Earnings calls, loved by some CFOs and dreaded by others, allow finance leaders and their fellow executives to verbalize their organization’s progress. Each month, CFO.com compiles interesting insights shared by CFOs during these calls for The CFO Earnings Dispatch series. These insights include statements about their company, analysis of financial data and answers to analysts’ questions.
For July, we highlight CFO comments from Boeing, UnitedHealth Group, General Dynamics, Starbucks, The Cheesecake Factory, Tractor Supply, Coca-Cola and BlackRock.
1. Boeing
Market Cap: $170.53 billion
Date of Call: July 29
Boeing’s recent financial performance shows how CFOs can stabilize operations and narrow losses during challenging times by leaning on delivery execution and steady working capital improvements. In his final earnings call in the position, CFO Brian West said free cash flow usage of $200 million in Q2 was significantly better than expected, driven by 150 commercial deliveries that included 13 777 jets, nearly double the usual volume.
West projected approximately $3 billion in free cash flow for the year, assuming no major disruptions. The company also held firm on its strategy to reintegrate Spirit AeroSystems and normalize inventory as production stabilizes.
“Margins at [Boeing Commercial Airplanes] were negative 6.6% in Q1, improved to negative 5.1% in Q2 and we expect to continue improving quarter by quarter, although still negative for the year,” West said. “Long term, there’s nothing we see that would suggest we can’t get back to historical margin levels.”
2. UnitedHealth Group
Market Cap: $224.32 billion
Date of Call: July 29
UnitedHealth Group is adjusting expectations for 2025 as elevated medical costs, exchange-related headwinds and slower OptumHealth growth weigh on results. Outgoing CFO John Rex reported Q2 adjusted earnings per share of $4.08, down from the prior year, and revised full-year guidance to at least $16 per share. The updated outlook includes $1.6 billion in potential settlement items, with $600 million recognized in Q2 and another $1 billion anticipated.
Rex noted a full-year medical care ratio of 89.25%, up from the previously forecasted 86.5%, driven by higher patient morbidity in Affordable Care Act exchanges and changes tied to Medicare and the Inflation Reduction Act. “As we look toward 2026 and beyond, we expect efforts underway to steadily improve our performance,” Rex said, pointing to renewed focus on pricing, operational discipline and longer-term investment in AI and modernization.
3. Starbucks
Market Cap: $101.46 billion
Date of Call: July 29
Starbucks CFO Cathy Smith said the company is focused on building a more durable cost structure to support its long-term turnaround. Four months into the role, Smith said the company is investing in foundational changes, including a $500 million labor investment while working across the P&L to find efficiencies.
“We are, as we shared even last quarter, working across the entire P&L,” Smith said. “From cost of goods sold to operating expenses to G&A, the team is taking on both short-term and long-term cost structure efficiency work.”
She emphasized the importance of building sustainability into the turnaround. “We’re working on 2026, 2027 and 2028,” she said. “We’re putting in the more durable sustainable activities to make sure we don’t just address it once, but we actually address it long term.”
Smith said the company is focused on setting the foundation for future earnings growth. “What’s really exciting though is when we start to grow, we’ll actually like what comes through to the bottom line.”
4. Cheesecake Factory
Market Cap: $3.09 billion
Date of Call: July 29
Matthew Clark, CFO of Cheesecake Factory, said stable consumer trends and execution across concepts supported margin gains and stronger-than-expected results in the second quarter. Revenue reached $956 million with an adjusted net income margin of 5.8%, exceeding the company’s guidance range. Clark highlighted improved labor productivity, lower commodity costs and disciplined pricing as key drivers of margin performance.
“We feel really good about where we’re sitting today,” Clark said. “The environment has been very, very steady for us… and I think it’s a testament to our execution as well as the brands that we have.”
The company plans to open up to 25 new restaurants this year across its Cheesecake Factory, North Italia, Flower Child and other Fox Restaurants concepts. Clark said Flower Child, the company’s health-forward fast-casual concept, is delivering mature unit margins of 20.4%, with average unit volume approaching $5 million and returns in the mid-30% range.
North Italia locations are also performing well, with new units opening above expectations and mature margins reaching 18.2%. Clark noted menu pricing will decline in the second half, driven by new lower-priced offerings. “The real pricing is probably going to be more like 2% to 2.5% in terms of what the consumer feels,” he said, emphasizing the company’s focus on perceived value and traffic recovery.
