L3Harris Technologies Inc (LHX) 2025 Q4 法說會逐字稿

Greetings. Welcome to the L3Harris Technologies fourth quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this call is being recorded. It is now my pleasure to introduce your host, Tony Calderon, Vice President, Investor Relations and Corporate Development. Thank you. Tony, you may now begin.

問候。歡迎參加 L3Harris Technologies 2025 年第四季財報電話會議。（操作員說明）提醒您，本次通話正在錄音。現在，我很高興向大家介紹主持人，托尼·卡爾德隆，他是投資者關係和企業發展副總裁。謝謝。東尼，你可以開始了。

Thank you, Tiffany, and good morning, everyone. Joining me are Chris and Ken. Earlier this morning, we issued our fourth quarter earnings release outlining our results and our 2026 guidance, along with the presentation available on our website. Before we begin, please note that today's discussion will include forward-looking statements subject to risks, assumptions and uncertainties that could cause actual results to differ materially. For more information, please refer to our earnings release and SEC filings.

謝謝你，蒂芙尼，大家早安。與我一同出席的還有克里斯和肯。今天早些時候，我們發布了第四季度收益報告，概述了我們的業績和 2026 年的業績展望，相關簡報可在我們的網站上找到。在開始之前，請注意，今天的討論將包含前瞻性陳述，這些陳述受到風險、假設和不確定性的影響，可能導致實際結果與預期結果有重大差異。更多資訊請參閱我們的獲利報告和提交給美國證券交易委員會的文件。

We will also discuss non-GAAP financial measures, which are reconciled to GAAP measures in the earnings release. With that, let me turn it over to Chris.

我們也將討論非GAAP財務指標，這些指標在獲利報告中與GAAP指標進行了核對。那麼，接下來就交給克里斯吧。

Thanks, Tony, and good morning, everyone. We wrapped up 2025 by continuing to execute with speed and discipline, meeting our customer commitments, improving on-time delivery and investing to increase production capacity while delivering strong fourth quarter and full year results.

謝謝你，托尼，大家早安。2025 年，我們繼續以速度和紀律性執行各項工作，履行對客戶的承諾，提高準時交付率，並投資提高產能，同時取得了強勁的第四季度和全年業績。

We ended the year with a record order book and strong demand signals from our customers. All of this is positioning us for sustained growth going forward. We are equally focused on how we evolve our business.

年末，我們取得了創紀錄的訂單量，客戶也發出了強勁的需求訊號。這一切都為我們未來的持續成長奠定了基礎。我們同樣關注如何發展壯大我們的業務。

Over the past six years, we have aligned our portfolio to the fastest-growing defense priorities with a vision of the future of warfare. As a result, we have acquired and divested billions of dollars of businesses, including our recently announced sale of a majority stake in our civil space propulsion and power business. 60% of this business is being sold to AE Industrial Partners, AE's multiple investments in space assets make them an effective steward to scale the business and unlock its value for our shareholders. This transaction enables us to sharpen our focus on our priorities for the Department of War and our allies. We have continued to improve our operational agility and market position.

過去六年，我們根據對未來戰爭的願景，調整了我們的投資組合，使其與成長最快的國防優先事項保持一致。因此，我們已完成數十億美元的業務收購和剝離，包括近期宣佈出售民用航太推進和動力業務的多數股權。該業務60%的股權將出售給AE Industrial Partners。 AE在航太資產領域的多項投資使其成為拓展業務規模、為股東創造價值的有效管理者。這項交易使我們能夠更加專注於戰爭部及其盟友的優先事項。我們不斷提升營運靈活性和市場地位。

We reorganized our businesses from four segments to three in order to align technology and business models. And we announced our intention to pursue an initial public offering of our Missile Solutions business in the second half of 2026. The Department of War is the anchor investor, creating a $4 billion-plus revenue majority-owned public company with sustainable double-digit growth.

