Boeing Co. (BA) reported first-quarter adjusted earnings per share of $0.31 on Wednesday, a sharp beat versus the $0.42 loss forecast by Wall Street, as the planemaker delivered its first profitable quarter in nine and the third consecutive quarter of progress under chief executive Kelly Ortberg. Revenue came in at $20.4 billion, up 18% year-on-year, edging past the $19.8 billion consensus.
The headline driver was a sustained climb in 737 MAX production: monthly output rose to 38 aircraft for April, hitting the FAA-imposed cap for the first time, with management guiding to a request for the cap to be lifted to 42 aircraft in late Q2. Boeing Commercial Airplanes delivered 121 jets in the quarter, a 56% increase from Q1 2025, including 86 MAX, 17 787 Dreamliners, and 14 777 freighter and military variants.
Cash Flow Inflection
Operating cash flow swung to a positive $620 million from a $3.9 billion outflow in the year-ago quarter, while free cash flow was $174 million versus a $4.0 billion deficit. Boeing reaffirmed its full-year free cash-flow target of $4 billion-$5 billion, slightly ahead of the $3.7 billion analyst consensus. The defense and space segment posted a $34 million profit on $7.2 billion of revenue, ending the multi-quarter run of charges on KC-46 and T-7A programs.
Total backlog stands at a record $548 billion, with the commercial book now spanning 5,720 aircraft. Boeing booked 122 net orders in the quarter, including a 50-aircraft 787 order from Saudi Arabia's Riyadh Air and a 30-aircraft MAX-10 deal with EasyJet. Management said the 777X widebody is on track for first delivery in Q4 2026, with FAA certification flight tests now 88% complete.
Stock Reaction and Setup
Boeing shares jumped 9.4% in pre-market trade to $214.20, the highest level since March 2024 and a $14.5 billion market-cap gain. Suppliers Spirit AeroSystems (SPR), GE Aerospace (GE