Boeing reports record $695B backlog despite negative free cash flow in Q1

The Boeing Company (NYSE:BA) reported first-quarter 2026 revenue of $22.2 billion, reflecting a period of high production demand tempered by ongoing supply chain stabilization and heavy capital investment.

While the company posted a net loss for the quarter, the results were buoyed by a record-breaking backlog that underscores long-term demand for its commercial and defense platforms.

For the quarter ended March 31, 2026, Boeing reported a GAAP diluted loss per share of ($0.11) and a core (non-GAAP) loss per share of ($0.20).

The company’s cash position saw pressure as it continues to ramp up production rates for the 737 and 787 programs.

Operating cash flow stood at ($0.2 billion), while free cash flow (non-GAAP) was ($1.5 billion) for the quarter.

Despite the cash burn, operational momentum in the Commercial Airplanes segment showed marked improvement.

Deliveries rose to 143 aircraft during the quarter, as the company successfully worked through previously stored inventory and stabilized assembly lines.

This helped push Boeing's total backlog to a historic high of $695 billion, which now includes over 6,100 commercial airplanes, providing a multi-year runway of visibility into future revenue.

Financially, Boeing moved to strengthen its balance sheet, with consolidated debt declining to $47.2 billion.

However, the company’s total cash and investments fell to $20.9 billion at the end of the quarter, down from $25.1 billion at the end of 2025, reflecting the heavy cash requirements of its current production cycle.