Boeing

Predictability is low today despite a large backlog. Trailing twelve‑month free cash flow through Q2‑25 was about negative 8.6 billion dollars as production, rework and working capital absorbed cash.

Certification timing for MAX‑7/‑10 is expected to push into 2026, and the 777X program now looks set for entry‑into‑service in 2027, prolonging uncertainty.

While the FAA increased the 737 cap to 42 per month in October 2025, the path from rate recovery to sustained free cash generation still depends on quality metrics, supplier readiness and regulatory milestones.