波音 (BA) 2025 Q2 法說會逐字稿

Thank you for standing by. Good day, everyone, and welcome to the Boeing Company's second quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's call is being recorded. The management discussion and slide presentation plus the analyst question-and-answer session are being broadcast live over the Internet. (Operator Instructions)

感謝您的支持。大家好，歡迎參加波音公司 2025 年第二季財報電話會議。（操作員指示）請注意，今天的通話正在錄音。管理層討論和幻燈片演示以及分析師問答環節正在透過網路現場直播。（操作員指示）

At this time, I'm turning the call over to Mr. Eric Hill, Vice President of Investor Relations, for opening remarks and introductions. Mr. Hill, please go ahead.

現在，我將電話轉給投資者關係副總裁 Eric Hill 先生，請他致開幕詞並進行介紹。希爾先生，請繼續。

Thank you and good morning. Welcome to Boeing's quarterly earnings call. With me today are Kelly Ortberg, Boeing's President and Chief Executive Officer; and Brian West, Boeing's Executive Vice President and Chief Financial Officer. This quarter's webcast, earnings release and presentation which include relevant disclosures and non-GAAP reconciliations are available on our website.

謝謝，早安。歡迎參加波音公司的季度財報電話會議。今天與我一起出席的還有波音公司總裁兼執行長凱利·奧特伯格 (Kelly Ortberg) 和波音公司執行副總裁兼財務長布萊恩·韋斯特 (Brian West)。本季度的網路廣播、收益發布和演示（包括相關揭露和非公認會計準則對帳）可在我們的網站上查閱。

Today's discussion includes forward-looking statements that are subject to risks and uncertainties, including the ones described in our SEC filings. As always, we will leave time at the end of the call for analyst questions.

今天的討論包括前瞻性陳述，這些陳述受風險和不確定性的影響，包括我們向美國證券交易委員會提交的文件中所描述的風險和不確定性。像往常一樣，我們將在電話會議結束時留出時間供分析師提問。

With that, I will turn the call over to Kelly Ortberg.

說完這些，我將把電話轉給凱利·奧特伯格 (Kelly Ortberg)。

Well, thanks, Eric, and it's great to have you onboard. And thanks to everyone for joining in today's call. First, I want to express our sincere condolences to the loved ones of everyone onboard Air India Flight 171 as well as those affected on the ground. Our team continues to provide technical assistance to the ongoing investigation, led by India's Aircraft Accident Investigation Bureau, or AAIB.

好吧，謝謝艾瑞克，很高興你能加入我們。感謝大家參加今天的電話會議。首先，我要向印度航空 171 號班機所有機上人員的親屬以及地面上受影響的人員表示誠摯的哀悼。我們的團隊繼續為印度飛機事故調查局（AAIB）領導的正在進行的調查提供技術援助。

And we're supporting our customers in any way we can. So now let's shift our focus to the quarter. It's clear our recovery plan is taking hold. We're making steady progress to stabilize our business, strengthen development program execution, and change our culture to set up for the future. In May, we announced our largest wide-body order ever for up to 210 commercial airplanes, which adds to the momentum from recent wins in our defense business like the F-47.

我們正在盡一切努力為客戶提供支援。現在讓我們將注意力轉移到本季。顯然我們的復甦計劃正在取得成效。我們正穩步推動業務穩定、加強發展計畫執行、改變文化，為未來做好準備。今年 5 月，我們宣布了迄今為止最大的一筆寬體飛機訂單，訂單數量多達 210 架商用飛機，這進一步增強了我們近期在國防業務方面取得的進展，例如 F-47 訂單。

Our market demand remains strong. We're just over halfway through 2025, and I'm pleased with our progress. We're starting to see real momentum. And the nice thing is that we're seeing it across the business. At the same time, we also have to acknowledge the remaining work ahead of us on this recovery. And while we continue to manage through a dynamic environment, we're certainly encouraged with the very recent trade deals.

我們的市場需求依然強勁。2025 年已經過去一半多了，我對我們的進展感到滿意。我們開始看到真正的勢頭。令人高興的是，我們在整個業務中都看到了這一點。同時，我們也必須認識到，在復甦方面我們還有很多工作要做。雖然我們繼續在動態環境中進行管理，但我們對最近的貿易協定感到非常鼓舞。

Turning now to BCA. We're seeing the benefit of our ongoing investments to stabilize our production system as we continue to remain on track with the safety and quality plan that we established and submitted to the FAA. A few highlights are we've reduced traveled work at rollup by 50%. We've addressed employee feedback from our safety and quality standdowns.

現在轉向 BCA。我們看到了持續投資對穩定生產系統的好處，因為我們繼續按照我們制定並提交給美國聯邦航空局的安全和品質計劃進行。一些亮點是，我們將匯總的旅行工作減少了 50%。我們已經處理了員工對安全和品質停工的回饋。

We've employed structured on-the-job training, and we simplified more than 1,500 work instruction documents. This is critical to our performance to deliver safe and high-quality aircraft on time to our customers and steadily execute our planned production increases. With more stability in operations, we delivered 150 commercial jets in the quarter and 280 in the first half of the year.

我們採用了結構化的在職培訓，並簡化了 1,500 多份工作指導文件。這對我們按時向客戶交付安全、高品質的飛機以及穩步執行計劃的生產成長至關重要。隨著營運更加穩定，我們在本季交付了 150 架商用飛機，今年上半年交付了 280 架。

That makes it the most deliveries in the second quarter and first six months of the year since 2018. More importantly, almost every customer I talk to has said they're seeing higher quality airplane deliveries. On 737, you'll recall our plan was to methodically ramp up to 38 per month, stabilize at that rate and then request an approval from the FAA for the next rate increase to 42 aircraft a month.

這使得今年第二季和上半年的交付量創下2018年以來的最高紀錄。更重要的是，幾乎每位與我交談過的客戶都表示，他們看到了更高品質的飛機交付。關於 737，您會記得，我們的計劃是逐步增加到每月 38 架，穩定在這個速度，然後請求美國聯邦航空局批准下次增加到每月 42 架飛機。

In the quarter, we achieved a rate of 38 airplanes per month, and we're now focused on demonstrating stability at that rate. We'll continue to use key performance indicators that have been agreed to with the FAA to measure the health of the production system. Those KPIs continue to steadily progress in line with our expectations we set at the beginning of the year.

本季度，我們實現了每月 38 架飛機的生產率，現在我們專注於保持這一生產率的穩定性。我們將繼續使用與 FAA 達成一致的關鍵績效指標來衡量生產系統的健康狀況。這些關鍵績效指標持續穩定地推進，符合我們年初設定的預期。

We expect to be in a position to request approval from the FAA in the coming months to increase to 42 aircraft per month. On 787, we successfully completed a Capstone review in the quarter and the program is now at a production rate of seven airplanes per month. Like our team in Renton, our team in Charleston is now focused on stabilized the new production rate and using KPIs that we're tracking and they still look good they're all green.

我們預計將在未來幾個月內向美國聯邦航空局申請批准，將每月飛機數量增加到 42 架。對於 787，我們在本季度成功完成了 Capstone 審查，目前該專案的生產速度為每月七架飛機。就像我們在倫頓的團隊一樣，我們在查爾斯頓的團隊現在專注於穩定新的生產力並使用我們正在追蹤的 KPI，而且它們看起來仍然很好，它們都是綠色的。

We'll continue to track those over the near term before preparing for the next rate increase. Turning now to our commercial development programs. We continue to progress with our 777X flight test program and remain focused on the work ahead to get the airplane certified and delivered to our customers. With our full test fleet activated, including four dedicated airplanes, the program has completed more than 1,400 flights and 4,000 flight hours.

在為下一次升息做準備之前，我們將在短期內繼續追蹤這些情況。現在談談我們的商業發展計劃。我們繼續推進 777X 飛行測試計劃，並繼續專注於未來的工作，以獲得飛機認證並交付給我們的客戶。隨著我們全部測試機隊（包括四架專用飛機）投入運行，該專案已完成超過 1,400 次飛行和 4,000 小時的飛行時間。

Flight testing continues with no new technical issues to report. So good progress so far, but we still have a lot of work to do. Production of the first 777X-8 freighter is underway with the first hole drilled in the wing spar this month, and work on major assemblies at Boeing and key suppliers is in progress. On 737-7 and -10, we continue to mature the technical solutions for engine anti-ice and certification path for the 737 MAX family derivatives.

