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Copyright © 2026 Boeing. All rights reserved. Third Quarter 2026 Earnings Review Kelly Ortberg President and Chief Executive Officer Jay Malave Executive Vice President and Chief Financial Officer October 27, 2026
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Copyright © 2026 Boeing. All rights reserved. Caution Concerning Forward-Looking Statements Certain statements in this presentation and made today constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “should,” “expects,” “intends,” “projects,” “plans,” “believes,” “estimates,” “targets,” “anticipates,” and other similar words or expressions, or the negative thereof, generally can be used to help identify these forward-looking statements. Examples of forward-looking statements include statements relating to our future financial condition and operating results, our financial outlook, targets, plans, goals and objectives, and industry projections and outlooks, as well as any other statement that does not directly relate to any historical or current fact. Forward-looking statements are based on expectations and assumptions that we believe to be reasonable when made, but that may not prove to be accurate. These statements are not guarantees and are subject to risks, uncertainties, and changes in circumstances that are difficult to predict. Many factors could cause actual results to differ materially and adversely from these forward-looking statements. Among these factors are risks related to: (1) general conditions in the economy and our industry, including those due to regulatory changes and geopolitical developments; (2) our reliance on our commercial airline customers; (3) the overall health of our aircraft production system, production quality issues, commercial airplane production rates, our ability to successfully develop and certify new aircraft or new derivative aircraft, and the ability of our aircraft to meet stringent performance and reliability standards; (4) changing budget and appropriation levels and acquisition priorities of the U.S. government, as well as significant delays in U.S. government appropriations; (5) our dependence on our subcontractors and suppliers, as well as the availability of highly skilled labor and raw materials; (6) work stoppages or other labor disruptions; (7) competition within our markets; (8) our non-U.S. operations and sales to non-U.S. customers, including tariffs, trade restrictions and government actions; (9) changes in accounting estimates; (10) realizing the anticipated benefits of mergers, acquisitions, joint ventures/strategic alliances or divestitures, including anticipated synergies and quality improvements related to our acquisition of Spirit AeroSystems Holdings, Inc.; (11) our dependence on U.S. government contracts; (12) our reliance on fixed-price contracts; (13) our reliance on cost-type contracts; (14) contracts that include in-orbit incentive payments; (15) management of a complex, global IT infrastructure; (16) compromised or unauthorized access to our, our customers’ and/or our suppliers' information and systems; (17) potential business disruptions, including threats to physical security or our information technology systems, extreme weather (including effects of climate change) or other acts of nature, and pandemics or other public health crises; (18) potential adverse developments in new or pending litigation and/or government inquiries or investigations; (19) potential environmental liabilities; (20) effects of climate change and legal, regulatory or market responses to such change; (21) credit rating agency actions and our ability to effectively manage our liquidity; (22) substantial pension and other postretirement benefit obligations; (23) the adequacy of our insurance coverage; (24) the dilutive effect of future issuances of our common stock; and (25) the preferential treatment of our 6.00% mandatory convertible preferred stock. Additional information concerning these and other factors can be found in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Any forward-looking statement speaks only as of the date on which it is made, and we assume no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.
