波音 (BA) 2026 Q2 法說會逐字稿

Thank you for standing by. Good day, everyone, and welcome to The Boeing Company's second-quarter 2026 earnings conference call. (Operator Instructions)

感謝各位稍候。各位早安，歡迎參加波音公司 2026 年第二季財報電話會議。（接線員指示）

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

現在我將把電話交給投資人關係副總裁 Eric Hill 先生，進行開場致詞與介紹。Hill 先生，請開始。

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 Jay Malabe, Boeing's Executive Vice President and Chief Financial Officer.

謝謝，各位早安。歡迎參加波音季度財報電話會議。今天與我一同出席的有波音總裁暨執行長 Kelly Ortberg，以及波音執行副總裁暨財務長 Jay Malabe。

This quarter's webcast, earnings release and presentation, which include relevant disclosures and non-GAAP reconciliations, are available on our website.

本季的網路直播、財報新聞稿與簡報（包含相關揭露與非 GAAP 調節表）已公布於我們的網站。

Today's discussion includes forward-looking statements that are subject to risks and uncertainties, including the ones described in our SEC filings.

今天的討論包含前瞻性陳述，可能受到風險與不確定性影響，包括我們向 SEC 申報文件中所述者。

As always, we'll leave time at the end of the call for analyst questions.

一如往常，我們會在電話會議最後保留時間回答分析師提問。

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

接下來，我把電話交給 Kelly Ortberg。

Thanks, Eric, and good morning, everyone. Thanks for joining in today's call.

謝謝你，Eric，各位早安。感謝各位參加今天的電話會議。

Before we get started, I want to express our sincere condolences to the families and loved ones of the eight dedicated aircrew. Whose lives were lost in the US Air Force B-52 accident in June.

在開始之前，我想向 6 月美國空軍 B-52 事故中殉職的八位敬業機組人員之親屬與摯愛，表達我們最深切的哀悼。

Our hearts remain heavy for the lives lost, including two incredible Boeing colleagues who work side by side with our customer on the program.

我們對逝去的生命仍深感沉痛，其中包括兩位傑出的波音同仁，他們在該專案上與客戶並肩工作。

We continue to provide technical assistance to the investigation, and we're supporting the Air Force in every way we can.

我們將持續為調查提供技術協助，並以一切可能方式支援空軍。

Now let's shift our focus to the second quarter. We're halfway through the year and I'm very pleased with our progress as we execute on our 2026 plan.

現在讓我們把焦點轉回第二季。今年已過半，我對我們執行 2026 年計畫所取得的進展感到非常滿意。

With the continued focus on safety and quality, our teams are increasing production and delivering at levels we have not seen since 2018.

在持續聚焦安全與品質之下，我們的團隊正提升產量並交付，達到自 2018 年以來未曾見過的水準。

Our commercial certification programs, the key focus for us this year, remain on plan and I'm proud of our team's dedication to complete the certification work. As well as how we have continued to work collaboratively with our regulators.

我們的商用機認證專案（今年的關鍵重點）仍按計畫推進，我為團隊致力完成認證工作感到自豪。同時，我也肯定我們持續與監管機關協作的方式。

Earlier this month, the FAA authorized Boeing to resume issuing airworthiness certificates for ALL737 MAX and 787 airplanes.

本月稍早，FAA 授權波音恢復為所有 737 MAX 與 787 飛機簽發適航證。

We worked hard to build this trust from the FAA and we take this responsibility very seriously. Safety will continue to lead the way in everything we do.

我們努力重建 FAA 對我們的信任，並非常嚴肅看待這項責任。安全將持續引領我們所做的一切。

In defense and space, we continue to address risks in the portfolio while increasing output to meet today's mission and invest in the capabilities for our future fight.

在國防與太空方面，我們持續處理產品組合中的風險，同時提高產出以滿足當前任務需求，並投資於未來作戰所需能力。

Our service business has seen robust growth despite macro uncertainty, and we continue to win favor with our customers every day.

儘管宏觀環境存在不確定性，我們的服務業務仍呈現強勁成長，並且每天持續贏得客戶青睞。

We are strengthening the trust with our supply chain through increased transparency and strong demonstrated performance. This positions us to deliver higher volumes and respond quickly when challenges arise. All of this progress is set against a backdrop of a record backlog and culture change that continues to take hold and improve the way we work together.

我們透過提高透明度與強勁且可驗證的績效，正在強化供應鏈對我們的信任。這使我們能交付更高產量，並在挑戰出現時快速回應。所有這些進展，都建立在創紀錄的訂單積壓與持續深化的文化變革之上，並改善我們的協作方式。

We know there is more work to do and remain clear-eyed about managing the risks in front of us.

我們知道仍有更多工作要做，並將以務實清醒的態度管理眼前風險。

But the momentum that we've built in the first half of this year is setting us up for more dependable performance as we execute the second-half.

但我們在今年上半年建立的動能，正讓我們在執行下半年計畫時，能展現更穩健可靠的表現。

Let's now take a closer look at our businesses and we'll start with commercial airplanes.

接下來更深入檢視各項業務，先從商用飛機開始。

As we said all year long, completing the certification work on our development programs is one of our biggest goals.

正如我們今年以來一再強調，完成開發專案的認證工作是我們最大的目標之一。

We continue to make a lot of progress consistent with our plans. In fact, on 737-7, testing is done, and we expect to receive an amended type cert from the FAA very soon.

我們持續依照計畫取得大量進展。事實上，737-7 的測試已完成，我們預期很快就會從 FAA 取得修訂後的型號合格證。

On 737-10, we recently completed our final test flight and expect certification following the 7.

至於 737-10，我們近期已完成最後一次試飛，並預期在 737-7 之後取得認證。

These certifications paved the way for both airplane variants to start deliveries in 2027 and I'm confident these newest members of the 737 MAX family will deliver on the promise of greater efficiency and more capability for our customers.

這些認證為兩個機型在 2027 年開始交付鋪路；我有信心，737 MAX 家族的這兩位新成員將兌現更高效率與更強能力的承諾，為客戶帶來價值。

On the 777-9, we remain on plan for first delivery in 2027.

在 777-9 方面，我們仍按計畫於 2027 年進行首次交付。

In June, we received approval from the FAA for the next phase of the certification flight test called TIA-4B.

6 月，我們獲得 FAA 核准進入認證飛行測試的下一階段，稱為 TIA-4B。

This unlocked the largest remaining portion of the flight testing, and we've currently completed more than 55% of the certification flight testing and expect our accelerated pace to continue progressing this summer.

這解鎖了剩餘飛行測試中最大的一部分；目前我們已完成超過 55% 的認證飛行測試，並預期加速的節奏將在今年夏季持續推進。

In addition to certification flight testing under the phase TIAs, we expect approval to start ETOPS testing later this year.

除了在各階段 TIA 下進行的認證飛行測試外，我們也預期在今年稍晚獲准開始 ETOPS 測試。

Turning now to the BCA production programs.

接著談 BCA 的生產專案。

On 737, we're now ramping to 47 airplanes per month after a successful capstone review in May and expect factory rollouts to reach 47 per month this summer.

在 737 方面，我們於 5 月成功完成里程碑審查後，正提升至每月 47 架的產能，並預期今年夏季工廠下線量可達每月 47 架。

Just as with our previous rate breaks on the program, we're closely monitoring our key performance indicators in the factory.

如同先前在該專案的每次提速，我們正密切監控工廠內的關鍵績效指標。

And so far, early results are within our expectations, driven by the fundamental improvements we made to Factory Health.

截至目前，初期結果符合我們的預期，主要受惠於我們對工廠健康度所做的根本性改善。

And in Wichita, our integration is going well as teams continue to meet targeted reduction in quality defects before shipping fuselages to the final assembly.

在威奇托，我們的整合進展順利；團隊在將機身運往總裝線前，持續達成既定的品質缺陷降低目標。

Earlier this month, we began low rate max production on our north line, which enables us to reach our next planned rate break of 52 per month.

本月稍早，我們已在北線開始低速率 MAX 生產，使我們能達成下一個規劃的提速目標：每月 52 架。

I was with the team in Everett just after the first fuselage loaded into our new production line, and I can tell you they are ready and energized to build 737s.

