通用動力 (GD) 2025 Q4 法說會逐字稿

Good morning, and welcome to the General Dynamics fourth-quarter 2025 earnings conference call. (Operator Instructions). Please note this event is being recorded.

早安，歡迎參加通用動力公司2025年第四季財報電話會議。（操作說明）請注意，本次活動正在錄影。

I would now like to turn the conference over to Nicole Shelton, Vice President of Investor Relations. Please go ahead.

現在我將把會議交給投資者關係副總裁妮可謝爾頓。請繼續。

Thank you, operator, and good morning, everyone. Welcome to the General Dynamics fourth-quarter 2025 conference call. Any forward-looking statements made today represent our estimates regarding the company's outlook. These estimates are subject to some risks and uncertainties.

謝謝接線員，大家早安。歡迎參加通用動力公司2025年第四季業績電話會議。今天發表的任何前瞻性聲明都代表我們對公司前景的估計。這些估算存在一定的風險和不確定性。

Additional information regarding these factors is contained in the company's 10-K, 10-Q, and 8-K filings. We will also refer to certain non-GAAP financial measures. For additional disclosures about these non-GAAP measures, including reconciliations to comparable GAAP measures, please see the slides that accompany this webcast, which are available on the investor relations page of our website, investorrelations.gd.com.

有關這些因素的更多信息，請參閱公司的 10-K、10-Q 和 8-K 文件。我們也會提及一些非GAAP財務指標。有關這些非GAAP指標的更多披露信息，包括與可比較GAAP指標的調節表，請參閱本次網絡直播的幻燈片，這些幻燈片可在我們網站的投資者關係頁面 investorrelations.gd.com 上找到。

On the call today are Phebe Novakovic, Chairman and Chief Executive Officer; Danny Deep, President; and Kim Kuryea, Chief Financial Officer. I will now turn the call over to Phebe.

今天參加電話會議的有：董事長兼執行長 Phebe Novakovic；總裁 Danny Deep；以及財務長 Kim Kuryea。現在我將把通話轉給菲比。

Thank you, Nicole. Good morning, everyone, and thanks for being with us. Earlier this morning, we reported fourth-quarter earnings of $4.17 per diluted share on revenue of $14.379 billion, operating earnings of $1.52 billion, and net earnings of $1.143 billion.

謝謝你，妮可。各位早安，感謝你們的收看。今天早些時候，我們公佈了第四季度業績，每股攤薄收益為 4.17 美元，營收為 143.79 億美元，營業利潤為 15.2 億美元，淨利潤為 11.43 億美元。

To briefly summarize, on a quarter-over-quarter basis, revenue is up 7.8% and operating earnings are up 2%. Net earnings and diluted earnings per share are relatively flat to the year-ago quarter, which you may recall was a terrific quarter. It included some significant one-time items, which drove unusually high margins, but more about that later.

簡而言之，按季度環比計算，收入增長了 7.8%，營業利潤增長了 2%。淨利潤和稀釋後每股收益與去年同期基本持平，您可能還記得，去年同期業績非常出色。其中包含一些重要的一次性項目，這些項目推高了利潤率，但稍後會詳細介紹。

The sequential comparisons are quite attractive. Here, we beat the prior quarter's revenue by 11.4% and operating earnings by 9.1%, net earnings by 7.9%, and fully diluted EPS by $0.29. Full-year numbers are absolutely terrific. Revenue is up 10.1%. Operating earnings are up 11.7%. Net earnings are up 11.3% and fully diluted EPS is up 13.4%. Both revenue and operating earnings were up for each of the segments, led by Marine Systems and Aerospace with revenue growth of 16.6% and 16.5%, respectively. They also led the parade in operating earnings with Marine Systems, up 25.9%; and Aerospace up 19.3% for the year. All of this follows terrific revenue and earnings growth in 2024 over 2023. It would appear that we beat analyst consensus for both the year and the quarter.

順序比較非常吸引人。本季，我們營收較上一季成長11.4%，營業利潤成長9.1%，淨利成長7.9%，完全攤薄後每股收益成長0.29美元。全年業績非常出色。營收成長10.1%。營業利益成長11.7%。淨利成長11.3%，完全稀釋後每股收益成長13.4%。各業務部門的收入和營業利潤均有所增長，其中海洋系統和航空航天業務部門的業績最為突出，收入分別增長了 16.6% 和 16.5%。在營運收益方面，它們也遙遙領先，其中海洋系統業務成長了 25.9%；航空航太業務成長了 19.3%。這一切都建立在2024年營收和利潤較2023年大幅成長的基礎上。看來我們今年的業績和本季的業績都超過了分析師的普遍預期。

So let's move on to the business units. First, Aerospace. In Aerospace, for the year, we experienced continuing growth of both revenue and earnings, continuing strong demand for Gulfstream aircraft. Overall strength in Gulfstream service business and continued growth and performance improvement at Jet Aviation.

接下來我們來看看各個業務部門。首先是航空航太領域。在航空航太領域，本年度我們的營收和利潤均持續成長，對灣流飛機的需求依然強勁。灣流服務業務整體實力強勁，捷特航空持續成長並取得業績提升。

In the quarter, Aerospace had revenue of $3.788 billion and earnings of $481 million. This represents a 1.2% increase in revenue but $104 million decrease in operating earnings on a quarter-over-quarter basis. While the earning numbers are very good on a stand-alone basis, they do not compare favorably to a standout fourth quarter in the prior year, aided by a number of discrete positive items that were significant increments to earnings. However, the sequential numbers are very positive with a 17.1% increase in revenue, coupled with an 11.9% increase in operating earnings.

該季度，航空航太業務的收入為 37.88 億美元，利潤為 4.81 億美元。這相當於營收成長了 1.2%，但與上一季相比，營業利潤減少了 1.04 億美元。雖然單就獲利數據而言非常不錯，但與上年第四季出色的業績相比，卻並不理想。上年第四季的業績得益於一些獨立的利好項目，這些項目顯著提高了盈利。然而，環比數據非常樂觀，收入成長了 17.1%，營業利潤成長了 11.9%。

Importantly, for the year, Aerospace revenue of $13.1 billion is 16.5% greater than 2024. This is on top of a 30.5% growth in 2024 over 2023. Revenue growth was driven in large part by the delivery of 158 new aircraft, which is 22 more than a year ago. Earnings of $1.75 billion are up 19.3% over 2024.

值得注意的是，今年航空航太業的收入為 131 億美元，比 2024 年成長了 16.5%。在此基礎上，2024 年預計將比 2023 年成長 30.5%。收入成長主要得益於交付了 158 架新飛機，比一年前增加了 22 架。2024 年的收益為 17.5 億美元，比預期成長 19.3%。

So let's talk a little about demand. It was a strong quarter boarding on exceptional. Aerospace had a book-to-bill of 1.3 times in the quarter and Gulfstream alone had an aircraft book-to-bill of 1.4 times, even as deliveries increased significantly in the quarter. Orders exceeded our internal plan.

那我們就來談談需求吧。這是一個表現優異的季度。本季航空航太業務的訂單出貨比為 1.3 倍，光是灣流一家公司的飛機訂單出貨比就達到了 1.4 倍，儘管本季交付量大幅增加。訂單量超出了我們的內部計劃。

The delivery of the G700 and G800 and their performance in customer hands is driving increased demand for them, which we experienced in the quarter. We continue to see improved interest across all models in all sales jurisdictions. Interestingly, the overall number of prospects in all areas continues to increase.

G700 和 G800 的交付以及它們在客戶手中的表現，推動了對它們的需求增加，我們在本季度也感受到了這一點。我們看到，在所有銷售地區，所有車款都持續受到消費者的關注。有趣的是，所有領域的潛在客戶總數都在持續成長。

Let me turn the discussion over to Danny for his perspective on the quarter.

接下來，我將把討論交給丹尼，聽聽他對本季的看法。

Thank you. So I want to spend some time exploring the $104 million decrease in operating earnings on a quarter-over-quarter basis. As you might imagine, there were lots of puts and takes in the quarter. The margin issue was the G600 product line, which had $75 million less in earnings. That was attributable to the delivery of three fewer aircraft in the quarter, a $21 million variance in liquidated damages and favorable settlements in the prior year's quarter, some higher overhead than in the prior quarter and the imposition of tariffs in this quarter, but not in the fourth quarter of 2024.

