Boeing narrows third-quarter loss as defense sales rise, but focus remains on 737 Max production

Boeing narrowed its loss in the third quarter after defense sales rose, but CEO Kelly Ortberg told staff that the manufacturer has "more work to do."

Here's what Boeing reported for the third quarter compared with what Wall Street analysts expected, according to consensus estimates from LSEG:

For the three months ended Sept. 30, Boeing reported a net loss of $116 million, or 26 cents a share, compared with a $5.34 billion loss, or $7.14 per share, a year earlier. Adjusting for one-time items, the company posted a loss of 34 cents a share. A year earlier, Boeing had taken a nearly $5 billion charge on its long-delayed 777X aircraft program.

Revenue climbed 4% on the year to $24.19 billion. Free cash flow rose to $464 million from $238 million in the third quarter of 2025.

The company's defense unit revenue jumped 15% in the third quarter from a year earlier to $7.94 billion.

Boeing delivered 161 commercial airplanes in the third quarter, one more jet than a year earlier.

Revenue in the all-important commercial aircraft business fell 3% to $10.72 billion. The unit had a negative operating margin of 6.5% because of a "less favorable delivery mix, higher projected costs associated with future production rate adjustments and higher estimated supply chain costs," Boeing said.

The plane manufacturer's executives are set to update investors on how quickly it can increase aircraft production in the coming months when it holds a quarterly earnings call on Tuesday at 10:30 a.m. ET.

Boeing has been producing about 47 of its 737 Max planes a month, but is aiming for more. Ortberg told investors last month that production is taking "a little bit longer" than expected to stabilize, and the company expects to increase its output of the planes next year.

"Looking ahead, expectations are rising, and they should," Ortberg said in a note to staff on Tuesday. "That means elevating our performance through lean, productivity and efficiency improvements in our day-to-day work while upholding our high levels of safety and quality."

Aircraft production and deliveries are key to Boeing's recovery since the bulk of an aircraft's price is paid when the customer receives it.

But the manufacturer had some wins lately. The U.S. Navy tapped Boeing to develop its next-generation fighter jet.

And the Federal Aviation Administration last week signed off on the 737 Max 10 , the largest in the Max family. That followed the approval of the 737 Max 7 in August and marked the final certifications for the aircraft line.