Boeing reported a narrower first-quarter loss on April 22, 2026, as higher commercial deliveries lifted revenue and drove a sharp improvement in operating cash flow, even as the company continued to burn cash and its commercial arm remained in the red.
The US manufacturer posted first-quarter revenue of $22.2 billion, up 14% year-on-year, on 143 commercial deliveries. Its GAAP net loss narrowed to $7 million from $31 million in the first quarter of 2025, while core loss per share (non-GAAP) improved to $0.20 from $0.49. Total company backlog reached a record $695 billion, including more than 6,100 commercial aircraft.
Operating cash flow improved sharply to negative $179 million from negative $1.6 billion a year earlier. Free cash flow remained negative at $1.5 billion, however, reflecting continued capital investment at Boeing’s Charleston and St. Louis sites.
Commercial business still loss-making
Boeing Commercial Airplanes generated $9.2 billion in revenue, up 13%, as deliveries rose 10% to 143 aircraft. The division still posted an operating loss of $563 million, though its operating margin narrowed to negative 6.1% from negative 6.6% a year earlier.
The 737 program is running at the 42 aircraft per month rate cleared by the Federal Aviation Administration in October 2025, following the cap imposed after the January 2024 Alaska Airlines door plug incident. Boeing said the 737-10 entered the second of its Type Inspection Authorization phases during the quarter, with certification of both the 737-7 and 737-10 still expected in 2026 and first deliveries in 2027. The 787 program remained stable at eight aircraft per month, while the 777X program advanced further in certification, with first delivery of the 777-9 still guided for 2027.
Commercial Airplanes booked 140 net orders in the quarter, including 50 737 MAX jets for Aviation Capital Group, 30 787-10s for Delta Air Lines and 20 737-8s for Air India. The unit’s backlog climbed to a record $576 billion.
Defense and services carry the quarter
Boeing Defense, Space & Security delivered the quarter’s strongest relative improvement. Revenue rose 21% to $7.6 billion and operating earnings climbed 50% to $233 million, lifting operating margin to 3.1% from 2.5%. Backlog reached a record $86 billion, with 27% held by customers outside the United States.
Headline developments during the quarter included the seven-year framework agreement with the Pentagon to triple PAC-3 MSE seeker production and a strategic partnership with Rheinmetall to offer the MQ-28 Ghost Bat to the German Bundeswehr. Boeing also pointed to the Artemis II mission, which completed the first crewed flight of NASA’s Space Launch System in April 2026 using a Boeing-built core stage.
Boeing Global Services reported revenue of $5.4 billion, up 6%, and operating earnings of $971 million. Operating margin edged down to 18.1% from 18.6%, which Boeing attributed to the impact of the $10.55 billion sale of its Digital Aviation Solutions business to Thoma Bravo, closed in late 2025. The unit ended the quarter with a record $33 billion backlog.
Cash burn continues as debt falls
Cash and investments in marketable securities stood at $20.9 billion at the end of the quarter, down from $29.4 billion at the end of 2025. Consolidated debt fell to $47.2 billion from $54.1 billion, with Boeing attributing the change to $6.95 billion in debt repayments and continued free cash flow usage. The company’s $10 billion in undrawn credit facilities remain intact.
The results suggest Boeing’s operational recovery is continuing, even if the company is not yet back to sustained profitability or positive free cash flow. The picture also reflects a different baseline from 2025, when the gain on the Digital Aviation Solutions sale briefly returned Boeing to annual profit for the first time since 2018.
