We study a queueing system operated with packet level coding. More specifically, we derive a closed form upper bound on the queueing delay as well as an expression for the decoding delay of a system operated with systematic network coding. Unlike previous works, the delay is considered on a per-packet basis rather than per-block, thus taking into account the low-latency property of systematic codes. Furthermore we study the tradeoff between the coding gain and the decoding delay defining the “achievable” region (packet loss vs. delay) for finite block lengths.