謝謝。因此，我想花點時間探討營業利潤環比下降 1.04 億美元的原因。正如你所料，本季有很多買賣交易。利潤率問題出在 G600 產品線上，該產品線的收益比上一條產品線少了 7,500 萬美元。這歸因於本季度交付的飛機數量減少了三架，上一季的違約賠償金和有利的和解金額與本季度相比增加了 2100 萬美元，一些管理費用比上一季度更高，以及本季度徵收了關稅，但 2024 年第四季度沒有徵收關稅。

If we adjust for these items, the earnings and margin rate on the G600 are very similar for both quarters. On a quarter-over-year-ago quarter basis, earnings on the G500, and Gulfstream Services, and Jet Aviation were down modestly.

如果對這些項目進行調整，G600 兩個季度的收益和利潤率就非常相似了。與去年同期相比，G500、Gulfstream Services 和 Jet Aviation 的收益略有下降。

Now in all of this, there are some good news. The earnings for the G 800 more than replaced the G650 earnings on the same basis. The G700 also experienced higher earnings despite two fewer deliveries. Obviously, margins are improving nicely on that product. Phebe?

不過，在這一切之中，也有一些好消息。以相同標準計算，G 800 的收益已經完全取代了 G650 的收益。儘管交付量少了兩輛，G700 的收益卻更高。顯然，該產品的利潤率正在穩步提升。菲比？

So let's move on to the defense businesses. First, Combat Systems. Combat Systems had revenue of $2.5 billion for the quarter, 5.8% more than the year-ago quarter. Earnings of $381 million are also up 7% on a 10 basis point operating margin improvement. Operating margin of 15% is very good. The sequential growth of revenue and earnings at 12.6% and 13.7% is even stronger with particular strength at OTF.

接下來我們來談談國防企業。首先是作戰系統。Combat Systems公司本季營收為25億美元，比去年同期成長5.8%。獲利達 3.81 億美元，年增 7%，營業利潤率提高了 10 個基點。15%的營業利益率非常不錯。營收和利潤的環比增長分別為 12.6% 和 13.7%，其中 OTF 的成長尤為強勁。

For the full year, revenue of $9.2 billion is up 2.8% and earnings of $1.33 billion are up 4.3% as a result of a 20 basis point increase in operating margins as compared to a year ago. All in all, a very nice profile, but the real story is in the order book. Combat saw robust order intake for the fourth quarter, resulting in book-to-bill of 4.3:1. Orders came from across the portfolio with notable awards and munitions, but exceptional intake in wheels and tracked vehicle programs at European Land Systems. The book-to-bill for the year is 2.1 times.

全年營收達 92 億美元，年增 2.8%；獲利達 13.3 億美元，年增 4.3%，主要得益於營業利潤率較上年同期成長 20 個基點。總而言之，這是一個非常好的資料，但真正的故事在訂單簿裡。第四季戰鬥裝備訂單強勁成長，訂單出貨比達到 4.3:1。訂單來自產品組合的各個方面，包括重要的獎項和彈藥，但歐洲陸地系統公司的輪式和履帶式車輛項目訂單尤為突出。本年度訂單出貨比為 2.1 倍。

We -- this all rolls up to a total backlog of $27.2 billion and total estimated contract value of almost $42 billion. This positions combat systems very well for the future.

我們——所有這些加起來，積壓訂單總額達 272 億美元，預計合約總價值接近 420 億美元。這使得作戰系統在未來有非常有利的地位。

In short, this group had a very solid year operationally with expanded margins, explosive order activity and a strong order pipeline as we go forward. But before I turn to Marine Systems, I'd like to ask Danny to provide some additional color.

簡而言之，該集團在營運方面度過了非常穩健的一年，利潤率擴大，訂單活動呈爆炸式增長，並且未來訂單儲備充足。但在我介紹 Marine Systems 之前，我想請 Danny 提供一些補充資訊。

So let me give you some additional detail on several key awards. For some time, we have been talking about the strong demand signals we are observing, particularly in our international portfolio. And as Phebe mentioned, that demand transitioned to some significant awards in the fourth quarter. In Germany, we received two awards for more than $4 billion for our Eagle tactical vehicles.

接下來，我將詳細介紹幾個重要獎項。一段時間以來，我們一直在討論我們觀察到的強勁需求訊號，尤其是在我們的國際投資組合中。正如菲比所提到的那樣，這種需求在第四季度轉化為了一些重要的獎項。在德國，我們的鷹式戰術車輛獲得了兩個價值超過 40 億美元的獎項。

In Norway and the United Kingdom, we were awarded $600 million for our bridges. And in Canada, we received awards for $640 million for light armored vehicles and additional logistics vehicles. Altogether, a nice order distribution, both geographically and across our product portfolio. Here in the United States, working closely with the US Army, we continue to make good progress on the acceleration of the next-generation M1E3 main battle tank.

我們在挪威和英國獲得了 6 億美元的橋樑建設撥款。在加拿大，我們獲得了價值 6.4 億美元的輕型裝甲車和額外的後勤車輛的訂單。總體而言，訂單分佈良好，無論從地理上還是從我們的產品組合來看都是如此。在美國，我們與美國陸軍密切合作，並繼續在加速下一代 M1E3 主戰坦克的研發方面取得良好進展。

All of this provides a strong base for continued strength at combat. I'll pass it back to Phebe.

這一切都為持續保持戰鬥力奠定了堅實的基礎。我把它還給菲比。

So turning to Marine. Once again, our shipbuilding group had exceptional revenue growth. Marine Systems revenue of $4.8 billion is up 21.7% against the year-go quarter. All the shipyards were up, but the submarine programs and electric boats were the real drivers of this [boat]. I am very pleased to report that operating earnings of $345 million are up 72.5% on a 210 basis point improvement in operating margin. To be fair, the fourth quarter 2024 was the group's fourth operating earnings in that year. Nevertheless, 7.2% last quarter represents a meaningful improvement and real progress in submarine construction.

所以，我們轉向了海軍陸戰隊。我們的造船集團再次實現了卓越的營收成長。海洋系統業務收入為 48 億美元，比去年同期成長 21.7%。所有造船廠都在運轉，但潛艦計畫和電動船才是真正推動這一趨勢的因素。[船]。我非常高興地報告，營業利潤達到 3.45 億美元，年增 72.5%，營業利潤率提高了 210 個基點。公平地說，2024 年第四季是該集團當年的第四次營業盈利。儘管如此，上季 7.2% 的成長代表潛水艇建造領域取得了實質的改善和真正的進步。

Sequentially, the numbers are much the same. Revenue increased 17.6% and operating earnings, 18.6%. For the full year, Marine revenue of $16.7 billion is up 16.6% and earnings of $1.18 billion are up 25.9%. So the story of revenue growth continues with some improvement in operating margin and measurable improvement in productivity.

從順序上看，這些數字基本上相同。營收成長17.6%，營業利潤成長18.6%。全年來看，海洋業務收入為 167 億美元，成長 16.6%；利潤為 11.8 億美元，成長 25.9%。因此，營收成長的故事仍在繼續，營業利潤率有所提高，生產力也有了可衡量的提升。

Once again, the operating metrics tell us that we have, in fact, increased our productivity at all shipyards. Danny, feel free to interject your thoughts on marine from an operating perspective.

營運指標再次表明，我們所有造船廠的生產效率實際上都提高了。丹尼，歡迎你從操作角度談談你對海事的看法。

As Phebe just mentioned, we have seen demonstrable increases in productivity and throughput at our shipyards. Electric Boat, as you all know, we have made considerable investments over the last several years, and those investments have enabled a significant increase in output. One key measure of output is submarine tonnage produced, and electric boat is up 13% over last year.

正如菲比剛才提到的，我們已經看到造船廠的生產效率和產量有了顯著提高。如大家所知，在過去幾年裡，Electric Boat 進行了大量投資，這些投資使得產量大幅提高。衡量產量的關鍵指標是潛水艇產量，電動船的產量比去年增加了 13%。

At Bath Iron Works, we are seeing consistent ship-over-ship learning. And at NASCO, we are seeing a very positive trend in terms of schedule variances against plan for each successive ship we built. Our priority in the Marine Group is to remain laser focused on execution and continue to accelerate production, and we are seeing good progress on that front.

在巴斯鋼鐵廠，我們看到了船舶之間持續不斷的學習和改進。在 NASCO，我們看到，就我們建造的每一艘後續船舶而言，進度偏差與計劃偏差的趨勢都非常積極。海洋集團的首要任務是繼續專注於執行，加快生產速度，我們在這方面已經取得了良好的進展。

And lastly, technologies. It was a solid, but no-growth quarter with revenue of $3.24 billion, about the same as the year-ago quarter.