飛行測試仍在繼續，沒有新的技術問題需要報告。到目前為止進展順利，但我們仍有許多工作要做。首架 777X-8 貨機的生產正在進行中，本月在翼樑上鑽了第一個孔，波音公司和主要供應商的主要組裝工作正在進行中。在737-7和737-10上，我們不斷完善引擎防冰技術方案和737 MAX系列衍生機型的取證路徑。

Work on the solution is taking longer than expected, and we now are expecting certification in 2026. As we've previously said, we don't expect a material impact to our production plans, and we're prepared to build other 737 models for our customers. Switching now to Boeing Defense and Space. As you know, we recently named Steve Parker as our permanent Defense business CEO.

解決方案的開發時間比預期的要長，我們目前預計在 2026 年獲得認證。正如我們之前所說，我們預計這不會對我們的生產計劃產生重大影響，我們準備為客戶生產其他 737 型號。現在轉向波音防務與航太公司。如您所知，我們最近任命史蒂夫·帕克 (Steve Parker) 為我們的國防業務常任執行長。

Steve is a terrific leader and has guided the team in our recovery, helping to stabilize our defense business, improve our customer relationships, while developing his people with a focus on building a strong culture. And I look forward to his continued leadership in this turnaround. We had another good quarter on our fixed-price development programs and held our EACs for the second consecutive quarter.

史蒂夫是一位出色的領導者，他指導團隊實現復甦，幫助我們穩定國防業務，改善客戶關係，同時培養員工，並專注於建立強大的文化。我期待他能繼續發揮領導作用，扭轉這個局面。我們的固定價格開發項目又度過了一個良好的季度，並且連續第二個季度保持了 EAC。

Our renewed efforts around baseline and risk management on these programs are producing early results. Again, like in commercial, we have a lot of work to get these programs through the development phase, but I do like the direction we're headed. On MQ-25, the team began ground testing and successfully worked through the production move to our new facility, bringing the program closer to first flight for the US Navy.

我們圍繞這些專案的基準和風險管理所做的新努力正在產生早期成果。再說一次，就像在商業領域一樣，我們還有很多工作要做才能讓這些專案完成開發階段，但我確實喜歡我們前進的方向。對於 MQ-25，團隊開始進行地面測試，並成功將生產轉移到我們的新工廠，使該專案更接近美國海軍的首次飛行。

On T7, we finalized the MOA with US Air Force to build four production representative aircraft and now have completed five milestones associated with the original agreement. As we've said, active management is a win-win for both us and our customers and show us how this approach works to derisk some of our development programs while delivering capability to our customer.

T7 號，我們與美國空軍簽署了諒解備忘錄，將建造四架生產代表飛機，目前已完成與原始協議相關的五個里程碑。正如我們所說，主動管理對於我們和客戶來說都是雙贏的，並向我們展示了這種方法如何在為我們的客戶提供能力的同時降低我們的一些開發項目的風險。

On KC-46, we delivered five tanker aircraft in the quarter. Recent global events remind us this platform continues to deliver unparalleled capability, versatility and operational flexibility for the war fighter no matter where we are. As the customer gains confidence in our stability and operations, US Air Force recently shared its sole source approach for the next batch KC-46 tankers beyond the current program of record.

在 KC-46 上，我們在本季度交付了五架加油機。最近發生的全球事件提醒我們，無論我們身在何處，這個平台都能繼續為作戰人員提供無與倫比的能力、多功能性和作戰靈活性。隨著客戶對我們的穩定性和營運越來越有信心，美國空軍最近分享了其在現有計劃之外的下一批 KC-46 加油機的唯一來源方法。

Turning now to our Space portfolio. We recently captured an important win with US Space Force awarding Boeing a $2.8 billion contract for the development and production of two satellites to deliver resilient, space-based nuclear command and control and communications for the United States. This contract is consistent with our strategy to ensure we enter into the appropriate contract type for the appropriate type of work.

現在來談談我們的太空投資組合。我們最近取得了一項重要勝利，美國太空部隊授予波音公司一份價值 28 億美元的合同，用於開發和生產兩顆衛星，為美國提供有彈性的太空核指揮、控制和通信。該合約與我們的策略一致，以確保我們為適當類型的工作簽訂適當類型的合約。

Furthermore, this award is a testament to our role as a leader in national security space, and we stand ready to support future programs like the Golden Dome. Looking forward, the recently enacted reconciliation bill also increases national defense spending by $150 billion through fiscal year 2029, providing funding for Boeing defense programs like the F-15X, the MQ-25, the E7 and proprietary programs, among others.

此外，該獎項證明了我們在國家安全領域的領導地位，我們隨時準備好支持像金色穹頂這樣的未來計畫。展望未來，最近頒布的和解法案也將在2029財年增加1500億美元的國防開支，為波音公司的F-15X、MQ-25、E7和專有項目等國防項目提供資金。

Our portfolio is well positioned to meet the priorities of our customers and the current global threat environment. Next, we'll discuss Boeing Global Services. BGS had another strong quarter, continued to deliver great performance for our company as they support our Defense and Commercial customers. In the quarter, we delivered the first PA with enhanced anti-submarine warfare technology to the US Navy, marking a major milestone for our team in Jacksonville, Florida. BGS also secured a contract to provide P-8A aircraft training systems and support to the Republic of Korean Navy.

我們的產品組合能夠很好地滿足客戶的優先事項和當前的全球威脅環境。接下來，我們將討論波音全球服務。BGS 又度過了一個強勁的季度，繼續為我們公司帶來出色的業績，為我們的國防和商業客戶提供支援。本季度，我們向美國海軍交付了第一套採用增強型反潛戰技術的 PA，這標誌著我們位於佛羅裡達州傑克遜維爾的團隊取得了重要的里程碑。BGS還獲得了一份合同，為韓國海軍提供P-8A飛機訓練系統和支援。

And in Commercial Services, we opened our third parts distribution center in Germany and our ninth global location dedicated to shipping spares. Our network of distribution centers enables quicker repairs as well as maintenance and overhaul work to keep airplanes in service, all focused at serving a growing aftermarket. Turning now to global trade where the environment has been dynamic.

在商業服務方面，我們在德國開設了第三個零件配送中心，並在全球設立了第九個專門負責運輸備件的地點。我們的配送中心網路能夠更快地進行維修以及維護和大修工作，以保持飛機的正常使用，所有這些都致力於服務不斷增長的售後市場。現在轉向全球貿易，其環境一直是動態的。

We continue to simultaneously monitor policy developments while mitigating the potential impacts of tariffs as trade negotiations continue. As a reminder, about 80% of our commercial supply chain spending goes to US suppliers and about 80% of our commercial deliveries are to customers outside the US. As a leading US exporter, ongoing free trade is important to our business.

隨著貿易談判的持續，我們將繼續同步監測政策發展，同時減輕關稅的潛在影響。提醒一下，我們約 80% 的商業供應鏈支出用於美國供應商，約 80% 的商業交付用於美國以外的客戶。作為美國領先的出口商，持續的自由貿易對我們的業務至關重要。

Our top priority is promoting continuity of supply, and we're working across the supply chain to ensure suppliers are focused on meeting the strong market demand. You'll recall that we framed the risk of higher input costs in our first quarterly call. And our team is doing it well to manage within that framework. We are seeing some of these input tariffs resolved through negotiation agreements, like the one announced over the weekend between the US and the EU, and the bilateral with the UK.

我們的首要任務是促進供應的連續性，我們正在整個供應鏈上開展工作，以確保供應商專注於滿足強勁的市場需求。您會記得，我們在第一次季度電話會議上討論了投入成本上升的風險。我們的團隊在該框架內管理得很好。我們看到一些投入關稅透過談判協議得到解決，例如週末宣布的美國與歐盟之間的協議，以及與英國的雙邊協議。

So overall, we're probably feeling better today, but we still need to actively manage through this dynamic environment. We appreciate the administration and Congress for championing the US aerospace industry around the world and applaud President Trump and the EU Commission President Ursula von der Leyen for reaching a negotiated agreement that will be good for the aerospace industry in the US and Europe.

所以總的來說，我們今天可能感覺好些了，但我們仍然需要積極地應對這種動態環境。我們讚賞政府和國會在全球範圍內支持美國航空航天業，並讚揚川普總統和歐盟委員會主席烏爾蘇拉·馮德萊恩達成有利於美國和歐洲航空航天業的談判協議。

The administration understands the role of our sector in strengthening the US trade balance, and we're optimistic that future agreements will address aircraft and parts as we work through our diverse backlog of more than $600 billion for our global customers. During the past several quarters, you've heard me talk about four key areas that will enable our recovery.

