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Sentiment · FY2026 Q1
Boeing closed 2025 with a record 600 annual deliveries, the highest since 2018, as the 737 stabilized at 42 per month with the North Line ready. Management introduced positive FCF guidance of $1-3 billion for 2026 for the first time, earning a +1 guidance adjustment. A $565 million KC-46A tanker charge was taken, Spirit acquisition and Jeppesen sale were completed, and record backlogs were posted across all business segments. The 777X achieved TIA3 though engine durability remained a watch item.
Margin | Capital Allocation | Supply Chain | Demand | Competitive Dynamics | Cost Pressure | Revenue Growth | Innovation & R&D | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 5 | 4 | 5 | 3 | 2 | 4 | 1 | |
| 2025Q1 | 3 | 3 | 4 | 2 | 3 | 1 | 1 | |
| 2025Q2 | 4 | 2 | 2 | 3 | 3 | 2 | 2 | |
| 2025Q3 | 2 | 5 | 4 | 3 | 2 | 2 | 2 | |
| 2025Q4 | 6 | 3 | 1 | 2 | 3 | 2 | 1 | |
| 2026Q1 | 3 | 3 | 3 | 3 | 1 | 5 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Margin | 5 | 3 | 4 | 2 | 6 | 3 |
| Capital Allocation | 4 | 3 | 2 | 5 | 3 | 3 |
| Supply Chain | 5 | 4 | 2 | 4 | 1 | 3 |
| Demand | 3 | 2 | 3 | 3 | 2 | 3 |
| Competitive Dynamics | 2 | 3 | 3 | 2 | 3 | |
| Cost Pressure | 4 | 1 | 2 | 2 | 1 | |
| Revenue Growth | 1 | 2 | 1 | 5 | ||
| Innovation & R&D | 1 | 2 | 2 | 1 |
What companies say about each other on earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“There's also commercial airplane production that's building up with, you know, Boeing wasn't building MAX planes for a while, and now they're building MAX planes at a record speed.”
Microchip cites Boeing ramping MAX production at record speed as a demand driver for its aerospace content, a positive read-through on Boeing's build rates.
“We are working closely with Boeing, and FAA to ensure the safety of our own MD-11 fleet which we will discuss later on the call.”
FedEx is working with Boeing and the FAA on MD-11 fleet safety after the grounding, a supplier/manufacturer read-through for Boeing.
“it is good to see both Boeing and Airbus steadily ramping up their production rates.”
TransDigm supplies commercial OEM content to Boeing; the commentary is a positive read-through on Boeing's production-rate recovery.
“Ultimately, the DOD awarded Boeing the fighter jet as the next generation, fighter.”
TransDigm notes the DOD awarded Boeing the next-gen F-47 fighter and TransDigm units have won content on it, a positive read-through for Boeing Defense.
“We are encouraged by the progress of the 737 MAX production line as well as the FAA's approval for Boeing to increase its production rate.”
TransDigm is encouraged by 737 MAX line progress and FAA approval for Boeing to raise its production rate, a positive read-through for Boeing's ramp.
“The year-over-year decline in commercial OEM revenue was primarily driven by the negative impact of OEM build rates that resulted from the Boeing strike and production ramp-up challenges at Airbus.”
TransDigm's FY25 commercial OEM revenue decline was driven partly by the Boeing strike depressing build rates, a negative near-term read-through for Boeing output.
“This morning, we announced an order for 30 Boeing 787-10s with options for 30 more, set for delivery starting in 2031.”
Delta places a new order for 30 Boeing 787-10s plus 30 options, a positive wide-body order read-through for Boeing.
“And only about a third of our aviation business is OEM, and only a portion of that is Boeing.”
Teledyne sizes its OEM commercial-aviation exposure to Boeing as small, implying limited read-through from Boeing 737 rate changes to Teledyne.
“Boeing and Airbus have been doing a better job of repairing the supply chain that's been damaged from the pandemic.”
United says aircraft suppliers Boeing and Airbus are improving delivery rates as supply chains heal, a positive read-through on Boeing's production recovery.
“And we're honored that Delta, a new GE NX customer, selected us to power and service their new fleet of 30 Boeing 787s.”
Delta's selection of GEnx engines for 30 new Boeing 787s reflects ongoing demand for Boeing's 787 wide-body.
“Additionally, Pegasus Airlines committed to up to 300 LEAP 1B engines to power its future Boeing 737-10 fleet.”
Pegasus's order of LEAP 1B engines to power future Boeing 737-10 aircraft signals continued demand for Boeing's narrow-body 737 MAX family.
“Over the next year or so, we will replace much of that capacity with new, more efficient Boeing 767 aircraft.”
UPS is retiring its MD-11 fleet and taking delivery of 18 new Boeing 767 freighters (15 in 2026), a demand read-through for Boeing's freighter business.
