MANUFACTURER INTELLIGENCE · BOEING
Boeing
Commercial aircraft deliveries, backlog, production rates, programme certification and the cash recovery behind the output ramp.
Latest: August 2026 · Q2 financials to 30 June 2026Overview
Boeing delivered 418 commercial aircraft in the first eight months of 2026 and returned to positive quarterly free cash flow in Q2. The recovery is real but narrow: the 737 is the engine of it, the programme is still working to hold rate 47, and Commercial Airplanes remains loss-making at the margin line.
Deliveries and production
| Period | Deliveries | Cumulative |
|---|---|---|
| Q1 2026 | 143 | 143 |
| Q2 2026 | 171 | 314 |
| July | 53 | 371 |
| August | 51 | 418 |
Programme mix
| Programme | Q2 deliveries | Aug deliveries | Unfilled orders | Monthly rate |
|---|---|---|---|---|
| 737 | 129 | 42 | 4,811 | Transitioning to 47 |
| 767 | 10 | 3 | 78 | — |
| 777 / 777X | 7 | 2 | 696 | — |
| 787 | 25 | 4 | 1,163 | 8, targeting 10 |
Orders and backlog
| Measure | Value | Period |
|---|---|---|
| Gross orders | 498 | Year to date, end-August |
| Net orders booked | 246 | Q2 2026 |
| August gross orders | 15 | 2 737 MAX, 11 787-9, 2 787-10 |
Financial performance
| Measure | Q2 2026 | H1 2026 |
|---|---|---|
| Revenue | $24.6bn | $46.8bn |
| Core operating earnings | −$1m | $294m |
| Core EPS | −$0.76 | −$0.97 |
| Operating cash flow | $1.4bn | $1.2bn |
| Free cash flow | $0.6bn | −$823m |
| Commercial Airplanes revenue | $11.8bn | — |
| Commercial Airplanes operating margin | −2.7% | — |
| Cash and marketable securities | $20.0bn | — |
| Consolidated debt | $45.9bn | — |
Programme and certification status
| Programme | Status | Next milestone |
|---|---|---|
| 737 rate | Transitioned to 47 a month during Q2; not yet fully stable | Rate 52 once stabilised and Everett line certified |
| 737 North Line | Low-rate production activated in July 2026 | Certification of the Everett line |
| 737-7 | FAA type certification secured in August 2026 | Entry into service |
| 737-10 | Flight testing complete; documentation phase | Certification |
| 787 | Stabilised at 8 a month | Rate 10 towards year-end, subject to engines |
| 777X | Certification testing under way; GE9X mid-seal issue still relevant | First delivery expected 2027 |
What is limiting output
Wings, not orders. Renton wing production is the stated constraint on holding rate 47.
Engines on the 787. Moving from 8 to 10 a month is explicitly conditioned on engine deliveries improving.
The 777X tail risk. Certification remains vulnerable to GE9X and programme timing issues; first delivery is guided to 2027.
Sources
Boeing Q2 2026 results · Boeing Q1 deliveries · Forecast International, August 2026 · AeroTime on 737, MAX 10 and 777X.