Management remarks
Call period: 2026 Q2 · 2026-07-28
Guidance: Jesus Malave: Regarding free cash flow, we remain on track to achieve our outlook of $1 billion to $3 billion.Demand and orders: Jesus Malave: We continue to view the $10 billion free cash flow figure as very attainable with significant growth beyond that into the next decade as we execute on our record backlog and benefit from continued strong market demand.Margins: Jesus Malave: Excluding the impact of the VC-25B adjustment, BDS operating margin was 3.5% in the quarter, reflecting better operating performance across the rest of the business and in line with our expectations for steady margin improvement.Analyst Q&A
Analyst Douglas Harned asked: This is going to be 2 parts on the 737. But you're at rate of 47 going to 52 next year. And Kelly, you've talked about going to 57 and potentially 63 a month. And I guess, first, at what point do you expect the supply chain challenges to become more difficult as you go through those rate breaks? Management Kelly Ortberg answered: Let me take the rate increase part of the question, and I'll let Jay talk about the margin improvement. So you're right, we're in the process of moving to 47. That's all within our plan. One thing I'll just note is we also, with the Renton line we'll be going through a period here this summer where we'll be stabilizing at rate 47 in Renton and then bringing on the production line in Everett, which we want to have producing to move to the rate 52. Right now, I would not point to you any supply chain constraints relative to moving to rate 52.管理层陈述
电话会期间：2026 Q2 · 2026-07-28
指引：耶稣·马拉夫：关于自由现金流，我们仍在正轨上，有望实现10亿至30亿美元的预期目标。需求与订单：耶稣·马拉夫：我们仍认为100亿美元的自由现金流目标非常可实现，随着推进创纪录的未交付订单并受益于持续强劲的市场需求，未来十年还将实现显著增长。利润率：耶稣·马拉夫：若排除VC-25B调整的影响，本季度国防、空间与安全分部的营业利润率为3.5%，反映业务其余板块运营改善，符合我们稳定提升利润率的预期。分析师问答
分析师道格拉斯·哈恩提问：关于737有两个问题，当前产能每月47架，明年将增至52架，凯利此前提及每月57架甚至潜在的63架。首先，随着产能提升，您预计供应链挑战会在哪个节点变得更严峻？管理层凯利·奥特伯格回答：我先解答产能提升部分，稍后让杰伊谈利润率改善。您的判断正确，我们正推进至每月47架产能，完全在计划内。今年夏天伦顿产线将稳定在47架，随后启用埃弗雷特产线以提升至52架，目前未看到52架产能面临供应链限制。This earnings research was prepared from company results, regulatory filings, financial statements, and earnings-call transcripts or official replays. It is for informational purposes only and does not constitute investment advice.这篇财报研究基于公司业绩公告、监管文件、财务报表，以及财报电话会议记录或官方回放整理。内容仅供参考，不构成投资建议。
