# Boeing (BA): It Earned $1 Million on $24.6 Billion — Why We Say SELL While Wall Street Says Buy

Page: https://stenobird.com/podcast/charged-alpha-stock-encyclopedia-7819792/boeing-ba-it-earned-1-million-on-24-6-billion-why-we-say-sell-while-wall-street-says-buy
Text version: https://stenobird.com/podcast/charged-alpha-stock-encyclopedia-7819792/boeing-ba-it-earned-1-million-on-24-6-billion-why-we-say-sell-while-wall-street-says-buy.md
Podcast: [Charged Alpha Stock Encyclopedia](https://stenobird.com/podcast/charged-alpha-stock-encyclopedia-7819792)
Published: 2026-07-29T15:21:13+00:00
Episode link: https://chargedalpha.podbean.com/e/boeing-ba-it-earned-1-million-on-246-billion-%e2%80%94-why-we-say-sell-while-wall-street-says-buy/
Audio file: https://mcdn.podbean.com/mf/web/onzmfegi9jtujpug/audio_f.mp3
Processing state: not_requested
JSON: https://stenobird.com/v1/public/podcasts/charged-alpha-stock-encyclopedia-7819792/episodes/boeing-ba-it-earned-1-million-on-24-6-billion-why-we-say-sell-while-wall-street-says-buy
Duration seconds: 857

## Resource

The Boeing Company (BA) Q2 2026 — Boeing (BA) reported Q2 2026 (quarter ended June 30, 2026) before the open on July 28: revenue $24.56B (+8% YoY, beating the ~$24.25B consensus) on 171 deliveries (+14%), but a GAAP loss of $0.67/share and a core loss of $0.76 vs the ~$0.30 loss expected — more than double the miss, driven by a fresh $280M charge on the VC-25B (Air Force One) program that pushed cumulative losses on that $3.9B firm fixed-price contract past $3B. The number almost nobody led with: core operating earnings were $1 million on $24.56B of revenue — a 0.0% core operating margin. Free cash flow turned positive at $631M, but management attributed it to 'favorable working capital within the year': first-half advances and progress billings rose $4.66B (customer pre-payments, a liability) while inventory grew $3.86B, and six-month free cash flow is still NEGATIVE $823M. Segments: Commercial Airplanes $11.75B revenue at a -2.7% margin (lost $322M); Defense, Space & Security $7.48B at -0.2% (lost $15M); Global Services $5.34B at 18.1% (earned $968M) — so ~78% of revenue produces no operating profit and one segment carries the company. Real progress: the FAA capstone review cleared the 737 to 47/month (from a 38/month cap), a second 737 line activated in Everett in July, MAX 7 and MAX 10 certification flight testing is complete, and the 777X received TIA 4B — but first deliveries for all three are 2027 and Air Force One is 2028. Backlog hit a record $715B (6,200+ jets). Debt fell $8.4B to $45.9B, but that was funded by drawing down $5.7B of short-term investments plus $3.7B of cash — largely proceeds from selling Jeppesen/ForeFlight to Thoma Bravo for $10.55B — not by operations. Total equity is just $6.1B against $165.9B of assets. Our valuation frame is Path-to…

## Actions

- request_transcript: `POST https://stenobird.com/v1/public/podcasts/charged-alpha-stock-encyclopedia-7819792/episodes/boeing-ba-it-earned-1-million-on-24-6-billion-why-we-say-sell-while-wall-street-says-buy/transcription-requests` — Idempotently request low-priority transcript generation for this episode.
- read_markdown: `GET https://stenobird.com/podcast/charged-alpha-stock-encyclopedia-7819792/boeing-ba-it-earned-1-million-on-24-6-billion-why-we-say-sell-while-wall-street-says-buy.md` — Read the agent-friendly Markdown representation of this episode resource.

A page view does not enqueue transcription. Agents should invoke `request_transcript` explicitly when they need this episode processed.

## Transcript

Full transcripts are not published on public pages unless there is a clear rights basis.