通用動力 (GD) 2026 Q2 法說會逐字稿

Good morning, and welcome to the General Dynamics second quarter 2026 earnings conference call. (Operator Instructions) Please note this event is being recorded.

早安，歡迎參加通用動力（General Dynamics）2026 年第二季財報電話會議。（接線員指示）請注意，本活動將被錄音。

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

現在我想將會議交給投資人關係副總裁 Nicole Shelton。

Thank you, operator, and good morning, everyone. Welcome to the General Dynamics second quarter 2026 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. Additional information regarding these factors is contained in the company's 10-K, 10-Q, and 8-K filings.

謝謝，接線員，各位早安。歡迎參加通用動力 2026 年第二季電話會議。今天所作的任何前瞻性陳述，均代表我們對公司展望的估計。這些估計可能受到若干風險與不確定性影響。關於這些因素的更多資訊，載於公司提交的 10-K、10-Q 與 8-K 文件中。

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.

我們也將提及若干非 GAAP 財務衡量指標。關於這些非 GAAP 指標的其他揭露（包括與可比 GAAP 指標的調節表），請參閱本次網路直播隨附的簡報投影片；投影片可於我們網站的投資人關係頁面 investorrelations.gd.com 取得。

On the call today are Phebe Novakovic, Chairman and Chief Executive Officer; Danny Deep, President; and Kim Kuryea, Chief Financial Officer.

今天與會者包括：董事長兼執行長 Phebe Novakovic；總裁 Danny Deep；以及財務長 Kim Kuryea。

I will now turn the call over to Phebe.

現在我把電話交給 Phebe。

Thank you, Nicole. Good morning, everyone, and thanks for being with us. You may recall that at the outset of his remarks at the end of the first quarter, Danny described it as a very powerful quarter. This quarter is even better in almost all respects. Earlier today, we reported earnings of $4.24 per diluted share on revenue of $14.1 billion, operating earnings of $1.460 billion, and net earnings of $1.160 billion.

謝謝你，Nicole。各位早安，感謝各位與會。各位或許記得，在第一季結束時的發言一開始，Danny 形容那是一個非常強勁的季度。而本季在幾乎所有方面都更勝一籌。今天稍早，我們公布稀釋後每股盈餘 4.24 美元，營收 141 億美元，營業利益 14.60 億美元，淨利 11.60 億美元。

These results compare quite favorably to the year-ago quarter as well as sequentially. For example, against the year-ago quarter, revenue is up 8.1%, operating earnings are up almost 12%, and net earnings are up 14.4%. As a result, earnings per diluted share are up $0.50 or 13.4%.

這些結果不僅相較去年同期表現亮眼，與前一季相比也同樣出色。例如，與去年同期相比，營收成長 8.1%，營業利益成長近 12%，淨利成長 14.4%。因此，稀釋後每股盈餘增加 0.50 美元，或 13.4%。

The operating margin for the entire company is 10.4%, a 40-basis-point improvement over the year-ago quarter, which, coupled with the revenue growth, led to very strong earnings growth. While Aerospace and Marine led the way on revenue increases, each of the other two segments had revenue increases as well.

全公司營業利益率為 10.4%，較去年同期提升 40 個基點；再加上營收成長，帶動非常強勁的獲利成長。雖然航太與海事在營收增幅上領先，但另外兩個事業部門的營收也都有所增加。

With respect to operating earnings, Aerospace led the way with a 26.6% improvement, followed by Marine Systems with a strong 17.5% increase. Sequentially, against a very good first quarter, revenue is up 4.5%, operating earnings are up 2.8%, and diluted earnings per share are up $0.14 or 3.4%. On a year-to-date basis, revenue of $27.6 billion is up 9.1%. Operating earnings of nearly $2.9 billion are up 11.9%, and earnings per share are up $0.95 or 12.8%.

就營業利益而言，航太以 26.6% 的改善幅度領先，其次是海事系統，亦有強勁的 17.5% 成長。以季比來看，相較於表現非常好的第一季，營收成長 4.5%，營業利益成長 2.8%，稀釋後每股盈餘增加 0.14 美元，或 3.4%。以年初至今來看，營收 276 億美元，成長 9.1%。營業利益接近 29 億美元，成長 11.9%，每股盈餘增加 0.95 美元，或 12.8%。

We beat consensus by $0.28 in the quarter on more revenue, more operating earnings and better operating margins than is expected by the sell side. In short, it was a superb quarter and first half.

本季我們較市場共識高出 0.28 美元，原因在於營收更高、營業利益更高，且營業利益率優於賣方預期。總之，這是一個極為出色的季度與上半年。

Let me ask our CFO, Kim Kuryea, to provide some detail on our strong order activity, rapidly growing backlog, and superb cash generation as well as other relevant financial data.

接下來請我們的財務長 Kim Kuryea，說明我們強勁的接單活動、快速成長的在手訂單（backlog）、卓越的現金創造能力，以及其他相關財務數據。

Thank you, Phebe, and good morning. I'll start with our outstanding cash performance for the quarter. We generated $1.9 billion of operating cash flow, which when combined with the strong $2.2 billion from the first quarter, yields over $4 billion of operating cash flow in the first half of the year.

謝謝你，Phebe，各位早安。我先從本季傑出的現金表現談起。我們創造了 19 億美元的營運現金流；加上第一季強勁的 22 億美元，使得上半年營運現金流合計超過 40 億美元。

Each of our segments contributed nicely, exceeding their planned cash flows and driving operating working capital down over $1 billion from the end of 2025.

我們各事業部門均有良好貢獻，現金流皆超越原先規劃，並使營運週轉資金自 2025 年底以來下降超過 10 億美元。

Capital expenditures totaled $234 million or 1.7% of sales in the quarter. Compared to the first half of 2025, capital expenditures were up nearly 30% to $437 million. We continue to expect capital expenditures between 3.5% and 4% of sales for the full year. You should expect the profile of our investment to grow significantly in the back half of the year as we continue to invest, especially in our shipyards, to accelerate production and meet future demand.

本季資本支出合計 2.34 億美元，約占銷售額的 1.7%。與 2025 年上半年相比，資本支出增加近 30%，至 4.37 億美元。我們仍預期全年資本支出將介於銷售額的 3.5% 至 4%。各位應可預期，我們在下半年投資的規模將顯著增加；我們將持續投資，特別是在造船廠，以加速生產並滿足未來需求。

After capital expenditures, our free cash flow was $1.6 billion for the quarter, yielding a cash conversion rate of 142% and $3.6 billion for the first half, a cash conversion rate in excess of 150%. Given our strong cash performance so far, we now expect a free cash flow conversion rate a little north of 100% of net income for the year, let's say, around 105%.

扣除資本支出後，本季自由現金流為 16 億美元，現金轉換率為 142%；上半年自由現金流為 36 億美元，現金轉換率超過 150%。鑑於目前強勁的現金表現，我們現在預期全年自由現金流轉換率將略高於淨利的 100%，例如約 105%。

That said, we will have a lighter second half than the first, which is due to higher planned capital expenditures, which I've already discussed, and three other factors I'll address now.

不過，下半年將比上半年偏弱，原因在於較高的計畫性資本支出（我已說明），以及我接下來要談的另外三項因素。

First, pension. We have decided to contribute approximately $500 million to our pension plans. Given favorable market returns over the last few years, the funded status of many of our plans are near full funding, and this contribution will allow us to derisk those plans and eliminate significant volatility going forward.

第一，退休金。我們決定對退休金計畫提撥約 5 億美元。由於過去幾年市場報酬良好，我們多項計畫的資金提撥狀況接近足額；這筆提撥將使我們得以降低這些計畫的風險，並在未來消除顯著的波動性。

Second, our cash taxes are weighted toward the back half of the year with over $500 million of payments expected. Third, we will be working down some advance payments on new programs at European Land Systems during the second half.

第二，我們的現金稅款支付偏向下半年，預計支付金額超過 5 億美元。第三，下半年我們將在歐洲陸地系統（European Land Systems）消化部分新專案的預收款。

Now to round out the cash discussion. From a capital deployment perspective, in the quarter, we paid dividends of approximately $430 million and repurchased about $100 million of our common stock to cover dilution. Finally, we repaid $500 million of notes that matured in June. We have another $500 million of notes coming due in August that we anticipate repaying with cash on hand.

