Yesterday, Boeing published its half-year financial update showing a record backlog growing to $715 billion, or around $33 billion more than the $682 billion backlog this time last year
Boeing also recorded second-quarter revenue of $24.6 billion and a net loss of $428 million, partly driven by mounting losses on the VC-25B Air Force One replacement programme
Boeing’s record-breaking backlog
Boeing stated, “results primarily reflect higher commercial delivery volume and favorable working capital within the year. Total company backlog at quarter end grew to a record $715 billion.”
Boeing’s commercial aircraft is a greater share of its business than defence. In the first six months of 2026, it recorded 246 net orders, including orders from Korean Air, Delta Air Lines, and SMBC Capital
At the same time, Boeing’s Commercial Airplanes delivered 171 airplanes in the second quarter for a total of 314 deliveries for the first six months. This compares to 280 deliveries in the first half of 2025
The backlog includes over 6,200 airplanes valued at a record $597 billion. This is the backlog after the ASC 606 Adjustment. Unadjusted, the backlog is for 6,814 commercial aircraft
Commercial revenues grew by 8% for the second quarter year on year; meanwhile, they grew by 13% for defence and 1% for its global services
Airbus and Boeing now have 12 years of aircraft orders waiting to be builtAirbus and Boeing now have 12 years of aircraft orders waiting to be built
Why Boeing’s defence and space backlogs are smaller
For the first six months, Boeing recorded $21.1 billion in revenue from its commercial aircraft, $15.1 billion from defence, space, and security, and $10.7 billion from its global services
However, its backlog is heavily weighted to commercial aircraft. Of its $715 billion in backlog, $597 billion was for commercial aircraft, $85 billion was for defence, space, and security, and $32.8 billion was for global services
The reason for the skewed backlogs is that commercial airplane orders are typically firm, multi-year purchase agreements stretched five to more than ten years into the future before full deliveries
Military contracts tend to be shorter-duration and are annually appropriated. The US DoD tends to purchase its aircraft incrementally
Commercial and military aircraft backlogs
Boeing’s total unfilled commercial aircraft orders are:
- 84 Boeing 767s (split between 767-300F freighters and KC-46A tankers)
- 703 Boeing 777s
- 1,145 Boeing 787 Dreamliners
- 4,882 Boeing 737s
After ASC 606 adjustments, the order book is:
- 84 Boeing 767s (unchanged)
- 626 Boeing 777s
- 1,095 Boeing 787s
- 4,397 Boeing 737s
Meanwhile, the US Air Force is moving to double its planned F-15EX acquisition and ramp up production. Israel also recently announced it would order another 25 F-15EXs
Boeing continues to fulfill its remaining orders from the US Navy for the F/A-18 Super Hornet. Final deliveries are expected in 2027, after which the production line is expected to shut down
As the line shutters, Boeing is moving on to produce the Naval MQ-25 Stingray tanker drone, the T-7 Red Hawk trainer, the MQ-28 Ghost Bat Collaborative Combat Aircraft, and develop the next-generation F-47 fighter jet
The Air Force is expected to increase its orders for Boeing’s KC-46 tankers, while Boeing continues to deliver AH-64 attack helicopters, CH-47 transport helicopters, MH-139 helicopters, and its P-8 Poseidon maritime patrol aircraft
Get the latest aerospace defence news here from AGN.Get the latest aerospace defence news here from AGN.
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