Improving financial results and a positive outlook position Boeing shares for a rise to 290 USD

Sustained improvements in financial results for a second consecutive quarter increase the likelihood of Boeing shares reaching 290 USD.

In Q2 2025, The Boeing Company (NYSE: BA) reported revenue of 22.7 billion USD, up 35% year-on-year, primarily due to higher deliveries of commercial aircraft. The company delivered 150 aircraft, a 63% increase compared to Q2 2024, and reduced its net loss from 1.4 billion USD to 612 million USD, indicating an improvement in operational performance despite remaining in negative territory. Boeing continues to face production challenges, including a significant backlog of unfinished work and delays in the certification of the MAX 7 and MAX 10 models. Management reaffirmed its forecast of achieving positive free cash flow by Q4 2025 and expects to return to net profit in 2026.

Despite exceeding expectations, Boeing’s share price fell by 4.4% following the results release, as some investors took profits after the sharp rally since April 2025. Nonetheless, the report points to further upside potential for Boeing’s share price, with a target level of around 290 USD.

This article examines The Boeing Company, outlines its revenue sources, reviews its performance in the 2024 calendar year and in Q1 and Q2 of 2025. It also presents a technical analysis of Boeing’s shares, forming the basis for a share price forecast for Boeing for the 2025 calendar year.

About The Boeing Company

The Boeing Company is one of the world’s largest aerospace and defence firms. It was founded on 15 July 1916 by William Boeing in Seattle, Washington. The company is engaged in designing, manufacturing, and selling commercial aircraft, military equipment, satellites, missile systems and space technology. Additionally, Boeing offers both support services and financial solutions.

Boeing’s IPO took place in 1962, and the company is listed on the NYSE under the ticker BA.

The Boeing Company’s key revenue streams

The Boeing Company generates revenue from the following sources:

• Commercial Airplanes (BCA): the manufacture and sale of commercial airliners, including the 737, 767, 777 and 787 Dreamliner models. This is the company’s largest segment by revenue, but also the most sensitive to market demand fluctuations, regulatory scrutiny, and technical risks. Boeing is actively working to regain ground following the earlier suspension of 737 MAX deliveries
• Defense, Space & Security (BDS): covers military aircraft, drones, satellite systems, missiles, and equipment for NASA. This segment delivers stable revenues through long-term contracts with the US government and allied nations
• Global Services (BGS): aftermarket services, maintenance, personnel training, spare parts supply, digital solutions, and logistics. This division supports Boeing’s customer base in both civil and defence sectors, generating steady profits and high margins
• Boeing Capital Corporation (BCC): financial services, including leasing and customer financing. This segment helps Boeing clients fund aircraft purchases, particularly during periods of economic uncertainty

The Boeing Company’s financial position and key risk factors

Boeing ended 2024 with revenues of 66.5 billion USD, down 14% from the previous year. Its net loss reached 11.8 billion USD, significantly higher than the 2.2 billion USD loss recorded in 2023. Negative operating cash flow totalled 12.1 billion USD, underscoring severe financial strain. Despite this, the company’s order backlog remains substantial – around 521 billion USD, including more than 5,500 commercial aircraft orders, which signals sustained long-term demand.

A series of negative factors weighed on Boeing’s 2024 financial performance. Chief among them was a strike by the International Association of Machinists and Aerospace Workers (IAM), which halted production of the 737, 767, and 777/777X models, significantly impacting delivery volumes. The company also incurred substantial restructuring costs, including staff reductions and internal restructuring. In the defence segment, additional expenses across several contracts further reduced profitability and eroded margins in this division.

At the end of 2024, Boeing held approximately 26.3 billion USD in cash and marketable securities. However, high debt levels and negative free cash flow pose a risk to the company’s financial stability. Should these figures persist, they could affect Boeing’s credit ratings and its ability to fund future programs.

Despite the challenging situation, Boeing’s management is taking active steps to stabilise operations. Production of key aircraft models resumed after the strike ended. Efforts are underway to reduce costs and improve operational efficiency. Particular focus is being placed on enhancing quality control and ensuring product safety – critical factors in regaining the trust of both customers and aviation regulators.