接著把現金的部分補充完整。就資本配置而言，本季我們支付股利約 4.30 億美元，並回購約 1.00 億美元普通股以抵銷稀釋。最後，我們償還了 6 月到期的 5 億美元票據。我們還有另一筆 8 月到期的 5 億美元票據，預計以手上現金償還。

At this time, we don't anticipate refinancing these maturities during the year, but we will continue to evaluate market conditions and potential borrowing needs as the year progresses. All in all, we ended the quarter with a cash balance of approximately $4.3 billion and a net debt position of $3.2 billion, down $1.2 billion from last quarter.

目前我們不預期在今年內為這些到期債務進行再融資，但我們將隨著年度推進，持續評估市場狀況與潛在借款需求。整體而言，本季末我們的現金餘額約 43 億美元，淨負債約 32 億美元，較上季下降 12 億美元。

Next, on to orders and backlog. We had another strong quarter with just shy of $20 billion of orders, yielding an overall book-to-bill ratio of 1.4:1 for the company. Book-to-bill in all four of our operating segments was greater than 1:1. In Aerospace, our dollar-based book-to-bill was 1.5 times. This is the strongest first half for orders for Aerospace since 2022 and reflected very solid demand across the entire Gulfstream product line.

接下來談訂單與在手訂單（backlog）。我們本季再度表現強勁，接單金額接近 200 億美元，使公司整體出貨比（book-to-bill）為 1.4:1。我們四個營運事業部門的出貨比皆大於 1:1。在航太部門，我們以金額計算的出貨比為 1.5 倍。這是航太自 2022 年以來最強勁的上半年接單表現，反映 Gulfstream 全產品線的需求相當穩健。

In the Defense segment, book-to-bill was 1.4 times, led by the Combat Systems segment at 2.1 times, which received several large contracts, including the production of new armored combat support vehicles, ACSVs, for the Canadian Armed Forces. We ended the quarter with a record level of backlog of $136.5 billion, up 32% from a year ago.

在國防事業群中，接單出貨比為 1.4 倍，其中以作戰系統事業群的 2.1 倍領先；該事業群獲得數筆大型合約，包括為加拿大武裝部隊生產新型裝甲戰鬥支援車輛（ACSV）。本季結束時，我們的在手訂單（backlog）達到創紀錄的 1,365 億美元，較一年前成長 32%。

Backlog was also a record high for each of our segments. Our total estimated contract value, which includes options and IDIQ contracts, ended the quarter at $186.9 billion.

我們各事業群的在手訂單也都創下歷史新高。我們的合約總估計價值（包含選擇權與 IDIQ 合約）於本季末達到 1,869 億美元。

Turning to interest. Our net interest expense in the second quarter was $49 million, compared to $88 million in the respective 2025 period, and $118 million for the first half of 2026, compared to $177 million in the first half of 2025. The decrease in our interest expense is due almost entirely to the interest we paid for commercial paper borrowings in 2025. We have not been in the commercial paper market in 2026. Further, our interest income increased in 2026 as we held higher cash balances.

接著談利息。第二季淨利息費用為 4,900 萬美元，相較於 2025 年同期的 8,800 萬美元；2026 年上半年為 1.18 億美元，相較於 2025 年上半年的 1.77 億美元。利息費用下降幾乎完全是因為我們在 2025 年為商業本票借款所支付的利息。我們在 2026 年並未進入商業本票市場。此外，由於我們持有較高的現金餘額，2026 年的利息收入有所增加。

At this point, our expectation for net interest expense for the year is approximately $270 million. Finally, the effective tax rate in the quarter was 17.6%, bringing the tax rate for the first half to 17.7%. This rate is a little higher than our outlook for the full year, which remains around 17.5%.

目前，我們對全年淨利息費用的預期約為 2.70 億美元。最後，本季有效稅率為 17.6%，使上半年稅率達到 17.7%。此稅率略高於我們對全年約 17.5% 的展望，而該展望維持不變。

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

Phebe，我的發言到此結束。接下來交回給你。

Thanks, Kim. Now I will briefly review the financial performance for each of the groups, and Danny will interject additional details. First, Aerospace. Aerospace had a very good quarter with revenue of $3.5 billion and operating earnings of $510 million with a 14.5% operating margin. Revenue is $463 million more than last year's second quarter, a 15.1% increase.

謝謝，Kim。接下來我將簡要回顧各事業群的財務表現，Danny 會補充更多細節。首先，航太。航太本季表現非常出色，營收 35 億美元、營業利益 5.10 億美元，營業利益率 14.5%。營收較去年第二季增加 4.63 億美元，成長 15.1%。

To give you a little perspective here, the increase is attributable to three more deliveries and higher service revenue at both Gulfstream and Jet Aviation. The 41 deliveries in the quarter are somewhat more than planned. Operating earnings of $510 million are up $107 million, driven in part by the increased revenue, but most importantly, by a 130-basis-point improvement in operating margin.

提供一些背景說明，這項成長主要來自 Gulfstream 與 Jet Aviation 交付量增加 3 架，以及兩者的服務營收提升。本季交付 41 架，略高於原先規劃。營業利益 5.10 億美元增加 1.07 億美元，部分受益於營收成長，但更重要的是營業利益率提升 130 個基點。

There are no unusual items of significance. As a result, the improvement quarter over quarter comes from a lot of measurable improvements across the entire business.

沒有任何重大的異常項目。因此，季對季的改善來自於整個業務範圍內多項可衡量的提升。

From an operational perspective, we are off to a strong start to the year. Phebe mentioned 41 deliveries in the quarter. This is three more than the year-ago quarter and sequentially as well. We see durable productivity improvements on all new aircraft types with modestly improved margins both year over year and sequentially. We performed quite well across all service categories at both Gulfstream and Jet Aviation with improved operating earnings at each, both quarter over quarter and sequentially.

從營運角度來看，我們今年開局強勁。Phebe 提到本季交付 41 架。這比去年同期多 3 架，較前一季也增加。我們在所有新機型上都看到持續的生產力提升，利潤率不論年對年或季對季皆小幅改善。在 Gulfstream 與 Jet Aviation 的各項服務類別中，我們表現相當出色，兩者的營業利益皆較去年同期與前一季提升。

You might note that the second quarter overall operating margins are down sequentially despite the fact that operating margins by line of business all improved. This is attributable to a slightly disadvantageous mix plus a modest increase in both G&A and R&D.

你可能注意到，第二季整體營業利益率較前一季下滑，儘管各業務線的營業利益率都在改善。這主要是因為產品組合略為不利，加上一般及行政費用（G&A）與研發（R&D）小幅增加。

Phebe?

Phebe？

Turning to market demand. Aerospace had a 1.5 times book-to-bill in the quarter with 16 more airplane orders than the year-ago quarter and 20 more than the first quarter of this year. The book-to-bill over the trailing 12 months is 1.3 times. So we see very active interest across all models in the US and Asia, with some cautious concern from customers in the Middle East, but they're still active in the pipeline. In summary, the Aerospace team had a special quarter, both operationally and in terms of order activity.

接著談市場需求。航太本季接單出貨比為 1.5 倍，飛機訂單較去年同期多 16 架，較今年第一季多 20 架。過去 12 個月的接單出貨比為 1.3 倍。因此，我們看到美國與亞洲各機型的興趣都非常活躍；中東客戶則有些謹慎的疑慮，但仍在案源管線中保持活躍。總結而言，航太團隊本季表現特別亮眼，無論在營運或接單活動方面皆是如此。

So let's move on to the defense businesses. First, Combat. Combat Systems had revenue of $2.3 billion, up marginally over the year-ago quarter. Earnings of $318 million are down $6 million. Margins at 13.9% are down 30 basis points against the year-ago quarter, due largely to mix.

接下來我們談國防業務。首先是作戰。作戰系統營收為 23 億美元，較去年同期小幅增加。獲利 3.18 億美元，減少 600 萬美元。13.9% 的利潤率較去年同期下降 30 個基點，主要是受產品組合影響。

There was increased revenue performance at Ordnance and Tactical Systems and European Land Systems, offset by a decline at Land Systems. Sequentially, revenue is up modestly, but earnings are up 2.6% on a 30-basis-point improvement in operating margin. The real good news story here is the order performance at 2.1:1 book-to-bill continues to build strong significant backlog. A large portion of the order activity in the quarter was at Land Systems.

