通用動力 (GD) 2026 Q3 法說會逐字稿

Good morning, and welcome to the General Dynamics third-quarter 2026 earnings conference call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Nicole Shelton, Vice President of Investor Relations. Please go ahead.

早安，歡迎參加通用動力（General Dynamics）2026 年第三季財報電話會議。(接線員指示) 請注意，本活動將被錄音。現在我想把電話會議交給投資人關係副總裁 Nicole Shelton。請開始。

Thank you, operator, and good morning, everyone. Welcome to the General Dynamics third-quarter 2026 conference call.

謝謝，接線員，各位早安。歡迎參加通用動力 2026 年第三季電話會議。

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. 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.

我們今天所做的任何前瞻性陳述，均代表我們對公司展望的估計。這些估計受到若干風險與不確定性的影響。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。我們也將提及若干非 GAAP 財務衡量指標。關於這些非 GAAP 指標的額外揭露（包括與可比 GAAP 指標的調節），請參閱本次網路直播隨附的投影片，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.

今天參與電話會議的有：董事長兼執行長 Phebe Novakovic；總裁 Danny Deep；以及財務長 Kim Kuryea。

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. For those of you who are on our second quarter call, you may recall that we described it as a superb quarter, better than a powerful first quarter. While this quarter is even better, the quarter over year-ago quarter results, the sequential results and the year-to-date results are all very good as you will learn from these remarks and the charts attached to our press release.

謝謝你，Nicole。各位早安，感謝各位與會。如果各位參加了我們第二季的電話會議，可能還記得我們形容那是一個極佳的季度，比強勁的第一季還要更好。而本季表現更勝一籌：無論是與去年同期相比的結果、與前一季相比的結果，或是年初至今的結果，都非常亮眼；各位將從以下說明以及我們新聞稿所附圖表中了解。

So, now let's proceed to the more prosaic. We reported earnings of $4.49 per diluted share on revenue of $14.57 billion, operating earnings of $1.527 billion and net earnings of $1.229 billion.

那麼，現在讓我們進入較為例行的部分。我們公布每股稀釋盈餘為 4.49 美元，營收 145.7 億美元，營業利益 15.27 億美元，淨利 12.29 億美元。

Against the year ago quarter, revenue was up 12.9%. Importantly, operating earnings are up 14.7%, and net earnings are up 16.1%. As a result, earnings per diluted share are up $0.61 or 15.7%. The operating margin for the entire company is 10.5%, a 20-basis-point improvement over the year ago quarter, which coupled with the revenue growth led to the very strong earnings growth.

相較去年同期，營收成長 12.9%。更重要的是，營業利益成長 14.7%，淨利成長 16.1%。因此，每股稀釋盈餘增加 0.61 美元或 15.7%。全公司營業利益率為 10.5%，較去年同期提升 20 個基點；再加上營收成長，帶動非常強勁的獲利成長。

While Marine led the way on revenue increases, each of our other three segments had revenue increases as well. With respect to operating earnings, Aerospace and Marine led the way with strong double-digit increases as each of our shipyards has steadily improved its throughput and productivity. Sequentially, against a superb second quarter, revenue was up 3.3%, operating earnings are up 4.6% and diluted earnings per share are up about 6%.

雖然海事（Marine）在營收增幅方面領先，但我們其他三個事業部門的營收也都有所增加。就營業利益而言，航太（Aerospace）與海事領先，呈現強勁的雙位數成長；我們各個船廠的產出量與生產力均持續穩步改善。若以序列比較，在第二季已極為出色的基礎上，本季營收成長 3.3%，營業利益成長 4.6%，每股稀釋盈餘約成長 6%。

On a year-to-date basis, revenue is up 10.4%, operating earnings are up 12.9%, and earnings per share are up 13.6%, benefited by a 30-basis-point improvement in operating margin. In short summary, we enjoyed double-digit increases in revenue, operating earnings, net earnings, and diluted earnings per share on both a quarter-over-quarter and year-to-date basis.

以年初至今來看，營收成長 10.4%，營業利益成長 12.9%，每股盈餘成長 13.6%，並受惠於營業利益率提升 30 個基點。簡而言之，無論以季對季或年初至今的基礎衡量，我們的營收、營業利益、淨利與每股稀釋盈餘皆呈現雙位數成長。

We also beat consensus by $0.37 in the quarter on more revenue and operating earnings than anticipated by the sell side. In short, it is a splendid quarter. Year-to-date figures leave us in a place where we need to adjust our forecast for the year. I will do that later in these remarks.

本季我們也比市場共識預期高出 0.37 美元，原因是營收與營業利益均高於賣方分析師的預估。總之，這是一個極為出色的季度。年初至今的數據使我們需要調整全年預測。我稍後會在本段說明中進行調整。

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

接下來請我們的財務長 Kim Kuryea，針對我們強勁的接單活動、快速成長的在手訂單（backlog）、以及持續高效率的現金創造能力與其他相關財務數據提供更詳細的說明。

Thank you, Phebe, and good morning. I'll start with orders and backlog, where we had a truly historic quarter. Nearly $99 billion in new orders drove our backlog to a record $220 billion, doubling the level of a year ago. Our total estimated contract value, which includes options and IDIQ contracts, ended the quarter at $271 billion. These results reflect the strength of demand across our businesses.

謝謝你，Phebe，各位早安。我先從訂單與在手訂單談起，本季我們創下真正具歷史性的表現。近 990 億美元的新訂單使我們的在手訂單攀升至創紀錄的 2,200 億美元，較一年前的水準翻倍。我們的合約總估計價值（包含選擇權與 IDIQ 合約）在本季末為 2,710 億美元。這些結果反映出我們各項業務需求的強勁。

The Marine Systems segment led the way with significant contract awards at Electric Boat, including $29.5 billion for 5 additional Columbia-class submarines in Build 2 and $42.1 billion for nine additional Virginia-class submarines in Block VI.

海事系統（Marine Systems）事業部門領先，Electric Boat 獲得多項重大合約授予，其中包括：為 Build 2 再增購 5 艘哥倫比亞級（Columbia-class）潛艦，金額 295 億美元；以及為 Block VI 再增購 9 艘維吉尼亞級（Virginia-class）潛艦，金額 421 億美元。

In our Technologies segment, book-to-bill was a strong 1.4 time, and Combat was just shy of one-to-one, following a very strong second quarter. Overall, the Defense segment book-to-bill was 8.5 times.

在我們的科技（Technologies）事業部門，接單出貨比（book-to-bill）強勁達 1.4 倍；而戰鬥系統（Combat）在第二季非常強勁之後，本季接單出貨比略低於 1 比 1。整體而言，國防（Defense）事業部門的接單出貨比為 8.5 倍。

In Aerospace, our dollar-based book-to-bill was 1.4 times and even higher for Gulfstream alone. To give you some perspective, new aircraft orders in the first nine months of 2026 were up over 30% from last year, demonstrating sustained demand across the entire Gulfstream product line.

在航太方面，以金額計算的接單出貨比為 1.4 倍，而僅就 Gulfstream 而言更高。提供一些背景：2026 年前九個月的新飛機訂單較去年成長超過 30%，顯示 Gulfstream 全產品線需求持續強勁。

Turning to cash. Our performance continues to be outstanding. We generated $1.7 billion of operating cash flow, which, when combined with the strong $4 billion from the first half, yields over $5.7 billion of operating cash flow in the first nine months of the year. Each of our segments contributed nicely, exceeding their planned cash flows and driving operating working capital down nearly $1.7 billion from the end of 2025 despite an increase in revenue of over 10%.

接著談現金。我們的表現持續非常出色。本季我們創造 17 億美元的營運現金流；加上上半年強勁的 40 億美元，使得今年前九個月的營運現金流超過 57 億美元。我們各事業部門皆有良好貢獻，營運現金流均超過原先規劃，並使營運週轉資金較 2025 年底下降近 17 億美元，儘管營收增加超過 10%。

As I mentioned on the July call, we contributed $500 million to our pension plans in the quarter. With this voluntary contribution, our frozen plans are essentially funded, and we are now in a position to derisk the plans and eliminate significant volatility going forward to control the pension costs flowing to our contracts.

