BOEING (BA) Company Report

Boeing forecasts low single-digit billions in free cash flow for 2026, reversing an expected $2 billion cash burn in 2025.
The upside is driven by increased 737 and 787 jet deliveries, with 737-10 certification anticipated later in the year.
CFO Jay Malave cites reduced undelivered aircraft inventory and improved production cadence as key to achieving the highest annual delivery total since 2018.
Boeing plans to complete its acquisition of Spirit AeroSystems in 2025 to tackle persistent 737 quality-control issues.
The FAA’s removal of pre-sign-off restrictions on certain 737 Max and 787 planes has boosted cash margins and investor confidence.

6 days ago

WSJ

Boeing provides 2026 guidance and program updates at UBS conference

Guidance Update

M&A

Boeing expects 737 and 787 deliveries to increase in 2026 with minimal inventory sales, relying on production rollouts, and anticipates 737-10 certification late in the year (limiting early deliveries).
The company targets low-single-digit positive free cash flow in 2026, up from an expected –$2 billion outflow in 2025, even after a deferred $700 million DOJ payment, driven by higher deliveries, inventory burn-down, and BDS margin improvements.
The 777X program secured TIA-3 approval in November 2025 (covering ~30% of the flight test), keeping the next certification milestone on track for late Q4 2025/early Q1 2026.
Boeing anticipates closing the Spirit AeroSystems acquisition by year-end 2025, immediately paying down $3 billion of Spirit debt, and—with Jeppesen divestiture proceeds—expects a year-end cash balance of ~$29 billion.
Management reaffirms the goal of achieving ~$10 billion annual free cash flow long-term, contingent on rate ramps, completing certifications, and continued BDS and BGS performance improvements.

6 days ago

Transcript

Boeing provides operational update and 2026 cash flow outlook

Guidance Update

M&A

Boeing is stabilizing 737 production at 38 aircraft/month, preparing for a ramp to 42 aircraft/month, and cycling the 787 at 8 aircraft/month; 2026 deliveries are expected to rise with virtually no inventory drawdown, relying on production rollouts.
The company guides to low single-digit positive free cash flow in 2026 despite a ~$700 m DOJ payment slip and ~$2 b delivery-related cash pressure, driven by higher Boeing Commercial Airplanes (BCA) deliveries and margin improvements at BDS and BGS.
A $4.9 b 777X charge will be recognized over aircraft deliveries through the decade, with about $2 b of cash impact in 2026 from delayed delivery milestones.
Boeing plans to restore free cash flow to $10 b annually by mid-decade, contingent on certification milestones, BCA delivery rate ramps, and ongoing margin expansion; major debt maturities include ~$8 b due in 2026, to be paid down with generated cash.
The Spirit AeroSystems acquisition is expected to close year-end, retiring $3 b of Spirit debt on close and leaving Boeing with a year-end cash balance of $29 b post-Jeppesen divestiture proceeds.

6 days ago

Transcript

Boeing outlines production ramp and cash flow guidance

Guidance Update

M&A

Boeing expects to stabilize 737 production at 38 per month, ramp to 42 with no less than six months between rate increases, and cycle 787 production at 8 per month; 2025 737 deliveries are guided to 440–450, including ~50 from inventory, while 2026 deliveries will grow with almost no inventory draws as 737-10 certification delays limit immediate deliveries.
Free cash flow for 2025 is now expected to be a $2 billion outflow (vs. –$2.5 billion) as the DOJ payment shifts into 2026, and Boeing targets low-single-digit billion positive free cash flow in 2026.
The $4.9 billion 777X charge will be expensed over multiple years through the end of the decade, with approximately $2 billion of related cash pressure in 2026 from deferred delivery payments and advance collections.
Following the Jeppesen divestiture, Boeing expects to close the Spirit AeroSystems acquisition by year-end, pay down ~$3 billion of associated debt, and maintain a year-end cash balance of around $29 billion.

