The Boeing Company Earnings Call Transcripts
Fiscal Year 2026
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Revenue rose 14% to $22.2B with strong growth in all segments and record backlogs. Production rates for key programs are increasing, cash flow guidance remains positive, and no material impact from Middle East instability is expected.
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Significant recovery progress was made in 2025, with record deliveries, improved production stability, and successful Spirit integration. Certification and production ramp-ups are on track, while defense and services segments show robust demand and growth. Cash flow is expected to improve as operational execution continues.
Fiscal Year 2025
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Quarterly revenue surged 57% to $23.9B, with record airplane deliveries and orders driving a $567B backlog. Free cash flow improved, and 2026 guidance targets $1–$3B positive cash flow, despite ongoing certification and supply chain challenges.
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Leadership emphasized a performance-driven culture and operational improvements, with production and deliveries for key programs on track to grow next year. Free cash flow is expected to rise, supported by higher delivery rates, inventory burn-down, and strategic investments, while deleveraging and maintaining strong cash balances remain priorities.
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Revenue rose 30% to $23.3B with positive free cash flow, but a $4.9B 777X charge delayed first delivery to 2027. Commercial and defense segments saw strong demand and record backlogs, while supply chain and certification remain key risks.
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Revenue grew 35% to $22.7B, driven by record commercial deliveries and strong backlog. Free cash flow usage improved, with full-year guidance at $3B and positive Q4 expected. Certification delays and trade risks remain, but long-term demand and margin targets are intact.
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Production ramp-ups for the 737 MAX and 787 are on track, with quality and supply chain stability improving. Strong demand, especially from the Middle East, supports a robust backlog, while financial recovery hinges on successful rate increases and program certifications.
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Revenue rose 18% to $19.5B, driven by higher commercial deliveries, while free cash flow usage improved and operational KPIs progressed. The F-47 win and a $10.55B divestiture strengthened the balance sheet, with robust demand supporting future production ramps.
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Production and operational stability are improving, with 737 and 787 lines on track for planned rate increases. Tariffs and supply chain disruptions have minimal near-term impact due to high inventory. Spirit integration and cultural transformation are progressing, while focus remains on current certifications and gradual portfolio refinement.
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Key priorities include stabilizing production, rebuilding company culture, and improving safety and quality. Progress is being made in supply chain integration, program certification, and financial recovery, with a focus on operational discipline and stakeholder engagement.
Fiscal Year 2024
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Revenue and margins declined sharply due to the IAM strike and defense program charges, but robust backlog and liquidity support recovery plans. Production rates for key programs are ramping up, with 2025 expected to show improved, though still negative, free cash flow.
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Q3 results showed a 1% revenue decline and significant losses due to the IAM strike and program charges. Free cash flow was negative, with 2025 also expected to be negative but improving. Leadership is focused on culture change, operational discipline, and portfolio streamlining.
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A major union strike has halted production, with leadership focused on restoring trust and negotiating a new agreement. Production momentum, especially for the 737 MAX and 787, was strong pre-strike, but supply chain and certification issues persist. Financial outlook and free cash flow remain highly uncertain due to the work stoppage.
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Q2 2024 saw lower revenue and a net loss due to reduced commercial deliveries and defense program losses. Production is ramping, with 737 output targeted at 38/month by year-end, and robust demand supports a positive long-term outlook. Spirit AeroSystems acquisition and leadership transition mark significant strategic moves.