為了使技術和商業模式保持一致，我們將業務從四個部門重組為三個部門。我們宣布計劃在 2026 年下半年對我們的飛彈解決方案業務進行首次公開發行。美國戰爭部是主要投資者，創建了一家年收入超過 40 億美元的上市公司，該公司由美國戰爭部控股，並實現了可持續的兩位數增長。

This new company will deliver critical propulsion systems at unprecedented speed and scale as well as other missile solutions such as air launched defects, IR seekers and weapon release systems. This is an example of the strategic partnerships we have pursued to drive business growth and address critical needs for our customers.

這家新公司將以前所未有的速度和規模交付關鍵推進系統，以及其他飛彈解決方案，例如空射缺陷、紅外線導引頭和武器釋放系統。這是我們如何透過策略合作來推動業務成長並滿足客戶的關鍵需求的一個例子。

We spent time in the Pentagon and listened to the DOW's needs to significantly expand missile production. And we responded, negotiating a novel partnership structure that benefits the war fighter, taxpayer and our shareholders. We, along with our supply chain will build production capacity faster than anyone in the industry to meet the demand signal. The US government is planning to make a financial investment in a new company critical to our national security.

我們在五角大廈待了一段時間，聽取了陶氏化學公司關於大幅擴大飛彈生產的需求。我們做出了回應，協商制定了一種新的合作結構，使作戰人員、納稅人和我們的股東都受益。我們將與我們的供應鏈夥伴一起，以比業內任何其他公司都更快的速度提高產能，以滿足市場需求。美國政府計劃對一家對國家安全至關重要的新公司進行投資。

Their stake is solely economic. They want greater capacity quickly and a return on their investment. The strategy is straightforward. Construction began last year to expand capacity on large solid rocket motors and certain tactical rocket motor programs. The government invests now, allowing us to further increase capacity for critical interceptor programs such as FAD, PAC-3 and standard missile.

他們的利益完全出於經濟目的。他們希望盡快擴大產能並獲得投資回報。策略很簡單。去年開始動工擴建大型固體火箭發動機和某些戰術火箭發動機計畫的產能。政府現在進行投資，使我們能夠進一步提高關鍵攔截器計畫（如 FAD、PAC-3 和標準飛彈）的產能。

There is no waiting for contracts or acquisition funding. The investment gives us the confidence to build today while the long-term contracts are being negotiated and finalized. Capacity is now the most important capability. Our actions are deliberate. We are leading the industry to meet the needs of our customers.

無需等待合約或收購資金。這項投資讓我們有信心在長期合約談判和最終敲定期間，著手進行當前的建設。產能如今是最重要的能力。我們的行動是經過深思熟慮的。我們引領業界，滿足客戶的需求。

We are strengthening the industrial base, reinvigorating competition following decades of consolidation and unlocking value for our shareholders. In our industry, the year unfolded against one of the most demanding defense and security environments in decades. It was complex, competitive and rapidly evolving. Speed and execution mattered. Against that backdrop, our workforce delivered.

我們正在加強產業基礎，在經歷了數十年的整合之後重振競爭，並為股東釋放價值。在我們這個產業，這一年是在幾十年來最嚴峻的國防和安全環境下展開的。它複雜、競爭激烈且發展迅速。速度和執行力至關重要。在此背景下，我們的員工出色地完成了任務。

So thanks to them for our best year ever. We met our commitments to war fighters, to customers who measure value in deliveries and not intentions and to the DOW by strengthening the supply chain that underpins national security. Delivering on our commitments resulted in record orders, solid organic growth, expanding margins and strong cash flow generation. Doing what we say we're going to do is fundamental to how we run the company. Our portfolio is directly aligned with the fastest-growing customer missions, space sensing, missile defense, resilient communications, aircraft ISR missionization and kinetic effects.

