Boeing’s (NYSE:BA) financial chief Jay Malave said on Tuesday that the aerospace giant’s turnaround is “in full force,” offering one of the company’s most upbeat assessments in months during remarks at a UBS investor conference.

Malave reiterated that Boeing still intends to finalize its acquisition of Spirit AeroSystems before the end of the year, although he acknowledged that aircraft handovers in November were “a little light.”

The CFO also outlined expectations for stronger aircraft output next year, saying Boeing anticipates higher deliveries of both the 737 and 787 families in 2026 compared with 2025. Certification of the 737 MAX 10 remains targeted for late 2026.

From a cash perspective, Boeing continues to forecast a $2 billion free cash outflow in 2025, followed by a return to low single-digit positive free cash flow in 2026. Malave added that the payment of Boeing’s Department of Justice penalty will shift into the 2026 financial year.

He noted that Boeing’s defense unit remains on track to generate high single-digit margins, marking steady progress in a division that has faced major cost challenges.

While acknowledging that a long-term free cash flow goal of $10 billion is achievable, Malave said Boeing is “not there” yet in terms of contemplating shareholder returns.

Reacting to the commentary, Wolfe Research analyst Myles Walton said the company’s update suggests the trough in negative free cash flow expectations “has been set in place and the time for optimism on FCF opportunity has returned.”

“Overall, the update this morning was as good as we could have hoped,” Walton added. With the stock having jumped more than 8% on Tuesday, he believes investors have recognized the positive tone but still expects “to see legs on this move, given the de-risked nature of the January 4Q earnings print.”

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