在第一段機身裝載進入我們新的生產線後不久，我到埃弗里特與團隊在一起；我可以告訴各位，他們已準備就緒、士氣高昂，要打造 737。

Our Everett team will be guided by the same safety and quality plan that has been successful in rent, and the low rate production will include certification of that new line.

埃弗里特團隊將遵循與 Renton 成功經驗相同的安全與品質計畫；而低速率生產也將包含對這條新產線的認證。

In Charleston on the 787 program, we've now stabilized at eight airplanes per month.

在查爾斯頓的 787 專案上，我們目前已穩定在每月 8 架。

We did take the decision to temporarily slow production systems for several days in April to allow portions of the supply chain to recover. As we've said before, we're guided by our safety and quality plan and will only move production forward when the system and our supply chain are ready.

我們確實在 4 月決定暫時放慢生產系統數天，以讓供應鏈的部分環節得以恢復。如同我們先前所說，我們以安全與品質計畫為指引，只有在系統與供應鏈都準備就緒時，才會推進產量。

And we'll continue to work with GE on the engine delivery recovery this summer, which will be important for our rate 10 timing.

我們也將在今年夏季持續與 GE 合作，推動引擎交付復原，這對我們達成每月 10 架的時程將非常重要。

Across the commercial market, we continue to see exceptional demand and market conditions, as evidenced by our record backlog of more than 6,200 airplanes and a market outlook of nearly 44,000 new aircraft over the next 20 years.

在整體商用市場方面，我們持續看到卓越的需求與市場條件；這可從我們超過 6,200 架飛機的創紀錄訂單積壓，以及未來 20 年近 44,000 架新機的市場展望中得到印證。

Let's now shift to BDS, where we're making progress and staying focused on disciplined execution to strengthen performance. Meeting customer commitments and making deliberate investments in our programs.

現在讓我們轉到 BDS。我們正取得進展，並持續聚焦於嚴謹且有紀律的執行，以強化績效。履行客戶承諾，並在各項專案上進行審慎投資。

During the quarter, we achieved milestone C for both the T7 and the MQ25 programs, securing approval to begin low-rate initial production.

在本季期間，我們在 T7 與 MQ25 兩個專案上皆達成 C 里程碑，並取得核准可開始低速率初始量產（LRIP）。

For the T7, as an outcome of our active management efforts, we're delivering a production-ready configuration that further reduces risks and accelerates future deliveries.

就 T7 而言，透過我們積極的管理作為，我們正交付可投入量產的配置，進一步降低風險並加速未來交付。

We also recently reached a memorandum agreement with the U.S. Air Force, which strengthens KC-46A mission readiness and allows us to partner on the Remote Vision System 2.0 retrofit to get these capability upgrades faster into the full fleet.

我們近期也與美國空軍達成備忘錄協議，強化 KC-46A 任務妥善度，並使我們得以就遠端視覺系統（RVS）2.0 改裝進行合作，讓這些能力升級更快導入全機隊。

In fact, we recently completed a very successful first phase of flight testing on the RVS 2.0 upgrade.

事實上，我們最近已非常成功地完成 RVS 2.0 升級的第一階段飛行測試。

One of our fixed price development programs where we have seen cost growth is the VC-25B. As we disclosed this morning, we've made the decision to add significant resources to support the build and test schedule of VC-25B.

在我們的固定價格研發專案中，出現成本增加的一項是 VC-25B。如同我們今早所揭露的，我們已決定投入大量額外資源，以支援 VC-25B 的製造與測試時程。

We have also aligned with the Air Force on moving from an FAA to a military certification basis.

我們也已與空軍就認證基礎由 FAA 轉為軍用認證基礎達成一致。

These additional resources will also help mitigate potential risks during certification and flight tests.

這些額外資源也將有助於在認證與飛行測試期間降低潛在風險。

Since this program is in a reach-forward loss, these additional investments resulted in a $280 million charge during the quarter.

由於該專案處於前瞻性虧損（reach-forward loss）狀態，這些額外投資使我們在本季認列 2.8 億美元費用。

Now while the charge is disappointing, we recognize how critical schedule performance is to our customer. We are investing accordingly to maintain our commitment to deliver this airplane in 2028.

雖然這筆費用令人失望，但我們也理解，對客戶而言，時程表現至關重要。因此我們相應投入資源，以維持我們在 2028 年交付該型飛機的承諾。

It shouldn't overshadow all the meaningful progress we're making to reduce the risk across our defense portfolio, and we are in much better shape than we were two years ago.

這不應掩蓋我們在降低國防產品組合整體風險方面所取得的重大進展；相較兩年前，我們的狀況已大幅改善。

Like in our commercial business, the demand signal on our defense and space products remains very strong, with notable increased demand in missiles and munitions and secure communications satellites programs.

如同我們的商用業務，我們的國防與太空產品需求訊號仍然非常強勁，其中飛彈與彈藥，以及安全通訊衛星專案的需求增幅尤為顯著。

We continue to do a good job in improving our underwriting of new contracts and being selective on the programs we bid.

我們持續在新合約的承保評估（underwriting）方面做得更好，並在投標專案上保持選擇性。

Finally, in BGS, where our service team continues to deliver strong results against the backdrop of a robust aftermarket.

最後，在 BGS（波音全球服務）方面，我們的服務團隊在強勁的售後市場背景下，持續交出亮眼成果。

So far, we have not seen a material impact in the commercial service business from the conflict in the Middle East, and the government service business has seen incremental demand to support ongoing operations.

截至目前，我們尚未看到中東衝突對商用服務業務造成重大影響；而政府服務業務則因支援持續運作而出現額外需求。

In closing, the momentum we're seeing across these three business reflect the steady work our teams are doing every day to strengthen safety, quality and stability. I want to thank all of our employees for elevating our performance and helping deliver another improving quarter.

總結來說，我們在這三大業務所看到的動能，反映出團隊每日持續投入、強化安全、品質與穩定性的扎實工作。我要感謝所有員工提升我們的表現，並協助我們再度交出一個持續改善的季度。

As you may know, we've been in early contract negotiations with our Puget Sound Engineering Union, SPEA, ahead of the current contract expiration this October.

如各位所知，在現行合約於今年 10 月到期之前，我們已與普吉特灣工程師工會 SPEA 展開早期合約談判。

We began these discussions early because we wanted to work towards an agreement that supports our employees and their families, creates greater clarity for our business and helps us stay focused on the progress we're making.

我們之所以提早開始討論，是因為我們希望朝向一項能支持員工及其家庭、為公司營運帶來更高明確性，並幫助我們持續專注於既有進展的協議努力。

And so far, the tone of those talks have been respectful and productive.

截至目前，這些會談的氛圍一直是相互尊重且富有成效的。

Looking ahead, I'm encouraged by the broader momentum we're building across Boeing as we move into the second-half of the year. We had a great Farnborough Air Show last week. Customers and suppliers I spoke with have renewed confidence in our team, products and ability to deliver on time with higher quality.

展望未來，隨著我們進入下半年，我對波音整體正在建立的更廣泛動能感到鼓舞。我們上週在范堡羅航空展表現非常出色。我與之交談的客戶與供應商，對我們的團隊、產品，以及準時且以更高品質交付的能力，重新建立了信心。

The work we've done together over the last two years is making a difference and our team is ready to meet the rising expectations.

過去兩年我們共同完成的工作正在產生影響，而我們的團隊也已準備好迎接不斷提高的期待。

We have a stronger foundation to build upon. Our operations are more stable, and we're ramping up production to deliver on our record $715 billion backlog.

我們已具備更堅實的基礎可供持續發展。我們的營運更為穩定，並正提升產量，以交付我們創紀錄的 7,150 億美元積壓訂單。

We're on track to be free cash flow positive for the year, and most importantly, we're building trust with all of our stakeholders.

我們正按計畫在今年達成自由現金流轉正；更重要的是，我們正在與所有利害關係人建立信任。

So now I'll turn the call over to Jay for our second quarter results in more detail before we take on the questions.

接下來我將把電話會議交給 Jay，在進入問答之前，先更詳細說明我們第二季的業績。

Thanks, Kelly, and good morning, everyone.