Ordnance and Tactical Systems 與 European Land Systems 的營收表現提升，但被 Land Systems 的下滑所抵銷。就季對季而言，營收小幅增加，但在營業利益率提升 30 個基點的帶動下，獲利成長 2.6%。這裡真正的好消息是接單表現：2.1:1 的接單出貨比持續累積強勁且可觀的在手訂單。本季相當大一部分的接單活動來自 Land Systems。

Demand for Combat Systems products is strong, primarily driven by US allies. Orders for wheeled and tracked vehicles are up, reflecting the increased threat environment. In addition, OTS continues to have particularly strong growth in munitions.

作戰系統產品需求強勁，主要由美國盟友帶動。輪型與履帶式車輛的訂單增加，反映威脅環境升高。此外，OTS 在彈藥方面仍持續呈現特別強勁的成長。

So I want to repeat what I said last quarter because performance this quarter further demonstrates the strength and breadth of the combat portfolio, particularly with international vehicles as well as our munitions group. It's encouraging during this period of transition and recapitalization to next-generation platforms for our US land force customers that the overall group continues to provide a healthy growth outlook with very nice margins. You have seen the 2.1 times book-to-bill in the quarter. We're confident there is more to come.

因此，我想重申我上季所說的，因為本季的表現進一步證明作戰產品組合的強度與廣度，特別是在國際車輛以及我們的彈藥事業群方面。在此一過渡期、以及為美國陸軍客戶進行下一代平台汰換與再投資（recapitalization）的期間，整體事業群仍能提供健康的成長展望並維持相當不錯的利潤率，令人鼓舞。你已看到本季 2.1 倍的接單出貨比。我們有信心後續還會有更多進展。

Phebe?

Phebe？

So turning to Marine Systems. Once again, our shipyards are each demonstrating strong revenue growth. This quarter's growth of 10.4% was driven by the Columbia and Virginia-class programs, followed by NASSCO and Bath expressed in dollar increases. However, in growth expressed as a percentage of revenue, both NASSCO and Bath outpaced Electric Boat for the first time in my memory. Earnings improved 17.5% on a 40-basis-point improvement in operating margin.

接著談海事系統。再一次，我們各造船廠都展現強勁的營收成長。本季 10.4% 的成長由 Columbia 級與 Virginia 級計畫帶動，其次是 NASSCO 與 Bath（以金額增量計）。然而，若以營收百分比來看，NASSCO 與 Bath 的成長率在我記憶中首次超越 Electric Boat。在營業利益率提升 40 個基點的帶動下，獲利成長 17.5%。

We can point to clear and measurable productivity gains. As you know, to support this growth, we have made significant investments in each of our shipyards, particularly at Electric Boat. We will continue to invest as we go forward to support the additional demand we see in the national security interest of the United States.

我們可以指出明確且可衡量的生產力提升。如你所知，為了支撐這項成長，我們已在各造船廠進行重大投資，尤其是在 Electric Boat。展望未來，為了支援我們在美國國家安全利益下所看到的額外需求，我們將持續投資。

Turning to operating performance.

接著談談營運表現。

As Phebe mentioned, momentum continues to build at each of our shipyards, and we are making good progress with our efforts to accelerate build rates. A great example of this is at Bath Iron Works, where our most recent DDG 51 destroyer delivery was accelerated by almost three months versus plan due to the excellent performance of the ship in its sea trial.

如同 Phebe 提到的，我們各個造船廠的動能持續增強，我們在加速提升建造速率方面也取得良好進展。一個很好的例子是在 Bath Iron Works，我們最近一次 DDG 51 驅逐艦交付，由於該艦在海試中的優異表現，較原計畫提前了將近三個月。

At Electric Boat on the Columbia program, we had a significant increase in the number of hours earned as compared to both the year-ago quarter and sequentially. In the first half of this year, the hours earned are up 37% versus the same period last year. Material deliveries also continue to improve with a 65% increase in sequence-critical material this quarter over the second quarter last year.

在 Electric Boat 的 Columbia 計畫上，我們的已賺取工時（hours earned）相較去年同期季度以及相較前一季都有顯著增加。今年上半年，已賺取工時較去年同期增加 37%。材料交付也持續改善，本季序列關鍵材料（sequence-critical material）較去年第二季增加 65%。

Let me state the obvious. This is the segment, given its backlog and improving productivity, where we can accelerate value for our shareholders as we accelerate delivery of submarines, surface combatants, and auxiliary ships. Continuous operational improvement has our undivided attention and focus.

讓我把顯而易見的話說清楚。鑑於該事業群的在手訂單（backlog）與生產力改善，當我們加速交付潛艦、水面作戰艦與輔助艦艇時，這個事業群是我們能為股東加速創造價值的所在。持續的營運改善是我們全力以赴、專注投入的重點。

Back to you, Phebe.

交回給你，Phebe。

So finally, Technologies. This group is also experiencing growth in revenue and earnings, albeit not at the pace experienced by Aerospace and Marine Systems. Revenue of $3.6 billion is an increase of 4.1% over the second quarter of 2025. Both businesses contributed respectable growth, but Mission Systems led the way. Operating earnings of $339 million are up 2.1% over the year-ago quarter.

最後談 Technologies。這個事業群的營收與獲利也在成長，但成長速度不如 Aerospace 與 Marine Systems。營收 36 億美元，較 2025 年第二季增加 4.1%。兩項業務皆貢獻了不錯的成長，但以 Mission Systems 表現最為突出。營業利益 3.39 億美元，較去年同期季度增加 2.1%。

Operating margin decreased 20 basis points from 9.6% to 9.4%. The group's order activity was also encouraging with a book-to-bill of 1.1 times for the quarter and 1.3 times for the trailing 12 months.

營業利益率下降 20 個基點，從 9.6% 降至 9.4%。該事業群的接單活動也令人鼓舞，本季出貨比（book-to-bill）為 1.1 倍，過去 12 個月為 1.3 倍。

Growth in Mission Systems came from across the portfolio, most notably in Land and Air Systems and in their international portfolio. The international portfolio was up more than 35% since 2024, and we expect that to continue to be a key driver of growth for the year and beyond. In IT services, we've discussed elongated procurement cycles and that continues. But a real bright spot has been GDIT's success in capturing programs under agile contracting mechanisms such as other transaction authorities, or OTAs. GDIT has submitted and won more OTAs in the first half of 2026 than for all of last year.

Mission Systems 的成長來自整體產品組合，尤其是陸地與航空系統，以及其國際業務組合。國際業務組合自 2024 年以來成長超過 35%，我們預期這將在今年及未來持續成為成長的關鍵驅動力。在 IT 服務方面，我們曾談到採購週期拉長，而這種情況仍在持續。但一個真正的亮點是 GDIT 在敏捷合約機制（agile contracting mechanisms）下的專案取得成功，例如其他交易授權（other transaction authorities，OTA）。GDIT 在 2026 年上半年提交並贏得的 OTA 數量，已超過去年全年。

So let's turn to guidance for the rest of the year. At the outset, I want to review what we've told you to date. In January, we told you to assume an EPS range of $16.10 to $16.20. In April, our updated guidance for 2026 was an EPS range of $16.45 to $16.55. With that as a predicate, let me proceed to provide our operating forecast for the remainder of '26 with some specifics around our outlook for each business group and then a company-wide roll-up.

接著談談今年剩餘時間的財測指引。首先，我想回顧一下我們迄今對各位說過的內容。1 月時，我們請各位假設 EPS 區間為 16.10 至 16.20 美元。4 月時，我們更新 2026 年指引為 EPS 區間 16.45 至 16.55 美元。在此基礎上，接下來我將提供 2026 年剩餘期間的營運預測，包含各事業群展望的具體細節，以及公司整體彙總。

For 2026, we now expect Aerospace revenue of around $13.8 billion. Gulfstream will still deliver about 160 airplanes. There is some potential upside delivering large-cabin aircraft and some risk on the 280 deliveries for obvious reasons. We anticipate a 14.7% operating margin for the year. The third quarter operating margin will be about the same as this quarter with a better fourth quarter.

對於 2026 年，我們目前預期 Aerospace 營收約 138 億美元。Gulfstream 仍將交付約 160 架飛機。在大型客艙機型交付方面有一些上行空間，而 280 的交付量則因顯而易見的原因存在一些風險。我們預期全年營業利益率為 14.7%。第三季營業利益率將與本季大致相同，第四季會更好。

In Combat, we expect revenue of about $9.8 billion, coupled with a 13.8% operating margin.

