Textron Aktienkurs
Vergleich mit Peer Group
📊 Peer Group
📈 Was ist das?
Die Peer Group sind die Unternehmen mit dem ähnlichsten Geschäftsmodell. Sie dienen als Vergleichsmaßstab, um eine Aktie einzuordnen.
🧮 Wie wird sie ausgewählt?
Nach Ähnlichkeit des Geschäftsmodells, also Unternehmen aus derselben Branche, mit vergleichbaren Produkten und einer ähnlichen Kundengruppe. Nur so vergleichst du Äpfel mit Äpfeln.
🏛️ Wofür ist sie wichtig?
Ob eine Aktie günstig oder teuer ist, lässt sich am ehesten im Vergleich beurteilen. Ein KGV von 18 oder ein EV/FCF von 20 wirkt je nach Maßstab günstig oder teuer. Die Peer Group liefert dabei den treffsichersten Maßstab: Unternehmen mit ähnlichem Geschäftsmodell, die denselben Bedingungen unterliegen.
🎯 Was bedeutet das für Anleger?
Liegt eine Kennzahl unter dem Peer-Durchschnitt, ist die Aktie relativ günstiger bewertet, über dem Durchschnitt entsprechend teurer. Ein Abschlag zur Peer Group kann eine Chance sein, aber auch einen Grund haben (zum Beispiel geringeres Wachstum). Der Vergleich ist ein Startpunkt, kein Urteil.
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📘 Marktkapitalisierung
📈 Was ist das?
Die Marktkapitalisierung zeigt, wie viel ein Unternehmen laut Börse aktuell wert ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie hilft Unternehmen in Größenklassen (Large, Mid, Small Cap) einzuordnen und gibt Hinweise auf Marktmacht und Stabilität.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Große Unternehmen gelten als stabiler, zahlen oft Dividenden, wachsen aber langsamer.
- Kleine Firmen können stärker wachsen, sind aber schwankungsanfälliger.
- Die Marktkapitalisierung ist ein guter Indikator für Unternehmensgröße, aber kein Maß für Unter- oder Überbewertung.
📘 Enterprise Value (Unternehmenswert)
📈 Was ist das?
Der Enterprise Value (EV) zeigt, was ein Unternehmen tatsächlich kostet, wenn man es komplett übernehmen würde – inklusive Schulden und abzüglich Cash.
🧮 Wie wird es berechnet?
(= Marktkapitalisierung + Nettoverschuldung)
🏛️ Wofür ist es wichtig?
Der EV ist eine realistischere Bewertungsbasis als die Marktkapitalisierung, da er die Kapitalstruktur berücksichtigt. Er ist Grundlage für Kennzahlen wie EV/FCF oder EV/Sales.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Der Enterprise Value zeigt, was ein Unternehmen tatsächlich wert ist – unabhängig davon, wie es finanziert ist.
- Er ist besonders wichtig für professionelle Investoren, da er eine objektivere Grundlage für Bewertungsvergleiche bietet als die Marktkapitalisierung allein.
- Ein Unternehmen mit hoher Verschuldung erscheint im EV teurer, eines mit viel Cash günstiger – auch wenn sie an der Börse gleich viel wert sind.
📘 Nettoverschuldung
📈 Was ist das?
Die Nettoverschuldung zeigt, wie viele Schulden nach Abzug des verfügbaren Cashs tatsächlich verbleiben.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie zeigt, wie stark ein Unternehmen von Fremdkapital abhängig ist – und wie gut es in der Lage ist, seine Schulden kurzfristig zu bedienen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine niedrige oder negative Nettoverschuldung bedeutet hohe finanzielle Stabilität.
- Unternehmen mit viel Cash und geringer Verschuldung sind besser gerüstet für Krisen.
- Eine hohe Nettoverschuldung erhöht das Risiko – besonders bei steigenden Zinsen oder konjunkturellen Schwächen.
📘 Cash
📈 Was ist das?
Der Cashbestand zeigt, wie viele liquide Mittel einem Unternehmen sofort zur Verfügung stehen.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Er gibt Auskunft über die finanzielle Flexibilität: Ein hoher Cashbestand ermöglicht Investitionen, Rückkäufe oder Krisenresistenz.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher Cashbestand zeigt finanzielle Stärke und Handlungsspielraum.
- Cash kann für Investitionen, Schuldentilgung oder Aktienrückkäufe genutzt werden.
- Allerdings: Zu viel ungenutztes Kapital kann auch auf mangelnde Investitionsideen hinweisen.
📘 Anzahl ausstehender Aktien
📈 Was ist das?
Die Anzahl ausstehender Aktien gibt an, wie viele Aktien eines Unternehmens aktuell im Umlauf sind und von Investoren gehalten werden.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie ist die Grundlage für viele Kennzahlen wie Gewinn je Aktie (EPS), Marktkapitalisierung oder KGV.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Je weniger Aktien im Umlauf sind, desto höher fällt z. B. der Gewinn je Aktie aus – wichtig für Bewertung und Dividendenrendite.
- Aktienrückkäufe verringern die Anzahl ausstehender Aktien – und steigern den Wert je Aktie.
- Kapitalerhöhungen haben den gegenteiligen Effekt: mehr Aktien → Verwässerung der bestehenden Anteile.
📘 Kurs-Gewinn-Verhältnis (KGV)
📈 Was ist das?
Das KGV zeigt, wie oft der Gewinn pro Aktie im aktuellen Aktienkurs enthalten ist – also wie „teuer“ eine Aktie im Verhältnis zum Gewinn ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Das KGV gehört zu den bekanntesten Bewertungskennzahlen. Es hilft Anlegern einzuschätzen, ob eine Aktie im Vergleich zu ihrem Gewinn eher günstig oder teuer erscheint.
🧮 Berechnung
📊 KGV (TTM) = bezogen auf den Gewinn der letzten 12 Monate (Trailing Twelve Months):🎯 Was bedeutet das für Anleger?
- Ein niedriges KGV kann auf eine günstige Bewertung hindeuten – oder auf Probleme im Geschäftsmodell.
- Ein hohes KGV kann Wachstumserwartungen widerspiegeln – oder eine überbewertete Aktie.
📘 Kurs-Umsatz-Verhältnis (KUV)
📈 Was ist das?
Das KUV zeigt, wie viel Anleger für 1 € Umsatz eines Unternehmens zahlen – unabhängig vom Gewinn.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Das KUV ist besonders bei wachstumsstarken oder noch nicht profitablen Unternehmen hilfreich. Es zeigt, wie hoch der Umsatz an der Börse bewertet wird.
🧮 Berechnung
Marktkapitalisierung = 13,21 Mrd. $ | Umsatz (TTM) = 15,30 Mrd. $
Marktkapitalisierung = 13,21 Mrd. $ | Umsatz erwartet = 16,37 Mrd. $
🎯 Was bedeutet das für Anleger?
- Ein niedriges KUV kann auf Unterbewertung hindeuten – oder auf schwache Margen.
- Ein hohes KUV kann hohe Erwartungen widerspiegeln – oder übermäßigen Optimismus.
- Besonders sinnvoll bei Wachstumsunternehmen, bei denen der Gewinn oder Free Cashflow (noch) keine Aussagekraft hat.
📘 Unternehmenswert zu Umsatz (EV/Sales)
📈 Was ist das?
EV/Sales zeigt, wie viel Anleger für 1 € Umsatz eines Unternehmens zahlen, wenn man auch Schulden und Cash berücksichtigt – es ist eine kapitalstrukturbereinigte Version des KUV.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Diese Kennzahl eignet sich besonders für den Vergleich von Unternehmen mit unterschiedlicher Verschuldung – sie zeigt, wie teuer ein Unternehmen tatsächlich im Verhältnis zum Umsatz ist.
🧮 Berechnung
Enterprise Value = 15,41 Mrd. $ | Umsatz (TTM) = 15,30 Mrd. $
Enterprise Value = 15,41 Mrd. $ | Umsatz erwartet = 16,37 Mrd. $
🎯 Was bedeutet das für Anleger?
- EV/Sales ist neutral gegenüber der Kapitalstruktur und eignet sich gut für Unternehmensvergleiche.
- Ein niedriges Verhältnis kann auf eine günstig bewertete Aktie hindeuten – ein hohes Verhältnis auf hohe Erwartungen oder Überbewertung.
- Besonders nützlich bei wachstumsstarken, noch nicht profitablen Firmen.
📘 Unternehmenswert zu Free Cashflow (EV/FCF)
📈 Was ist das?
EV/FCF zeigt, wie viele Jahre es dauern würde, bis ein Unternehmen seinen Unternehmenswert durch freien Cashflow „zurückverdient”.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Diese Kennzahl hilft, Unternehmen auf Basis ihrer tatsächlichen Cash-Erträge zu bewerten – unabhängig von Bilanzierungsregeln oder buchhalterischem Gewinn.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein niedriges EV/FCF deutet auf eine günstige Bewertung bei starker Cashgenerierung hin.
- Ein hohes EV/FCF kann entweder auf Optimismus oder auf temporär schwachen Cashflow hindeuten.
- Besonders hilfreich bei reifen, profitablen Unternehmen mit stabilen Cashflows.
📘 Kurs-Buchwert-Verhältnis (KBV)
📈 Was ist das?
Das KBV zeigt, wie hoch der Marktwert eines Unternehmens im Verhältnis zu seinem bilanziellen Eigenkapital ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Das KBV ist besonders bei Substanzwerten (z. B. Banken, Industrie) relevant. Es hilft Anlegern zu erkennen, ob ein Unternehmen unter oder über seinem buchhalterischen Vermögen bewertet ist.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein KBV unter 1 kann auf Unterbewertung oder schwache Rentabilität hindeuten.
- Ein KBV über 1 zeigt, dass der Markt dem Unternehmen Mehrwert über den Buchwert hinaus zuschreibt (z. B. Marken, Patente, Wachstum).
- Das KBV eignet sich besonders gut für Unternehmen mit stabilen, materiellen Vermögenswerten.
📘 Dividende je Aktie
📈 Was ist das?
Die Dividende je Aktie zeigt, wie viel Geld ein Unternehmen pro Aktie an seine Aktionäre ausschüttet – typischerweise jährlich oder quartalsweise.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie ist die absolute Größe der Auszahlung je Aktie – wichtig für alle, die regelmäßige Erträge suchen oder Dividendenstrategien verfolgen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine stabile oder wachsende Dividende je Aktie ist oft ein Zeichen für ein solides Geschäftsmodell.
- Die Dividende je Aktie allein sagt aber nichts über die Rendite – dafür ist auch der Aktienkurs relevant (→ Dividendenrendite).
- Langfristig steigende Dividenden sind oft ein sehr gutes Merkmal (z. B. Dividenden-Aristokraten).
📘 Dividendenrendite
📈 Was ist das?
Die Dividendenrendite zeigt, wie hoch die Dividende eines Unternehmens im Verhältnis zum Aktienkurs ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie hilft dabei, Dividendenaktien vergleichbar zu machen – unabhängig vom absoluten Auszahlungsbetrag.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine stabile Dividendenrendite kann auf verlässliche Ausschüttungen hinweisen.
- Ein Vergleich der 1J- und 5J-Rendite hilft zu erkennen, ob das Dividendenwachstum mit dem Kurswachstum Schritt hält.
- Eine niedrige Rendite ist nicht zwingend negativ – sie kann auf starkes Kurswachstum hindeuten.
📘 Dividendenwachstum
📈 Was ist das?
Das Dividendenwachstum zeigt, wie stark ein Unternehmen seine Dividende je Aktie über die Zeit gesteigert hat.
🧮 Wie wird es berechnet?
5J: durchschnittliche jährliche Wachstumsrate (CAGR)
🏛️ Wofür ist es wichtig?
Stetig steigende Dividenden gelten als Zeichen für finanzielle Stärke und Aktionärsorientierung – besonders interessant für langfristige Investoren.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein stabiles Dividendenwachstum ist ein Zeichen nachhaltiger Ertragskraft.
- Ein hohes Dividendenwachstum kann ein erheblicher Hebel deiner Rendite sein:
- Wenn ein Unternehmen z. B. 1 € Dividende zahlt und diese über 5 Jahre jährlich um 15 % erhöht, bekommst du im 5. Jahr bereits 2 € je Aktie – doppelt so viel wie zu Beginn!
📘 Ausschüttungsquote (Payout)
📈 Was ist das?
Die Ausschüttungsquote zeigt, wie viel Prozent des Unternehmensgewinns (pro Aktie) als Dividende an die Aktionäre ausgeschüttet wird.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die Quote hilft einzuschätzen, ob eine Dividende auf Dauer tragfähig ist – besonders im Verhältnis zum erzielten Gewinn.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine niedrige Ausschüttungsquote bedeutet: Das Unternehmen behält einen größeren Teil des Gewinns für Investitionen – typisch für Wachstumsunternehmen.
- Eine moderate Quote (z. B. 25–50 %) steht oft für ein gesundes Gleichgewicht zwischen Ausschüttung und Zukunftsinvestitionen.
- Hohe Ausschüttungsquoten können attraktiv wirken, sind aber riskanter, wenn die Gewinne schwanken oder sinken.
📘 Dividendensteigerungen in Folge (Erhöhungen)
📈 Was ist das?
Diese Kennzahl zeigt, wie viele Jahre in Folge ein Unternehmen seine Dividende pro Aktie erhöht hat – ohne Kürzung oder Aussetzung.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Ein langer Track Record kontinuierlicher Erhöhungen spricht für Verlässlichkeit, solide Finanzen und aktionärsfreundliche Unternehmenspolitik.
🎯 Was bedeutet das für Anleger?
- Ein langer Zeitraum mit Dividendensteigerungen stärkt das Vertrauen – besonders in Krisenzeiten.
- Solche Unternehmen gelten als verlässlich und planbar für Einkommensinvestoren.
- Je länger die Serie, desto stärker das Commitment gegenüber den Aktionären.
📘 Umsatz
📈 Was ist das?
Der Umsatz zeigt, wie viel ein Unternehmen insgesamt mit seinen Produkten und Dienstleistungen verdient – also den Bruttoerlös vor Abzug von Kosten.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Der Umsatz ist eine der zentralen Kennzahlen zur Einschätzung der Unternehmensgröße, Marktstellung und Wachstumskraft.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein wachsender Umsatz zeigt eine steigende Nachfrage und kann ein guter Frühindikator für Gewinnsteigerungen sein.
- Vergleiche von aktuellem und erwartetem Umsatz geben Hinweise auf das Marktumfeld und Analystenerwartungen.
- Wichtig: Starker Umsatz allein genügt nicht – auch Margen und Profitabilität zählen.
📘 EBITDA
📈 Was ist das?
EBITDA steht für „Earnings Before Interest, Taxes, Depreciation and Amortization“ – also Gewinn vor Zinsen, Steuern und Abschreibungen. Es zeigt das operative Ergebnis eines Unternehmens, bereinigt um bilanztechnische und finanzierungsbedingte Effekte.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
EBITDA ist eine verbreitete Kennzahl zur Beurteilung der operativen Leistungsfähigkeit – insbesondere bei kapitalintensiven Unternehmen oder im internationalen Vergleich.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hohes oder wachsendes EBITDA spricht für starke operative Erträge – unabhängig von Bilanzierung oder Steuerlast.
- EBITDA ist besonders nützlich, um Unternehmen branchenübergreifend zu vergleichen.
- Wichtig: EBITDA ist keine offizielle Gewinnkennzahl – Abschreibungen und Finanzierungskosten werden ausgeklammert.
📘 EBIT
📈 Was ist das?
EBIT steht für „Earnings Before Interest and Taxes“ – also Gewinn vor Zinsen und Steuern. Es zeigt das operative Ergebnis eines Unternehmens nach Abschreibungen, aber vor Finanzierungs- und Steueraufwand.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
EBIT ist eine zentrale Kennzahl zur Beurteilung der Profitabilität aus dem Kerngeschäft – unabhängig von Kapitalstruktur oder Steuersystem.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hohes EBIT deutet auf ein profitables Kerngeschäft hin – vor Zinslasten oder steuerlichen Effekten.
- Es erlaubt objektivere Vergleiche zwischen Unternehmen mit unterschiedlicher Finanzierung.
- Im Vergleich mit EBITDA zeigt EBIT bereits den Einfluss von Abschreibungen auf das operative Ergebnis.
📘 Nettogewinn
📈 Was ist das?
Der Nettogewinn ist der verbleibende Jahresüberschuss (oder -fehlbetrag) eines Unternehmens – nach Abzug aller Kosten, Steuern, Zinsen und Abschreibungen
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Der Nettogewinn ist die zentrale Erfolgskennzahl – er zeigt, wie profitabel ein Unternehmen nach allen Kosten tatsächlich arbeitet.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein steigender Nettogewinn zeigt, dass das Unternehmen effizient wirtschaftet – trotz aller Kosten.
- Die Entwicklung des Gewinns beeinflusst z. B. direkt das KGV und weitere Kennzahlen.
- Im Zeitverlauf lässt sich ablesen, wie stabil und profitabel ein Geschäftsmodell wirklich ist.
📘 Free Cashflow (FCF)
📈 Was ist das?
Der Free Cashflow gibt Aufschluss über die echte finanzielle Stärke eines Unternehmens – unabhängig von Bilanzierungsregeln. Er zeigt, wie viel Spielraum für Dividenden, Aktienrückkäufe oder Schuldenabbau besteht.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
FCF reflects a company’s real financial strength – regardless of accounting profits. It shows how much flexibility a company has for dividends, share buybacks, or debt reduction.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher Free Cashflow bedeutet, dass ein Unternehmen echte Finanzkraft besitzt – unabhängig vom bilanzierten Gewinn.
- Er ist oft die solideste Grundlage für nachhaltige Dividenden und Aktienrückkäufe.
- Sinkender FCF kann ein Warnsignal sein – auch wenn der Gewinn stabil aussieht.
📘 Umsatzwachstum
📈 Was ist das?
Das Umsatzwachstum zeigt, wie stark sich die Erlöse eines Unternehmens im Vergleich zum Vorjahr verändert haben – tatsächlich (TTM) und auf Prognosebasis (erwartet).
🧮 Wie wird es berechnet?
Erwartet = (Umsatz erwartet ÷ Umsatz Vorjahr − 1) × 100
Erwartetes Wachstum basiert auf Analystenschätzungen für das laufende Geschäftsjahr.
🏛️ Wofür ist es wichtig?
Ein wachsender Umsatz ist ein zentrales Signal für steigende Nachfrage, Geschäftsausweitung und Marktanteilsgewinne – besonders bei Wachstumsunternehmen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Wachstum ist der Motor langfristiger Wertsteigerung – besonders bei Technologie- und Wachstumsaktien.
- Wichtig ist nicht nur das aktuelle Wachstum, sondern auch dessen Nachhaltigkeit.
- Prognosen zeigen, ob Analysten weiteres Potenzial erwarten – oder eine Verlangsamung.
📘 EBITDA-Wachstum
📈 Was ist das?
Das EBITDA-Wachstum zeigt, wie stark das operative Ergebnis eines Unternehmens vor Zinsen, Steuern und Abschreibungen im Vergleich zum Vorjahr gestiegen oder gesunken ist.
🧮 Wie wird es berechnet?
Erwartet = (erwartetes EBITDA ÷ EBITDA Vorjahr − 1) × 100
Erwartetes Wachstum basiert auf Analystenschätzungen für das laufende Geschäftsjahr.
🏛️ Wofür ist es wichtig?
Ein steigendes EBITDA ist ein Zeichen für verbesserte operative Ertragskraft – unabhängig von Finanzierungsstruktur oder Abschreibungen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Starkes EBITDA-Wachstum signalisiert operative Effizienz und Skalierung – besonders relevant in Wachstumsphasen.
- EBITDA-Wachstum ist ein Frühindikator für Margen- und Gewinnentwicklung – sollte aber stets im Zusammenhang mit Umsatz und EBIT betrachtet werden.
📘 EBIT Wachstum
📈 Was ist das?
Das EBIT-Wachstum zeigt, wie stark das operative Ergebnis eines Unternehmens (nach Abschreibungen, aber vor Zinsen und Steuern) im Vergleich zum Vorjahr gewachsen ist.
🧮 Wie wird es berechnet?
Erwartet = (erwartetes EBIT ÷ EBIT Vorjahr − 1) × 100
Erwartetes Wachstum basiert auf Analystenschätzungen für das laufende Geschäftsjahr.
🏛️ Wofür ist es wichtig?
Das EBIT-Wachstum ist ein direkter Indikator für die wirtschaftliche Entwicklung des operativen Geschäfts – unter Berücksichtigung der Kapitalintensität (Abschreibungen).
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Steigendes EBIT signalisiert wachsende operative Rentabilität – auch unter Berücksichtigung von Abschreibungen.
- Das EBIT-Wachstum ist ein wichtiges Maß zur Beurteilung von Geschäftsmodellen mit hohen Investitionskosten.
- Im Zusammenspiel mit Umsatz- und EBITDA-Wachstum ergibt sich ein umfassendes Bild zur operativen Entwicklung.
📘 Nettogewinn-Wachstum
📈 Was ist das?
Das Nettogewinn-Wachstum zeigt, wie stark der Jahresüberschuss eines Unternehmens gegenüber dem Vorjahr gestiegen oder gesunken ist – sowohl tatsächlich (TTM) als auch auf Basis von Prognosen (erwartet).
🧮 Wie wird es berechnet?
Erwartet = (erwarteter Nettogewinn ÷ Nettogewinn Vorjahr − 1) × 100
Der erwartete Wert basiert auf Analystenschätzungen für das laufende Geschäftsjahr.
🏛️ Wofür ist es wichtig?
Der Gewinn ist die entscheidende Ergebnisgröße für ein Unternehmen. Ein wachsender Nettogewinn deutet auf steigende Effizienz, stabile Kostenkontrolle und nachhaltige Ertragskraft hin.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Wachsender Nettogewinn stärkt die Bewertung, Dividendenfähigkeit und Kursfantasie.
- Stagnierender oder rückläufiger Gewinn trotz Umsatzwachstum kann auf Margendruck hinweisen.
📘 Free Cashflow-Wachstum
📈 Was ist das?
Das Free-Cashflow-Wachstum zeigt, wie sich der freie Mittelzufluss eines Unternehmens im Vergleich zum Vorjahr verändert hat – also der Betrag, der nach allen operativen Ausgaben und Investitionen übrig bleibt.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Free Cashflow ist der echte, verfügbare Geldzufluss. Wachstum in diesem Bereich ist ein Zeichen für finanzielle Stärke und steigende Flexibilität bei Dividenden, Rückkäufen oder Investitionen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Sinkender Free Cashflow kann auf steigende Investitionen, höhere Kosten oder stagnierende operative Erträge hindeuten.
- Besonders bei Dividendenwerten ist das FCF-Wachstum wichtig – denn Dividenden werden letztlich aus dem verfügbaren Cash gezahlt.
- Ein negativer Trend sollte genauer analysiert werden – er ist nicht zwangsläufig schlecht, aber potenziell ein Warnsignal.
📘 Bruttomarge
📈 Was ist das?
