Boeing Update Shows a Rebound
Late on Tuesday morning, Boeing ($BA) shared its third-quarter delivery figures, and doing some basic math, we can deduce that the company delivered 59 commercial airplanes in September. That’s up from 53 in July and 49 in August, making September the best month of the quarter and a nice step up from the 55 aircraft delivered in September 2025. Odds are that the formal September tally will be released with Boeing’s monthly orders and deliveries update, but the quarterly total leaves little room for a different number.
For the September quarter as a whole, Boeing delivered 161 commercial airplanes, including 124 737s, 22 787s, 10 767s and five 777s. That’s down from 171 in the June quarter, roughly a 6% sequential decline, but essentially in line with the 160 delivered in the September quarter of 2025. Year to date, commercial deliveries total 475, well ahead of 2025’s pace. On the defense side, Boeing delivered 33 aircraft and satellites in the quarter, including 15 Apache helicopters and seven KC-46 tankers, compared to 32 in the year-ago quarter.
Here’s the thing: The dip from the June quarter reflects the softer July and August months, but September’s rebound suggests that was more a timing issue than a sign of production trouble. Let’s remember, though, that these figures are preliminary until Boeing reports its third-quarter results later this month on October 27. To us, the barometer to watch remains the monthly delivery cadence, which is the key to Boeing’s revenue and free cash flow recovery. We’ll be listening for an update on production rates when the company reports, and we’ll share what that means for our position in Boeing.
On the topic of future deliveries, on Tuesday it was announced that starting in December, Boeing will begin deliveries of 737 Max aircraft to Japan’s All Nippon Airways (ANA). ANA plans to deploy up to 42 737-8 aircraft while domestic peer Japan Airlines plans to introduce 38 737-8 planes starting this fiscal year. Certainly positive, but we also recognize the market is waiting for Boeing’s 737 MAX 10 certification to come through so the company can start delivering on that part of its backlog that accounts for more than 20% of overall commercial aircraft backlog.
As it relates to the Portfolio’s position in BA shares, we have room to grow that exposure further, a move that would also help reduce our average cost basis. We will continue to evaluate that potential move against the larger market backdrop as the early stages of the current earnings season progresses further.
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At the time of publication, TheStreet Pro Portfolio was long BA shares.