在 Combat 方面，我們預期營收約 98 億美元，並搭配 13.8% 的營業利益率。

As noted earlier, the Marine group has been on a remarkable growth journey. Our outlook for the year now anticipates revenue around $18 billion with an operating margin for the year of 7.4%. In Technologies, we expect revenue of $14.1 billion and an operating margin of 9.4%. So for 2026, company-wide, we expect to see revenue of approximately $55.7 billion and operating margin of 10.5%.

如先前所述，Marine 事業群走過一段顯著的成長旅程。我們目前對全年展望預期營收約 180 億美元，全年營業利益率為 7.4%。在 Technologies 方面，我們預期營收 141 億美元，營業利益率 9.4%。因此就 2026 年公司整體而言，我們預期營收約 557 億美元，營業利益率 10.5%。

You've already heard Kim's commentary about our estimates for cash flow for the year, tax rate, and interest expense. All this rolls up to an increased EPS forecast of $16.80 to $16.90 for the year.

各位已聽到 Kim 對我們今年現金流、稅率與利息費用估計的說明。綜合以上，我們將全年 EPS 預測上調至 16.80 至 16.90 美元。

To wrap up, as we go into the second half coming off a very strong first half, we feel very good about the potential for the second half and the full year.

總結來說，在上半年表現非常強勁的基礎上進入下半年，我們對下半年以及全年潛力感到非常樂觀。

Nicole, back to you.

Nicole，交回給你。

Thank you, Phebe. (Event Instructions) Operator, could you please remind participants how to enter the queue?

謝謝你，Phebe。（活動說明）接線員，請提醒與會者如何加入提問隊列，好嗎？

(Operator Instructions) David Strauss, Wells Fargo.

（接線員指示）Wells Fargo 的 David Strauss。

Maybe, Phebe, with the backlog increase that we saw this quarter at Aerospace, could you talk, maybe in terms of years of production, how far out that extends, and how much you could take production up from kind of current levels to start to eat into that backlog?

Phebe，鑑於本季 Aerospace 的在手訂單增加，你能否談談（以生產年數來看）大概延伸到多遠？以及你們能把產量從目前水準提高多少，以開始消化這些在手訂單？

So you've followed us long enough to know that some time ago, we ceased giving you the details about model and years out. That became a very competitive issue. But look, we will -- the supply chain has stabilized. We're getting -- coming down our learning curves on all of our products. We're still working through some of the challenges on completion.

你追蹤我們夠久就知道，我們在一段時間前就停止向各位提供機型與可見年限等細節。那已成為非常具競爭性的議題。但你看——供應鏈已經穩定下來。我們在所有產品上也正沿著學習曲線持續改善。我們仍在處理完工（completion）方面的一些挑戰。

So it's just a question of pace. So we'll take all of this into due consideration and give you some real clarity next year what to expect.

所以這只是節奏的問題。我們會把這些因素都納入審慎考量，並在明年給各位更清楚的說明，讓大家了解可以期待什麼。

Okay. And a quick follow-up on Marine. It has consistently exceeded kind of expectations and the growth outlook that you've outlined. And it looks like for the rest of the year, you're forecasting kind of minimal growth in the second half of the year. Maybe if you can just talk about kind of the longer-term trajectory here. I mean, I know it's law of large numbers at this point, but is there a reason to believe that Marine growth meaningfully decelerates kind of from the levels that we've seen?

了解。另外快速追問 Marine。它一直持續超出你們先前提出的預期與成長展望。但看起來你們對今年剩餘時間的預測，是下半年成長相對有限。能否談談較長期的成長軌跡？我的意思是，我知道現在已經有「大數法則」的因素，但是否有理由相信 Marine 的成長會相較我們看到的水準明顯放緩？

Yeah. I think -- let me take that one. I think the second half as compared to the first half is really just a function of material receipts, stuff that we received in the first half that we're actually now installing. And as you know, it's important to reflect that we've increased sales for 2026 over 2025 by almost $1.3 billion, which exceeded even what we thought. I think we'll see it continue to grow, maybe not quite at that pace, but certainly, we're getting up into, as you say, a law of large numbers.

是的。我想——這題我來回答。我認為下半年相較上半年，主要只是材料到貨（material receipts）的函數：上半年收到的材料，我們現在正在安裝。而且如你所知，重要的是要反映我們已將 2026 年相較 2025 年的銷售額提高了將近 13 億美元，甚至超出我們原先的預期。我認為它會持續成長，或許不會那麼快，但確實如你所說，規模變大後會受到大數法則影響。

But we don't have any expectation that it will slow down much because there's just volume out there that we have to execute on. But it's natural tail off in the second half of the year compared to the first.

但我們並不預期它會大幅放緩，因為外面仍有大量的工作量需要我們去執行。不過相較於上半年，下半年自然會有所回落。

Ron Epstein, Bank of America Merrill Lynch.

Ron Epstein，美國銀行美林。

So on Marine, just following up on Marine, where are we on build rate on Virginia-class now, right? I mean, are we still like 1.3 a year, 1.4? I mean, is there -- can you maybe put something around that?

那麼關於海事（Marine），接續追問一下海事這塊，我們目前維吉尼亞級（Virginia-class）的建造速率到哪裡了，對吧？我的意思是，我們還是大概一年 1.3 艘、1.4 艘嗎？也就是說——你能不能大概給個範圍？

Yeah. We don't typically give the exact build rate. We leave that to the Navy. But as you know, we're trying to get to two Virginia-class and one Columbia in the early 2030s time frame. And we're on that path, and we're actually where we expect to be at this point in the process.

是的。我們通常不會提供精確的建造速率。這部分我們交由海軍來公布。但如你所知，我們正努力在 2030 年代初期達到每年兩艘維吉尼亞級、以及一艘哥倫比亞級（Columbia）的目標。我們正走在這條路徑上，而且就目前這個階段而言，我們實際上也在我們預期的位置。

Okay. So you're making strides with the supply chain. It's my understanding that that was one of the hurdles.

了解。所以你們在供應鏈方面正在取得進展。我的理解是，那曾是其中一個障礙。

Yeah. I mean, we have seen significant improvements in their pace and the cadence of delivery. I mean, there are still some challenging areas, as I think we mentioned in the last call, where we have single sources of supply. But generally, the supply chain is improving, and we're counting on it to continue to improve.

是的。我的意思是，我們確實看到他們的速度與交付節奏有顯著改善。當然仍有一些具挑戰性的領域，正如我想我們在上次電話會議提到的，我們在某些項目上仍是單一來源供應。但整體而言，供應鏈正在改善，我們也指望它能持續改善。

Great. And Phebe, one for you. How are you thinking about the budget process now as we go into fiscal '27? You probably know the budget process better than anybody in Washington. How are you thinking about it?

很好。接著 Phebe，問你一題。當我們進入 2027 財政年度時，你現在如何看待預算流程？你可能比華盛頓任何人都更了解預算流程。你怎麼看？

Like how should we think about it? It seems like there's so much volatility in terms of there is going to be reconciliation, there isn't; there's a baseline, there's not; there's midterm. So kind of broadly, how do you think about it?

也就是說，我們應該怎麼看待它？感覺在很多面向都非常波動：會有協調法案（reconciliation）或不會；有基準（baseline）或沒有；還有期中選舉（midterm）。所以從更宏觀的角度，你怎麼看待這件事？

Yeah. So I would say that there are a lot more factors today influencing the budget than there have been historically. But from our perspective, a lot of our programs are funded in the base budget. But the reconciliation is important, because if you stop and think about it, weapons production has been on very low-rate production or fairly minimally sustaining production for quite some time.

是的。我會說，現在影響預算的因素比過去歷史上多得多。但從我們的角度來看，我們很多計畫是在基礎預算（base budget）中獲得資金。不過協調法案很重要，因為如果你停下來想一想，武器生產在相當長一段時間內一直處於非常低速率的生產，或是僅維持最低限度的維持性生產。

And in order to gear up production to meet the current threat environment, we need additional funds and the entire industry does. And so this is, I think, from a national security perspective, meritorious. So there are a lot of moving parts on all of this, and we'll continue to support our customers and the Congress as best we can.