Die Bruttomarge zeigt, wie viel vom Umsatz nach Abzug der direkten Herstellungskosten (Material, Produktion) als Bruttogewinn übrig bleibt – also der „Rohgewinn“ eines Unternehmens.
🧮 Wie wird es berechnet?
Auch: Bruttomarge = Bruttogewinn ÷ Umsatz × 100
🏛️ Wofür ist es wichtig?
Die Bruttomarge gibt Aufschluss über die Profitabilität eines Produkts oder Geschäftsmodells vor Fixkosten, Steuern und Zinsen. Sie zeigt, wie effizient ein Unternehmen produzieren oder einkaufen kann.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Bruttomarge deutet auf starke Preissetzungsmacht und effiziente Herstellung hin.
- Sinkende Bruttomargen können auf Kostensteigerungen oder Preisdruck hindeuten.
- Besonders im Vergleich zu Wettbewerbern liefert die Bruttomarge wertvolle Einblicke in die Geschäftsqualität.
📘 EBITDA-Marge
📈 Was ist das?
Die EBITDA-Marge zeigt, wie viel vom Umsatz als operativer Gewinn vor Zinsen, Steuern und Abschreibungen (EBITDA) übrig bleibt. Sie misst die operative Effizienz – ohne Verzerrungen durch Finanzierung oder Buchwerte.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die EBITDA-Marge hilft zu verstehen, wie viel operativer Gewinn ein Unternehmen aus jedem Euro Umsatz erzielt – unabhängig von Kapitalstruktur oder steuerlichem Umfeld.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe EBITDA-Marge zeigt starke operative Ertragskraft – unabhängig von Bilanzierungseffekten.
- Die Marge ermöglicht gute Vergleiche zwischen Unternehmen und Branchen.
- Ein stabiler oder wachsender Wert kann auf effiziente Kostenkontrolle und Skalierbarkeit hindeuten.
📘 EBIT-Marge
📈 Was ist das?
Die EBIT-Marge zeigt, wie viel Prozent des Umsatzes als operativer Gewinn nach Abschreibungen, aber vor Zinsen und Steuern übrig bleiben.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die EBIT-Marge misst die operative Ertragskraft eines Unternehmens unter Berücksichtigung der Kapitalintensität (z. B. Maschinen, Anlagen). Sie eignet sich gut zum Vergleich von Geschäftsmodellen mit unterschiedlich hohen Abschreibungen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe EBIT-Marge zeigt, dass ein Unternehmen auch nach Abschreibungen effizient arbeitet.
- Sie ist besonders relevant in kapitalintensiven Branchen.
- Langfristig stabile oder steigende Margen sind ein Zeichen wirtschaftlicher Stärke und Preissetzungsmacht.
📘 Nettomarge
📈 Was ist das?
Die Nettomarge zeigt, wie viel vom Umsatz am Ende als „Reingewinn“ übrig bleibt – also nach Abzug aller Kosten, Zinsen, Steuern und Abschreibungen.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die Nettomarge gibt an, wie effizient ein Unternehmen über alle Stufen hinweg wirtschaftet. Sie zeigt, wie viel Gewinn tatsächlich je Euro Umsatz übrig bleibt.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Nettomarge zeigt, dass ein Unternehmen nicht nur operativ stark ist, sondern auch seine Finanzierung und Steuerbelastung im Griff hat.
- Vergleiche mit Wettbewerbern geben Einblicke in die wirtschaftliche Qualität.
- Sinkende Nettomargen trotz Umsatzwachstum können ein Warnsignal sein – etwa für steigende Kosten oder sinkende Effizienz.
📘 Free Cashflow Marge
📈 Was ist das?
Die Free-Cashflow-Marge zeigt, wie viel vom Umsatz nach Abzug aller operativen Ausgaben und Investitionen tatsächlich als freier Mittelzufluss übrig bleibt.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Diese Marge misst die echte Liquidität, die ein Unternehmen erwirtschaftet – unabhängig von Bilanzierungsregeln oder Abschreibungen. Sie ist besonders relevant für Dividenden, Rückkäufe und Investitionen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Free-Cashflow-Marge zeigt, dass ein Unternehmen nachhaltig liquide Mittel erwirtschaftet.
- Sie ist ein starkes Signal für finanzielle Stabilität und Ausschüttungspotenzial.
- Wichtig ist der langfristige Trend – sinkende Werte können auf steigende Investitionen oder rückläufige operative Effizienz hindeuten.
📘 Eigenkapitalquote
📈 Was ist das?
Die Eigenkapitalquote zeigt, wie hoch der Anteil des Eigenkapitals an der Bilanzsumme eines Unternehmens ist – also wie stark es sich aus eigenen Mitteln finanziert.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Eine hohe Eigenkapitalquote steht für finanzielle Stabilität, Krisenfestigkeit und gute Bonität. Sie ist besonders relevant bei der Beurteilung der Verschuldung.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Eigenkapitalquote signalisiert finanzielle Stabilität – besonders in Krisenzeiten.
- Ein niedriger Wert kann auf ein höheres Risiko oder eine aggressive Verschuldung hinweisen.
- Wichtig: Die Eigenkapitalquote sollte immer gemeinsam mit der Eigenkapitalrendite betrachtet werden. Nur so lässt sich beurteilen, ob ein Unternehmen nicht nur solide, sondern auch effizient wirtschaftet.
📘 Eigenkapitalrendite (ROE)
📈 Was ist das?
Die Eigenkapitalrendite zeigt, wie effizient ein Unternehmen mit dem Kapital seiner Aktionäre arbeitet – also wie viel Gewinn es pro Euro Eigenkapital erwirtschaftet.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die Eigenkapitalrendite ist eine zentrale Rentabilitätskennzahl. Sie hilft Anlegern zu erkennen, ob das Unternehmen eine attraktive Verzinsung auf das eingesetzte Eigenkapital erwirtschaftet.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Eine hohe Eigenkapitalrendite spricht für ein starkes, effizientes Geschäftsmodell.
- Besonders interessant ist sie bei kapitalintensiven Firmen oder solchen mit hoher Eigenkapitalquote.
- Wichtig: Ein sehr hoher ROE kann auch auf hohe Schulden hinweisen – daher sollte sie immer im Kontext mit der Eigenkapitalquote betrachtet werden.
📘 Return on Capital Employed (ROCE)
📈 Was ist das?
ROCE misst die Gesamtrentabilität eines Unternehmens – also wie effizient es das eingesetzte Kapital (Eigen- und Fremdkapital) zur Gewinnerzielung nutzt.
🧮 Wie wird es berechnet?
Das eingesetzte Kapital ist das gesamte betriebsnotwendige Kapital, unabhängig von der Finanzierungsquelle.
🏛️ Wofür ist es wichtig?
ROCE eignet sich besonders gut für den Vergleich unterschiedlich finanzierter Unternehmen. Es zeigt, wie effektiv ein Unternehmen Kapital investiert – unabhängig von der Kapitalstruktur.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher ROCE zeigt, dass ein Unternehmen sein Kapital effizient einsetzt – unabhängig davon, ob es durch Eigen- oder Fremdkapital finanziert ist.
- Je höher der ROCE im Vergleich zu ähnlichen Unternehmen, desto mehr Wert schafft das Unternehmen mit seinem investierten Kapital.
- Besonders wichtig ist der ROCE bei Firmen mit hohen Investitionen – z. B. in Industrie, Energie oder Infrastruktur.
📘 Return on Invested Capital (ROIC)
📈 Was ist das?
ROIC zeigt, wie effizient ein Unternehmen das Kapital investiert, das langfristig im operativen Geschäft gebunden ist – unabhängig davon, ob es aus Eigen- oder Fremdkapital stammt.
🧮 Wie wird es berechnet?
- NOPAT = „Net Operating Profit After Taxes“
- Investiertes Kapital = operatives Vermögen abzüglich nicht-verzinster Schulden
🏛️ Wofür ist es wichtig?
ROIC ist eine der präzisesten Kennzahlen zur Bewertung der Kapitalrendite – besonders im Vergleich zur Eigenkapitalrendite, weil es Verzerrungen durch Schulden vermeidet. Er zeigt, ob ein Unternehmen Mehrwert für alle Kapitalgeber schafft.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher ROIC zeigt, wie gut ein Unternehmen mit dem tatsächlich investierten (betriebsnotwendigen) Kapital wirtschaftet.
- Im Unterschied zu ROCE wird nur Kapital betrachtet, das wirklich zur Finanzierung operativer Aktivitäten dient – und verzinst werden muss.
- Besonders hilfreich, um die Kapitalrendite von Unternehmen mit viel „überschüssigem“ Kapital oder zinsfreien Verbindlichkeiten realistisch zu vergleichen.
📘 Verschuldungsgrad (Leverage Ratio)
📈 Was ist das?
Der Verschuldungsgrad zeigt, wie stark ein Unternehmen durch verzinsliche Schulden (z. B. Kredite und Anleihen) im Verhältnis zum Eigenkapital finanziert ist.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Die Kennzahl hilft, das finanzielle Risiko und die Abhängigkeit von Fremdkapital zu beurteilen. Ein hoher Verschuldungsgrad kann die Eigenkapitalrendite steigern – birgt aber auch erhöhte Risiken bei Zinsanstiegen oder Liquiditätsengpässen.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein niedriger Verschuldungsgrad steht für finanzielle Stabilität und Unabhängigkeit.
- Ein hoher Wert kann auf erhöhte Risiken hinweisen – insbesondere bei schwankenden Zinsen oder konjunkturellen Schwächen.
- Wichtig: Immer im Kontext zur Branche und Kapitalintensität bewerten.
📘 Ergebnis je Aktie (EPS)
📈 Was ist das?
Das Ergebnis je Aktie (EPS) zeigt, wie viel Gewinn auf eine einzelne Aktie entfällt – und ist eine der wichtigsten Kennzahlen zur Bewertung von Unternehmen.
🧮 Wie wird es berechnet?
Die verwässerte Aktienanzahl berücksichtigt auch potenzielle neue Aktien, etwa durch Optionen, Wandelanleihen oder andere Umtauschrechte.
🏛️ Wofür ist es wichtig?
EPS bildet die Basis für viele Bewertungskennzahlen wie KGV, PEG oder Payout Ratio. Es macht den Gewinn für Aktionäre vergleichbar – unabhängig von der Unternehmensgröße.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- EPS hilft, die Profitabilität pro Aktie zu erfassen – und ist besonders wichtig im Zeitvergleich oder im Vergleich mit Analystenschätzungen.
- Steigendes EPS kann ein Zeichen für stabiles Wachstum oder Aktienrückkäufe sein.
- Wichtig: Verwende verwässertes EPS für realistische Bewertungen – besonders bei stark aktienbasierten Vergütungssystemen.
📘 Free Cashflow je Aktie (FCF je Aktie)
📈 Was ist das?
Der Free Cashflow je Aktie zeigt, wie viel freier Mittelzufluss einem Unternehmen pro Aktie zur Verfügung steht – nach Investitionen, aber vor Dividenden oder Schuldentilgung.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Der FCF je Aktie zeigt, wie viel liquide Mittel pro Aktie tatsächlich im Unternehmen verbleiben – wichtig für Dividenden, Aktienrückkäufe oder Schuldentilgung. Im Gegensatz zum Gewinn ist er schwerer manipulierbar und daher besonders aussagekräftig.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher Free Cashflow je Aktie ist ein Zeichen für hohe finanzielle Flexibilität.
- Er zeigt, wie viel Kapital ein Unternehmen effektiv einsetzen oder ausschütten kann.
- Besonders relevant für dividendenstarke Unternehmen oder solche mit starker Kapitalrendite.
📘 Short Interest
📈 Was ist das?
Short Interest zeigt, wie viele Aktien eines Unternehmens aktuell leerverkauft wurden – also von Investoren geliehen und verkauft, in der Erwartung fallender Kurse.
🧮 Wie wird es berechnet?
Der Wert zeigt den Anteil der Aktien, der aktuell auf fallende Kurse spekuliert wird.
🏛️ Wofür ist es wichtig?
Short Interest dient als Stimmungsindikator: Ein hoher Wert deutet auf Skepsis oder negative Erwartungen gegenüber dem Unternehmen hin – kann aber auch zu einem „Short Squeeze“ führen, wenn der Kurs plötzlich steigt.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein niedriger Short Interest deutet auf Vertrauen in das Unternehmen hin.
- Ein hoher Wert kann ein Warnsignal sein – oder eine Chance, wenn sich die Stimmung dreht.
- Besonders spannend in volatilen Märkten oder vor wichtigen Quartalszahlen.
📘 Employees
📈 Was ist das?
Die Mitarbeiteranzahl zeigt, wie viele Personen ein Unternehmen weltweit beschäftigt – ein Indikator für Größe, Struktur und Geschäftsmodell.
🧮 Wie wird es berechnet?
🏛️ Wofür ist es wichtig?
Sie hilft bei der Einschätzung von Skaleneffekten, Effizienz und Personalkosten. Zusammen mit Umsatz und Gewinn lassen sich Kennzahlen wie Produktivität je Mitarbeiter ableiten.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Viele Mitarbeiter bedeuten große operative Komplexität – aber auch hohes Umsatzpotenzial.
- Produktivität je Mitarbeiter ist ein wichtiger Indikator für Effizienz.
- Besonders spannend bei stark wachsenden Tech- oder Industrieunternehmen.
📘 Umsatz je Mitarbeiter
📈 Was ist das?
Der Umsatz je Mitarbeiter zeigt, wie viel Erlös ein Unternehmen durchschnittlich pro Beschäftigtem erwirtschaftet – eine Kennzahl für Effizienz und Produktivität.
🧮 Wie wird es berechnet?
Die Mitarbeiterzahl stammt in der Regel aus dem letzten verfügbaren Jahresbericht.
🏛️ Wofür ist es wichtig?
Diese Kennzahl hilft, Geschäftsmodelle zu vergleichen – insbesondere zwischen arbeitsintensiven und technologiegetriebenen Unternehmen. Ein hoher Wert deutet auf Automatisierung, Effizienz oder hohen Wertschöpfungsanteil hin.
🧮 Berechnung
🎯 Was bedeutet das für Anleger?
- Ein hoher Umsatz je Mitarbeiter spricht für ein skalierbares und margenstarkes Geschäftsmodell.
- Ein niedriger Wert kann auf arbeitsintensive Prozesse oder geringere Wertschöpfung hinweisen.
- Besonders hilfreich beim Vergleich von Tech- vs. Industrieunternehmen.
Textron Aktie Analyse
Analystenmeinungen
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Analystenmeinungen
23 Analysten haben eine Textron Prognose abgegeben:
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aktien.guide Basis
Textron — Q2 2026 Earnings Call
1. Management Discussion
Hello, and thank you for standing by. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Textron Second Quarter 2026 Earnings Release Conference Call. Please note that today's call is being recorded and will be available for replay later today. [Operator Instructions]
I'd now like to turn the conference over to Scott Hegstrom, Vice President, Investor Relations. Please go ahead.
Thanks, Regina, and good morning, everyone.
Before we begin, I'd like to mention we will be discussing future estimates and expectations during our call today. These forward-looking statements are subject to various risk factors, which are detailed in our SEC filings and also in today's press release.
On the call today, we have Lisa Atherton, our Chief Executive Officer; and David Rosenberg, our Chief Financial Officer. Our earnings call presentation can be found in the Investor Relations section of our website.
With that, I'll turn the call over to Lisa.
Thanks, Scott. Good morning, everyone. In the second quarter, Textron grew revenue by 3%, continuing a strong start with growth in each of our manufacturing segments contributing to higher revenues of $500 million or 7% through the first half of the year compared to the first half of last year. We continued to see healthy commercial and military demand environments illustrated by the Aviation backlog and a favorable fiscal year 2027 and future years' defense program or FYDP budget request for our military franchises.
We also recently achieved a couple of key milestones across the business, with the rollout of the 500th citation CJ4 and the 700th Bell 505 helicopter, these milestones reflect the strength of our teams and our ability to design, develop, manufacture, sell and support products that remain highly valued by customers over many years.
Before I turn to the segment level comments, I'd like to reiterate my key priorities that I laid out at the start of the year. First, portfolio focus. We quickly took action last quarter when we announced our intent to separate the Industrial segment, putting us on the path to be a pure-play aerospace and defense company. Second is our execution and resilience. I will talk more about this as I go through each of the segments, but there are 2 fundamental themes here.
First of all, customer demand remains very strong. Simply put, people want our products and we have multiyear backlogs in many areas. With that, we must become more efficient at meeting that demand. We need to more fundamentally address productivity, and that is where I'm focusing the organization. When we assess our production challenges, I see opportunities, both externally and internally. Externally, while the supply chain has improved in most areas, we still experienced issues with some key components. At the same time, the issues are not just external. They are internal as well. We have a much newer workforce, and we must utilize our engineering team to improve producibility for that workforce. We recognize there is more work to do in order to improve our execution, and I'll touch on that more in the segment discussion.
Now moving to the segment results. Textron Aviation had $1.5 billion of revenue in the second quarter, up 1% from the prior year, reflecting higher revenue for both aircraft and aftermarket. Demand across jets and turboprops continued to be robust during the quarter, supporting a backlog of $8 billion. We delivered 40 jets and 44 commercial turboprops in the quarter compared to 49 jets and 34 commercial turboprops in last year's second quarter. In terms of our operational efforts at Aviation, our focus is centered on 3 areas: investing in the workforce, improving factory execution and strengthening the supply chain. Developments in these areas include on the direct labor front, attrition has improved materially aided by our investment in Textron Aviation's Career Learning Center. After spiking during COVID and remaining elevated, attrition has now returned to more normalized levels with the improvement even more pronounced among early career hires.
In addition, higher levels have returned to a more normalized pace. As our workforce gains experience and stability improves, we expect to see corresponding gains in productivity and efficiency. In factory execution, we are investing in both our people and our capacity. On the factory floor, we have significantly increased engineering production support as we prioritize engineering resources to improve producibility. Within operations, we are adding targeted capacity in areas such as landing gear, milling and paint to support improved throughput and execution. We are also investing in producibility and process improvements across the King Air and light jet production lines.
In supply chain, we are expanding dual sourcing initiatives to strengthen supplier resiliency and support more consistent parts availability in the factory. At the same time, supply chain conditions continue to improve. While we are still managing a handful of pain points, parts availability has improved significantly in recent years, leaving us with a more finite set of issues. We remain actively engaged with these key suppliers. Alongside our operational focus, Aviation continued to advance its product portfolio and sales momentum during the quarter. In terms of new product development, our Gen3 light jet development programs continue to move toward Federal Aviation Administration certification, the CJ4 Gen3 and M2 Gen3 are currently in the flight test phase of the development and the CJ3 Gen3 is expected to achieve first flight in the third quarter with all 3 aircraft expected to enter service next year.
Also, the Denali continues to advance through its final phase of flight testing and is pacing to enter service in 2027. From a customer perspective, we entered into a multi-aircraft fleet purchase agreement with Platoon Aviation that positions it to become the largest Citation Longitude fleet in Europe. Textron Aviation also entered into an agreement with SD Aviation for 2 M2 Gen3 jets and a CJ3 Gen2 jet with options for 3 additional light jets. We delivered the first Sky Couriers into both the Philippines and the Republic of the Marshall Islands. In both cases, customers took the 19 passenger variant equipped with the optional passenger to freighter conversion kit, enabling the aircraft to transition between full passenger and full cargo configurations.
In addition, we expanded our global service footprint highlighted by the opening of a new Melbourne service facility and continued ramping deliveries of the Ascend with NetJets taking its first 5 aircraft in the quarter. Moving over to Bell. We had another quarter of solid growth with revenue up 6% from a year ago, driven by increased military and commercial revenue. We continue to make progress on the MV-75 Cheyenne program, which remains a key long-term growth driver for our company. This includes completing the first 2 wing structures, representing an important step forward in the program's build and development progression. Building on decades of experience with the V-22, the first wing was fabricated with 90% fewer labor hours compared to the initial V-22 wing build and the second wing build was produced with an additional 40% reduction on that, highlighting the team's focus on affordability and production readiness.
As we previously disclosed, the U.S. Army is pursuing an above threshold reprogramming request for an additional $350 million of government fiscal year 2026 funds for the MV-75 program. We anticipate Congress to complete this process within the third quarter. Absent these funds, Textron has made the determination to move forward on a self-funded basis to support the program through the remainder of the government's fiscal year. We believe it is the best long-term interest and underscores our firm commitment to the U.S. Army and the MV-75 program to continue working during this period. We remain confident in the Army's commitment to the MV-75 Cheyenne as evidenced by the ATR process and the robust funding request in the FY '27 budget, and we continue to stay closely engaged with our customer in support of program execution.
Bell's other military and commercial businesses delivered solid performance in the quarter. We continue to drive advancements across our installed base including progress on our V-22 nacelle improvement program, which has produced a 75% reduction in maintenance hours, resulting in a significant boost in operational readiness and maintainability. On the commercial side, Bell delivered 36 helicopters, up year-over-year from 32 in last year's second quarter. From an operational perspective at Bell, our focus is centered on 2 critical areas: strengthening the supply chain and improving factory execution. The supply chain team continues to focus on the dual sourcing of critical raw materials needed to support gearbox and rotor blade manufacturing, including gear steel, castings and extrusion.
Capital investments made at our Drive System Center and rotors facility began in the quarter. These improvements are aimed at increasing capacity and throughput while reducing touch labor. We also have a new AI-enabled shop floor scheduling tool that was board in Bell's Manufacturing Technology Center, which has completed testing and started to roll out across Bell's fabrication centers. Alongside our operational focus, they'll continue to see demand across this portfolio, including an order for 3 additional Bell 407 by Life Flight Network, the largest not-for-profit air medical program in the country, which currently operates 35 Bell aircraft.
At Systems, the business had another great quarter with revenue growth of 7%, driven by execution across its programs. Through the first half of the year, systems generated revenue growth of 10%, reflecting positive momentum in the segment. During the quarter, we began production of the mobile strike force vehicle at our Slidell, Louisiana facility for delivery of 65 units to Ukraine. In addition, following the $450 million Preproduction Development award from the U.S. Marine Corps earlier this year, the Advanced Reconnaissance Vehicle, or ARV program, completed its systems functional review and continued design work in preparation for delivering 16 prototype vehicles. Our ATAC business also had a good quarter, driven by new contracts kicking off with the U.S. Navy and the U.S. Marine Corps.
At Industrial, CSC experienced strong growth in the PTV while its core E-Z-GO Golf business has stabilized as the lease renewal cycle normalizes. Caltex secured another new business award for its Pentatonic Battery systems, representing progress and supporting electrification and future growth opportunities within the segment. I'd also like to thank the teams at Caltex and TSV as they continue to successfully operate the businesses while also supporting the work associated with separation process. We recently launched the process to pursue a sale of industrial and are proceeding according to plan. This is an important step as we advance on the path of becoming a pure-play aerospace and defense company.
As we look ahead, I am encouraged by the enthusiasm our customers have around our products and the commitment our employees have as we continue to work to improve operational performance. We are clear-eyed about the future, and we are committed to executing on our strategy.
With that, I'll turn the call over to David.