政府了解我們行業在加強美國貿易平衡方面的作用，我們樂觀地認為，隨著我們為全球客戶處理超過 6000 億美元的各種積壓訂單，未來的協議將涉及飛機和零件。在過去的幾個季度裡，你們聽到我談論了能夠促進我們復甦的四個關鍵領域。

This morning, we've touched on the progress to stabilize our business, improve program execution and build on our future with key wins. I'd like to now spend a few moments going through our progress on our culture change. You may recall earlier this year, employees helped create a new set of values and behaviors that we shared across the company. I'm very excited about how the employees have embraced this.

今天上午，我們談到了穩定業務、改善計劃執行以及透過關鍵勝利建立未來所取得的進展。現在我想花一點時間來回顧我們的文化變革所取得的進展。您可能還記得，今年早些時候，員工幫助創建了一套我們在整個公司共享的新價值觀和行為。我很高興看到員工們如此接受這一點。

It's simple, it's straightforward, and it's helping people rally around change. This month, we took our next step in rebuilding our culture by introducing our new performance management approach to strengthen accountability, develop careers and measure what they accomplished and how they achieve their goals through our values and behaviors.

它簡單、直接，並且能夠幫助人們團結起來，推動改變。本月，我們邁出了重建文化的下一步，引入了新的績效管理方法來加強責任感、發展職業生涯並衡量他們的成就以及他們如何透過我們的價值觀和行為實現目標。

These measures will be important because they determine how we reward, develop and promote our people. I'm confident as we continue to change our culture, work to rebuild trust and strengthen accountability, we'll continue to move going forward. We have an incredible opportunity ahead. Now before I conclude my prepared remarks, I'd like to give special thanks to our employees for their dedicated and hard work throughout the quarter.

這些措施非常重要，因為它們決定了我們如何獎勵、培養和提拔我們的員工。我相信，隨著我們繼續改變我們的文化，努力重建信任並加強問責制，我們將繼續前進。我們面前有一個難以置信的機會。現在，在我結束準備好的演講之前，我想特別感謝我們的員工在整個季度的奉獻和辛勤工作。

The energy that they're creating here and the focus on delivering to our customers, meeting commitments and execution is really paying off. And I also want to extend my deep appreciation of Brian West for his outstanding work over the last four years to stabilize our business and navigate the recovery, all while continuing to position the company for our future.

他們在這裡創造的能量以及對為客戶提供服務、履行承諾和執行的關注確實得到了回報。我還要對 Brian West 表示深深的感謝，感謝他過去四年來為穩定我們的業務、引導公司復甦所做的出色工作，同時繼續為公司的未來做好準備。

And I particularly want to thank him for the support he's given me this past year. As you know, we recently announced Jay Malave will join Boeing in a couple of weeks as our new CFO, as Brian transitions into a senior advisory role. I look forward to welcoming Jay to Boeing and Brian's continued counsel in his new role.

我特別要感謝他過去一年來給予我的支持。如你所知，我們最近宣布傑伊·馬拉夫 (Jay Malave) 將在幾週後加入波音公司擔任新任財務官，而布萊恩 (Brian) 將轉任高級顧問職位。我期待歡迎傑伊加入波音公司並歡迎布萊恩在新職位上繼續擔任顧問。

Thanks, Brian. Now I'll hand it over to you to discuss the operating results before we move to questions.

謝謝，布萊恩。現在，我將把討論經營績效的時間交給你們，然後再開始提問。

Thanks, Kelly, and good morning, everyone. Let's start with the total company financial performance for the quarter. Revenue was $22.7 billion, up 35%, primarily driven by higher commercial delivery volume. The core loss per share of $1.24 was a significant improvement compared to last year, driven by higher commercial deliveries and improved operational performance across the business.

謝謝，凱利，大家早安。讓我們先來看看本季公司的整體財務表現。營收達 227 億美元，成長 35%，主要得益於商業交付量的增加。每股核心虧損 1.24 美元，與去年相比有顯著改善，這得益於商業交付量的增加和整個業務營運績效的提高。

Free cash flow was a usage of $200 million in the quarter, reflecting higher commercial deliveries and working capital that improved compared to both the prior year and the prior quarter. Our free cash flow was better than expectations shared in April driven by higher commercial delivery volume and better wide-body mix as well as favorable timing of CapEx.

本季自由現金流使用量為 2 億美元，反映出商業交付量和營運資本較去年同期和上一季均有所改善。由於商業交付量增加、寬體飛機組合改善以及資本支出時機有利，我們的自由現金流好於 4 月的預期。

Turning to the next page, I'll cover BCA. BCA delivered 150 airplanes in the quarter. Revenue was $10.9 billion and operating margin was minus 5.1%. BCA booked 455 net orders in the quarter, including 127 A7 and 30 777-9 airplanes for Qatar Airways and 32 787-10 airplanes for British Airways. Backlog in the quarter ended at $522 billion, which was up more than $60 billion sequentially.

翻到下一頁，我將介紹 BCA。BCA 本季交付了 150 架飛機。營收為109億美元，營業利益率為-5.1%。BCA本季淨訂單量為455架，其中包括卡達航空的127架A7和30架777-9飛機，以及英國航空的32架787-10飛機。本季積壓訂單總額為 5,220 億美元，較上一季增加 600 多億美元。

This includes more than 5,900 airplanes that translate to over seven-years of production. And the 737 and the 787 are both sold firm into the next decade. Now I'll give more color on the key programs. The 737 program delivered 104 airplanes in 2Q, including 42 in June. On production, the factory steadily increased rate during the quarter, with monthly production reaching 38 per month in May.

其中包括超過 5,900 架飛機，相當於七年多的生產時間。未來十年，737 和 787 的銷售量都將穩定成長。現在我將對關鍵程序進行更詳細的說明。737 專案在第二季度交付了 104 架飛機，其中 6 月交付了 42 架。生產方面，工廠本季穩定提高產量，5月月產量達38台。

And the team remains intent on stabilizing at that level. Importantly, the operational KPIs continue to progress, and we still expect to be in a position to request approval to go above 38 per month in the coming months. Spirit continues to deliver fuselages with improved quality and flow, which sets us up well for both the production ramp and the reintegration. Closing on this transaction is expected later in the year.

並且該團隊仍然致力於穩定在該水平。重要的是，營運 KPI 繼續取得進展，我們仍然預計能夠在未來幾個月內申請每月超過 38 個的批准。Spirit 持續提供品質和流程改進的機身，這為我們的生產提升和重新整合奠定了良好的基礎。預計交易將於今年稍後完成。

More broadly, on the master schedule, we continue to make adjustments as needed and manage supplier by supplier based on inventory levels. Over the past year, our buffer inventory has grown to promote stability across our production system. As production continues to stabilize and rates increase over time, we plan to deliberately return buffer inventory to more normal levels.

更廣泛地說，在主計劃上，我們會根據需要繼續進行調整，並根據庫存水準逐一管理供應商。在過去的一年裡，我們的緩衝庫存不斷增加，以促進整個生產系統的穩定性。隨著生產持續穩定和產量隨時間推移而增加，我們計劃有意將緩衝庫存恢復到更正常的水平。

The quarter ended with about 20 737-8s built prior to 2023, down 15 from 1Q, which are for customers in China. We now expect to complete the rework on these airplanes and shut down the shadow factory in the third quarter. On the 7 and 10, inventory levels were stable at approximately 35 airplanes. As Kelly said, we continue to mature the certification path for these programs.

本季結束時，共有約 20 架 737-8 飛機在 2023 年之前建造，比第一季減少了 15 架，這些飛機面向中國客戶。我們現在預計將在第三季完成這些飛機的返工並關閉影子工廠。7日和10日，庫存水準穩定在35架左右。正如凱利所說，我們將繼續完善這些項目的認證途徑。

The engine anti-ice solution has taken us longer and we now expect certification next year. As we said, we will build other MAX models for affected customers and don't expect an impact on our planned production rates, with the financial impact of this revised timeline reflected in the program margins this quarter. On the 787, we delivered 24 airplanes in the quarter as the program continued to demonstrate improved stability.

引擎防冰解決方案花費了我們更長的時間，現在我們預計明年將獲得認證。正如我們所說，我們將為受影響的客戶製造其他 MAX 型號，並且預計不會對我們的計劃生產力產生影響，此修訂時間表的財務影響將反映在本季度的計劃利潤率中。隨著 787 專案繼續展現出更好的穩定性，我們在本季交付了 24 架飛機。

After stabilizing at five per month and completing a successful Capstone review in the quarter the production rate is now at seven per month, and the program is focused on stabilizing the production system prior to future rate increases. 2Q ended with about 15 airplanes in inventory built prior to 2023, down five from 1Q.

