Boeing $BA reported a first-quarter net loss of $7 million, down from a $31 million loss in the same period a year earlier, as commercial aircraft deliveries rose 10% to 143 planes. Revenue climbed 14% to $22.2 billion.
Analysts had forecast an adjusted loss of 83 cents per share, according to CNBC, making Boeing's reported core loss of 20 cents — and GAAP loss of 11 cents — a substantial beat.
The company's commercial airplanes segment generated $9.2 billion in revenue, up 13%, though it still recorded an operating loss of $563 million. The 737 program is producing at 42 planes per month. Regulatory approval of the 737-7 and 737-10 — the two outlier-sized members of the Max lineup — is expected before year-end, with customer deliveries of both models set to begin in 2027.
Revenue at the defense, space, and security segment reached $7.6 billion, and the division swung to operating earnings of $233 million — roughly one and a half times what it generated in the same period last year. Global services brought in $5.4 billion in revenue and $971 million in operating income, but the segment's margin slipped to 18.1% from 18.6% a year ago; Boeing pointed to the prior-year sale of its Digital Aviation Solutions subsidiary as the reason for the compression.
Operating cash flow was negative $179 million, a significant improvement from negative $1.6 billion in the first quarter of 2025. Capital spending drove free cash flow to negative $1.5 billion, with the bulk of that investment directed toward expanding 787 production capacity in Charleston, South Carolina, and military aircraft operations near St. Louis. Cash and investments fell to $20.9 billion from $29.4 billion at the start of the quarter, largely due to debt repayments. Consolidated debt declined to $47.2 billion from $54.1 billion.
The company's total order backlog reached a record $695 billion at quarter-end, with commercial jets alone accounting for more than 6,100 aircraft worth $576 billion of that figure. Boeing booked 140 net commercial orders in the quarter, including 30 787-10s for Delta Air Lines, 25 737-10s and 25 737-8s for Aviation Capital Group, and 20 737-8s for Air India.
"We're building on our momentum with a strong start to the year and growing record-breaking backlog across our business," CEO Kelly Ortberg said in a statement. Ortberg, who took over as CEO in August 2024, has been working to stabilize Boeing's operations following years of safety and manufacturing problems.
The 777X program continued certification progress during the quarter, with the FAA approving the start of a new phase of certification flight testing. Boeing anticipates first delivery of the 777-9 in 2027.