Thank you, Lisa, and good morning, everyone.
Turning to Slide 11 of the earnings presentation. Revenues in the quarter of $3.8 billion were up 3% or $111 million from last year's second quarter. Segment profit in the quarter of $353 million was in line with the second quarter of 2025. During this year's second quarter, adjusted net income was $1.62 per share compared to $1.55 per share in last year's second quarter. Manufacturing cash flow before pension contributions totaled $154 million compared to $336 million in last year's second quarter. During the quarter, we repurchased approximately 2.3 million shares, returning $209 million in cash to shareholders.
Now let's review how each of the sets contributed starting with Textron Aviation. On Slide 12, revenues at Textron Aviation of $1.5 billion were up 1% or $22 million from last year's second quarter, reflecting higher aircraft revenues of $17 million and higher aftermarket parts and service revenues of $5 million. The increase in aircraft revenues was primarily due to higher pricing, partially offset by lower volume and mix. The decrease in volume and mix largely reflected lower Citation jet and defense volume, partially offset by higher commercial turboprop volume. Segment profit was $165 million in the second quarter, down $5 million or 3% from a year ago, primarily due to an unfavorable impact from manufacturing inefficiencies and lower aircraft volume mix, partially offset by lower warranty costs. Backlog at the end of the second quarter was $8 billion.
Looking at Bell, revenues of $1.1 billion were up 6% or $58 million from the second quarter of 2025. The revenue increase in the quarter was driven by higher military revenues of $47 million, largely due to higher volume on H1 production in the MV-75 program. Commercial helicopters, parts and service revenues increased $11 million compared to the second quarter of 2025, primarily due to higher pricing. Segment profit of $75 million was down $5 million or 6% from last year's second quarter, primarily due to an unfavorable impact for program performance and from the mix of military programs, partially offset by lower research and development costs. As Lisa mentioned, the Army is focused on its reprogramming efforts for the government's fiscal year 2026. With that, we continue to execute on the MV-75 Cheyenne program on a self-funded basis as we wait for the ATR process to conclude. Backlog in the segment ended the quarter at $7.5 billion.
At Textron Systems, revenues of $347 million were up 7% or $23 million from the second quarter of 2025, primarily due to higher volume on armored land vehicles and military training and support services provided by Airborne Tactical Advantage Company or ATAC. Segment profit of $44 million was up $4 million or 10% compared with the second quarter of 2025, primarily due to lower research and development costs. Backlog in the segment ended the quarter at $3.3 billion. Looking at Industrials revenues were $848 million, up $9 million from last year's second quarter. Caltex' revenue increased $17 million, largely due to a favorable impact from pricing and from foreign exchange rate fluctuations. Textron Specialized Vehicle revenues decreased $8 million, reflecting lower volume and mix and the impact from the disposition of the powersports business, partially offset by higher pricing.
Segment profit of $59 million was up $5 million or 9% in the second quarter or 2025, primarily due to higher pricing, net of inflation, partially offset by lower volume and mix. Pricing net of inflation includes tariffs recovered in the second quarter of 2026 that were previously imposed as part of IEPA. Finance segment revenues were $14 million and profit was $10 million in the second quarter of 2026 as compared to segment revenues of $15 million and profit of $8 million in the second quarter of 2025.
To wrap up with guidance, we are reiterating our expected full year adjusted earnings per share to be in the range of $6.40 to $6.60. We are also reiterating our expected full year manufacturing cash flow before pension contributions to be in the range of $700 million to $800 million. Our full year guidance assumes receipt of additional FY '26 funding for the MV-75 Cheyenne program. Absent the receipt of any additional funding and inclusive of other outlook assumptions, our adjusted EPS could be negatively impacted by $0.20 to $0.30 and cash flow could be negatively impacted by $150 million to $250 million.
This concludes our prepared remarks. We are happy to open the line for questions.
[Operator Instructions] Our first question will come from the line of Robert Stallard of Vertical Research.
2. Question Answer
Lisa, I'm wondering if I could start with you. I was wondering if you can give us an update on what you think the aviation business will be doing in the second half of this year and whether the supply chain issues could be alleviated.
Thanks, Rob. So I think the dynamics at Aviation are just exactly how we frame them out. We have very strong demand, and we have to continue to drive better operational efficiency. When we talk about labor, I mentioned that our attrition rate has spiked. It remained elevated for quite some time, but that's now stabilized, which has significantly helped. But we continue to have that newer workforce that just has to further season through the manufacturing floor.
Just to put a finer point on that. We have about 50% of our workforce that has less than 5 years of experience compared to 2019 when that was less than 30% that had that experience. So we are continuing to make great progress there with that learning center, and I think it's going to continue to prove out as a successful investment into our factory. We've made some very intense and intentional investments here along with the Korean Learning Center. It gets the right people in the door. It screens them effectively. It sets them up for a better transition when we get them out in the factory, but we've also increased the engineering resources out there on the factory floor. That helps us with the learning curves. It's going to help us with issue resolution more quickly on the factory floor and then just overall quality management so that we have the right products getting out the door at the right time. And I believe we'll see increasing benefit from this effort and energy over time.
So simultaneously, when we look at the workforce development, we still are navigating supplier challenges. We have largely managed through the bulk of them, but we still have some key pain points that we are focusing on. And so where we can, we are dual sourcing in these areas that can increase capacity and it's going to protect our operations. We don't want to see out-of-station work. And so that's what we're trying to focus on to make sure that we bring that material in so that we don't have those out-of-station inefficiencies.
In addition to that, we have initiated a cross-company supply chain counsel, so that we can start approaching some of these suppliers that we see across all of our segments and just really negotiating with a much larger position. So as we move to a more pure-play aerospace and defense company, we're going to lean into those efficiencies across the company. So I'm very confident this is going to improve. We are taking concrete steps and really prioritizing the investment where we need to see that improved performance.
Dave, I don't know if you have any other color you want to add to that?
Sure. So Robert, as you've often heard us talk about, we believe the Aviation business have incremental margins of about 20% to 25%. If you look right now at the overall productivity challenges we're having, it's not only impacting our overall cost, but also preventing us from delivering additional new aircraft, which, of course, are very much accretive.
So looking at the overall opportunity set that Lisa just highlighted, it's probably worth about $150 million of incremental profit to us or about 200 basis points, which would then tie to that 20% to 25% incremental margins. Obviously, we're not going to achieve that tomorrow. But with the focus that Lisa highlighted of our engineering resources, our capital investments into -- back into the factory, we believe over the medium term, we're going to get there. To your overall question about the second half of the year, I would say when we look at Q3, you can expect revenue cadence to have a similar profile to Q2. In terms of margins, I would expect that we wouldn't see margin growth until Q4 of this year versus where we sit today.
Our next question will come from the line of Peter Arment with Baird.
Li, maybe just to add, like to follow up on Dave's last comment on the second half of the year kind of volume for aviation deliveries. You're basically matching last year's levels currently, you're, I think, only 3 units less than last year, first half deliveries. Just you're investing a lot. I'm just trying to get a better handle on when we should start to think about where that productivity starts to really flow through. You've talked about the capacity additions and the new employees. But just thinking about absolute level of deliveries, is there the ability to kind of give a finer point on when you think that productivity starts to flow through?
I'm not sure we're going to be able to find a point on the exact date of when that flows through. But I think if we look at the various aspects, when we talk about the employees, in particular, it's been pretty well proven out that it takes about 5 to 7 years to generate an employee that has all the reps and sets to be able to get through the learning curve of being out there on the factory floor.
So when you talk about those new employees that started coming in around 2022, we should start to see that yield next year with employee productivity, and we are starting to see areas across the factory floor, we are seeing that improvement. So I think in the next year, we see the learning curve starting to improve from the out-of-station work, if we can get some of this dual sourcing addressed and bring some of these particular things like [ SPARs ] into the factory, that will significantly improve productivity. So look, our goal is to start seeing improvement in this area of overall product deliveries towards the middle of last part of 2027.
Our next question will come from the line of Sheila Kahyaoglu with Jefferies.
Lisa and Dave, maybe if you guys could talk more about Bell and the funding situation for fiscal '26 regarding MV-75. How do we think about it from a procedural standpoint from here, the financial implications? And how are you navigating the workforce the development program through the end of this year and potentially into next year?
Yes, sure. Thanks, Sheila. From a process perspective, as we discussed, the Army is working through their normal ATR process or above threshold reprogramming process. That allows them to realign funds inside of their own budget, but it has to go back to Congress for Congress to sign off to move that authority from one program to the other. So they have worked through that process pretty diligently over the last several months. It's normal around this time of year for this to occur. And our understanding at this point is it has been approved through the OMB process and should be sent to Congress soon. We anticipate any day.
And -- but based on the congressional calendar, look, it's my expectation, this could stretch out until September before Congress gets to the point where they actually sign off on the realignment of those funds. So absent that, we've made the determination that really is in the best interest of the overall long-term health of the program. For us to continue forward, we have communicated that well with the Army, and we are working with them to make sure that they understand the work is progressing on the development of the program as we move forward.
So -- but if you look at overall results through the quarter, I mean, candidly, they actually performed very well in the quarter with revenue up 6%. It did impact the profitability because of the way we address this potential ATR going forward. We took a very conservative booking rate as we have not yet received that ATR. And so with that program adjustment, if we had not had that adjustment, Bell's margins we've been very comfortably inside their guidance range for the quarter.
Our next question will come from the line of Gautam Khanna with TD Cowen.
Yes. And just a follow-up on that last question and answer. So to be clear, are you guys moving forward with the supply chain not slowing them down on the MV-75? And then relatedly on the booking rate adjustment, did you assume some learning curve loss if you will, in the adjustment? Or why was that adjustment made if you expect the funding fairly imminently?
Sure. So regarding the supply chain, we are still working with our supply chain. We have put, I'll say, minor spending caps on the supply chain to stay with inside that $350 million range. That is what we had anticipated to execute on during this quarter anyway. And so we're working with our [ sales ] to make sure we stay inside that cap because we want to make sure that we don't lose any momentum that we have gained with the suppliers to date. And I'm sorry, your second question again, could you please state that?
Yes, on the reduction in the booking rate, was that an assumption on learning curve or loss? Or what -- why do you change the booking rate if the level of business activity is the same on the process?
Yes. So it's not a change in learning curve. It's a conservative approach to the booking rate because the ATR hasn't been awarded yet. And that was a Q2 impact, and then we'll see how it plays out in Q3.
Got you. And just to put a fine point on the other impact to guidance to revenue, if that money doesn't come through, did you say it was $350 million? Or what is the revenue impact if the funding doesn't come through?
So it would be roughly around that, but we don't perceive a situation where our Bell revenue guidance will change in this scenario. And then to put a finer point on it, is the way we look at it right now, obviously, we said the $0.20 to $0.30 impact from a totality perspective.
When we look at our different businesses right now, we'd expect from a guidance perspective, we would likely be above the guide at our industrial business from a margin perspective on the high side of the guided systems. Assuming Bell gets the ATR, we think we'd be comfortably in the guide and we would expect aviation would be on the low end of the guide. So that's kind of the puts and takes overall that drive the $0.20 to $0.30 impact. And overall, our revenue, we see ourselves roughly in line across the businesses today.
Our next question will come from the line of Gavin Parsons with UBS.
Thanks for the color on the Aviation margin opportunity. That is very helpful to quantify. Is that purely internal productivity? Or does that also include an assumption that the supply chain improves? And just trying to get a sense for how much of that is under your control versus dependent on external supply chain improvement.
So it's certainly a combination of both. But when you look at external suppliers, for example, you saw Lisa highlighted earlier, we can also work that via dual sourcing. So it certainly is a combination of both. And solving the external supply chain issues along with investing our engineering resources to make our planes more producible is kind of the secret sauce to improving the overall picture. But I'd say it's certainly kind of 50-50 split for both, but we certainly want to drive our own destiny when it comes to our external suppliers as well.
Our next question will come from the line of Seth Seifman with JPMorgan.
Is there a, I guess, a limit on -- if you don't get the ATR by a certain time, a limit to how much you'd spend?
So we are trying to manage this to the $350 million threshold that we had expected to have by the ATR. And so that's what we're internally managing to. And then on October 1, when the FY '27 budget and is initiated, even if there is a continuing resolution, the government would go back to its normal spending with the company. So we are managing this over the next, say, 9 weeks to make sure we stay with inside the $350 million, but also progressing the program as needed to get it ready to continue to move forward with the desires of first flight.
Our next question will come from the line of Myles Walton with Wolfe Research.
First, a clarification, if you could do it on the tariff relief. Can you size that? And then on the fourth quarter MV-75 program strategy, if you're under a continued resolution, do you assume that everything in the budget documents, which obviously is quite bullish, do you assume that that's where you should run the program? Or do you take a more approach? Yes.
Yes. So I thought I had it first, and then I'll pass it over to David for the tariffs. So the way the process would work with the continuing resolution is the government is only going to be authorized to spend at the levels that they were approved for 2026 which was around $1.2 billion. They also had an additional $310 million from the reconciliation budget. So they would have a percentage of that allowable for us to spend on a continuing resolution. So we would probably be somewhat conservative in the fourth quarter but in line with what we expected to perform when we put together our operating plan.
So we've been also working in that process with the Army to make sure that we continue to progress towards the goals of first flight, but feel like we're pretty solidly funded through the first, I'll say, 6 months of FY '27 to give the government time to get through their continuing resolution process.
On the tariff question. So the big impact on tariffs this quarter was at TSV within our Industrial segment. We got a gross refund of IEPA tariffs of $21 million for TSV. The net impact that on the results was about $18 million.
Our next question will come from the line of Noah Poponak with Goldman Sachs.
Dave, I just want to kind of make sure I understand the Aviation margin progression you're pointing to. So it sounds like you're saying 3Q is relatively flat sequentially. 4Q up, do you still get to the low end of 11% to 12% for the full year? And then I guess, if I took 11 as a starting point for 2026 and assumed you achieved the 20% to 25% incremental for a few years, close to the end of the decade, you would add that 200 basis points you talked about to get into the 13s. Is that sort of really an annual shape of the margin you're now looking at?
So I think you described 2026 very well, and I'll probably wait until January to give you guidance on 2027.
Okay. And then just a follow-up on Myles' question there. I guess, what is the risk -- or not risk, but just what is the potential for facing this need for reprogramming of dollars on MV-75 multiple years in a row? Is '26 unique in that the acceleration of schedule was after the funding process? Or could we potentially need reprogramming and have this risk for a few years ahead?
No, no, you got it right. So this is a, I'll say, a unique one-off having to do this ATR process because of the acceleration request happen after the Army had submitted their FY '26 budget, the Congress. So when we met with them a year ago and laid out what the funding needs were for '27 and [ sub ], that is what you see reflected in the current fit-up requests that they have for 2027 and beyond. So we view this as a, I'll call it, a onetime event and then we will manage very closely to the allowable budgets going forward to meet our expectations.
Okay. And Citation jet or aviation business jet deliveries for the year, do you still see that at the same level where you started the year's plan or started guidance at the beginning of the year? Or are you now expecting that to be lower?
So from -- we obviously are not going to get into deliveries, but from a revenue perspective, we see ourselves in line versus our previous guidance for the year.
Our next question comes from the line of David Strauss with Wells Fargo.
Okay. So the press release mentioned that you've initiated the sale process for industrial. So is the sale of all the industrial, the more likely path from here as compared to spending and out?
Yes. I think we're early in that process. We are kind of doing a dual path of initiating the sale process as well as the work required to do a spin. We have the wheels in motion for -- and are talking with, candidly, a significant number of inbounds on the sales side. And so that interest has been very encouraging.
And I think with the good foundation that we have at both Caltex and TSV, we're just actually quite pleased with how that sale process is going. But we are in the early phases of those I'll say, NDAs and talking with folks simultaneously still working towards the spin if something were not to fall out the way we'd like in the sale process. But -- and in terms of how we would do that, that's yet to be seen. I think we've seen various levels of interest of all of industrial in one piece. And in some cases, it's been in different parts and pieces. So we will evaluate that over the coming weeks, and you guys will be sure to know soon.
Okay. And then a follow-up on MV-75. So we've talked a lot about kind of the FY '26 situation. But what about timing on getting the LRIP contract? Any change to expectations on the size of the charge associated with when you actually sign that contract?
No change in our outlook right now. I'm assuming a Q4, Q1 exercise, we have that in the range of $60 million to $110 million.
Our next question comes from the line of John Godyn with Citi.
First, Lisa, I just wanted to follow up on all of the new jets for 2027. You mentioned a bunch of Gen3 life jets. You mentioned the Denali. Maybe you could just sort of talk about the customer reaction to that and talk about and elaborate on the very strong demand trends that you're seeing?
Yes, sure. I mean we actually just wrapped up at [indiscernible] just last week, we saw lots of demand even just coming out of that event. We're -- as you can see in the backlog that we are representing here and in our press release, it's very exciting for folks to kind of see these Gen3 upgrades coming. And so I'm not going to give, I'll say, specifics on -- which we intend to deliver and when. But I would say there's a lot of energy, and that's reflected in the backlog that you're seeing. And we are very specific with how we book backlog, it's deposits and it's guarantees of when we would deliver those crafts. So that is firm backlog that you see represented there for those aircraft.
Okay. And if I could just ask a question on MV-75 and Bell, but a little bit bigger picture. We've seen a lot of innovation in rotorcraft. Last week at Farnborough, we saw the Anderol, Thunder autonomous tiltrotor aircraft. Obviously, the MV-75 has modern capabilities, no question about that. But maybe you could just talk about big picture, the direction of rotorcraft innovation arcs and kind of where you see that market going and how Bell is positioned?
From a technology perspective, I think what you're seeing underscores the benefits of tiltrotor for speed and range. And I think what we have achieved at Bell over the last many decades, I mean, we're on our fifth generation of tiltrotor. We have over 850,000 hours of tiltrotor experience on the V-22 that have been built into this. So I think it's only good for the future warfighter to have tiltrotor capabilities, and you're seeing this broadly accepted across the industry.
I think our experience that we have and what we've done with the MV-75, you may know this, we flew this first in 2017 with our demonstrator, the V-280, we flew it autonomously in 2019 on that demonstrator. About 10 years ago, we actually have on the design board what we call the V-247 which is a fully autonomous tiltrotor. And so we also have the X-76 program that we're working with DARPA's SPRINT, which is a tiltrotor that converts to a jet. So look, I think it's only positive for the industry to fully grasp and appreciate the need for range and speed for the future Warfighter and frankly, runway independence, which is key to how they operate.
Our next question will come from the line of Ron Epstein with Bank of America.
So maybe I have a question and a follow-up. So on the production efficiency, Lisa, it sounds like they have made a lot of airplanes over the years. So now we kind of get the settled by there has to be a change in the process or whatever. I mean aerospace [ loan ] in curves tend to be, what sort of 15% learning per rate double volume. Is it more efficient by 15%. What's changed? Like what -- yes. When you look at the [indiscernible] from your seat now and you look at what's going on in Wichita, what's different or what's changed that makes you feel like you can get more out of that business? I agree with you completely, it seems like you can. So what haven't they been doing over all these years, they've been building all these airplanes?
Look, I think there's a complexity issue there. We build counting of 21 or 22 different type models across aviation. I think that has increased over the last several years. We're looking to make sure that we do those all very well. I think what you saw significantly that's changed is about 5, 6 years ago, the workforce turnover that occurred. And so that is the aspect of it that we really have to focus on. And it's not just at Cessna and Beechcraft, it's also out in our supply base. They also had the same workforce turnover.
And so when those suppliers don't give us, say, an engine or a SPAR or a hydraulic unit, that impacts the out-of-station work that newer workforce is not used to doing the workarounds. And so I think that's where we really have to lean in on this career learning center. We really have to lean in on training our supervisors because they're dealing with a younger workforce coming through there. And look, I think we'll get there. And I think the industry will get there, but it's going to take us being very diligent and focused on getting them there. So it's something I feel very passionate about of making sure that we lean into our workforce.
Got it. Got you. And then maybe just a follow-up to -- or an extension of John's question. And I've spoken to some other [indiscernible] about this before in the past. So you guys have Aerosonde, you've got Pipistrel, which got the [indiscernible] assessment as to Skyhawk and [ Skyline ]. But how much you guys do an unmanned system seems pretty limited given the toolkit that you have? One would think with all the bits and pieces that you have across all those different businesses that you guys should be dominating unmanned systems, particularly if you think about maybe some of the larger category 3 or 4 drones, that kind of thing that seemingly, with limited investment, you all could be a real dominator there because you have all the technology under your roof. It just seems like you have to put it together in different ways.
I'm just curious how you think about that and particularly as you going into Textron becoming more of a defense and aerospace player.
You're hitting on some key strategic issues that we're going to have to take a look at and address and I think moving to a more pure-play aerospace in the company is going to allow us to do that. We are initiating a lot more cross, I'll say, cross-talk and engineering design across the business. and what we've got across the various portfolio. I think we've worked on this, I think, in the fly-by-wire aspect of this. I mean that is an evidence of what we're doing in order to bring to bear what we can do across all of Textron underneath their own roof.
But you raise the exact right point. I mean we should be leaning into this where it makes sense in the higher end of unmanned air vehicles, I think that's one thing you'll see me push towards the higher end, not the group 1s and group 2s. But I think there's a lot of capability there across the company that we need to lean into.
One would think an unmasked Skyhawk fantastic. I mean just such a robust vehicle and as volume [indiscernible] seemingly mean that the team that you could do some different cooler though. [indiscernible].
Yes. No, thanks. I mean, we'll take that to the team. There's a lot there, and I think we can do across the company.
Our next question will come from the line of Kristine Liwag with Morgan Stanley.
And Lisa, maybe following up on Ron's question here. I mean when you think about the DoD, the [ DOW ] and the emphasis on speed of capability and more iterative acquisition approaches. We're also hearing some of your peers move quicker by using existing platforms and technology to deliver integrated solutions more quickly.
So I guess from your comment to Ron's question, it sounds like you've got opportunities to combine existing platforms, autonomy, sensors and Mission Systems for these kinds of requirements. So I was wondering, as you think about potentially monetizing that or leaning into it, what's your appetite for more Textron funded capabilities to get these solutions quicker? And are you seeing any movement in the customers support for more company-funded R&D to get to market faster?
Yes, Kristine, so look, I mean, we've talked about this, frankly, with the customer pretty rarely. I'll say a significant portion of the research and development that we do across all Textron actually does exactly what you're saying. And frankly, I feel like we've been leaning into that for probably the last 15 to 16 years. We are where we are with the MV-75 because of the investment that we made in our own company and our own technology, we are where we are with the Armed Reconnaissance Vehicle because we made investments as a company into those capabilities.
So I think we're going to continue to do that. We'll continue to watch what the requirements and needs are from the military and try to match that very quickly. We are a commercially minded company that can take that R&D and apply it to military applications. So I think we're going to continue to do that as we've demonstrated so far.
Great. And then with that, is there some sort of target that you would like to be regarding internally funded R&D? Is there a sweet spot for that initiative?
No. I think where we've been spending at this point, I think, is the appropriate level of spend and because we've seen it yield, I think we're in that right sweet spot right now.
