Boeing filed its 10-Q with the SEC, and its figures are now in our data. Revenue over the twelve months to Q3 2026 was $94.9 billion, up 17.5% on the year before. That growth rate was down 7.3 percentage points from the quarter earlier.
Source: SEC EDGAR XBRL company facts. Latest period shown: FY26 Q3.
View chart data
| Period | Revenue growth, TTM YoY | Operating margin (TTM) | FCF margin (TTM) |
|---|---|---|---|
| FY24 Q4 | -14.5% | -16.1% | -21.5% |
| FY25 Q1 | -9.2% | -14.6% | -18.2% |
| FY25 Q2 | 2.4% | -12.3% | -11.3% |
| FY25 Q3 | 10.2% | -10.2% | -7.9% |
| FY25 Q4 | 34.5% | 4.8% | -2.1% |
| FY26 Q1 | 32.7% | 4.6% | -1.1% |
| FY26 Q2 | 24.8% | 4.9% | -0.2% |
| FY26 Q3 | 17.5% | 10.3% | 0.0% |
What stands out in the filings
Net income fell 23.5% over the year while free cash flow rose 97.5%. Reported profit and cash are moving at different speeds. Capital spending rose 51.7%, faster than operating cash flow’s 29.2%, leaving less of the generated cash as surplus.
Profit and margins
The trailing gross margin was 9.4%. The trailing operating margin was 10.3%, up 20.5 percentage points from a year earlier. Alongside that, the trailing net margin was 8.1%. Net income over the twelve months was $7.7 billion, down 23.5% on the year before.
Cash flow
Profit and cash are telling different stories: cash flow rose while earnings fell. Operating cash flow over the twelve months was $4.0 billion, up 29.2% on the year before. Capital spending was $4.0 billion, or 4.2% of revenue. Free cash flow, operating cash flow less capital spending, was $16.0 million, up 97.5% on the year before. The free-cash-flow margin was 0.0% of revenue, up 7.9 percentage points from a year earlier.
Shares outstanding
The share count is rising, so each share claims a smaller slice of the profit. The average diluted share count rose 4.7% over the year.
Against its own history
Set against the company’s own record: today’s free-cash-flow margin of 0.0% is higher than 33% of the company’s own past quarterly readings, which have ranged from −33.9% to 14.0%. Today’s operating margin of 10.3% is higher than 90% of past readings (−22.0% to 11.9%). Today’s twelve-month revenue growth rate of 17.5% is higher than 88% of past readings (−30.1% to 34.5%).
What comes next
The next filing will show whether the trends above continue, slow or reverse.
