The Max 10 and the green primer
Inside the enormous Boeing facility in Everett, Washington, a newly arrived fuselage, coated in green primer and measuring 44 meters long, was carefully moved into the assembly area. This is not one of the large 747s that once defined the company's legacy, but rather a new and modified aircraft — the Max 10, a longer variant of the 737 lineup. Kevin Michaels from AeroDynamic Advisory highlights the significance of this model, calling it 'crucial' for Boeing’s financial recovery and its long-term efforts to achieve a steady flow of positive cash.
The Max 10 is not just another aircraft — it symbolizes a pivotal shift for Boeing, which has spent years trying to regain trust after a string of high-profile problems. A key regulatory milestone recently occurred: for the first time since 2019, Boeing is authorized to issue its own airworthiness certifications for its 737 Max and 787 models. While this marks a step forward, the company is still grappling with the lingering effects of previous mistakes, including production delays and serious safety concerns.
The $46 billion question
Boeing’s commercial aircraft business has been hit with a massive loss exceeding $46 billion since the beginning of 2019, as reported by the aviation analysis company Leeham Co. This year alone, the company has faced an average loss of $2.8 million for every 314 planes it delivers. These figures tell a story of a company struggling to regain its footing in a fiercely competitive industry dominated by Airbus.
These financial setbacks are not just abstract losses — they represent years of operational problems, regulatory investigations, and stalled deliveries. Boeing’s CEO, Kelly Ortberg, has dedicated his time since joining in August 2024 to mending relations with regulators. Recently, he shared better-than-expected financial results and credited them to 'fundamental improvements to factory health,' a sign that the company is making progress.
What’s next — and what could go wrong
Fixing the 737-related issues is essential, but not the only priority for Ortberg. He must also bring the long-delayed 777X program back on track and determine when to begin production of the next generation of short-haul aircraft. These pivotal decisions will define Boeing’s future for years to come and could determine if it regains its top industry position or remains stuck in recovery mode.
There is clearly strong demand for the Max 10, as airlines seek to replace the Airbus A321neo. However, the A321neo is currently under a delivery backlog that extends well into the 2030s, pushing airlines to look for alternatives. United Airlines’ chief commercial officer, Andrew Nocella, recently told investors that the long wait for the Max 10 may finally be ending soon. Still, Scott Hamilton of Leeham Co. cautions, 'Ortberg has a dozen balls in the air at once. It’s still an uphill climb.'
With global passenger travel expected to double by 2050, the success or failure of these companies will shape how affordable, comfortable, and safe air travel becomes over the next 28 years. The standards they set will influence the entire aviation sector for decades.
Michael O’Leary, CEO of Ryanair and one of Boeing’s most important partners, has publicly praised the company’s recent performance, saying it is 'really getting that thing turned around.' While these comments reflect a positive trend, Boeing’s financial stability remains a work in progress. Its stock has only recovered about a third of the value it lost between 2019 and 2022. That recovery is a small step forward — a foothold on a long and difficult journey back to strength.