Boeing Co.

Strong momentum + record scale (good): - Boeing reported Q2 2026 revenue of $24.6B (+8% YoY) and free cash flow (FCF) of +$631M. - BCA delivered 171 airplanes in the quarter, the highest quarterly total since 2018, and BCA backlog is record $597B including 6,200+ airplanes. - Consolidated operating margin improved to 0.6%; core EPS was a loss of $0.76 (loss influenced by segment/program items below).

Production/certification progress that supports forward delivery expectations (good + key outlook): - 737 MAX certification: FAA authorized Boeing to resume issuing airworthiness certificates for all 737 MAX and 787 airplanes. - 737-7 / 737-10: testing completed; Boeing expects amended type certificates “very soon” for -7 and certification soon for -10 after final test flight. These are expected to enable deliveries in 2027 for both variants. - Production rates: Boeing is ramping to 47/month for 737 after Capstone review; expects factory rollouts to reach 47/month this summer and began low-rate MAX production on the North Line to support the planned next rate break to 52/month. - 787: production stabilized at 8/month; Boeing expects 90–100 787 deliveries in 2026. Seat certification remains a workstream (see risk below), but Riyadh Air received the first 787s previously built pending seat certification.

Cash flow outlook for 2026: strong, but timing-dependent (good + moderate risk): - Boeing reiterates FCF outlook of $1B to $3B for 2026. - Q1/H1 better than expected driven by favorable receipt timing; Boeing expects DOJ payment of ~$700M in Q3 (planned second-half payment expected in third quarter). - CFO expects Q3 FCF to remain positive and in the low hundreds of millions, implying Q4 strength (investor asked; company cited BCA delivery ramp + BDS performance + seasonal advances/receipts such as KC-46 advance in Q4 as drivers).