在穩定為每月五台並在本季度成功完成 Capstone 審查後，生產力現在為每月七台，該計劃的重點是在未來提高生產力之前穩定生產系統。截至第二季度，庫存中約有 15 架飛機是在 2023 年之前製造的，比第一季減少了 5 架。

The rework on these remaining airplanes is complete, and we expect to deliver about half of these units this year and the other half in 2026, in line with our customers' fleet planning requirements. Finally, on 777X, flight testing activities with the FAA continue to progress, and we remain focused on the work ahead to deliver the airplane next year.

這些剩餘飛機的返工工作已經完成，我們預計今年將交付其中一半，2026 年將交付另一半，以滿足客戶的機隊規劃要求。最後，對於 777X，與美國聯邦航空管理局 (FAA) 的飛行測試活動繼續取得進展，我們仍將專注於明年交付飛機的工作。

777X inventory was up about $900 million in the quarter and will continue to grow as we move towards entry into service as we've previously shared. Moving on to the next page and BDS. BDS booked $19 billion in orders during the quarter, and the backlog grew to $74 billion. Revenue was $6.6 billion, up 10% on improved operational performance, and BDS delivered 34 aircraft and two satellites in the quarter.

777X 庫存在本季度增加了約 9 億美元，並且正如我們之前所分享的，隨著我們投入使用，庫存還將繼續增長。轉到下一頁和 BDS。BDS 本季訂單總額達 190 億美元，積壓訂單總額增加至 740 億美元。由於營運業績改善，營收達到 66 億美元，成長 10%，BDS 本季交付了 34 架飛機和兩顆衛星。

Operating margin of 1.7% was up significantly compared to last year, also reflecting the better operating performance in 2Q. The business continued to make important progress in its recovery, and the game plan to get BDS back to high single-digit margins remains a key focus. Our core business remains solid, representing approximately 60% of our revenue and performing in the mid- to high single-digit margin range.

1.7%的營業利潤率較去年同期大幅上升，也反映出第二季的經營業績有所改善。業務復甦繼續取得重要進展，讓 BDS 恢復到高個位數利潤率的計劃仍然是重點。我們的核心業務依然穩健，約占我們營收的 60%，利潤率維持在中高個位數範圍內。

The demand for these products remains very strong, supported by the global threat environment confronting our nation and allies. On the roughly 25% of the portfolio that's primarily comprised of fighter and satellite programs, operations continue to reflect the stabilizing performance trends that began in the first quarter, which drove relatively consistent sequential margins.

在我們國家和盟友面臨的全球威脅環境的支持下，這些產品的需求仍然非常強勁。在主要由戰鬥機和衛星項目組成的約 25% 的投資組合中，營運繼續反映出自第一季開始的穩定業績趨勢，這推動了相對穩定的連續利潤率。

Lastly, on our fixed price development programs that represent the remaining 15% of revenue, we continue to work to stabilize maturities programs. This quarter's results reflect improved operational performance, and we remain focused on retiring risk and ultimately delivering these important capabilities to our customers.

最後，對於佔剩餘 15% 收入的固定價格開發計劃，我們將繼續努力穩定到期計劃。本季的業績反映了營運績效的提高，我們仍然專注於消除風險並最終將這些重要功能交付給我們的客戶。

In the quarter, we made progress on the MQ-25 program, which started ground testing, as well as the T-7A program, which achieved three additional customer milestones. Overall, the defense portfolio is well positioned for the future, and we still expect the business to return to historical performance levels as we continue to stabilize production, execute on development programs and transition to new contracts with tighter underwriting standards.

本季度，我們在 MQ-25 專案上取得了進展，該專案已開始地面測試，而 T-7A 專案則實現了另外三個客戶里程碑。總體而言，國防投資組合在未來表現良好，我們仍然預計，隨著我們繼續穩定生產、執行開發計劃並過渡到承保標準更嚴格的新合同，業務將恢復到歷史業績水平。

Moving on to the next page, in Boeing Global Services. BGS continued to perform well, delivering very strong financial results in the quarter. The business received $5 billion in orders and the backlog ended at $22 billion. Revenue was $5.3 billion, up 8% year-over-year, primarily reflecting improved commercial and government volume.

進入下一頁，波音全球服務部。BGS 繼續表現良好，本季取得了非常強勁的財務業績。該業務已收到價值 50 億美元的訂單，積壓訂單價值達 220 億美元。營收為 53 億美元，年增 8%，主要反映了商業和政府業務量的增加。

Operating margin was 19.9% in the quarter, up 210 basis points compared to last year, on favorable performance and mix, including a one-time gain. Both our commercial and government businesses again delivered double-digit margins. In the quarter, BGS completed the sale of its maintenance repair and overhaul facility at Gatwick Airport and secured a contract to provide P-8A aircraft training systems support to the Republic of Korean Navy.

本季營業利益率為 19.9%，比去年同期成長 210 個基點，得益於良好的業績和產品組合（包括一次性收益）。我們的商業和政府業務再次實現了兩位數的利潤率。本季度，BGS 完成了位於蓋特威克機場的維修和大修設施的出售，並獲得了為韓國海軍提供 P-8A 飛機訓練系統支援的合約。

BGS remains a terrific long-term franchise that is focused on profitable, long-term efficient offerings, and the team continues to execute very well. Turning to the page, I'll cover cash and debt. Cash and marketable securities ended at $23 billion, primarily reflecting the debt repayment and free cash flow usage in the quarter.

BGS 仍然是一家出色的長期特許經營企業，專注於盈利、長期高效的產品，並且團隊繼續表現出色。翻到這一頁，我將討論現金和債務。現金和有價證券最終達到 230 億美元，主要反映了本季的債務償還和自由現金流使用。

Debt balance ended at $53.3 billion, down $300 million in the quarter on the pay down of maturing debt, with $300 million of maturities left in the year. The company maintains access to $10 billion of revolving credit facilities, all of which remain undrawn. We remain committed to managing the balance sheet in a prudent manner with two main objectives.

債務餘額最終為 533 億美元，本季因到期債務償還而減少 3 億美元，今年仍有 3 億美元到期。該公司保留 100 億美元的循環信貸額度，但這些信貸額度目前尚未提取。我們仍然致力於以審慎的方式管理資產負債表，主要有兩個目標。

First, continue to prioritize the investment-grade rating, and second, allow the factory and supply chain to stabilize. Let me provide some additional context on the macro backdrop before getting into the free cash flow outlook. We continue to closely monitor ongoing policy developments and work to promote our industry's importance to the long-term economic and trade objectives of the administration.

第一，繼續優先考慮投資等級；第二，讓工廠和供應鏈穩定下來。在討論自由現金流前景之前，讓我先提供一些有關宏觀背景的額外背景資訊。我們將繼續密切關注正在進行的政策發展，並努力提升我們行業對政府長期經濟和貿易目標的重要性。

And we were encouraged by certain bilateral trade deals that were announced in the quarter, including the recent agreement with the EU. Given our position as a top US exporter, free trade policy across commercial aerospace continues to be very important to us. On the input cost side, we continue to work closely with our suppliers to promote continuity of supply and pursue options to mitigate tariff cost pressures.

本季宣布的某些雙邊貿易協定令我們感到鼓舞，包括最近與歐盟達成的協議。鑑於我們作為美國最大出口國的地位，商業航空航太領域的自由貿易政策對我們來說仍然非常重要。在投入成本方面，我們繼續與供應商密切合作，以促進供應的連續性並尋求減輕關稅成本壓力的方案。

And as we said, any financial impact is not significant. Regarding free cash flow, we expect third quarter free cash flow to be more or less in line with the second quarter usage before any impact from a potential one-time DOJ payment. That sets us up for positive free cash flow in the fourth quarter, so long as the global trade environment continues to remain favorable for the industry and our commercial delivery forecast remains intact.

正如我們所說，任何財務影響都不大。關於自由現金流，我們預計在受到司法部一次性付款的影響之前，第三季的自由現金流將與第二季的使用情況大致一致。只要全球貿易環境持續對產業有利且我們的商業交付預測保持不變，我們就能在第四季實現正自由現金流。

Broadly, the markets we serve continue to be significant, and our backlog demonstrates the strength of our product portfolio. Long term, these fundamentals underpin our confidence in managing the business with a long-term view built on safety, quality and delivering for our customers.

