Production, certification and weak delivery conversion threaten Boeing cash flow

September delivery estimates of 56 aircraft, including 43 MAXs, indicate modest improvement but continued widebody inventory and bottlenecks. Wolfe says 737 output has not stabilized at 47 aircraft per month because of wing-shop delays, putting the 52-per-month target at risk; the October 27 report will test deliveries, margins, defense execution and the approximately $1–3 billion 2026 free-cash-flow goal.