Boeing Q3 2026: revenue up 4% to $24.2 billion, record $745 billion backlog
Boeing posted a much smaller third-quarter loss, positive free cash flow and a record backlog, but its commercial jet unit is still losing money as it works to steady 737 production at 47 a month.
At a glance
- Boeing reported third-quarter 2026 revenue of $24.2 billion on October 27, up 4% from $23.3 billion a year earlier.
- The core loss narrowed to $0.34 a share from $7.47 a year ago, when results included a large 777X charge; free cash flow was a positive $464 million.
- Defense revenue jumped 15% to $7.9 billion, while commercial airplane revenue fell 3% to $10.7 billion with a negative 6.5% margin.
- The order backlog hit a record $745.4 billion, including more than 6,300 commercial jets.
- Boeing narrowed its 2026 free-cash-flow goal to about $2 billion and aims for 52 737s a month in the second half of 2027.
Boeing reported a much smaller loss for the third quarter of 2026 on Tuesday, October 27. Revenue rose 4% to $24.2 billion and the order backlog reached a record $745 billion. But its commercial jet business is still losing money while the US planemaker works to steady 737 MAX production. Boeing posted a core loss of $0.34 a share, compared with $7.47 a year earlier, and generated $464 million in free cash flow.
The results in numbers
| Measure | Q3 2026 | Q3 2025 |
|---|---|---|
| Revenue | $24.2 billion | $23.3 billion |
| GAAP loss per share | $0.26 | $7.14 |
| Core loss per share | $0.34 | $7.47 |
| Operating cash flow | $1.5 billion | $1.1 billion |
| Free cash flow | $464 million | $238 million |
| Commercial deliveries | 161 | 160 |
| Total backlog | $745.4 billion | — |
Results by business unit:
| Unit | Revenue | Change | Operating margin |
|---|---|---|---|
| Commercial Airplanes | $10.7 billion | -3% | -6.5% |
| Defense, Space & Security | $7.9 billion | +15% | 6.2% |
| Global Services | $5.6 billion | +4% | 18.3% |
Commercial deliveries were 124 737s, 22 787s, 10 767s and five 777s. The commercial unit booked 300 net orders in the quarter. It now has a backlog of $611.8 billion and more than 6,300 aircraft. The defence business ended the quarter with a record $100.5 billion backlog. That figure does not yet include the US Navy's F/A-XX fighter award, which is still under review.
Boeing ended September with $20.7 billion in cash and securities and $45.9 billion of debt.
What drove the quarter
Defence and services carried the results. Higher defence volumes and better margins lifted the defence unit to a 6.2% margin, up from 1.7% a year ago. The commercial unit's loss margin improved sharply from -48.3% in the third quarter of 2025, when it took a large 777X charge. But it remains in the red. Boeing said supply-chain costs and the expected costs of future production-rate increases weighed on the quarter.
During the quarter the Federal Aviation Administration certified the 737-7. The larger 737-10 was certified in October, which clears the way for deliveries of both long-delayed models.
What Boeing said
Chief executive Kelly Ortberg said the company remains focused on safety and quality and on "disciplined execution". On the earnings call, he said getting the production increase right matters more than hitting a particular month for a higher rate.
Boeing narrowed its 2026 free-cash-flow goal to about $2 billion. It set targets of about $3 billion in 2027, $6 billion in 2028 and $10 billion in 2029. The 2027 figure assumes the 777X is certified by around mid-year.
Background
Boeing has spent almost three years rebuilding after a door plug blew out of a 737 MAX 9 in January 2024. The FAA then capped 737 output, and a seven-week machinists' strike followed later that year. The regulator later allowed production to rise. Boeing is now trying to keep the 737 line stable at 47 jets a month before moving higher. It says rework in final assembly has fallen 40% since the start of last year. The 787 is steady at eight a month.
The 777X widebody is years behind schedule. Boeing now targets first delivery in 2027 and is building about one a month.
Why it matters
Boeing and Airbus are the world's only makers of large passenger jets, so Boeing's production pace shapes airline growth everywhere. Carriers in the Gulf, India and Pakistan that have ordered 737 MAX, 787 or 777X jets have faced delays, higher lease costs and older fleets kept flying longer. A steadier Boeing means more seats and possibly lower fares. Its defence growth matters to US allies buying its fighters, tankers and helicopters.
Boeing shares fell during Tuesday's session and were among the drags on the Dow Jones Industrial Average, which barely closed higher.
What happens next
Boeing aims to raise 737 output to 52 a month in the second half of 2027. That depends on FAA approval of a new production line, stable wing and fuselage supply, and higher fuselage output in Wichita. The 777X still needs regulatory approval to begin its remaining flight tests. Boeing's fourth-quarter and full-year results are due in late January 2027.
Questions people are asking
Did Boeing make a profit in Q3 2026?
No. Boeing posted a GAAP loss of $0.26 a share and a core loss of $0.34 a share in the third quarter of 2026, but the loss was far smaller than a year earlier and the company generated $464 million of free cash flow.
How many planes did Boeing deliver in Q3 2026?
Boeing delivered 161 commercial aircraft in the third quarter: 124 737s, 22 787s, 10 767s and five 777s, one more than in the same quarter of 2025.
When will the Boeing 777X be delivered?
Boeing is targeting the first 777X delivery in 2027. It still needs regulatory approval for the remaining flight tests, and its 2027 cash plan assumes certification by around mid-year.
