The Boeing Company

The Boeing Company’s 2026 10-Q immediately highlights management’s reliance on non-GAAP measures (financial metrics not conforming to Generally Accepted Accounting Principles) for evaluating performance. Item 7, Management’s Discussion and Analysis, states that “Core operating earnings/(loss), Core operating margins and Core earnings/(loss) per share” are used for internal assessment and forecasting. The filing notes that management believes these provide “additional insights into operational performance” by excluding certain costs not allocable to U.S. government contracts or driven by market factors, necessitating a reconciliation to GAAP measures. This upfront framing of performance through a non-GAAP lens sets the stage for the financial discussion.

The provided excerpts, while offering a glimpse into operating results, do not contain the full financial data required to compute standard forensic metrics. Consequently, Beneish’s 1999 eight-ratio earnings-manipulation detector, Altman’s Z″ — a 1968 bankruptcy-distress index, Piotroski’s F-Score, a 9-point fundamental strength scan, and the Fog Index — a readability score where 12 equals a newspaper and 18+ is obfuscatory — are all unavailable from this limited dataset. However, the condensed consolidated statements show total revenues increasing from $19,496 million to $22,217 million for the three months ended March 31, 2025 and 2026, respectively, with corresponding total costs and expenses rising from $17,079 million to $19,671 million.

The MD&A’s explicit rationale for using non-GAAP metrics warrants attention. The company states these measures offer additional insights into operational performance by isolating costs like unallocated pension and other postretirement benefits, which are deemed market-driven or not allocable to government contracts. This practice is not uncommon, but it places the onus on the reader to carefully review the “Reconciliation of Non-GAAP Measures to GAAP Measures” table provided in the filing. Understanding the adjustments made between “Core” figures and GAAP measures like “Earnings from operations” or “Diluted loss per share” is crucial for a complete picture of profitability.

This reading of the 10-Q excerpts can confirm management’s preferred method of presenting financial performance and the growth in reported revenues and costs for the quarter. It cannot, however, provide a comprehensive forensic assessment of the company’s financial health or potential for earnings manipulation, as the necessary balance sheet and cash flow data for metrics like the Beneish M-Score or Altman Z″ are absent. A full understanding requires consulting the complete 10-Q, including all financial statements and footnotes, to reconcile these “Core” metrics back to their GAAP counterparts and assess the broader financial context.