“It consists of rising and improving delivery rates on the BCA programs, both the 737 and 787, given the guidance that we have related to deliveries.”

In context

“Jay Malave (Executive Vice President and Chief Financial Officer): Sure. Thanks, Seth. Thank you for the question. You're right. If you kind of just do the math and back into the fourth quarter, that would imply a pretty strong fourth quarter. Just to kind of give you the moving pieces and the elements of the back half free cash flow. It's something that's consistent with what we've talked about before. It consists of rising and improving delivery rates on the BCA programs, both the 737 and 787, given the guidance that we have related to deliveries. It also includes the improvements at BDS or really, kind of, where we are at BDS. As I mentioned, we're 3.5%, excluding the VC-25B charge. We continue that performance. And we also have a seasonable or seasonal cash receipts related to advances. As you know, we typically get the KC-46 advance in the fourth quarter. We would expect that to occur again. So it's pretty much delivered out on the rest of the guide that we have for the year, which will drive that cash flow in the back half of the year. We feel pretty confident at the midpoint. If you were to ask me, given that you're better or stronger year-to-date, what would it take to be higher than that, it really comes back to deliveries. If we're able to overdrive on our deliveries at BCA, then that would result in a better number. But right now, we're pretty — feel pretty good, if not very good, about where we are at the midpoint for the year. And as I mentioned in my prepared remarks, the better profile, more balanced profile in the year sets us up well to deliver on this guidance. As far as future years, look, we still have plenty of things to work on here in '26 and complete the balance of the year. That will help inform where we go in 2027. So we need the benefit of time and completion of these milestones in the back half of the year. The building blocks of out-year free cash flow are really no different than what we talked about, improving and growing BCA deliveries, performance at BDS and continued profitability improvement there as well as continued growth at BGS. I think the timing of these are things that we continue to work through, and I think we'll be able to give you better clarity around that in time. For now, we just started — we just kicked off our planning cycle. And so I'd like to go through that, get the benefit of that information before we start talking about specificity there. But again, as I mentioned in my prepared remarks, we're confident in the $10 billion figure. We're confident that we're going to get there, and we're on the right track. Everything that you saw here in the second quarter positions us well to continue to drive better performance and start delivering on these free cash flow growth.”