6 days ago

Transcript

Boeing to build 96 AH-64E Apache helicopters for Poland

New Projects/Investments

Boeing received a $4.7 billion Foreign Military Sales contract from the U.S. Army to produce 96 AH-64E Apache attack helicopters for the Polish Armed Forces.
Deliveries are slated to begin in 2028, making Poland the 19th global operator and the largest Apache fleet holder outside the U.S..
Under an offset agreement, Polish industry will perform maintenance and support, while Boeing will establish local training programs and a composite laboratory.
The Apache fleet exceeds 1,300 aircraft worldwide, supported by Boeing Global Services’ sustainment and training capabilities.

Nov 26, 2025, 9:27 PM

Press Release

Boeing signs MoU with flydubai for 75 737 MAX jets

New Projects/Investments

Boeing and Dubai-based flydubai signed an MoU for 75 firm orders and 75 options for 737 MAX aircraft, marking flydubai’s fourth MAX purchase.
The agreement will modernize flydubai’s fleet and support its network expansion to over 135 destinations, leveraging the 737 MAX’s fuel efficiency, range and commonality.
flydubai currently operates 96 Boeing 737s and in 2023 placed its first widebody order for 30 787 Dreamliners, underscoring its ongoing fleet growth strategy with Boeing.

Nov 19, 2025, 10:01 AM

Press Release

Boeing: Air Europa Signs MoU for Up to 40 Airbus A350-900

New Projects/Investments

Air Europa signed an MoU at the Dubai Airshow 2025 to acquire up to 40 Airbus A350-900s, ending a five-year exclusive Boeing fleet policy.
The A350-900 delivers up to 9,700 nm range and a 25% improvement in fuel burn, operating costs, and CO₂ emissions over previous-generation aircraft.
The order will replace Air Europa’s long-haul fleet of 11 Boeing 787-8 and 18 Boeing 787-9 Dreamliners to support network expansion, especially in Latin America.
As of October 2025, the Airbus A350 Family has amassed over 1,400 orders from 64 customers, highlighting strong market demand.

Nov 18, 2025, 12:06 PM

Barron's

Boeing secures additional 787 Dreamliner order from Gulf Air

New Projects/Investments

Gulf Air finalized a firm order for 15 Boeing 787 Dreamliners with options for three more, bringing its total order book to 17 widebody jets.
The agreement was signed at the Dubai Airshow by Gulf Air CEO Martin Gauss and Boeing SVP Brad McMullen.
The new Dreamliners will support Gulf Air’s strategy to expand long-haul operations across more than 50 destinations by leveraging the aircraft’s fuel efficiency and range.
Boeing emphasized the 787’s advanced passenger comfort features and sustainability benefits as central to Gulf Air’s fleet development plans.

Nov 18, 2025, 9:09 AM

Press Release

Boeing jets leased to FlySafair for fleet modernization

New Projects/Investments

AerCap has signed a lease agreement with FlySafair for five Boeing aircraft, comprising three 737 MAX 8 jets and two 737-800NGs.
The two 737-800NGs are scheduled for delivery starting in 3Q 2026, while the three 737 MAX 8s will arrive beginning in early 2028.
This deal marks FlySafair’s first adoption of the 737 MAX family, expanding from its existing fleet of over 35 737-800NGs across domestic and short-haul international routes.
AerCap reports a net margin of 45.41% and an operating margin of 31.92%, but carries a high debt-to-equity ratio of 2.43 and an Altman Z-Score of 0.94, indicating potential financial strain.

Nov 18, 2025, 8:20 AM

Morningstar

Boeing announces Air Senegal order for nine 737 MAX jets

New Projects/Investments

Air Senegal has committed to purchase nine 737-8 MAX airplanes, marking its largest-ever fleet acquisition and first Boeing order since 2004.
The 737-8 offers seating for up to 178 passengers in a two-class configuration and a range of 3,500 nautical miles.
The new jets deliver 20% fuel savings and a 50% smaller noise footprint compared to the aircraft they replace.
This order underpins Air Senegal’s strategy to expand regional and intercontinental routes and reinforce Dakar’s role as a West African aviation hub.

Nov 17, 2025, 1:02 PM

Press Release

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BOEING (BA)

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