『Boeing Q2 2026 Earnings Analysis』のカバーアート

Boeing Q2 2026 Earnings Analysis

Boeing Q2 2026 Earnings Analysis

無料で聴く

ポッドキャストの詳細を見る
More earnings analysis: https://betafinch.com
Groups: INDUSTRIALS (https://betafinch.com/groups/INDUSTRIALS)
──────────
ALEX: Welcome to Beta Finch, your AI-powered earnings breakdown, where we take the transcripts so you don't have to. I'm Alex, joined as always by Jordan. Today we're digging into Boeing's second quarter 2026 results, and Jordan, there's a lot going on here — good and bad.

JORDAN: Yeah, this one's a real mixed bag. Before we get into it though —

ALEX: Right, our standard disclaimer: this podcast is AI-generated content for educational and entertainment purposes only. Nothing we discuss should be considered investment advice. Always do your own research and consult a qualified financial advisor before making any investment decisions.

JORDAN: Good, glad that's out of the way. So Alex, let's start with the headline numbers, because there's genuinely some good news here.

ALEX: There is. Revenue came in at $24.6 billion, up 8% year over year, and CEO Kelly Ortberg said they delivered 171 airplanes in the quarter — the highest total since 2018. That's a big deal for a company that's spent years trying to prove it can actually build planes reliably.

JORDAN: And it's not just noise — operating margin improved to positive 0.6% for the company overall, and free cash flow was positive $631 million, which actually beat what CFO Jay Malave had guided to last quarter. They're still tracking toward that full-year free cash flow target of $1 to $3 billion.

ALEX: But — and there's always a "but" with Boeing lately — there was a $280 million charge this quarter tied to the VC-25B program. That's the new Air Force One.

JORDAN: Right, and this is one of those fixed-price development contracts that's been a headache for Boeing for years. They're adding resources to keep the build and test schedule on track, and they even shifted from an FAA certification basis to a military one. It's a bet-the-schedule move — spend more now to protect the 2028 delivery commitment.

ALEX: Which, credit to them, is at least transparent. Ortberg didn't try to spin it — he flat out said "the charge is disappointing."

JORDAN: I appreciated that. It fits the broader tone of this call, honestly — a lot of "we're not out of the woods, but we're in much better shape than two years ago."

ALEX: Let's talk about the certification wins, because that's really the story of this quarter. The FAA authorized Boeing to resume issuing airworthiness certificates for all 737 MAX and 787 aircraft — that's a trust milestone after years of extra regulatory scrutiny.

JORDAN: And on top of that, testing wrapped on the 737-7, with certification expected very soon, and the 737-10 just completed its final test flight. Both variants are now on track to start deliveries in 2027.

ALEX: Meanwhile the 777X — the widebody everyone's been waiting on — is over 55% through certification flight testing, still targeting first delivery in 2027. Ortberg made a point of saying that number sounds low but it's actually tracking well since a lot of pre-work was already done.

JORDAN: The production rate story is the other big thread. Boeing's ramping 737 to 47 a month, with a new production line coming online in Everett to eventually hit 52 a month. And on the 787 side, they've stabilized at 8 a month in Charleston, though they did pause production for a few days in April to let the supply chain catch up.

ALEX: That engine issue with GE came up a lot in the Q&A actually. One analyst basically called it out directly — GE says there's no problem, but Boeing's clearly working through an engine delivery shortfall.

JORDAN: Ortberg handled that pretty carefully. He said Boeing's fallen behind on 787 engine deliveries and they've got a recovery plan in place with GE, and that it matters a lot for hitting the Rate 10 target. Diplomatic, but you could read between the lines that it's a real constraint right now.

ALEX: Let's hit defense and services quickly, because they don't get as much

This episode includes AI-generated content.
adbl_web_anon_alc_button_suppression_t1
まだレビューはありません