謝謝，Kelly，各位早安。

Starting with consolidated financial results for the quarter, revenue of $24.6 billion was up 8%, driven by solid growth across all three segments, including higher commercial deliveries and strong defense volume. The revenue impacts from the Spirit acquisition and digital aviation solutions divestiture in 2025 largely offset each other. Operating margin increased to 0.6%. Core earnings per share improved to a loss of $0.76, primarily reflecting higher segment earnings and lower corporate expense, partially offset by the VC25B program loss.

先從本季合併財務結果開始，營收 246 億美元，年增 8%，主要由三大事業部門全面穩健成長所帶動，包括商用交付增加與國防業務量強勁。2025 年 Spirit 收購案與數位航空解決方案（digital aviation solutions）出售案對營收的影響大致互相抵銷。營業利益率提升至 0.6%。核心每股盈餘改善至每股虧損 0.76 美元，主要反映事業部門獲利提升與公司費用降低，但部分被 VC25B 專案虧損所抵銷。

Free cash flow was positive $631 million, higher than expectations I shared last quarter based on favorable receipt timing.

自由現金流為正 6.31 億美元，較我上季分享的預期更高，主要受惠於收款時點有利。

Compared to prior year, free cash flow improved due to higher commercial deliveries and customer receipts. Partially offset by planned CapEx increases as we continue to make progress on our growth investments in St. Louis and Charleston.

與去年同期相比，自由現金流因商用交付增加與客戶收款提升而改善。但部分被計畫性的資本支出（CapEx）增加所抵銷，因我們持續推進在聖路易斯與查爾斯頓的成長投資。

Turning to BCA on the next page, BCA again made solid progress in its production performance by delivering 171 airplanes in the quarter, the highest quarterly total since 2018.

接著看下一頁的 BCA（波音商用飛機），BCA 在生產表現上再次取得穩健進展，本季交付 171 架飛機，為 2018 年以來最高的單季交付量。

Revenue of $11.8 billion was up 8% on the higher deliveries and favorable mix.

營收 118 億美元，因交付量增加及產品組合有利而年增 8%。

Operating margin of negative 2.7% improved compared to last year primarily driven by increased delivery volume and mix.

營業利益率為負 2.7%，較去年改善，主要由交付量增加與產品組合改善所帶動。

In the quarter, we also recognized other favorable adjustments of about 150 basis points.

本季我們也認列其他有利調整，約 150 個基點。

Excluding those adjustments, profitability improvement was in line with our expectations.

排除這些調整後，獲利能力的改善符合我們的預期。

Backlog continued to grow and remains at a record level of $597 billion, including over 6,200 airplanes.

積壓訂單持續成長，並維持在創紀錄的 5,970 億美元水準，其中包含超過 6,200 架飛機。

Clicking down on commercial program performance and starting with the 737, we delivered 129 airplanes in the quarter and remain on track to deliver 500 airplanes this year.

進一步看商用各機型的表現，先從 737 開始，本季交付 129 架，且我們仍按計畫在今年交付 500 架。

Kelly highlighted the certification progress we have made on the 10 and we will continue to ramp up 10 production in the second-half of the year.

Kelly 已強調我們在 10 型的認證進展；我們將在下半年持續提升 10 型的產量。

Turning to the 787, we delivered 25 airplanes including 13 in June and remain on track to deliver 90 to 100 airplanes this year.

再看 787，本季交付 25 架，其中 6 月交付 13 架；我們仍按計畫在今年交付 90 至 100 架。

As Kelly mentioned, during the quarter, we stabilized production at eight per month.

如 Kelly 所提，本季我們已將產能穩定在每月 8 架。

At the end of the quarter, we also made important progress on seat certification. In June, Riyadh Air took delivery of its first 787 Dreamliners, airplanes that were previously built but awaiting seat certification.

在本季末，我們也在座椅認證方面取得重要進展。6 月，利雅德航空接收了其首批 787 夢幻客機，這些飛機先前已完成製造，但一直在等待座椅認證。

Finally, on 777X, we continue to make steady progress on certification, as Kelly noted, and we remain on track for first delivery in 2027.

最後，關於 777X，如 Kelly 所述，我們在認證方面持續穩步推進，且仍按計畫於 2027 年進行首次交付。

Regarding the previously discussed engine durability issue, GE is finalizing the modifications with the FAA and remains confident in their root cause analysis and solution.

至於先前討論過的引擎耐久性問題，GE 正與 FAA 完成修改定案，並仍對其根因分析與解決方案充滿信心。

They have already incorporated the change into their production system and engine deliveries are expected to resume in the third quarter.

他們已將變更納入其生產系統，預期引擎交付將於第三季恢復。

We continue to manage the entire production system for increased rates. Supply chain readiness, including engines, remains a key factor in our production and delivery plans next year.

我們持續管理整個生產系統，以支援更高的產量提升。供應鏈的就緒程度（包括引擎）仍是我們明年生產與交付計畫的關鍵因素。

Shifting over to BDS on the next page, BDS delivered 35 aircraft in the quarter.

接著看下一頁的 BDS，BDS 本季交付了 35 架飛機。

Revenue increased 13% to $7.5 billion, primarily driven by higher volume, including growth on classified programs, missiles and weapons and KC-46A tanker.

營收成長 13% 至 75 億美元，主要由更高的出貨量帶動，包括機密專案、飛彈與武器，以及 KC-46A 空中加油機的成長。

Spirit contributed approximately $130 million to sales in the quarter or about two points of growth.

Spirit 本季對銷售額貢獻約 1.3 億美元，約帶來 2 個百分點的成長。

Operating margin was negative 0.2%, which reflects the $280 million loss on the VC25B program.

營業利益率為負 0.2%，反映 VC25B 專案 2.8 億美元的損失。

PDS booked $7 billion in orders during the quarter and backlog remained strong at $85 billion.

PDS 本季取得 70 億美元訂單，積壓訂單仍維持強勁，達 850 億美元。

Excluding the impact of the VC25B adjustment, PDS 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.

排除 VC25B 調整的影響後，PDS 本季營業利益率為 3.5%，反映其餘業務整體營運表現改善，並符合我們對利益率穩步提升的預期。

Further progress will come from completing fixed price development programs that currently dilute margins and from executing our sizable backlog, which carries attractive margins that will accelerate improvement.

進一步的進展將來自完成目前稀釋利益率的固定價格開發專案，以及執行我們龐大的積壓訂單；該等訂單具備具吸引力的利益率，將加速改善。

I'm confident that the BDS team is on the right track, and we remain confident in the path to return to high single-digit operating margins by the end of the decade.

我有信心 BDS 團隊走在正確的軌道上，我們也仍然有信心在本十年末回到高個位數的營業利益率。

Now moving to Global Services on the next page.

現在移到下一頁的全球服務。

BGS continued to perform well and again delivered strong financial results in the quarter.

BGS 持續表現良好，本季再次交出強勁的財務成果。

Revenue was up 1% to $5.3 billion.

營收年增 1% 至 53 億美元。

Excluding the impact of Digital Aviation Solutions divestiture, revenue was up 8% year-over-year.

若排除數位航空解決方案（Digital Aviation Solutions）出售的影響，營收年增 8%。

Operating margin of 18.1% was down from the prior year primarily related to the impacts of the Digital Aviation Solutions divestiture as well as higher costs and less favorable mix.

營業利益率 18.1% 較去年下降，主要與數位航空解決方案出售的影響，以及成本上升與產品組合較不利有關。

Both commercial and government businesses delivered double-digit margins in the quarter.

商用與政府業務本季皆繳出雙位數利益率。

Operationally, the BGS team continues to drive process improvement across the business. For example, on the P8 modification program in Jacksonville, we have reduced flow time by 44%, demonstrating the impact of our process and training initiatives.

在營運面，BGS 團隊持續推動全公司流程改善。例如，在傑克遜維爾的 P8 改裝專案中，我們將流程週期時間縮短 44%，展現我們流程與訓練措施的成效。

BGS received $5 billion of orders and ended the quarter with a backlog of $33 billion.

BGS 取得 50 億美元訂單，本季末積壓訂單為 330 億美元。

Shifting over to cash and debt.

接著看現金與負債。

Cash and marketable securities ended at $20 billion, primarily reflecting debt repayments, partially offset by cash flow generated in the quarter. The debt balance ended at $45.9 billion, down $1.3 billion in the quarter and $8.2 billion year-to-date on the paydown of maturing debt, consistent with our debt reduction plans.

