Boeing (BA) is set to report its first-quarter results on Wednesday, April 22. The stock climbed to a high of over $250 earlier in 2026 before pulling back to the current level of $225. Investors are watching for signs of continued recovery and progress on the turnaround strategy under CEO Kelly Ortberg. Heading into earnings, analysts rate BA stock a Strong Buy, with average upside potential of more than 20%.
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According to TipRanks’ Options Tool, options traders expect about a 5% move in either direction in BA stock in reaction to Q1 2026 earnings. This implied move is higher than Boeing stock’s average post-earnings move (in absolute terms) of 4.09% over the past four quarters.
What to Expect from Boeing’s Q1 Results
Wall Street expects Boeing to report a loss of $0.69 for Q1 2026, compared to a loss of $0.49 in the same quarter last year. Meanwhile, revenue is expected to rise over 12% year-over-year to $21.97 billion.
Boeing’s aircraft deliveries rose in Q1 2026, with commercial up 10% and defense up 15%, supporting revenue growth. Higher aircraft deliveries will likely give an extra lift to revenue. However, supply chain issues, tariffs, and supplier stress likely hurt production efficiency, while delays in the 777X program and past disruptions may have weighed on cash flow.
Big Backlog, Bigger Cash Flow Challenge
Boeing’s turnaround story is entering a new phase. Over the past year, the stock has largely been driven by its massive backlog and expectations that production would eventually stabilize.
Now, that narrative is shifting. Demand is no longer the key concern as the order book is already strong. Instead, investors are focusing on execution and delivery. Airlines continue to expand capacity and invest in new aircraft, even as fuel costs rise and economic uncertainty increases. This puts added pressure on Boeing to deliver consistently. The chart below shows Boeing’s backlog growth over the past few quarters.
The key question now is whether the company can maintain steady production and convert strong demand into reliable cash flow. In Q4 2025, free cash flow turned positive at $0.4 billion, compared to negative $4.1 billion in Q4 2024.
Analysts’ Views Ahead of Boeing’s Q1 Earnings
Last week, five-star-rated analyst Charles Minervino at Susquehanna reiterated his Buy rating on Boeing (BA) with a $285 price target. Earlier this year, he raised his target, citing a bullish outlook for commercial aerospace, defense, and aftermarket demand.
Likewise, RBC Capital’s top-rated analyst Kenneth Herbert also reaffirmed his Buy rating. He believes Boeing’s production and delivery outlook for the 737 MAX and 787 programs is manageable and supports steady production growth.
Is Boeing a Good Stock to Buy Right Now?
Turning to Wall Street, analysts have a Strong Buy consensus rating on BA stock based on 14 Buys and one Hold assigned in the past three months. The average BA price target of $274.92 per share implies 22.14% upside potential.