而為了提升產能以因應當前的威脅環境，我們需要額外資金，整個產業也都需要。因此我認為，從國家安全的角度來看，這是值得支持的。所以這裡面有很多變動因素，我們也會持續盡我們所能支持客戶與國會。

Myles Walton, Wolfe Research.

Myles Walton，Wolfe Research。

Phebe, I was wondering if you can maybe talk about the M&A backdrop, which you haven't been as active in, in the last several years. But I'm curious if there's any interest in reengaging given obvious balance sheet strength, the DoD's relatively negative view on share repurchase overall. What does your M&A pipeline look like? What kind of properties would even be attractive to you at this point?

Phebe，我想請你談談併購（M&A）的背景環境。你們過去幾年在這方面沒有那麼積極。但我很好奇，考量到你們資產負債表顯然很強，以及國防部（DoD）整體上對股票回購相對負面的看法，你們是否有興趣重新投入？你們的併購管線（pipeline）看起來如何？在這個時間點，什麼樣的標的資產會對你們有吸引力？

Nice try. Look, this is something we always look at and something we never talk about. I just think that's imprudent. But it's always on our mind. So you can rest assured about that. You want to ask another question?

想得美。你看，這是我們一直都會關注、但也從來不會談的事情。我只是覺得談這個不夠審慎。但它一直在我們的考量之中。所以你可以放心。你要不要再問一題？

Would you say there's any shift in the way you look at it, even if you can't speak to it?

你會說你們看待它的方式有任何轉變嗎，即使你不能具體談？

No. No, we've consistently looked at it this way when we have met some of our other obligations with respect to cash or if there's a particularly attractive bolt-on out there. But we are doing what we always have done. It's understand the marketplace and see what if anything makes sense. But golly jeez, we just never talk about it.

沒有。沒有，我們一直以同樣的方式看待：當我們在現金運用上已滿足其他義務，或市場上出現特別有吸引力的補強型收購（bolt-on）時。但我們做的就是一直以來做的事。也就是了解市場，看看是否有任何事情合理。但老天啊，我們就是從不談這個。

Okay. Maybe one that maybe, Dan, you can talk to, or Phebe, on the missile framework agreements. Have you seen in Combat, within OTS, much of that coming your way on second-source solid-rocket motors, particularly with some of the interest of aggressive dual sourcing?

了解。那再問一題，可能 Dan 你可以回答，或 Phebe 也可以：關於飛彈框架協議（framework agreements）。你們在 Combat（作戰）這邊、在 OTS 之內，有看到其中相當一部分流向你們嗎？特別是作為第二來源的固體火箭發動機（solid-rocket motors），尤其在積極推動雙重來源（dual sourcing）的興趣之下？

Yeah. So we are a subcontractor, both at OTS and Mission Systems, to a number of the missile primes, and we have some content on all of the missiles for the most part with things like actuators and motor cases at OTS and guidance systems and other components at Mission Systems. So the framework agreements that the primes have signed up to, we have mirrored agreements with them to ramp up. And so we're, again, a part of the supply chain, but certainly not a prime there.

是的。我們在 OTS 與 Mission Systems 都是多家飛彈主承包商（prime）的分包商，我們在大多數飛彈上都有一些供應內容，例如在 OTS 這邊的致動器（actuators）與馬達殼體（motor cases），以及在 Mission Systems 這邊的導引系統與其他零組件。因此，主承包商簽署的那些框架協議，我們也與他們簽了對應的協議以便擴產。所以我們同樣是供應鏈的一部分，但當然我們不是那裡的主承包商。

Robert Stallard, Vertical Research.

Robert Stallard，Vertical Research。

This might be for you, Phebe, or for Danny. But it sounds like the supply chain across the group is getting better. I was wondering if you could confirm that. And if there are any areas of concern that still exist as you look forward to the rest of the year?

這題可能給你，Phebe，或 Danny。聽起來整個集團的供應鏈狀況正在變好。我想請你們確認一下是否如此。以及展望今年剩餘時間，是否仍有任何需要關注的領域？

Yeah. I would say, broadly speaking, when we look across the areas that maybe we highlighted in the past that were causing some difficulties, there has been a noticeable improvement in the cadence. Areas of concern haven't really changed where we have single sources of supply for large complex components, and that can be somewhat of a pacing item. But when we look across the entire enterprise in each of the operating units, there has been a noticeable improvement in the supply chain, and that's a really good thing.

是的。我會說，整體而言，當我們回頭看過去可能曾點出、造成一些困難的那些領域，交付節奏確實有明顯改善。需要關注的領域其實沒有太大改變：也就是我們在大型、複雜零組件上仍有單一來源供應，而這可能在某種程度上成為進度的制約項。但當我們檢視整個企業、各個營運單位時，供應鏈確實有明顯改善，這是非常好的事情。

Okay. And a quick follow-up. There was some news overnight about the Virginia-class submarine Block VI being approved by the Secretary of the Navy. I was wondering if you could give us some sort of preliminary thoughts on how the next block of submarines could differ from Block V in terms of contractual terms or accounting or something like that?

好的。再快速追問一下。昨晚有一些消息指出，維吉尼亞級潛艦第 VI 批次（Block VI）已獲海軍部長批准。我想請問你們能否先給一些初步看法：下一個批次的潛艦，相較於第 V 批次（Block V），在合約條款或會計處理等方面，可能會有哪些不同？

So we saw that as well. We're told that these contracts will be coming soon. And when we get those, let's give you the clarity that you're seeking here. I think that's best done after the awards are granted.

我們也看到了那則消息。我們被告知這些合約很快就會出來。等我們拿到之後，我們會提供你在這裡所尋求的更清楚說明。我認為在授標完成之後再來談會是最好的。

Doug Harned, Bernstein.

Doug Harned，Bernstein。

On Combat, you've gotten some really, really good increases in backlog. And as we had looked at this before, we saw a lot of the growth coming from European Land Systems. But now these awards are much outside of Europe. When you go forward, how do you see growth now across geographies? Do you have more optimism in a sense about growth coming from the US?

關於 Combat，你們的在手訂單（backlog）確實出現了非常、非常可觀的增長。而且如同我們之前所觀察到的，我們看到很多成長來自歐洲陸上系統（European Land Systems）。但現在這些得標案已經大幅超出歐洲範圍。往前看，你如何看待各地理區域的成長？你是否在某種程度上對來自美國的成長更為樂觀？

So I think what we expect to see is double-digit growth continuing at European Land Systems given the threat environment and the demand for combat support vehicles as well as other systems, OTS because of artillery missile components, 155.

所以我認為，我們預期在歐洲陸上系統（ELS）將持續維持雙位數成長，原因在於威脅環境以及對戰鬥支援車輛與其他系統的需求；另外，OTS 也會因為火砲飛彈零組件、155（155 公釐）而成長。

And then within Land Systems, this is a transition period, as we talked about before, but the double-digit growth at OTS and ELS ought to drive high-single-digit growth for the group going forward.

接著在陸上系統內部，這是一個過渡期，正如我們先前談到的，但 OTS 與 ELS 的雙位數成長應可推動該事業群未來達到高個位數成長。

And then switching over to Gulfstream. You're in a great demand situation, certainly working on the supply chain. But as you go forward, you'll soon have the full portfolio of G400 and G800 out there, how do you think of having that portfolio of aircraft with commonality? Which customers does that portfolio breadth particularly appeal to? And does it give you some margin opportunities ahead in pricing?

然後切換到 Gulfstream。你們的需求狀況非常好，當然也在處理供應鏈。但往前看，你們很快就會在市場上擁有完整的 G400 與 G800 產品組合；你如何看待這個具備共通性的機隊產品組合？這樣的產品廣度特別吸引哪些客戶？它是否能在定價上帶來一些未來的毛利率機會？

So we built this family of aircraft to satisfy the missions that we knew that our customers flew, and they're varied. Some customers want a suite of airplanes, from the large ones to the medium-sized ones, depending on where they fly, how they fly, and who they fly. There are others who are primarily driven by large cabin given their missions. And so we see -- this is the intent of this whole family of aircraft. So there are certainly some benefits as we continue to come down our learning curve there.

