Boeing Posts Q3 2026 Revenue of $24.2 Billion as 737-7 and 737-10 Win FAA Certification and Backlog Hits Record $745 Billion
Why It MattersRecord backlog alongside a still-negative commercial segment margin shows demand is secured for years but profitability is constrained by production costs, delivery mix and supply chain.
The Boeing Company reported third-quarter 2026 revenue of $24,188 million, up 4 percent from $23,270 million a year earlier, mainly on higher defense and services volume and a less favorable commercial delivery mix. Nine-month revenue was $70,965 million, up 8 percent. On a GAAP basis, third-quarter earnings from operations were $354 million, a 1.5 percent operating margin, compared with a loss of $4,781 million in the third quarter of 2025. Net loss was $116 million, or $0.26 per diluted share, versus a net loss of $5,339 million, or $7.14 per share, a year earlier. Core loss per share (non-GAAP) was $0.34. Operating cash flow was $1.5 billion and free cash flow (non-GAAP) was $464 million. Cash and marketable securities totaled $20.7 billion against consolidated debt of $45.9 billion, and $10.0 billion of credit facilities remain undrawn. Total company backlog grew to a record $745 billion, including more than 6,300 commercial airplanes.
Commercial Airplanes delivered 161 airplanes, against 160 a year earlier, and booked 300 net orders, including from Turkish Airlines, Ethiopian Airlines and Lufthansa. Segment revenue was $10,720 million with a loss from operations of $697 million, an operating margin of minus 6.5 percent, reflecting less favorable delivery mix, higher projected costs tied to future production rate adjustments and higher estimated supply chain costs. Backlog stood at a record $612 billion. The 737-7 received amended type certification from the FAA during the quarter, and the 737-10 received certification in October.
Defense, Space & Security revenue rose 15 percent to $7,935 million, with earnings from operations of $492 million, a 6.2 percent margin, including a $252 million gain on the sale of HRL Laboratories. The U.S. Navy selected the unit to design, build and deliver the F/A-XX next-generation fighter; that order is not yet in backlog pending completion of the source selection and evaluation review. The unit also received a seven-year contract to expand PAC-3 Seeker production. Its backlog reached a record $101 billion, 23 percent from customers outside the U.S.
Global Services revenue was $5,574 million, up 4 percent, with earnings from operations of $1,019 million, an 18.3 percent margin. It won a U.S. Army award for AH-64 Apache fleet maintenance and ended the quarter with a $33 billion backlog. CEO Kelly Ortberg said the company remains focused on safety and quality.
