On July 28, Boeing rose 3.1% in regular trading, trading at $220.88/share, with turnover of $637 million. The rally was driven by the company's Q2 earnings report revealing a significant free cash flow beat and record order backlog.

Boeing reported Q2 revenue of $24.56 billion, up 8% year-over-year and exceeding the consensus estimate of $24.26 billion. The standout metric was adjusted free cash flow of $631 million, dramatically surpassing the market expectation of negative $331.4 million, marking a pivotal return to positive cash generation. The improvement was fueled by 171 commercial aircraft deliveries, a 14% increase, with 737 production now transitioning to 47 units per month. Total backlog reached a record $715 billion, including over 6,200 commercial aircraft orders.

While core EPS loss of $0.76 missed the $0.28-$0.30 consensus estimate — partly due to an additional $280 million charge on the VC-25B presidential aircraft program — the CEO stated operations are stabilizing and the company is moving in the right direction. Boeing maintained full-year free cash flow guidance of $1-3 billion. Separately, the FAA proposed inspections on 453 737 MAX planes for seat installation issues, though this was overshadowed by the positive cash flow surprise.

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