“It's an effective duopoly with you guys in Airbus.”
An analyst frames the commercial aircraft market as an effective Boeing-Airbus duopoly while questioning industry profitability.
“and 65 777-9 airplanes for Emirates.”
Emirates booked 65 777-9 widebodies, reinforcing Boeing widebody backlog and Emirates' fleet expansion.
“Earlier this month, I joined Alaska Airlines as they announced their largest order ever.”
Alaska Airlines placed its largest-ever order with Boeing (105 737-10 and five 787-9), a positive demand signal from the carrier.
“we took another important step forward, supporting our production stability by completing the acquisition of Spirit AeroSystems.”
Boeing completed its acquisition of Spirit AeroSystems, bringing the fuselage supplier in-house to improve safety, quality and supply-chain stability.
“We have identified a potential durability issue during a recent inspection on the 777X engine, and we're working with GE to better understand that issue and finalize root cause and corrective action.”
Boeing flags a durability issue on the GE-supplied 777X engine, a negative read-through for GE Aerospace's engine program though Boeing says it won't affect 2027 delivery.
“So that will be an area that we'll continue to work with GE and CFM on.”
Boeing flags ongoing engine supply-chain coordination with GE (and CFM) on forward-fit and aftermarket durability demand, a read-through on sustained engine demand at GE Aerospace.
“we recently announced an agreement with EVA Air that includes digital diagnostic tools and advanced analytics to improve efficiency and maintenance operations”
EVA Air signed a digital services agreement with Boeing Global Services, a win for Boeing's retained fleet-maintenance digital business.
“Spirit continues to deliver fuselages with improved quality and flow, which sets us up well for both our future production ramp and the planned reintegration.”
Boeing highlights improving fuselage quality at Spirit AeroSystems ahead of its planned reintegration (reacquisition) of the supplier, which received EU approval.
“BCA booked 161 net orders in the quarter, including 50 787 airplanes for Turkish Airlines and 30 737-8 airplanes for the Norwegian group.”
The Norwegian group ordered 30 737-8 aircraft, indicating narrowbody fleet expansion by the carrier.
“BCA booked 161 net orders in the quarter, including 50 787 airplanes for Turkish Airlines and 30 737-8 airplanes for the Norwegian group.”
Turkish Airlines placed a 50-unit 787 order in the quarter, a substantial widebody win reflecting continued demand from the carrier.
“Kelly, it seems that Airbus will be making some architecture decisions on its next-generation single aisle within the next few years, I think potentially selecting the engine architecture by around 2027.”
An analyst frames Airbus as approaching key design decisions on its next-generation single-aisle jet, implicitly pressuring Boeing to clarify its own competing timeline.
“As you know, we import some fuselage components from Alenia in Italy.”
Boeing sources fuselage components from Alenia (Leonardo) in Italy; management is watching for a U.S.-Italy tariff resolution similar to the Japan 0-for-0 deal to remove input-cost pressure on this supply line.
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Noah Poponak | Goldman Sachs | 8 (38%) |
| Doug Harned | Bernstein | 7 (14%) |
| Myles Walton | Wolfe Research | 6 (0%) |
| Seth Seifman | JPMorgan | 6 (0%) |
| Peter Arment | Robert W. Baird | 6 (0%) |
| Sheila Kahyaoglu | Jefferies | 6 (17%) |
| Ron Epstein | Bank of America | 5 (40%) |
| Dave Strauss | Wells Fargo | 5 (0%) |
| Scott Deuschle | Deutsche Bank | 4 (0%) |
| Rob Stallard | Vertical Research Partners | 3 (33%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Goldman Sachs | 1 | 8 (38%) |
| Bernstein | 1 | 7 (14%) |
| JPMorgan | 1 | 6 (0%) |
| Wolfe Research | 1 |
| 6 (0%) |
| Robert W. Baird | 1 | 6 (0%) |
| Jefferies | 1 | 6 (17%) |
| Bank of America | 1 | 5 (40%) |
| Wells Fargo | 1 | 5 (0%) |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
BA The Boeing Company | 7 | +14.0% | |
| AXON Axon Enterprise Inc. | 10 | +33.8% | |
| GD General Dynamics | 8 | +10.3% | |
| GE GE Aerospace | 7 | +24.7% | |
| HII Huntington Ingalls Industries | 6 | +13.3% | |
| LHX L3Harris | 8 | +11.9% | |
| LMT Lockheed Martin | 4 | +0.3% | |
| NOC Northrop Grumman | 6 | +4.4% | |
| RKLB Rocket Lab USA, Inc. | 8 | +63.5% | |
| RTX RTX Corporation | 9 | +8.7% | |
| TDG TransDigm Group | 10 | +18.3% | |
| TXT Textron | 7 | +11.8% |