最後，是技術。這是一個穩健但無成長的季度，營收為 32.4 億美元，與去年同期基本持平。

Operating earnings in the quarter of $290 million are down $29 million on an 80-basis-point decrease in operating margin. The full-year comparisons are somewhat better. Revenue at $13.5 billion is up 2.6%. Earnings of $1.28 billion are up 1.3% on a very similar operating margin.

本季營業利潤為 2.9 億美元，較上季減少 2,900 萬美元，營業利潤率下降 80 個基點。全年對比情況稍好。營收達135億美元，成長2.6%。獲利達 12.8 億美元，成長 1.3%，營業利益率基本維持不變。

Let me say that these businesses did very well in an extremely difficult market. The long-continuing resolution was particularly impactful and the examination of all contracts by the Department of Government Efficiency hurt growth and slowed contracting activity early in the year. Nevertheless, these businesses perseveres and came through it all on a very good basis.

我想說的是，這些企業在極度艱難的市場環境下表現得非常出色。這項持續多年的決議影響尤為顯著，政府效率部對所有合約的審查損害了經濟成長，並減緩了年初的合約簽訂活動。然而，這些企業堅持了下來，最終取得了非常好的成績。

Given all of that, the group had very nice order activity for the year. Total orders for the group reached $15.9 billion, resulting in a book-to-bill of $0.91 for the quarter and 1.2 times for the year. This left the group with an increased year-over-year backlog at $16.7 billion and total estimated contract value of $49.9 billion, pretty well done under the circumstances. Danny will give you a little bit more here.

考慮到所有這些因素，該集團今年的訂單活動非常不錯。該集團總訂單金額達 159 億美元，本季訂單出貨比為 0.91，全年訂單出貨比為 1.2。這使得該集團的年度積壓訂單額年增至 167 億美元，合約總價值估計為 499 億美元，在當前情況下，這已經相當不錯了。丹尼還會再補充一些資訊。

I'll just give a little more color on how this group is positioned going forward. Phebe mentioned the very solid backlog to end the year. This, combined with a robust order pipeline of close to $120 billion of qualified opportunities, certainly present a healthy market picture as we look forward.

我再詳細說說這個團隊未來的發展方向。菲比提到年底前積壓的工作非常充足。這一點，再加上近 1200 億美元的合格訂單機會的強勁訂單儲備，無疑為我們展望未來描繪了一幅健康的市場圖景。

In addition, at Mission Systems, the transition from legacy programs is complete, allowing them to focus where they have deep domain expertise. This expertise aligns well with their customers' priorities in areas, including encryption, subsea warfare, and strategic deterrent. The market outlook, coupled with very solid win and capture rates positions this group for durable growth beyond this year.

此外，Mission Systems 已經完成了從傳統專案的過渡，使他們能夠專注於他們擁有深厚專業知識的領域。這種專業知識與他們的客戶在加密、水下作戰和戰略威懾等領域的優先事項非常契合。市場前景，加上非常穩健的中標率和成交率，使該集團預計將在今年之後持續成長。

I'll turn it back to Phebe.

我會把它還給菲比。

Thanks. And let me ask Kim to provide details on our cash performance for the quarter and the year, overall order activity and backlog and any other items you might like to address. I'll then come back to discuss our thoughts on 2026.

謝謝。請Kim詳細介紹一下我們本季和本年度的現金流狀況、整體訂單活動和積壓訂單情況，以及您可能想討論的任何其他事項。之後我會再回來討論我們對 2026 年的看法。

Thank you, Phebe, and good morning. Let me first start with orders and backlog. Our order activity and backlog continued to be a strong story and a highlight for us in 2025. We achieved an overall book-to-bill ratio for the year of 1.5:1, even as revenue grew by 10%.

謝謝你，菲比，早安。首先讓我從訂單和積壓訂單說起。2025年，我們的訂單活動和積壓訂單繼續保持強勁勢頭，成為我們的一大亮點。我們全年的訂單出貨比達到了 1.5:1，而收入成長了 10%。

Let me go through the full-year book-to-bill rates for 2025 at each of the segments. First, the Defense segment. Combat Systems achieved a book-to-bill of 2.1 times driven by continued robust demand at each business, particularly at European Land Systems where we received over $10 billion in new awards.

讓我來逐一介紹一下 2025 年各個細分市場的全年訂單出貨率。首先是國防部部分。作戰系統業務的訂單出貨比達到 2.1 倍，這主要得益於各業務部門持續強勁的需求，尤其是歐洲陸地系統業務，我們獲得了超過 100 億美元的新訂單。

Marine Systems achieved a book-to-bill of 1.7 times with each of our shipyards receiving awards for additional ships in 2025. And technologies achieved 1.2 times on nights award activity at both GDIT and Mission Systems.

Marine Systems 的訂單出貨比達到了 1.7 倍，我們旗下的每個造船廠都獲得了 2025 年建造更多船舶的訂單。GDIT 和 Mission Systems 的夜間獎勵活動所取得的技術成就是先前的 1.2 倍。

Moving to Aerospace. Gulfstream finished the year really strong with our second-best orders quarter since second quarter 2018. The full-year dollar-based book-to-bill for the segment was 1.2 times, marking the fifth consecutive year, achieving a book-to-bill greater than 1. The robust demand across our portfolio resulted in finishing the year with a record total backlog of $118 billion, an astonishing 30% increase over last year.

轉戰航空航天領域。灣流公司以強勁的勢頭結束了這一年，取得了自 2018 年第二季以來第二好的訂單季度成績。該業務部門全年以美元計價的訂單出貨比為 1.2 倍，連續第五年實現訂單出貨比大於 1。我們產品組合的強勁需求使得今年的總積壓訂單金額達到創紀錄的 1,180 億美元，比去年增長了驚人的 30%。

Total estimated contract value, which includes options and IDIQ contracts, ended the year also at a record level of $179 billion, a 24% increase from last year. It's interesting to note that each of the defense segments ended the year at record levels for both of these metrics and Aerospace ended at levels not seen since the announcement of the G650 in 2008.

包括期權和無限期交付/無限期數量合約在內的合約總估值，年底也達到創紀錄的 1,790 億美元，比去年增長了 24%。值得注意的是，國防領域的每個部門在這兩項指標上都以創紀錄的水平結束了這一年，而航空航天領域的這一水平更是達到了自 2008 年 G650 發布以來的最高水平。

Turning now to our cash performance for 2025. I think it's worth noting how we started the year. As a reminder, at the beginning of 2025, we were expecting a free cash flow conversion rate between 80% and 85% as we work through some working capital challenges. As we progress through the year, we upped that projection to the low 90s%, while I'm happy to report that we ended 2025 in line with our third quarter expectations.

現在來看我們2025年的現金流表現。我認為有必要回顧一下我們今年的開局。提醒一下，在 2025 年初，我們預計自由現金流轉換率將在 80% 到 85% 之間，因為我們正在努力解決一些營運資金的挑戰。隨著今年的推進，我們將預測值上調至 90% 左右，同時我很高興地報告，我們 2025 年的業績與第三季的預期相符。

Let's get to the specifics. The fourth quarter was another strong cash quarter with operating cash flow of $1.6 billion, which brought us to $5.1 billion of operating cash flow for 2025, $1 billion higher than 2024. After considering capital expenditures, our free cash flow for the year was just shy of $4 billion for a cash conversion rate of 94%.

讓我們來看具體細節。第四季現金流依然強勁，經營現金流達 16 億美元，使 2025 年的營運現金流達到 51 億美元，比 2024 年高出 10 億美元。扣除資本支出後，我們當年的自由現金流略低於 40 億美元，現金轉換率為 94%。

Working capital for the year improved nicely over our original plan due to stronger-than-expected collections and inventory reductions at Gulfstream. While all of our business units contributed nicely to our cash flow for the year, during the fourth quarter, Combat Systems and Aerospace have particularly strong cash generation.

由於灣流公司收款情況優於預期，庫存減少，本年度營運資金狀況比我們原計劃有了顯著改善。雖然我們所有業務部門都為本年度的現金流做出了不錯的貢獻，但在第四季度，作戰系統和航空航天部門的現金流表現尤為強勁。

As we signaled, capital expenditures were up significantly in the fourth quarter to $609 million, which adds up to $1.2 billion spent for the full year. For 2025, capital expenditures were in line with our expectations and up almost 30% over 2024.

正如我們先前所指出的，第四季資本支出大幅成長至 6.09 億美元，全年累計支出達 12 億美元。2025 年的資本支出符合我們的預期，比 2024 年成長了近 30%。

In the fourth quarter, we also paid $490 million to purchase assets that were originally under leased. Combined, we invested 3.1% of revenue on assets to support the facilities and fixtures that enable the continued growth of our businesses. During the fourth quarter, we were in the commercial paper market to support our liquidity during the government shutdown, but ended the year with no commercial paper outstanding. Our cash balance as of year end was $2.3 billion with a net debt position of $5.7 billion, down $1.4 billion from 2024.

