Boeing (BA) Beats on Revenue, Cash Flow, and Deliveries — Wall Street Takes Notice

TLDR

• Boeing posted a Q1 loss of $0.20 per share, beating the $0.66 loss analysts expected
• Revenue rose 14% year-over-year to $22.2 billion, topping the $21.99 billion estimate
• Boeing delivered 143 commercial planes in Q1, up from 130 a year ago
• Total backlog hit a record $695 billion, including over 6,100 commercial aircraft
• Defense revenue jumped 21% to $7.6 billion; free cash flow improved to -$1.45 billion vs. estimated -$2.61 billion

Boeing had a rough few weeks heading into earnings. The stock was down around 10% since its last quarterly report and slipped another 2% after fighting broke out in Iran. So Tuesday’s numbers had something to prove.

They delivered.

The Boeing Company, BA

Boeing reported a Q1 adjusted loss of $0.20 per share on $22.2 billion in revenue. Wall Street had penciled in a loss of $0.66 per share on $21.3 billion in sales. Both figures came in well ahead of expectations, and the stock jumped roughly 4.6% in premarket trading to $229.25.

Revenue was up 14% from the same period last year, when Boeing posted a $0.49 per share loss on $19.5 billion in sales. The improvement was driven largely by higher aircraft deliveries.

The company handed over 143 commercial planes in the first quarter, up from 130 in Q1 2025. The 737 program is running at 42 aircraft per month. The 787 is stable at eight per month.

Record Backlog, But Still Losing Money

Boeing’s total backlog reached a record $695 billion, including more than 6,100 commercial aircraft. CEO Kelly Ortberg called it “a strong start to the year,” pointing to growing demand across the business.

That said, the Commercial Airplanes segment is still in the red. Revenue in that unit climbed 13% to $9.2 billion, but it posted an operating loss of $563 million.

The brighter spots were defense and services. Defense, Space & Security revenue rose 21% to $7.6 billion, with operating margins improving to 3.1% from 2.5% a year ago. Global Services brought in $5.4 billion, up 6%, with a healthy 18.1% operating margin.

Free cash flow came in at negative $1.45 billion, much better than the negative $2.61 billion analysts had forecast. Operating cash flow was negative $179 million, compared to negative $1.6 billion in the year-ago quarter.

Cash and securities stood at $20.9 billion at quarter end, down from $29.4 billion at the close of Q4, reflecting debt repayments and cash burn.

MAX Certifications Still a Key Watch Item

Boeing expects to certify both the 737-7 and 737-10 MAX variants in 2026, with first deliveries planned for 2027. RBC analyst Ken Herbert flagged the 737-10 as “critical for margins inflecting positive in 2027,” citing its strong pricing profile.

Tuesday’s broader aerospace sector had been rough, with GE Aerospace down 5.6% and Northrop Grumman off nearly 7%, despite both beating estimates. Analyst Rob Stallard described it as a “bloodbath,” pointing to investor concerns about Middle East flight reductions potentially trimming global air traffic growth by around 3%.

Boeing is expected to deliver roughly 660 commercial planes in 2026, up from 600 in 2025.

The post Boeing (BA) Beats on Revenue, Cash Flow, and Deliveries — Wall Street Takes Notice appeared first on CoinCentral.