如同我在 7 月的電話會議中提到的，我們本季對退休金計畫提撥了 5 億美元。透過這筆自願性提撥，我們已凍結的計畫基本上已完成資金到位；我們現在也能夠降低計畫風險，並在未來消除顯著的波動，以控制流入我們合約的退休金成本。

Capital expenditures were $481 million in the quarter, more than the total amount in the first half of the year. In the first nine months of 2026, capital expenditures were 2.2% of sales. We continue to expect capital expenditures between 3.5% and 4% of sales for the full year. So, you should expect a fourth quarter of significant growth as we close out the year and continue to invest, especially in our shipyards to accelerate production and meet future demand.

本季資本支出為 4.81 億美元，超過上半年合計金額。2026 年前九個月，資本支出占銷售額的 2.2%。我們仍預期全年資本支出將介於銷售額的 3.5% 至 4%。因此，各位應可預期第四季將顯著成長，因為我們在年底前加速投入資本投資，特別是在船廠，以加快生產並滿足未來需求。

Even with this ramp-up in investment and our pension contribution, our free cash flow performance has been exceptional. We generated $1.2 billion for the quarter, yielding a cash conversion rate of 100%, and $4.8 billion for the first nine months, an impressive 137% of net earnings. We continue to expect free cash flow conversion at around 105% for the year, with the potential for some upside depending on the pace of capital projects in the fourth quarter.

即便投資加速、且我們進行了退休金提撥，我們的自由現金流表現仍然非常卓越。本季我們產生 12 億美元自由現金流，現金轉換率為 100%；前九個月自由現金流為 48 億美元，達淨利的 137%，表現亮眼。我們仍預期全年自由現金流轉換率約為 105%，第四季資本專案推進速度不同，仍可能帶來一些上行空間。

Finally, to round out the cash discussion. From a capital deployment perspective in the quarter, we paid dividends of approximately $430 million and repurchased about $285 million of our common stock to cover estimated dilution. We repaid $500 million of notes that matured in August after previously repaying another $500 million of notes in June. Our balance sheet remains strong. We ended the quarter with a cash balance of approximately $4.4 billion and a net debt position of $2.6 billion, a $3 billion improvement from year-end. Turning to interest.

最後，補充現金部分的說明。就本季資本配置而言，我們支付股利約 4.30 億美元，並回購約 2.85 億美元普通股以抵銷預估稀釋。我們償還了 8 月到期的 5 億美元票據，此前也已於 6 月償還另一筆 5 億美元票據。我們的資產負債表仍然強健。本季末我們的現金餘額約為 44 億美元，淨負債為 26 億美元，較年末改善 30 億美元。接著談利息。

Our net interest expense in the third quarter was $45 million compared to $74 million in the respective 2025 period and $163 million for the first nine months of 2026 compared to $251 million in the same period of 2025. The decrease in our net interest expense is due to more interest income on higher cash balances throughout 2026, allowing us to avoid the commercial paper borrowing costs that we incurred in 2025. We have not been in the commercial paper market at all thus far in 2026. At this point, our expectation for net interest expense for the year is approximately $215 million.

我們第三季的淨利息費用為4,500萬美元，相較於2025年同期的7,400萬美元；而2026年前九個月的淨利息費用為1.63億美元，相較於2025年同期的2.51億美元。淨利息費用下降，係因2026年全年現金餘額較高帶來更多利息收入，使我們得以避免2025年所發生的商業本票借款成本。截至目前為止，2026年我們完全未進入商業本票市場。目前我們對全年淨利息費用的預期約為2.15億美元。

Finally, the effective tax rate in the quarter was 17.3%, bringing the tax rate for the first nine months of 2026 to 17.6%. In summary, it was another outstanding quarter.

最後，本季有效稅率為17.3%，使2026年前九個月的稅率達到17.6%。總結而言，這又是一個表現出色的季度。

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

Phebe，我的發言到此結束。我把時間交還給你。

Thanks, Kim. Now I will briefly review the financial performance for each of the groups, and Danny will interject additional detail.

謝謝你，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。

First, Aerospace. Aerospace had a very good quarter with revenue of $3.54 billion and operating earnings of $513 million with a 14.5% operating margin. Revenue is $302 million more than last year's third quarter, a 9.3% increase. To give you a sense of perspective here, Gulfstream new aircraft revenue is up on the delivery of one more aircraft, 40 in total, and a slightly more favorable mix.

首先，航太。航太本季表現非常好，營收為35.4億美元，營業利益為5.13億美元，營業利益率為14.5%。營收較去年第三季增加3.02億美元，成長9.3%。為了讓各位有個概念，Gulfstream 新機營收因多交付一架飛機（總計40架）以及產品組合略為有利而上升。

We also saw good revenue increases in aircraft services at Gulfstream as well as at Jet Aviation across the portfolio. Operating earnings of $513 million are up $83 million, driven in part by the increased revenue, but most importantly, by a 120 basis point improvement in operating margin.

我們也看到 Gulfstream 的飛機服務，以及整體投資組合中 Jet Aviation 的服務營收均有良好成長。營業利益5.13億美元增加8,300萬美元，部分來自營收提升，但更重要的是營業利益率改善120個基點。

At Gulfstream, we continue to see efficiency gains in manufacturing and completions, particularly on the G700 and G800.

在 Gulfstream，我們持續在製造與完工交付流程中看到效率提升，尤其是在 G700 與 G800 上。

For the G800, we've delivered only our 33rd aircraft in this quarter. And although it's relatively early since its entry into service, performance on that airplane has been very strong with additional opportunity ahead of us. Services have also been a highlight this quarter, continuing to grow as the fleet expands. We saw increases in volume at our MRO centers and at Jet Aviation, activity at our US FBOs was particularly robust.

就 G800 而言，我們本季僅交付第33架。雖然自投入服役以來時間仍相對不長，但該機型表現非常強勁，未來仍有進一步提升的空間。本季服務業務同樣是亮點，隨著機隊擴大持續成長。我們的 MRO 中心與 Jet Aviation 的業務量均增加；其中，美國的 FBO 據點活動特別熱絡。

Turning to market demand. Aerospace had a 1.4 times book-to-bill in the quarter. There were five more airplane orders than the year ago quarter. The book-to-bill over the trailing 12-month basis is 1.4 times. So, we see very active interest across all models in the US, Western Europe and Southeast Asia, with some cautious concern from customers in the Middle East.

接著談市場需求。航太本季出貨比（book-to-bill）為1.4倍。訂單數較去年同期多出5架。以過去12個月滾動基礎計算的出貨比亦為1.4倍。因此，我們看到美國、西歐與東南亞各機型的興趣非常活躍，但中東客戶則有些審慎疑慮。

They are, however, still active in the pipeline, but slow to provide orders. This is not surprising given the current geopolitical environment there.

不過，他們仍在商機管線中保持活躍，只是下單速度較慢。考量當地目前的地緣政治環境，這並不令人意外。

In summary, the Aerospace team had a special quarter, both operationally and in terms of order activity. So, let's move on to the defense businesses. First, Combat. Combat Systems had revenue of $2.39 billion, up 6% over the year ago quarter. Earnings of $330 million are down $5 million on a 110-basis-point contraction in operating margin due largely to a transition from legacy production programs to new development programs at Land Systems.

總結而言，航太團隊本季無論在營運表現或訂單活動方面都非常亮眼。接下來我們談國防業務。首先是戰鬥系統。戰鬥系統營收為23.9億美元，較去年同期成長6%。營業利益為3.30億美元，減少500萬美元；營業利益率收縮110個基點，主要是因陸地系統業務從既有量產專案轉向新的研發專案所致。

Earnings were up nicely at Ordnance and Tactical Systems as well as European Land Systems. Sequentially, revenue was up 4.2% and earnings were up 3.8%. 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.