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Copyright © 2026 Boeing. All rights reserved. Selected by U.S. Navy for F/A-XX Awarded AH-64 Apache maintenance contractAchieved 737-7 & 737-10 certification from FAA Business Update Focused on stabilizing the business, improving execution, changing culture and building our future
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Copyright © 2026 Boeing. All rights reserved. Results reflect higher defense volume and improved segment operating performance Third Quarter Financial Results Revenue Core Earnings Per Share* Free Cash Flow* * Non-GAAP measure. See the Non-GAAP Measure Disclosures at the end of this presentation for additional information. Operating Margin $23.3B $24.2B 3Q25 3Q26 (20.5)% 1.5% 3Q25 3Q26 ($7.47) ($0.34) 3Q25 3Q26 $0.2B $0.5B 3Q25 3Q26
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Copyright © 2026 Boeing. All rights reserved. Commercial Airplanes ▪ 737-7 achieved amended type certification (ATC) from the FAA; 737-10 achieved ATC in October ▪ 737 continues to progress toward stabilized production of 47 per month ▪ 777X remains on track for first delivery in 2027 ▪ Record backlog of $612B; over 6,300 airplanes Focused on safety, quality and development program execution Revenue Operating Margin $11.1B $10.7B 3Q25 3Q26 (48.3)% (6.5)% 3Q25 3Q26
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Copyright © 2026 Boeing. All rights reserved. Defense, Space & Security Focused on production stability and development program execution Revenue Operating Margin ▪ Results reflect higher volume, improved operational performance and a $252M gain on sale ▪ Selected by the U.S. Navy to design, build and deliver the F/A-XX next-generation fighter aircraft ▪ Received a seven-year PAC-3 Seeker contract ▪ Orders valued at $23B; record backlog of $101B $6.9B $7.9B 3Q25 3Q26 1.7% 6.2% 3Q25 3Q26
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Copyright © 2026 Boeing. All rights reserved. Global Services Focused on continuous improvement and meeting customer commitments $5.4B $5.6B 3Q25 3Q26 17.5% 18.3% 3Q25 3Q26 ▪ Results reflect favorable volume and mix ▪ Captured an award from the U.S. Army to provide maintenance services for the AH-64 Apache fleet ▪ Orders valued at $5B; backlog of $33B Revenue Operating Margin
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Copyright © 2026 Boeing. All rights reserved. Cash and Debt Balances Focused on maintaining healthy liquidity position and repaying debt Cash and Marketable Securities Consolidated Debt S&P: BBB- Moody’s: Baa3 Fitch: BBB- $20.0B $20.7B 2Q26 3Q26 $45.9B $45.9B 2Q26 3Q26
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Copyright © 2026 Boeing. All rights reserved.
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Copyright © 2026 Boeing. All rights reserved. Non-GAAP Measure Disclosures The tables provided below reconcile the non-GAAP financial measures core operating earnings/(loss), core operating margins, and core loss per share to the most directly comparable GAAP financial measures of earnings/(loss) from operations, operating margins, and diluted loss per share. See The Boeing Company’s press release dated October 27, 2026, for additional information on the use of these non-GAAP financial measures. (Dollars in millions, except per share data) Third Quarter 2026 Third Quarter 2025 $ millions Per Share $ millions Per Share Revenues $ 24,188 $ 23,270 Earnings/(loss) from operations (GAAP) 354 (4,781) Operating margins (GAAP) 1.5 % (20.5) % FAS/CAS service cost adjustment: Pension FAS/CAS service cost adjustment (92) (198) Postretirement FAS/CAS service cost adjustment (58) (70) FAS/CAS service cost adjustment (150) (268) Core operating earnings/(loss) (non-GAAP) $204 ($5,049) Core operating margins (non-GAAP) 0.8 % (21.7) % Diluted loss per share (GAAP) ($0.26) ($7.14) Pension FAS/CAS service cost adjustment ($92) ($0.12) ($198) ($0.26) Postretirement FAS/CAS service cost adjustment (58) (0.07) (70) (0.09) Non-operating pension expense/(income) 76 0.10 (42) (0.06) Non-operating postretirement income (9) (0.01) (5) (0.01) Provision for deferred income taxes on adjustments 1 17 0.02 66 0.09 Subtotal of adjustments ($66) ($0.08) ($249) ($0.33) Core loss per share (non-GAAP) ($0.34) ($7.47) Diluted weighted average common shares outstanding (in millions) 792.7 759.9 1 The income tax impact is calculated using the U.S. corporate statutory tax rate.
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Copyright © 2026 Boeing. All rights reserved. Non-GAAP Measure Disclosures The tables provided below reconcile the non-GAAP financial measure free cash flow to the most directly comparable GAAP financial measure operating cash flow. See The Boeing Company’s earnings press release dated October 27, 2026, for additional information on the use of free cash flow as a non-GAAP financial measure. Cash Flow Third Quarter (Millions) 2026 2025 Operating cash flow (GAAP) $1,496 $1,123 Less additions to property, plant & equipment ($1,032) ($885) Free cash flow (non-GAAP) $464 $238
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Copyright © 2026 Boeing. All rights reserved. Non-GAAP Measure Disclosures Third Quarter (Millions) 2026 2025 Change BGS Revenues (GAAP) $5,574 $5,370 4% DAS Revenues $— ($337) BGS Revenues excluding DAS (non-GAAP) $5,574 $5,033 11% The table provided below reconciles the non-GAAP financial measure BGS Revenue excluding DAS to the most directly comparable GAAP financial measure BGS Revenue. DAS reflects those portions of our Digital Aviation Solutions business that were sold on October 31, 2025.