第四季度，我們也支付了 4.9 億美元購買原本以低價租賃方式營運的資產。我們總共將收入的 3.1% 投資於資產，以支持能夠促進我們業務持續成長的設施和設備。第四季度，由於政府停擺，我們進入商業票據市場以支持流動性，但到年底時，我們沒有未償還的商業票據。截至年末，我們的現金餘額為 23 億美元，淨債務為 57 億美元，比 2024 年減少了 14 億美元。

Moving on to our 2026 cash flow projections. We expect to return to our free cash flow conversion rate goal of 100% of net income. This is based on particularly strong operating cash flow, offsetting elevated levels of the continued investment across our businesses. Capital expenditures are expected to increase over $900 million or 79% from 2025. Our capital expenditures will equal between 3.5% and 4% of sales, as we continue to invest especially in our shipyards to accelerate production and meet future demand.

接下來是我們的2026年現金流預測。我們預計將恢復到自由現金流轉換率達到淨利100%的目標。這是基於特別強勁的營運現金流，抵銷了我們各項業務持續高額的投資。預計到 2025 年，資本支出將增加超過 9 億美元，增幅達 79%。我們的資本支出將佔銷售額的 3.5% 至 4%，我們將繼續投資，尤其是在我們的造船廠，以加快生產速度並滿足未來的需求。

The free cash flow for the year breaks down as follows. The quarters are expected to each be positive and grow slightly with the fourth quarter still representing the largest, but much less of a climb as compared to 2025 plan. We have $1 billion of notes coming due in 2026. Our plan assumes these notes will be refinanced, but this is something that we will continue to evaluate as time approaches.

本年度自由現金流構成如下。預計每季都將實現正成長，第四季仍將是成長幅度最大的季度，但與 2025 年計畫相比，增幅要小得多。我們有10億美元的債券將於2026年到期。我們的計劃假設這些票據將進行再融資，但隨著時間的推移，我們將繼續對此進行評估。

Turning to interest. Our net interest expense in the fourth quarter was $63 million, bringing interest expense for the full year to $314 million. That compares to $76 million and $324 million in the respective 2024 period. Under the assumption that we refinance the maturing notes, we expect interest expense to increase to approximately $340 million due to higher expected interest rates on the new debt. Wrapping up with income taxes.

轉向利息。第四季淨利息支出為 6,300 萬美元，全年利息支出為 3.14 億美元。相較之下，2024 年同期分別為 7,600 萬美元和 3.24 億美元。假設我們對到期票據進行再融資，由於新債務的預期利率較高，我們預期利息支出將增加到約 3.4 億美元。最後談談所得稅。

Our 2025 full-year effective tax rate ended up at 17.5%, consistent with our guidance. Looking ahead to 2026, we expect the tax rate to remain at a similar level. Additionally, our cash taxes should remain around the same level with both years receiving some benefit from the R&D capitalization recovery.

我們 2025 年全年實際稅率最終為 17.5%，與我們的預期一致。展望2026年，我們預計稅率將維持在類似水準。此外，由於研發資本回收，這兩年我們的現金稅收應該會維持在大致相同的水平。

That concludes my remarks. I'll turn it back over to you, Phebe.

我的發言到此結束。菲比，我把它交還給你。

Thank you, Kim. So let me provide our operating forecast for 2026 with some color around our outlook for each business group and then the company-wide rollup.

謝謝你，金。那麼，讓我來提供我們對 2026 年的營運預測，並分別介紹一下各個業務部門的展望以及公司整體的總結情況。

In 2026, we expect Aerospace revenue to be about $13.6 billion, up around $500 million over 2025. Operating margin is expected to be increased to around 14%. This should result in operating earnings of around $1.9 billion. Gulfstream deliveries will be 160 with a little upside. This is fairly close to 2025.

我們預計 2026 年航空航太業收入將達到約 136 億美元，比 2025 年增加約 5 億美元。預計營業利潤率將提高到14%左右。這將帶來約19億美元的營業利潤。灣流飛機的交付量將達到 160 架，並略有成長。距離2025年相當近了。

In Combat Systems, we expect revenue in the range of $9.6 billion to $9.7 billion, coupled with an operating margin of 14.1%, which should lead to improved earnings around $1.36 billion at the midpoint of the revenue range.

在作戰系統方面，我們預計收入將在 96 億美元至 97 億美元之間，同時營業利潤率為 14.1%，這將使收入在收入範圍的中點附近實現約 13.6 億美元的收益。

As I noted earlier, the Marine Group has been on a remarkable growth story. It will continue in 2026. Our outlook for this year anticipates revenue in a range of $17.3 billion and $17.7 billion with a 30-basis-point improvement at the operating margin line. This should result in operating earnings around $1.3 billion.

正如我之前提到的，海洋集團一直處於令人矚目的成長階段。這項活動將持續到2026年。我們預計今年的收入將在 173 億美元至 177 億美元之間，營業利潤率將提高 30 個基點。這將帶來約13億美元的營業利潤。

In technologies, 2026 revenue is expected to be up to $13.8 billion. Operating margins are expected to decrease around 30 basis points to 9.2%. We continue to see long-term low single-digit growth from the group and continued industry-leading margins. The EBITDA margin is quite impressive. This should leave operating earnings of about $1.3 billion.

在科技領域，預計 2026 年的營收將達到 138 億美元。預計營業利潤率將下降約 30 個基點至 9.2%。我們預計該集團將繼續保持長期低個位數成長，並繼續保持業界領先的利潤率。EBITDA利潤率相當可觀。這樣一來，營業利潤應該約為13億美元。

So for 2026 company-wide, we expect to see revenue in the range of $54.3 billion to $54.8 billion, we anticipate operating margins of 10.4%, up 20 basis points from 2025 actuals. This should leave us with operating earnings around $5.7 billion at the midpoint of the anticipated revenue range. All of this rolls up to an EPS forecast between $16.10 and $16.20. None of this contemplates or includes any capital deployment.

因此，我們預計 2026 年公司整體營收將在 543 億美元至 548 億美元之間，預計營業利潤率為 10.4%，比 2025 年的實際利潤率提高 20 個基點。這樣一來，以預期收入範圍的中點計算，我們的營業利潤應該在 57 億美元左右。綜上所述，每股收益預測值在 16.10 美元至 16.20 美元之間。以上預測均未考慮或包含任何資本部署。

On a quarter basis, if one were to assume an average of $4 per quarter, the first quarter would be off $0.40; a second, off $0.30; a third off $0.10 and the fourth up $0.80 on a typical fourth quarter increased volume.

按季度計算，假設平均每季度下降 4 美元，則第一季下降 0.40 美元；第二季度下降 0.30 美元；第三季度下降 0.10 美元；第四季度在典型的第四季度銷量增長的情況下，增長 0.80 美元。

To wrap up, as we go into 2026, we feel very good about our business and the prospects for the year. We will do our level best to execute and beat the forecast we have given you. As always, we will be laser focused on operations. Nicole call back to you.

綜上所述，展望 2026 年，我們對我們的業務和今年的前景感到非常樂觀。我們將竭盡全力執行並超越我們向您做出的預測。我們將一如既往地專注於營運。妮可回電給你。

Thank you, Phebe. As a reminder, we ask participants to ask 1 question and 1 follow-up so that everyone has a chance to participate. Operator, could you please remind participants how to enter the queue?

謝謝你，菲比。再次提醒，我們請參與者提出 1 個問題和 1 個後續問題，以便每個人都有機會參與。操作員，請您提醒一下各位參與者如何排隊？

(Operator Instructions) Seth Seifman, JPMorgan.

（操作說明）Seth Seifman，摩根大通。

Wanted to start off asking maybe about Aerospace profitability. And if you could work about the market [patron] here (inaudible) transitions to 700 and 800 and 600 and going away. There's some market (inaudible) for this year (technical difficulty)

我想先問問航空航太產業的獲利情況。如果你能在這裡（聽不清楚）談論市場[贊助人]，過渡到 700、800 和 600，然後離開。今年有一些市場（聽不清楚）（技術難題）

Seth breaking up a bit. Are you asking about margins on --

塞思有點情緒低落。您是在問利潤率嗎？--

Yeah. Sorry. Can you hear me a little bit better now?

是的。對不起。現在你能聽得更清楚些嗎？

Yeah, that's better. Thank you. If you say it again because we got every other word.