彈藥與戰術系統以及歐洲陸地系統的獲利則有明顯提升。按季比較，營收成長4.2%，獲利成長3.8%。戰鬥系統產品需求強勁，主要由美國盟友帶動。輪型與履帶式車輛訂單增加，反映威脅環境升高。

In addition, Ordnance and Tactical Systems continues to have particularly strong growth in munitions.

此外，彈藥與戰術系統在彈藥領域持續呈現特別強勁的成長。

As Phebe mentioned, our international vehicle portfolio and particularly our European operations continue to perform well and are a big part of the growth story in that segment, with ELS revenues up 28% versus a year ago quarter. Demand for the Piranha platform and Eagle family of vehicles continues to be strong across several markets.

如 Phebe 所提，我們的國際車輛產品組合，尤其是歐洲營運，持續表現良好，並且是該事業群成長故事的重要一環；歐洲陸地系統（ELS）營收較去年同期成長28%。Piranha 平台與 Eagle 車系在多個市場的需求仍然強勁。

At Ordnance and Tactical Systems, we are doing our part to support the missile ramp, while at the same time, we have seen solid growth for both medium and large caliber munitions as well as propellants, all areas where we have traditionally performed very well.

在彈藥與戰術系統方面，我們一方面盡力支援飛彈產能爬坡，同時也看到中口徑與大口徑彈藥以及推進劑的穩健成長；這些領域一向是我們傳統強項。

Turning to Marine Systems. Once again, our shipyards are each demonstrating strong revenue growth on a quarter -- over year ago quarter basis. This year's quarter's revenue growth of 21% was driven by Columbia and Virginia-class construction volumes, followed by DDG 51 and T-AO construction volumes. The growth at Bath for the fifth quarter in a row is particularly encouraging.

接著談海事系統。再次強調，我們各造船廠在本季相較去年同期均展現強勁的營收成長。本季21%的營收成長，主要由 Columbia 級與 Virginia 級建造量帶動，其次為 DDG 51 與 T-AO 的建造量。Bath 連續第五個季度的成長尤其令人振奮。

Earnings improved 34.4% on an 80-basis-point improvement in operating margins. We can point to clear measurable productivity gains at Electric Boat, particularly significantly increased earned hours in both the second and third quarters of the year.

在營業利益率改善80個基點的帶動下，獲利提升34.4%。我們可以指出 Electric Boat 的生產力有明確且可衡量的提升，尤其是今年第二季與第三季的已獲工時（earned hours）顯著增加。

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 move forward to support the additional demand we see in the national security interest of the United States.

如各位所知，為支撐這項成長，我們已在各造船廠進行重大投資，尤其是在 Electric Boat。我們將在未來持續投資，以支援我們所看到、符合美國國家安全利益的額外需求。

As Phebe pointed out, we experienced increased throughput at all of our shipyards, all leading to the primary goal of delivering more ships faster. We are making good progress on that front. The last Block IV Virginia-class submarine will be delivered in the next few months. And upon delivery, Electric Boat will have delivered five Virginia-class submarines in five years.

如 Phebe 所指出，我們在所有造船廠的產出吞吐量均有所提升，皆指向一個主要目標：更快交付更多艦艇。我們在這方面進展良好。最後一艘 Block IV Virginia 級潛艦將在未來幾個月內交付。交付後，Electric Boat 將在五年內交付五艘 Virginia 級潛艦。

All 12 Block V Virginia ships and all Columbia Build 1 ships are in various stages of construction. We continue to be hyper-focused on delivering the first Columbia and first Virginia VPM ships by the end of 2028. Finally, on the most recent Virginia and Columbia awards, we are procuring long lead items and have started subassembly construction.

所有12艘 Block V Virginia 級艦艇以及所有 Columbia 建造批次1（Build 1）艦艇均處於不同的建造階段。我們持續高度聚焦於在2028年底前交付首艘 Columbia 以及首艘搭載 VPM 的 Virginia Block V 艦艇。最後，針對最新的 Virginia 與 Columbia 合約授予案，我們正在採購長交期項目，並已開始次組件建造。

Turning to Technologies. This group is also experiencing growth in revenue and earnings, albeit not at the pace experienced by Aerospace and Marine. Revenue of $3.7 billion represents an increase of 10.8% over the third quarter of 2025. Both businesses contributed respectable growth, but GDIT led the way. Operating earnings of $346 million are up 5.8% over the year ago quarter.

接著談科技事業群。該事業群的營收與獲利也在成長，但增速不如航太與海事。營收37億美元，較2025年第三季增加10.8%。兩項業務皆貢獻了不錯的成長，但以 GDIT 表現最為突出。營業利益3.46億美元，較去年同期成長5.8%。

Operating margin decreased 40 basis points, largely as a result of mix shift. Sequentially, we saw some incremental gains in both revenue and earnings. On a year-to-date basis, we had revenue growth of 6.3% and earnings growth of 3.7%, all very respectable. The group's order activity was also encouraging with a book-to-bill of 1.4 times for the quarter and 1.3 times for the year-to-date.

營業利益率下降40個基點，主要是產品組合變動所致。按季比較，我們在營收與獲利方面均有些許增量提升。以年初至今計算，營收成長6.3%，獲利成長3.7%，表現相當穩健。該事業群的接單活動也令人鼓舞，本季出貨比為1.4倍，年初至今為1.3倍。

I'll just add a little more color to Phebe's point on an encouraging book-to-bill. Orders at Mission Systems for the third quarter were their highest ever for a single quarter. And in fact, orders for the first nine months of the year outpaced any full year in Mission Systems history. Their transition to highly differentiated systems in land and air, space, cyber and intelligence as well as maritime and strategic systems continues to bode well.

我再補充一些內容來呼應 Phebe 關於訂單出貨比（book-to-bill）令人鼓舞的觀點。任務系統（Mission Systems）第三季接單創下單季歷史新高。事實上，今年前九個月的接單量已超越任務系統歷史上任何一個完整年度。他們持續轉型至在陸、空、太空、網路與情資，以及海事與戰略系統等領域具高度差異化的系統，這些發展仍然是正面訊號。

So, let's turn to guidance for 2026. At the outset, I want to review what we have 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. In July, we increased that to an EPS in the range of $16.80 to $16.90.

那麼，接著我們來談 2026 年的財測指引。一開始，我想先回顧截至目前我們對各位說過的內容。1 月時，我們請各位假設 EPS 區間為 16.10 美元至 16.20 美元。4 月時，我們更新 2026 年指引為 EPS 16.45 美元至 16.55 美元。7 月時，我們再上調至 EPS 16.80 美元至 16.90 美元。

In light of our performance in the third quarter and year-to-date, we once again increased our forecast to between $17.20 to $17.30 per diluted share, almost 7% higher than we anticipated at the beginning of the year. This contemplates revenue between $56.5 billion to $56.8 billion and operating margin around 10.5%. You've already heard Kim's commentary about our estimates for cash flow for the year and interest expense. We do not plan to update segment guidance. As usual, we will provide our forecast for 2027 in January after our planning process has concluded.

鑑於我們第三季及年初至今的表現，我們再次上調預測至稀釋後每股 17.20 美元至 17.30 美元，較年初預期高出近 7%。此預測包含營收 565 億美元至 568 億美元，以及約 10.5% 的營業利益率。各位也已聽到 Kim 對我們今年現金流與利息費用估計的說明。我們不打算更新各事業部門的指引。如同以往，我們將在 1 月、規劃流程結束後提供 2027 年的預測。

So, to wrap up, we go into the fourth quarter coming off a very strong year-to-date figures, and we feel good about the potential for the full year. So, on a personal note, before I hand over the call to Danny and Kim to answer your questions, I would like to thank you all for the collaboration over the last 14 years. I have appreciated your rich understanding of the sector, your willingness to engage, and your objective assessments. While I will remain as Executive Chair to work with Danny, his team and the Board, this is my last earnings call.