所以，感謝他們，讓我們度過了有史以來最棒的一年。我們履行了對作戰人員、對以交付成果而非意圖衡量價值的客戶以及對陶氏化學的承諾，加強了支撐國家安全的供應鏈。履行承諾帶來了創紀錄的訂單、穩健的內生成長、不斷擴大的利潤率和強勁的現金流。言出必行是我們公司營運的根本原則。我們的產品組合與成長最快的客戶任務直接相關，包括空間感知、飛彈防禦、彈性通訊、飛機 ISR 任務化和動能效應。

That alignment is deliberate and informs where we invest, how we come to market and how we engage with customers. Our mission relevance is seen in our record order book and strong organic growth. We executed on our programs, stabilizing challenging space programs, clearing delinquent rocket motor deliveries dating back to the time of our acquisition and realizing efficiencies through LHX NeXt. These outcomes reflect disciplined execution, technical credibility and our ability to deliver at speed and scale in direct alignment with evolving customer requirements. Undoubtedly, what stood out the most in 2025 was the pace and urgency of customer demand.

這種一致性是經過深思熟慮的，它指導著我們的投資方向、進入市場的方式以及與客戶互動的方式。我們創紀錄的訂單量和強勁的內生成長證明了我們使命的有效性。我們執行了各項計劃，穩定了具有挑戰性的太空計劃，清理了自收購以來拖欠的火箭發動機交付，並通過 LHX NeXt 實現了效率提升。這些成果體現了我們嚴謹的執行力、技術實力以及快速、大規模交付的能力，並能直接滿足不斷變化的客戶需求。毫無疑問，2025 年最突出的特點是客戶需求的成長速度和緊迫性。

Threat environments evolved faster than recent history and expectations shifted just as quickly. Customers require advanced capability at speed and scale. We have the competitive advantage in this environment as the agile, trusted disruptor. We also deepened our role as a trusted international partner. We won key awards in Europe and Asia, leveraging a global supply base and investing in local industry to scale capacity.

威脅環境的演變速度比近代歷史時期更快，人們的預期也隨之快速改變。客戶需要快速、大規模地實現先進功能。在這個環境中，我們身為敏捷、值得信賴的顛覆者，擁有競爭優勢。我們也深化了作為值得信賴的國際合作夥伴的角色。我們憑藉全球供應鏈和對當地產業的投資，擴大產能，並在歐洲和亞洲贏得了重要獎項。

We have localized production across the globe, enabling us to meet customer needs during production and during the long sustainment tail. These efforts reinforce our commitment to strengthening global security through interoperable solutions and partnerships.

我們已在全球範圍內實現在地化生產，使我們能夠在生產過程中以及漫長的維護週期內滿足客戶的需求。這些努力鞏固了我們透過互通解決方案和夥伴關係來加強全球安全的承諾。

We secured awards that reflected the full breadth of our capabilities and our ability to consistently bring the right technologies to the table and translate them into customer-aligned solutions. These wins underscore customer confidence in our technical depth, disciplined execution and our ability to deliver integrated mission-ready capabilities. All of this resulted in record backlog and order book this year with an overall book-to-bill of 1.3 and backlog in excess of $38 billion.

我們獲得的獎項充分體現了我們的能力範圍，以及我們持續提供合適的技術並將其轉化為符合客戶需求的解決方案的能力。這些成功案例凸顯了客戶對我們技術實力、嚴謹執行力和交付一體化任務就緒能力的信心。所有這些都導致​​今年的積壓訂單和訂單總額創下歷史新高，訂單出貨比為 1.3，積壓訂單超過 380 億美元。

Let me highlight a couple of our key wins this quarter. At the start of the fourth quarter, we secured a landmark $2.2 billion award from South Korea for next-generation airborne early warning missionized business jets. Also during the quarter, we were awarded an international weather satellite program for approximately $200 million and multiple international tactical communications and software-defined radio orders in the quarter totaling over $200 million.

