- Boeing reported a four hundred twenty-eight million dollar net loss following Air Force One program charges.
- JetBlue’s adjusted loss reached sixty-six cents per share, primarily driven by an eighty-one percent fuel cost surge.
- Both companies maintain twenty twenty-eight targets for delivery goals and earnings per share recovery.
Boeing posted a second-quarter net loss of $428 million on Tuesday after a $280 million charge tied to the two replacement presidential aircraft widened the company’s results. Executives kept the first delivery target in 2028, even as the fixed-price program remains four years late and more than $1 billion over budget.
The aircraft work pushed the loss beyond analysts’ expectations. The company reported a net loss of 67 cents per share, while its adjusted core loss reached 76 cents per share, compared with a projected loss of 30 cents.
Revenue rose 8% from a year earlier to $24.56 billion. Commercial deliveries reached 171 aircraft, up 14% from the same period last year. Cash flow also improved sharply.
Free cash flow came in at $631 million, compared with a $200 million cash burn in the second quarter of 2025. The company’s results showed stronger cash generation alongside the program charge.
The charge covers higher engineering and production costs for the VC-25B program, which converts two 747-8 aircraft into presidential transports. A 2018 firm, fixed-price contract set the program’s value at $3.9 billion, leaving the manufacturer responsible for costs above that ceiling.
The presidential aircraft program is absorbing new costs before certification
Steve Parker, head of Boeing Defense, Space & Security, said the program could incur additional cost growth during final assembly. The remaining work includes wiring, structures and certification.
“I do expect to see some cost growth there [VC-25B] as we come through [final assembly] and we finish off the wiring and the structures, as well as finishing off with certification. That cost growth will be focused on making sure that we hit the 2028 time frame.”
Parker made the remarks on July 19. The company has already absorbed more than $1 billion in costs beyond the contract’s original value, while the schedule has slipped four years.
Kelly Ortberg, the company’s chief executive, said the turnaround still had work ahead in the second half of the year.
“I was pleased with the company's progress. Our focus has been on restoring trust. While there is more work ahead in the second half of the year, the momentum we are building continues to move Boeing in the right direction.”
The program’s schedule remains the central operational target. The first delivery is still expected in 2028.
| Measure | Second quarter result | Comparison or target |
|---|---|---|
| Net loss | $428 million | $612 million loss in Q2 2025 |
| Net loss per share | 67 cents | Adjusted core loss of 76 cents |
| Revenue | $24.56 billion | Up 8% year over year |
| Free cash flow | $631 million | $200 million cash burn in Q2 2025 |
| Commercial deliveries | 171 aircraft | Up 14% year over year |
| VC-25B charge | $280 million | First delivery still expected in 2028 |
The results also showed why the presidential program did not tell the entire financial story. Higher commercial deliveries lifted revenue, and cash flow moved from a loss to a positive result, but the new charge weighed heavily on earnings.
Jet fuel pushed the airline’s adjusted loss to 66 cents per share
JetBlue Airways reported a second-quarter adjusted loss of 66 cents per share, wider than the 21-cent loss recorded a year earlier. The airline’s fuel bill rose nearly 81%, with the average price reaching $4.23 per gallon.
Fuel added $407 million to expenses. The airline nevertheless recaptured nearly half of the increase through higher fares, ancillary revenue and other commercial actions.
Revenue reached $2.70 billion, up 14.5% year over year. Revenue per available seat mile increased 10.9%, reflecting strong summer travel demand. The net loss totaled $247 million.
The airline’s adjusted result beat the 70-cent loss analysts had estimated. Its revenue reached the high end of management’s guidance.
Joanna Geraghty, the airline’s chief executive, credited demand and the company’s JetForward plan with helping it recover fuel costs faster than expected.
“Our second quarter performance reflects the strength of our JetForward strategy and the focused execution of our crewmembers, as strong customer demand and our decisive actions enabled us to recover fuel costs more quickly than we anticipated.”
She also said the company was seeing progress two years into the transformation plan.
“Two years into JetForward, we're encouraged by the progress we're making and the results we're driving across the business”
The airline reinstated its annual fuel-cost forecast at $3.49 per gallon and expects the same price in the third quarter. That forecast is below the $4.23 per gallon average recorded during the quarter.
The airline is reshaping routes while targeting premium demand
Marty St. George, the airline’s president, said demand momentum continued into July and could improve through the end of the year.
“We are encouraged to see that momentum carry into July and, we are optimistic that demand will continue to improve through the end of the year.”
The carrier is cutting underperforming routes and emphasizing premium experiences as it works to offset higher operating costs. It also benefited from the recent shutdown of Spirit Airlines, capturing more leisure traffic on routes, particularly in Florida.
Shares rose 2.5% in pre-market trading after the airline reported the results. Investors also responded to a new long-term target of $1.00 in earnings per share by 2028.
The manufacturer’s shares were relatively flat, rising 0.2%. Its commercial recovery still depends partly on certification work for the 737 MAX 7 and 777X, which executives identified as important to stabilizing production over the long term.
The quarter left both companies with a forward target. The airline expects fuel at $3.49 per gallon in the third quarter, while the aircraft program is still working toward its 2028 first-delivery schedule.