總體而言，我們服務的市場仍然很重要，我們的積壓訂單證明了我們產品組合的實力。從長遠來看，這些基本原則鞏固了我們以安全、品質和為客戶提供服務的長遠眼光來管理業務的信心。

With that, let's open up for questions.

好了，讓我們開始提問吧。

(Operator Instructions) Myles Walton, Wolfe Research.

（操作員指示） Myles Walton，Wolfe Research。

Brian, thanks for all the help for the last four years. You've always been straightforward in assessing these ups and downs. It's good to see we're on the upside. Can you -- and on that point, can you lay out for us the $2 billion better performance here on free cash flow in the second quarter? How much of that should we translate to the prior $4 billion to $5 billion target? Are we comfortable, say, around $3 billion or so? And then what might be upside risks for the year?

布萊恩，感謝您過去四年來的所有幫助。您總是能直截了當地評價這些起起落落。很高興看到我們處於有利地位。關於這一點，您能否為我們詳細說明第二季自由現金流為何比去年同期成長了 20 億美元？其中有多少應該轉化為先前的 40 億至 50 億美元的目標？比如說，30億美元左右，我們覺得適合嗎？那麼今年可能有哪些上行風險呢？

Well, thank you, Myles. That number you threw out there in terms of $3 billion, that's probably a pretty good assumption. And let me just walk you through some of the pieces. The first half free cash flow usage of $2.5 billion exceeded our expectations, and the second quarter use of $200 million was quite a bit better. And it's primarily driven by better BCA delivery performance as well as some timing items.

好吧，謝謝你，邁爾斯。您提到的 30 億美元這個數字可能是一個非常好的假設。讓我向你們簡單介紹一下其中的一些部分。上半年 25 億美元的自由現金流使用情況超出了我們的預期，而第二季度 2 億美元的自由現金流使用情況則好得多。這主要得益於更好的 BCA 交付效能以及一些時間項目。

And let me highlight one important one on the 777 program. Usually, we see six to seven 777 deliveries in a given quarter. We had 13 in the second quarter, which drove an incremental $700 million of positive free cash flow. Now as we think about the third quarter, before we adjust for a potential one-time item, free cash flow, as I mentioned, is going to look a little bit more like the 2Q usage more or less.

讓我強調一下 777 計畫中的一個重要問題。通常，我們在一個季度內會看到六到七架 777 飛機的交付。我們在第二季有 13 個這樣的客戶，這帶來了 7 億美元的增量正自由現金流。現在，當我們考慮第三季時，在調整潛在的一次性項目之前，正如我所提到的，自由現金流或多或少會更像第二季的使用情況。

And here are the things that are driving it. The benefit of lower interest payments will be offset by this 777 2Q reversal that I just outlined. On volume, 737 could be a bit better, and I think the 787 is going to be pretty steady. And there's a few hundred million dollars of unfavorable timing shift from 2Q to 3Q, mainly CapEx spend.

以下是推動這項進程的因素。較低利息支付的好處將被我剛才概述的 777 第二季度逆轉所抵消。就銷量而言，737 可能會好一點，而我認為 787 會相當穩定。從第二季到第三季度，時間上出現了數億美元的不利變化，主要是資本支出。

On top of this, in the third quarter, there's a potential for a $700 million onetime payment related to the DOJ non-prosecution case. So that's the third quarter, which then sets us up for the fourth quarter to be positive. And as long as the global trade environment remains favorable and we make progress on the rate increases, we expect the fourth quarter to turn free cash flow positive and set us up to exit the year with a very nice positive momentum heading into 2026.

除此之外，第三季度，司法部還可能一次支付 7 億美元，用於不起訴案件。這就是第三季的情況，這為第四季的積極表現奠定了基礎。只要全球貿易環境保持良好，並且我們在升息方面取得進展，我們預計第四季度的自由現金流將變為正值，並為我們在 2026 年以非常好的積極勢頭結束今年做好準備。

So when I put all that together, I think your number there of $3 billion is pretty reasonable for the full year.

因此，當我把所有這些因素綜合起來時，我認為您提出的全年 30 億美元的數字是相當合理的。

Sheila Kahyaoglu, Jefferies.

傑富瑞的 Sheila Kahyaoglu。

Brian, congratulations on ending on a high note. And thank you. Kelly, maybe one for you on tariffs. We've seen a number of trade agreements announced since April, with lower tariffs -- with the tariff agreements benefiting Boeing orders potentially year-to-date. How do you think about the zero for zero with EU? How do you think of the order momentum builds from here?

布萊恩，恭喜你以高調結束演講。謝謝你。凱利，也許我可以告訴你一個關於關稅的問題。自四月以來，我們已經看到多項貿易協定宣布，其中關稅有所降低——這些關稅協定可能會使波音今年迄今的訂單受益。您如何看待與歐盟的零對零政策？您如何看待今後訂單動能的增強？

And given the seven-year backlog, how does that factor into pricing and deal negotiations and any potential impact on supply chain?

考慮到七年的積壓訂單，這對定價和交易談判有何影響？對供應鏈有何潛在影響？

Yes, Sheila. Well, there's obviously been -- some of these deals have been a good boost for us here in the last quarter. Let me start a little bit with input tariffs because I think that's still important. As you recall, we outlined a less than $500 million impact on the input tariffs. One of the key areas for us is the equipment we import from Japan.

是的，希拉。嗯，顯然，上個季度的一些交易對我們有很大的推動作用。讓我先從投入關稅開始談，因為我認為這仍然很重要。大家還記得，我們概述了對投入關稅的影響不到 5 億美元。我們最關注的領域之一是從日本進口的設備。

So getting this Japan agreement in place, and we understand that to include zero for zero, no input tariffs, will be helpful for us going forward. So that was one of the big ones. We still need to see what happens with Italy. As you know, we import some fuselage components from Alenia in Italy. So hopefully, that will also result in zero for zero.

因此，達成這項與日本的協議，我們也理解其中包括零對零、無投入關稅，將有助於我們未來的發展。所以這是其中一件大事。我們仍需觀察義大利的情況。如您所知，我們從義大利阿萊尼亞公司進口了一些機身零件。所以希望這也能帶來零對零的結果。

My understanding is that is the kind of the baseline negotiation strategy as they go through these bilaterals, that we will end up in a zero for zero, but still yet work yet to do. In terms of the demand side, yes, I mean everybody is looking at their trade imbalance and saying, how do I address that? And no better way than to make a big aircraft order. So the order environment is going to be very good.

我的理解是，這是他們在進行雙邊談判時採取的基本談判策略，即我們最終將以零對零的結果結束談判，但仍有工作要做。就需求方面而言，是的，我的意思是每個人都在關注他們的貿易不平衡，並問自己，我該如何解決這個問題？沒有比大量訂購飛機更好的辦法了。所以訂單環境將會非常好。

In terms of pricing, irrespective of the tariff-driven demand, this has been a constrained environment. And so we've been managing our pricing to also reflect that environment going forward. So I think that will also give us an opportunity particularly to offset some of the cost growth, -- inflationary cost growth, that we are going to see going forward.

就定價而言，無論關稅驅動的需求如何，這都是一個受限制的環境。因此，我們一直在管理我們的定價，以反映未來的環境。因此我認為這也將為我們提供一個機會來抵消我們未來將看到的部分成本增長——通貨膨脹成本增長。

So the landscape is pretty good right now. A couple of areas I just think we got to keep watching. One is making sure that we don't end up back in retaliatory tariffs with China. So we are making deliveries, as you know, right now, and hopefully, that comes to a resolution. And then the USMCA agreement is still very important because of the amount we import from Mexico and Canada.

所以現在的情況相當不錯。我認為我們必須繼續關注幾個領域。一是確保我們不會再對中國實施報復性關稅。因此，如您所知，我們現在正在進行交付，希望能夠得到解決方案。由於我們從墨西哥和加拿大進口了大量貨物，因此 USMCA 協議仍然非常重要。

So as they revisit that USMCA, hopefully, that stays in the same trade situation that we're in today. So we don't see additional tariffs there going forward. But look, if we continue to see this zero for zero, I think we'll be able to beat that $500 million bogey that we've established here.

因此，當他們重新審視 USMCA 時，希望其貿易狀況能夠保持與今天相同的水平。因此我們認為未來不會徵收額外關稅。但是，如果我們繼續看到這種零對零的局面，我認為我們將能夠打破我們在這裡設定的 5 億美元的恐怖目標。

Peter Arment, Baird.

