BA: Boeing delivered 47 commercial aircraft in April, up 46% over 2025 on a YTD basis

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BA: Boeing delivered 47 commercial aircraft in April, up 46% 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)

May 12, 2026

The Boeing Company

Boeing delivered 47 commercial aircraft in April, up 46% over 2025 on a YTD basis

NYSE: BA | USD 238.21 | Outperform | Price Target USD 275.00

Sentiment: Positive

Boeing (BA) reported 47 deliveries in April, up from 45 deliveries in April 2025. Across its 47 deliveries in April, Boeing delivered

34 737 MAXs, 4 767s, 3 777Fs, and 6 787s. On a year-to-date basis, total deliveries are up 46% YoY, which we view as an overall

positive for momentum on the stock. We believe the 1Q26 results represented a clean quarter for Boeing, with the stock up ~5.5%

on the day of earnings. We view today's delivery results as similar, another steady quarter of deliveries for Boeing. We believe

investors would like to see a month or two with MAX deliveries closer to ~40/month ahead of the rate break to 47/month, but

view today's results as mostly positive. 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.

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

prospects to achieve a rate break to 47/month on the MAX. Although management continues to guide to a rate break sometime

this summer, we believe Boeing's inventory levels of engines, fuselages, and other material are supportive of rate 47/month by

~June. The company recently faced a faulty wiring issue due to the calibration of a machine, which we believe was limited to