Boeing's second quarter is the first of the cash-flow turn. Revenue of $24.6 billion was 8% above the year-ago quarter, total backlog hit a record $715 billion, and operating cash flow of $1.4 billion was a six-fold swing from $227 million a year earlier - proof that the production-rate climb and the Spirit AeroSystems acquisition are now showing up in the working-capital lines the bulls have been waiting for. The same quarter, however, still produced a GAAP diluted loss per share of $(0.67), a core (non-GAAP) loss per share of $(0.76), and a consolidated operating margin of 0.6% - not a margin, a rounding error against a $24.6 billion revenue base. The print is, in one sentence, a balance-sheet-led recovery with a thin-margin business still earning nothing at the bottom. The clock on the equity is whether the 737-7 and 737-10 certify in 2026, the 777X gets its first delivery in 2027, the BDS reach-forward loss on the VC-25B is a one-time event rather than a pattern, and Boeing can compound cash flow generation through the second half while keeping inventories from re-inflating.