Boeing (BA) official guidance

We delivered 129 airplanes in the quarter and remain on track to deliver 500 airplanes this year.

We remain on track to deliver 90-100 airplanes this year.

These certifications pave the way for both airplane variants to start deliveries in 2027, and I'm confident these newest members of the 737 MAX family will deliver on the promise of greater efficiency and more capability for our customers.

On the 777-9, we remain on plan for first delivery in 2027.

Earlier this month, we began low-rate MAX production on our North Line, which enables us to reach our next planned rate break of 52 per month.

On 737, we're now ramping to 47 airplanes per month after a successful capstone review in May and expect factory rollouts to reach 47 per month this summer.

On 737-10, we recently completed our final test flight and expect certification following the 737-7.

In fact, on 737-7, testing is done, and we expect to receive an amended type cert from the FAA very soon.

In addition to certification flight testing under the phased TIAs, we expect approval to start ETOPS testing later this year.

They'll get back to, once you get to the end of the decade, into delivering, I'll just say maybe low single-digit billions of dollars type of contribution.

Regarding free cash flow, we remain on track to achieve our outlook of $1 billion-$3 billion.

Factoring in that impact, we expect third quarter free cash flow to be positive and in the low hundreds of millions of dollars.

All those taken together will drive us to margins that will approximate on the 737 what they were in 2018 by the end of the decade.

We expect on the 787 that we'll actually surpass what they were in 2018 by the end of the decade as well.

On a full year basis, including the VC-25B charge, we're in a range of about 2.5% for the year.

We remain confident in the path to return to high single-digit operating margins by the end of the decade.

The company continues to anticipate first delivery in 2028.

The company continues to anticipate certification in 2026 and first delivery in 2027 for both variants.

As a reminder, we're expecting to increase our deliveries on the tanker from around 14 last year to about 19 this year.

We continue to expect an increase to 10 per month later this year.

We're pleased with the progress so far and remain on plan for the newest members of the 737 MAX family to be certified later this year, with deliveries expected to start in 2027.

As we head into next year, probably similar types, and then beyond next year, we'll start to see that improve with the benefit of performance and productivity as well as synergy capture.

In the second quarter specifically, somewhat similar to last year, an outflow, but in the range of, say, low hundreds of millions of dollars.

Having said that, we still expect progressive improvement sequentially throughout the rest of the year.

That'll, again, carry over into next year, where we expect The margins to turn positive mid-next year.

We expect certification of the 737-7 and 737-10 in 2026 and the company anticipates first delivery in 2027.

We expect certification of the 737-7 and 737-10 in 2026 and the company anticipates first delivery in 2027.

The year ended with one 737-8 built prior to 2023, down five from the prior quarter, and we expect to deliver this final shadow factory airplane in the first quarter.

Overall, we expect BCA deliveries to be up close to or approximately 10% all in.

What we're going to be doing in this production build is building around 30 aircraft on the 737-10.

These higher investment levels will continue into 2026, and we expect to spend closer to $4 billion this year, including the incorporation of Spirit.

2026 is planned to be a higher use than 2025, but we expect the net cash use to improve over the next few years before turning positive in 2029.

2026 is planned to be a higher use than 2025, but we expect the net cash use to improve over the next few years before turning positive in 2029.

We expect the first half of 2026 to be a use of cash, with the second half turning positive and accelerating sequentially.

We expect the first half of 2026 to be a use of cash, with the second half turning positive and accelerating sequentially.

In the quarter, the 777X program began the Type Inspection Authorization 3 phase of 777-9 certification flight testing, and the company still anticipates first delivery in 2027.

Our next rate increase will be from this eight, which we should be at eight by the end of the year, and then we'll move to 10 next year.

Earlier this month, we jointly agreed with the FAA to increase 737 production to 42 airplanes per month.

This ramp-up was seen in our third-quarter CapEx spend, which we now expect to be closer to $3 billion for the year.

On the cash balance sheet, I think with the completion of both transactions, we expect the cash balance to be closer to probably in that $28 billion range, so high $20 billions, not as high as $33 billion.

Net-net, even with the higher CapEx, our better-than-expected performance year-to-date supports updating our 2025 outlook to a free cash flow usage of about $2.5 billion, barring the impact of a prolonged government shutdown.

When you reconcile all those items before the potential DOJ payment, you're in a range of positive $500 million.

•737 stabilized production at 38 per month; jointly agreed with FAA in October to increase to 42 per month