Our final question will come from the line of Doug Harned with Bernstein.
Lisa, last quarter, you talked about at Aviation, getting to an equilibrium level in a sense of 200 jets per year. And when you look toward that kind of goal, right now, do you see the issues basically supply chain and some of the internal labor issues as if you could resolve those quickly in a sense that -- and I know it takes time, you could be at that 200 level. And when you look at the gap, perhaps between what you can deliver in that goal, how does that affect, if at all, order flow coming in, given that there's a fairly long backlog there right now?
Yes. I think what you're seeing is that we started there with that number and then worked our way back to the initiatives that were required in order to meet that goal. So what you're seeing us detailed this quarter is the efforts that are being made in order to meet that stated goal of [ 200 ] a year. And then what we're seeing in the demand cycle is that we can definitely support that demand cycle at that level. So these things need to line up. And what we're outlining this quarter is the steps that we're making in order to achieve that.
One of the pieces you mentioned was doing more dual sourcing. And is this something that is a sort of a step change upward in that goal? Or is this more an evolution of things that have been happening for some time?
So I think we've always do, I'll say, make buy decisions as we look to be more efficient through the factories where we're really stepping it up is where we have seen things have highlighted or been illuminated through the factories. I'll take SPARs again as a key example. These are very critical components, and we need to not be limited by one supplier. So we are being more diligent in finding those critical components and being more dual sourced in those areas. So I think we're -- we have always done this, but we are taking a step up at where we can see critical components and where we can get dual supply force.
And I'm guessing now, I think you said it earlier, you're probably not going to give us a picture of when you expect to close that gap to the equilibrium level. But any sense on that?
I think we're making great progress. And as we move towards the end of this year and we get into a guide for '27, we'll talk to you about it back then.
And that will conclude our question-and-answer session and our call today. Thank you all for joining. You may now disconnect.
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Textron — Q2 2026 Earnings Call
Textron — Q2 2026 Earnings Call
Textron meldet solides Q2-Wachstum und bestätigt das Jahres-Guide, MV‑75-Finanzierung und Aviation‑Produktivität bleiben zentrale Unsicherheiten.
📊 Quartal auf einen Blick
- Umsatz: $3,8 Mrd. (+3% YoY)
- Adj. EPS: $1,62 (vs. $1,55 YoY)
- Manufacturing CF: $154 Mio. (vor Pensionsbeiträgen; Vorjahr $336 Mio.)
- Aktienrückkauf: 2,3 Mio. Aktien für $209 Mio.
- Aviation-Backlog: $8,0 Mrd.; Bell-Backlog: $7,5 Mrd.; Systems-Backlog: $3,3 Mrd.
🎯 Was das Management sagt
- Portfoliofokus: Prozess zur Abspaltung/Verkauf des Industrial-Segments eingeleitet; Ziel: reines Aerospace‑&‑Defense‑Profil.
- Operative Priorität: Produktivitätssteigerung durch Workforce-Training, mehr Engineering-Support in der Fertigung und gezielte Kapazitätsinvestitionen.
- MV‑75‑Engagement: Fortsetzung der Arbeit am Cheyenne‑Programm auf selbstfinanzierter Basis bis ATR/Congress entscheidet; Signal starken Commitment zum Kunden.
🔭 Ausblick & Guidance
- Jahres-Guide: Bestätigt Adjusted EPS $6,40–$6,60 und Manufacturing CF $700–$800 Mio.
- MV‑75‑Risiko: Ohne zusätzliche FY‑26‑Zahlungen potenzieller EPS-Effekt −$0,20 bis −$0,30 und Cashflow‑Auswirkung −$150 bis −$250 Mio.; Management steuert Ausgaben auf ca. $350 Mio. ab.
- Margins & Potenzial: Aviation‑Produktivitätschance ~ $150 Mio. zusätzlichen Gewinn (~200 Basispunkte); Management erwartet Margenverbesserungen frühestens Q4 und mittel- bis langfristig.
❓ Fragen der Analysten
- Aviation‑Produktivität: Analysten fordern Timing; Management nennt Workforce-Erholung, Dual‑Sourcing und Engineering‑Support; konkreter Produktionsanstieg wird erst 2027 deutlicher erwartet.
- MV‑75‑Finanzierung: Klärung zur ATR/Congress‑Timing (kann bis September dauern); Firma arbeitet innerhalb $350 Mio.-Cap und bleibt selbstfinanzierend, falls Verzögerung eintritt.
- Industrial‑Separation: Verkauf vs. Spin: Management verfolgt dualen Pfad, zahlreiche Interessenten, Entscheidung in den kommenden Wochen bis Monaten erwartet.
⚡ Bottom Line
- Fazit: Textron liefert moderates Wachstum und bestätigt das Jahresziel, bietet aber begrenzte Near‑Term Upside, solange Aviation‑Produktivität und MV‑75‑Finanzierung nicht klarer sind; die Industrial‑Trennung könnte langfristig Bewertungsfreisetzung ermöglichen.
Textron — Q1 2026 Earnings Call
1. Management Discussion
Thank you for standing by. My name is Joel, and I will be your conference operator today. At this time, I would like to welcome everyone to the Textron First Quarter 2026 Earnings Release. [Operator Instructions]
I would now like to turn the conference over to Scott Hegstrom, VP of Investor Relations. You may begin.
Thanks, Joel, and good morning, everyone. Before we begin, I'd like to mention that we will be discussing future estimates and expectations during our call today. These forward-looking statements are subject to various risk factors, which are detailed in our SEC filings and also in today's press release.
On the call today, we have Lisa Atherton, our Chief Executive Officer; and David Rosenberg, our Chief Financial Officer. Our earnings call presentation can be found in the Investor Relations section of our website.
With that, I'll turn the call over to Lisa.
Thank you, Scott. Good morning, everyone, and thank you for joining us. Today is an incredibly exciting and important day for Textron. Our first quarter results highlight a very strong start to the year. We generated $3.7 billion in revenue, representing 12% growth for the quarter. We also grew segment profit in the quarter by 10% to $320 million. This reflects strong performance across each of our A&D businesses, including robust commercial order activity at both Aviation and Bell. We also generated $1.45 of adjusted EPS, up 13% from a year ago.
Turning now to Slide 5. In addition to announcing our first quarter results today, we also announced our intent to separate our Industrial segment from our A&D businesses. This is a consequential and exciting step in our evolution, establishing new Textron as a pure-play A&D company aligned to its core franchises of Textron Aviation, Bell and Textron Systems. In terms of structure, we intend to explore multiple paths to affect this planned separation, including a sale of the Industrial businesses or a tax-free spin-off into a stand-alone publicly traded company. We will work through alternatives on the approach over the coming quarters and are targeting a completion of the separation within 12 to 18 months. In the interim, we will continue to operate in the normal course of business.
Turning to Slide 6. We believe these actions will drive long-term value for our shareholders. First and foremost, this establishes New Textron as a pure-play A&D company. Each of our A&D franchises are aligned with highly attractive end markets with tremendous opportunities in front of them. For New Textron, this separation also enhances clarity around our capital allocation and investments as well as our strategic flexibility. The MV-75 Cheyenne program is a perfect example. We are pulling forward our investment as we support the Army's acceleration of the program, which is aligned with our long-term growth strategy.
As for Industrial, these same principles apply. The business will benefit from a tailored capital allocation and new strategic flexibility. The investment in growth and opportunities such as Pentatonic, Allegro and PACE Technologies are good examples of this. While we've considered variations of this in the past, now is the right time as both our A&D and Industrial businesses are well positioned for the future.
In A&D, Textron Aviation is in a very strong position, having increased its backlog by more than 4x since pre-COVID from $1.7 billion in 2019 to $8 billion at the end of this quarter. Bell is advancing rapidly on the MV-75 Cheyenne and will soon move into prototype deliveries. And Textron Systems is also showing solid growth across programs of record, such as Ship-to-Shore and at ATAC.
In Industrial, Kautex continues to perform well and Textron Specialized Vehicles is operating from a stronger footing following last year's Powersports divestiture. So overall, Textron is well positioned to pursue the separation of our A&D and Industrial businesses.
Turning to Slide 7. New Textron would have approximately $12 billion in revenue and $1.2 billion in segment profit as a pure-play company. Aviation is a leader in each of these segments and continues to see healthy demand and utilization across its portfolio. Bell is at the forefront of an outsized growth stage as the MV-75 Cheyenne program ramps. The business is positioned to significantly increase its revenue as we move from development to production over the next few years and benefit from the Army's planned production run of over 25 years.
Systems has compelling growth drivers across several areas, including advanced materials for hypersonic applications, shipbuilding, manned and unmanned air, land and sea vehicles. The Trump administration's recently proposed fiscal year 2027 budget that calls for $1.5 trillion in defense spending would be a strong tailwind for the industry, providing increased visibility and stability across our defense offerings.
Moving to Slide 8. The separation significantly improves the financial profile for Textron. New Textron would have top line growth 150 basis points higher. Segment profit margin would be 120 basis points higher, and our strong backlog of $19.2 billion is 100% related to the A&D businesses.
On Page 9, we see New Textron's A&D franchises, each of which excel at turning advanced aerospace and defense capabilities into practical advantages for our customers and their missions. Some of these key offerings include the Citation Latitude, the #1 best-selling midsized business jet, the recently certified Citation Ascend and the upcoming Beechcraft Denali. The Beechcraft King Air franchise is the best-selling turboprop in history.
The MV-75 Cheyenne, flying twice as far and twice as fast is a fundamental step function for military aviation. The Ship-to-Shore connector, the ATAC programs of record and our unique advanced material capabilities, which were most recently seen in action with the Artemis mission around the moon are core to the Sentinel program. These all leverage our world-class engineering capabilities across design, test, certification and build with a long track record of innovation. Underlying these offerings, we have a large installed base, which supports a robust aftermarket business that has experienced steady growth over the last few years.
Textron Aviation has built approximately 250,000 aircraft in its history and has the largest installed base in general aviation, nearly 4x the next largest. Bell has an installed base of approximately 13,000 commercial and military aircraft. These significant installed bases drive an attractive aftermarket business that represents over 30% of New Textron revenue. We are very excited about how this positions New Textron to drive value going forward.
On the military side, Textron sits where aerospace precision meets defense urgency, and this is exactly where our future is being built. As we continue to scale the MV-75 Cheyenne program and move toward production lots, we expect that the revenue and margin profile will follow. Beyond MV-75, we are well positioned on new opportunities that can leverage significant technology from the MV-75, like the U.S. Marine Corps Future Attack Strike program and DARPA's X-76 X-plane. Flight School Next, a new program to train Army Aviators at Fort Rucker for which we are competing is also positioned as a potential growth opportunity for Bell, leveraging our proven 505 helicopter.
Systems is anchored by strong programs of record with the growth drivers to include Ship-to-Shore, ATAC and Sentinel. In addition, the ARV preproduction contract advances a future growth opportunity for the business. The defense spending environment provides a very favorable backdrop for the longer term where our offerings are very well positioned. As this relates to the Textron Aviation and Bell commercial businesses, we are in a great place with the investments we have made over the last decade. Our product portfolio is second to none. Textron Aviation has a proven track record of clean sheet development programs like the Latitude, the Longitude, SkyCourier and soon to be the Denali.
We have also been very successful at upgrades like the recent Gen2s and Ascend as well as the upcoming Gen3s for the light jets. And at Bell, the 525 will be the first commercial fly-by-wire helicopter. Our sizable backlog illustrates the market demand for our products is significant and continuing to grow. Looking ahead, we are focused on increasing our operational efficiency and performance to drive growth and enhance profitability. We will do this by reallocating some of our R&D investment into our supply chains and factories. To be clear, there are no silver bullets there, but it is where we will be putting our focus.
Turning now to Industrial on Slide 10. This is a $3-plus billion business with strong operations, well-established brands, leading market positions and real growth drivers. We believe it will thrive independent from New Textron. It is composed of Kautex and Specialized Vehicles. Kautex is a Tier 1 auto supplier. Its primary product line is fuel systems for the automotive industry. Kautex has also built a meaningful position in hybrid fuel tanks, which is a growing part of the industry. The pentatonic battery enclosure business supports EV and hybrid platforms, including the Rivian R1 and a major European OEM start of production planned for 2027.
Its Allegro cleaning systems is another growth platform focused on solutions to clean autonomous vehicle cameras and sensors. Specialized Vehicles is anchored by the E-Z-GO Golf Car business. E-Z-GO is one of the most recognizable brands in golf. Specialized Vehicles also includes personal transportation vehicles, Ransomes Jacobsen turf equipment, Cushman vehicles and TUG ground support equipment. This business stands to benefit from near-term growth driven by the lease renewal cycle and market recovery. Overall, our Industrial businesses have well-established brands, product offerings and strong market positions.
Before I turn it over to Dave to give you an update on our first quarter results, I'll quickly highlight a few of our achievements in the quarter, starting with Aviation on Slide 12. We got off to a strong start to the year with 37 jet deliveries and 35 commercial turboprop deliveries. These are both up nicely from a year ago as we continue to drive throughput in our factories. We also saw strong aftermarket performance, which resulted in 10% growth in aftermarket revenues.
In terms of market conditions, order activity continues to be healthy as we grew our backlog in the quarter while also delivering double-digit growth in jets and commercial turboprops. Some notable wins for the team include LUMINAIR, a European jet operator, placed a fleet order in the first quarter, which will bring its total to 9 Latitudes, supporting its charter operations across Europe and an order from Belgium's Special Operations Forces for 5 SkyCouriers, marking our first military order for the aircraft and highlighting the utility of the SkyCourier, not only in the commercial market, but also in defense and special missions applications.
From an industry perspective, Gama's recently released 2025 annual report underscores Textron Aviation's leadership in general aviation as we once again topped the industry in total business jet deliveries, total turbine aircraft deliveries and total turboprop deliveries.
Moving to Bell on Slide 13. The Army has announced the name of the MV-75 aircraft as the Cheyenne. This underscores the continued commitment by the Army and marks a pivotal moment for the program. All subsystem critical design reviews or CDRs have been executed with the exception of completing the weapon system CDR later this summer. The Army is preparing for tiltrotor technology with support from the V-22, helping the Army's 101st Airborne in training exercises to develop the tactics, techniques and procedures to take full advantage of the additional range and speed. Bell's progress is supported by a series of investments Textron is making to support successful development and acceleration of production.
As I mentioned earlier, the Trump administration's 2027 budget calls for a significant increase in defense spending. As this relates to the MV-75 Cheyenne, the Future Years Defense program, or FYDP, calls for $2.3 billion of funding for 2027, scaling to $3.8 billion in FY '31 across research, development, test and evaluation as well as procurement. The procurement budget also shows quantities of 8 units in FY '28, scaling to 12, then 20, then 27 in FY '31, consistent with the Secretary of the Army's direction to accelerate the program.
Regarding near-term funding for the MV-75 program, the Army has informed us that it is actively pursuing additional funding to support the acceleration profile for the remainder of the government fiscal year '26. This funding aligns with the Army's directive last summer to accelerate the program, which occurred after their FY '26 budget request was submitted. We remain confident in the Army's commitment to securing this funding as evidenced by the ongoing process and the strong funding request in the recently released FYDP.
During the quarter, Bell completed the critical design review on the DARPA X-Plane program, which is now called the X-76. Bell will now begin building a brand-new X-Plane with first-of-its-kind stop/fold technology. Bell was also recently down selected to the fourth and final phase of the Flight School Next competition. As part of this phase, Bell conducted flight simulator and digital twin demonstrations at Redstone Arsenal. We expect the Army to select a winner for the competition later this summer.
Turning to Slide 14. Systems also continues to grow its business. They generated double-digit growth in the quarter and continue to make progress on new pursuits. Earlier this month, Textron Systems received a preproduction development award from the U.S. Marine Corps for its Advanced Reconnaissance Vehicle or ARV program. This $450 million award will include delivery of 16 vehicles, 3 systems integration labs and 4 blast hulls. Textron Systems was also awarded a prototype agreement from the U.S. Army for the Low Altitude Stalking & Strike Ordnance program, or LASSO.
Under the prototype agreement, Systems will deliver a loitering munition system and demonstrate it to the Army. As you can see on Slide 15, both Kautex and Textron Specialized Vehicles are executing very well and generating improving financial results. The segment had positive organic growth in the quarter, and Kautex secured its largest award to date for its hybrid plastic fuel tank offering.
Overall, we had a very strong start to the year, and I'll now pass it over to Dave to provide some more details on the financials.
Thank you, Lisa, and good morning, everyone. Turning to Slide 18 of the earnings presentation. We had a strong start to the year with revenues in the quarter of $3.7 billion, up 12% or $389 million from last year's first quarter. Segment profit in the quarter was also strong at $320 million, up 10% or $30 million from the first quarter of 2025. During this year's first quarter, adjusted net income was $1.45 per share compared to $1.28 per share in last year's first quarter.
Manufacturing cash flow before pension contributions reflected a use of cash of $228 million compared to a use of $158 million in last year's first quarter. During the quarter, we repurchased approximately 1.8 million shares, returning $168 million in cash to shareholders.
Before we get into the segments, I'd like to remind you that we realigned the Textron eAviation segment's business across Textron Aviation, Textron Systems and Corporate at the beginning of this year, eliminating Textron eAviation as a separate reporting segment. The results here reflect that realignment for 2026 and for the 2025 comparison period on a recast basis.
Now let's review how each of the segments contributed, starting with Textron Aviation. On Slide 19, revenues at Textron Aviation of $1.5 billion were up $269 million or 22% from the first quarter of 2025. Aircraft revenue in the quarter was $954 million, up $221 million or 30% from a year ago. This was driven by volume and mix as we increased Citation jet deliveries from 31 to 37 and commercial turboprop deliveries from 30 to 35.
Aftermarket revenue in the quarter was $531 million, up $48 million or 10% from a year ago. Segment profit was $154 million in the quarter, up $32 million compared with the first quarter of 2025. This represents a profit margin of 10.4%. We also continued to see solid order flow and customer demand across our product lines, ending the quarter with $8 billion of backlog, up $276 million from the end of 2025.
Looking at Bell, revenues of $1.1 billion were up $87 million or 9% from the first quarter of 2025. Military revenues were $795 million, up $161 million or 25% driven by growth on the MV-75 Cheyenne program, partially offset by reduced revenue on V-22 production on our military sustainment programs.
Commercial revenues were $275 million, down $74 million, reflecting lower volume and mix. Segment profit of $72 million was down $18 million from a year ago, primarily reflecting an unfavorable impact from the mix of military programs and lower commercial volume and mix. Backlog in the segment ended the quarter at $7.6 billion.
At Textron Systems, we had a good start to the year with revenues of $338 million, up $39 million or 13% from last year's first quarter. Revenue growth was driven primarily by higher volume on the Ship-to-Shore program and military training programs provided by ATAC, partially offset by lower net volume on other programs. Backlog in the segment ended the quarter at $3.6 billion, an increase of $255 million in the quarter. Segment profit was $42 million in the first quarter, which generated strong segment profit margin of 12.4%.
Looking at Industrial, revenues were $786 million, down $6 million from last year's first quarter. Textron Specialized Vehicles revenue was $300 million, down $42 million, largely reflecting a $55 million impact from the divestiture of the Powersports business in 2025.
Kautex revenues were $486 million, up $36 million or 8% from a year ago, primarily due to a favorable impact of $20 million from foreign exchange rate fluctuations and higher volume and mix. On an organic basis, revenues at Industrial were up $29 million or 4%, given the first quarter of last year still included the Powersports business. Segment profit of $40 million was up $10 million from the first quarter of 2025, largely due to manufacturing efficiencies.
Finance segment revenues were $16 million and profit was $12 million in the first quarter of 2026 as compared to segment revenues of $16 million and profit of $10 million in the first quarter of 2025.
With that, I will turn it back to Lisa for closing remarks.
Thanks, Dave. And as we wrap up, Slide 21 just highlights a few of the many attributes that make New Textron a compelling pure-play aerospace and defense business. We have the best-in-class brands and best-in-class products with leading segment positions. But I also want to highlight that we have the people in place to maximize our future with a deep bench of technical expertise and a track record of innovation and execution at scale. This concludes our prepared remarks, and we are happy to open the line now for questions.
[Operator Instructions] Your first question comes from the line of Sheila Kahyaoglu of Jefferies.
2. Question Answer
Can you maybe -- the industrial separation has been a long time coming. Can you maybe provide a little bit more on what led to the decision? Why now? Was it just the growth in the MV-75 portfolio at the Cheyenne and how you see that, if you could elaborate?
Thanks, Sheila. Look, it's just -- it's the right answer for both of our A&D and Industrial businesses at this moment in time. And it provides clarity and simplification on our capital allocation and investments. And frankly, it also just aligns them both with their respective natural shareholder bases. And we're in a position, as you point out, like why now as compared to a few years ago, it's a result of all of the hard work and accomplishments that we've achieved over the last 10 years in order to position the various businesses to have the strength of their own to stand on their own. And we've won, we're scaling MV-75.
As I mentioned, we've added to and upgraded the aviation portfolio. We've got all these clean sheet programs like the Latitude, Longitude, SkyCourier, Denali upgrades on the Ascend, the Gen2s with systems and their key programs of record now scaling and a good pipeline, we just have the synergies and core context of all of those businesses to come together as a strong pure-play A&D. But what's different is that now with Kautex and TSV, both are very well run and their end markets are in a stronger place and in good positions right now.
With the progress Kautex has made with offerings on Pentatonic and Allegro and how it is gaining customer traction and growth as well as TSV being anchored by one of the most recognizable brands in golf with E-Z-GO. And candidly, the divestiture of Powersports just puts them in a better operating position. So we just believe that now is the right time in order to make this move, and we're excited to see what the future holds for it.
Your next question comes from the line of Myles Walton of Wolfe Research.
On Aviation, can you speak to the market environment for order activity and anything that's changing given the ongoing Middle East conflict? And then, Lisa, you mentioned repositioning some of your R&D funding into the supply chain. Could you just elaborate on what that means in the quantity?
Sure. Look, so regarding order activity, we had a very strong quarter of order activity across both Aviation and Bell. They had their best Q1 bookings in 4 years, frankly, since Q1 of 2022. So really strong orders for the folks out there. And Aviation, I highlighted the LUMINAIR and Belgium Special Forces in the prepared remarks. But as we see that strong order flow and ending the quarter with our backlog of up $8 billion for Aviation in particular, and we also have some pretty strong bookings that they're working forward to in Q2.
So Bell also is winning that new business in the commercial market. They had the quarter with purchase order of 7 407s from the National Transmission Company of South Africa. We talked about on the defense side of the booking orders, Bell was down selected to the final phase of Flight School Next. As I mentioned, the preproduction contract for the ARV and the Army's prototype agreement for the LASSO or that Low Altitude Stalking & Strike Ordnance.
