Boeing Co. (NYSE:BA) on Tuesday reported stronger-than-expected revenue for the second quarter, driven by a sharp rise in commercial aircraft deliveries. However, its adjusted loss per share was wider than Wall Street projections.
The aerospace giant posted an adjusted loss of $1.24 per share, missing analyst expectations of a 94 cent loss. GAAP loss per share came in at 92 cents.
Revenue climbed 35% year over year to $22.75 billion, beating the Street estimate of $20.20 billion. This was primarily due to higher delivery volume and improved operational performance.
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Boeing delivered 150 commercial airplanes in the quarter, up 63% from a year ago. The total company backlog rose to $619 billion, including more than 5,900 commercial aircraft orders valued at $522 billion.
The company reported operating cash flow of $227 million and a free cash outflow of $200 million.
Segment Performance
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Commercial Airplanes: Revenue surged 81% year over year to $10.87 billion. Operating margin improved to -5.1%, compared to -11.9% a year ago. The 737 program stabilized at 38 aircraft per month, while the 787 ramped up to seven. The segment booked 455 net orders, including major deals with Qatar Airways and British Airways.
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Defense, Space & Security: Revenue rose 10% to $6.62 billion. Operating margin turned positive at 1.7%, reversing a 15.2% loss margin last year. The unit secured a U.S. Air Force contract for T-7A aircraft, began testing the MQ-25 Stingray for the Navy, and grew backlog to $74 billion, 22% of which came from international customers.
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Global Services: Revenue increased 8% to $5.28 billion. Operating margin expanded to 19.9%, up from 17.8%, boosted by a favorable mix and key contract wins. Boeing completed the sale of its Gatwick MRO facility and secured a P-8A support contract with the South Korean Navy.
Cash and marketable securities totaled $23.0 billion, down from $23.7 billion in the prior quarter, primarily due to debt repayments and cash flow usage. Consolidated debt stood at $53.3 billion. Boeing continues to maintain access to $10 billion in undrawn credit facilities.
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The company also recorded a $445 million charge tied to its May 2025 non-prosecution agreement with the U.S. Department of Justice, booked under unallocated items.
“Our fundamental changes to strengthen safety and quality are producing improved results as we stabilize our operations and deliver higher-quality airplanes,” said president and CEO Kelly Ortberg in a statement. “As we look to the second half of the year, we remain focused on restoring trust and making continued progress in our recovery while operating in a dynamic global environment.”
Analyst Sentiment
During the quarter, Boeing’s turnaround gained traction. In April, Goldman Sachs reiterated a Buy rating, citing minimal impact from the China delivery freeze, which affects only about 2% of the company’s backlog. Aircraft initially destined for China were expected to be redirected to fast-growing markets like India.
Meanwhile, Bernstein upgraded the stock to Outperform, highlighting Boeing’s progress toward its target production rates—38 737 MAX aircraft per month by July and seven 787s per month by year-end.
In July, the FAA advanced certification of the long-delayed 777-9. Air India also completed a safety inspection of its 737 and 787 fleets, finding no issues. Additionally, Boeing expanded its aerospace footprint with the successful launch of O3b mPOWER satellites, supporting next-generation global broadband infrastructure.
Price Action: At last check Tuesday, BA shares were trading lower by 2.34% to $230.88.
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