NEW YORK, June 8, 2026, 12:06 EDT
- Boeing’s long-delayed 777X program cleared a big FAA-supervised testing phase, shifting attention back to certification progress as the main stock focus.
- Shares were flat late morning. Investors have been divided lately on valuation, cash flow and production risk.
- Boeing’s $695 billion backlog shows there’s demand, but getting those orders out the door and turning them into cash is proving much tougher.
Boeing’s 777X program, after years of delays, has passed a key regulatory test. Investors watching the turnaround got a new sign, but the focus is still on execution. Boeing Commercial Airplanes chief Stephanie Pope said the FAA signed off on Type Inspection Authorization Phase 4B tests for the 777-9. This phase lets FAA staff join flight and ground tests needed for certification.
Boeing’s stock comes back around one big question: can it ramp up output, get delayed jets certified and convert a massive order book into cash before another slip? In April, Boeing reported first-quarter revenue of $22.2 billion. Free cash flow was negative $1.5 billion, and its backlog hit $695 billion. That total included more than 6,100 commercial planes.
Boeing was up 0.3% at $216.01 late in the morning, putting its market cap near $170 billion. The stock still moves on small hints of progress or setbacks in the factory system.
Investor views on Boeing are all over the place. Simply Wall St on Yahoo Finance pointed to “recent share price weakness” and “mixed valuation signals.” Zacks wrote that Boeing had outperformed its industry over six months, citing aircraft orders, defense backlog, and services demand. Motley Fool’s James Brumley called it a “definitive maybe” on whether investors would regret not buying, with backlog strength and valuation risk both in the mix. Yahoo Finance
Pope called the Phase 4B sign-off “one of the biggest pieces remaining” in the 777-9 flight-test push. The test work now turns to avionics, stability and control, plus human-factors, all areas regulators have kept under a microscope after years of looking into Boeing’s engineering and production. Aviation Week
Regulators are still in focus. WestJet CEO Alexis von Hoensbroech said Monday that the airline aims to start flying its first Boeing 737 MAX 10 in the first quarter of 2027, but that depends on approvals in the U.S. and Canada. He said Boeing and the FAA have been expressing “a lot of confidence” about the certification process. Reuters
Boeing is also looking to speed up output of narrow-body jets. CEO Kelly Ortberg told CNBC that Boeing is studying if it can eventually ramp 737 MAX production to 70 a month, but he said it’s still “a study activity right now.” Boeing has targeted 63 a month for the 737 MAX. Airbus wants to take A320neo-family output to 70 to 75 a month by late 2027. Reuters
Southwest Airlines is not moving away from the MAX family, despite the ongoing delays from Boeing. Chief Operating Officer Andrew Watterson told Reuters the airline still sees risk in bringing on a second fleet type like Airbus’s A220. “A second fleet type can increase your risk,” he said. Reuters
Boeing’s services arm is looking to help boost the commercial recovery, and that includes China. Chris Raymond, head of Boeing Global Services, said the company can supply aftermarket parts for a 200-jet China order, as long as those parts can be sold worldwide. He also pointed out Boeing already runs a parts warehouse in China.
The risk is still there. Certification could slip, suppliers might lag behind new 737 rates, and a new quality issue would be rough for a company still trying to build back trust. The first-quarter cash burn points to the need for production gains to turn into deliveries, not just more planes stuck in inventory.
Boeing and Riyadh Air said June 5 the Saudi airline got its first two 787 Dreamliners, part of a larger order for as many as 72 jets. Riyadh Air wants to hit over 100 destinations by 2030. Demand does not appear to be the sticking point here.
For investors, the play is more limited than headlines might make it seem. Boeing isn’t short of airline demand for its jets. What it does need is evidence it can make, certify, and deliver those planes quickly so its cash performance starts to match its share price.
