Boeing (BA) is set to release its second-quarter earnings on Tuesday, with investors focused on whether CEO Kelly Ortberg can maintain the momentum behind his ongoing turnaround strategy. Since Ortberg’s appointment last year and amid improving trade conditions, Boeing shares have surged more than 30% year to date.
Analysts expect Boeing to post Q2 revenue of $21.68 billion, according to Bloomberg consensus estimates—a substantial improvement over the $16.9 billion reported a year earlier, when the company was reeling from a production crisis triggered by the 737 Max door plug failure on an Alaska Airlines jet.
Despite the expected revenue rebound, Boeing is still dealing with profitability challenges. Wall Street forecasts a core loss per share of $1.40 and an operating loss of $161.1 million. A key focus will be free cash flow—or cash burn—expected to narrow from $2.3 billion last quarter to $1.8 billion in Q2.
Boeing, once the world’s top aircraft manufacturer, has been rebuilding after a turbulent 2024 marked by supplier setbacks with Spirit AeroSystems (SPR) and multiple whistleblower complaints related to 737 Max and 787 Dreamliner production. These issues ultimately led to the departure of then-CEO Dave Calhoun, with Ortberg taking the helm officially on August 8.
Ortberg has taken a methodical approach to the turnaround, deliberately slowing jet production to resolve quality issues and collaborating closely with the FAA as output ramps up.
Earlier this month, Boeing reported it delivered 150 jets in Q2, up from 130 in Q1 and 92 a year ago. Deliveries included 102 737 Max jets (up from 69 a year ago), 24 787s (compared to nine), 13 777s (up from seven), and nine 767s (vs. six last year).
As for scaling 737 Max output, Ortberg stated in May that Boeing aims to hit a monthly rate of 42 by midyear, with a year-end review to determine readiness for increasing to 47 per month.
“Boeing continues to show great progress, but the ramp-up may be more gradual than our prior view,” William Blair analyst Louie DiPalma wrote after Ortberg’s remarks. “Our earlier note indicated that a 47 monthly production rate was possible by the end of 2025. Our new view is that the 47 aircraft per month target is more likely in mid-2026.”
Boeing also faced renewed scrutiny in June following the crash of an Air India 787 Dreamliner shortly after takeoff. Early findings point to potential pilot error, with the engine fuel control switches reportedly moved to the “cut-off” position. Investigations remain ongoing.
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