讓我重點介紹一下我們本季取得的幾項主要成果。第四季度初，我們從韓國獲得了一項具有里程碑意義的 22 億美元合同，用於建造下一代空中預警任務型公務機。本季度，我們還獲得了一項價值約 2 億美元的國際氣象衛星項目，以及多項國際戰術通訊和軟體定義無線電訂單，總價值超過 2 億美元。

At the end of 2025, we strengthened our leadership in space-based missile defense with the award of an SDA contract valued at approximately $850 million to deliver 18 satellites for the Tranche 3 tracking layer. Building on a proven track record as the only company awarded contracts across all four tranches, this milestone reinforces our alignment with national defense priorities and underscores our ability to deliver trusted, resilient, integrated spacecraft architectures.

2025 年底，我們獲得了價值約 8.5 億美元的 SDA 合同，為第三批次追蹤層交付 18 顆衛星，從而加強了我們在天基飛彈防禦領域的領先地位。憑藉著在所有四個階段都獲得合約的唯一一家公司所取得的卓越業績，這一里程碑鞏固了我們與國家國防優先事項的一致性，並突顯了我們交付值得信賴、具有韌性、集成化的航天器架構的能力。

The continued technology maturation for this contract as well as production synergies positions us very well for the HBTSS award. And following the quarter, we were selected to deliver multi-aircraft special mission business jets for an international customer with a potential value of over $2 billion. An initial order of over $700 million will be booked in the first quarter of 2026. Our 2026 guidance exceeds our ambitious targets for revenue, margin and free cash flow that we laid out at our last Investor Day in December 2023. Our record backlog and robust order outlook underpins our 2026 industry-leading 7% organic growth.

此合約技術的持續成熟以及生產協同效應使我們在 HBTSS 專案中處於非常有利的地位。季度結束後，我們被選中為一位國際客戶交付多架特種任務公務機，潛在價值超過 20 億美元。首筆超過 7 億美元的訂單將於 2026 年第一季確認。我們2026年的業績指引超過了我們在2023年12月上次投資者日上提出的雄心勃勃的收入、利潤率和自由現金流目標。我們創紀錄的積壓訂單和強勁的訂單前景為我們2026年實現業界領先的7%內生成長奠定了基礎。

We also exceeded our LHX NeXt $1 billion savings commitment one year ahead of plan. Many doubted our ability to meet these targets. But today's guidance exceeds the 2026 financial framework and is a result of our relentless focus on leadership, talent, accountability, culture, operational excellence and disciplined execution. Our 2026 guidance that Ken will take you through momentarily is the foundation for a new 2028 financial framework that we will announce at our upcoming Investor Day in February.

我們也提前一年超額完成了 LHX NeXt 計畫 10 億美元的節省目標。許多人懷疑我們能否實現這些目標。但今天的指導意見超越了 2026 年的財務框架，這是我們堅持不懈地關注領導力、人才、責任、文化、卓越營運和嚴謹執行的結果。Ken 即將向大家介紹的 2026 年指導意見，是我們將在 2 月即將舉行的投資者日上宣布的 2028 年新財務框架的基礎。

With that, I'll turn it over to Ken.

接下來，我將把麥克風交給肯恩。

Thanks, and good morning, everyone. Turning to the financial results for 2025. Revenue was $21.9 billion, up 5% organically with growth in all 4 segments. Adjusted segment operating margin was 15.8%, up 40 basis points, reflecting continued cost efficiencies and strong program and product delivery execution. Non-GAAP EPS was $10.73, an increase of 11% over 2024.