所以我們打造這個飛機家族，是為了滿足我們知道客戶會執行的任務，而這些任務是多樣的。有些客戶希望擁有一整套飛機，從大型到中型，取決於他們飛往哪裡、如何飛行，以及載誰飛行。也有一些客戶主要是因其任務需求而偏好大型客艙。因此我們看到——這正是整個飛機家族的用意。所以，隨著我們在那裡持續沿著學習曲線往下走，確實會有一些效益。

And of course, as you know, we never discuss pricing, but from my point of view, given the broad spectrum of offerings that we have and will have once the 300 and 400 are out in the market, new product has driven demand. That's always been our view, and it continues to remain our view. This is a wholesome portfolio.

當然，如你所知，我們從不討論定價；但就我而言，鑑於我們目前擁有、以及一旦 300 和 400 投入市場後將擁有的廣泛產品供給，新產品一直在帶動需求。這一直是我們的看法，而且仍然如此。這是一個健全的產品組合。

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，Jefferies。

I wanted to ask two questions on margins. One on Aerospace. So on Aerospace, as we think about margins, up 100 bps from first half of '25. How do we think about the margin baseline from here, whether it's model mix?

我想就利潤率問兩個問題。第一個是航太（Aerospace）。就航太而言，當我們思考利潤率時，相較於 2025 年上半年提高了 100 個基點（bps）。我們該如何看待接下來的利潤率基準，是機型組合（model mix）之類的因素嗎？

Phebe, I think you mentioned Q3 will look similar to Q2 given timing of higher G&A and R&D. How do you think about opportunities for upside for Aerospace margins from here?

Phebe，我想你提到由於較高的 G&A 與 R&D 的時點因素，第三季看起來會與第二季相似。你如何看待從現在起航太利潤率向上（upside）的機會？

Yeah. I think from a margin standpoint, as Phebe mentioned in her remarks, I think the third quarter will look a lot like the second quarter with the fourth quarter being the strongest from a margin standpoint. And that is, as Phebe mentioned, the fact that we're coming down the learning curve on all of the airplanes, but also due to favorable mix. And I think the margins, you can expect them to continue to be in that neighborhood with some slight variability all associated with mix.

是的。我認為就利潤率而言，如同 Phebe 在她的發言中提到的，第三季會很像第二季，而第四季在利潤率角度會是最強的一季。這是因為，如同 Phebe 提到的，我們在所有機型上都在沿著學習曲線往下走，同時也受惠於有利的產品組合。我認為利潤率你可以預期會持續在那個區間附近，並會有些微波動，主要都與組合有關。

Okay. And then on Marine, you raised the margins up 10 bps. It seems small, but a big deal from where you guys have come from. I guess, can you provide an update on where the workforce supply chain is from here on Marine, any risks? And is this a good baseline to work off of?

好的。那海事（Marine）方面，你們把利潤率上調了 10 個基點。看起來幅度不大，但相較於你們一路走來的改善，這其實很重要。我想問的是，你能否更新一下海事業務在勞動力與供應鏈方面目前的狀況，是否有任何風險？以及這是否是一個可以作為基準的水準？

Yeah. From a workforce standpoint, we've been really pleased with our ability to attract and retain the necessary number of workers in our shipyards and --

是的。就勞動力而言，我們對於在船廠吸引並留住所需人數的能力感到非常滿意，而且--

And the Navy has been a help.

而海軍也提供了協助。

And the Navy has been a great help with that in a lot of different ways. And so from a ramping standpoint, we are hitting exactly what we need to hit from a resource standpoint on that front. So very positive from that perspective. And then as you mentioned, from a margin standpoint, the improvement in margin is a function of throughput and improvements on the deckplates and with the supply chain improving. And we can expect that, that will continue a slow, steady drumbeat as we continue to focus on executing.

海軍在許多不同方面都給了很大的幫助。因此就擴產爬坡（ramping）而言，在資源配置方面，我們正好達到我們需要達到的水準。所以從這個角度來看非常正面。另外，如你所提到的，就利潤率而言，利潤率的改善來自產出量（throughput）、現場作業（deckplates）的改善，以及供應鏈的改善。而我們可以預期，隨著我們持續專注於執行，這將會以緩慢、穩定的節奏持續改善。

Seth Seifman, JPMorgan.

Seth Seifman，JPMorgan。

I wanted to ask about -- like, of course, most of our conversations tend to revolve around subs, but you talked about the high percentage growth in surface ships, and it was pretty nice growth in the first quarter as well. When we think about the growth potential for that portion of the business over the next several years, given what's been in recent shipbuilding budgets and what may be ahead of us, is there any way to dimensionalize the growth opportunity outside of the submarine portion of the business?

我想問的是——當然，我們大多數的對話往往都圍繞在潛艦，但你提到水面艦艇的高百分比成長，而且第一季也有相當不錯的成長。當我們思考未來幾年這部分業務的成長潛力時，考量近期造船預算以及未來可能的走向，是否有任何方式可以量化（dimensionalize）潛艦業務以外的成長機會？

Yeah. So at Bath, growth will continue as we improve our throughput and productivity, which they are doing and have done materially over the last few years. And at NASSCO, again, it will be driven by increased demand and coming down our learning curves on the oilers and other support and supply ships. NASSCO is very well positioned and has been for some time. It's a high-performing shipyard, and it has the capability, design and manufacturing capability to design and produce complex auxiliary ships, sub tenders, oilers.

是的。在 Bath，隨著我們提升產出量與生產力，成長將會持續；而他們在過去幾年確實已經有實質性的改善。在 NASSCO，同樣地，成長將由需求增加所驅動，並且我們在油輪（oilers）以及其他支援與補給艦上沿著學習曲線往下走。NASSCO 的定位一直以來都非常好。它是一座高績效的船廠，並具備設計與製造能力，能夠設計並生產複雜的輔助艦艇、潛艦支援艦（sub tenders）、油輪。

So we like very much the positioning that NASSCO is in, and we see some growth there as well with additional product coming in, because they have additional capacity, by the way.

所以我們非常喜歡 NASSCO 目前的定位，而且我們也看到那裡會有一些成長，因為還會有更多產品進來；順帶一提，他們也有額外的產能。

Excellent. Very good. And then one follow-up on Technologies and GDIT. We've seen the administration be very vocal about a desire to shift to fixed-price contracting. When you think about the impact there for GDIT, how quickly do you see that change happening?

太好了。非常好。接著再追問一個關於 Technologies 與 GDIT 的問題。我們看到政府非常明確地表達希望轉向固定價格（fixed-price）合約。當你思考這對 GDIT 的影響時，你認為這個變化會多快發生？

So we've always encouraged fixed-price contracting when it's appropriate and the customer is interested. So we see additional interest in fixed price, which we welcome. And we're also very interested in agile acquisition programs and pipelines that allow us to bring product quickly to our customers. GDIT is very fast in what they execute, and their investments that they've made over the last few years have well positioned them in the marketplace.

所以我們一直以來都鼓勵在適當且客戶有意願的情況下採用固定價格合約。因此我們看到市場對固定價格的興趣增加，我們也樂見其成。同時我們也對敏捷採購（agile acquisition）計畫與管道很有興趣，這能讓我們更快把產品交付給客戶。GDIT 在執行方面非常迅速，而他們過去幾年的投資也讓他們在市場上具備了很好的定位。

Gautam Khanna, TD Cowen.

Gautam Khanna，TD Cowen。

I was wondering, Phebe, if you could opine on Aerospace margin potential a couple of years out. I know, about a year or two ago, you did. I mean, you did it then.

我想請教一下，Phebe，您是否可以談談未來幾年航太業務的毛利率潛力。我知道，大概一到兩年前，您曾經談過。我是說，您當時有談到。

We haven't -- let me interrupt you, because we haven't given you, I think in the whole tenure of this leadership team, any kind of out-year. I think once or twice we've given you some out-year color. We're not going to go there on margin. But let's just say both Jet Aviation and Gulfstream are high-performing companies, and they'll continue to improve over time. You can ask another question.

我們沒有——讓我打斷一下，因為我想在這個領導團隊任期內，我們其實從未給過任何那種更長期的展望。我想我們頂多一兩次給過一些較長期的方向性說明。我們不會在毛利率上談到那個程度。但可以這麼說，Jet Aviation 和 Gulfstream 都是高績效的公司，而且它們會隨時間持續改善。你可以再問下一個問題。

Yeah. Just relative to prior peak, given the model introductions you're doing, et cetera, is that a reasonable baseline to prior peak margins?