5. Tractor Supply
Market Cap: $31.87 billion
Date of Call: July 24
Kurt Barton, CFO of Tractor Supply, said the company delivered record sales and net income in Q2, with signs of momentum continuing into the back half of the year. Comps were positive across six of seven regions, and June saw gains in all regions, supported by a delayed but accelerated spring selling season.
“We see demand solid. Our customers [are] in a strong position,” Barton said. “The expectation for the second half of the year would be balanced between both ticket and transactions.”
Gross margin expanded by 31 basis points to 36.9%, aided by product cost management and efficiencies across the supply chain. Barton said tariff impacts have begun to flow through direct imports and will create modest pressure in the second half, though average unit retail has not yet been materially affected. “We believe we can still maintain even at these elevated comps… the operating margin rate that we gave in our guide,” he said.
The company returned $196 million to shareholders in the quarter and reduced its full-year repurchase outlook, citing a “more measured pace” of capital deployment. Barton said Tractor Supply remains focused on expense control, with selling, general and administrative expenses expected to ease in the second half.
6. General Dynamics
Market Cap: $84.92 billion
Date of Call: July 23
General Dynamics reported strong order activity and cash performance in the second quarter, with record backlog and improved free cash flow conversion. CFO Kim Kuryea said the company booked $28 billion in orders, resulting in a company-wide book-to-bill ratio of 2.2, led by marine systems. Aerospace also reported a 1.3x book-to-bill despite increased aircraft deliveries.
Backlog reached a record $103.7 billion, up 14% from a year ago, with total estimated contract value exceeding $160 billion. Operating cash flow for the quarter was $1.6 billion, with free cash flow of $1.4 billion and a cash conversion rate of 138%. The company expects full-year conversion to be approximately 90%, with the majority of cash generation in the fourth quarter.
Kuryea noted full-year cash projections do not yet include potential benefits from recent tax legislation reversing the amortization of R&D expenses, which may provide additional cash flow depending on timing.
Capital expenditures were $198 million, or 1.5% of sales, with full-year capex expected to be slightly above 2% of sales. The company paid $402 million in dividends, did not repurchase shares during the quarter, and reduced net debt by $1.2 billion to $7.2 billion. Interest expense is projected to be $330 million for the full year.
7. Coca-Cola
Market Cap: $299.88 billion
Date of Call: July 22
Coca-Cola CFO John Murphy said the company delivered strong margin expansion and free cash flow growth in the second quarter, even as unit case volume declined 1% due to soft June results. Organic revenue grew 5%, driven by price/mix gains, while comparable gross margin expanded by 80 basis points and operating margin rose 190 basis points.
“We expect to deliver operating leverage in the second half of the year, albeit at a slightly lower rate than we had previously flagged,” Murphy said. He added that about one-third of the company’s underlying margin expansion came from faster realization of productivity initiatives.
While the company reaffirmed its full-year guidance of 5% to 6% organic revenue growth, it now expects comparable EPS to grow 3%, down slightly due to a five-point currency headwind. Murphy said Coca-Cola plans to use its strong first-half performance to “invest some of our efficiencies” into growth for the back half of the year.
He noted the updated outlook reflects a softening of earlier currency-related pressure and that Coca-Cola would provide more detail on 2026 in its October call. Though not addressed on the earnings call, the company has separately indicated plans to begin using cane sugar in U.S. beverages, a potential shift with implications for costs, marketing and consumer preferences.
8. BlackRock
Market Cap: $182.97 billion
Date of Call: July 15
BlackRock and its CFO Martin Small reported 6% organic base fee growth in Q2 2025, marking the company’s fourth consecutive quarter above 5%. Assets under management are also at a record $12.5 trillion. Net inflows totaled $116 billion, excluding a $52 billion institutional index redemption. Small said the firm is seeing sustained growth across ETFs, its investment technology platform Aladdin, cash management, private markets and digital assets.
The acquisition of HPS Investment Partners added $165 billion of AUM and is expected to contribute $450 million in revenue in Q3. Preqin added $60 million to Q2 technology services revenue. Subscription revenue rose 26% year-over-year. Small said the firm remains on track toward its goal of $400 billion in private market fundraising between 2025 and 2030.
Operating margin declined 80 basis points to 43.3%, mainly due to lower performance fees and acquisition-related expenses. Small said controllable expenses are aligned with revenue growth and that recent acquisitions are expected to be self-funding. Dividend growth is expected to track operating and net income as part of BlackRock’s 2030 strategy.