嗯，這樣好多了。謝謝。如果你再說一遍，因為我們已經聽懂了每一個字。

Cool, Aerospace profitability, I guess, now that we're through the product transitions, there's some improvement expected in '26 here, but I think the hope is that those margins become more robust. And so how do you think about getting there? And is it the supply chain that's the chief impediment as we're seeing in some other places as well? And what are the plans to mitigate that?

不錯，航空航太業的獲利能力，我想，既然我們已經完成了產品轉型，預計 2026 年會有所改善，但我認為希望的是利潤率能夠更加穩健。那麼，你打算如何到達那裡呢？供應鏈是否像我們在其他一些地方看到的那樣，是主要的障礙？那麼，有哪些計劃可以緩解這種情況呢？

Yeah, I can take that. This is Danny here. Yeah, look, we think margins are going to continue to improve. As you said, we're up about 70 basis points in '26 versus '24 I think we'll see some improved pricing, improved efficiencies, so lower overheads and some lower research and development costs, so that will be helpful. I think right now, we have headwinds around tariffs.

是的，我可以接受。這位是丹尼。是的，我們認為利潤率將會持續提高。正如你所說，2026 年的利率比 2024 年上漲了約 70 個基點。我認為我們會看到定價有所改善，效率有所提高，從而降低管理費用和研發成本，這將有所幫助。我認為目前我們在關稅方面面臨一些不利因素。

Some of the cost increases that we've incurred in the supply chain happened before we're able to reflect them in our increased pricing and we do have the opportunity to increase pricing, but that's often in period subsequent to when the cost increase has been incurred from the supply chain. But we continue to expect improvement there.

我們在供應鏈中產生的一些成本增加發生在我們能夠將其反映在價格上漲之前，我們確實有機會提高價格，但這通常是在供應鏈成本增加之後的一段時間。但我們仍然期待這方面有所改進。

Okay. Okay. Great. And then maybe if you can update us on your expectations for future submarine contracts for both Colombia and Virginia, that would be great in terms of maybe timing and in terms of how they are different than in the past.

好的。好的。偉大的。如果您能向我們介紹一下您對哥倫比亞和維吉尼亞未來潛艇合約的預期，那就太好了，例如時間安排以及它們與過去有何不同。

So to be quite honest, we don't know. We know that both of those contracts are out there. The demand is there and it's simply up to the government when they come to us. So we don't know very much. But when we do, we'll tell you.

坦白說，我們也不知道。我們知道這兩份合約都已公開。需求是存在的，現在就看政府何時來找我們了。所以我們了解的不多。但到時候我們會通知你們。

Doug Harned, Bernstein.

道格·哈內德，伯恩斯坦。

Staying on Marine. The revenues are -- revenues look great. the -- clearly, it appears your throughput is going way up. The Navy has been pushing so long to get throughput up, get back -- get to the to Virginia class for year rate? And how would you describe Marine now in terms of closing that gap on where the Navy ultimately wants to be here, given that you've got so much money in the budget right now?

留在海軍陸戰隊基地。收入情況——收入看起來很棒。 ——顯然，你們的吞吐量似乎大幅提升了。海軍長期以來一直在努力提高吞吐量，爭取盡快恢復——達到弗吉尼亞級艦艇的年增長率？那麼，鑑於目前預算中擁有如此多的資金，您如何描述海軍陸戰隊在縮小與海軍最終目標之間的差距方面所取得的成就？

So I'd say we are continuing to improve efficiency retention at Electric Boat. Our throughput, as you know, is up and proficiency is really key as is retention. The supply chain remains the gating item, and we have seen significant improvement in some areas, but we still have some suppliers and parts of the supply chain that are at risk.

所以我認為，我們在通用動力電船公司正在不斷提高效率保留率。如您所知，我們的產量提高了，熟練程度和員工留任率都至關重要。供應鏈仍然是限制因素，雖然我們在某些​​方面看到了顯著改善，但我們仍然有一些供應商和供應鏈環節面臨風險。

The government has been heavily investing in the supply chain, which is why we've seen some improvement, but we need to focus and do more, particularly with respect to sole source suppliers where they are is bottle mix. So as the supply chain begins to improve and increase their productivity and by the way, the quality still remains high. Not an issue. It's simply really about the constraints that they have in capacity and getting their throughput up.

政府一直在大力投資供應鏈，所以我們看到了一些改善，但我們需要更加重視並加大力度，尤其是在瓶裝飲料混合的單一來源供應商方面。因此，隨著供應鏈的改善和生產效率的提高，產品品質仍保持在較高水準。沒問題。其實關鍵在於他們產能的限制以及如何提高吞吐量。

But once they do, that will improve th2at will be the next big step in improving our productivity throughput and the ability to further accelerate deliveries to the customer.

但一旦他們做到了，那將會改善，這將是提高我們生產效率和進一步加快向客戶交付速度的下一個重大步驟。

And then on Combat, in the backlog story was really strong. And clearly, European demand is very high. And our assumption would be that, that kind of demand growth would continue -- when you look at the scale of the backlog increase you're seeing there, how long will it take? Or what are your expectations and the ability to convert that to revenue growth over time?

然後，在戰鬥方面，積壓的故事情節非常精彩。顯然，歐洲的需求非常高。我們的假設是，這種需求成長將會持續下去──看看目前積壓訂單的成長規模，這需要多長時間？或者，您對收入成長有何預期，以及您有能力將這些預期轉化為長期的收入成長嗎？

So we'll see some increase in revenue growth this year. And accelerating into '27 when we begin to move into production of some of these programs in Europe. This year, we'll be largely planning and engineering R&D work and then as we move into production. So we have a pretty smooth path. We believe to transition from our engineering work into production, and now we've got the resources, property, plant and equipment personnel to execute.

因此，我們預計今年的營收成長將會有所提升。到 2027 年，我們將加速推進其中一些項目在歐洲的生產。今年，我們將主要進行研發工作的規劃和工程設計，然後逐步推動生產。所以我們的路相當平坦。我們相信，從工程設計到生產製造的轉型，現在我們已經擁有了所需的資源、場地、廠房、設備和人員來執行這項轉型。

Gautam Khanna, TD Cowen.

Gautam Khanna，TD Cowen。

Danny, you made a reference to the tariff impact at Gulfstream at [Arrow]. I was wondering how much you guys absorbed in '25? And what are you expecting in '26, if you could frame that for us?

丹尼，你提到了關稅對灣流公司的影響…[箭]。我想知道你們在25年吸收了多少知識？那麼，如果您能為我們概括一下您對2026年的期望，您會說什麼呢？

Yeah, sure Sure. So the impact of tariffs in 2025 was $41 million. But let me help you a little bit with tariff as best as I can. So there's a cash outlay when the tariff is imposed when the material is coming into the country. And -- but the cost to earnings happens at a different point.

好的，當然可以。因此，到 2025 年，關稅的影響為 4,100 萬美元。但我會盡我所能，在關稅方面為您提供一些幫助。因此，當原材料進口到該國時，由於徵收關稅，就會產生現金支出。但是——但成本對收益的影響發生在另一個時間點。

As you know, we recognize revenue and earnings when we actually deliver the plane. And that's also when we recognize the tariff impact. And so there's this other element where how much of that can we get back in terms of some sort of reimbursement, and that's difficult to predict. So the tariffs that we are going to see in 2026 are largely based on cash that we expended in 2025. It will be higher than in 2025, so higher than the $41 million, but those tariffs are contemplated in our 2026 margins.

如您所知，我們只有在實際交付飛機時才會確認收入和利潤。這也是我們意識到關稅影響的時候。因此，還有另一個因素，那就是我們能以某種補償的形式收回多少資金，而這很難預測。因此，我們在 2026 年將看到的關稅很大程度上取決於我們在 2025 年的支出。將會高於 2025 年的水平，也就是高於 4,100 萬美元，但這些關稅已計入我們 2026 年的利潤率。

Got you. Thank you, That's helpful. And if we're going to shift to Marine, the increase in 18% sequentially, how much is that at the yard itself in terms of productivity versus in the supply chain? Because historically, you guys have called out the supply chain kind of being a constraint. I'm just wondering how that has improved relative to before.

抓到你了。謝謝，這很有幫助。如果我們轉向船舶領域，環比成長 18%，那麼就生產力而言，船廠本身的成長幅度與供應鏈的成長幅度相比如何？因為從歷史上看，你們一直認為供應鏈是個限制因素。我只是想知道與以前相比，情況是否有所改善。

Yeah. Look, I mean, I don't know how to apportion both of those impacts, but they're both impactful on the margins. I think as Phebe said, when we get the supply chain operating at a full cadence and at full efficiency, that will have an impact on margins, and then equally so our own productivity and focus on execution as we continue to improve and we're on that path, we should expect to see improvements in margins. We think those improvements will be durable, and steady, as you've seen from 2024 to 2025, we'll see continued strength there and increases.

