Boeing posts near break-even quarter as backlog hits record $695 billion

Boeing reported a near break-even first quarter Tuesday, posting a small net loss and another quarter of negative free cash flow even as aircraft deliveries, defense revenue and order activity continued to recover. The company said its backlog climbed to a record $695 billion, underscoring strong demand while the planemaker works to stabilize operations.

The Arlington, Virginia-based company said first-quarter revenue was $22.217 billion. Boeing reported a GAAP net loss of $7 million, or a diluted loss of 11 cents a share, and a core loss per share of 20 cents. GAAP earnings from operations were $448 million. Operating cash flow was negative $179 million, and free cash flow was negative $1.454 billion.

At the end of the quarter, Boeing said it had $20.9 billion in cash and marketable securities, $47.2 billion in consolidated debt and access to $10 billion in undrawn credit facilities. Its total backlog reached a record $695 billion, including more than 6,100 commercial airplanes, giving the company a large base of future work even as it continues to burn cash and carry a heavy debt load.

In its commercial airplane business, Boeing reported $9.203 billion in revenue and a negative 6.1% operating margin. The company delivered 143 commercial airplanes in the quarter: 114 737s, six 767s, eight 777s and 15 787s. Boeing said the division booked 140 net orders, including 25 737-10s and 25 737-8s for Aviation Capital Group, 30 787-10s for Delta Air Lines and 20 737-8s for Air India. Boeing said 737 production is running at 42 a month and that it expects certification of the 737-7 and 737-10 in 2026, with first deliveries in 2027. It also said 787 production is stabilizing at eight a month. Certification work continued on the 777-9, with first delivery anticipated in 2027, according to Boeing.

Other businesses added support to the quarter. Boeing Defense, Space & Security reported $7.599 billion in revenue, up 21% from a year earlier, with a 3.1% operating margin and a record $86 billion backlog. Boeing Global Services reported $5.370 billion in revenue, an 18.1% operating margin and a record $33 billion backlog.

The results point to improving operational momentum under CEO Kelly Ortberg, who took over in August 2024 and has centered Boeing’s turnaround on safety, quality and more consistent execution. Those issues remain central for the company after years of safety, certification and supply-chain disruptions, and because Boeing is still under heavy scrutiny tied to the 737 MAX crisis and later Justice Department action. In Boeing’s earnings release, Ortberg said, “With a continued focus on safety and quality, we're delivering high-quality commercial and defense products and services, while increasing production to uphold our customer commitments and get back to the iconic global aerospace company that leads our industry.”