% above the current price.

Also read: OpenAI safety leader David Robinson quits, calls culture 'broken'

Why it matters

Boeing’s recovery rests on cash, and cash arrives with deliveries, so the pace of the 737 Max ramp determines how fast the balance sheet improves. Net debt is expected to shrink to $25.4 billion from $30.4 billion, per Coincentral’s consensus summary. Certification of the full Max family, including the Max 10, cleared a regulatory barrier that had weighed on the program for years. Free cash flow guidance and delivery updates are the items investors will weigh against those gains.

What to watch

Options traders price in a roughly 5% move after the report, above the 4% average of the past four quarters, Coincentral reports. Investors will look for any change to production timetables and free cash flow guidance, with the 777-9 certification and new defense production facilities cited as current cash drains.

This is not financial advice; equity markets and individual stocks are volatile and uncertain.

Written by

Benjamin

Benjamin Carter covers business, finance, and the stock market for StockPil, focusing on the trends and data that matter to everyday investors.

Sources: CNBC, Coincentral