Boeing has reported better-than-expected first-quarter results for 2026, driven by a marked rebound in commercial aircraft deliveries, though the company remains unprofitable with a net loss now measured in "tens of millions" rather than billions. According to the group's financial disclosure, Boeing recorded revenue of $22.2 billion in Q1 2026, up about 14% from $19.5 billion in Q1 2025. The manufacturer posted a net loss of approximately $90 million, a significant narrowing from the $123 million loss a year earlier. This gradual return to breakeven primarily reflects the rebound in deliveries and improved operational performance, although cash flow remains negative, with free cash flow of about –$1.5 billion for the quarter. Boeing emphasizes the improvement in its cash profile compared to crisis years, noting that last year it achieved its first annual profit since 2018, around $1.9 billion, partly thanks to the sale of its Digital Aviation Solutions subsidiary. The order backlog reached a record level near $695 billion, including over 6,100 commercial aircraft, providing exceptional visibility but requiring adherence to production rate ramp-up plans. **Commercial airplanes division still in the red** At the core of Boeing's business, the commercial airplanes division generated approximately $9.2 billion in revenue in Q1, a 13% increase year-over-year, driven by higher deliveries. However, the activity remains loss-making: Boeing Commercial Airplanes reported an operating loss of around $560 million, with an operating margin of about –6%, though this margin has slightly improved from last year. In other words, each aircraft delivered helps dilute fixed costs and brings the division closer to breakeven, but pricing and industrial recovery are not yet sufficient to generate positive margins. Management highlights the gradual normalization of production lines after years of disruptions related to the 737 MAX design issues, industrial quality problems, and supplier difficulties. "We remain focused on stabilizing our operations, finalizing our development programs, rebuilding trust with our stakeholders, and fully restoring Boeing as an iconic company," the management reiterated in discussions with investors. In the rest of the group, the defense, space, and security division benefits from strong military demand and sees its results improve, contributing to the overall better performance of the quarter. **143 aircraft delivered, outpacing Airbus in the quarter** On the industrial front, Boeing delivered 143 commercial aircraft in Q1, 13 more than in Q1 2025, and a spectacular jump from the 83 aircraft delivered in the same period of 2024, a year marked by inspections and production restrictions on the 737 MAX. This quarterly volume is the best for the first three months of the year since 2019, signaling a tangible recovery in the group's operational capacity. The 143 deliveries are mainly composed of 114 single-aisle 737s, along with six 767s, eight 777s, and fifteen 787s, reflecting a return to a more balanced product mix. In March alone, Boeing handed over 46 aircraft to customers, a slight slowdown from the 51 delivered in February, but consistent with the announced production ramp-up trajectory for the 737 MAX and 787. Despite the recent detection of wiring defects on some undelivered 737 MAXs, which led to rework on already assembled aircraft, the manufacturer assures it "remains on track" with its monthly production targets. For the quarter, Boeing outpaced Airbus in deliveries, with the European manufacturer delivering 114 aircraft, 29 fewer than its US rival, although Airbus remained ahead in March alone with 60 deliveries versus 46.