Boeing reported second quarter revenue of $24.6 billion, a GAAP loss per share of $0.67, and a core loss per share (non-GAAP) of $0.76. Operating cash flow was $1.4 billion and free cash flow (non-GAAP) was $0.6 billion. CEO Kelly Ortberg said operations are more stable and key certification programs remain on plan.
Commercial Airplanes second quarter revenue was $11.8 billion with an operating margin of negative 2.7 percent, primarily reflecting higher deliveries and favorable mix. The division delivered 171 airplanes and booked 246 net orders, including orders from Korean Air, Delta Air Lines, and SMBC Capital. Commercial backlog included over 6,200 airplanes valued at a record $597 billion.
The 737 program began transitioning production to 47 per month in the quarter and activated low-rate initial production on the 737 North Line in July. As of July, certification flight testing has been completed on both the 737-7 and 737-10. The company continues to anticipate certification in 2026 and first delivery in 2027 for both variants.
In the quarter, the 777X program received FAA approval to begin certification flight testing under Type Inspection Authorization 4B. The company continues to anticipate first delivery in 2027. Defense, Space and Security second quarter revenue was $7.5 billion with an operating margin of negative 0.2 percent, including $280 million of losses on the VC-25B program, with first delivery anticipated in 2028.
Total company backlog at quarter end grew to a record $715 billion. Cash and investments in marketable securities totaled $20.0 billion, compared to $20.9 billion at the beginning of the quarter, reflecting debt repayments partially offset by cash flow generated in the quarter. The company maintains access to credit facilities of $10.0 billion, which remain undrawn.