So all of this kind of leads to that very strong order activity and that backlog of $19.2 billion that we highlighted across the business. When you ask about the repositioning of some of the funding towards the supply chain and factories, look, that's really the area that we need to focus across on our business. We're not -- what we're trying to signal here is we're not looking to increase investment. We're going to maintain the same levels of investment that we have across the business. But we're probably going to take a portion of that, and I'm not going to kind of go into the details of what ratio that is, but take a portion of that and focus on making our factories much more effective. There's a lot of tools and capabilities that are out there now that we need to enable our workforce to have a better, more streamlined factory flow. And so we're going to -- we're looking at that as we go through this strategic review, and you'll see us start investing in that. And hopefully, we'll see the yield of that of better production output.
Your next question comes from the line of Robert Stallard of Vertical Research.
A couple of questions for you on Aviation. First of all, I was wondering if you could give us an update on what you think the cadence of deliveries will be in this division through the year and whether you expect this aftermarket growth rate to be maintained? And then secondly, on the Aviation supply chain, did you see any improvement in that in the first quarter?
Dave, why don't you take the first and I'll hit the supply chain.
Robert, so as we look at Q1, this was expected that we're about 100 basis points below the midpoint of the guide. Just kind of the key factor there is some of the inefficiencies from last year are rolling through the income statement in Q1, and that's causing a little bit of headwinds. So as we kind of think about the cadence for the rest of the year, we would expect improvement sequentially each quarter with the margin peak being in Q4. You should expect deliveries to increase each quarter this year, and we'd also expect efficiencies to improve throughout the year, especially in the second half.
Robert, so on your supply chain question there, I mean, look, we continue to work with our key suppliers. It's mainly around engines, as we mentioned on the call last quarter that we continue to, I'll say, fight through every day to get those in. But I will say we're not seeing as many systemic supply chain issues as we have over the past several years. So we are seeing things start to improve. As we look at kind of what we call out-the-door statistics of some of our platforms, those are starting to improve. Things still get lumpy along the way.
We still have things pop up, but I would say we're starting to see a trend here of better performance writ large. But it's -- look, there's nothing easy. The teams are still fighting through the different little fires that pop up. But overall trends, we are starting to see improvement of on-time delivery from suppliers, and we're starting to see folks performing at better, higher quality.
Your next question comes from the line of Peter Arment of Baird.
Nice results. Lisa, maybe just quickly on [Technical Difficulty] margins, you start the year kind of a low point. Maybe just to give us a little -- the puts and takes you're thinking about for the year and just when you -- given your annual guidance, just how we should be thinking about from here, just given the volume that you're seeing on the MV-75?
Yes, I appreciate that. I think there's -- it was a good strong start to the year. I think it's a little early for us to start thinking about the guide. But if we continue to see strong performance, we'll evaluate that as we go forward for the back half of the year. I think on MV-75, I don't see us changing what we saw there. It's going to be flat kind of year-over-year of expected revenues. We do continue to see that acceleration pull from the Army, as we mentioned. And if they receive those additional funds, we'll see that kind of flow into the business, but we need to see the Army get those additional funds as they go through their procedures and processes to get those dollars.
Your next question comes from the line of Seth Seifman of JPMorgan.
This is Alex on for Seth speaking. Maybe I wanted to ask a follow-up on the industrial situation. As you guys are kind of evaluating your options here between either selling the business or spinning it off, curious if you guys have any initial thoughts on which option you think is more likely at this point? And then two, when we're thinking about the 2 businesses here between Kautex and Specialized Vehicles, is the expectation that those would be spun off or sold together? Or could they be kind of broken up into separate pieces?
Thanks, Alex. So look, I think you kind of outlined all the options that we're looking at. And I don't think we necessarily have a course of action just yet that we're ready to declare. We are going to do the process and work to explore all of those alternatives. And I think that when we look at the spin, we just know that, that's the certainty. It will be the longest path. We're going to do the work in order to prepare for that. But as we do that, we're exploring all avenues that you kind of outlined, selling them together or selling them apart. Those options are all on the table. And as the process evolves and folks are interested, we'll do what's in the best interest of our shareholders. So yes, I think we're -- we've got an exciting future ahead of us, but we'll keep you guys posted as we come along those decisions.
Your next question comes from the line of John Godyn of Citi.
Lisa, I just really wanted to think through the conflict in the Middle East and what that means for Textron, sort of to state the obvious. There's a lot of activity there and fuel prices have doubled. So on the aviation side, it's hard to believe that a doubling in fuel prices doesn't impact things. On the other hand, some of us on the call are old enough to remember the boom years in bizjet in '06, '07, which were positively correlated to oil prices and all the economic implications of that. And then in your defense exposures, anything kind of pivoting on the back of what's going on in the Middle East? Any imminent demand signals or anything like that, how the portfolio is expected to respond to that would be helpful.
Yes. Thanks. And I recall now I kind of missed that somebody asked a follow-on question on Iran. I didn't get that earlier as well. So look, to date, we have not seen a material impact on the ongoing conflict. We monitor the impact of those higher oil prices. And as you point out, has both positives and negatives to our various end markets. So -- and I think on the -- as you correctly stated, on the aviation and helicopter side, in particular, that's where we see some of that positive correlation. So we're watching that very closely. I think it's a little early days as folks use their capital there, but we will continue to monitor that and discuss that in future quarters.
With respect to the defense side of the business, on all of our programs, I think you're starting to see them continue to perform. I think when we see this investment across all of the defense portfolio from the Trump administration's most recent FYDP is a signal from them that they see an increased need in robusting, I'll call it, the magazines or the various platforms in order to be prepared. And so I would say it's a secondary correlation to it, but you're starting to see support broadly across all the defense business. Programs in particular, I wouldn't necessarily go into any specific programs on that -- in that way.
Your next question comes from the line of Noah Poponak of Goldman Sachs.
Two questions. Lisa, on Aviation, your discussion around investing in supply chain and manufacturing improvements suggests a view that supply should be higher. Curious how you -- when you look at the backlog and the coverage, how are you balancing you want to grow and you want to get customers' jets, but you also want to protect the downside nodes of cyclicality. Just how are you thinking about where you want supply over the medium term? And then, Dave, just on the Bell margin, if you could give us a little more color on the year-over-year change and how it progresses to get to the guidance for the year?
It's a great question. And you're exactly right. And when we look at the various type models, we want to make sure we don't disrupt this very strong backlog that we have. And so there are certain type models that if we put a little more investment, we could reduce the amount of time it takes to build those aircraft. Some of those type models are sold out for years. If we were to bring them in to, say, like 18 months or so as a lead time, I think that much more aligns with customers' expectations. And those are the areas in which we would do focused improvements on in both the factories and the supply chain.
So Noah, I'll take that question on Bell. So I mean, as a starting point, if we look at kind of Q1 of this year versus last year, we're obviously down on the margin percent as well as in dollars. So kind of 2 factors there to think about. We were off on commercial helicopter deliveries, some of that was just timing of deliveries and contract milestones. Some of that was just delays in finishing up the last couple of helicopters for the quarter.
We would expect on the commercial side for that to normalize out throughout the year, not too dissimilar to patterns you've seen in the last couple of years with a peak in Q4. We also had higher MV-75 revenue in the quarter, but the offset of that was some of our military legacy business was down. So net-net, that does result in overall lower margins. So I think what you could expect to see from a cadence perspective as we go through the next 3 quarters is you'd see overall improvement, particularly because you'll have higher volume on the commercial side, getting us to where we're currently at on the guide of between 8% and 9%.
Lisa, I guess just getting some of the -- getting -- if I took the entire portfolio to 18 months, it would imply pretty nicely over 200 total deliveries. I guess maybe you're saying it's not everything should be at 18 months. But is it -- do you think the equilibrium is 200 or 220 or hard to put a number to it.
No, I think you're hitting the right ballpark, right? I think the right number is right there around 200. I think that's accurate.
Your next question comes from the line of David Strauss of Wells Fargo.
This is [ Josh Cohen ] on for David. I wanted to ask, I think you were planning on taking that charge on MV-75 later this year or early next as the program ramps. Is there any change to your expectation in the size or timing of the charge?
No change in our expectation on the size, which was the cume catch-up was $60 million to $110 million. As we said when we announced it previously, it all depends on the timing of when the LRIP CLIN is exercised by the government, and there's no change in our expectation right now that, that could be as early as the second half of this year or possibly could flow into the first half of next year. And nothing's changed from our perspective, right, as we sit today.
Your next question comes from the line of Gavin Parsons of UBS.
Lisa, you mentioned Textron's considered strategic alternatives on Industrial in the past. I guess what are the hurdles to getting this done? And is there a minimum return threshold you're looking for to ensure it's not a dilutive transaction?
Look, it's a little early to comment specifically on the level of dilution. It's going to depend on what that structure and value, whatever proceeds we would get on that. But look, in addition to the benefits of clarity and flexibility, we just have different natural investor bases and different valuation frameworks inside those investor bases. And so we're going to have to leave it to the market to assess that valuation. But I do think that New Textron has higher growth and stronger margin, which should support stronger valuation over time.
And so I think on that side of it, it's going to prove out to be a very well-done alternative for us. So in terms of in the past, I think the ideas there were around where we were as far as strength of the end markets of the Industrial business. It just wasn't the right time. And as we see the positive growth and the positive performance out of both Kautex and Specialized Vehicles, now just makes the right time for us to do this.
Your next question comes from the line of Kristine Liwag of Morgan Stanley.
Lisa, post the Industrial spin and you'll have more time to allocate to the core aerospace defense. I was wondering, can you talk more about how you're thinking about potential capital allocation within that core business? Are there platforms or capabilities you would -- you plan to spend more time on focusing? And are there areas you're willing to lean in more versus potentially rationalize?
Look, I think we're -- our intent here is to lean in more versus rationalize on the A&D space. And in fact, I think what we would look to do is as we have this pure-play combination and how they are anchored across the commercial and military aircraft, leverage the engineering capabilities we have across the business. And then we would look to see where we could be additive to that portfolio, particularly probably in the areas around Systems and what it is that Systems does and how we could grow that area of our business much more strongly.
Super helpful. And then maybe a great follow-up on Systems. I mean the U.S. accelerates towards drone dominance. We're seeing a lot more nontraditional players, lower-cost competitors in this unmanned space where you have a fairly robust offering within Systems. Can you talk more about how you balance cost, speed, autonomy with the performance that the DoD wants today and also what that competitive dynamic is like and where you think Systems could leverage its strength in that industry?
Yes. Thanks, Kristine. So I think when we look at what the strengths are across Systems, not only is it decades and candidly, millions of hours of proven capabilities across the unmanned space across 3 domains. A lot of what our offerings are, I will say, are more of the complicated and technical aspects of unmanned. Some of the lower entrants, I think, are much more attritable where what we have are capabilities that the services want to use over and over again. So it requires a more robustness in design and durability of the platform.
So what you see in things like the RIPSAW platform that we are currently designing for the Marine Corps and what you see in our Aerosonde 4.7 and 4.8 that provides a loitering ISR capability for many hours up to 13 hours. So I think what we see there is still continued strong demand for those. But we're also having growth opportunities in our unmanned surface vehicles on the CUSV program and how they take their platform on the sea and put new capabilities, mine hunting capabilities into that platform. Systems is providing the systems integration pieces that are much more complex than maybe what we see in some of the other platforms. That said, we're also very open to working with folks and being partners in various entrants with various entrants, and you'll see Systems do that over time.
Your next question comes from the line of Ron Epstein of Bank of America.
Maybe 2 questions, just following up on some stuff that other folks asked. When you think about moving forward with an A&D focused business, how are you factoring AI and AI-driven autonomy into systems? And when I look at something like X-76, it seems like a platform that could generate a ton of interest. How are you thinking about that and the opportunity there? And one area where it does seem -- I don't want to say that Textron underperformed, but maybe could have done more given all the technologies the company has is in specifically aerial unmanned systems, given the prowess you all have in electronic propulsion and everything you've done in Textron Aviation and all the stuff in Systems. So I don't know, sort of a broad question, but...
Yes. So I'll try to tackle the second question upfront in the sense of what you're talking about there is collaboration and synergies across the businesses. And what I would like to drive, it's how we're able to combine the engineering technology and talent that we have across systems, Aviation and Bell in order to come up with those ideas and platforms and breakthroughs, if you will, because we have that deep talent, as you mentioned.
On the X-76, whether or not they would actually use AI autonomy in terms of the brain of the platform itself. Right now, the proving out of the X-76 is a stop/fold technology itself, and it will be an unmanned platform. And so I think as that program evolves, you'll see a lot of the expertise that we have on the -- or the MV-75 with the MOSA architecture will probably naturally follow into the X-76. So there is just a lot of capability across Textron that I think we can now really come together in this pure-play A&D space, and I plan to continue to drive that. I mean we've done it in the past. We've got examples of where we have helped each other between the various businesses, but really driving towards an A&D strategy amongst ourselves, I think, will generate what you're alluding to.
And then I mean, culturally, how do you achieve this, right? Because you have an organization, I guess, in some parts that's used to being more independent. I mean you're going to have a core A&D engineering group that will serve the whole company. I mean I don't know if you're there yet, but how do you think about shifting the culture to support it? I mean just to be blunt if you can't tell, I think this is a great idea. But in terms of executing it, how do you get the culture to buy into it?
Yes. I mean, as you know, culture takes a minute to evolve, but we are certainly on that journey. And part of my expectations is how we will continue to collaborate with each other. I mean things as simple as sharing each other's strategic business reviews with each other. And so we're just driving various different opportunities for the businesses to be exposed to what the other business is doing as a way for them to say, "Hey, that's a great idea. I've got somebody over in this area that can help with that." So I hope that you will see that continue to evolve over time, and I'm optimistic that the team is very excited about doing it.
Yes. And then maybe just one quick financial detail. On the Industrial business over the years, we heard that there'd be too much tax leakage to spin in or do whatever. I mean how should we think about that, the tax impact?
I mean, you obviously had -- you had in the different scenarios, 2 tax impacts. So you have the potential repatriation of cash, which would be -- we've thought about in terms of what the transaction expenses would be and then the tax leakage on the transaction itself. Both of those, we believe, would be manageable in whatever structure we end up doing. And as we mentioned in our release, we believe in a spin scenario, it would be done on a tax-free basis.
Your next question comes from the line of Doug Harned of Bernstein.
On Systems, I find this to be the most difficult business to really kind of look forward long term. ATAC, the Ship-to-Shore Connector, this has been going well. But if we think on more of a 5-year view, what do you see as the underlying differentiated capabilities there and the types of programs that you see you're best positioned for as you look longer term?
Yes. So I would say there's 2 stand out for me. First being the Sentinel program as that EMD program continues to mature into a production program. And as we are a key Tier 1 supplier to Northrop Grumman on that program, we will follow where that Sentinel program continues to grow. So I think that's a key aspect of the Systems portfolio. And then additionally, on the ground side of the business, the Armored Reconnaissance Vehicle as well as the XM30, which we haven't mentioned so far in this call, Textron Systems is competing in both of those, and those will both be decided in the coming 2 to 3 years. And I believe that you'll see us have a position on one or both of those programs. So I think those underpin the go forward on the Systems performance.
And then if you do the same -- sort of the same thing at Bell, when you look beyond MV-75, you mentioned the FSN program. Can you give us a sense at all of kind of the timing and scale of potential new opportunities over the next few years beyond what you're doing on MV-75?
Yes. So timing and scale. So the Flight School Next program will be decided by the end of next quarter. So we will know how that's going to impact the future of Bell's prospects here within the next 90 days or so. So there's -- when we see what that comes out, and I don't want to go into numbers right now because we are in, I'll say, active negotiations there of Phase 4, but it is a strong opportunity for Bell for the next candidly, 25 years for Flight School Next.
When you look at what the Marine Corps is doing with their H-1 program, and frankly, I mean, we focused on MV-75 and X-76, but there's still a lot of work going on, on the H-1 and the V-22 platforms and the sustainment of those platforms for the coming decades. So there's a lot of work going on both in the Nacelle Improvement Program for the V-22 as well as the structural improvement and electrical power upgrade program for the H-1. So they have upside on both of those programs. That's just on the defense side. On the commercial side, as the 525 platform reaches its certification and moves into the commercial backlog, we'll start to see strong growth on that towards the back end of this decade, beginning of next.
And your last question comes from the line of Gautam Khanna of TD Cowen.
Yes. Congratulations on the announcement. Wanted to ask if there are any dissynergies that you can point to? I know you talked a little bit about tax, but any sense of dissynergies early on from the separation?
So we've obviously, as part of this process, analyzed all those. There'd be a minimal level of stranded costs that we can -- we do strongly believe we can manage through. But otherwise, there is nothing of a significant nature from a dissynergy perspective. But the stranded costs are very minimal.
And Lisa, to Kristine's earlier question, I just wanted to understand better. Is that -- do you think this is kind of the end of the portfolio review? Or will there be parts of the A&D franchises that you're looking to maybe scale back and -- as part of this process?
Yes. So again, great question. And I would say I'm looking to lean in and grow versus scaling back.
With no further questions, that concludes our Q&A session, and this also concludes today's conference call. You may now disconnect.
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Textron — Q1 2026 Earnings Call
Textron — Q1 2026 Earnings Call
Starkes Q1: Umsatz- und Gewinnwachstum, angekündigte Abspaltung von Industrial und Fokus auf A&D‑Wachstum (MV‑75 im Zentrum).
📊 Quartal auf einen Blick
- Umsatz: $3,7 Mrd. (+12% Jahr‑über‑Jahr).
- Segmentgewinn: $320 Mio. (+10% vs. Q1 2025).
- Adjusted EPS: $1,45 (+13% YoY).
- Backlog: $19,2 Mrd. Gesamt; Aviation $8,0 Mrd., Bell $7,6 Mrd., Systems $3,6 Mrd.
- Kapitalrückführung: Aktienrückkäufe ~1,8 Mio. Stück für $168 Mio.; Fertigungs-Cashflow vor Pensionszahlungen -$228 Mio.
🎯 Was das Management sagt
- Abspaltung: Ziel: Industrial abspalten (Verkauf oder steuerneutrale Spin‑off) binnen 12–18 Monate, um New Textron als reines Luft‑ & Raumfahrt‑/Verteidigungsunternehmen zu positionieren.
- MV‑75/Cheyenne: Management zieht Investitionen vor, unterstützt Beschleunigung des Programms; erwartet Produktionshochlauf und Folgechancen (MARINES, DARPA X‑76, Flight School Next).
- Kapitalallokation: Fokus auf gezielte Reallokation von F&E‑Mitteln in Lieferkette und Fabriken zur Steigerung Durchsatz und Effizienz, keine gestiegene Gesamt‑Investition angekündigt.
🔭 Ausblick & Guidance
- Zeithorizont: Trennungsprozess geplant in 12–18 Monaten; New Textron ~ $12 Mrd. Umsatz und $1,2 Mrd. Segmentgewinn.
- Finanzprofil: Erwartete Vorteile: +150 Basispunkte Umsatzwachstum, +120 Basispunkte Segmentmarge für New Textron; A&D‑Backlog 100% zugeordnet.
- Risiken & Timing: MV‑75‑Rampenaufwand, Abhängigkeit von Army‑Finanzierung (FYDP: $2.3 Mrd. FY27 → $3.8 Mrd. FY31) und zeitliche Unsicherheit beim LRIP‑CLIN (Charge $60–$110 Mio. erwartet).
- Kurznote zur Guidance: Q1 rund 100 bp unter Leitlinie; Management erwartet sequenzielle Verbesserung mit Margen‑Peak in Q4.
❓ Fragen der Analysten
- Warum jetzt? Management: Beide Geschäftsgruppen sind operativ stärker aufgestellt; Timing durch MV‑75‑Momentum und bessere Industrie‑Fundamentaldaten.
- Spin‑Optionen: Verkauf vs. Spin‑off stehen offen; Gruppe prüft alle Alternativen, möglich auch getrennte Verkäufe von Kautex/TSV; keine Präferenz verkündet.
- Supply Chain & Liefermengen: Fragen zu Lieferkadenzen und R&D‑Reallokation; Antwort: Verbesserungstendenz bei Zulieferern (insb. Triebwerke), aber weiter „lumpy“; Ziel, Durchsatz zu erhöhen, ohne Gesamt‑Capex zu erhöhen.
⚡ Bottom Line
- Fazit für Aktionäre: Solide operative Q1‑Zahlen und hoher A&D‑Backlog stützen Aussicht auf höhere Wachstums‑ und Margenprofile für ein reines A&D‑Unternehmen; kurz‑ bis mittelfristig bleiben Ausführung (Trennung), Lieferketten & Finanzierung des MV‑75 die zentralen Risikofaktoren.
Textron — Q4 2025 Earnings Call
1. Management Discussion
Thank you for standing by, and welcome to the Textron Fourth Quarter 2025 Conference Call. [Operator Instructions] I'd now like to turn the call over to Scott Hegstrom, Vice President of Investor Relations and Treasurer. You may begin.
Thanks, Rob, and good morning, everyone. Before we begin, I'd like to mention we will be discussing future estimates and expectations during our call today. These forward-looking statements are subject to various risk factors, which are detailed in our SEC filings and also in today's press release. On the call today, we have Scott Donnelly, our Executive Chairman; Lisa Atherton, our Chief Executive Officer; and David Rosenberg, our Chief Financial Officer. Our earnings call presentation can be found in the Investor Relations section of our website.
With that, on the call over to Scott.
Thanks, Scott, and good morning, everyone. Extron closed out the year with another solid quarter, driven by significant revenue growth of 16% and segment profit growth of 34%, resulting in an adjusted EPS of $1.73. For the full year, Textron finished the year with revenue growth of 8% and segment profit growth of 14%, resulting in an adjusted EPS of $6.10. Looking at the segments. Aviation had a strong year with revenue up 36% for the fourth quarter and 13% for the full year, reflecting higher aircraft deliveries and increased aftermarket volume as we recovered from the strike in late 2024.
In the quarter, we continued to see solid order flow and customer demand across our portfolio, ending the year with $7.7 billion of backlog. In 2025, we delivered 171 jets, up from 151 last year and 146 commercial turboprops, up from 127 in 2024. Also in the quarter, we continued to upgrade the product portfolio, Citation Ascend, CJ3 Gen 2 and the M2 Gen 2 with autothrottles all receiving FFA certification and beginning deliveries.
During 2025, strong aircraft utilization within the Textron innovation product portfolio resulted in a 6% growth in aftermarket revenues. Also had a very strong year with revenue up 11% for the fourth quarter and 20% for the full year. With the acceleration of the MV-75 program, 2025 marks Bell's second consecutive year of 20% growth in military revenue. We've talked a lot about accelerating the MV-75 program in 2025. To provide some examples of our progress on this, we've completed over 90% of the engineering drawings put nearly 2,000 Tier 1 and Tier 2 suppliers on contract issuing 45,000 purchase orders, opened new manufacturing capacity in Wichita for the Fuselage and Fort Worth for the advanced manufacturing center to Drive Systems Test Lab and the Weapon Systems Integration lab, and we've begun manufacturing components for the first 6 aircraft.
So the acceleration is not just design work, it's establishing real production capacity as we pull forward production by a couple of years. Earlier this month, we hosted the Secretary of the Army and representatives from the MV-75 program office at our Wichita Assembly Center, where we are building the fuselage of the aircraft. During this visit, we were able to demonstrate our production capabilities and progress on the first 6 aircraft that are currently in work. Across Bell's other sites, we're seeing the results of our prior investments in manufacturing process development, which led to efficient manufacturing of major parts like our wing skins and bars.