好的。就相對於先前的高峰而言，考量你們正在導入的新機型等等，把先前高峰毛利率作為基準是否合理？

Hey, look, the prior -- yeah, again, I'm going to interrupt you, because the prior peak was really all around one product, and this is now a portfolio of products. From large cabin to midsized cabin, they carry different margins with them. By definition, they do. So it's a more complicated, more robust and I think, frankly, a richer product offering for the market to avail itself of, and we're seeing that.

你看，先前的——是的，再次我要打斷你，因為先前的高峰其實幾乎都圍繞著單一產品，而現在是一個產品組合。從大型客艙到中型客艙，它們所對應的毛利率不同。按定義就是如此。所以這是一個更複雜、更強韌，而且坦白說更豐富的產品供給，讓市場可以選擇使用，而我們也正在看到這點。

So we're not going to get into the business of how good can it get at the moment, but you will see continued performance within this construct of this new business model that we've got as a result of the investments we've made in these family of aircraft.

因此我們目前不會去談「到底能好到什麼程度」這種問題，但你會在我們這個新商業模式的架構下看到持續的表現；這個新模式是我們對這一系列機型投資所帶來的成果。

Great. And then just on the shipbuilding contracts, the submarine contracts you're awaiting, is there any -- like what forces the urgency on the customer side to place the order? I just wonder what capabilities are lost if they delay? Because we've been waiting for quite some time. I'm sure you guys have been aware that the Street has been expecting these for about a year now. And I just wondered what consequence happens if we go another quarter.

了解。另外關於造船合約、你們正在等待的潛艦合約，有沒有——例如，客戶端是什麼力量促使他們必須趕快下單？我只是想知道，如果他們延後，會喪失哪些能力？因為我們已經等了相當久。我相信你們也知道，華爾街大概從一年前就一直在期待這些合約。我只是想知道，如果再拖一個季度，會有什麼後果。

Yeah. I think the customer and the submarine industrial base are aligned around the need for getting these contracts out, particularly to stabilize the industrial base and to ensure that we continue to have long lead material for these contracted in advance of these long-term development programs. But as I noted, we're told that the contracts will be coming soon. And so we're confident that when they come out, I think it will be as we expected and very welcomed by the supply chain in particular.

是的。我認為客戶與潛艦產業基礎在需要把這些合約推出這件事上是一致的，特別是為了穩定產業基礎，並確保我們能持續取得長交期物料，以便在這些長期研發計畫之前就先行簽約與備料。但如我所提，我們被告知合約很快就會出來。因此我們有信心，等合約發布時，我想會如同我們預期，而且尤其會受到供應鏈的歡迎。

Kristine Liwag, Morgan Stanley.

Kristine Liwag，Morgan Stanley。

Phebe, I want to dive in a little bit deeper into GDIT. In the past few quarters, you've talked about how AI was a big driver of growing demand, particularly in defense. So when we think about these AI models maturing and pilot programs going to larger product deployments, how do you think about the role of AI? And how is GD positioned in that ecosystem? Ultimately, is this more of an acceleration of earnings growth for now? Or do you think operational efficiencies in AI could potentially shrink the addressable market?

Phebe，我想更深入談一下 GDIT。過去幾個季度，你們提到 AI 是推動需求成長的一大動力，特別是在國防領域。所以當我們思考這些 AI 模型逐漸成熟、試點計畫走向更大規模的產品部署時，你們如何看待 AI 的角色？而 GD 在這個生態系中處於什麼位置？最終而言，這目前比較像是獲利成長的加速？還是你認為 AI 帶來的營運效率可能會縮小可服務市場（TAM）？

Are you asking across the company as a whole or GDIT?

你問的是整個公司層面，還是 GDIT？

Maybe GDIT in particular for this question.

這題可能以 GDIT 為主。

Yeah. So let's step back a minute and remember how GDIT has been strategically thinking about innovation in general for the last few years. And they've invested in what they call their digital accelerators, which we've talked about before, including an early focus on AI and automation. And that focus has provided them the skills to build and secure and connect the latest technologies and apply them to a growing number of agencies and systems.

好的。那我們先退一步，回想一下 GDIT 過去幾年在策略上如何思考「創新」這件事。他們投資了他們所稱的數位加速器（digital accelerators），我們之前也談過，其中包含對 AI 與自動化的早期聚焦。而這樣的聚焦讓他們具備了建置、保護與連結最新技術的能力，並將其應用到愈來愈多的機關與系統上。

And what we're seeing is AI tightly integrated in with cybersecurity and opportunities that, frankly, are spanning most of GDIT's portfolio. It also helps to have deep and rich relationships with a number of the OEMs and partners. So GDIT has been very agile in its strategic, I think, planning as well as implementation of AI and automation as well as other important technology improvements.

我們看到的是，AI 與資安緊密整合，而且機會坦白說橫跨了 GDIT 大部分的產品組合。同時，與多家 OEM 與合作夥伴建立深厚且緊密的關係也很有幫助。因此我認為，GDIT 在策略規劃以及 AI 與自動化（以及其他重要技術改進）的落地執行上，都非常敏捷。

Great. Super helpful. And Phebe, my follow-up question, I know it's longer term, so maybe you won't answer it, but I hope you would. When we look at the pricing model for Aerospace, it's clear that in the past decade or so, we've seen the premium end of the business jet market really more look like the luxury market. In the luxury market, you see margins north of 20% EBIT over time.

很好。非常有幫助。Phebe，我的追問是，我知道這比較偏長期，所以你可能不會回答，但我希望你能回答。當我們看航太業務的定價模式時，很明顯在過去十年左右，我們看到高端商務機市場更像是奢侈品市場。在奢侈品市場中，長期來看你會看到超過 20% 的 EBIT 利潤率。

I guess with your portfolio, which is arguably the strongest brand, and also with the refresh of the portfolio, it is really unique in the market. Is there upside to your pricing power over time where you can get towards those luxury-type margins? I mean, it is much harder to build an aircraft versus handbags and champagne, but those guys have higher margin.

我想以你們的產品組合來看，你們可說是最強的品牌，而且產品組合的更新也讓你們在市場上非常獨特。隨著時間推進，你們的定價能力是否有上行空間，讓利潤率能朝那種奢侈品型態的水準靠攏？我的意思是，造一架飛機比做手袋和香檳難多了，但那些公司的毛利率更高。

I got you. So I'm going to quarrel with you on one word, luxury. I would argue that is a misapprehension or characterization of these, but really are tools. And for almost all -- for all of our Fortune 500, Fortune 100 companies and both public and private, they are business tools.

我理解你的意思。不過我想就你用的一個詞「奢侈」跟你辯論一下。我會認為那是一種誤解或不恰當的描述；這些其實是工具。對於幾乎所有——對我們所有的《財富》500 強、《財富》100 強公司，不論上市或非上市，它們都是商務工具。

There are some high net worth individuals who participate in the market, but even they will tell you -- even in those cases, they'll tell you this is really about efficiency -- safety, efficiency, and efficacy in doing their jobs. So I think that's important. These are not luxury yachts that sail around the Mediterranean. These are airplanes that get the job done for our customers, whatever their mission is.

市場上確實有一些高淨值人士參與，但即便是他們也會告訴你——即便在那些情況下，他們也會說這其實是關於效率——安全、效率，以及把工作做好所需的效能。所以我認為這點很重要。這些不是在地中海航行的豪華遊艇。這些是能為客戶完成任務的飛機，不論他們的任務是什麼。

So look, we are well-positioned in the marketplace because we have all these new products that we've heavily invested in and that we are producing and producing at scale and well with the attention we've always had on quality and safety. So I think by definition, that positions us well in the market without getting into any specificity about out-year margin performance, but we believe in the capability of both Jet Aviation and Gulfstream to continue to improve and continue to produce with this family of airplanes.

所以你看，我們在市場上處於有利位置，因為我們有這些投入大量資本的新產品，而且我們正在生產、以規模化方式生產，並且一如既往地重視品質與安全。因此在不對更長期的毛利率表現做任何具體說明的前提下，我認為這按定義就讓我們在市場上具備良好定位；我們也相信 Jet Aviation 與 Gulfstream 具備持續改善的能力，並能持續以這一系列機型進行生產。

Does that help you?

這樣有回答到你的問題嗎？

It does. Thank you, Phebe.

