Boeing is set to report its second-quarter earnings on July 28 before the market opens. The company delivered 171 commercial aircraft during the quarter, bringing first-half 2026 deliveries to 314 — the strongest first half since 2018 and up year over year. June alone saw 64 deliveries.
Deliveries climb in first half
The 314 deliveries in the first six months mark a notable rebound. June's 64 deliveries were solid, though slightly below the monthly pace needed to hit full-year targets. The company's commercial backlog stood at 6,202 aircraft as of June 30, reflecting sustained demand despite supply chain headwinds.
Order book remains strong
Boeing booked 121 gross orders in June, with 8 cancellations. Through the first half, after cancellations and conversions, the company recorded 408 net orders. The quality of the backlog is a key focus for investors — customer diversification, deferral requests, and the conversion of options to firm orders all matter.
Cash flow and production challenges
Free cash flow is a critical metric this quarter. It may lag deliveries because of rework, supplier catch-up, and out-of-sequence work. Revenue is recognized on delivery, but the mix between twin-aisle and single-aisle aircraft affects the amount. Cash flow timing also depends on prior deposits, progress payments, and current costs.
Investors will watch for management commentary on production rates, rework progress, certification timelines, and supplier readiness. The earnings call on July 28 should provide more clarity on how Boeing plans to sustain its delivery momentum while managing cash flow pressures.
