2026 FCF Outlook Intact; Mixed 2Q Results

研报英文原文证据摘录

2026 FCF Outlook Intact; Mixed 2Q Results

Update

July 28, 2026 01:03 PM GMT

Morgan Stanley & Co. LLCMBoeing Co. | North America Kristine T Liwag

Equity Analyst

2026 FCF Outlook Intact; Mixed Kristine.Liwag@morganstanley.comJason T Holcomb +1 212 761-2980

Research Associate

Jason.Holcomb@morganstanley.com +1 212 761-5592

2Q Results Justin M Lang

Justin.Lang@morganstanley.com +1 212 761-6251

AlphaSignals Earnings Reaction Gabrielle Knafelman

Unchanged In-line Largely unchanged Gaby.Knafelman@morganstanley.com +1 212 761-4838

Impact to our thesis Financial results versus consensus Direction of next 12-month Shaina C Zuber

consensus EPS

Source: Company data, Morgan Stanley Research Shaina.Zuber@morganstanley.com +1 212 761-6353

FCF Beat with Positive FCF for the Quarter, but Mixed Operational Results Boeing Co. (BA.N, BA UN)

Aerospace | United States of America

BA reported 2Q26 free cash flow of $631mn, above MSe of -$384mn, and above

Stock Rating Equal-weight

consensus of -$363mn. However, management noted that the strong FCF numbers Industry View Attractive

Price target $250.00

in this quarter were partially attributable to timing of working capital (in addition to Shr price, close (Jul 27, 2026) $211.50

higher commercial deliveries) and left full year outlook for free cash flow Mkt cap, curr (mm) $166,726

52-Week Range $254.20-176.87

unchanged at $1-3bn vs. Consensus of $2,455mn and MSe of $1,968mn. BA EPS (12/26e)** $0.12

demonstrated progress in Commercial Airplanes (BCA), with 737 production rate FCFfY (12/26e) (mm) $331

transitioning to 47 / month, certification flight testing on the 737-7 and 737-10, and ** = Based on consensus methodology

FAA approval for certification flight testing for the 777x. BA beat on BCA operating

profit, reporting -$322mn vs.