有的。謝謝你，Phebe。

Scott Deuschle, Deutsche Bank.

Scott Deuschle，Deutsche Bank。

Danny, are G700 margins approaching mature levels at this point? Or is there still a meaningful gap between where margins are today on G700 and where mature margins might ultimately land?

Danny，目前G700的利潤率是否已接近成熟水準？或者說，G700目前的利潤率與最終可能達到的成熟利潤率之間，是否仍存在顯著差距？

Yeah. I think we're still coming down the curve, specifically around completion. So I think there's still more opportunity, and we're seeing that both on the G700 as well as the G800. So I think there's still more room for them.

是的。我認為我們仍在沿著曲線往下走，特別是在完工（completion）環節。所以我認為仍有更多機會，我們在G700以及G800上都看到了這一點。因此我覺得它們還有更多提升空間。

Okay. And then Phebe, can you share an update on the G300 and G400 development timelines, and your latest expectations as to the timing of EIS for each of those aircraft?

好的。接著Phebe，妳能否分享一下G300與G400的研發時程更新，以及你們對這兩款飛機各自投入使用（EIS）時間點的最新預期？

Yeah. Well, as you know, I'm no longer in the business of estimating EIS given that the regulators set the pace. But with respect to the 300, and thank you for raising that because I think it's important to recognize that we're going to have a gap in production from the end of the 280, which the final 280 ought to deliver in the second quarter of next year, and the onset of the 300, which late '27, early '28, somewhere in that.

好的。如你所知，鑑於監管機構決定節奏，我已不再從事估算EIS的工作。但就300而言，也謝謝你提出這點，因為我認為重要的是要認知到：從280的末期（最後一架280預計在明年第二季交付）到300的啟動（約在27年末、28年初，差不多那個時間），我們的生產將會出現一段空檔。

And so we'll have a planned production break, so that if you infer from that quite correctly, that we'll talk more about large cabins next year.

因此我們會有一個計畫性的生產中斷；所以如果你由此推論——而且推論得很正確——我們明年會更多談到大型客艙（large cabins）。

On the 400, we've whipped up our efforts on the 400, and we'll have more to say over the next couple of quarters about where we think the 400 will be, but these new airplanes are coming, and we're pretty excited about it.

至於400，我們已加快在400上的投入與推進，接下來幾個季度我們會就我們認為400會落在什麼位置提供更多說明；但這些新飛機正在到來，我們對此相當興奮。

Does that production break create any kind of absorption pressure that we should be aware of?

那段生產中斷是否會造成任何我們需要留意的吸收（absorption）壓力？

No, not given the agreement we have with our partner, who, by the way, has, in this environment, continued to perform beautifully and has its relentless excellence emphasis on quality. But for obvious reasons, some production may lag a little bit at the end of this year. And then we have this bit of a gap on the 300.

不會，考量到我們與合作夥伴之間的協議；順帶一提，在目前這樣的環境下，對方仍持續表現得非常出色，並且一如既往地強調以品質為核心的卓越。但出於顯而易見的原因，今年年底有些產量可能會稍微落後一些。然後在300上我們會有這麼一點空檔。

So Dara, I think we have time for one more question.

所以Dara，我想我們還有時間再問一個問題。

John Godyn, Citigroup.

花旗集團（Citigroup）的John Godyn。

I wanted to just double-click on Aerospace supply chain, if you don't mind. Obviously, it's humming for you guys. There are other players out there that have been struggling a bit. Do you feel like you guys are doing something special, obviously, executing well, but special, or perhaps the issues that we're seeing elsewhere are idiosyncratic to those companies?

如果你不介意，我想再深入追問一下航太供應鏈。顯然你們這邊運轉得很順。市場上也有其他業者遇到一些困難。你覺得你們是否做了什麼特別的事——當然你們執行得很好——但是否有什麼特別之處？或者我們在其他地方看到的問題，其實是那些公司的個別（idiosyncratic）因素所致？

Yeah. I can't speak to the situation at some of these other companies. I can tell you that for the major components, Gulfstream has a very clear relationship that has really given the supply chain visibility into our production plans for whatever period is appropriate. And so they are able to keep up now, and our expectation is they will be in the future as well.

是的。我無法評論其他一些公司的情況。我可以告訴你的是，就主要零組件而言，Gulfstream與供應商之間有非常清晰的合作關係，這確實讓供應鏈能在適當的期間內清楚掌握我們的生產計畫。因此他們現在能跟得上，我們也預期未來同樣能跟上。

So I don't know what the others are seeing, but we're pretty tightly integrated with these key suppliers, and they're keeping up.

所以我不知道其他人看到的是什麼，但我們與這些關鍵供應商整合得相當緊密，而他們也都能跟上。

And their ability to -- the supply chain's ability to continue to produce and produce on schedule has been very helpful in ensuring that we continue to drive our orders. And orders were, of course, a big component of our -- a significant component of our cash for this quarter. So it's really a team effort between Gulfstream and its suppliers.

而供應鏈持續生產、並按期交付的能力，對於確保我們能持續推動訂單非常有幫助。當然，訂單是我們本季現金的重要組成——是相當顯著的一部分。所以這確實是Gulfstream與其供應商之間的團隊合作成果。

Excellent. And if I could just ask a follow-up. Earlier, Ron, Phebe, asked about the outlook for Defense, and you mentioned the resiliency in the portfolio. I just wanted to re-ask that, but with a focus on the Technologies portfolio specifically. Maybe you can speak a bit about the sensitivity of that portfolio to extended CRs or alternatively to the upside, a budget environment that's more in the direction of Trump's request?

很好。如果可以的話我再追問一個問題。先前Ron問到、Phebe也問到國防業務的展望，你提到投資組合的韌性。我想用同樣的問題再問一次，但把焦點放在Technologies投資組合上。也許你可以談談該投資組合對於延長的持續決議（CRs）的敏感度，或者相反地，若預算環境更接近川普所提出的預算請求時，可能帶來的上行空間？

So we have handled, in the Technologies group, which are both fairly relative to our portfolio at large, faster cycle businesses. We've managed the CRs pretty well. So I would expect us to be able to do so as long as they're not too extended. I think both businesses are poised for some growth. Particularly, Mission Systems, as you recall, has gone through a transformation from a lot of legacy systems into investments in new programs and new products, and that is beginning to take off.

我們在Technologies事業群——相較於我們整體投資組合而言，兩項業務都屬於週期較快的業務——一直以來對CR的應對做得相當不錯。因此只要CR不要延長得太久，我預期我們仍能妥善處理。我認為這兩項業務都已蓄勢待發、具備一定的成長動能。尤其是Mission Systems，如你所記得的，它已從許多傳統系統轉型為投資於新計畫與新產品，而這正開始起飛。

So we continue to see continued strong growth there and the steady growth that we have seen -- steady incremental growth we have seen at GDIT.

因此我們持續看到那邊維持強勁成長，以及我們在GDIT所看到的穩健成長——我們所看到的穩定、逐步的成長。

And look, they've got a pretty robust pipeline at about $120 billion-plus. That's a qualified pipeline out there. So that positions them well to continue to perform across their hundreds of programs. That's both for Mission Systems and GDIT. And it's all about your ability to meet your customers' needs quickly and with excellent products and quality on time.

而且你看，他們有相當強勁的管線，約在1,200億美元以上。那是一個已具備資格（qualified）的管線。因此這讓他們在其數百個專案上能持續交出表現。這同樣適用於Mission Systems與GDIT。而關鍵在於你能否快速滿足客戶需求，並以優異的產品與品質按時交付。

Great. Well, thank you, everyone, for joining our call today. As a reminder, please refer to the General Dynamics website for the second quarter earnings release and highlights presentation. Finally, we want to let you know that we expect to hold our Q3 earnings call on Friday, October 30, at 9:00 AM. We will resume our normal schedule for the fourth quarter call.

很好。那麼，感謝各位今天參與我們的電話會議。提醒一下，請參考General Dynamics網站上的第二季財報新聞稿與重點簡報。最後，我們想告知各位，我們預計在10月30日（週五）上午9:00舉行第三季（Q3）法說電話會議。第四季電話會議我們將恢復正常時程。

If you have additional questions, I can be reached at (703) 876-3152.

如有其他問題，可致電(703) 876-3152與我聯繫。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。現在可以斷線。