At the same time, Boeing’s large order book, government contracts and the potential recovery of its commercial division offer a foundation for a gradual return to stability.

The Boeing Company Q1 2025 financial results

On April 23, The Boeing Company published its Q1 2025 earnings report, which exceeded analysts’ expectations. Below are the key figures:

• Total revenue: 19.49 billion USD (+18%)
• Loss: 31 million USD (compared to 355 million USD in Q1 2024)
• Loss per share: 0.49 USD (compared to 1.13 USD in Q1 2024)
• Operating margin: 2.4% (compared to -0.5% in Q1 2024)
• Free cash flow: -2.3 billion USD (compared to -3.9 billion USD in Q1 2024)
• Aircraft deliveries: 130 units (+57%)

Revenue by segment:

• Aircraft sales revenue: 16.14 billion USD (+21%)
• Service revenue: 3.34 billion USD (+1%)
• Commercial Airplanes: 8.14 billion USD (+75%)
• Defense, Space & Security: 6.26 billion USD (-9%)
• Global Services: 5.06 billion USD (no change)

Boeing’s Q1 2025 report reflected cautious optimism regarding the aviation giant’s recovery. The company reported an adjusted loss per share of 0.49 USD – significantly better than analysts’ forecasts of a loss of 1.24 USD, highlighting the effectiveness of the measures introduced by CEO Kelly Ortberg.

The substantial 57% year-on-year increase in commercial aircraft deliveries, including the 737 MAX, demonstrated operational resilience despite the challenges of 2024 related to strikes and regulatory issues. The 737 MAX program gradually ramped up production, with plans to reach 38 aircraft per month by year-end.

The order book grew to 545 billion USD, covering over 5,600 aircraft, providing a solid foundation for future revenue. Regarding cash flow, Boeing showed a smaller outflow than expected, and Ortberg’s forecast of positive cash flow in Q2 2025 reflected ambitious targets. The sale of its Jeppesen division to Thoma Bravo for 10.55 billion USD demonstrated a strategic approach to asset optimisation and strengthening the company’s financial position.

Despite this progress, Boeing continued to face several challenges. Trade tensions between the US and China led Chinese airlines to suspend acceptance of Boeing aircraft, forcing the company to redirect deliveries to other markets. A court hearing was also expected in June over fraud charges relating to the US government and the 737 MAX crashes.

Following the earnings release, Boeing’s share price rose by 6%, although it has remained down 9% since the beginning of the year due to regulatory and geopolitical pressures.

The key factor remained Ortberg’s ability to implement internal reforms and restore investor confidence.

The Boeing Company Q2 2025 financial results

The Boeing Company published its Q2 2025 results on 29 July, once again exceeding analysts’ expectations. Key figures are as follows:

• Revenue: 22.75 billion USD (+35%)
• Net loss: 612 million USD (vs. 1.4 billion USD loss in Q2 2024)
• Loss per share: 1.24 USD (vs. 2.90 USD loss in Q2 2024)
• Operating margin: –0.8% (vs. –6.5% in Q2 2024)
• Free cash flow: –200 million USD (vs. –4.3 billion USD in Q2 2024)
• Aircraft deliveries: 150 units (+63%)

Revenue by segment:

• Commercial aircraft sales: 19.12 billion USD (+41%)
• Services revenue: 3.62 billion USD (+8%)
• Commercial Airplanes: 10.87 billion USD (+81%)
• Defense, Space & Security: 6.61 billion USD (+10%)
• Global Services: 5.28 billion USD (+8%)

In Q2 2025, Boeing demonstrated a significant improvement in its financial performance. Revenue rose by 35% year-on-year to 22.75 billion USD, exceeding market forecasts. The adjusted loss per share narrowed to 1.24 USD from 2.90 USD the previous year. Free cash flow remained negative at 200 million USD, while operating cash flow turned positive at 200 million USD. The total order book expanded to approximately 619 billion USD, covering more than 5,900 commercial aircraft.