On the commercial side, Bell continued to see strong order activity in 2025. For the year, Bell delivered 169 commercial helicopters compared to 172 in 2024. Moving to systems. The team also told revenue growth for both the quarter and the full year, with revenue up 4% in the quarter and slightly up for the full year. The team generated this revenue growth while facing headwinds that had to overcome including the challenging comparables resulting from the wind down of the Shadow program. The Ship-to-Shore Connector program has proven to be a real strength for the segment. We are now about 15 units into a 73-unit program record. The program has scaled up and is now running efficiently, and has received over $450 million of awards this year.
During the quarter, Systems received an IDIQ contract valued up to $200 million for its ATAC business to provide airborne standoff jamming services to the U.S. Navy and U.S. Marine Corps. This program will support Navy fleet customers with a wide variety of airborne threat simulation capabilities, the training, test and evaluate shipboard and aircraft weapon systems. In Industrial, the segment ended the epi year with a positive organic growth of about 1% in the fourth quarter. after streamlining the portfolio with the divestiture of the Powersports business.
In summary, 2025 was a strong year for Textron. We continue to execute on our growth strategy of ongoing investments in new products and programs to drive organic growth and margin expansion. As we wrap up 2025, this will be my earnings call I want to express my thanks for all your support over the years. I feel very good about where the business stands, the team that we have in place and the leadership that Lisa brings to the table.
With that, I'll hand off to her to talk about the business more broadly and our plans for 2026.
Thanks, Scott. And I want to extend my sincere gratitude for your exceptional leadership and your commitment to Textron over the years. And on behalf of the entire team, thank you for your many contributions and the lasting legacy that you leave, and we wish you all the very best. For those of you that may not know me, I graduated from the United States Air Force Academy. I was a contract officer and then a civilian contractor at the Director of requirements at Air Comback Command. I left ACC in 2007 and joined Textron holding various leadership positions within Textron Systems and Belt. I was fortunate enough to spend several years leading systems before my last position as CEO of Bell.
In these roles, I led numerous development and program activities, including the future long-range assault aircraft now the MV-75 program. When we look across Textron, I am very excited for the opportunities that lie ahead. Textron Aviation, our largest segment is a clear leader in general aviation with its Sesa and Beach Craft brands. It has a great product lineup, an unmatched installed base, driving a powerful aftermarket business and a world-class customers. 2025 was a very strong year for Aviation, and the business is well positioned for the future.
In addition to our successful certification efforts, we continue to progress on the beach Craft and ale development program. The Denali finished the year having logged over 3,200 hours of flight testing. On the Defense side, Textron Aviation entered a contract to deliver the first 2 Beechcraft T-6 to Japan's Air Self-Defense Force with additional contracts anticipated. Deliveries of the 2 aircraft are scheduled for 2029. We -- from a market perspective, the general aviation industry is very healthy.
The business has nearly an $8 billion backlog, and we continue to experience strong order flow. As a result of the team's continued product innovation and operational execution, we remain at the forefront of the industry. Turning to Bell. The MV-75 program continues to be a great success story. What began as internal research and development and turned into the [indiscernible] on the joint multi-role technology demonstrator program is now a core component of the Army's transformation initiative. Over the last year, we have worked closely with the Army as they accelerate the program.
Bell is now poised to begin testing on the first unit later this year, deliver EMD articles throughout 2027 and then transition into LRIP deliveries in 2028. Our military opportunities are not limited to just the MV-75 program. Earlier this month, that was notified of its selection to proceed to the next phase of the Flight School next competition. This would be a new program to train Army Aviators at Fort Rucker. This opportunity leverages our 505 helicopter and our expertise in flight training, where Bell currently trains nearly 2,000 pilots per year at the Bell Training Academy.
Because of our long-term investment strategy, our defense and commercial product mix and our agility in adapting to and embracing acceleration with a wartime metality we think Textron is demonstrating the characteristics valued by the Department of War in support of the arsenal freedom. As I mentioned, I previously ran Textron Systems as well and believe that this business has long been 1 of the cool kids in the defense industry. We developed and have been flying unmanned systems for over 25 years with more than 2 million flight hours on our platforms. We developed our first unmanned surface vehicle in 2007, we manufactured and fielded high-temperature materials that operate in hypersonic environments dating back to the 1960s.
We are currently on Mars as part of the first severance Rover. Our technology is being utilized on the heat shield for Orion as it prepares to travel to the moon, and we are developing the reentry vehicle system for Sentinel as well as working on various other hypersonic applications. We are also ramping our land offerings in support of the Ukraine with our MSF platform, which is part of the Commando family and continuing development on major opportunities like the armor connaissance vehicle and the [indiscernible]. We also have proven commercial business models that have demonstrated across multiple platforms, including Arison and ATAC, which are directly applicable to opportunities like flights go next. Thanks to our leading-edge capabilities and recent program wins, Textron Systems is well positioned to drive future growth.
Moving to Industrial. The teams at Kautex and TFV have done a good job executing and dealing with challenging end markets. At Kautex, the hybrid volumes continue to grow and due to our investments in the Pentatonic offerings, we are gaining more closure to pure electric vehicles. In fact, the pen atonic offerings present the opportunity for both fuel tank and battery enclosure revenue on hybrid platforms. At TFV, the team continues to introduce new ducts and work to address the cost structure. For example, TSB rolled out the Cushman Hauler XL with larger hauling capacity and an easy go, our PACE technology is expanding beyond golf into new markets.
Before we move to the outlook for 2026, I want to highlight that our $14.8 billion of revenue in 2025 is the highest we have ever had as a company. In 2026, we're injecting revenues of about $15.5 billion, up about of 4.5% from 2025 for Textron's 2026 year. We are projecting adjusted EPS in the range of $6.40 to $6.60 on Manufacturing cash flow before pension contributions is expected to be in the range of $700 million to $800 million. This cash flow outlook reflects approximately $350 million of higher CapEx and and long-lead material to support LRIP on the MB 75 program.
With that, I'll turn the call over to David to walk you through a recap of 2025 financials and the 2026 outlook.
Thank you, Lisa, and good morning, everyone. First, Scott, I would like to echo Lisa's comments and extend my gratitude to you as well. It has been a pleasure working with you over the years.
Turning to Slide 5 of the earnings presentation. Revenues in the quarter were $4.2 billion, up 16% or $562 million from last year's fourth quarter. Segment profit in the quarter was $380 million, up 34% or $97 million from the fourth quarter of 2024. During this year's fourth quarter, adjusted income from continuing operations was $1.73 per share compared to $1.34 per share in last year's fourth quarter. Manufacturing cash flow before pension contributions totaled $510 million in the quarter, up $24 million from last year's fourth quarter.
For the full year, revenues were $14.8 billion, up 8% or $1.1 billion from last year. In 2025, segment profit was $1.4 billion, up 14% or $163 million for 2024. Adjusted income from continuing operations was $6.10 per share. as compared to $5.48 per share in 2024. Manufacturing cash flow before pension contributions was $969 million, up $277 million from 2020.
Now on Slide 6, let's review how each of the segments contributed, starting with Textron Aviation. Revenues at Textron Aviation of $1.7 billion were up $467 million or 36% from the fourth quarter of 20 reflecting higher aircraft revenues of $400 million and higher aftermarket parts and service revenues of $67 million. The increase in aircraft revenues was primarily due to higher volume mix, largely reflecting higher Citation jet and commercial turboprop line as we recovered from the strike in 2024. We Segment profit was $208 million in the fourth quarter, up $108 million compared with the fourth quarter of 2024, largely due to higher volume and mix.
On a full year basis, Textron Aviation generated revenue of $6 billion, up 13% over the prior year and $694 million of segment profit, up 23% from 2024. Backlog in the segment ended the year at $7.7 billion. Revenues at Bell of $1.3 billion were up $128 million or 11% from the fourth quarter of 2024. The revenue increase in the quarter was driven by higher military revenues of $139 million. primarily due to higher volume on the U.S. Army's NB 75 program, partially offset by lower commercial revenues of $11 million reflecting the mix of aircraft sold in the period, offset in part by higher pricing. Segment profit of $11 million was down $9 million from a year ago.
On a full year basis, Bell generated revenues of $4.3 billion, up 20% over the prior year and $363 million of segment profit, down $7 million from 2024. Backlog in the segment ended the year at $7.8 billion, an increase of over $300 million from the prior year, reflecting growth in both military and commercial businesses. At Textron Systems, revenues of $323 million were up $12 million or 4% from last year's fourth quarter, primarily due to higher volume. Segment profit of $43 million was up $1 million from last year's fourth quarter. On a full year basis, systems generated revenue of $1.2 billion, up slightly over the prior year and $175 million of segment profit, up 14% from 2024.
Backlog in the segment ended the year at $3.3 billion, an increase of over $700 million from the prior year related to awards across multiple domains, including ATAC, marine systems and land systems. Industrial revenues were $821 million, down $48 million from last year's fourth quarter. Textron Specialized Vehicles revenues decreased $69 million, largely reflecting a $72 million impact from the divestiture of the Powersports business. Kautex revenues increased $21 million or 5%, largely due to a favorable impact from foreign exchange rate fluctuations. On an organic basis, Industrial revenues were up slightly from last year's fourth quarter.
Segment profit of $30 million was down $18 million from the fourth quarter of 2024, largely due to higher selling and administrative costs and lower volume and mix. On a full year basis, Industrial generated revenue of $3.2 billion, down 9% from the prior year or down 4% organically. -- and $145 million of segment profit, down $6 million from 2020. Textron Aviation line revenues were $7 million in the fourth quarter of 2025 as compared to $11 million in last year's fourth quarter, and segment loss was $15 million as compared to a segment loss of $22 million in the fourth quarter of 2024.
On a full year basis, eAviation generated revenue of $27 million and a segment loss of $63. Finance segment revenues were $18 million and profit was $13 million in the fourth quarter of 2025, and as compared to segment revenues of $11 million and profit of $5 million in the fourth quarter of 2024. The increase in revenues in segment profit included a $5 million gain on the disposition of non-captive assets in the fourth quarter of 2025. On a full year basis, the Finance segment generated revenue of $75 million and segment profit of $49 million.
Moving below segment profit. Corporate expenses were $44 million. Net interest expense for the manufacturing group was $31 million LIFO inventory provision was $84 million and intangible asset amortization was $8 million. and the nonservice component of pension and postretirement income were $66 million. During the quarter, we repurchased approximately 2.3 million shares, returning $187 million in cash to shareholders. For the full year, we repurchased approximately 10.7 million shares, returning $822 million to shareholders.
Turning now to our 2026 outlook on Slide 19. We're expecting adjusted earnings per share to be in the range of $6.40 to $6.60. We are also expecting manufacturing cash flow before pension contributions to be about $700 million to $800 million. As Lisa mentioned in her remarks, this cash flow outlook reflects investing approximately $350 million of higher CapEx and long-lead materials to support LRIP on the MV-75 program. Before we move to the segment outlook, as you may recall, Textron is eliminating Textron Aviation as a separate reporting segment, realigning the aviation business activities across Textron Aviation, Textron Systems and Corporate to leverage our existing sales, business development and engineering capabilities. Our segment level guidance for 2026 reflects this new operating structure.
In the earnings presentation that is posted on our website, we recast 2025, so you can see 2025 actuals and 2026 guidance on a comparable basis. Moving to segment outlook on Slide 20. And beginning with Textron Aviation, we're expecting revenues of about $6.5 billion, reflecting growth of approximately 9% over 2025. Segment margin is expected to be in the range of approximately 11% to 12%. The margin range compares to Textron Aviation's 2025 recasted margin of 11.1%. Looking to Bell, we expect revenues of about $4.4 billion, reflecting low single-digit growth over 2025. We're forecasting a margin in the range of about 8% to 9%.
As the MV-75 program continues to accelerate, we expect that we will be awarded the lot lead low-rate initial production, or LRIP phase of the contract in late 2026 or early 2027. Upon an award of the LRIP open, which is largely fixed price, we expect to record an unfavorable cumulative catch-up program adjustment, reflecting higher costs than originally anticipated when the program was bid in 2021 in the range of $60 million to $110 million. The overall MV-75 program will continue to generate a positive margin after the adjustment. In light of the uncertainty of the timing of the award, this has not been reflected in our guidance for the year.
At Systems, we're estimating revenues of $1.35 billion reflecting growth of approximately 7% over 2025. Segment margin is expected to be in a range of approximately 12% to 13%. At Industrial, we're expecting several revenues of about $3.2 billion. This reflects low single-digit growth when adjusting for the powersports divestiture in 2025. Segment margin is expected to be in the range of about 4.5% to 5.5%. At Finance, we are forecasting segment profit of about $20 million. Looking at Slide 21, we're projecting about $180 million of corporate expenses. We're also projecting about $140 million of net interest expense for the manufacturing group, $200 million of LIFO inventory provision, $30 million of intangible asset amortization and $280 million of nonservice pension income.
We expect the full year adjusted effective tax rate of approximately 20.5%. Turning to Slide 22. R&D is expected to be about $480 million, down from $521 million last year. As I mentioned, we are estimating higher CapEx on the MB 75 program. resulting in our 2026 CapEx to be about $650 million and $383 million in 2025. Our outlook assumes an average share count of about 175 million shares. So for 2026 company-wide, we expect to see revenue of approximately $15.5 billion and segment profit of approximately $1.5 billion. All of this rolls up to an adjusted EPS forecast in the range of $6.40 to $6.60.
That concludes our prepared remarks. So operator, we can open the line for questions.
[Operator Instructions] Your first question comes from the line of Sheila Kahyaoglu.
2. Question Answer
And Scott, congratulations on your career and building up Textron and handing the baton over to Lisa. Lisa, set congratulations to you as well. Maybe if you could talk about your top priorities for the company now that you're a CEO.
Thanks, Sheila. Look, as I outlined in the remarks, we are really starting from a very strong foundation -- and so as I look at my priorities, I think about them in 3 parts. First off, execution. Each business has to deliver on their commitments with that operational rigor and cash discipline and have the accountability to do so. I have a phrase that we have to do what we say we're going to do. And so we're going to hold each business to that.
Second will be a portfolio of focus, how we allocate that capital return opportunities across our A&D assets. We have to be very clear about where we lean in and equally clear about where we don't. An example here of how we've been leaning in is on the MV-75 long lead and factory investment to ensure success as the Army pulls that program forward. And lastly, we have to really keep building resilience. So that all of our businesses performed well across cycles. You think about this as investing in our manufacturability, investing in our supply chain and really investing in our talent.
So that's what we have to do. I think how we had to do it is with clarity. We have to very clearly define those execution goals clearly defined our allocation of our capital and that strategic focus across our business. I think having that rigor is going to result in us continuing to execute reliably while we make clear choices of what we invest in, what we protect and frankly, what we don't pursue is equally as important.
Got it. And maybe 1 for Dave. Dave, you're guiding to aviation revenues up 9%, but orders were down 3% over the last 12 months. Can you maybe just discuss how the buildup to aviation guidance and the cadence for Aviation throughout '26?
Sure. So our overall guide is $6.5 billion, up from $6 billion last year. Obviously implied to our guide, we expect higher deliveries in 2026. And I would expect similar aftermarket growth profile of around 6%, just like we had in 2025. When you think about the margin cadence, I think you'll see a similar level of seasonality as we had in 2025. So we'll probably be about 100 to 150 basis points below the midpoint of the guide at the start of the year. And I'd expect by the end of the year will be 100 to 150 basis points above the midpoint. And Q2 and Q3 will kind of be in between that.
Your next question comes from the line of Peter Arment from Baird.
Congrats, Lisa. And Scott, thanks for all your support, I can't believe you want to leave all these quarterly conference calls. But anyway Lisa, how should we be thinking about the in the near and medium term, just given the Army's push to accelerate this program. And obviously, you've been intimately involved and you've probably seen a lot of different versions of what the plans have been. But how should we think about the current setup?
Yes, sure. So I mean, I think the Army has been crystal clear about their desire to move faster. The mandate that came out from the secretary and the chief earlier in 2025. And with the Army Transformation Initiative, put this program as a centerpiece to what they want to execute for the war fighter in the really very near term. So as we mentioned in the prepared remarks, we had some exponential increase in the tangible output because of them kind of clearing the decks to allow the program team to work.
We've got the drawing releases out of tooling. We're building parts across the EMD aircraft. But equally as important, and you guys know this, sometimes just getting through the process is as cumbersome as building the product. And so the Army has kind of cleared the decks for the program team, and we've seen this in the program office in Huntsville. They have really accelerated speed of acquisition. And so that has helped us get to a position where we can push these aircraft into testing sooner. And so at a high level, what that does is it pulls the entire program forward by about 2.5, 3 years. And so what we'll do is deliver these aircraft on the EMD through 2027, move right into instead of having that gap, which the original program had, which we were going to kind of go into this testing phase and no production.
So we would have 2 years of nothing. Well, that now has been filled in. So within months after aircraft #8 is delivered, you'll see aircraft #9, followed by 10, et cetera. And so that acceleration of production in and of itself gets capability out to the Warfighter gets the Army training with this to rotor aspects and allows us to get to full rate production within about 5 to 6 years. So I think you're really seeing the Army lean in and we're right with them.
Your next question comes from the line of Kristine Liwag from Morgan Stanley.
Congrats, Scott and Lisa. Lisa, you highlighted your focus on the portfolio and being deliberate about your investments. When you look at the portfolio today, do you intend to grow or prune? Where do you see incremental opportunities?
Yes, I think, Chris. So I really don't see that management as a binary choice. I think we have to have this ongoing process -- and so while I won't necessarily comment on specific assets right now, we do have to evaluate every single business against that same criteria. They have to have the returns the cash generation and the strategic fit for our long-term porter. I certainly want to accelerate growth and scale in some high-quality aerospace and defense areas. But again, that's going to have to fit with the proper evaluation and strategic alliance to what we're doing in order to make sense.
So we've had really historic success with aspects like ATAC that we talked about. I mean it was a pretty small company when we acquired it. It was focused on some fleet exercises for the Navy. And now it's expanded into the Air Force Marines scope with the standoff Jammer and adding $450 million of backlog. So when we look at our assets, it doesn't necessarily have to be a big bang. It sometimes is these little assets that have really great long-term potential. So we'll look at that.
I think we also, as I mentioned, in the priorities, have to have some vertical integration efforts. We've seen a lot of success with that as we try to control our destiny when it comes to supply chain weakness, areas like actuators, interiors, key repair components that we have to have. And I think we need to really lean in and build on that to have that resilience that we need for the long term, and obviously, earlier in '25, we disposed of the Powersports business. I think that was the exact right move. And so stated from the beginning, whether it's to grow or prune, we really have to have demonstrated performance by the business that we either are acquiring or continue to have that performance internal to our portfolio to make sure it's relevant to the future.
That's super helpful. And if I could add a second question with your history at Textron Systems, I guess, Textron Systems has historically been a disruptor in autonomous systems. And when you look at capabilities today, I mean, you have 1 of the broadest set of capabilities with unmanned Ground Air, C, command and control software. Now we're seeing more new players wanting to enter this autonomous space. I was wondering, can you give us the lay of the land on how to think about your offering where you see your strengths are? And how you think this market evolves and where Textron is differentiated versus these new players?
Sure. I mean, look, I think 1 of our key differentiators is that we have decades of experience here. We know how to manufacture with high rate affordably for our customer. We've seen, as I mentioned, millions of hours of this across various aspects. We've got aircraft on the backs of ships right now. or performing ISR capabilities -- and so we know that in these austere environments, how to build products that are reliable for the war fighter -- and so I think because of that history and heritage, I'm pretty bullish on our opportunities there. And as you mentioned, we've done it not only on, I'll say, smaller unmanned drones in the air it's actually harder to do it on land and in the seed because of the terrain environment. So we've demonstrated that capability as well.
So look, I think as the government figures out the new way of war fighting, we need to be right there with our offerings and watching these entrants as they come in. in some cases, there might be partnerships. In some cases, it will be head-to-head competition. But I think Textron Systems has a strong offering to maintain as a key partner to the Army, Air Force and Marines in this.
Your next question comes from the line of Myles Walton from Wolfe Research.
Lisa, you just talked about investing in the supply chain, doing some verticalization. I guess the question I'd have on Aviation, is that still -- do you think you're limiting function to getting to higher production rates? And where are you in that recovery of supply chain control? And maybe how much cost extra is flowing through the numbers to facilitate your deliveries as you've otherwise planned by expediting supply?
Yes. So productivity, aviation is certainly a key focus for us as we go into 2026. And I think it's 2 parts, right? I mean it is continuing recovery of the supply chain. I think in large part, and we saw at Bell as well -- the majority of it, I think we have gotten that recovery, it's still those key components that continue to be head hurters -- and so I think we're starting to see recovery. We're starting to see folks responding to the needs and the demand. But I mean, candidly, engines just to call it a key component, which you have to have for these aircraft, has been a laggard for us and we have to keep working with our partners there in order to get the engines to our aircraft.
The other part, though, I think that we see is workforce. We've had a high attrition, I'll say, in the early workforce, folks that I would say, a year or 2 years into working with us. the response of the team there, we created an in-house training program to upskill the talent there to create more longevity and resiliency of our workforce. And so those 2 pieces together is what we really have to have in order to improve the efficiency on the factory floor. And I would say that is broader than just Aviation, that's also a belt. We saw the same type of things that we need to work on and fix.
So Look, I would say, it's both. I think the team has some good plans. And Dave, I don't know if you want to add any color there other than that we price that in. But I think there's a good progress and we'll hold them accountable to it.
Yes. I'd just add, if we look at 2025, we certainly saw a modern improvement in the supply chain. We earn more hours in the factory. Did we get all the efficiency and productivity we hope to get in the air now. So there's still opportunity to drive better efficiency in the factory. So that's still a slight headwind in our overall numbers, which, of course, are reflected in our guidance and it also represents a strong opportunity for us as we go forward. And as you see from our guidance, we do expect to be able to deliver more air lanes in 2026 than we did in 2025.
Okay. Quick follow-up, Dave, on the CapEx for '26. Is that spike expected to continue beyond '26 and...
As we've talked about over the last 6 months as acceleration too cold, essentially, we're moving about 2 years to the left in terms of investments. So you'll probably see the elevated level in 2026 and 2027, all driven really by the MB 75 program, simply moving investment that would have been in 2028 and 2029 to the last.
Your next question comes from the line of Robert Stallard from Vertical Research.
Congrats, Lisa, welcome to the call. I wonder if I ask a couple of questions about MV-75. You've given us the additional CapEx cost or pull forward CapEx cost you're going to see in '26 and '27 and there's this potential charge when you get the LRIP contract sorted out later this year. But what's the flip side of this? I mean how much could revenues go up by versus previous expectations as we look out to '27, '28, '29. And what could the returns be on those revenues versus what you might have expected before?
So I'll talk on the -- as we've described this program, ultimately, the opportunity is between 40 and 60 units per year. and you can average that out, it's going to be a significant increase on the overall revenue profile of the business. And we expect that, that would start rolling in later this decade, much quicker than originally expected. The other point I'd make, historically, in the past, Bell was a double-digit margin business.