總結來說，我們在年初至今數據非常強勁的基礎上進入第四季，對全年表現的潛力感到樂觀。另外，就個人而言，在我把電話交給 Danny 和 Kim 回答各位問題之前，我想感謝各位過去 14 年來的合作。我很感謝各位對產業的深入理解、願意投入交流，以及客觀的評估。雖然我將繼續擔任執行董事長，與 Danny、他的團隊及董事會一起工作，但這將是我最後一次財報電話會議。

I wish each of you the best in the future. Nicole, back to you.

祝各位未來一切順利。Nicole，交還給你。

Thank you, Phebe. (Event Instructions)

謝謝你，Phebe。（活動說明）

Operator, could you please remind participants how to enter the queue?

接線員，請提醒與會者如何進入提問隊列，好嗎？

(Operator Instructions) Seth Seifman, JPMorgan.

（接線員指示）Seth Seifman，摩根大通（JPMorgan）。

Hey, thanks very much and good morning. Phebe, I just want to say congratulations and all the best. Thanks for everything over the years. Maybe starting off in Marine, the margin was quite strong in the quarter, highest margin for a few years.

嗨，非常感謝，早安。Phebe，我想先說恭喜並祝你一切順利。謝謝你這些年來所做的一切。或許先從海事（Marine）談起，本季的利潤率相當強勁，是幾年來最高的利潤率。

When we think about the signing of the contracts, the impact that, that may have had versus the sustainable level of margin and whether we can think of this as an upward trajectory that maybe even (inaudible) in 2027. What kind of takeaway should we have from this quarter?

當我們思考合約簽署時，其影響可能有多少，相較於可持續的利潤率水準；以及我們是否可以把這視為一條向上的軌跡，甚至可能在 2027 年（聽不清）延續。我們應該從本季得到什麼樣的結論？

Yeah. Let me take that. So, the margin in the Marine Group is really a function of the strong operating performance across all of the shipyards, and particularly on Virginia Block IV, where we're coming to the end of that delivery order, and we should expect to deliver that last boat in the next several months.

好的，我來回答。海事事業群（Marine Group）的利潤率，主要反映所有船廠整體強勁的營運表現，尤其是在維吉尼亞級 Block IV 上；我們正接近該交付訂單的尾聲，預期在未來幾個月內交付最後一艘。

And so because of the strong performance, we actually had a onetime cumulative catch pickup on the booking rate, which spiked the margin a little bit in the quarter. But when you isolate for that cumulative catch pickup, the performance in the Marine Group was still better this third quarter than it was in the first half of the year.

因此，由於表現強勁，我們在訂單入帳比率上出現一次性的累計追溯調整（cumulative catch-up）收益，使本季利潤率略為跳升。但若把這項累計追溯調整排除，海事事業群第三季的表現仍優於上半年。

And I think that is a demonstration of the continued performance in operations across the group. I think the awards -- the most recent awards really didn't have any impact or any significant impact on the margin rate in the Marine Group. And so I think as you think about it looking forward, I would isolate for that onetime cumulative catch booking rate on Block IV, which is a good thing, because it's associated with performance and think about the Marine Group being in that mid-7% range as a baseline with the opportunity to grow from there as we steadily improve performance and output.

我認為這顯示整個事業群在營運上的持續改善。我認為近期的得標案——最新的得標——對海事事業群的利潤率沒有影響或沒有顯著影響。因此，往前看時，我會把 Block IV 上那項一次性的累計追溯入帳比率因素單獨剔除；那其實是好事，因為它與績效表現相關。並把海事事業群約 7% 中段（mid-7%）視為基準水準，隨著我們穩步提升績效與產出，仍有機會在此基礎上成長。

Great. Thanks. And then as a follow-up, I know that Mark Burns was at NBAA recently talking about Gulfstream and production rates and the potential to reach 200 deliveries a year. Maybe can you talk a little bit about how you see the long-term multiyear outlook for Gulfstream deliveries?

很好。謝謝。接著追問一下，我知道 Mark Burns 最近在 NBAA 談到 Gulfstream 的交付與產能節奏，以及一年達到 200 架交付的可能性。你能否談談你如何看待 Gulfstream 長期、多年期的交付展望？

Sure. So, you used the right term, and that's delivery. Sometimes, we hear the word production. So, our intent is to deliver 200 aircraft in 2030. And obviously, in order to do that, we're going to have to produce more than 200 aircraft in 2029. And so when you think about output, thqink about it in terms of manufacturing, completions and delivery.

當然。你用的詞很正確，也就是「交付」（delivery）。有時候我們會聽到「生產」（production）這個詞。我們的目標是在 2030 年交付 200 架飛機。而顯然，為了做到這點，我們在 2029 年必須生產超過 200 架飛機。因此談到產出時，請從製造、完工（completions）與交付的角度來思考。

And we have the production and the workforce and the facilities to produce 200 aircraft. And as on that path there, we expect and are certainly hopeful that our suppliers will be able to keep up. To go beyond 200, we'll have to invest in more facilities and equipment, and we're prepared to do so if the demand dictates that.

我們具備生產 200 架飛機所需的產能、人力與設施。在邁向該目標的過程中，我們預期並且也非常希望供應商能夠跟上。若要超過 200 架，我們就必須投資更多設施與設備；若需求顯示有必要，我們也已準備好投入。

Peter Arment, Baird.

Peter Arment，Baird。

I'll echo Seth's comments. Phebe, thanks for all the support over the years. Appreciate it and best of luck. And Danny, congrats. Maybe Danny, maybe could you talk a little bit about your opportunities in supporting, kind of, as a supplier with the missile framework agreements.

我也呼應 Seth 的說法。Phebe，謝謝你多年來的支持。非常感謝並祝你好運。Danny，恭喜。Danny，也許你能談談你們作為供應商，在飛彈框架協議（missile framework agreements）方面支援的機會？

I know that there was an announcement in August, kind of, looking to support that. Could you give us a little more color on the opportunity for GD and OTS there?

我知道 8 月有一項公告，提到要提供相關支援。你能否再多補充一些關於 GD 與 OTS 在其中的機會？

Yeah. So, we are a subcontractor to a number of the missile primes and are on a number of the missile systems. At Ordnance and Tactical Systems, we produce motor cases and actuators, and at Mission Systems, we produce a number of the components that go into the guidance systems.

好的。我們是多家飛彈主承包商（prime）的分包商，也參與多個飛彈系統。在彈藥與戰術系統（Ordnance and Tactical Systems）方面，我們生產馬達殼體（motor cases）與致動器（actuators）；在任務系統（Mission Systems）方面，我們生產多項用於導引系統的零組件。

We are not a huge part of those missile framework agreements. We're in the single digits and the low single digits, but an important piece of it. And we are in the process of ramping up and supporting that entire framework.

我們在那些飛彈框架協議中並不是占比很大的部分。我們的占比是個位數、而且是低個位數，但仍是其中重要的一環。我們正在逐步提升產能並支援整個框架的推進。

Got it. And just as a quick follow-up, just switching back to, kind of, Seth's comments around Marine. Is there a point where you guys have given us a lot of data over the last year around earned hours worked up and material flow improving? Is there a point where we're getting more mature in Columbia where we start seeing improved milestones there? Any color there would be helpful.

了解。再快速追問一下，回到 Seth 關於海事的問題。過去一年你們提供了很多數據，顯示已完成工時（earned hours）上升、物料流動改善。在 Columbia 計畫上，是否到了某個階段會更成熟，開始看到里程碑表現改善？若能提供一些說明會很有幫助。

Yeah. We are -- on both Columbia and Virginia, I think when we look at our output and throughput, we're up 30% this year versus the same time last year. We continue to see efficiency gains across those platforms. And we brought on a new -- a large number of new shipbuilders, 6,000 new shipbuilders at Electric Boat alone, will be at 8,000 by the end of the year. And as those new shipbuilders get more and more experience, we'll continue to see efficiencies accelerate. So, we're very pleased with where we are on Columbia specifically and also Virginia.