謝謝大家，大家早安。接下來來看2025年的財務表現。營收達 219 億美元，有機成長 5%，所有 4 個業務板塊均成長。經調整後的分部營業利潤率為 15.8%，成長 40 個基點，反映出持續的成本效率以及強勁的專案和產品交付執行力。非GAAP每股收益為10.73美元，比2024年成長11%。

Adjusted free cash flow grew to $2.8 billion, representing an increase of greater than 20%, driven by earnings growth, effective working capital management and the benefit associated with favorable tax planning strategies and tax reform. For the fourth quarter, revenue was $5.6 billion, up 6% organically with a segment operating margin of 15.7%, up 40 bps. Non-GAAP EPS was $2.86, up 10% year-over-year. Turning to our segment results. For 2025, CS delivered revenue of $5.7 billion and margins of 25.2%, 4% growth and 50 bps of margin expansion.

經調整後的自由現金流成長至 28 億美元，增幅超過 20%，主要得益於獲利成長、有效的營運資本管理以及有利的稅務規劃策略和稅務改革帶來的好處。第四季營收為 56 億美元，有機成長 6%，分部營業利潤率為 15.7%，成長 40 個基點。非GAAP每股收益為2.86美元，較去年同期成長10%。接下來來看看我們各業務板塊的業績。2025 年，CS​​ 的營收為 57 億美元，利潤率為 25.2%，成長 4%，利潤率提升 50 個基點。

In the fourth quarter, CS delivered revenue of $1.5 billion, up 3%, driven by increased international deliveries for software-defined resilient communications as well as next-generation Jammer program ramp. Q4 operating margin increased to 24.9%, up 50 basis points. CS margin benefited from LHX NeXt. In 2025, IMS delivered revenue of $6.6 billion, 8% organic growth and margin of 12.2%. In the fourth quarter, IMS revenue was $1.7 billion, up 11% organically due to ramping activity on classified ISR programs and our airborne early warning and control aircraft for the Republic of Korea.

第四季度，CS 實現營收 15 億美元，成長 3%，這主要得益於軟體定義彈性通訊的國際交付量增加以及下一代乾擾者計畫的加速推進。第四季營業利益率增至 24.9%，上升 50 個基點。瑞士信貸利潤率受惠於 LHX NeXt。2025 年，IMS 的營收為 66 億美元，有機成長率為 8%，利潤率為 12.2%。第四季度，IMS 的營收為 17 億美元，有機成長 11%，這主要得益於機密 ISR 專案的增加以及我們為韓國提供的空中預警和控制飛機。

Q4 operating margin was 11.1%, down 270 basis points, with the reduction largely reflecting the CAS divestiture and unfavorable program performance in Maritime. For 2025, SAS delivered revenue of $6.9 billion and margin of 12.3%. For the fourth quarter, SAS revenue was $1.7 billion, up slightly, primarily driven by increased FAA volume in Mission Networks, partially offset by lower classified program volume in space and Intel and Cyber. The government shutdown delayed awards and limited additional revenue growth in the quarter and the year. Q4 operating margin increased to 13.7%, up 290 basis points, reflecting stabilized performance on classified space programs and LHX NeXt benefits.

第四季營業利潤率為 11.1%，下降了 270 個基點，下降的主要原因是 CAS 業務剝離以及海事業務項目表現不佳。2025 年，SAS 的營收為 69 億美元，利潤率為 12.3%。第四季度，SAS 的營收為 17 億美元，略有成長，主要得益於 FAA 在任務網路中的業務量增加，但部分被太空、情報和網路安全領域機密專案業務量的下降所抵消。政府停擺導致撥款延遲，限制了本季和本年度的額外收入成長。第四季營業利潤率增至 13.7%，成長 290 個基點，反映出機密太空專案績效穩定以及 LHX NeXt 帶來的收益。

For 2025, Aerojet Rocketdyne delivered 12% organic revenue growth with revenue in excess of $2.8 billion and margin of 12.5%. For the fourth quarter, AR delivered another strong quarter with organic growth of 12%, marking its third consecutive quarter of double-digit growth. Performance was driven by higher production volumes across key missile ammunitions programs and the continued ramp of new awards. Q4 operating margin expanded by 130 basis points to 11.8%, benefiting from higher volumes and LHX NeXt. Great results by each of the segments.