And certainly, as we as the program matures and we get into the initial lots of production, our expectation would be that they would return to that. All these actions we're describing to you today means that's accelerated versus where it previously would have been, which they would have taken a longer time this decade.
Okay. And a quick follow-up, Dave. So if you take this charge later this year, where would it leave booking margins on the MV-75 going forward, they be like low single digit and then eventually move up to those low double-digit levels?
Yes. I mean as you know, Rob, we're treating this as 1 program from a booking rate as new contract line items get awarded. If you look, for example, in 2024 and Q4 of 2024, when the 2 let units got awarded, that resulted in us having to a [indiscernible] catch up and lowered our outlooking rate still in the low single digit margin.
And in Q3 of 2025, we added an additional point award that actually resulted in us raising the booking rates, again, still in that range. So this is still in the mid, low single digits as we go forward. And each time a new contract line item is awarded, we adjusted up and down. But this isn't the first time this has happened. And you can actually see that if you look at our EACs from Q4 or Q3 of 2025. But the program the port and emphasize that program will continue to be profitable as we expect it to be profitable as we go forward.
Your next question comes from the line of Seth Seifman from JPMorgan.
Congratulations to Scott and to Lisa. I wanted to ask with -- even with the CapEx that you're planning for this year, still have some cash to deploy no debt due this year, it seems from the release that the share count is down a bit. How do you think about using your cash here?
Yes. Look, I'll start, and Dave, you want to see if you want to pile on there, but we're going to continue to that as appropriate. We're going to make sure that we do copper research and development where it makes sense across the business and get ready, as we said, for the MV-75 acceleration, and we'll continue to do share buybacks as it makes sense. So...
Yes. Our expectation is we'll continue to deploy the relatively similar percentage that we've had in the past in our from our free cash flow, and we're really comfortable where we are currently on a debt level, our ratios, et cetera. We're good BBB rating, and that's where we expect to continue to be.
Excellent. Excellent. Very good. And then, Lisa, I bugged Scott with this question a couple of times in the past. But just with the acceleration of the program, maybe I can ask you since you've been so close to it, how do you think about concurrency risk with moving straight in LRIP -- and what gives you kind of confidence that we want future charges?
Yes. So we've been working on this program for 15 years. And so with the prototype and the over 200 hours of flight that we had on the demonstrator, the fact that we're seeing on the digital engineering yield that we have in these programs, I mentioned we've got parts that are already being built. We're having 100% first pass yield. What that means is the parts are coming out exactly as designed. And so the fact that we're seeing that kind of performance out of the program gives me the confidence that what we build is what we designed.
And so when we put that through a test, I mean certainly, we'll discover some things, but I mean I think there's -- we have high confidence that we have wrung out a lot of the concerns that you might have seen in older generation type development programs.
Your next question comes from the line of Noah Poponak from Goldman Sachs.
Congrats, Scott and Lisa. And Scott, thanks for all the time you spent with us over the years. I was hoping to talk more about the Aviation margins. We see the recast taking 60 basis points out of the reported. I guess, Dave, I don't know if you could just sort of tell us what the incremental was kind of fully adjusted in '25 and in your '26 guidance? And I guess the '25 guide had been 12% to 13%. If we take the 60 basis points out of that, the guidance for 26 is flat to down, I guess. So are we just recasting the Aviation margin? Or are we also resetting the Aviation margin expectation for some reason?
No, we're certainly just recasting. I mean I think if you look about -- you're correct, we guided last year at 12% to 13% and ended up slightly below that. I mean, I think that's largely around the volume story. While we did have higher volume year-over-year, we ended up with a little more a little less volume than we expected. But I mean, as you -- as we go forward, if you look at our incrementals this year, depending on where you end up in the range, I mean, we're probably between 15% to 20%. We've often said that this business should have incrementals of 20% to 25% and has not changed.
I think the key to us getting there is continuing to have efficiency and productivity improvements in the factory that will drive higher volume. And of course, where we've established the market over the last 5 years, pricing remains solid. So that the business should continue to convert 20% to 25% and also, I should mention with a very strong aftermarket business. We grew 6% last year. We expect to grow 6% this year. So it's certainly not a restatement of what we expect the margins to be. we feel comfortable where we're at and plan to continue to grow the business as we go forward.
Okay. And then, Dave, you've talked about holding Bell EBIT flat as you ramp MV-75 and grow revenue, but work through the margin. With what you're telling us today on the LRIP and once you take the charge, is that still a view? Or do we think about that differently?
That's still the view.
Okay. So this year, you're growing revenue and the guidance is for the margin to be flat. So that would grow EBIT. I guess, therefore, that implies the margin still goes down a little bit more before then eventually going back up?
I mean we're going to be probably going to be in a relatively steady state over the next couple of years. And then with the acceleration, you'll start seeing the benefit of that. I think I view this as a relatively steady state, which is consistent to the message we've been sharing.
Your next question comes from the line of John Godyn from Citi.
Lisa, I wanted to just sort of brainstorm the world of a much bigger budget, not necessarily $1.5 trillion, but obviously, kind of those sound bites are out there. What I'm trying to think through is between Bell and systems by the math, you guys have a lot of defense exposure. But more specifically, where do you think the points of leverage would be to the upside in a world where the budget was much higher?
Yes. Look, I think what you see is what the Department of War is trying to prepare for, I mean, we have aspects of our business across all of that. So particularly around the Sentinel program and what our team is doing at systems around hypersonics and the Thermo protective materials, I think there's points of leverage there with their emphasis on the XM30 and the Marine course armed reconnaissance vehicle and where those programs are in their terms of their development. I certainly think there's opportunity for growth and acceleration in those programs.
And then as we've stated multiple since already with the MV-75 and their continued push quickly into full rate production. And so that, along with the Ship-to-Shore program will be steady. I mean, we're producing those all through a program of record of 73. And so there's just, I'll say, continued foundation and solid support for the programs across all of our defense portfolio.
Got it. That's very helpful. And there was a bit of a discussion earlier about adding capabilities. In a world where the budget was higher, is that part of a guiding light for adding capabilities, accelerating growth in what you call high-quality areas of A&D. I just want to connect a dots there.
Yes, sure. So I mean particularly around the space side of things, I think the Department of Ware is also kind of leaning into that. And I would like to see us move into areas of the space side of hence either with assets that we have or as we look to the future. So I certainly think that, that is a key growth area we need to be focused on.
Your next question comes from the line of Gavin Parsons from UBS.
Also my congrats to Scott and Lisa. Does jet demand pretty strong overall, but it does seem like large cabin maybe is the strongest segment at the moment. Is there any opportunity there to add a larger aircraft to the [indiscernible] family?
Yes. Look, I think this year, we brought in 3 block point upgrades, and that wasn't necessarily the plan as we went into the year. I think that kind of all kind of jammed up towards the end of the year, which created a little bit of a lumpiness for us. I think our plan would be to try to do 1 of those at a time and do 1 clean sheet at a time and right now, the focus on the Denali and getting that entered into service is the focus for the team.
And then if I could just dig into the industrial margins a little bit light in '25, but expanding in '26?
Yes. I'll take that one. I mean I think that obviously, I think Kautex did a really good job year despite where the market is. And they've continued to see improvement in their own profitability. TFV still has some challenges kind of where the end market is. And they've absorbed a certain level of tariffs which has also been a headwind. But overall, we do see golf continues to be a pretty steady business and a lot of their cost reduction activities that they've been continuing to do. Those are kind of the combination of the 2 that are driving the improvement.
Your next question comes from the line of Ron Epstein from Bank of America.
Congratulations. Everybody, and Scott, hard to believe. It's been a while. So Thanks, nothing -- so yes, so maybe a couple of questions. Just first one, we haven't talked about much. On the MV-75, how are you all thinking about the logistics and support for the aircraft? Because once the aircraft on field logistics and support could be pretty profitable. And what's the model around that? And how are you thinking about that?
Yes, sure. So if we model it after what we've done with most of our programs on the military aircraft side, there's typically kind of a performance-based logistics type approach that the military works with us on. I think the Army in this approach also has been very intentional on how they have gone with basically their purpose rights. They want to have some organic capabilities themselves. So we will work with them to help them stand up that capability.
Obviously, service parts or payer, a lot of that will be probably station near where a lot of the center of their aircraft are they're likely going to be at for Campbell to begin with. So we'll be working with them to ramp that and how those spares packages would look as they lay that the program out into the various aspects of me. They're different than how we deal with the marines. The Marines have kind of 2 centers of location, the Army supports their aircraft where the Army is. And so we will have to support them in that in a more disparate way.
Got it. Got it. Got it. And then maybe just they're going to pull something out of the garage, and you know what I mean in a minute. It's something we should talk about a little bit and sort of faded away with Scorpion. And the reason I bring that up, not that maybe there's immediate demand for Scorpion, but you guys were ahead of the game doing something that was a lot of commercial on your own dime and at the time, the drop the ball and didn't get them, right? And I think you all would agree with this.
I think they should have -- you probably think they should have, but they didn't. Things have changed. And given that you've got this awesome toolkit of a lot of commercial parts and you're doing a bunch of good military stuff and commercial stuff at Bell, but really largely commercial but some military at Textron Aviation. Does environment come together for you guys to start doing something like a scorpion or whatever, again, where it can be largely commercial with the military applications at a cost point that's better is there receptivity for that with Scorpion just maybe a decade ahead of this time?
I think that's right. I mean I do think it was just a little bit ahead of its time. But when you look at what we're hearing in the last 8 months, it echoes exactly what we tried to do with Scorpion, which was take a commercial mentality, commercial practices off-the-shelf of parts and put together a low-cost, affordable platform that is beneficial to the war fighter. And so I think because of that being a part of our DNA, I think that's something that we would lean into. We do that, frankly, now with some of our aircraft at Textron Aviation defense and inside of belt.
We militarized Bell commercial aircraft that go into certain special missions around the globe. But as we look to where the government currently is leading us with this, I'll say, their new arsenal of freedom, that's what they've titled that as where we have aspects that we go into that, we certainly will. I think that, that's what they've asked of us, and I think we are well positioned to do that.
Got it. Got it. And then, sorry, just 1 last 1 quickly. could there be a new life for Scorpion? I mean the role that you built it for is still out there, right? -- the same?
Yes. I haven't heard of it yet, but certainly, if it comes out, you guys will be the first to hear about it because we'll be talking about it. But I think there's -- but look, I agree with the sentiment, right? There was opportunity here, and we are positioning the company that knows how to respond to that.
Congratulations.
Thank you.
And that concludes our question-and-answer session and also concludes today's conference call, an audio replay will be available approximately 2 hours following the conclusion of this call. To access the replay, please 770-2030 and enter conference ID 696 and 175 and pound key. Thank you for your participation. You may now disconnect.
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Textron — Q4 2025 Earnings Call
Textron — Q4 2025 Earnings Call
📊 Quartal auf einen Blick
- Umsatz (Q4): $4,2 Mrd. (+16% YoY) getrieben von höheren Flugzeuglieferungen und Aftermarket.
- Segmentgewinn (Q4): $380 Mio (+34% YoY), deutliche Hebung durch Volumen und Mix in Aviation.
- Adj. EPS (Q4): $1,73 vs. $1,34 Vorjahr (starkes Quartalsergebnis).
- Jahreskennzahlen: Umsatz $14,8 Mrd (+8% YoY), adj. EPS $6,10, Segmentgewinn $1,4 Mrd (+14%).
- Auftragspolster: Backlog gesamt rund $7,7 Mrd; Bell-Backlog bei $7,8 Mrd.
🎯 Was das Management sagt
- MV‑75‑Beschleunigung: Produktion vorgezogen, >90% der Zeichnungen fertig, erste Komponenten für sechs Maschinen in Fertigung, neue Kapazitäten in Wichita/Fort Worth.
- Produktportfolio: Zertifizierungen (z. B. Citation Ascend, CJ3 Gen2, M2 Gen2) abgeschlossen; Aviation nutzt stärkere Aftermarket‑Erträge und Denali-Tests vorangetrieben.
- Portfolio & Kapital: Fokus auf gezielte Investitionen in A&D, vertikale Integration zur Störungsreduktion, fortgesetzte Aktienrückkäufe bei nachhaltiger Bilanz.
🔭 Ausblick & Guidance
- Gesamtjahr 2026: Umsatz ~ $15,5 Mrd (+4,5% vs. 2025), adj. EPS $6,40–$6,60, Manufacturing-Cashflow vor Pensionen $700–$800 Mio.
- Investitionen: CapEx ~ $650 Mio (inkl. ~ $350 Mio für MV‑75‑LRIP-Vorbereitung und long‑lead‑Materialien).
- Programmrisiko: Bei LRIP‑Zusage erwartet Management eine einmalige ungünstige kumulative Nachanpassung von ~$60–$110 Mio; Timing unsicher (spätes 2026/anfang 2027) und nicht in Basis‑Guidance enthalten.
❓ Fragen der Analysten
- MV‑75‑Timing: Analysten fokussierten auf Beschleunigung, LRIP‑Zeitrahmen und Auswirkungen auf Produktionsrate; Management bestätigt Vorziehen um ~2–3 Jahre, LRIP‑Award noch unsicher.
- Programmcharge & Margen: Kritische Nachfrage zur erwarteten $60–$110M Nachanpassung; Firma sagt, Programm bleibt insgesamt profitabel und Margen sollen mit Reife wieder steigen.
- Aviation‑Supply‑Chain: Nachfrage vs. Orders diskutiert; Fragen zu Engines, Fertigungsproduktivität und Margen‑Cadence beantwortet mit Fortschritt, aber verbleibenden Engpässen.
⚡ Bottom Line
- Einordnung: Textron liefert Wachstum und saubere operative Traktion: MV‑75‑Beschleunigung erhöht mittelfristiges Umsatz- und Gewinnpotenzial, zieht aber kurzfristig höhere CapEx und ein einmaliges Charge‑Risiko nach sich. Guidance für 2026 ist moderat wachsend; Schlüssel für Anleger sind erfolgreiche LRIP‑Abwicklung, Supply‑Chain‑Recovery und die Umsetzung der Kapitalallokationsstrategie.
Textron — Q3 2025 Earnings Call
1. Management Discussion
Good morning, ladies and gentlemen, and welcome to the Textron Third Quarter 2025 Earnings Release. [Operator Instructions]
I would now like to turn the conference over to Scott Hegstrom. Please go ahead, sir.
Thanks, Rob, and good morning, everyone. Before we begin, I'd like to mention we will be discussing future estimates and expectations during our call today. These forward-looking statements are subject to various risk factors, which are detailed in our SEC filings and also in today's press release.
On the call today, we have Scott Donnelly, Textron's Chairman and CEO; and David Rosenberg, our Chief Financial Officer. Our earnings call presentation can be found in the Investor Relations section of our website.
Revenues in the quarter were $3.6 billion, up 5% or $175 million from last year's third quarter. Segment profit in the quarter was $357 million, up 26% or $73 million from the third quarter of 2024. Adjusted income from continuing operations was $1.55 per share compared to $1.40 per share in last year's third quarter. Manufacturing cash flow before pension contributions totaled $281 million in the quarter compared to $147 million in last year's third quarter.
With that, I'll turn the call over to Scott.
Thanks, Scott. Good morning, everybody. Let me just start with yesterday's announcement. I'm sure you've all read by now that yesterday, we elected Lisa Atherton to become our new President and CEO, effective at the beginning of January. At that point in time, I'll transition to be the Executive Chair. This is the result of a long, thorough process that we worked with on the Board.
I think Lisa, who's been with our company for about 18 years is an outstanding leader. She's had a number of really important roles in the company over the years. She was the President and CEO of our Textron Systems business for about 5 years. Most recently, obviously, she's the President and CEO of Bell, where she's been very involved in both the capture, the win and now the execution of the ramp on MV-75. She's a fabulous leader. She knows the team. She's surrounded by a great team at the business level across the company. So we're proud of the fact that we had a great internal promotion, and I think she'll just do a fabulous job leading the company into the future.
So with that, let me go ahead and talk about the quarter. Overall, revenue was higher, driven by strong growth across our aerospace and defense businesses. Aviation had higher segment revenues and profit compared to the third quarter of last year. We delivered 42 jets and 39 commercial turboprops compared to 41 jets and 25 commercial turboprops in last year's third quarter. Textron Aviation's fleet utilization remained strong in the quarter, contributing to an aftermarket revenue growth of 5% as compared to last year's third quarter. Aviation backlog ended the third quarter at $7.7 billion as demand remains strong. Earlier this month, Textron Aviation completed the certification of the CJ3 Gen2 and autothrottles on the M2 Gen2.
Also this month, the Citation Ascend made a debut as it landed in Las Vegas for the NBAA exhibition. We are nearing completion of the certification process and continue to expect deliveries this quarter. During the quarter, the Latitude received FAA certification for new features of the Garmin 5000 avionics suite. These features include Synthetic Vision Guidance Systems and for improved approach capabilities down to 150 feet and a new taxiway routing feature. We continue to implement Starlink high-speed Internet connectivity onto our aircraft. With the recent announcement of the Latitude and Longitude supplemental type certifications, Starlink is now available on 14 platforms across Aviation's product portfolio.
On the defense side, Aviation announced a partnership with Leonardo to launch the Beechcraft M-346N as a solution for the United States Navy Undergraduate Jet Training System competition. Throughout the quarter, Aviation participated in a nationwide demo tour to highlight the capabilities of this aircraft.
At Bell, increased revenues were driven by higher military volume, reflecting the continued ramp and acceleration of the MV-75 program. In the quarter, Bell exceeded their 90% engineering release milestone, enabling continued fabrication and procurement activity for the prototype aircraft. Fabrication and assembly work on the program is continuing across numerous sites, including wing assembly at our Amarillo, Texas site, fuselage assembly at our Wichita, Kansas site, in addition to ongoing fabrication of critical rotor and drive system components in our Fort Worth operations.
On the commercial side of Bell, we delivered 30 helicopters, down from 44 in last year's third quarter. Bell continues to see strong demand across its commercial product portfolio. Bell announced a purchase agreement with Global Medical Response for 7 429s and an option for 8 additional helicopters with deliveries expected to begin in 2026.
Moving to Systems. Revenues were up as compared to last year. During the quarter, Systems received new contract awards for several programs, leading to an increase in backlog of about $1 billion in the quarter. These awards included ATAC awards for both the United States Navy and the United States Marine Corps, a new contract award for the U.S. Army to provide 65 mobile strike force vehicles in support of the Ukraine Security Systems Initiative and increased quantities for the Ship-to-Shore Connector program.
In the weapons business, Systems completed delivery of the first production lot of XM204 anti-vehicle terrain shaping systems to the U.S. Army in support of operations in Europe.
Moving to Industrial. We saw lower revenues, reflecting the divestiture of the Powersports business. At Aviation, we continue to make progress on several of our core development efforts. The team completed the Hover flight test envelope for the Nuuva V300 and set the stage for Air Vehicle 2 to enter the flight test program.
As disclosed in our 8-K filing, Textron will be eliminating the Textron Aviation segment as a separate reporting segment, realigning the eAviation business activities across Textron Aviation and Textron Systems to leverage our existing sales and business development capabilities. This change will be effective at the beginning of fiscal year 2026.
With that, I'll turn the call over to David.
Thank you, Scott, and good morning, everyone. Let's review how each of the segments contributed, starting with Textron Aviation. Revenues at Textron Aviation of $1.5 billion were up 10% or $138 million from the third quarter of 2024, reflecting higher aircraft revenues of $116 million and higher aftermarket parts and service revenues of $22 million.
The increase in aircraft revenues were largely due to higher volume mix, which included higher Citation jet and commercial turboprop volume, partially offset by lower defense volume. Segment profit was $179 million in the third quarter, up 40% or $51 million from a year ago, largely due to higher volume and mix. Backlog in the segment ended the quarter at $7.7 billion.
Moving to Bell. Revenues were $1 billion, up 10% or $97 million from the third quarter of 2024. The revenue increase was driven by higher military revenues of $128 million, primarily due to higher volume from the U.S. Army's MV-75 program, partially offset by lower commercial volume of $31 million. Segment profit of $92 million was down $6 million from last year's third quarter. Backlog in the segment ended the quarter at $8.2 billion, an increase of $1.3 billion from the prior quarter, primarily reflecting the award for the prototype testing and evaluation phase of the MV-75 program.
At Textron Systems, revenues were $307 million, up 2% or $6 million from last year's third quarter, which included higher volume on the Ship-to-Shore Connector program. Segment profit of $52 million was up $13 million compared with the third quarter of 2024, largely due to a gain resulting from the early termination of a vendor contract. Backlog in the segment ended the quarter at $3.2 billion, an increase of $980 million from the prior quarter, reflecting new contract awards for the Ship-to-Shore Connector land vehicles in the adversary air business.
Industrial revenues were $761 million, down $79 million from last year's third quarter, driven by Textron Specialized Vehicles. This reflects $88 million in lower revenues related to the divestiture of the Powersports business. Segment profit of $31 million was down $1 million from the third quarter of 2024.
Textron eAviation segment revenues were $5 million in the third quarter of 2025 as compared to $6 million in last year's third quarter, and segment loss was $15 million as compared with a segment loss of $18 million in the third quarter of 2024.
Finance segment revenues were $26 million and profit was $18 million in the third quarter of 2025 as compared to segment revenues of $12 million and profit of $5 million in the third quarter of 2024. The increase in revenues and segment profit was largely due to gains on the disposition of noncaptive assets.
Moving below segment profit. Corporate expense were $26 million. Net interest expense for the manufacturing group was $26 million. LIFO inventory provision was $48 million. Intangible asset amortization was $8 million and the non-service components of pension and postretirement income were $67 million. As expected, our adjusted effective tax rate for the third quarter of 2025 was 25.5%, largely reflecting the impact of the One Big Beautiful Bill Act. We now expect our full year adjusted effective tax rate to be approximately 21%.
During the quarter, we repurchased approximately 2.6 million shares, returning $206 million in cash to shareholders. Year-to-date, we have repurchased approximately 8.4 million shares, returning $635 million to shareholders.
To wrap up with guidance, we are reiterating our expected full year adjusted earnings per share to be in the range of $6 to $6.20 and maintaining our expected full year manufacturing cash flow before pension contributions to be in the range of $900 million to $1 billion.
That concludes our prepared remarks. So operator, we can open the line for questions.
[Operator Instructions] And your first question today comes from the line of Peter Arment from Baird.
2. Question Answer
Congratulations, Scott. I appreciate all the help over the years. On the MV-75, could you guys give us -- there was an announcement by the Army here recently regarding accelerating the fielding of the Version 2. Just how that would impact any the cost profile? Or does it change anything?
It won't change anything in the near term, Peter. I mean, obviously, part of the strategy on the program, which has been there all along was to start with a very basic aircraft and focus on the critical parameters around speed and range and basic aerostructure. But as you know, part of the incorporation of MOSA in terms of the architecture of this aircraft allows you to do that and then build out variants and derivatives and capabilities in different variants going forward.
