Boeing reported a second-quarter net loss of $428 million, deeper than the $612 million loss a year ago but missing Wall Street expectations. The miss was driven by a $280 million charge on the troubled Air Force One replacement program, pushing the core loss per share to $0.76, versus the $0.30 analysts had forecast. Revenue climbed 8% to $24.56 billion, while free cash flow swung to $631 million from a negative $200 million in Q2 2025, a critical milestone on the path back to profitability.
The VC-25B (Air Force One) program remains a thorn, now four years late and over $1 billion above its $3.9 billion fixed-price contract. CEO Kelly Ortberg explained additional engineering resources are needed to meet a 2028 delivery target. Despite this, the commercial airplanes division continued to ramp production of the 737 MAX, and full-year free cash flow guidance was maintained at $1 billion to $3 billion — which would be Boeing’s first positive annual result since 2023. Ortberg also told CNBC that long-term free cash flow guidance of about $10 billion could be reinstated “soon,” citing progress on FAA certification for the 737 MAX 7 and MAX 10 jets and strong demand for the 777X.