彼得·阿門特，貝爾德。

Thanks again, Brian, for all your support over the last four years. Really appreciate it. Kelly, maybe we could talk a little bit about maybe the longer-term framework, how you're thinking on rates. When you think about the progress you're seeing on the 737 MAX and the 787. And I guess specifically on the 787, it seems like the demand continues to be really strong with obviously the orders that you're seeing.

再次感謝 Brian 在過去四年給予我的所有支持。真的很感激。凱利，也許我們可以談談長期框架，以及您對利率的看法。當你想到 737 MAX 和 787 所取得的進步。我想，特別是對於 787 而言，從您看到的訂單來看，需求似乎持續強勁。

And there's a widebody replacement cycle, seems to be heating up. How are you thinking about where the long-term rates could go there?

寬體飛機的更換週期似乎正在升溫。您認為長期利率會走向何方？

Well, first of all, Peter, one step at a time. We just moved from five months to seven month, very successfully. And as I said in the prepared remarks, our KPIs are green after we've done that rate increase. So we'll stabilize at that rate, and then we'll consider moving to the next rate. We have a series of rate increases in our plan.

好吧，首先，彼得，一步一步來。我們剛從五個月縮短到七個月，非常成功。正如我在準備好的演講中所說，在完成加息後，我們的 KPI 是綠色的。因此，我們將穩定在該利率，然後考慮轉向下一個利率。我們的計劃中有一系列的升息措施。

And as you know, we're investing in expansion in Charleston as well so that we can continue to grow beyond the current capacity of our facilities there. So the market demand is strong for 87 and increasing rates as part of our plan to address that market. On the MAX, we're at the 38 a month rate, and like we said, we're stabilizing right now.

如您所知，我們也在查爾斯頓投資擴建，以便我們能夠繼續發展，超越那裡現有設施的容量。因此，市場對 87 的需求強勁，而提高利率是我們應對該市場的計劃的一部分。在 MAX 上，我們的費率為每月 38 美元，正如我們所說的那樣，我們現在正在穩定下來。

I expect to be going to the FA soon to start the negotiation or discussions on the rate increases. We do still have one KPI that is below threshold that we're still working. Not surprising. We know it's -- the amount of rework hours we have on the airplane. So we're working that down. And once we get that KPI where we need it, then we'll be having those discussions with the FAA.

我希望很快能去足協開始有關加息的談判或討論。我們確實還有一個低於閾值的 KPI，我們仍在努力。不足為奇。我們知道──我們在飛機上返工的時間。所以我們正在努力解決這個問題。一旦我們達到了所需的 KPI，我們就會與 FAA 進行討論。

We said rate increases beyond that will go in increments of five, no earlier than six months. That doesn't mean it's on six months. It's no earlier than six months. We'll continue to do what we're doing right now. As we go to the new rate, ensure we're stable and can prove that the production system has the right metrics before we go request an increase in rate.

我們表示，此後的利率將以五個月為增量遞增，最快不會超過六個月。這並不意味著它已經持續了六個月。不早於六個月。我們將繼續做我們現在正在做的事情。當我們達到新的速率時，請確保我們是穩定的，並且可以證明生產系統具有正確的指標，然後我們才能要求提高速率。

And if they aren't, then we'll stay at that rate until we get the stability to where we want it. But we've kind of said no earlier than six-month increments and they'll be in five per month steps.

如果不是，那麼我們將保持這個速度，直到達到我們想要的穩定性。但我們已經說過最早不會超過六個月的增量，每個月將增加五個步驟。

David Strauss, Barclays.

巴克萊銀行的大衛‧施特勞斯。

Brian, thanks for the help, and best of luck. Following up there, I wanted to ask about MAX delivery guidance for this year, and 787 as well. I think previously, Brian, you talked about 400 deliveries, it looks like you're, on the MAX, it looks like you're tracking ahead of that, maybe in the 425-plus range. And 787 still looking around 80. And then if you could just also, Brian, quickly touch on the movement in inventory in the quarter given that you absorbed a pretty big hit on the 777X, but the inventory balance came down.

布萊恩，謝謝你的幫助，祝你好運。接下來，我想問今年 787 和 787 的交付指導。布萊恩，我想之前你談到了 400 次交付，看起來你在 737 MAX 上已經超過了這個數字，可能在 425 次以上的範圍內。而 787 的預期壽命仍為 80 歲左右。然後，布萊恩，如果你能快速談談本季庫存的變動情況，考慮到你在 777X 上遭受了相當大的打擊，但庫存餘額下降了。

Yes. On the inventory one. Yes, we did have an uptick as expected on the 777X. But we also liquidated a lot of wide-bodies as I mentioned. So all that kind of was in the right net-net trajectory for inventory. And that 777X, we still expect that, as we move towards EIS, that is going to go up as we expected. So don't get too concerned about that movement as we move into the back half of the year.

是的。關於庫存。是的，正如我們預期的那樣，777X 的銷量確實有所上升。但正如我所提到的，我們也清算了許多寬體飛機。所以所有這些都符合庫存的正確淨軌跡。我們仍然預計，隨著我們邁向 EIS，777X 的價格將如我們預期的那樣上漲。因此，當我們進入下半年時，不要太擔心這一動向。

In terms of deliveries, so on 787, we've delivered 37 airplanes in the first half, and we're focused on stabilizing at seven per month. And we had always thought the range was 70 to 80 for the year. So we're at the high end of that range. And on the 737, as you mentioned, we target, circled around 400. We've delivered 209 airplanes in the first half, including 37 out of inventory.

就交付而言，就 787 而言，我們上半年已交付 37 架飛機，我們致力於穩定在每月 7 架的交付水準。我們一直認為全年的範圍是 70 到 80。所以我們處於這個範圍的高端。正如您所說，對於 737，我們的目標是 400 左右。上半年我們交付了209架飛機，其中37架為庫存飛機。

And as we continue to have good performance, we're poised to do a little better than the 400 for the full year, as you mentioned. So we feel like we're in pretty good shape heading into the second half.

而且，正如您所說，隨著我們繼續保持良好的表現，我們全年的業績預計將略好於 400 強。所以我們感覺我們在進入下半場時狀態很好。

Ronald Epstein, Bank of America.

美國銀行的羅納德·愛潑斯坦。

So maybe, Kelly, if you could dig down a little bit more on the engine anti-icing issue with the -7 and -10. What's going on there? You mentioned in some of your remarks on CNBC before that it's taking longer. What about it is taking longer? And how should we think about that?

凱利，也許你可以更深入地探討 -7 和 -10 引擎的防冰問題。那裡發生什麼事了？您之前在 CNBC 的一些評論中提到過，這需要更長的時間。那如果時間更長怎麼辦？我們該如何看待這個問題？

Yes. So we've got several different design paths that we've been going down for solutions on the -- to correct the problem. The latest delay is driven by we just haven't closed the design. We went through some testing and this is a very delicate area that we're dealing with around the inlet of the engines and can't cause any perturbation to the air flow into the engines.

是的。因此，我們嘗試了幾種不同的設計路徑來尋找解決方案，以修正問題。最新的延遲是因為我們尚未完成設計。我們進行了一些測試，這是一個非常精細的區域，我們正在處理引擎入口周圍，不能對進入引擎的氣流造成任何干擾。

And we found some issues with the design implementation we had. So we're going to have to back up and make some additional design changes to get through that de-icing requirement. So basically the engineering designs have not yielded in the time frame that we were anticipating, and so we still have work to do.

我們發現設計實作中存在一些問題。因此，我們必須退一步並做出一些額外的設計變更以滿足除冰要求。因此，基本上工程設計並沒有在我們預期的時間內完成，所以我們還有很多工作要做。

Doug Harned, Bernstein.

道格·哈內德，伯恩斯坦。

Brian, thank you for all the help over the years, and good luck. On the rate increases that you were talking about before, you've had this goal in the future rate increases to 47, 52 on the MAX, at six-month intervals. And I appreciate that you'll see how that goes and make a call if it needs to be longer. But that seems like a very ambitious target given Boeing hasn't really done that in the past, it's been more 9-months to 12-month type intervals.

布萊恩，感謝您多年來的幫助，祝您好運。關於您之前談到的利率上調，您未來的目標是每六個月將 MAX 利率上調至 47% 或 52%。我很感激您能關注事情進展，如果需要更長時間，請撥打電話。但這似乎是一個非常雄心勃勃的目標，因為波音過去並沒有真正做到這一點，而是以 9 個月到 12 個月的間隔來實現。

What has given you the confidence that you can move to those levels potentially? And where do you see the biggest bottlenecks in getting there? And I'd say including the supply chain. And I'll just throw in, how are you thinking of using the fourth line in Everett in conjunction with this?