So our focus, obviously, right now is very much around the acceleration, getting the first prototype aircraft going. Those will be the first variant. So -- but there's already a lot of work clearly going on in the Army around what future capabilities they'll want to put on the aircraft, but that's enabled by the MOSA architecture. So it doesn't affect or impact the work that's going on around the basic aircraft today.
That's helpful. And then just a quick one on -- just on Aviation, you talked about the demand remains strong. Just maybe any highlights you would call out just regarding whether it's regionally or just in general on the biz jet market.
It's really across the whole portfolio, Peter. I mean we continue to see strong retail demand. People are flying. The end market industry remains robust, I would say, everywhere that we see it. The performance of the business is improving, obviously, as we talked about every quarter, improving margins. We had a lot of certification activity in the quarter. We would have originally planned probably to get the M2, the CJ3 and the Ascend in Q3. It's turned out.
Of course, we now have the M2 and the CJ3, but those happened right at the beginning of Q4. And Ascend, we should have wrapped up here by the end of the month. The FAA, despite the shutdown is supporting us in that effort, which is great. So I think the market is strong. Our product portfolio is in a good place. So we feel pretty good about where things are.
Your next question comes from the line of Sheila Kahyaoglu from Jefferies.
Congratulations, Scott, on a great run and promoting both Dave and Lisa internally. I think that says a lot. Maybe if I could follow up on the MV-75 question, if that's okay, for Peter. Can you provide additional color on like where -- what's the update on the program? You've completed 215 flight hours. I think you're scheduled to deliver 6 test articles over the next 1.5 years. What happens from there with the Army? And how do we think about a contract being signed on?
Sure. So I mean, the current program, it's -- Sheila, it's a good question. I think there are some misunderstandings about this program and sort of where it is and what's going on. I've heard a lot of people said, hey, is this going to be one of these programs as we've seen with a lot of defense contractors around these big fixed price programs. We're familiar with those. We had that, as you know, on Ship-to-Shore Connector. It's a healthy program today, but went through a very difficult phase given the nature of the fixed price development and production at the beginning.
As you know, we don't have that. This is a very large program, obviously. It's mostly cost-plus development. There are some fixed price elements. We've already put the fixed price LUT aircraft into our program estimates to complete. We will, at some point, add the LRIP 8 once that is exercised by the government. But I think that the program as it's laid out today covers all of that development, which is largely cost plus. It does have LUT as a fixed price. It does have LRIP as a fixed price. And that's kind of where that -- where the current program stops. So the discussions around acceleration are really bringing forward that LRIP. We collectively with the Army, believe this is something that we can do with low risk. That's in part by, as you referenced, the fact that we flew 200 and some 300 hours on the V-280.
The team is already building a lot of the key components and fabrications, getting ready to build the first prototype test aircraft. There will be 6 of those and then the 2 LUTs. So the risk of bringing that LRIP in rather than having a big gap is pretty minimal. People need to keep in mind that, that first LRIP aircraft is really sort of serial # 10, if you count the initial V-280 plus the 6 EMDs, which are cost plus and then those first 2 LUTs that are fixed price. So I think the team is doing a great job on executing. Obviously, we work very, very closely with the Army on the acceleration process. It's going very well. We're building wings. We're building fuselages. We're building gearboxes. It's all going quite well.
And again, I think there is a little bit of a misconception around how this works. It is a big performance obligation. We will -- as you guys saw last year, when we did the LUTs and added those to the mix, we took our booking rate down, and that will result in a [ cume catch ]. It did result in a cume catch that was a bad guy. On the other hand, this quarter, they exercised one of the large cleanse for the cost-plus side. We actually increased our booking rate and took a modest cume catch good guy. So this is something to expect through the course of the program. But unlike these big fixed-price development, fixed-price production programs, we certainly don't see this thing entering into lost territory. It will continue to book at a low margin, which we've said from the beginning. But I think we're, again, in a pretty good place, and it's a program, I think, that's executing well and obviously is hugely important to the future of the company.
Your next question comes from the line of Gavin Parsons from UBS.
This is João Santos on behalf of Gavin Parsons. You have talked before about improving Aviation profitability. What is the long-term margin target that you are aiming for? And what are the main levers to get there? Is it volume, pricing or more of mix?
Well, I mean, obviously, these dynamics are different in each one of the businesses. But generally speaking, across all of our product lines, we have good gross margins. So the biggest lever is around volume and what that does in terms of conversion to the bottom line in terms of performance. So that's -- most of the investments that we make around product are around making sure that we have products that have high demand and can command good volume and obviously, solid pricing, which, again, we've seen that in the last number of years where we've had very positive price feedback as well.
Great. And then in Aviation bookings have been fairly steady each quarter this year, even through the 2Q tariff uncertainty. Do you think long lead times are holding back new orders? And if production ramps, could that actually drive bookings higher?
Well, look, it's -- there is some connection between news. There's no doubt if you get out too far out in time line that it's difficult for people to make that commitment. But as you said, look, I think that the market demand remains strong. It has been pretty steady. We've guided a 1:1 book-to-bill through the course of the year. I still feel good about that. And certainly, we do have plans where you'll see incremental volume in 2026 as opposed to 2025. So we're not obviously quite ready to guide 2026 here, but we certainly expect, as manufacturing continues to ramp, we will see additional output in terms of the number of aircraft.
Your next question comes from the line of Robert Stallard from Vertical Research.
Congratulations, Scott, on the move up. But my first question is actually in relation to that and how you and Lisa expect to divide the role going forward because you will be Executive Chairman.
Sure, Robert. Look, I mean, this is, I think, a fairly standard transition in our business. I've been working with Lisa for a very long time in her capacity and key program jobs. She worked for me directly for the last 8 years running the Systems business and then the Bell business. So I want to be really clear, she becomes the President and CEO. She's running the company. That's -- and she's ready to do that, by the way.
So I'll be there to help with some of the processes that we just haven't gone through around regulatory stuff and closing out the year and things like that. But I fully expect she's ready to run the company, and she'll start doing that on January 4, and I'll be there to help and do whatever it is that she needs me to do and obviously run the Board. But I think it will be a normal transition. I expect it will be very, very smooth. Again, we've been working together for a very long time. So I'll be around, but no one should have any questions, she's going to be running the company.
Okay. And then as a follow-up on Aviation, we've seen some recent signs of biz jet activity actually picking up in terms of year-on-year growth. Are you starting to see this flow through in terms of your aftermarket activity?
Yes. We had a good quarter on the aftermarket side. There's no doubt utilization is strong. People are flying, which is a great indicator. Obviously, it's really important in terms of helping to continue to drive growth in the aftermarket side of the business. But I think it also bodes well just for demand for aircraft, which again, we're seeing the retail, the level of interest, inquiries, orders, bookings remain strong. So I think the industry right now probably is as healthy as we've ever seen it.
Your next question comes from the line of Myles Walton from Wolfe Research.
Scott, on the retirement or move to Executive Chairman. You're not retired yet. Work to do. On the Aviation side, can you comment on the supply chain and how that's coming along and whether or not that's an impediment to hitting the $6.1 billion rev placeholder within the forecast?
No, look, I mean, there are still supply chain issues as we've kind of talked about, it's not as many part numbers, for instance, as it used to be, but there are still some critical suppliers that are struggling. And yes, it does impact us on different models at different times. It continues to create a little more problem in just some production efficiencies and flow doing out-of-station work. Again, it's not as bad as it was. And so we are seeing improvements in that area.
But there's some critical things that are sort of a little bit of hand to mouth and that we keep a close eye on with a relatively small number of suppliers, but they're critical suppliers. So again, overall, it's improved, but it's one that we -- I mean the team works this stuff every day. There are still some problem children out there, and that's been the sort of the nature of where we are. But I don't believe -- just to be clear, I think everything we look at today, getting to that $6.1 billion, we clearly feel good about our path to get there.
Okay. Great. And then just a follow-up on Systems, great bookings. Is this the point of inflection for growth after a long time of relatively flat revenue?
Yes. Look, I think so. The bookings were very strong. You guys know we started the year with a bit of a challenge with things like RCV and FTUAS getting restructured and changed. I do still think there's opportunities there in our participation in those kinds of programs. There's a lot of interest in a lot of the technology we developed around FTUAS. And so that stuff will play out. But for sure, what you're seeing, despite not getting those bookings, the growth in the rest of the business has kind of overcome that.
Our ATAC business is just doing great. Those guys are performing really, really well. They've won a ton of new programs. Ship-to-Shore continues to grow. And as I said earlier, with Sheila, the program is healthy. Volumes are there. The team is executing really well. We continue to see growth in the Sentinel program.
So I think when you look across that business, despite some of the challenges around a couple of those programs, it's good growth. And absolutely, we feel good about sort of that inflection point you referred to. this business has been executing, performing really, really well for a number of years. The only thing that's lacked, as you guys know, is growth. And I do think we're hitting that inflection point where we'll start to see it growing here as we go forward.
Your next question comes from the line of Seth Seifman from JPMorgan.
Congratulations, Scott. Just wanted to ask, starting off about Aviation, and you just spoke to kind of the revenue. When we think about the margin, it's a pretty significant uptick in profitability in the fourth quarter and kind of what enables that.
Yes. I mean, look, I think as we've talked about, Seth, we expected to see a progression as we go through the course of the year. The fourth quarter will be strong on the volume side, which it normally is. I think we -- I mean, there are still challenges, but the team is performing better and better every quarter around getting flow. And largely, we'll see a nice significant bump in volume in the quarter, and that will drive good margin with it.
Okay. Okay. Excellent. And then maybe one more on MV-75. When we think about the LRIP units and bringing those forward, are there kind of additional contractual provisions that you can get to protect the company from concurrency risk?
Well, so the LRIP have always been laid in there. So I don't think there's anything that would change contractually on that. To be honest, we're not that worried about the risk of that. Again, the base configuration of the aircraft is really solid. Obviously, it's a derivative off of what we did on V-280. There are changes, but we know what those are. We are fabricating right now the first of the prototype aircraft. So again, by the time we are building that first LRIP aircraft, we will have built, obviously, the original V-280, but we will have built 8 aircraft, the 6 EMD aircraft and the 2 LUT aircraft.
So -- and certainly, there's an enormous amount of ground testing, component level testing, stuff that we already are fabricating and building parts. So I think we feel very good about the things we need to learn, any issues that we run into -- we're going to run into here on these initial EMD aircraft long before we get to where we're building that first LRIP aircraft.
Your next question comes from the line of Ron Epstein from Bank of America.
Yes. Maybe just circling back on Systems. How is the unmanned portfolio doing when you look across the -- you've got unmanned land system stuff and Shadow and Aerosonde and some other stuff. We've seen such kind of surging demand for unmanned stuff. Just curious how that's going for you guys? And do you have anything in the pipeline that you're working on developing to kind of expand in that market?
So I would say that, Ron, the Aerosonde program is going well, right? You know we went through a bit of a challenge as Afghanistan came out. We had a lot of aircraft that were deployed over there. Those have largely been redeployed to other theaters, other applications, a lot of marine applications. So that business is doing very well. That is where the next significant tranche really was going to be around FTUAS with that program not happening at least in the way it was envisioned. That was a hit.
But look, the reality is these brigades need ISR. And so what really changed on FTUAS is that you understandably frustrated over how long it was taking to get stuff out there has basically said, look, you got to take these systems directly to the brigades and they'll drive that demand. So that's what we're doing right now. And that's why I say, while FTUAS didn't happen as a program, I do think that we will see a number of opportunities as we go out and sell that technology directly out to the war fighter. So there's also been some international opportunities. There's things out there with customs and border patrol.
So in terms of our core platform today from Aerosonde and then transitioning into what was basically the FTUAS configuration, I believe we're going to start to see some nice growth in there. In terms of new platforms under development, part of what we did with the eAviation segment is that team in Pipistrel has been developing this unmanned cargo aircraft, what we call the Nuuva 300. That's now into flight test. We've already done the flight testing on Article 1. We're about to do the final build-out on Article 2, which has our own flight control fly-by-wire systems and such. And so part of the change here in the segment is that our Textron Systems business, which has always been the developer and sort of leading the business development on Aerosonde and Shadow and those other unmanned platforms, we will basically have responsibility to take that kind of product to market.
And so it's the Nuuva unmanned cargo. We also have a nice niche that we've -- Pipistrel has for a long time and in high altitude unmanned sort of long-duration surveillance products. That's a product we already have today. We have some new developments in process there for very long duration aircraft. And again, those will now start to largely go to market through our Textron Systems business, augmenting our strength in unmanned aircraft.
Your next question comes from the line of Kristine Liwag from Morgan Stanley.
Scott, congrats on your next chapter. I guess over the years, there's always been discussions and conversations with you about the broader Textron portfolio and if it should all belong together or if there are other ways to unlock shareholder value. At this point, all reporting segments are fairly stable. The balance sheet is very strong and the company generates solid free cash flow. I wanted to check with you to see if this management change also signals a reevaluation of the portfolio once again and how you think about it now?
Well, I don't know that we would say that the change is drive that. I do think we are always looking at the portfolio. I think to your point, look, we don't have a burning platform, but would we look at either disposing or acquiring? Of course, we would. So that's a process that has been ongoing for some time. Obviously, we just did the dispositions around the Powersports business earlier this year. That was something we thought we really needed to do and wanted to do to help position the company going forward. But we're -- we continue to look at other opportunities, and I expect we'll continue to do that regardless of the leadership change.
Your next question comes from the line of Doug Harned from Bernstein.
If you look at the mix of deliveries across business jets, it's been pretty stable over the last 2 years. I mean I would have expected more of a shift toward the Latitude and Longitude, although that might have been an incorrect assumption. Are you seeing demand shifts across your portfolio? Is that -- and is that -- is the mix in there constrained more by where demand is or where your capacity is?
Look, it is right now probably more of a capacity issue. I would say in terms of the end market demand, it has been steady, right? The demand or whether it's a Longitude or Latitude, whatever has been pretty stable, these things are often influenced by new products. So I would say, for instance, when we launched the new CJ4 Gen2, we saw a very strong spike in order activity, which kind of puts that lead time well out there because people were pretty excited in that piece of the market about that product. And we've seen the same things with things like the CJ3 Gen2s, certainly the Ascend.
So there's -- I would say the end market is stable. Demand is pretty strong across all the pieces of the product portfolio. Usually, you see some of these spikes of order activity demand that can be affected by the launch of new product, of which we've had quite a bit.
Yes. And then when you look -- you've talked a little bit today about the strength of the demand environment. But if you look back to the beginning of the year and then where you are today, how would you characterize demand mix in terms of corporate versus high net worth individuals? Have you seen any shift there? Because obviously, there's been a lot of -- it's been a very dynamic sort of economic outlook over the last 9 months.
Yes. It's actually pretty remarkable despite all of the noise of which there's plenty for sure, we're not seeing it impact that market. We haven't seen any piece or segment or interest that has changed because of what's going on. And I think part of that is the fact that you're out there, whether it's 18 months or 2 years, people are kind of looking beyond what current noise is in the marketplace, because they're not going to take delivery of that new aircraft for 18 months or so. So I think it's had a little bit of a muting effect on that. So -- but yes, remarkably, despite all of the noise that's going around, it's -- the demand is stable.
Ladies and gentlemen, this concludes the Textron Third Quarter 2025 Earnings Call. Thank you for joining us today. You may now disconnect.
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Textron — Q3 2025 Earnings Call
Textron — Q3 2025 Earnings Call
📊 Quartal auf einen Blick
- Umsatz: $3,6 Mrd. (+5% YoY; +$175 Mio)
- Segmentprofit: $357 Mio (+26% YoY; +$73 Mio)
- Adj. EPS: $1,55 vs. $1,40 Vorjahr
- Manufacturing CF: $281 Mio vor Pensionsbeiträgen vs. $147 Mio
- Backlog: Aviation $7,7 Mrd.; Bell $8,2 Mrd.; Systems $3,2 Mrd.
🎯 Was das Management sagt
- Führungswechsel: Lisa Atherton als President & CEO ab 4. Januar; Scott Donnelly wird Executive Chair — interne Nachfolge, Übergang als geordnet beschrieben.
- MV‑75‑Strategie: Fokus auf beschleunigte LRIP‑Einplanung; Architektur mit Modular Open Systems Approach (MOSA) erlaubt Varianten ohne nahefristige Kostenänderung.
- Portfolio & Reporting: Textron Aviation entfällt als separates Reporting‑Segment ab FY2026; eAviation wird in Aviation/Systems integriert.
🔭 Ausblick & Guidance
- EPS‑Guidance: Bestätigt $6,00–$6,20 für das Geschäftsjahr 2025.
- Cashflow‑Ziel: Fertigungscashflow vor Pensionsbeiträgen bestätigt $900 Mio–$1,0 Mrd.
- Steuern & Kapital: Erwartete Full‑Year adjusted ETR ~21%; Quartalsrückkäufe: $206 Mio (2,6 Mio Aktien), YTD $635 Mio.
- Risiken: Lieferketten‑Engpässe bei kritischen Zulieferern und Programmmix (LRIP vs. EMD/LUT) bleiben Unsicherheitsfaktoren.
❓ Fragen der Analysten
- MV‑75‑Konsequenzen: Analysten hinterfragten Auswirkungen der Army‑Beschleunigung auf Kosten; Management: kurzfristig keine Änderung, LRIP‑Vorziehen als low‑risk beschrieben.
- Aviation‑Nachfrage & Mix: Nachfrage über alle Regionen stabil; Zertifizierungen (CJ3 Gen2, M2 Gen2, Ascend) treiben Aftermarket und mögliche Volumensteigerung.
- Systems & Unmanned: Starkes Bookings‑Momentum (≈+$1 Mrd.) und Wachstumssignale im unbemannten Portfolio; Management sieht Inflection Point, aber FTUAS‑Neuausrichtung bleibt relevant.
⚡ Bottom Line
- Bottom Line: Solide Quartalskennzahlen, bestätigte Jahresziele und starker Cashflow kombiniert mit aktiven Aktienrückkäufen bieten kurzfristige Aktionärsunterstützung. Wichtige Kursgeber sind MV‑75‑Ramp, hohe Backlogs und Aviation‑Zertifizierungen; Risiken bleiben Lieferkette, Programm‑Mix und die strategische Neuausrichtung des Reportings.
Finanzdaten von Textron
Umsatz
Der Umsatz stellt die Summe aller Einnahmen eines Unternehmens z. B. für dessen Produkte oder Dienstleistungen dar.
Umsatz (TTM) einfach erklärtDirekte Kosten
Direkte Kosten sind die Kosten, die direkt im Zusammenhang mit der Herstellung des Produkts oder der Dienstleistung entstehen.
Bruttoertrag
Der Bruttoertrag gibt an, wie viel vom Umsatz nach Abzug der direkten Herstellkosten im Unternehmen verbleibt. Berechnet man den prozentualen Anteil vom Umsatz, spricht man von der Bruttomarge (engl. Gross Margin).
Brutto Marge einfach erklärtVertriebs- und Verwaltungskosten
Die Vertriebs- & Verwaltungskosten (engl. Selling, General & Administrative expenses, kurz SG&A) beinhalten alle Aufwände für Marketing und den Verkauf sowie die allgemeine Verwaltung des Unternehmens.
Forschungs- und Entwicklungskosten
Die Forschungs- und Entwicklungskosten (engl. research & development costs, kurz R&D) geben Auskunft darüber, wie viel das Unternehmen in die Forschung und die Entwicklung seiner Produkte investiert. Vor allem prozentual vom Umsatz und im Vergleich zu direkten Wettbewerbern sind die Kosten interessant.
EBITDA
Das EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) ist der Gewinn des Unternehmens vor Zinsen, Steuern und Abschreibungen. Berechnet man den prozentualen Anteil vom Umsatz, spricht man von der EBITDA-Marge.
Abschreibungen
Abschreibungen stellen Wertminderungen von Vermögensgegenständen des Unternehmens dar (z.B. durch Abnutzung von Maschinen).
EBIT (Operatives Ergebnis)
Das EBIT (engl. Earnings Before Interest and Taxes) ist der Gewinn des Unternehmens vor Zinsen und Steuern, das auch als operatives Ergebnis bezeichnet wird. Berechnet man den prozentualen Anteil vom Umsatz, spricht man von
der EBIT-Marge.
Nettogewinn
Der Nettogewinn stellt den Gewinn oder Verlust nach Abzug aller Kosten dar.
Nettogewinn einfach erklärtaktien.guide Premium
| Jul '26 |
+/-
%
|
||
| Umsatz | 15.299 15.299 |
9 %
9 %
100 %
|
|
| - Direkte Kosten | 12.581 12.581 |
11 %
11 %
82 %
|
|
| Bruttoertrag | 2.718 2.718 |
2 %
2 %
18 %
|
|
| - Vertriebs- und Verwaltungskosten | 1.204 1.204 |
5 %
5 %
8 %
|
|
| - Forschungs- und Entwicklungskosten | 488 488 |
36 %
36 %
3 %
|
|
| EBITDA | 1.041 1.041 |
18 %
18 %
7 %
|
|
| - Abschreibungen | 15 15 |
96 %
96 %
0 %
|
|
| EBIT (Operatives Ergebnis) EBIT | 1.026 1.026 |
18 %
18 %
7 %
|
|
| Nettogewinn | 937 937 |
15 %
15 %
6 %
|
|
Angaben in Millionen USD.
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Textron, Inc. ist ein branchenübergreifendes Unternehmen, das ein globales Netzwerk von Flugzeug-, Verteidigungs-, Industrie- und Finanzunternehmen nutzt, um seinen Kunden innovative Lösungen und Dienstleistungen anzubieten. Das Unternehmen betreibt sein Geschäft über die folgenden Segmente: Textron Aviation, Bell, Textron Systems, Industrie und Finanzen. Das Segment Textron Aviation fertigt, verkauft und wartet Flugzeuge der Marken Beechcraft und Cessna. Das Bell-Segment liefert Militär- und Zivilhubschrauber, Tiltrotor-Flugzeuge und die dazugehörigen Ersatzteile. Die Produktlinien des Segments Textron Systems bestehen aus unbemannten Flugzeugsystemen, Land- und Marinesystemen, Waffen und Sensoren sowie einer Vielzahl von Produkten und Dienstleistungen zur Unterstützung von Verteidigungs- und Luftfahrtmissionen. Das Segment Industrial entwirft und fertigt eine Vielzahl von Produkten im Rahmen der Produktlinien Golf; Rasenpflege- und leichte Transportfahrzeuge; Kraftstoffsysteme und Funktionskomponenten und angetriebene Werkzeuge; sowie Test- und Messgeräte. Das Finanzsegment besteht aus der Textron Financial Corp. und ihren konsolidierten Tochtergesellschaften, die in erster Linie Käufern von neuen Cessna-Flugzeugen und Bell-Hubschraubern Finanzmittel zur Verfügung stellt. Das Unternehmen wurde 1923 von Royal Little gegründet und hat seinen Hauptsitz in Providence, RI.
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| Hauptsitz | USA |
| CEO | Mr. Donnelly |
| Mitarbeiter | 34.000 |
| Gegründet | 1923 |
| Webseite | www.textron.com |