現金與有價證券期末為 200 億美元，主要反映償還債務，部分由本季產生的現金流所抵銷。負債餘額期末為 459 億美元，本季減少 13 億美元，年初至今因償還到期債務而減少 82 億美元，符合我們的降債計畫。

We also maintained access to credit facilities of $10 billion, all of which remain undrawn. And we remain committed to strengthening the balance sheet and supporting our investment grade rating.

我們也維持 100 億美元的信貸額度可用，且目前皆未動用。我們仍致力於強化資產負債表並支持我們的投資級評等。

Regarding free cash flow, we remain on track to achieve our outlook of $1 billion to $3 billion.

就自由現金流而言，我們仍按計畫達成 10 億至 30 億美元的展望。

First half performance came in better than expected, driven by favorable receipt timing within the year.

上半年表現優於預期，主要受惠於年度內收款時點較有利。

Note that the $700 million DOJ payment planned for the second-half of 2026 is expected to be paid in the third quarter.

請注意，原計畫於 2026 年下半年支付的 7 億美元 DOJ 付款，預期將於第三季支付。

Factoring in that impact, we expect third quarter free cash flow to be positive and in the low hundreds of millions of dollars.

將該影響納入考量後，我們預期第三季自由現金流將為正，且約為數億美元的低位數。

Overall, the improved cash profile gives us confidence in the outlook for the year.

整體而言，現金狀況的改善讓我們對今年的展望更有信心。

Beyond 2026 and consistent with what we have discussed previously, free cash flow is expected to grow, primarily driven by higher commercial deliveries, steady improvements at BDS and continued growth at BGS.

展望 2026 年之後，並與我們先前討論一致，自由現金流預期將成長，主要由商用交付量提升、BDS 穩步改善，以及 BGS 持續成長所帶動。

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.

我們仍認為 100 億美元的自由現金流目標非常可達成；隨著我們執行創紀錄的積壓訂單並受惠於持續強勁的市場需求，未來十年還將在此基礎上顯著成長。

Summing it all up, a strong first half was steady progress against our plan, resulting in a more balanced cash flow profile.

總結來說，上半年表現強勁，代表我們依計畫穩步推進，使現金流結構更為均衡。

We remain focused on continuing that momentum and building sustained free cash flow growth. With that, let's open up the line for questions.

我們仍專注於延續這股動能，並建立可持續的自由現金流成長。接下來我們開放提問。

(Operator Instructions) Seth Seifman, JPMorgan Chase.

（接線員指示）Seth Seifman，摩根大通。

Thanks very much, and good morning, everyone.

非常感謝，各位早安。

Jay, maybe we'll start off where you finished.

Jay，也許我們就從你剛才結尾的部分開始。

I think the cash flow trajectory then for the rest of the year implies a pretty strong Q4 and offsetting some headwinds in Q3. So if you could talk about some of the moving pieces there.

我認為今年剩餘期間的現金流走勢意味著第四季會相當強勁，並抵銷第三季的一些逆風。所以如果你能談談其中一些變動因素。

And then with regard to the color that you gave about the out years, if there was anything that you could say about the. Shape of that curve going forward? I know you've talked a little bit in the past about 2027 still seeing some of the lingering pricing and concessions that are attached to 737s and 787s.

另外，關於你對未來年度所提供的補充說明，有沒有什麼可以談談未來那條曲線的形狀？往後的走勢會是如何？我知道你過去曾提到，2027 年仍會看到一些與 737 與 787 相關、延續下來的定價與讓利影響。

Sure. Thanks, Seth, and good morning.

當然。謝謝你，Seth，早安。

Thank you for the question.

謝謝你的提問。

You're right. If you kind of just do the math and back into the fourth quarter, that would imply a pretty strong fourth quarter. Just to kind of give you the moving pieces and the elements of the back half free cash flow, it's something that's consistent with what we've talked about before.

你說得沒錯。如果你稍微算一下、倒推到第四季，確實會意味著第四季相當強勁。為了說明下半年自由現金流的變動因素與構成要素，這與我們先前談過的內容一致。

It consists of rising and improving delivery rates on a BCA per earns, both the 737 and 787. Given the guides that we have related to deliveries.

它包含 BCA 交付率的提升與改善，涵蓋 737 與 787。依據我們對交付量的指引。

It also includes the improvements at BDS, really kind of where we are at BDS. As I mentioned, we're 3.5% excluding the BC25B charge, we continue that performance. And we also have a seasonable or seasonal.

也包含 BDS 的改善，基本上就是我們目前在 BDS 的狀況。如我提到的，排除 BC25B 費用後我們是 3.5%，我們會延續這樣的表現。另外我們也有季節性或季節性的。

Cash receipts related to advances, as we typically get the KC46 advance in the fourth quarter, we would expect that to occur again. So it's pretty much delivered out on the rest of the guide that we have for the year, which will drive that cash flow in the back half of the year. I feel pretty confident at the midpoint. If you were to ask me, given that you're better or stronger year-to-date, what would it take to be higher than that, it really comes back to deliveries. If we're able to overdrive on our deliveries at BCA. Could result in a better number. But right now, we feel pretty good, if not very good, about where we are at the midpoint for the year. And as I mentioned in my prepared remarks, the better profile, more balanced profile in the year sets us up well to deliver on this guidance.

與預收款相關的現金收款，因為我們通常在第四季收到 KC46 的預收款，我們預期今年也會再次發生。因此，基本上就是依照我們今年其餘指引所規劃的交付節奏來推進，這將帶動下半年現金流。我對中位數相當有信心。如果你問我，鑑於年初至今表現更好或更強，要達到高於中位數需要什麼，關鍵仍回到交付量。如果我們能在 BCA 的交付量上超出計畫。可能會帶來更好的數字。但就目前而言，我們對今年中位數的進度感覺相當好，甚至非常好。而且如我在準備好的發言中提到的，今年更佳、更均衡的現金流結構，讓我們能夠很好地達成這項指引。

As far as future years, look, we still have plenty of things to work on here in '26 and complete the balance of the year. That will help inform where we go in 2027. So we need the benefit of time and completion of these milestones in the back half of the year. The building blocks of out-year free cash flow are really no different than what we've talked about, improving and growing BCA deliveries.

就未來幾年而言，你看，我們在 2026 年這裡仍有很多事情要推進，並完成今年剩餘的工作。這將有助於我們判斷 2027 年的方向。因此，我們需要時間的累積，以及在下半年完成這些里程碑所帶來的效益。未來年度自由現金流的基礎構成，其實與我們先前談過的並無不同，也就是改善並提升 BCA 的交付量。

Performance at BDS and continued profitability improvement there as well as continued growth at BGS. I think the timing of these are things that we continue to work through, and I think we'll be able to give you better clarity around that in time. For now, we just started -- we just kicked off our planning cycle, and so I'd like to go through that, get the benefit of that information before we start talking about specificity there. But again, as I mentioned in my prepared remarks, we're confident in the $10 billion. Figure. We're confident that we're going to get there and we're on the right track. Everything that you saw here in the second quarter positions us well to continue to drive better performance and start delivering on these free cash flow.

BDS 的表現與其持續的獲利能力改善，以及 BGS 的持續成長。我認為這些的時點安排是我們仍在持續梳理與推進的事項，我也相信隨著時間推進，我們能提供你們更清楚的能見度。就目前而言，我們才剛開始——剛啟動我們的規劃週期，因此我希望先走完這個流程，取得這些資訊的效益之後，再開始談更具體的細節。但再次重申，如同我在事先準備的談話中提到的，我們對 100 億美元的數字很有信心。這個目標。我們有信心能達成，而且我們正走在正確的軌道上。你們在第二季看到的一切，都讓我們處於有利位置，能持續推動更好的表現，並開始兌現這些自由現金流。

Doug Harned, Bernstein.

Doug Harned，Bernstein。

This is. This is going to be two parts on the 737.

這是。這會分兩個部分談 737。

But you're at rate 47, going to 52 next year, and Kelly 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?

你們目前在月產率 47，明年要到 52，而 Kelly 談到要到 57，甚至可能到每月 63。我想先問，當你們跨越這些產量提升的節點時，你們預期供應鏈挑戰會在什麼時點變得更困難？

And then on margins.

