ARLINGTON, Va. — Boeing Company reported second-quarter results Tuesday, July 28, showing higher revenue and a narrowed net loss against a wider-than-expected core loss, driven by increased commercial airplane deliveries as the aerospace juggernaut launched its low-rate initial production on a new 737 assembly line in Everett.
“I’m very pleased with the progress our team is making as we execute our plan. Our operations are more stable and key certification programs remain on plan,” Boeing President and CEO Kelly Ortberg said in a statement. “Our focus has been on restoring trust and we are now building on that through a sustained focus on safety, quality, and on-time performance. While there is more work ahead in the second half of the year, the momentum we are building continues to move Boeing in the right direction.”
Overall, Boeing posted revenue of $24.6 billion for the quarter ended June 30, up 8% from $22.7 billion a year earlier. It recorded a net loss of $428 million, or 67 cents per share, compared with a net loss of $612 million, or 92 cents per share, in the second quarter of 2025. On a core basis, which excludes certain pension and other items, the loss was 76 cents per share, improved from $1.24 a year earlier— substantially wider than the consensus expectation of a loss of roughly 28 to 34 cents.
Operating cash flow reached $1.4 billion, and free cash flow was $631 million, reversing a $200 million cash burn in the year-ago period. The company’s total backlog rose to a record $715 billion, including more than 6,200 commercial airplanes valued at $597 billion.
Commercial Airplanes revenue was $11.8 billion, up 8%, with an operating loss of $322 million. The unit delivered 171 airplanes, up 14% from 150 a year earlier, including 129 737s, 10 767s, 7 777s and 25 787s. It booked 246 net orders.
The 737 program is transitioning to a production rate of 47 airplanes per month from 42 with the launch of its low-rate initial production on the 737 North Line in Everett. The new $1 billion assembly line, the fourth dedicated to the 737 MAX family and the first outside Boeing’s longtime Renton, facility, became operational on July 6.
“We have three priorities in BCA, and one of them is to deliver safe and quality airplanes to our customers on time. This year is a $1 billion investment to do just that. It builds capacity and resiliency into our factory and our production system,” Stephanie Pope, Boeing president and CEO of Commercial Airplanes, said at the North Line ribbon-cutting ceremony on July 10.
Defense, Space & Security revenue rose 13% to $7.5 billion but posted a $15 million operating loss, reflecting $280 million in losses on the VC-25B program due to additional production and certification resources. First delivery of the aircraft is still expected in 2028. The segment’s backlog stood at $85 billion.
Global Services revenue was $5.3 billion, with operating earnings of $968 million and a margin of 18.1%. Results reflected higher volume partially offset by the impact of a divestiture, higher costs and mix.
Boeing said certification flight testing has been completed for the 737-7 and 737-10, with certification expected in 2026 and first deliveries in 2027. The 777X program received FAA approval to begin certification flight testing, with first delivery also targeted for 2027.
The company reported cash and marketable securities of $20.0 billion and debt of $45.9 billion at quarter’s end, with access to $10 billion in undrawn credit facilities.
Author: Mario Lotmore