是的。我們——在 Columbia 與 Virginia 兩個專案上，我想當我們看我們的產出與產能吞吐量時，今年相較於去年同期提升了 30%。我們持續在這些平台上看到效率提升。而且我們也新增——大量新造船人員，僅 Electric Boat 就新增了 6,000 名新造船人員，到年底將達到 8,000 人。隨著這些新造船人員累積越來越多經驗，我們將持續看到效率加速提升。所以，我們對 Columbia 專案目前的進展非常滿意，對 Virginia 也是如此。

Ken Herbert, RBC Capital Markets.

Ken Herbert，RBC Capital Markets。

Great, thank you, you guys. Congratulations, Phebe and Danny. I maybe just want to start on the balance sheet, if I could. It's obviously in a great spot. It sounds like CapEx is running higher to support the growth. Can you just talk about how we think about CapEx in '27 and '28? How we think about where you're comfortable with the leverage and maybe any step change in capital allocation considering the strong balance sheet?

很好，謝謝各位。恭喜 Phebe 和 Danny。我想先從資產負債表談起，如果可以的話。顯然目前狀況非常好。聽起來資本支出（CapEx）為了支撐成長而在提高。能否談談我們該如何看待 2027 與 2028 年的 CapEx？以及你們對槓桿水準的舒適區間，還有在資產負債表強勁的情況下，資本配置是否會有任何階段性的變化？

I'll take the CapEx portion of the question. And as it relates to 2026, we have seen an increase thus far, and we expect that the fourth quarter, we have a significant ramp expected in the fourth quarter as a lot of those projects continue, and we'll see if we can spend what we intend to spend in the fourth quarter. Some of that could slip over into 2027, but we intend to keep on track there.

我來回答 CapEx 的部分。就 2026 年而言，我們迄今確實看到增加，而且我們預期第四季會有明顯的拉升，因為許多專案持續推進；我們也會看看第四季能否如我們預期把該花的錢花出去。其中一部分可能會遞延到 2027 年，但我們的意圖是維持進度。

In terms of 2027, I think the CapEx will probably stay elevated, although we haven't come completely through our planning process. So, I think you would expect that we would be spending again probably in this range in 2027, but we'll hone that in as we go through the planning process.

至於 2027 年，我認為 CapEx 可能仍會維持在較高水準，雖然我們尚未完全走完規劃流程。所以我想你可以預期 2027 年我們大概仍會在這個區間投入，但我們會在規劃流程中逐步把數字精準化。

I think your other question was related to leverage and capital allocation. I mean, we continue to support the dividend as it relates to share repurchase, and we are repurchasing shares enough to cover dilution at this point in time. So, I think that's where we are there.

我想你另一個問題是關於槓桿與資本配置。我們持續支持股利；至於庫藏股回購，我們目前回購的規模足以覆蓋稀釋。所以我們目前大致就是這樣的狀態。

Great. And just as a follow-up, can you just talk -- I know you've been spending to support, obviously, the ramp in Virginia and Columbia. But how do we think about spending specifically within the Marine segment over the next few years? And are you fully capitalized to support the delivery growth expected in the next three to four years?

很好。再追問一下，能否談談——我知道你們一直在投入以支援 Virginia 與 Columbia 的產能爬坡。但未來幾年在 Marine（海事）事業部門內部，具體的支出該如何看待？以及你們是否已充分資本化，以支援未來三到四年預期的交付成長？

Yes. Look, I think as Kim said, we've been spending in the Marine Group for the last decade and certainly more pronounced even in the last five years. And I think we'll continue to invest in anticipation, and we have been anticipating this volume increase, specifically on the submarine side of things.

是的。你看，正如 Kim 所說，我們在 Marine Group 過去十年一直在投入，尤其在過去五年更為明顯。我認為我們會持續提前投資；而且我們一直在為這個量的增加做準備，特別是在潛艦業務這一端。

And so over the next few years, we will continue to facilitize and invest in capacity. We'll invest in productivity and automation, and we'll obviously invest in workforce development and training. And that won't continue forever, but it will certainly continue for the next few years.

因此在未來幾年，我們會持續進行廠房設施建置並投資產能。我們會投資於生產力與自動化，當然也會投資於人力發展與訓練。這不會永遠持續下去，但未來幾年肯定會持續。

Ronald Defstein, Bank of America.

Ronald Defstein，美國銀行。

This is Reid on for Ron. I was just wondering if you could provide a bit more background on the growth in the technology segment and, kind of, how we should think about growth going forward between GDIT and GDMS?

我是 Reid，代 Ron 提問。我想請問你們能否再多提供一些科技事業部門成長的背景，以及我們未來該如何看待 GDIT 與 GDMS 之間的成長？

Yeah. So, I think both GDIT and MS have done very well and had a very strong quarter and year-to-date growth. I think fourth quarter will be a little down, and that speaks more to the strength of the third than any particular issue in the fourth. But overall, when you look at '26 as compared to 2025, we'll be up in the mid-single digits. And I think you can expect that, that growth will be sustained over time.

好的。我認為 GDIT 與 MS 的表現都非常好，本季與年初至今的成長都很強勁。我認為第四季會稍微下來一些，這更多反映第三季特別強，而不是第四季有任何特定問題。但整體來看，若比較 2026 年與 2025 年，我們將有中個位數的成長。而且我認為你可以預期這樣的成長會隨時間持續。

I think the relative contribution from each of those groups to the growth will stay relatively consistent for the foreseeable future.

我認為在可預見的未來，這兩個事業群對成長的相對貢獻會大致維持一致。

Great. Thank you.

很好，謝謝。

Myles Walton, Wolfe Research.

Myles Walton，Wolfe Research。

Phebe, congratulations on the long tenure and for trying to keep all our verbal IQs as high as we can get. In terms of a prosaic question, on the services growth, what was that? Was that double digits? And was there any test aircraft that went out the door in Gulfstream this quarter?

Phebe，恭喜你長期任職，也謝謝你努力讓我們的口頭 IQ 盡可能維持在高水準。問一個比較平實的問題：服務業務的成長是多少？是雙位數嗎？另外，Gulfstream 這一季是否有任何測試用飛機交付出廠？

Yes. Services grew in the Aerospace segment in both Gulfstream and Jet Aviation. At Gulfstream, it was significantly higher than it was in the third quarter of last year and a little bit less so sequentially, but still larger than it was in the previous quarter. At Jet Aviation, it was across the board and against all comparable quarters. And the services business from a -- it will continue to grow as the fleet expands, and we're very happy where that is.

是的。航太事業部門的服務業務在 Gulfstream 與 Jet Aviation 都有成長。在 Gulfstream，成長幅度顯著高於去年第三季；若以季比來看增幅稍小一些，但仍高於前一季。在 Jet Aviation，則是全面性成長，且相較所有可比季度皆有提升。而服務業務——從——隨著機隊規模擴大將持續成長，我們對目前的狀況非常滿意。

In terms of -- and I'm not sure that you asked this, but I'll answer it anyway in terms of how it is a contributor. It's -- from a margin standpoint, it's very similar to our new aircraft and so, I wouldn't -- it's not -- I wouldn't call it accretive. It's kind of too close to call, and I wouldn't certainly describe it as dilutive, but it came from across the portfolio.

至於——我不確定你是否問到這點，但我也一併回答它在貢獻上的情況。從毛利率角度來看，它與我們的新機交付非常相近，所以我不會——我不會說它是增厚（accretive）。兩者太接近了，很難下定論；我當然也不會形容它是稀釋（dilutive），但它的成長來自整個產品組合。

Okay. Fair enough. And in terms of that ELS growth of 28%, can you just give us a benchmark as to what portion of combat is ELS at this point? I know it's 4Q-loaded. Is that level of growth expected to continue?