是的。你看，我的意思是，我不知道如何衡量這兩種影響，但它們都對邊緣地區產生了影響。我認為正如菲比所說，當我們的供應鏈以全速運轉並達到最高效率時，這將對利潤率產生影響；同樣，隨著我們不斷改進並走上這條道路，我們自身的生產力和對執行的關注度也會提高，我們應該會看到利潤率的提高。我們認為這些改善將是持久且穩定的，正如你們從 2024 年到 2025 年所看到的，我們將看到這方面持續走強並不斷增長。

Scott Deutsche, Deutsche Bank.

斯科特‧德意志銀行，德意志銀行。

Kim, can you walk us through what drives free cash flow conversion to the 100% range in despite that big step-up in CapEx?

Kim，你能為我們解釋一下，儘管資本支出大幅增加，是什麼因素促使自由現金流轉換率達到 100% 嗎？

Yeah, sure. So we're really looking at basically strong operating performance out of the business units. -- and that's the major driver. Obviously, we are increasing CapEx to a significant extent, but that's factored in. And we -- our goal is to be at 100%, and that's what we're targeting for 2026 and, quite frankly, into the next couple of years.

當然可以。所以我們主要關注的是各業務部門強勁的營運績效──這才是主要驅動因素。顯然，我們的資本支出大幅增加，但這已經考慮了。我們的目標是達到 100%，這是我們 2026 年的目標，坦白說，也是未來幾年的目標。

Okay. Just to clarify, is the Navy offering some working capital support for the Navy CapEx?

好的。請澄清一下，海軍是否為海軍資本支出提供一些營運資金支持？

Not at this point. Not to our knowledge.

目前還不行。據我們所知沒有。

Okay. And Danny, given the strong orders and demand at Gulfstream as well as the strength in the production and supply chain side, I guess, why wouldn't the delivery growth in 2026 be higher than this 1% increase desk in another way, what's the limiting factor on delivery growth at Gulfstream?

好的。丹尼，鑑於灣流公司強勁的訂單和需求，以及生產和供應鏈方面的實力，我想，為什麼 2026 年的交付成長率不會高於 1% 的成長？換句話說，灣流公司交付成長的限制因素是什麼？

So well, let me take that on. We have provided you with the deliveries that we are quite comfortable at the moment that we can execute. Completion, final test delivery tend to be the long poles in the tent. -- but we are working to expand our completion capacity through increased efficiency and where necessary additional tooling and fixtures, but let's just put this detail perspective.

那好吧，就讓我來做這件事吧。我們已向您提供目前我們有能力執行的交付方案。完工和最終測試交付往往是整個流程中最耗時的環節。 ——但我們正在努力透過提高效率以及在必要時增加工具和夾具來擴大完工能力，不過讓我們先從細節的角度來看待這個問題。

In '24, we had a 3.5% increase in revenues and from -- in '25, we had 16.5%. That's in the hard-to-do category. So what we're doing right now is working to absorb that growth while increasing margins. So we believe this is a prudent plan. It's focused on meeting our obligations to our customers and expanding our productivity.

2024 年，我們的收入成長了 3.5%；2025 年，我們的收入成長了 16.5%。那屬於很難做到的事。所以，我們現在正在做的就是努力吸收這種成長，同時提高利潤率。所以我們認為這是一個審慎的計劃。它專注於履行對客戶的義務並提高生產力。

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，傑富瑞集團。

Great quarter. Maybe -- just on your last comments, given we're on aviation, the order momentum has been superb. Can you talk a little bit about what's driving that maybe by geography? Was it bonus depreciation? Or is it the new model introductions you have going in?

很棒的季度。或許——就你上次的評論而言，鑑於我們談論的是航空業，訂單勢頭一直非常強勁。您能否談談造成這種情況的原因，例如地理因素？是額外折舊嗎？還是指你們即將推出的新車型？

I think a number of factors have driven the increased demand. Certainly, our new products have -- the 800 led the demand followed by the 700 and the 600. I suspect bonus depreciation was a factor as is the strength of various economies. We -- I would also tell you that the pipeline is active and growing, and we have good activity. So we like what we see on the demand side.

我認為多種因素推動了需求的成長。當然，我們的新產品——800 型引領了需求，其次是 700 型和 600 型。我懷疑額外折舊是一個因素，各國經濟的強弱也是一個因素。我還要告訴你們，管道正在活躍發展，我們業務進展順利。所以我們對目前的需求狀況感到滿意。

Great. And if I could follow up maybe on the capital deployment comments. How do we think about JD Combat and what's going on there? There's been a lot of press about capacity in missions and a how are you thinking about capacity coming online for combat and how that factors into the 3.5% of CapEx to sales ratio over the next few years?

偉大的。如果可以的話，我想就資金部署方面發表一些看法。我們如何看待 JD Combat 以及那裡正在發生的事情？媒體對任務能力進行了大量報道，並詢問您如何看待作戰能力的上線，以及這在未來幾年內如何影響資本支出佔銷售額 3.5% 的比例？

So the majority of our half at least of the CapEx for this coming year is that Electric Boat -- we have been investing in Combat Systems across the portfolio, and we'll continue to do so. On the munition side, we have capacity and have executed that capacity up in Northeast Pennsylvania at 36 rounds a month for the last 12 months. We've increased the load pack and established a load pack assembly facility and with the capacity of 50,000 rounds a month and we've increased our propellent capacity. So all in all, we are -- we see some instances of need for additional investment, and we'll make that accordingly.

因此，我們至少明年一半的資本支出將用於通用動力電船公司——我們一直在投資整個投資組合中的作戰系統，並將繼續這樣做。在彈藥方面，我們有能力，在過去 12 個月裡，我們在賓州東北部實現了每月 36 發的產能。我們增加了彈藥包，並建立了彈藥包組裝設施，每月產能達到 50,000 發，同時我們也提高了推進劑的產能。總而言之，我們看到一些需要額外投資的情況，我們會根據情況進行相應的投資。

Matt Akers, BNP.

Matt Akers，BNP。

I guess, Phebe, historically, you guys have usually guided ex capital deployment. And I think probably a lot of us just go ahead and stick it in our models anyway. But I guess, given some of the pressure we've seen on the industry on on buybacks. I guess can you comment on maybe whether we should be a little bit more cautious on assuming that this year?

菲比，我想，從歷史上看，你們通常指導的是資本部署。而且我認為我們很多人可能都會直接把它放到我們的模型裡。但我想，考慮到我們看到業內人士在股票回購方面面臨的一些壓力。我想請您談談，我們今年是否應該對這個假設更加謹慎？

So our capital deployment strategy for the last number of years has been to continue to invest in our growing business, has resulted in increased backlog. So we think -- we believe and plan on additional investments in our portfolio to ensure that we're able to efficiently execute that backlog and provide for the demands and needs of our customer.

因此，過去幾年我們的資本部署策略一直是繼續投資於我們不斷發展的業務，這導致了積壓訂單的增加。因此，我們認為—我們相信並計劃對我們的投資組合進行額外投資，以確保我們能夠有效率地完成積壓訂單，並滿足客戶的需求。

We have -- for -- on the dividend, we paid a dividend for over 25 years. And every year, in March, the Board decides the extent of any increase. But we're committed to the dividend, and we never comment on share repurchase. I note that it's not particularly popular right now. So our habit and pension for not commenting on share repurchases, I believe appropriate.

我們已經支付股利超過 25 年。每年三月，董事會都會決定任何成長的幅度。但我們承諾會派發股息，而且我們從不對股票回購發表評論。我注意到它現在並不太受歡迎。因此，我認為我們一貫不對股票回購發表評論的做法是合適的。

But I think it's our strategy remains heavily invested in the business because it's justified given the demand and the backlog. .

但我認為，鑑於市場需求和積壓訂單，我們繼續大力投資這項業務的策略是合理的。。

Got it. And then I guess just one more on kind of the CapEx with the step this year. I mean, should we think of this as kind of a multiyear investment that needs to be made? Or is this more something that will kind of revert to more normalized levels in 207 and beyond?

知道了。然後，我想今年在資本支出方面還有一點需要改進。我的意思是，我們是否應該把這看作是一項需要多年才能完成的投資？或者這種情況會在 2007 年及以後逐漸恢復到正常水平？

We'll continue to invest year-over-year in our businesses because we have a long-term growth there, and it's embedded in our backlog. We believe that that's appropriate. So the investments year-over-year in CapEx may vary a bit, but you should expect that strategy going forward.

