Boeing reported a narrowed Q1 2026 GAAP net loss of $7 million, driven by 14% higher revenue of $22.2 billion from 143 commercial aircraft deliveries. The company’s total backlog hit a record $695 billion, including over 6,100 commercial airplanes, signaling robust demand.
Commercial Airplanes revenue climbed 13% to $9.2 billion, with deliveries up 10% year-over-year, though the unit posted a $563 million operating loss and -6.1% margin. Net orders reached 140, featuring 50 737 MAX for Aviation Capital Group, 30 787-10s for Delta Air Lines, and 20 737-8s for Air India; its backlog surged to $576 billion.
Defense, Space & Security showed the strongest gains, with 21% revenue growth to $7.6 billion and operating earnings up 50% to $233 million, yielding a 3.1% margin. Backlog hit $86 billion, 27% from non-U.S. customers.
Global Services revenue rose 6% to $5.4 billion, with $971 million in earnings despite an 18.1% margin dip from the prior-year sale of its Digital Aviation Solutions business. Its backlog reached $33 billion.
Operating cash flow improved sharply to -$179 million from -$1.6 billion, but free cash flow stayed negative at $1.5 billion due to investments in Charleston and St. Louis facilities. The results underscore delivery momentum and backlog strength bolstering long-term revenue visibility amid ongoing commercial losses.