Boeing Co. is projected to restore its cash flow generation capability by 2026, marking a significant financial turnaround for the aircraft manufacturer. The company is currently preparing to ramp up monthly production and advance the long-delayed certification of its 777X jet.
Boeing's CFO Jay Malave stated that the company anticipates achieving free cash flow in the "low single-digit" billions next year, reversing a $2 billion cash burn in 2025. This marks Malave's first solo presentation at an investor conference since taking office in August.
The commitment drove Boeing's stock up by 6.5%, its largest single-day gain since April. Malave's remarks provided the first detailed disclosure of Boeing's 2026 cash flow outlook—suggesting that recovery momentum should accelerate next year if aircraft deliveries continue rising and factory and supply chain stability improves.
Malave emphasized that, in the long term, Boeing remains on track to eventually achieve the $10 billion cash flow target set by its previous management team.
"Once aircraft production reaches higher levels, there’s no reason we can’t hit this goal," Malave said at a UBS investor conference. "I’m fully confident we can absolutely deliver $10 billion in cash flow."
The CFO cited multiple optimistic factors, including steady improvements in production rates (particularly for the 737 MAX and 787 Dreamliner), reductions in undelivered aircraft inventory, and enhanced profitability in Boeing’s defense division alongside steady growth in its services business.
Analysts compiled by Bloomberg forecast Boeing could generate $2.46 billion in free cash flow next year, a notable improvement from the $2.25 billion cumulative cash outflow in the first nine months of this year.
However, data shows that since mid-July, analysts have slashed their free cash flow projections for Boeing by more than half. This followed Boeing’s disclosure of further delays for the 777X, pushing deliveries of its largest in-production jet to 2027—over seven years behind the original schedule.
In October, Boeing recognized a $4.9 billion accounting charge due to slower-than-expected flight testing progress for the 777X. Malave noted that this delay would create roughly $2 billion in "pressure" on next year’s cash flow.
Boeing also expects to pay a substantial settlement to the U.S. Department of Justice next year to resolve cases tied to two fatal crashes involving the 737 MAX. Malave further warned that certification for the MAX 10, the largest variant in the 737 family, may not be completed until late 2026, delaying some deliveries to 2027.
Boeing has not reported positive annual free cash flow since 2023. After years of turbulence, the company is working to reduce debt and invest in projects to secure its future.
The urgency of Boeing’s recovery is heightened by $8 billion in debt maturities next year, along with plans to quickly repay $3 billion in debt from supplier Spirit AeroSystems Holdings Inc. after its acquisition. Malave confirmed that regulatory approval for the complex reintegration deal is in its final stages.
Over the first half of this decade, Boeing has accumulated $39 billion in losses, including $13.1 billion last year—a period marked by disruptive strikes, a near-catastrophic incident, federal investigations, and management changes.