我們將繼續逐年投資於我們的業務，因為我們在這些業務領域擁有長期成長潛力，而這已體現在我們的積壓訂單中。我們認為這樣做是適當的。因此，資本支出方面的投資金額每年可能會略有不同，但你應該預期這個策略會持續下去。

Myles Walton, Wolfe Research.

Myles Walton，Wolfe Research。

You've previously given medium-term margin expansion sort of color for aerospace. I was curious if you could maybe update those margin outlook targets.

你之前曾對航空航太業的中期利潤擴張進行過一些描述。我想問一下，您是否可以更新一下利潤率預期目標？

We believe there's margin improvement headroom at Gulfstream, and we'll continue to pursue that. It's not about necessarily pursuing growth that's in our backlog, but it's about execution, execution, execution. That's throughout the whole company. It's really a strategy, Gulfstream and Jet Aviation are no different. So we'll continue to push margin and we see high probability of improved margins over time.

我們認為灣流公司還有利潤提升空間，我們將繼續追求這個目標。關鍵不在於追求我們積壓的成長目標，而在於執行、執行、再執行。這種情況在整個公司普遍存在。這其實是一種策略，灣流公司和捷特航空也不例外。因此，我們將繼續提高利潤率，我們認為隨著時間的推移，利潤率很有可能會得到改善。

Is mid- to high teens still reasonable for '27?

2027 年的 15 到 10 歲以上的年齡還算合理嗎？

I think as we execute this backlog, we'll continue to push margins -- we've there lots of puts and takes in this business, as you well know, and how all of the costs and pricing opportunities play out over the next couple of years will drive it. But you should expect significant and consistent margin improvement over time throughout our plan period.

我認為，隨著我們完成這些積壓訂單，我們將繼續提高利潤率——正如您所知，這個行業有很多進退兩難的情況，未來幾年所有成本和定價機會的最終結果將決定利潤率的走向。但您應該預期，在我們的計劃期內，利潤率會隨著時間的推移而顯著且持續地提高。

And is the combat growth in '26 absorbing much of any headwind on the AJAX program and if you could size that?

2026 年的戰鬥力成長是否對 AJAX 計畫造成了很大的不利影響？能否估算一下？

I wouldn't say there's any headwind on the AJAX program. We have a pause in the fielding, but we are highly, highly confident in this vehicle. It has been tested for tens of thousands of miles and we have great confidence in it.

我不會說AJAX專案遇到了任何阻力。我們目前在守備方面有所停頓，但我們對這款車非常非常有信心。它已經過數萬英里的測試，我們對其充滿信心。

Robert Stallard, Vertical Research.

Robert Stallard，Vertical Research。

Be, given some of the geopolitical activities over the last few weeks, I was wondering if you've seen any change in the conversation with your European customers with regards to buying US-sourced equipment rather than stuff you actually make in Europe?

鑑於過去幾週的一些地緣政治活動，我想知道，您是否注意到您與歐洲客戶的對話在購買美國製造的設備而不是您在歐洲生產的設備方面發生了任何變化？

We have not. But let me remind you that the biggest source of business that we have in Europe are European-based and almost fully sourced European businesses. They're indigenous businesses that we've had for, in some cases, over 25 years. And they are manned, run, lead and sourced in Europe.

我們沒有。但我要提醒各位，我們在歐洲最大的業務來源是總部設在歐洲且幾乎完全依賴歐洲資源的歐洲企業。這些都是我們擁有的本土企業，有些已經經營了超過 25 年。它們由歐洲的人員、營運、領導和資源提供。

Okay. And then secondly, on the aerospace side. There's been concerns over the last few months, perhaps over this AI bubble. I was wondering if there has been any notable change in your backlog here and whether there has been any increase in AI-related orders over the last, say, 6 to 12 months.

好的。其次，在航空航太領域。過去幾個月來，人們一直存在著擔憂，或許是因為人工智慧泡沫。我想知道你們的積壓訂單是否有任何顯著變化，以及在過去的 6 到 12 個月裡，與人工智慧相關的訂單是否有所增加。

You mean at Gulfstream, AI-driven from AI-driven we haven't seen any of that. I'd say the demand is across the portfolio, very heavy in the Fortune 500, high net worth and 400 to 500 companies, high net worth individuals. But there's no one particular segment that jumps out or as an anomalous.

你的意思是說，在灣流公司，我們沒有看到任何由人工智慧驅動的人工智慧技術。我認為需求遍及整個投資組合，財富 500 強企業、高淨值人士和 400 至 500 家公司以及高淨值個人的需求尤為旺盛。但並沒有哪個特定的部分顯得格外突出或異常。

Ron Epstein, Bank of America.

羅恩愛潑斯坦，美國銀行。

Just a couple of quick ones here for you, Phebe. Battleship, how are you thinking about Battleship, -- that's a lot of stuff going on. How do you think about that with your ship business?

菲比，給你簡單問幾個問題。戰艦遊戲，你對戰艦遊戲有什麼看法？ ——那裡面有很多事情正在發生。您如何看待船舶業務中的這個問題？

Bath is participating in the design with other industry partners on that battleship that's just recently announced. So I think it will be quite some time in playing out, but it really is at its beginning design phases. So really too soon to project anything in terms of timing.

巴斯公司正與其他產業夥伴一起參與最近宣布的那艘戰艦的設計工作。所以我認為還需要一段時間才能最終實現，但目前它確實還處於設計初期階段。所以現在就預測時間還太早。

Is there going to be a down sit? Have they boarded it? I mean, is it -- I don't know how to think about it? Is it going to be like a --

會有人靜坐抗議嗎？他們登機了嗎？我的意思是，這算什麼──我不知道該怎麼想？它會像…--

I don't believe we know the competition strategy right now.

我認為我們目前還不了解競爭對手的策略。

Got it. Okay. Fair enough. And then is this too simple of a way to think about Gulfstream. So let me just -- everybody has been asking this question.

知道了。好的。很公平。那麼，這種看待灣流的方式是否過於簡單了呢？所以，我就簡單說一下──大家都在問這個問題。

So sorry, apologies do one, but in kind of really simple terms, you guys have brought to market sort of a refreshed fleet of kit, right? So a bunch of new airplanes. That's driving demand, right, because you got the newest stuff out there. It's early days in many of these programs. So as you go down the learning curve, naturally, you should get some margin expansion.

非常抱歉，請多多包涵，但簡單來說，你們已經向市場推出了一系列更新的設備，對吧？所以，一大批新飛機。這正是需求成長的原因，因為這樣就能買到最新的產品。這些項目大多仍處於早期階段。所以隨著學習曲線的下降，你的利潤率自然會提高。

So as we walk out over the next several years, naturally should we see margins improve because you just get better at building the new airplanes. And you presumably -- not to put words in anybody's mouth, I'm not going to launch anything immediately. So you've got this stuff maturing, margins go up demand stays good, because they got a new product out there. Is that the simple way to think about it.

因此，在接下來的幾年裡，隨著我們不斷改進新飛機的製造工藝，利潤率自然會提高。想必你——我不想替任何人說話——我不會立即推出任何東西。所以，隨著這些產品日趨成熟，利潤率上升，需求保持良好，因為他們推出了新產品。這就是最簡單的思考方式嗎？

On, I think you have quite eloquently defined and expressed our strategy. Our new airplanes are driving demand. We continue to come down our learning curves. The supply chain is improving as the way to go, but it's definitely better than it was and all of that will drive additional margin improvement measured over time.

我覺得您已經非常精闢地定義和表達了我們的策略。我們的新型飛機正在推動需求成長。我們的學習曲線持續下降。供應鏈正在不斷改進，這是必然的發展方向，而且肯定比以前好多了，所有這些都將隨著時間的推移推動利潤率的進一步提高。

But the investments we made years ago in these new products are coming to fruition and the market is benefiting from this whole new family of clean sheet airplane. Nobody else has anything like it. We worked hard, we earned it. This isn't something that just happened overnight. There's a lot of long, thoughtful targeted R&D and capital investments.

但是，我們多年前對這些新產品的投資正在取得成果，市場正在受益於這個全新的飛機系列。世界上沒有其他任何類似的東西。我們努力工作，這是我們應得的。這並非一朝一夕就能發生的。有許多耗時較長、經過深思熟慮且目標明確的研發和資本投資。

Got it. Got it. And then maybe if I can just slip in one last one. You've been running the company for a while and been on the hill, been all over. How do you think about some of the stuff coming out of the administration directing defense companies on what -- how to deploy capital.