好的，合理。另外，ELS 成長 28% 這件事，你能否給我們一個基準，說明目前在 Combat（戰鬥系統/地面作戰）裡，ELS 大概占比多少？我知道它是第四季比重較高。這樣的成長水準預期會持續嗎？

Yes. Look, I don't have the exact numbers, but historically, Land Systems has been about half and OTS has been the majority of the remaining half and ELS has been whatever is left over. They're starting to become a pretty significant portion. When you think about the international portfolio in combat, of which ELS is a big part of, it almost represents 50% of the entire portfolio. And that half of the portfolio, about 80% of that is direct and the majority of that comes out of ELS.

是的。你看，我手上沒有精確數字，但歷史上 Land Systems 大約占一半，OTS 占剩下那一半中的大多數，而 ELS 就是剩下的部分。它們正開始成為相當重要的一部分。當你想到 Combat 的國際業務組合——其中 ELS 是很大的一塊——它幾乎占整個組合的 50%。而在那一半的組合中，大約 80% 是直銷（direct），其中大多數來自 ELS。

Doug Harned, Bernstein.

Doug Harned，Bernstein。

Going back to Gulfstream. And first, I do want to congratulate Phebe. It's been -- it's hard for me to believe it's been 14 years, but it's been great working with you. And thinking about Gulfstream in that context, these last 2 quarters with pretty amazing book-to-bill, services up. When I take the geopolitical context that Phebe that you had described, how are you seeing customer discussions at this point, if I put the Middle East aside, given the geopolitical concerns, fuel prices, what is the -- what are the drivers now that you're seeing for such high growth?

回到 Gulfstream。首先，我也想恭喜 Phebe。我很難相信已經 14 年了，但與你合作一直很愉快。在這樣的背景下看 Gulfstream，過去兩季的接單出貨比（book-to-bill）相當驚人，服務業務也在成長。結合你剛才描述的地緣政治背景，如果我先把中東放一邊，在地緣政治疑慮、燃油價格等因素下，你目前在客戶討論中看到什麼？現在推動如此高成長的驅動因素是什麼？

So, I'll take that. I think the customer activity in North America and Western Europe and Asia has continued to be robust. And as you mentioned, Middle East aside, still a lot of interest there, but certainly a little bit more cautious in terms of actually placing orders. I think that has continued. And certainly, as it relates to Jet Aviation, even the Middle East has continued to be robust.

我來回答。我認為北美、西歐與亞洲的客戶活動仍然相當強勁。如你所提，中東先不談，那邊仍有很多興趣，但在實際下單方面確實更為謹慎一些。我認為這種情況一直延續。而且就 Jet Aviation 而言，即便在中東，需求也仍然強勁。

Fuel prices, really, we have not seen any discernible impact from that perspective on demand. And when we look forward and as -- obviously, as we perform in this current quarter and the entire year. But when we look forward, we continue to see a fair bit of demand out there, and specifically in the markets I mentioned.

燃油價格方面，坦白說，從需求的角度來看，我們尚未看到任何可辨識的影響。而當我們往前看——顯然，當我們在本季以及全年執行表現時。但當我們往前看時，我們仍然看到市場上有相當程度的需求，特別是在我提到的那些市場。

And, then changing gears a little bit. If I go over to Marine Systems, with the Anduril announcement of Arsenal-2 in Baltimore, which is particularly focused on Virginia-class, how does that fit into the operational planning that you're doing at Electric Boat and that's going on at Newport News? And is this something that will be helpful in terms of improving throughput? Or is it, in a sense, competition? How do you think about that move?

然後，稍微換個話題。如果我轉到海事系統（Marine Systems），隨著 Anduril 宣布在巴爾的摩推出 Arsenal-2，且特別聚焦於維吉尼亞級（Virginia-class），這如何融入你們在 Electric Boat 所做、以及在 Newport News 進行中的營運規劃？這是否有助於提升產出吞吐量（throughput）？或者在某種意義上，它是競爭？你們如何看待這項動作？

Yes. Look, for us, we welcome any new entrants into the supply chain for the submarine industrial base. It's critical that we attract them, and I think these large orders help do that. Specifically, as it relates to Anduril, we are very focused on the four significant components that they're going to provide us torpedo tubes and air flasks and impulse tanks and auxiliary tanks. And, these are areas where we need additional capacity, and that's what we're focused on with them, getting those items.

是的。你看，對我們而言，我們歡迎任何新的參與者加入潛艦產業基礎的供應鏈。吸引他們至關重要，而我認為這些大型訂單有助於做到這一點。具體而言，就 Anduril 而言，我們非常聚焦於他們將提供給我們的四個重要部件：魚雷發射管（torpedo tubes）、高壓氣瓶（air flasks）、脈衝艙（impulse tanks）以及輔助艙（auxiliary tanks）。而這些正是我們需要額外產能的領域；我們與他們合作的重點，就是取得這些項目、把這些零組件到位。

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，Jefferies。

Phebe, congratulations on a pretty spectacular career and giving us something to aspire to and always making these earnings calls a bit spicy, so I appreciate that. Maybe, if you can, can you just talk about Gulfstream? I think you developed four or five new jets over your tenure. I lost track, to be honest.

Phebe，恭喜你有一段相當精彩的職涯，也讓我們有值得追求的目標，而且你總是讓這些財報電話會議多一點火花，我很感謝。或許你可以談談 Gulfstream？我想在你任內你開發了四或五款新機型。老實說，我都數不清了。

How do you think about Gulfstream's trajectory over the medium term, whatever you're willing to give? And maybe as a follow-up to that and Doug's question as well, the order growth is strong despite the Middle East. Do you think that's competitive win rates or just customer win rates driving the demand momentum?

你如何看待 Gulfstream 在中期的發展軌跡（你願意分享的範圍內）？另外作為追問，也呼應 Doug 的問題：儘管中東情勢如此，訂單成長仍然強勁。你認為這是競爭上的得標率（competitive win rates）提升，還是單純客戶得標率（customer win rates）在推動需求動能？

So, as you know, as we've talked before, the family of airplanes that we have at Gulfstream, and we are adding to it has been part of a 15-year strategic plan that we believe that investment in platforms that met our customers' needs in speed, capacity, efficiency and comfort would drive demand. And so we have a whole new fleet of clean sheet airplanes in our portfolio. And we're pretty excited about it.

如你所知，正如我們之前談過的，Gulfstream 現有的機型家族，以及我們正在擴充的部分，是我們一項 15 年策略計畫的一環；我們相信，投資於能滿足客戶在速度、載客/載量、效率與舒適性需求的平台，將會帶動需求。因此，我們的產品組合中擁有一整個全新、從零開始設計（clean sheet）的機隊。我們對此感到非常振奮。

And I think that, that transition has been very successful. There has not been a case, at least in business aviation that I'm aware of, where you retire, take the G450. You retire the G450, a very successful high-margin program. It goes out on a positive earnings basis and is replaced by an all-new clean sheet of airplane, heel to toe.

而我認為，那個轉型非常成功。至少在我所了解的商務航空領域，還沒有看過這樣的案例：你讓 G450 退役——G450 是一個非常成功、毛利很高的專案——它是在正向獲利的狀態下退出，並由一款全新、從零開始設計的飛機，從頭到腳全面取代。

And I think that the theory of the case back 15, 12 years ago, 13 years ago, I guess, when we came up with this, the theory of the case was new product will drive demand, and we know our customers and we design these airplanes to our customers. So, I think that strategy, you're seeing it now. And it was -- we're pretty excited about it. We're pretty excited about the future of Gulfstream. I'll let Danny answer the other.

我認為，回到 15 年前、12 年前、13 年前——我想大概是 13 年前——當我們提出這個構想時，當時的核心假設是：新產品會帶動需求；而我們了解客戶，我們是依照客戶需求來設計這些飛機。所以，我認為你現在看到的正是那個策略的成果。而且——我們對此非常興奮。我們對 Gulfstream 的未來非常期待。其他那個問題我讓 Danny 來回答。

Yeah. Look, I think to Phebe's point, the success of this all-new family of aircraft just reinforces our commitment to continue to develop the portfolio and continue to invest in our product lineup, both from a new aircraft standpoint as well as sophisticated projects or sustainment and support. So, we're going to stay on this path.

