Boeing took a $280 million hit on its long-delayed Air Force One program
Boeing reported a wider-than-expected second-quarter loss, heavily impacted by a $280 million hit on its long-delayed Air Force One program, which is still targeted for 2028 delivery.
The aircraft manufacturer reported revenue of $24.56 billion, an 8% increase from a year earlier, beating Wall Street expectations of $24.25 billion. However, Boeing recorded a net loss of $428 million, down from a $612 million loss in the same period last year.
The company's commercial aircraft business continued to recover, with deliveries increasing 14% from a year earlier to 171 planes, driven by higher production of the 737 Max.
Boeing also reported a sharp improvement in cash generation. Free cash flow reached $631 million, far exceeding analysts' expectations of a $177 million cash burn.
The results mark a significant turnaround under CEO Kelly Ortberg, who took charge in 2024.