然後關於利潤率。

And you should see margin help from deliveries of gas 10s and presumably some better pricing on more recent orders, but you're going to need to work through late penalties and supply chain risks.

你們應該會從交付 -10 機型（MAX 10）以及較新訂單可能帶來的更好定價中看到利潤率的助益，但你們仍需要消化延遲罰款與供應鏈風險。

So just trying to understand what's the path back on 737 margin levels to get to something like we saw back in 2018?

所以我想了解的是，737 的利潤率要回到類似 2018 年那樣的水準，路徑會是什麼？

Okay, Doug, this is Kelly. Let me take the.

好的，Doug，我是 Kelly。我先回答。

Rate increase part of the question, and I'll let Jay talk about the margin improvement.

關於產量提升的部分，然後我讓 Jay 來談利潤率改善。

So you're right, we're in the process of moving to 47, that's all within our plan.

你說得沒錯，我們正在把產量提升到 47，這完全在我們的計畫之內。

One thing I'll just note is we also, with the rent-in-line.

我另外補充一點，我們也會，隨著 Renton 的產線。

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. I think from 52 to 57 is where we'll start to see.

今年夏天我們會經歷一段期間：先在 Renton 穩定在月產率 47，然後啟用 Everett 的生產線；我們希望該產線能投入生產，以便推進到月產率 52。就目前而言，我不會指出任何相對於提升到 52 的供應鏈限制。我認為從 52 到 57 才是我們開始會看到。

More balance in our inventory levels where the supply chain is going to need to be performing quite well. But I think right now, there's nothing I would point that says there's anything I'm overly concerned about in our internal shops.

我們的庫存水位會更趨於平衡，而供應鏈需要表現得相當好。但我認為就目前來看，沒有任何事情讓我覺得我們內部工廠有什麼特別令我過度擔心的。

It's working on wings. Wings tends to be the area that we need to see improvement as we move up in rate. We've got flow improvements in place and so far that looks pretty good. So I just say let's watch how we do at rate 47, that will inform rate 52. And like we said all along, we'll go when we're ready.

目前是在機翼方面。機翼往往是我們在提升產量時需要看到改善的領域。我們已經導入流程改善措施，到目前為止看起來相當不錯。所以我會說，先觀察我們在月產率 47 的表現，這會為月產率 52 提供依據。而且如同我們一直以來所說的，我們會在準備好時才往上走。

I just also would say that I think it's going to get harder as we go from 52 to 57 and then beyond that, we'll just have to see how well we're all collectively doing and how stable the production system is. But look, we're on our plan is working, we're going to continue to execute in the same way we have as we've moved from 38 to 47.

我也想補充，我認為從 52 到 57 會更具挑戰性，而再往上，我們就得看我們整體協同的表現，以及生產系統有多穩定。但你看，我們的計畫正在奏效；我們會持續以同樣的方式執行，就像我們從 38 提升到 47 一樣。

Doug, just on the program cash margins, there's really no change to what we've talked about before. And certainly today, we're at depressed level, slightly above breakeven of $737 and $787 and that's largely due to these pricing drags that I talked and walked you through in January. It does take some time for us for those to fully dissipate and the benefit of our delivery cadence will drive that and dictate as those diminish.

Doug，關於專案現金利潤率（program cash margins），其實與我們之前談過的沒有任何改變。而且就今天而言，737 與 787 的水準仍偏低，略高於損益兩平，這主要是因為我在一月向你們說明並逐項帶你們看過的那些定價拖累因素。這些因素要完全消退確實需要一些時間，而我們的交付節奏所帶來的效益將推動並決定它們隨著時間減弱的速度。

The benefit of as we increase rates is the benefit of fixed cost absorption on our costs. And in addition, we will see better priced.

隨著我們提高產量，帶來的好處是固定成本在成本結構中的吸收（fixed cost absorption）。此外，我們也會看到更好的定價。

Delivery of the backlog. In addition to that, we also are compounded by that as a fact that we'll have better mix. And so all those taken together will drive us to margins that they will approximate on the 737 what they were in 2018 by the end of the decade. And we expect on the 787 that will actually surpass what they were in 2018 by the end of the decade as well. And I'll tell you there as well is that there's runway beyond that. As we go beyond the decade, there's even room for those to continue to improve. And that's because of what's in the backlog. The beauty of our backlog is that it's visible. And we've talked about this. I think the team talked about this, I think, very clearly at the air show. It's all about execution for us, and we're all in this together. And if we can execute on these rate increases and deliver on our commitments to our customers, then the cash flow is going to follow.

在積壓訂單（backlog）的交付上。除此之外，還會因為我們的產品組合（mix）更佳而進一步加乘。因此，綜合以上因素，將推動 737 的利潤率在本十年末大致回到 2018 年的水準。而我們預期 787 在本十年末甚至會超過 2018 年的水準。我也要說，這之後仍有進一步改善的空間。當我們跨過本十年，利潤率還有機會持續提升。這是因為積壓訂單中所包含的內容。我們積壓訂單的優勢在於它是可見的、可預期的。我們也談過這點。我想團隊在航展上也非常清楚地談到了這點。對我們而言，一切都取決於執行力，而我們都在同一條船上。如果我們能把這些產量提升執行到位，並履行對客戶的承諾，那麼現金流就會隨之而來。

Robert Stallard, Vertical Research.

Robert Stallard，Vertical Research。

Kelly, on the 787, I was wondering if you could clarify what's going on with engines because GE says there's not a problem with engines, but it clearly seems like from your perspective there is. And also on the 787, have we now turned the corner on these seat certification delays?

Kelly，關於 787，我想請你釐清一下引擎方面到底發生了什麼，因為 GE 說引擎沒有問題，但從你們的角度看起來顯然是有的。另外，關於 787，我們現在是否已經度過這些座椅認證延遲的轉折點？

Yeah, let me take the last part of the question first.

好的，我先回答問題的後半段。

We're not through all of the seat certifications that we have. I think the Riyadh was the last what I'll say large quantity where we had a large quantity of aircraft tied to a individual seat cert, but that's the seat certifications are going to be with us for the balance of the year and so that may make our. Our deliveries a little bit lumpy. I will say that the seat certifications really aren't impacting our ability to roll out airplanes. So it's really getting the certification paperwork complete so we can make the delivery. So we're going to still be battling with that. I can't claim victory yet as we work through the balance of the year. In terms of engine deliveries for 87, we have fallen behind deliveries in the first half of the year. We have a. Corrective action plan, a recovery plan that we're working with GE.

我們還沒有完成所有座椅認證。我認為 Riyadh 那批是最後一個我所說的「大數量」案例，也就是有大量飛機被單一座椅認證所綁住；但座椅認證這件事在今年剩餘期間仍會持續存在，因此可能會讓我們的。我們的交付節奏有些不均勻。我會說，座椅認證其實並不影響我們把飛機推出產線（roll out）的能力。真正的關鍵是把認證文件完成，才能進行交付。所以我們仍會持續與這件事周旋。在我們處理今年剩餘期間的工作時，我還不能宣稱已經勝利。至於 87（787）的引擎交付，我們在上半年確實落後於交付進度。我們有一個。我們正與 GE 一起推進一項矯正行動計畫與復原計畫。

We did, as I mentioned, pause several pause days in the production line to allow supply chain to catch up here. But it's important that we do see the improved recovery on engines to allow us to move to rate 10. So that's something that we're working closely with GE to make sure we achieve that. I think they're pretty confident in their ability to achieve the recovery plan.

如我先前提到的，我們確實在生產線上暫停了幾天，讓供應鏈在這裡能夠追上進度。但重要的是，我們確實看到引擎端的復原有所改善，才能讓我們把產量提升到每月10架的速率。因此，這是我們正與 GE 緊密合作、確保能達成的事項。我認為他們對於達成復原計畫的能力相當有信心。

Peter Arment, Baird.

Peter Arment，Baird。

Kelly, you've been in the role now as CEO for two years and you've made just an absolute ton of progress on many fronts, so congrats on that. But sometimes labor relations get overlooked on Wall Street and you're currently just starting negotiations, as you mentioned, with SPIA.

