The headlines are that Boeing ($BA) reported a $6.2 billion loss on the quarter, compared to a $1.6 billion loss from the year-ago period. Operating cash flow also turned negative, which is why new CEO Kelly Ortberg recently said the company will likely shell shares and take on new debt to raise $25 billion in new capital. Lord knows the company needs it.

That said, Boeing is not solely a maker of commercial aircraft. The company is also one of the world’s largest defense contractors and a provider of aviation services. So how are each of those operating segments performing lately?

Figure 1, below, tells the tale. 

As you can see, the commercial aircraft segment is certainly down from prior periods — but that’s largely driven by a surge in revenue from late 2022 into 2023, which was a rebound from terrible revenue numbers in 2020 and 2021 when the pandemic hammered the airline industry. Hence the trend line (in light blue) tilts upward. 

Meanwhile, Boeing’s defense segment has, on average, held its own over the 11 quarters. The services division has done the same too. 

That revenue stability still isn’t enough, of course. It’s not growth, and it’s nowhere near enough to offset Boeing’s costs from legal settlements, pay raises for striking workers, and whatnot — but it ain’t nothing, either.

On the other hand, if Boeing wants to return to growth, it needs to deliver more planes, defense systems, and service contracts. Figure 2, below, shows the company’s total order backlog for all three.

OK, that’s… well, we don’t know what this is; we’re just the data people. But Figure 2 does show that Boeing has a huge backlog, up 37.7 percent from the start of 2022 to today. If Boeing can start delivering on those back orders, revenue should increase. 

The grand question, then, is whether CEO Ortberg can revive Boeing’s dysfunctional culture and operations before he burns through that $25 billion in newly raised capital. If he succeeds, the backlog declines, revenue rises, and Boeing's balance sheet can get more lean and healthy. If not, brace for more turbulence.