Boeing

As of Q2‑25 the company reported approximately 53.3 billion dollars of consolidated debt and 23.0 billion of cash and marketable securities, following a 24 billion dollar capital raise in Q4‑24. TTM free cash flow remained negative, interest expense is material, and large working capital swings create liquidity sensitivity.

S&P removed the rating from CreditWatch negative in April 2025 but maintained a negative outlook, highlighting execution risk. Until operations deliver sustained positive free cash flow and leverage declines, balance sheet strength is subpar for our quality criteria.