Kelly，你擔任 CEO 這個職務已兩年，並且在許多面向都取得了非常巨大的進展，恭喜。但華爾街有時會忽略勞資關係，而你目前正如你所提到的，才剛開始與 SPIA 進行談判。

How would you frame up the risks there and how would you. To kind of describe the labor side of things shaping up overall at BCA.

你會如何界定那裡的風險，以及你會如何……大致描述 BCA 整體勞動面向目前的發展情況？

Well, as we said or I said in my prepared remarks, we started negotiation early to try to avoid any kind of a work stoppage associated with the negotiation. And we're in the middle of that. I think it would be inappropriate for me to predict. Where that's going to go at this particular time. I'll just say that we're keenly focused on it. We spent a lot of time with our workforce here. So I'm very hopeful that we'll get to an agreement and just keep on with our momentum. You can expect that to play out here between now and the October timeframe. So hopefully, we can get that done a little bit earlier than that so we don't get up to a milestone. Where we've got critical issues.

嗯，正如我們說過的，或我在事先準備的發言中提到的，我們提早開始談判，是為了盡量避免任何與談判相關的停工。而我們目前正在談判進行中。我認為此刻要我去預測……事情會往哪個方向發展並不恰當。我只能說，我們對此高度關注。我們在這裡花了很多時間與員工溝通。所以我非常希望我們能達成協議，並持續維持我們的動能。你可以預期這件事會在現在到10月這段期間內逐步發展。因此，希望我們能比那個時間點更早完成，避免走到某個里程碑……而那時我們會面臨關鍵議題。

I will also say that as we manage this, we're looking very hard at what we would do should we have a work stoppage and what plans we can put in place. Hope that's not the case, I don't expect that to be the case. But we're planning accordingly, as you can imagine. So we'll just have to wait and see how that all plays out, Peter. It takes two to tango in these and we're certainly on our side trying to do our best to circumvent any kind of work stoppage.

我也要補充，當我們管理這件事時，我們也非常仔細地評估：如果真的發生停工，我們會怎麼做，以及可以建立哪些應變計畫。希望不會發生，我也不預期會發生。但如你所想，我們仍會相應地做規劃。所以我們只能等待看看整體會如何發展，Peter。這種事需要雙方配合，我們這邊當然會盡最大努力，避免任何形式的停工。

Myles Walton, Wolfe Research.

Myles Walton，Wolfe Research。

Thanks. Good morning. Kelly, on the 777x program, you mentioned 55% of the flight tests being complete. And I guess on the surface, it seems a little low if the full program flight test is going to be completed by year-end. So maybe walk us through how those step functions work. And can you just confirm, are you concluded with Phase 3? Is there any parallelness to Phase 3 that's ongoing or are we just in Phase 4? Thanks.

謝謝。早安。Kelly，關於 777X 計畫，你提到飛行測試已完成 55%。從表面上看，如果整個計畫的飛測要在年底前完成，這個比例似乎有點低。所以能否帶我們了解一下這些階段性躍升是如何發生的？另外也請你確認一下：你們是否已完成第3階段？第3階段是否仍有任何並行作業在進行，還是我們已經完全進入第4階段？謝謝。

So, Miles, look.

所以，Miles，你看。

55% is pretty good. Remember that we've pre-dry run most of these flight tests. So what we're talking about is actually the certification credit. We are going to see accelerated. I mean, we were at 50% just not too long ago. We're already at 55%. So every day we're flying these aircraft and taking off the test program. One advantage or accelerator will help is we have a common test and evaluation engineering team. That runs these flight test programs. And so now that we're complete with the 737, both the two variants in the flight test arena, we'll be able to apply some resources to speed up the completion of the.

55%其實相當不錯。請記得，我們已經對大多數飛行測試做過預先的乾跑（pre-dry run）。所以我們現在談的是實際可取得的適航認證計分（certification credit）。我們會看到加速。我的意思是，不久前我們才在 50%。現在已經到 55% 了。因此我們每天都在飛這些飛機，並持續完成測試計畫。其中一個優勢或加速因素是，我們有一個共用的測試與評估工程團隊……負責執行這些飛行測試計畫。因此，現在 737 的兩個型號在飛測領域都已完成後，我們就能調配部分資源，加快完成……

Of the 777 program. Now in terms of the TIAs, we're predominantly working on TIA. I don't actually know if we're complete on all of the TIA-3. It doesn't really matter, they're all being ticked off.

……777 計畫的進度。至於 TIAs，我們主要正在進行 TIA。我其實不確定我們是否已完成所有的 TIA-3。但這其實不重要，因為它們都在逐項完成。

The one thing I will also say is we are seeing some incremental adds to the TIA-4A. For activities that were planned to be in TIA-5, which is all fine. It's just that the scope of these TIAs is a little bit of a moving target. The important thing is we just keep achieving the milestones and the flights, and we have multiple aircraft in the air almost all day every day. So we're making good progress here. I wouldn't be overly concerned with the 55% complete. That will accelerate pretty quickly here.

我另外要說的是，我們也看到 TIA-4A 有一些增量新增項目。這些原本規劃放在 TIA-5 的活動被移到 TIA-4A，這沒有問題。只是這些 TIA 的範疇有點像是移動目標。重點是我們持續達成里程碑與飛行架次，而且幾乎每天一整天都有多架飛機在空中。所以我們在這裡的進展良好。我不會對 55% 完成度過度擔心。接下來會很快加速。

Thank you.

謝謝。

David Strauss, Wells Fargo.

David Strauss，Wells Fargo。

Kelly, one to follow-up on the 777X, if you could just update us on changing core, kind of how you're thinking about that, there was some news out there about you scrapping an early airplane, one of your customers said they don't want to take early airplanes, just if you could update us there and then.

Kelly，針對 777X 我有一個追問：如果可以的話，請你更新一下關於更換核心（changing core）的情況，以及你們對此的思考方式。外界有些消息說你們報廢了一架早期飛機，有位客戶也表示他們不想接收早期飛機；想請你就此更新一下，然後……

Jay, could you within that free cash flow range for the year, what are you assuming kind of for net working capital for the full year? I think year-to-date you've burnt like $500 million or so. What do you have kind of baked in for working capital for the year?

Jay，在今年自由現金流區間的假設之下，你們對全年淨營運資金（net working capital）大概是怎麼假設的？我想年初至今你們大概消耗了約 5 億美元左右。你們對今年營運資金的內建假設是什麼？

Okay, let me start with changing. So really no change to our plan. When we took the last EAC charge, the whole change in Corp scope was contemplated when we did that.

好，我先從更換（changing）開始。所以其實我們的計畫沒有任何改變。當我們上一次提列 EAC 費用時，整個更換核心（change in core）的範疇在當時就已納入考量。

Yeah, I'm not going to negotiate contract changes with our customer here in public, we've got a plan, there are some earlier change in Corp aircraft that clearly have more work to be done than others, but again that was contemplated when we did our EAC update, so we'll work with the customers here on which aircraft delivery.

是的，我不會在公開場合與客戶談判合約變更。我們有一個計畫；有一些較早的更換核心（change in core）飛機，顯然比其他飛機需要做更多工作，但同樣地，這在我們做 EAC 更新時就已經納入考量，所以我們會與客戶一起協調哪些飛機交付……

And the configuration of those aircraft, it shouldn't impact any of our EAC activity at least as we see it right now.

以及那些飛機的構型；至少就我們目前所見，這不應影響我們的任何 EAC 活動。

On your question, David, I would expect from here the balance of the year for working capital to be a net source of cash. We expect in addition to the increased deliveries, we also expect an uptick in advances. I talked about the BDS advances and we still have some order activity as well as the scheduled PDPs. FPCA. So I would expect that to be a source.

至於你的問題，David，我預期從現在到年底，營運資金將會是現金的淨來源。除了交付量增加之外，我們也預期預收款（advances）會上升。我談到過 BDS 的預收款，我們也仍有一些訂單活動以及既定的 PDPs。FPCA。所以我預期那會是現金來源。

Thank you.

謝謝。

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，Jefferies。

Thank you, and good morning, Kelly and Jay.

謝謝，早安，Kelly 和 Jay。

Solid performance on BDS with core margins of 3.5%, Jay, as you mentioned. Maybe how do we think about profitability from here? And if you could just update us on the fixed price programs. Perhaps in order of risk would be appreciated.

