Boeing (NYSE:BA | BA Price Prediction) enters its July 28 Q2 earnings report with a decade of revenue visibility with a market cap that’s less than a quarter of the price of the total order book. With deliveries rising, debt falling, and defense revenue accelerating, Boeing is showing meaningful progress in its turnaround.
Boeing’s Backlog Is 4x Larger Than Its Market Cap
Boeing closed Q1 2026 with a record $695 billion backlog and currently sports a market cap of $164.48 billion. First-quarter revenue grew 14% year over year to $22.217 billion, commercial deliveries climbed to 143 aircraft from 130, and management paid down $6.95 billion of debt in the quarter, taking total debt from $54.1 billion to $47.2 billion.
The Defense Boom Is Already Showing Up in Boeing’s Results
The FY2027 Department of War budget totals roughly $1.45 trillion, a 42% annual increase with 26% growth in air power funding. Boeing is already scaling into it: Patriot missile seeker production rises to 850 units in 2026 from 650 last year and 400 two years ago.
Defense, Space & Security revenue jumped 21% to $7.599 billion with operating earnings up 50% to $233 million. On July 23, the FAA restored Boeing’s authority to issue final airworthiness certifications for the 737 MAX and 787, removing a multi-year overhang.
Boeing Has a Bigger Order Book Than Lockheed Martin and RTX Combined
Lockheed Martin (NYSE:LMT) and RTX Corporation (NYSE:RTX) posted strong quarters, with Lockheed up 10% and RTX up 7%, but their order books are a fraction of Boeing’s. Lockheed reports a $230 billion backlog and RTX $289 billion, versus Boeing’s $695 billion.
Analysts’ consensus price target on $BA sits at $270.08 against the stock’s current share price of $209.23, with 21 buy ratings versus one sell.
The Bottom Line: Boeing’s Turnaround Has Become Measurable
Boeing’s Q2 2026 earnings report is due July 28, with the Street modeling a loss of 34 cents per share on $24.05 billion of revenue. The Q1 core loss already narrowed from $0.49 to $0.20, Director Bradley Tilden bought 1,370 shares at $218.50 in May, and prediction markets price the earnings beat at 64% with a crowd that has been 100% correct on prior BA markets. The July 28 earnings report is the next catalyst that could let Boeing’s backlog thesis compound.
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