是什麼讓您有信心達到這些水準？您認為實現這目標的最大瓶頸在哪裡？我想說包括供應鏈。我只是想問一下，您認為如何將埃弗雷特的第四條線路與此結合使用？

Yes. So let me start with the fourth line in Everett. So predominantly, that will be focused at the -10 variant. The -10 variant is has the most change from all the other variants. So it will naturally flow through the factory at a slower pace. So by isolating or providing that fourth line in Everett, it will allow us to let the three lines in Renton flow faster.

是的。那麼就讓我從埃弗雷特的第四行開始吧。因此，主要將集中在 -10 變體上。-10 變體與所有其他變體相比變化最大。因此它自然會以較慢的速度流過工廠。因此，透過隔離或提供埃弗雷特的第四條線路，我們將能夠讓倫頓的三條線路流動得更快。

So that is a big change from what we've done in the past, having that many lines flowing. So that's one of the areas that gives us additional confidence. We've invested in the capacity. Another thing from a supply chain, remember, we've got, as Brian outlined, we've got a tremendous amount of inventory in place. So I think in the near term, as we ramp the MAX up, supply chain is not going to be a challenge for us because of the inventory levels.

因此，這與我們過去的做法相比是一個巨大的變化，擁有如此多的流動線路。這是讓我們更有信心的領域之一。我們已經對該產能進行了投資。供應鏈中還有一件事，請記住，正如布萊恩所概述的，我們已經擁有大量庫存。因此我認為，在短期內，隨著我們增加 MAX 產量，由於庫存水準的原因，供應鏈不會成為我們的挑戰。

As we get to those higher rates that you talk about, yes, we'll be balancing, getting more to a balanced inventory level. And ensuring that the supply chain can achieve those rates is work yet for us to do with the supply chain. Now keep in mind, we generally have them at a higher rate than we are at. And so we'll be able to see where those supply chain constraints are in advance. And we go work them and beat them down.

當我們達到您所說的更高的利率時，是的，我們將進行平衡，以達到平衡的庫存水平。確保供應鏈能夠達到這些速度是我們在供應鏈方面仍需進行的工作。現在請記住，我們通常擁有它們的比率比現在更高。這樣我們就能事先知道供應鏈的限制在哪裡。我們去打擊他們並打敗他們。

This is one of these processes where the constraints tomorrow get resolved and then there's new constraints, and you just constantly are working each one of those down because we're in a perpetual rate increase kind of environment. So we've got a huge market demand, and we need to satisfy that demand. And the only way we're going to do that is through these methodical rate increases.

這是一個這樣的過程：明天的限制得到解決，然後又出現新的限制，你只需要不斷地解決每一個限制，因為我們處在一個不斷增加利率的環境中。因此，我們有龐大的市場需求，我們需要滿足這種需求。而我們實現這一目標的唯一方法就是透過有條不紊地提高利率。

But I will say we're going to do the same thing we've done here as we've gotten to 38 a month. The priority is to keep it stable, build high-quality airplanes. And if we start to wobble, then we're going to stay at that rate until we get the of production process stable.

但我要說的是，我們將繼續做我們在這裡做過的事情，因為我們每個月的數量已經達到 38 起。當務之急是保持穩定，製造高品質的飛機。如果我們開始動搖，那麼我們將保持這個速度，直到生產過程穩定下來。

Seth Seifman, JPMorgan.

摩根大通的賽斯‧塞夫曼。

Brian, thanks for everything. Best of luck. Maybe since it's your last call, we could do an accounting question. And if you could talk a little bit about the progression in BCA margins from here, both as the different programs ramp up and also, I think you mentioned, maybe some margin consequences of the change in certification timing for the 7 and 10?

布萊恩，謝謝你所做的一切。祝你好運。也許因為這是您的最後一次通話，我們可以回答一個會計問題。您能否談談 BCA 利潤率今後的進展情況，包括不同項目的進展，以及您提到的 7 和 10 認證時間變化對利潤率的影響？

Yes. I'll get that last one. So any kind of adjustments are really modest given the size of the program. So you're not really going to see -- have you worry about that. I would say overall, BCA margins are expected to be negative for the year, as we've said before, although less so as we go quarter by quarter. So if you remember, first quarter was negative 6.6; second quarter, we just posted negative 5.1.

是的。我要得到最後一個。因此，考慮到該計劃的規模，任何調整都是非常溫和的。所以你實際上不會看到——你擔心這一點嗎？我想說的是，總體而言，正如我們之前所說的那樣，預計今年的 BCA 利潤率將為負，儘管隨著季度的推移，利潤率會逐漸下降。如果你還記得的話，第一季是負 6.6；第二季度，我們剛剛公佈了負 5.1。

And we expect to get better as we move into the second half of each quarter, but still negative. And if you step back, BCA margins will be better in 2026, but it's way too early to characterize that any further. And then as Kelly and I have both said consistently, that long term, there's nothing that we see that would suggest that we can't get back to historical margin levels performance.

我們預計，進入每季的下半年，情況會有所好轉，但仍處於負面狀態。如果你回顧一下，BCA 利潤率在 2026 年將會更好，但現在進一步描述這一點還為時過早。正如凱利和我一貫所說的那樣，從長遠來看，沒有任何跡象表明我們無法回到歷史利潤水平。

So we just got to keep working the recovery plan, get back to these rates, get the productivity. And then this should be something that is in much better shape as we move forward.

因此，我們必須繼續執行復甦計劃，恢復到這些利率，並提高生產力。隨著我們不斷前進，這種情況將會變得更好。

Ken Herbert, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Ken Herbert。

Kelly and Brian, I wanted to maybe pivot over to BDS, if we could. You've got some good momentum in that business, good budget backdrop, some leadership now on a permanent basis there. You're obviously facing some work stoppage issue or strike risk. But how do we think about that with the opportunity and the pace of margin improvement in BDS, as you seem to be -- have turned a corner from a risk standpoint?

凱利和布萊恩，如果可以的話，我想轉向 BDS。該業務擁有良好的發展勢頭、良好的預算背景以及一些長期的領導地位。您顯然面臨一些停工問題或罷工風險。但是，從風險角度來看，您似乎已經扭轉了局面，那麼我們如何看待 BDS 的機會和利潤率提高的速度呢？

But when do we think about that business getting back to the mid- to high single digits? And what's the pace in the second half of the year?

但是，我們什麼時候才能認為該業務能夠恢復到中高個位數的成長呢？下半年的節奏是怎麼樣的？

Yes. Let me address the strike question first. So just to put in context, it's about 3,200 employees. They build the fighters -- mechanics, they build the fighters and our munitions business in St.Louis and St.Charles. So the order of magnitude of this is much, much less than what we saw last fall. That was roughly 30,000 machinists. So we'll manage through this. I wouldn't worry too much about the implications of the strike.

是的。讓我先談談罷工問題。具體來說，它有大約 3,200 名員工。他們製造戰鬥機——機械師、戰鬥機製造人員，以及我們在聖路易斯和聖查爾斯的軍火業務。所以，這次的裁員數量級比我們去年秋天看到的少很多。那大約有 30,000 名機械師。所以我們會解決這個問題。我不會太擔心罷工的影響。

We'll manage our way through that. Look, we've said that -- and Brian said in his prepared remarks, we want to get our BDS business back to high single-digit margins. So nothing that's going to keep us from doing that. A couple of points, is we are -- as we're entering into these new contracts, we're following our process to make sure that we only enter into the appropriate contracting type.

我們會想辦法解決這個問題。聽著，我們已經說過了——布萊恩在他的準備好的發言中說，我們希望讓我們的 BDS 業務恢復到高個位數的利潤率。所以沒有什麼可以阻止我們這樣做。有幾點是，我們在簽訂這些新合約時，會遵循我們的流程，以確保我們只簽訂適當的合約類型。

So these recent big wins we have, the development parts of those programs have all been cost plus. So we're not making the errors of the past and signing up for fixed price development, high risk programs. So we do have this pig in the python that we've just got to push through relative to these big development programs.

因此，我們最近取得的這些重大勝利，這些專案的開發部分都是成本加成。因此，我們不會犯下過去的錯誤，簽署固定價格開發、高風險的項目。因此，我們確實存在這隻「豬在蟒蛇」問題，我們必須推動這些大型開發計畫。

But Parker is doing a great job and working with his customers to derisk those programs and help us get those through the development phase. So we're just going to have to keep doing that. This active management that we started with the T7 is a great example of how we can go change the outcome of this that's beneficial to both us, and the customer and we're playing that playbook in other areas as well.

