Boeing posts $745 billion record backlog as 737-7 and 737-10 certified

Boeing ended the third quarter of 2026 with a record $745 billion backlog, freshly certified 737-7 and 737-10 variants, and a net loss narrowed to $116 million — a fraction of the $5.3 billion loss a year earlier. The results, published on October 27, 2026, show a company still in the red but recovering after a period dominated by charges and program delays.

Revenue rose 4% year-on-year to $24.2 billion, driven mainly by the defense and services businesses. Operating cash flow came in at $1.5 billion and free cash flow at $0.5 billion, even after roughly $0.7 billion in payments tied to Boeing's settlement with the US Department of Justice. The company held $20.7 billion in cash and investments against unchanged debt of $45.9 billion.

"Recent milestones, including certification of the 737-7 and 737-10 and selection to design and build the Navy's sixth-generation fighter aircraft, are important steps as we continue building on our progress," President and CEO Kelly Ortberg said. "But we are not done." He added that Boeing remains "focused on safety and quality" as it works to "build the durable performance our stakeholders expect."

What does certification change for the 737 program?

The FAA granted amended type certification (the regulatory approval modifying an existing aircraft certificate) to the 737-7 during the quarter, and the 737-10 followed in October 2026. Both variants complete the 737 MAX family's certification work, clearing the smallest and largest family members for delivery.

Deliveries barely moved, though. Boeing handed over 161 commercial airplanes in the quarter, one more than a year earlier, bringing the nine-month total to 475. The 737 accounted for 124 of the quarterly deliveries.

Production targets reflect the ramp ahead. The 737 program is working toward a stable rate of 47 aircraft per month, while the 787 holds steady at eight per month. On the 777X, certification flight testing of the 777-9 continued, with Boeing maintaining its first-delivery target of 2027 — a claim that its recent record of delays warrants watching.

Why is Commercial Airplanes still losing money?

The commercial unit posted an operating loss of $697 million on revenue of $10.7 billion. Boeing attributed this to three factors:

• a less favorable mix of aircraft deliveries;
• higher projected costs tied to future production rate increases;
• rising supply chain costs.

Demand, however, remains strong. Boeing booked 300 net orders in the quarter, including commitments from Turkish Airlines, Ethiopian Airlines and Lufthansa. The commercial backlog now exceeds 6,300 airplanes, worth a record $612 billion.

The certification milestones and the order book raise a practical question: what does this change for airline customers? Certification of the 737-7 and 737-10 unblocks deliveries to carriers waiting on those variants and removes a long-running regulatory overhang from the MAX program, though actual delivery pace still depends on the 47-per-month rate holding.

Defense gains and the F/A-XX question

Boeing Defense, Space & Security delivered the quarter's standout performance. Revenue climbed 15% to $7.9 billion, and operating earnings more than quadrupled to $492 million, helped by a $252 million gain from the sale of HRL Laboratories alongside improved operations.

During the quarter, the US Navy selected Boeing to design, build and deliver the F/A-XX next-generation fighter. The contract is not yet in the backlog, pending completion of the source selection and evaluation review — meaning the $745 billion total does not yet include what is likely a multibillion-dollar award.

The division also won a seven-year contract to expand production of the PAC-3 missile seeker. Its backlog reached a record $101 billion, with 23% of orders from customers outside the United States.

Services steady heading into year-end

Boeing Global Services remained the company's profit engine. Revenue grew 4% to $5.6 billion at an 18.3% operating margin, reflecting higher volume and a favorable business mix. The unit won a US Army contract to maintain the AH-64 Apache fleet and closed the quarter with a $33 billion backlog.

Boeing enters the final quarter of 2026 with the full MAX family certified, the 777-9 moving toward its 2027 delivery target and record backlogs across all three businesses — yet Commercial Airplanes has yet to prove it can convert that demand into profit.