# Boeing's $36 billion deal won't pay off for years

> Korean Air's massive order highlights Boeing's record backlog, but delivery delays push revenue into the next decade.
- Title: Boeing's $36 billion deal won't pay off for years | Shortify
- Summary: Korean Air's massive order highlights Boeing's record backlog, but delivery delays push revenue into the next decade. Large aircraft orders take years to…
- Keywords: boeing, korean air, 737 max, 787-10, 777x, aircraft orders, kelly ortberg, airbus, commercial aviation, delivery delays, free cash flow, Boeing's
- Source: 24/7 Wall St. — https://247wallst.com/investing/2026/09/18/boeings-36-2-billion-korean-air-deal-wont-help-earnings-until-the-2030s
- Author: Omor Ibne Ehsan
- Published: 2026-09-18T18:43:49+00:00
- Read time: 1 min
- Topics: boeing, korean air, 737 max, 787-10, 777x, aircraft orders, kelly ortberg, airbus, commercial aviation, delivery delays, free cash flow
## The deal is already counted
Korean Air's $36.2 billion order for 737 MAX, 787-10, and 777X aircraft was previously logged as unidentified. Deliveries start in the early 2030s.
## Record backlog, falling stock
Boeing's commercial backlog tops 6,200 aircraft worth $597 billion. The stock is down 11.66% this month as 737 MAX production lags.
## Payment arrives at delivery
Order deposits trickle in during production, but the largest payment lands when planes are delivered. That's why headline deals take years to hit earnings.

> Order deposits and progress payments trickle in during the build cycle, with the largest chunk landing at delivery.
## Three risks to the timeline
The early-2030s schedule depends on 737-10 certification in 2026, 777X first delivery in 2027, and ramping factory output to 57 per month.
## Airbus backlog locks Korean in
Korean Air can't switch to Airbus because the A320neo and A350 have their own multi-year backlogs. Boeing's duopoly position holds despite delays.
## Bulls vs bears on execution
Bulls bet on $10 billion annual free cash flow if production ramps. Bears see a $155 billion market cap resting on a delivery track record Boeing keeps missing.
## Key takeaway

Large aircraft orders take years to generate revenue because most payment arrives at delivery, not when the deal is signed.