知道了。知道了。然後，也許我還能再加一個。你經營公司已經有一段時間了，也經歷過公司高層，走遍了各個角落。您如何看待政府指示國防公司如何部署資金的一些措施？

I mean as a leader of an organization that's deployed capital arguably pretty prudently over the years. How do you think about that?

我的意思是，作為一個多年來在資本運用方面可以說相當謹慎的組織的領導者。你對此有何看法？

Well, our strategy over the last several years is aligned with the administration's commitment to an intent to increase production, and we are an increase and the demand signals are very strong. So we have been investing in our business, and we'll continue to do so. I think that's the best way to think about it.

過去幾年，我們的策略與政府提高產量的承諾一致，我們正在提高產量，需求訊號非常強勁。因此，我們一直在投資我們的業務，並且我們將繼續這樣做。我認為這是思考這個問題的最佳方式。

John Godyn, Citi.

約翰‧戈丁，花旗集團。

I wanted to keep getting into the trend in munitions. You had so many positive call-outs in the prepared remarks. Obviously, we've seen a lot of growth in the weapon systems and munition subsegment within Combat Systems. And I get a lot of questions on how long that strength might last where production rates and run rate revenue can go over multiple years and what incremental margins on munitions revenue like -- look like versus overall Combat Systems margins. So I know you might not want to give all that detail, but I was hoping we could just dialogue a bit about the trajectory, just to get a better handle on the shape of the business over the coming years.

我想繼續關注軍火產業的發展趨勢。你在準備好的發言稿中有很多正面的表揚。顯然，在作戰系統領域，武器系統和彈藥子領域已經取得了很大的成長。我常被問到這種優勢能持續多久，生產力和年收入能否持續多年，以及彈藥收入的增量利潤率與整體作戰系統利潤率相比如何。我知道您可能不想透露所有細節，但我希望我們能就發展軌跡進行一些對話，以便更好地了解未來幾年業務的走向。

We have a good business in munitions. We are a supplier to many of the missile companies. So we expect that the demand signals that the administration in outside the US have been issuing our manifesting in contract. We expect that to continue.

我們在軍火業經營得很好。我們是許多導彈公司的供應商。因此，我們預計需求訊號表明，美國以外的政府一直在發布我們的合約清單。我們預計這種情況會持續下去。

Stores and inventories are low, and those inventories need to be replaced. So we are well positioned. We'll continue to work our margins as we always do. This is a business that tends to be in the 14%, 15% margin range. We expect that to continue with some variability.

商店和庫存都很低，需要補充庫存。所以我們已經佔據了有利位置。我們將一如既往地努力提高利潤率。這個行業的利潤率通常在 14% 到 15% 之間。我們預計這種情況會持續下去，但會有一些波動。

It's all about their operating leverage and their ability to come down their learning curves and control their costs.

關鍵在於他們的營運槓桿作用，以及他們降低學習曲線和控製成本的能力。

Okay. That's very helpful. And if I could just ask one more on supply chain and Gulfstream. And I know there's been some dialogue on that already on the call. But specifically, with commercial aerospace production volumes ramping, do you think there's any knock-on impact on biz jet supply chain, whether it's demand for materials, subcomponents, labor, et cetera?

好的。那很有幫助。我還能再問一個關於供應鏈和灣流公司的問題嗎？我知道電話會議上已經就此進行了一些討論。但具體來說，隨著商用航空航太產量的增加，您認為這對公務機供應鏈會有任何連鎖反應嗎？例如對材料、零件、勞動力等方面的需求？

Anything there to think through?

有什麼需要仔細考慮的嗎？

Well, labor is not a problem. Are you asking whether we see material issues in the supply chain?

勞動力不是問題。您是想問我們是否在供應鏈中發現實質問題嗎？

With falling ramping production dramatically Airbus as well if they're not on --

如果空中巴士的產能沒有大幅下降，那麼他們的產能也會大幅下降。--

I say that solid well -- let me answer this. I say that some of the suppliers have ramped more successfully than others. We know the ones who still have some work to go. They're committed to making the investments to increase their capacity. So it's really about capacity throughput and the causes for that constrained environment and some of those suppliers is really just about the investment in capacity, training a workforce.

我說這話很有道理──讓我來回答這個問題。我認為有些供應商比其他供應商更成功地擴大了產能。我們知道還有哪些工作要做。他們致力於進行投資，以提高產能。所以，這其實與產能吞吐量有關，而造成這種受限環境的原因，以及某些供應商的問題，其實只是產能投資和員工培訓的問題。

But quality remains good, which is critical. So Andre, I think we have time for 1 more question.

但品質依然很好，這一點至關重要。安德烈，我想我們還有時間再問一個問題。

Andre Madrid, BTIG.

安德烈·馬德里，BTIG。

I wanted to really nail down into international a bit. Could you maybe tell us what the book-to-bill was for the quarter and for the year. And I mean, how are you thinking about demand moving into '26? I know we've talked about it in ease of the individual segments. But is it fair to say that growth in international will probably outpace the broader business in the next year?

我想真正深入了解國際市場。能否告知我們本季和本年度的訂單出貨比是多少？我的意思是，您如何看待 2026 年的需求？我知道我們已經在各個部分的簡易性方面討論過這個問題。但可以這樣說嗎？明年國際業務的成長速度可能會超過整體業務的成長速度？

Are you talking about Combat Systems primarily because there is none in Marine group, Gulf.

您主要指的是作戰系統嗎？因為海灣海軍陸戰隊沒有這個部門。

Yes. Yes.

是的。是的。

Yes, I can answer that. Yes. So I think, as Kim said, we had a book-to-bill in the fourth quarter specifically at European land systems of 4 -- over 4 to -- so that was by far the biggest impact. And I think as you think about it in the context of combat, which is where the bulk of our international activity is European Land Systems will be the fastest grower by far. And so we expect to see really, really positive growth over the plan period, and you'll start to see the real acceleration, as Phebe said earlier, in '27 and beyond.

是的，我可以回答這個問題。是的。所以我覺得，正如 Kim 所說，我們在第四季度歐洲陸地系統的訂單出貨比為 4——超過 4——所以這是迄今為止影響最大的因素。我認為，如果你從作戰的角度來思考這個問題，而這正是我們國際活動的主要領域，那麼歐洲陸地系統將遠遠成長得最快。因此，我們預計在計劃期內將看到非常非常積極的成長，正如菲比之前所說，真正的加速成長將在 2027 年及以後開始出現。

Some of these are long-cycle programs. But certainly, at European Land Systems, we expect to grow quickly.

其中一些是長週期項目。但可以肯定的是，歐洲土地系統公司預計會快速發展。

Got it. And then if I could squeeze one more in. I know back at USA in October, you highlighted some of the demand that you're seeing around UGVs, we've seen them being used to extreme effect in Eastern Europe right now. What do you think the market looks like for unmanned ground? I mean is that something that might be much more tangible in the years to come?

知道了。如果還能擠出一點時間，我再加一個。我知道去年十月在美國的時候，你重點提到了你看到的關於無人地面車輛的一些需求，我們現在看到它們在東歐得到了極大的應用。您認為無人地面系統的市場前景如何？我的意思是，這在未來幾年是否會變得更加切實可行？

Is there like kind of a benchmark that you guys are selling to -- for how that business might perform?

你們的銷售業績是否有某種衡量標準－用來衡量該業務的預期表現？

We're not setting a particular benchmark, but I would say that the US Army is in a period of transition. They move to the most advanced technologically capable systems in their unmanned systems, mobile protected firepower communication in GPS environment. So we're seeing really a transition as the US Army modernizes its forces.

我們沒有設定具體的基準，但我認為美國陸軍正處於轉型期。他們在無人系統中採用最先進的技術能力，在 GPS 環境下進行行動防護火力通訊。因此，我們看到美國陸軍正在經歷一場真正的轉型，即部隊現代化。

And we don't have any particular benchmarks with respect to some of the smaller areas of investment for us, but we've made those investments to support that growth, and we're quite confident that we are well positioned to support them going forward.

對於一些較小的投資領域，我們沒有設定任何具體的基準，但我們進行這些投資是為了支持成長，而且我們非常有信心，我們有能力在未來繼續支持這些成長。

All right. Well, thank you, everyone, for joining our call today. Please refer to the General Dynamics website for the fourth quarter earnings release and highlights presentation. If you have additional questions, I can be reached at (703) 876-3152.

好的。謝謝大家今天參加我們的電話會議。請造訪通用動力公司網站查看第四季財報和亮點介紹。如果您還有其他問題，可以撥打 (703) 876-3152 與我聯絡。

And this concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。