Boeing is a turnaround story in the aerospace duopoly with Airbus, transitioning from a multi-year quality and production crisis under new CEO Kelly Ortberg. FY2025 revenue recovered to $89.5B (+34.5% YoY) with the first positive operating income ($4.3B) since the 737 MAX grounding. The investment case hinges on three execution milestones: (1) ramping 737 MAX production from 42/month to 52+/month by end-2026, (2) certifying the 777-9 by H2 2026 to unlock $567B of commercial backlog, and (3) achieving positive free cash flow in 2026 ($1-3B) as the re-integrated Spirit AeroSystems drives quality improvements. The duopoly structure provides a floor — Boeing and Airbus collectively have 15+ years of backlog, and barriers to entry are insurmountable — but Boeing must execute or permanently cede narrowbody share to Airbus's 60% position.