BA: Boeing delivered 60 commercial aircraft in May, up 14% over 2025 on a YTD basis

Research evidence excerpt

BA: Boeing delivered 60 commercial aircraft in May, up 14% over 2025 on a YTD basis

EQUITY RESEARCH QUICK TAKE

RBC Capital Markets, LLC

Ken Herbert (Analyst)

Stephen Strackhouse (Vice President)

Kevin Liu (Senior Associate)

Sanika Merchant (Associate)

June 9, 2026

The Boeing Company

Boeing delivered 60 commercial aircraft in May, up 14% over 2025 on a YTD basis

NYSE: BA | USD 215.92 | Outperform | Price Target USD 275.00

Sentiment: Positive

Boeing (BA) reported 60 deliveries in May, up from 45 deliveries in May 2025. Across its 60 deliveries in May, Boeing delivered

51 737 MAXs, 1 737 NG, 1 767, 1 777F, and 6 787s. On a YTD basis, total deliveries are up ~14% YoY, which we view as an overall

positive for momentum on the stock. We believe the 1Q26 results represented a clean quarter for Boeing and see continued

strength in deliveries as another positive step forward. We view the 51 MAX deliveries in the month as a positive for Boeing, but

believe investors would like to see a month or two with MAX deliveries closer to the rate break to 47/month. The company has

averaged ~37 MAX deliveries/month prior to May throughout 2026. We believe the production ramp on the MAX and 787 will

remain a focus for investors with a further emphasis on margins at BCA and the FCF cadence throughout the year, and the set-

up into 2027-2028.

Investors remain positive for a rate break to 47/month on the MAX. We think investors remain positive on Boeing's prospects

to achieve a rate break to 47/month on the MAX. At a recent conference, Boeing highlighted that it recently passed the capstone

review with the FAA for rate 47/month. Moreover, the company said that it is in the process of running the line at 47/month and

expects to reach a stable 47/month production towards the end of summer.