Boeing Stems Cash Outflow As Aircraft Deliveries Pick Up Pace

Boeing Co. managed to slow a cash outflow in the second quarter, indicating that a turnaround initiated by Chief Executive Officer Kelly Ortberg a year ago is paying off as the company delivers more aircraft.

The plane maker consumed just $200 million in the three months, far less than the $1.8 billion outflow analysts had expected. The company also reported a smaller-than-expected loss for the quarter as well as revenue that beat estimates. 

Boeing is emerging from one of the toughest periods in its recent history, including a near-catastrophic accident at the start of 2024 and a debilitating strike in the final months. The crises squeezed the company’s finances and spurred Boeing to sell equity worth almost $24 billion. Ortberg, an aerospace veteran, came out of retirement last year to lead the revival.

“We’re just over halfway through 2025 and I’m pleased with our progress,” Ortberg said in a message to employees. “Change takes time, but we’re starting to see a difference in our performance across the business.”

Over the course of last year, the company burned through more than $14 billion in cash. Since then, aircraft orders have become an important negotiation tool in US tariff negotiations, with President Donald Trump tying many trade accords to Boeing plane orders. That, in turn, has supported Boeing’s business.

The US manufacturer has won more orders so far this year than Airbus SE, its European rival. Boeing’s defense business was profitable for a second consecutive quarter, while its commercial jet deliveries are rising as its factories settle into a steadier production tempo. Boeing delivered 280 aircraft in the first half, the most in the first six months of a year since 2018.

Sales were $22.75 billion, Boeing said in a statement, about $1 billion more than analysts predicted. The company recorded an adjusted loss per share of $1.24 better than the expected $1.40 loss. 

The earnings included a $445 million cost to settle a US criminal case related to two fatal crashes of its 737 Max jets, although a Texas court hasn’t yet approved the agreement between Boeing and the Justice Department.

But the turnaround led by Ortberg is still in the early stages, and far from assured given the company’s debt load and tumultuous end markets. The Boeing CEO confirmed that certification of the final two 737 Max models, the -7 and -10, will likely slip into 2026 as the company works on a redesign of an anti-ice system for the jets engines.

Boeing has been making 737 jets at a 38-jet monthly pace since May, but will need approval from the Federal Aviation Administration before raising output to 42-jets pace. Monthly production of the larger 787 Dreamliner model has been raised to a seven-jet monthly rate, Ortberg said, up from its previous five jets-a-month clip.

Through Monday’s close, Boeing stock had 34% this year, the best performance among the 30-member Dow Jones Industrial Average. That compares with one of the stock’s worst annual performances last year, when Boeing lost 32% over the course of 2024.