BDS 表現穩健，核心利潤率為 3.5%，如你所提到的，Jay。接下來我們該如何看待獲利能力的走勢？另外也請你更新一下固定價格專案的狀況。若能依風險高低排序說明會很感謝。

Yes, Sheila, on BDS profitability, as I mentioned, maybe just look at 2026. As I mentioned just first in the prepared remarks, 3.5% in the second quarter. I would expect the balance of the year to be pretty much in the same zone there. So on a full-year basis, including the VC25B charge, we're in the range about 2.5 for the year.

好的，Sheila，關於 BDS 的獲利能力，如我提到的，也許可以先看 2026 年。如我在事先準備的談話一開始所說，第二季是 3.5%。我預期今年剩餘期間大致會維持在相同區間。因此以全年來看（包含 VC25B 的一次性費用），今年大約在 2.5% 左右。

We would expect that again sequentially each year from here on out to continue to improve. I don't have a specific forecast for you. Again, that's something that we'll probably lay out a little bit more as we get into the formal planning season.

我們預期從現在起每一年按年（逐年）都會持續改善。我目前沒有給你一個具體的預測數字。同樣地，這可能要等到進入正式規劃季時，我們才會更清楚地對外說明。

But I would expect there to be improvement margin expansion each year sequentially throughout the rest of the.

但我預期在接下來的期間，每一年都會逐年改善、利潤率擴張。

As we approach and reach this high single-digit number. And again, the road map again is very similar to what we've said.

當我們逐步接近並達到高個位數的水準。而且再次強調，我們的路線圖與先前所說非常一致。

It's delivering out on some of these contracts and kind of taking those headwinds away. It's also going into phases, different phases of existing programs whereby the pricing is better on those contracts as well. And then just in the backlog, we've got just better priced backlog as well similar to BCA. So taking all those things together with the benefit of the execution that we're seeing at BDS are the building blocks to this improved margin profile. And as I mentioned and I have mentioned before, pretty confident in our ability to be able to.

也就是把部分合約交付完成，逐步消除這些逆風因素。同時，既有專案也會進入不同階段，而在那些階段合約定價會更好。此外，在積壓訂單方面，我們也有更好的定價積壓訂單，與 BCA 類似。綜合以上，再加上我們在 BDS 看到的執行改善，這些都是推動利潤率結構改善的基石。如我提到、也曾多次提到的，我們對自身能力相當有信心，能夠。

Yeah, and Sheila, in terms of the risk of the fixed price programs going forward, look, I think we've made really good progress with our customers here as we've looked at the estimate to complete on those. And I would say, don't fall off your chair, but KC-46 feels very low risk for the EACs going forward. I think we've done a really good job finally on that project and we're getting.

是的，Sheila，談到未來固定價格專案的風險，我想我們在與客戶合作、檢視完工估算（EAC）方面已取得非常好的進展。我會說，別從椅子上摔下來，但 KC-46 在未來的 EAC 風險感覺非常低。我認為我們終於在該專案上做得很到位，而且我們正逐步。

To the end of the production, the fixed price production that we have and we'll be repricing new lots going forward. So I think we've got KC-46 well in hand. MQ and T-7, we've just got to get through the completion of the flight test program. So we have those normal risks. I wouldn't highlight anything in particular. I think that we've got those risks identified and we're managing those within the EAC. The one program we have worked. Have to do with the customer on his commercial crew or the Starliner program. As NASA's replanning their launch sequence, that'll have some impact to when we're actually doing the launch. The redesign of the Starliner deficiencies is going quite well, and we're feeling pretty good about that. But we've got to work with NASA to align on. On the launches are going to be both the crewed and uncrewed launches going forward. I don't at this time anticipate that's going to create a cost problem for us, but we do have some uncertainty here that we've got to work with NASA to get that put to bed, and we are working with them right now.

接近生產尾聲，也就是我們現有的固定價格生產部分將完成，之後新的批次會重新議價。所以我認為 KC-46 我們已經掌握得很好。MQ 和 T-7，我們只需要完成飛行測試計畫。因此會有那些常見的風險。我不會特別點出任何單一項。我認為我們已識別這些風險，並在 EAC 中加以管理。我們目前需要。與客戶合作的一個專案是商業載人（Commercial Crew）或 Starliner 計畫。由於 NASA 正在重新規劃其發射時程，這會影響我們實際進行發射的時間點。Starliner 缺失的重新設計進展相當順利，我們對此感覺不錯。但我們必須與 NASA 合作對齊。未來載人與無人發射的安排。目前我不預期這會對我們造成成本問題，但確實存在一些不確定性，我們需要與 NASA 一起把它釐清並定案，而我們現在正與他們合作處理。

Kristine Liwag, Morgan Stanley.

Kristine Liwag，Morgan Stanley。

Good morning, everyone.

各位早安。

At Farnborough last week, one of the recurring themes from the propulsion supply chain was that engine manufacturers and their suppliers continued to see a gap between existing capacity and the production rates targeted by both you and the other large airframe across the pond.

上週在范堡羅航展（Farnborough），推進系統供應鏈反覆出現的一個主題是：引擎製造商及其供應商仍然看到現有產能與你們以及大西洋彼岸其他大型機身製造商所設定的目標產量之間存在落差。

I guess, Kelly, you mentioned that you're comfortable going to 52 per month for the 737 without significant supply chain constraints. First, how much of your comfort is based on the existing inventory of engines that you have on hand versus the pace of deliveries that you're receiving from your supplier? And also second, do you anticipate Boeing will play a more active role, whether through advanced payments, capital supports, or other mechanisms to help suppliers expand capacity and achieve your long-term production rate targets?

我想，Kelly，你提到你對 737 提升到每月 52 架且不會遇到重大供應鏈限制感到有信心。第一，你的信心有多少是基於你們手上既有的引擎庫存，而不是供應商交付的節奏？第二，你是否預期波音會扮演更積極的角色，例如透過預付款、資本支援或其他機制，協助供應商擴充產能並達成你們長期的產量目標？

So look, on the rate 50 or 47 and rate 52, I am comforted partially by our inventory, but also by the engine deliveries that we're receiving from CFM. So both of those are sufficient to meet our demand going forward. Where we still have work to do is as we get to the higher rates, 57, 63, those continue to be areas that we're working with the supply chain.

關於 50 或 47 的產量，以及 52 的產量，我的信心一部分來自我們的庫存，但也來自我們從 CFM 收到的引擎交付。這兩者都足以滿足我們未來的需求。我們仍需努力的地方是，當我們提升到更高的產量，例如 57、63 時，這些仍是我們與供應鏈共同推進的重點領域。

And look, we'll work.

而且你看，我們會持續推進。

If we find constraints that are capital-driven constraints, we'll continue to work with our suppliers to do that. In many cases, these are Tier 2 or Tier 3 suppliers, so those are areas that engine manufacturers are in fact actively working with their supply chain. But we'll work that as the rates increase and constraints show themselves, but right now, I think we've got a solid plan through '57 and more work to do after that.

如果我們發現限制是由資本因素所驅動的限制，我們會持續與供應商合作解決。在許多情況下，這些是二級或三級供應商，因此引擎製造商確實也正積極與其供應鏈合作處理這些領域。但隨著產量提升、限制逐步浮現，我們會逐一處理；不過就目前而言，我認為我們到 57 都有一個穩健的計畫，之後仍需要做更多工作。

Great. Thank you.

很好。謝謝。

John Godyn, Citi.

John Godyn，Citi。

Hey, guys. Thanks for taking my question.

嗨，各位。謝謝讓我提問。

We've talked a bit about BCA and what that looks like through the end of the decade.

我們談了一些關於 BCA，以及到本十年末看起來會是什麼樣子。

For obvious reasons, but I was hoping that you guys could just paint the picture and illustrate the impact and contribution from BDS and BGS, which we kind of rarely talk about, what did those businesses look like when we look out four or so years?

基於顯而易見的原因，但我希望你們能否描繪一下並說明 BDS 和 BGS 的影響與貢獻——我們其實很少談到這兩個業務——當我們往後看大約四年左右時，這些業務會是什麼樣子？

Well, John, first starting with BDS, a lot of their cash flow improvement will track with their profitability improvement as well.

John，先從 BDS 開始，他們的現金流改善在很大程度上會與其獲利能力改善同步。

And they'll get back to once you get to the end of the decade into delivering, I'll just say, maybe low single-digit billions of dollars type of contribution.

