Boeing’s Q1 Earnings Forecast Signals a Loss Amid Supply Chain Strains and Delivery Gains

Boeing is expected to report a loss of 54 cents per share in the first quarter of 2026, according to the Zacks Consensus Estimate. This projected loss comes despite a 12.24% year-over-year revenue increase to $21.88 billion, driven by higher commercial and defense aircraft deliveries. Commercial aircraft deliveries rose 10% year-over-year, while defense shipments increased 15.4%, reflecting improved production and delivery momentum. However, Boeing faces ongoing supply chain challenges, including tariffs, export controls, and financial stress among key suppliers, which are expected to have constrained production efficiency and hurt operational performance. The company’s 777X program remains delayed, with the first delivery now expected in 2027, further pressuring cash flow. Boeing’s trailing 12-month return on invested capital is negative, signaling that its investments are not generating returns sufficient to cover costs. The stock is currently trading at a discount compared to its industry on a forward 12-month price-to-sales basis.