The commercial segment was the main growth driver: Boeing delivered 150 aircraft, up 63% year-on-year. Revenue from this division jumped 81% to 10.87 billion USD. However, the operating loss stood at 557 million USD, and the operating margin remained negative at –5.1%.

In the Defense, Space & Security division, revenue increased by 10% to 6.61 billion USD. The segment posted a positive operating profit of around 110 million USD, with a margin of 1.7%.

Global Services revenue rose by 8% to 5.28 billion USD. Operating profit reached 1.05 billion USD, with a margin just below 20%.

The company not only improved its financial results but also outlined forward-looking guidance. Boeing expects free cash flow to turn positive by Q4 2025 and strengthen significantly in 2026. Its outlook for 2026 includes the delivery of more than 700 aircraft, revenue of approximately 80 billion USD, earnings per share of around 3.50 USD, and free cash flow in the region of 5.6 billion USD. A full return to profitability is projected for 2026, as operating losses are expected to persist through 2025 despite ongoing improvement.

Several key challenges were also highlighted in the report. Costs related to rework and manufacturing defects remain, particularly with the 737 program, where the volume of incomplete tasks postponed to later assembly stages has decreased but remains significant. Certification of the MAX-7 and MAX-10 variants has been delayed due to issues with the engine anti-icing system. A strike risk also emerged as more than 3,200 IAM union workers rejected a contract offer, raising the possibility of production stoppages in the near future. Trade uncertainty and potential tariffs also remain risk factors, despite a recent US–EU agreement that exempts the aerospace sector from duties.

Growth drivers include steady aircraft delivery volumes, the ongoing production ramp-up (the 737 MAX is now produced at a rate of 38 aircraft per month, with a possible increase to 42 pending FAA approval), a strengthened order backlog, and new international contracts. In addition, the US–EU trade deal shields Boeing from tariffs in the European market, supporting export competitiveness. Development of services and maintenance contracts continues to provide a stable income stream.

Investor response was mixed. Boeing’s share price hit a 52-week high before the report but dropped by 4.4% after the results, despite beating expectations. This may reflect profit-taking following an 88% surge in the share price since April 2025 and caution amid lingering risks.

While Boeing is expected to return to profitability and positive cash flow in 2026, losses and operational challenges persist in 2025. Investors should take a balanced view when considering Boeing shares, especially following the recent 88% rally. The stock may offer medium- to long-term potential tied to the company’s recovery, particularly if free cash flow turns positive as forecast.

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Expert forecasts for The Boeing Company shares

• Barchart: 20 of 25 analysts rated Boeing shares as a Strong Buy, 2 as a Moderate Buy, and 3 as Hold. The highest target price is 285 USD, while the lowest is 204 USD
• MarketBeat: 20 out of 26 experts gave the stock a Buy rating, 3 recommended Hold, and 3 suggested Sell. The highest target price is 275 USD, and the lowest is 140 USD
• TipRanks: 18 out of 20 analysts assigned a Buy rating, 2 recommended Hold, and 1 suggested Sell. The highest target price is 282 USD, and the lowest is 210 USD
• Stock Analysis: 11 out of 19 experts rated the shares as Strong Buy, 6 as a Buy, 1 as a Hold, and 1 as a Sell. The highest target price is 275 USD, and the lowest is 140 USD

The Boeing Company stock price forecast for 2025

On the weekly timeframe, Boeing shares are trading within an ascending channel. Following the release of the Q1 2025 results, BA’s share price broke through a key resistance level at 200 USD and held above it. However, since April, the stock has experienced a sharp rally without any significant corrections, resulting in an 88% gain. In such conditions, some investors may choose to lock in profits, which could put downward pressure on the share price. Based on the current price dynamics, the potential scenarios for Boeing’s share performance in 2025 are as follows:

The base-case forecast for BA shares anticipates a retest of support at 200 USD, followed by a rebound and a move towards the upper boundary of the channel at 290 USD. This scenario is supported by the company’s optimistic outlook for 2026, which includes a return to positive net income.

The alternative outlook for BA stock suggests a break below the 200 USD support level. In this case, there is a risk of a decline towards the trendline near 150 USD.