是的。你看，我認為呼應 Phebe 的觀點，這個全新機型家族的成功，再次強化了我們持續開發產品組合、並持續投資產品線的承諾——不僅是新機型的開發，也包括高階專案，或是維持運作（sustainment）與支援。所以，我們會持續走在這條路上。

Gautam Khanna, TD Cowen.

Gautam Khanna，TD Cowen。

Thank you. Congrats to Phebe and Danny. I echo the sentiments of others. I wanted to ask about Gulfstream next year. I know you guys talked about the G280, G300 transition. If you could just update us on, kind of, how -- what's your current view on, kind of, the gap on some of the smaller jets and what that might mean for margins just as we start thinking about '27?

謝謝。恭喜 Phebe 和 Danny。我也同意其他人的看法。我想問一下明年 Gulfstream 的情況。我知道你們談過 G280、G300 的轉換。能否請你們更新一下：對於一些較小型噴射機之間的空窗期，你們目前的看法是什麼？以及當我們開始思考 2027 年時，這對毛利率可能意味著什麼？

Yeah. So, as we -- as the G280 phases out, as I think we've said in previous calls, there will be a gap between that and the G300 that we prefer if we didn't have it, but we have it. That said, we will more than offset the reduction in the G280 volume with additional large cabin aircraft.

好的。當 G280 逐步退場時，正如我們在先前的電話會議中所說，G280 與 G300 之間會有一段空窗期；如果可以，我們當然希望不要有，但確實會有。即便如此，我們會以更多的大型客艙（large cabin）機型交付，來充分抵消 G280 交付量下降的影響。

And as a result, we'll have a more favorable mix, and that will obviously have a positive impact on margins. And that said, even with reduced number of G280s, it will not preclude us from having a better 2027 than 2026. So, again, we're focused on delivering large cabin aircraft next year.

因此，我們的產品組合（mix）會更有利，而這顯然會對毛利率帶來正面影響。此外，即使 G280 數量減少，也不會妨礙我們在 2027 年表現優於 2026 年。所以，再次強調，我們明年的重點是交付大型客艙機型。

And, just to put a finer point on it, when does that gap begin? Is it after the first quarter? Or do you have a sense for when the last G280s?

另外，為了更精確一點，那個空窗期是從什麼時候開始？是在第一季之後嗎？或者你們是否掌握最後幾架 G280 的時間點？

Yes. It goes into, kind of, middle of next year, is when we expect, the G280s will finish delivery. And then we expect the G300 to be certified towards the end of next year and then deliveries will obviously happen after that, and will be somewhat dependent on the situation in the Middle East.

是的。我們預期 G280 會在明年年中左右完成交付。接著我們預期 G300 會在明年年底左右取得認證，之後才會開始交付；而交付節奏在某種程度上也會取決於中東的情勢。

Kristine Liwag, Morgan Stanley.

Kristine Liwag，Morgan Stanley。

Phebe, congrats. Phebe, you've already made significant investments in Gulfstream, as you talked about. And, it seems like the business is positioned well for the next decade, maybe even the next two decades. And now you've got unprecedented visibility in marine, a record backlog and relative stability across the other businesses as well. So, a great way to hand off the business to Danny.

Phebe，恭喜。Phebe，正如你所說，你已經在 Gulfstream 做了重大投資。而看起來這項業務已為未來十年、甚至未來二十年做好了很好的布局。此外，你們現在在海事業務上有前所未有的能見度、創紀錄的在手訂單（backlog），其他業務也相對穩定。所以，這是一個把公司交棒給 Danny 的很棒時點。

So, I guess when you think about the business where you're in a strong position of growth, you've got a strong cash generation. The balance sheet is pristine and in a net cash position. How do we think about your appetite for adding another leg to the business, even maybe looking at something that the defense tech companies are doing perhaps in low-cost, high-volume equipment?

所以我想問的是：當你看待公司處於強勁成長位置、現金創造能力強。資產負債表非常乾淨，且處於淨現金（net cash）狀態。我們應該如何看待你們對於替公司再增加「另一條腿」的意願——甚至可能看看一些國防科技公司正在做的事情，例如低成本、高產量的裝備？

And also, Danny, as you step into the CEO role, are there particular areas of the portfolio where you see opportunities to invest either organically or through M&A that could shape GD's next phase of growth similar to what Phebe did?

另外，Danny，當你接任 CEO 角色時，在投資機會方面——不論是有機成長或透過併購（M&A）——你是否看到投資組合中有特定領域可以投入，進而塑造 GD 下一階段的成長，就像 Phebe 所做的那樣？

Well, let me just emphasize first principles. We invest where we believe that we can get a good return and provide products for our customers. So, we have invested, as you noted, over the last few years in both the defense businesses heavily and the defense businesses in Gulfstream because we anticipate growth. And that growth is materializing. It will continue to increase in some areas, and we'll continue to invest in our business as appropriate.

嗯，我先強調基本原則。我們會在我們相信能取得良好報酬、並能為客戶提供產品的地方投資。因此，正如你所提到的，過去幾年我們已在國防業務上大幅投資，也在 Gulfstream 的國防相關業務上大幅投資，因為我們預期會有成長。而這個成長正在實現。在某些領域它還會持續增加，而我們也會在適當的情況下持續投資我們的業務。

We have never discussed M&A, and so we're not going to go there now. I would just say that we are very, very careful. Companies that get outside their lane into adjacencies, your ability to manage risk decreases and the risk increases. So, we are very cautious with how we spend our precious capital. And when we do, we're looking for a strong return and then our ability to meet our customers' needs. I doubt that will ever change. That's a core value.

我們從未討論過併購（M&A），所以我們現在也不會談這個。我只想說，我們非常、非常謹慎。當公司偏離自身專長、跨入相鄰領域時，你管理風險的能力會下降，而風險會上升。因此，我們在如何運用我們寶貴的資本方面非常審慎。而當我們真的投入時，我們會尋求強勁的報酬，同時也要能滿足客戶的需求。我懷疑這一點永遠不會改變。這是一項核心價值。

Yeah. I really don't have much to add to that. I think, Phebe captured the essence of how we thought about capital allocation, specifically around acquisition, and I think you can expect that to continue.

是的。我其實沒有太多要補充的。我認為 Phebe 已經抓住了我們如何看待資本配置、特別是收購方面的精髓，而我想你可以預期這會持續下去。

Great, well, thank you very much and congrats again.

很好，非常感謝，也再次恭喜。

Andre Madrid, US Bancorp BTIG.

Andre Madrid，美國合眾銀行（US Bancorp）BTIG。

Yeah, thanks. Good morning and congratulations, Phebe and Danny. We were discussing technologies. I want to go back there. It's been -- I think 2021 was the last year we saw double-digit margins there. You provided some color on how we should expect the business to trend on the top line.

是的，謝謝。早安，也恭喜你們，Phebe 和 Danny。我們一直在討論科技。我想回到那個話題。這段業務——我想 2021 年是我們最後一次看到那裡出現兩位數的利潤率。你們提供了一些關於我們應如何預期該業務營收端走勢的說明。

Could you maybe talk about some of the moving pieces that might get us back to double digits at that segment and maybe talk about that in reference to GDIT and Mission Systems more specifically?

你能否談談一些可能讓該部門回到兩位數利潤率的變動因素，並且更具體地以 GDIT 與 Mission Systems 作為參照來說明？

Look, I think the pieces of this portfolio, as I mentioned, are going to stay pretty consistent. And while they'll continue to grow. In the case of Mission Systems specifically, really had a strategy of developing highly differentiated products, electronic systems that can be proliferated across a large number of systems. And part of that strategy has been to develop those systems and those electronic systems where the threat environment has dictated and where we see strong demand and often ahead of need, and I think that served us well.

