Boeing ($BA) Stages Q2 Comeback: Slashes Cash Burn While Ramping Up Jet Deliveries

Boeing's Q2 numbers tell a story of damage control—and it might just be working. The aerospace giant trimmed its cash bleed while pushing more jets out the door, a rare double-win after years of turbulence.

Delivery boost: Assembly lines finally humming

After supply chain nightmares and quality control scandals, Boeing managed to ship more aircraft to customers. Not quite pre-grounding levels, but enough to signal the worst may be over.

Financial triage: Less red ink, same problems

Cost-cutting measures actually moved the needle this quarter. Though let's be real—when you're burning billions, 'less terrible' counts as progress. Wall Street's low expectations did the heavy lifting here.

The cynical take: This 'turnaround' still relies on regulators playing nice and airlines keeping the faith. One loose bolt in a door plug could undo it all. But for now? The stock's climbing—proving markets will reward even shaky recoveries if the ticker's blue-chip enough.

TLDR:

• Boeing reported Q2 revenue of $22.75B, beating estimates by 5.3% and up 34.9% YoY
• Adjusted EPS loss of $1.24 beat the consensus of -$1.31
• Operating margin improved to -0.8%, a major recovery from -6.5% last year
• Cash burn slashed to $200M from $4.3B year-ago
• CEO Kelly Ortberg signals 2025 as Boeing’s turnaround year

On July 30, 2025, Boeing (NYSE: BA) reported second-quarter earnings that surpassed analyst expectations on revenue, while showing marked improvement across several critical financial metrics. The stock was last seen trading at $227.46, down 3.79% in midday trading.

The Boeing Company (BA)

Revenue reached $22.75 billion, topping Wall Street’s forecast of $21.67 billion and representing a 34.9% year-over-year gain. Adjusted EPS came in at a loss of $1.24, a smaller loss than the anticipated -$1.31. Operating margin was -0.8%, up significantly from -6.5% during the same quarter last year. Boeing also reported that its backlog had swelled to $618.5 billion, signaling sustained demand across commercial and defense segments.

Sharp Cut in Cash Burn

Perhaps most notably, Boeing slashed its cash burn to $200 million in Q2, a stark improvement from $4.3 billion burned in the same period a year ago and $2.3 billion in Q1 2025. During the earnings call, executives said they expect Q3 cash FLOW to remain similar, excluding legal settlements. CEO Kelly Ortberg noted confidence in finishing 2025 with positive cash flow.

CEO Ortberg’s Turnaround Strategy

Ortberg, who took over as CEO in August, has positioned 2025 as Boeing’s “turnaround year.” Following the turbulent fallout from the 2024 Alaska Airlines 737 Max incident and ongoing supply chain issues, Ortberg implemented a deliberate production slowdown to address quality control problems.

Jet deliveries ROSE to 150 in Q2, up from 130 in Q1 and 92 a year ago. These included 102 737 Max, 24 Dreamliner 787s, 13 777s, and nine 767s. Boeing’s goal remains to reach 42 Max jets per month by midyear and potentially raise that to 47 per month by year-end.

Financial Trends and Analyst Outlook

Despite recent improvements, Boeing’s long-term financial metrics highlight past struggles. EPS has fallen at a 19.3% CAGR over five years and declined 33.8% annually over the past two years. Nonetheless, analysts forecast a return to profitability in 2026, with full-year EPS flipping from a loss of $17.95 to a gain of $1.34.

Revenue projections for the next 12 months imply a 19.8% increase, suggesting confidence in product ramp-ups and operational stability. While profitability remains elusive, the narrowing of losses and stronger sales signal progress.

Conclusion

Boeing’s Q2 2025 results exceeded expectations and underscored tangible signs of recovery. With increased jet deliveries, reduced cash burn, and a strategic turnaround led by Ortberg, the company appears to be stabilizing after a tumultuous year. Still, investors remain cautious, as shares slid in midday trading despite positive news. Boeing’s next quarters will be crucial in proving its recovery is on a sustainable footing.