Should Investors Be Bullish on Boeing?
Key Points
Boeing's revenue grew 14% in the first quarter of 2026.
The aerospace and defense company's backlog is now nearly $700 billion.
Boeing's performance is improving under CEO Kelly Ortberg, who took over in 2024.
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Boeing (NYSE: BA) recently delivered one of its strongest quarterly earnings reports in years. Boeing is in the middle of a lengthy effort to improve its company performance; while the turnaround seems to be working, Boeing still has a long way to go to fully recover. Shares of Boeing have risen more than 20% in April as I write this.
Demand is taking off
In the first quarter of 2026, Boeing's revenue jumped 14% year over year to $22.2 billion. The company's defense segment reported a particularly strong quarter with its revenues rising 21% to $7.6 billion.
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Boeing's backlog is now a record high of $695 billion, with more than 6,100 commercial airplane orders. This is a sign of healthy and growing demand for Boeing. The company's balance sheet is gaining strength, and losses are narrowing.
A Boeing 777. Image source: Getty Images.
There could be turbulence
There are still plenty of risks for Boeing and its investors. Any manufacturing or engineering setbacks would harm the company, which it cannot afford after years of reputational damage. Boeing also still carries significant debt.
However, the company under CEO Kelly Ortberg is showing serious signs of improvement, and I'm cautiously bullish on Boeing. Yes, the backlog and demand are impressive, but Boeing doesn't have much room for error in 2026 after several years of struggles.
Boeing is trading at around $230 per share as of this writing, but both its forward (164) and trailing (91) P/E ratios suggest it may be overvalued. For long-term investors, Boeing is trending in the right direction, but it still has a lot to prove to justify its current price.
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Catie Hogan has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Boeing. The Motley Fool has a disclosure policy.
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