你看，我認為這個投資組合的各個部分，如我提到的，將會保持相當一致。而且它們會持續成長。以 Mission Systems 來說，確實採取了一項策略：開發高度差異化的產品，也就是可在大量平台上擴散部署的電子系統。而該策略的一部分，是在威脅環境所驅動、且我們看到強勁需求的領域開發這些系統與電子系統，而且往往是超前於需求；我認為這對我們很有幫助。

And so we'll continue to see them invest and grow in the areas that they're focused on and think of subsea warfare and space and intelligence and cyber. And in case of GDIT, I think, done a very good job in this environment that we've found ourselves in over the last 24 months or so in terms of adjudications of the ability to still grow the portfolio at a time when RFPs and the pace of activity in that space has slowed down significantly.

因此，我們會持續看到他們在其聚焦的領域投資並成長，例如海底作戰、太空、情報與網路等。至於 GDIT，我認為在我們過去大約 24 個月所處的環境下，他們在裁決（adjudications）方面做得非常好，能在 RFP（招標書）數量以及該領域活動節奏顯著放緩的情況下，仍然讓投資組合持續成長。

And they've done that because they've invested in mission-ready technologies and been able to grow on contract work with the use of OTAs and a bit of a pivot towards more fixed price contracting. So, I think between those two things, we're on a path to continue to see good growth in the overall portfolio and pretty solid margin growth as time goes on.

他們之所以能做到，是因為投資於可立即投入任務的技術（mission-ready technologies），並透過使用 OTA（其他交易協議）以及稍微轉向更多固定價格合約，來推動合約工作成長。所以，我認為在這兩項因素之下，我們正走在一條路徑上：整體投資組合將持續有良好成長，且隨著時間推進，利潤率也會相當穩健地提升。

Got it. That's very helpful. And then maybe pivoting to Combat Systems. We dug in pretty deep on Land Systems and specifically ELS. But I want to discuss maybe what some of the milestones we should be looking out for on the OTS side would be?

了解。這非常有幫助。接著也許轉到 Combat Systems（作戰系統）。我們已經相當深入地討論了 Land Systems，特別是 ELS。但我想談談在 OTS 這一側，我們應該關注哪些里程碑？

Yes, there's a lot of stuff happening in the munitions world. I think as we've talked in the past, investing in solid rocket motor capability to support Lockheed Martin in this instance. And we -- that facility is going up per plan, and we expect that to be qualified and producing solid rocket motors in 2028 over at Mesquite. On the artillery side, we are executing the revised projects per the plan that we have with the Army. We expect to be producing test rounds next year and in production in early '28.

是的，彈藥領域正在發生很多事情。我想如同我們過去談到的，我們正在投資固體火箭馬達能力，以在此案例中支援洛克希德馬丁（Lockheed Martin）。而我們——該設施正依計畫興建，我們預期位於 Mesquite 的工廠將在 2028 年完成資格認證並開始生產固體火箭馬達。在砲兵方面，我們正依照與陸軍的計畫執行修訂後的專案。我們預期明年會生產測試彈，並在 2028 年初進入量產。

So, those are a couple of major milestones. And then I think we've talked a little bit about our support to the missile primes, and that's happening as we speak, and we are hitting the numbers that we're committing to over there. So, there's a lot of stuff happening in the munitions group that points to a very bright future for them.

所以，這些是幾個主要里程碑。另外，我想我們也稍微談過我們對飛彈主承包商（missile primes）的支援；這正在進行中，而且我們正在達成我們在那邊所承諾的數字。因此，彈藥事業群有很多進展，顯示他們的未來非常光明。

I think we have time for one more question.

我想我們還有時間再問一個問題。

David Strauss, Wells Fargo.

David Strauss，富國銀行（Wells Fargo）。

Phebe, congrats on your legacy and I think setting up Danny for a lot of success here moving forward. Danny, just trying to put a bit of a finer point on the growth that we could expect for Marine from here. If I just look on average over the last couple of years, you've seen about $2 billion of, kind of, annual revenue growth in that business. Is there any reason to think that into next year that we wouldn't see a similar just kind of absolute level of revenue growth?

Phebe，恭喜你留下的成就，我也認為你為 Danny 在未來的成功奠定了很好的基礎。Danny，我只是想更精準地釐清一下我們從現在起對 Marine（海事）業務可期待的成長。如果我看過去幾年的平均，你們在那個業務每年大約有 20 億美元左右的營收成長。有沒有任何理由認為到了明年，我們不會看到類似、也就是大致相同絕對金額水準的營收成長？

Yes. I mean, obviously, Dave, we'll provide guidance in January, but you pointed it out. I mean, we have seen, I think, explosive growth by any definition of the word over the last couple of years. And 2026 will grow close to $2 billion -- $2 billion over 2025. And we're starting to get into the law of large numbers here where it's difficult to add that sort of number on top of what we currently are.

是的。我的意思是，Dave，我們會在一月提供指引，但你也點出了這一點。我的意思是，過去幾年我們確實看到——用任何定義來說——爆發性的成長。而 2026 年相較 2025 年將成長接近 20 億美元——也就是增加 20 億美元。我們也開始進入「規模基數變大」的法則，在目前的規模之上再增加那樣的數字會變得困難。

We will continue to grow, however, and we fully expect to and not just at Electric Boat, but also at Bath Iron Works and at NASSCO. So, I think you'll hear more about this in January, but I think the broad theme is that we will continue to grow, maybe not quite at this pace, but we'll certainly see continued robust growth in the Marine Group.

不過，我們仍將持續成長，我們也完全預期會如此；而且不僅是在 Electric Boat，也包括 Bath Iron Works 與 NASSCO。

Okay. And over on the Tech and Combat side of things, just given the strong bookings and the backlog growth we've seen this year, is there a reason why growth in those businesses wouldn't accelerate a bit from here, I guess, from, kind of, the mid-single-digit rate that we're seeing out of those businesses this year?

好的。那在 Tech 與 Combat 這兩邊，考量到今年我們看到強勁的接單以及在手訂單（backlog）成長，有沒有什麼理由使得這些業務的成長不會從現在起稍微加速？我的意思是，相較於今年我們看到的大約中個位數成長率。

Yes. So, Combat is interesting in that we have European Land Systems that has grown when you look at it compared to last in 2025, the same quarter at 28%, and Ordnance and Tactical Systems at 16%. And that's been offset a little bit by this transition that Land Systems is going through in terms of a larger share of development programs in the portfolio.

是的。所以，Combat 很有意思，因為 European Land Systems（歐洲陸地系統）在 2025 年同一季度相比成長了 28%，而 Ordnance and Tactical Systems（軍械與戰術系統）成長了 16%。而這部分被 Land Systems 正在經歷的轉型稍微抵銷了一些，因為其投資組合中開發計畫的占比更高。

And it speaks to the strength of the Combat portfolio in its totality that the largest part of the Combat group is in this transition phase, but yet still able to grow. And it will grow in the high single digits in '26 as compared to '25. And I think you will continue to see it grow quite robustly in that same sort of range. But again, in January, we'll have more to say about that. But we are converting the backlog that you see in this record backlog that you see as we speak, and that will continue to happen and accelerate.

這也反映出 Combat 投資組合整體的強勁：即使 Combat 集團中最大的一部分正處於轉型階段，仍然能夠成長。而在 2026 年相較 2025 年，它將以高個位數成長。我認為你會持續看到它在同樣的區間內相當穩健地成長。但同樣地，我們在一月會有更多說明。不過，我們正在把你現在看到的、這個創紀錄的在手訂單轉化為營收；這將會持續發生並加速。

There are no further questions at this time. I will now turn the call back to Nicole Shelton for closing remarks.

目前沒有其他問題。我現在把電話交回給 Nicole Shelton 作結語。

Thank you. And thank you, everyone, for joining our call today. As a reminder, please refer to the General Dynamics website for the third quarter earnings release and highlights presentation. If you have additional questions, that can be reached at 703-876-3152.

謝謝。也謝謝各位今天加入我們的電話會議。提醒各位，請至 General Dynamics 官網查閱第三季財報新聞稿與重點簡報。若有其他問題，可致電 703-876-3152。

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。您現在可以斷線。