Boeing narrows loss as deliveries rise and backlog hits record high in Q1

Boeing reported improved first-quarter results for 2026, with higher aircraft deliveries boosting revenue, though the company remained in the red.

Revenue rose 14% to $22.2 billion, driven primarily by 143 commercial aircraft deliveries, while the net loss narrowed to $7 million, or $0.11 per share, compared with a larger loss a year earlier. On an adjusted basis, core loss per share improved to $0.20.

Cash flow also showed progress. Operating cash flow was slightly negative at $0.2 billion, a significant improvement from the prior year, while free cash flow remained under pressure at –$1.5 billion due to ongoing investments and production ramp-up.

Commercial recovery underway

Boeing’s commercial aircraft division generated $9.2 billion in revenue, up 13%, as deliveries increased. However, the unit remained loss-making, posting an operating margin of –6.1%.

Production programmes continue to stabilise:

• The 737 programme is running at 42 aircraft per month, with certification of the 737-7 and 737-10 expected in 2026.
• The 787 programme is steady at eight aircraft per month, with recent certification upgrades improving performance.
• The 777X programme is progressing through flight testing, with first deliveries targeted for 2027.

The division booked 140 net new orders, including major deals with airlines and leasing companies, helping push Boeing’s total backlog to a record $695 billion, including more than 6,100 commercial aircraft.

Defence and services drive stability

The Defence, Space & Security segment posted strong growth, with revenue up 21% to $7.6 billion and operating profit rising 50%, supported by higher volumes and improved execution. Backlog in the division reached $86 billion.

Meanwhile, Global Services delivered steady performance, with revenue increasing 6% to $5.4 billion and margins remaining high at 18.1%, despite a slight decline linked to portfolio changes.

Balance sheet and outlook

Boeing ended the quarter with $20.9 billion in cash and marketable securities, down from the previous quarter due to debt repayments and ongoing cash outflows. Total debt declined to $47.2 billion, reflecting continued deleveraging.

CEO Kelly Ortberg said the company is building momentum, citing improved operational performance and a growing order book, while maintaining a focus on safety, quality and production increases.

Overall, the results indicate gradual recovery in Boeing’s commercial business, supported by strong demand and defence growth, though profitability and cash generation remain works in progress.