而到了本十年末、當你進入交付階段時，他們將回到我姑且說，可能是低個位數十億美元等級的貢獻。

BGS is already delivering solid free cash flow to us, so it's just a matter of staying the course with them and continuing to grow with the demand that we see both on the commercial. Market side as well as on the government sustainment side. And so I don't think BDS will be a huge incremental contributor. There will be some above contributor, but most of the cash flow benefits will be at BCA with all the reasons and all the factors I talked about before and BDS in terms of its improvement path.

BGS 已經為我們帶來穩健的自由現金流，因此重點就是持續按既定方向前進，並隨著我們在商用。市場端以及政府維保端所看到的需求持續成長。因此我不認為 BDS 會是非常大的額外增量貢獻者。會有一些額外貢獻，但大部分的現金流效益會來自 BCA，原因與因素我先前已談過；而 BDS 則是來自其改善路徑所帶來的效益。

Ron Epstein, Bank of America.

Ron Epstein，美國銀行。

Kelly, one of the things you haven't really talked about much at least on this call is your thoughts around a new airplane innovation and.

Kelly，你在這通電話中至少有一件事其實沒有談太多，就是你對於新飛機創新的想法，以及……

Paul, I think maybe last quarter or two quarters ago, we talked a little about profitability in the business. Now, I'm still kind of surprised that profitability isn't better for the aircraft going writ large, including flowing. So, I mean, is the key to getting more profitability in this industry innovating?

Paul，我想也許在上一季或前兩季，我們稍微談到過這項業務的獲利能力。現在，我仍然有點驚訝，整體而言飛機（廣義來看，包括現金流）獲利能力沒有更好。所以我的意思是，在這個產業要提高獲利能力，關鍵是不是在於創新？

Meaning, when I look at the 737, largely, granted, there's been some upgrades to it over the years, but it's an airfrane that was born the same year I was, 1,967 when in service, right?

也就是說，當我看737時，大致上當然這些年來有一些升級，但它是一款機體（airframe），跟我同一年誕生：1967年投入服役，對吧？

And when I look at the engine producers, they've been steadily innovating over the last 50 years. Granted, 787 has some innovation in the materials, but how are you thinking about that? Is the key to profitability for Boeing in the future innovation.

而當我看引擎製造商，他們在過去50年一直穩定地創新。當然，787在材料上有一些創新，但你們怎麼看這件事？未來波音獲利能力的關鍵是創新嗎？

Yeah, so.

是的，所以……

Let me just first say, there's no change in our thoughts or strategy relative to new airplane, and I've talked about this before that both the markets, technology and we need to be ready to do that, and we're working real hard on all three of those as you can imagine.

我先說，我們對於新飛機的想法或策略沒有改變。我之前也談過，市場、技術以及我們自身都需要準備好去做這件事，而如你所想，我們在這三方面都非常努力地推進。

Relative to the profitability mix.

至於獲利組合（profitability mix）。

Look, we're going to improve profitability on existing products, but the actual share of the overall aerospace profitability is kind of embedded in the supply chain.

你看，我們會提升現有產品的獲利能力，但整體航太產業獲利的實際分配，某種程度上是嵌在供應鏈架構裡的。

Architecture, and we're not going to change that on the existing airplanes. It kind of is what it is. So it points to the next airplane as the opportunity to change that. And I can tell you that we're spending a good deal of time looking at where the value is in the aircraft going forward and how do we participate in the value chain maybe differently than what you've classically expected us to do.

在現有飛機上，我們不會改變那個架構。它基本上就是那樣。所以這就指向下一代飛機，才是改變的機會。我可以告訴你，我們花了相當多時間在研究未來飛機的價值會在哪裡，以及我們如何在價值鏈中以不同於你們傳統上期待我們做的方式來參與。

And so that's all a part of our strategy here that will play out.

因此，這些都是我們策略的一部分，後續會逐步展開。

When the market is ready for a new airplane.

等市場準備好迎接新飛機的時候。

And can I follow-up?

我可以追問一下嗎？

Does that require more vertical integration or I mean how do you think about it, right?

這是否需要更多垂直整合？或者我的意思是，你們怎麼看這件事，對吧？

I could.

我可以……

Require a little more vertical integration, I don't think a massive amount. I think it could require different kind of business partnerships, different type of ventures, certainly a different level of engagement with our supply chain depending on the commodity. So I don't think it's going to be any one area. I think it's going to be depending on the commodity, you're going to see different business relationships, different business models going forward than you've traditionally seen in the past.

可能需要多一點垂直整合，但我不認為會是大幅度的。我認為可能需要不同類型的商業夥伴關係、不同類型的合資／合作案，當然也可能需要依不同品類（commodity）而定，與供應鏈有不同層級的互動。所以我不認為會集中在單一領域。我認為會依品類而異，未來你會看到不同於過去傳統的商業關係與商業模式。

And I think those models should be win-wins for our supply chain and for us because they also would like to see some different business models as we forward on a new airplane.

而且我認為這些模式應該會讓供應鏈與我們都雙贏，因為當我們推進新飛機時，他們也希望看到一些不同的商業模式。

Operator, we have time for one more analyst question.

接線員，我們還有時間再接一位分析師提問。

Richard Safran, Seaport Research Partners.

Richard Safran，Seaport Research Partners。

Thanks very much, Kelly. Good morning.

非常感謝你，Kelly。早安。

Listen, I thought you could expand on your opening remarks about Wichita. You've had Spirit for a while now. It's integral to your rate ramp. So I thought maybe you could talk about how the integration has been going, how that's tracked against initial expectations and if there's any issues that maybe you'd care to highlight.

我想你可以再延伸談談你開場提到的Wichita。你們擁有Spirit已經一段時間了。它對你們的產能爬坡（rate ramp）至關重要。所以我想也許你可以談談整合進展如何、與最初預期相比的追蹤情況，以及是否有任何你想特別指出的問題。

Yeah, no specific issues. I'd say overall, like I said in the prepared remarks, the integration is going as expected.

是的，沒有特定問題。我會說整體而言，就像我在準備好的發言中提到的，整合正如預期進行。

We are seeing continuous improvement in the quality of the fuselages that are coming out of Wichita and coming into the final assembly line, so that's good. I don't see any challenges here with the near-term rate breaks associated with the Wichita business. We do have a massive effort, as you can imagine.

我們看到從Wichita出來、進入最終組裝線的機身品質持續改善，這很好。我不認為Wichita業務會對近期的產量調整（rate breaks）帶來任何挑戰。當然，如你所想，我們確實有一項非常龐大的工作。

Going through the integration process, getting our safety and quality plan consistent across our entire business, those are key focus areas for right now.

我們正在走整合流程，讓我們的安全與品質計畫在整個業務中保持一致，這些是目前的關鍵聚焦領域。

But look, we were just in i I was just in Wichita with some of the local politicians and we pledged a $1 billion investment over the next several years in both people and capital.

不過你看，我剛剛才在Wichita，和一些當地政治人物在一起，我們承諾未來幾年在人才與資本方面投資10億美元。

To improve the facility, to address under facilitized areas to support the ramps going forward. We still have some work to do in Wichita for the higher 3.7 rate ramps as well as the higher 8.7 rate ramps, but we've got plans in place and we're executing those plans. So far, so good. It's a really good team, they're energetic and I will tell you they're really happy to be back a part of Boeing and I think it helps them see.

用來改善設施、解決設施不足的區域，以支援未來的爬坡。針對更高的3.7產量爬坡以及更高的8.7產量爬坡，我們在Wichita仍有一些工作要做，但我們已經有計畫並正在執行。到目前為止，一切都很好。那是一支非常好的團隊，他們充滿活力；我也可以告訴你，他們真的很高興能回到波音的一部分，我想這也幫助他們更清楚地看見……

Their future much clearer. So we're on track here. We'll have a lot of work to do, but I'm pretty pleased so far.

他們的未來。所以我們進度如期。我們還有很多工作要做，但到目前為止我相當滿意。

Thanks very much.

非常感謝。

That completes the Boeing Company's second quarter 2026 earnings conference call.

以上為波音公司2026年第二季財報電話會議。

Thank you for joining.

感謝各位參與。