Boeing Q2 results beat expectations as plane maker slashes costs

Boeing (BA) reported second quarter earnings on Tuesday that topped expectations and stemmed the tide of cash burn that has plagued the company since early last year as CEO Kelly Ortberg continues his turnaround of the beleaguered jet maker.

Boeing reported revenue of $22.7 billion vs. $21.68 billion analysts had forecast, according to Bloomberg data, and a 35% jump compared to a year ago. Last year, the company was mired in a production slowdown stemming from the door plug blowout of an Alaska Airlines 737 Max jet.

The company posted an adjusted loss per share of $1.24, less than the $1.40 forecast, while its operating loss came in at $176 million, deeper than the expected $161.1 million.

Most importantly, Boeing’s cash burn was cut to $200 million during the quarter, a massive improvement from the $2.3 billion cash burn seen last quarter and the $4.3 billion it went through in the same quarter last year.

On the analyst conference call, Boeing executives said Q3 cash flow would be similar to Q2, excluding DOJ payments to settle litigation. In an interview with CNBC, Ortberg added he was confident the company would finish the fourth quarter with positive cash flow.

“With the start of the second half of the year, we are moving in the right direction and ahead of where I thought we would be in our recovery,” Ortberg said in a memo to employees. “If we continue to tackle the important work ahead of us and focus on safety, quality, and stability, we can navigate the dynamic global environment and make 2025 our turnaround year.”

Boeing stock was up over 2% after the open but rolled over in midday trading.

Boeing, once the world’s largest plane maker, is in the process of turning its business around following a disastrous 2024, which began with the aforementioned door plug blowout in January. Issues with its supplier Spirit AeroSystems (SPR) and various whistleblower complaints stemming from both production of the 737 Max jet and widebody 787 Dreamliner eventually cost then-CEO Dave Calhoun his job, with Kelly Ortberg named the new CEO in late July and starting on Aug. 8.

Kelly Ortberg, President and Chief Executive Officer, The Boeing Company, testifies before the Senate Committee on Commerce, Science, and Transportation hearing to examine restoring Boeing's status as a great American manufacturer, focusing on safety first, on Capitol Hill in Washington, Wednesday, April 2, 2025. (AP Photo/Jose Luis Magana) — Boeing CEO Kelly Ortberg testifies before the Senate Committee on Commerce, Science, and Transportation hearing to examine restoring Boeing’s status as a great American manufacturer, focusing on safety first, on Capitol Hill in Washington on April 2, 2025. (AP Photo/Jose Luis Magana) · ASSOCIATED PRESS

Ortberg began his turnaround plan deliberately, slowing production of Boeing’s jets to hammer out production issues and slowly boosting production in close conjunction with FAA regulators.

Earlier this month, Boeing announced that commercial deliveries hit 150 jets vs. 130 delivered in the first quarter and 92 delivered in the year-ago quarter. Of Q2 deliveries, 102 were 737 Max jets (compared to 69 delivered a year ago), 24 were 787s (nine last year), 13 were 777s (seven last year), and nine were 767s (six last year).