但帕克做得很好，他與客戶合作降低這些專案的風險，並幫助我們完成開發階段。所以我們必須繼續這樣做。我們從 T7 開始的這種主動管理是一個很好的例子，說明了我們如何改變結果，這對我們和客戶都有利，而且我們也在其他領域運用這種策略。

Noah Poponak, Goldman Sachs.

高盛的諾亞·波波納克。

And let me add my thanks, Brian, for the work with us over the recent years. Clarification on the free cash discussion for this year. If 3Q looks like 2Q and then I put the $700 million on top of that, 4Q would have to be kind of barely positive to be minus 3% for the year. And given the historical seasonality there, I think that would maybe be a little better. If I'm missing something there.

布萊恩，請允許我向你表示感謝，感謝你近年來與我們合作。關於今年自由現金討論的澄清。如果第三季與第二季類似，然後我再增加 7 億美元，那麼第四季的業績就必須勉強為正，才能達到全年負 3% 的水平。考慮到那裡的歷史季節性，我認為情況可能會好一些。如果我遺漏了什麼。

And then beyond '25, the consensus is around the $10 billion framework you used to have in 2027 and 2028. And I just wanted to ask, without putting a year on it, is -- with the demand you have and the profitability and working capital picture you see, is the $10 billion still the right framework and it's just a matter of time? Or is that kind of number very far in the future?

而到了2025年以後，大家的共識是圍繞著2027年和2028年的100億美元框架。我只是想問一下，不用等一年，就目前的需求以及盈利能力和營運資本狀況來看，100 億美元是否仍然是正確的框架，這只是時間問題？或者說這個數字還處於很遙遠的未來？

Let me have Kelly respond to the last part. Let me take the first part in terms of your question this year. So we have a global trade environment that's stabilizing and get more favorable each day that goes by. We've got some nice rate increases that we're anxious to get to stable as we head into the second half. So fourth quarter, it will be positive.

讓我讓凱利回應最後一部分。讓我就您今年的問題談談第一部分。因此，我們的全球貿易環境正在日益穩定，並且變得更加有利。我們已獲得一些不錯的利率上調，並渴望在進入下半年時使其穩定。因此第四季將是積極的。

How positive is going to be a function of how our delivery performance or rate performance goes. And a lot of that is uncertain because we've got to do things like get above the 38%. So I would just be a little -- just give us a little bit of time. It will be positive. I think the $3 billion net is the right, reasonable assumption right now. And as we move through the rest of the year, we'll have plenty of time to update you on progress.

其積極程度將取決於我們的交付績效或費率績效如何。其中很多都是不確定的，因為我們必須做一些事情，例如超過 38%。所以我只想給我們一點時間。這將是積極的。我認為目前 30 億美元的淨額是正確且合理的假設。隨著今年剩餘時間的到來，我們將有充足的時間向您通報進度。

And Kelly, maybe take the other part.

凱利，也許可以採取另一方立場。

Yes. No, look, I see nothing structural that says we can't get to that $10 billion. So I think you framed it perfectly. It's not if but when. And I'm not ready to yet to say when. We got a lot of work to do here as we've talked through all the production rates and see how we're doing in these rate increases, how long does it take us between rate increases, how is the supply chain doing.

是的。不，你看，我沒有看到任何結構性因素表明我們無法達到 100 億美元。所以我認為你的構思非常完美。這不是是否會發生的問題，而是何時發生的問題。我還沒準備好透露具體時間。我們在這裡有很多工作要做，因為我們已經討論了所有的生產率，看看我們在這些生產率提高方面做得如何，兩次生產率提高之間需要多長時間，供應鏈的狀況如何。

But I think that's certainly a target out there that still looks reasonable to me. I don't see anything that knocks us off that. We just have to look real long and hard at when are we going to get to that level.

但我認為這肯定是一個對我來說仍然合理的目標。我不認為有任何事情能夠阻止我們實現這一目標。我們只是需要認真思考何時才能達到那個層次。

Scott Deuschle, Deutsche Bank.

史考特‧德施勒，德意志銀行。

Kelly, it seems that Airbus will be making some architecture decisions on this next-generation single-aisle within the next few years. I think potentially selecting the engine architecture by around 2027. So in that context, do you have a sense for when BCA will need to begin making these types of design decisions in order to have a competitive entry into service date for its own next-generation single-aisle?

凱利，看來空中巴士公司將在未來幾年內對下一代單通道飛機做出一些架構決策。我認為可能在 2027 年左右選擇引擎架構。那麼，在這種背景下，您是否知道 BCA 何時需要開始做出此類設計決策，以便其下一代單通道飛機能夠有競爭力地投入使用？

Yes, we're working through that. I'm not in a position where I want to announce any decision dates at this particular time. I've said this in the past, we've got three work streams here that we've got to mature. One is the readiness of the market for the new airplane. And that needs more work. I don't think the market is ready yet for a new airplane.

是的，我們正在努力解決這個問題。目前我還不想宣布任何決定日期。我以前就說過，我們這裡有三個工作流程需要完善。一是市場對新飛機的準備。這還需要做更多的工作。我認為市場還沒有準備好接受新飛機。

When are we ready? And this whole discussion around turning the company around and generating cash flow is really important when we're ready to launch it, as well as when is the technology ready. And engine technology is a part of it, but it's beyond just engine technology. So we're maturing all of those and we'll do that when those three work streams all kind of converge. That's not today and probably not tomorrow.

我們什麼時候準備好？當我們準備啟動公司時，以及當技術準備就緒時，圍繞扭轉公司局面和產生現金流的整個討論非常重要。引擎技術是其中的一部分，但它不僅僅是引擎技術。因此，我們正在完善所有這些，當這三個工作流程全部融合時，我們就會這樣做。那不是今天，也可能不是明天。

Rob, we have time for one more question.

羅布，我們還有時間再問一個問題。

Kristine Liwag, Morgan Stanley.

克莉絲汀‧利瓦格，摩根士丹利。

Brian, echoing everyone's thanks. Thank you for all your help. Kelly, congrats on your first full year at Boeing. It's great to see stability in aircraft production. I guess looking back, what surprised you most in your year one at Boeing? And where do your priorities lie for 2026?

布萊恩，向大家致上謝意。感謝您的所有幫助。凱利，恭喜你在波音工作滿一周年。很高興看到飛機生產的穩定性。我想回想起來，在波音工作的第一年最讓您驚訝的是什麼？2026 年您的首要任務是什麼？

Well, thanks, Kristine. First of all, it's not a year yet. It's August 8 when it's year here, so I still have some work to do. But I'm pretty pleased with where we are through the first half and through my first year. Clearly, the surprises have been just a lot of the macro dynamics that we've been through. I mean we've been through quite a bit. I'm not surprised with the performance of the company and the recovery.

好吧，謝謝你，克里斯汀。首先，還沒到一年。現在是8月8日，是過年的日子，所以我還有一些工作要做。但我對上半年以及我第一年的表現感到非常滿意。顯然，這些意外只是我們經歷的宏觀動態的一部分。我的意思是我們已經經歷了很多。我對公司的業績和復甦並不感到驚訝。

We've got great people in the company. We've got great market positions. My role here is just to help everybody get organized and headed in the right direction. It's turning a big ship around. I think that we're turning it. I don't think it's turned. We still have a lot of work to do. But I haven't been overly surprised with what I learned. As you know, I spent a lot of my career working very closely with Boeing.

我們公司裡有很多優秀的人才。我們擁有極強的市場地位。我在這裡的角色只是幫助大家組織起來並朝著正確的方向前進。它正在使一艘大船掉頭。我認為我們正在改變它。我不認為它已經轉變了。我們還有很多工作要做。但我對於所學到的東西並沒有感到太驚訝。如你所知，我的職業生涯大部分時間都與波音密切合作。

So not a lot of surprises with what we're dealing with. It's just one day at a time, improve our performance, address the issues that we have. Restore trust and build confidence with our customer base and our end users of our products. And I think you're seeing that. So like I said, I feel pretty good with the first half, but we've got a lot of work yet to do in the second half.

因此，我們所處理的事情不會帶來太多意外。我們只需一天一天地提升自己的表現，解決我們所面臨的問題。恢復信任並建立與我們的客戶群和我們產品的最終用戶的信心。我想你已經看到了這一點。所以就像我說的，我對上半場感覺很好，但下半場我們還有很多工作要做。

And that completes the Boeing Company's second Quarter 2025 earnings conference call. Thank you for joining.

波音公司 2025 年第二季財報電話會議到此結束。感謝您的加入。