2025 年，Aerojet Rocketdyne 實現了 12% 的有機收入成長，營收超過 28 億美元，利潤率為 12.5%。第四季度，AR 再次取得強勁成長，有機成長率達 12%，連續第三個季度實現兩位數成長。業績成長主要得益於關鍵飛彈彈藥項目產量的提高以及新訂單的持續增加。第四季營業利潤率成長 130 個基點至 11.8%，受益於銷售成長和 LHX NeXt 的推動。各個細分市場都取得了優異的成績。

Now I'd like to highlight key terms of the Department of Wars planned investment. This is a $1 billion preferred security invested directly into the Missile Solutions business. The security converts at a 20% discount to the IPO price plus 3% detachable warrants priced at a premium. We are planning for an IPO in the second half of 2026, and the DOW is expected to hold a single-digit equity ownership stake. As a reminder, Missile Solutions will remain a consolidated segment into our financials following the planned public offering.

現在我想重點介紹一下戰爭部計劃投資的關鍵條款。這是一筆價值 10 億美元的優先證券，直接投資於導彈解決方案業務。該證券的轉換價格為 IPO 價格的 20% 折扣，另加 3% 的可分離認股權證，該認股權證的定價為溢價。我們計劃在 2026 年下半年進行 IPO，預計道瓊指數將持有個位數的股權。再次提醒，導彈解決方案業務在計劃上市後仍將作為合併業務板塊納入我們的財務報表。

This business will continue to be a part of LHX and will take advantage of our enterprise services and support structure. Turning to guidance for 2026. We expect revenue of $23 billion to $23.5 billion, representing organic growth of 7% at the midpoint. Segment operating margin is anticipated to be low 16%, supported by strong program execution and investments to drive continued transformation and cost structure efficiency. Free cash flow is expected to be $3 billion, driven by growth, higher profitability and disciplined working capital management even as we increase our CapEx to approximately $600 million.

該業務將繼續作為 LHX 的一部分，並將利用我們的企業服務和支援體系。接下來展望2026年。我們預計營收為 230 億美元至 235 億美元，其中數值代表 7% 的有機成長率。預計該部門的營業利潤率將保持在較低的 16%，這得益於強有力的專案執行和為推動持續轉型和成本結構效率而進行的投資。預計自由現金流將達到 30 億美元，這得益於成長、更高的獲利能力和嚴格的營運資本管理，即使我們將資本支出增加到約 6 億美元。

We are transitioning our diluted EPS guidance from a non-GAAP to a GAAP basis now that we have completed the implementation portion of the LHX NeXt program. Our GAAP diluted EPS is expected to be in the range of $11.30 to $11.50, solid growth even from our non-GAAP diluted EPS in 2025. Our guidance reflects appropriate risk posture early in the year and the dynamics associated with administration priorities. It includes a full year of space propulsion and power systems business as we continue to work towards closing the transaction expected in the second half of the year. Consistent with prior practice, we will update as necessary upon the transaction closing.

鑑於我們已經完成了 LHX NeXt 計劃的實施部分，我們將稀釋後每股收益預期從非 GAAP 基礎過渡到 GAAP 基礎。我們預計 2025 年的 GAAP 稀釋後每股收益將在 11.30 美元至 11.50 美元之間，即使與我們 2025 年的非 GAAP 稀釋後每股收益相比，也將實現穩健增長。我們的指導意見反映了年初適當的風險狀況以及與政府優先事項相關的動態變化。其中包括一整年的航太推進和動力系統業務，我們將繼續努力完成預計今年下半年完成的交易。根據以往做法，我們將在交易完成後根據需要進行更新。

At the segment level, Space and Mission Systems, or SMS, formed primarily from IMS and SAS delivers critical multi-domain defense solutions in a traditional prime business model. SMS revenue is expected to be approximately $11.5 billion, driven by strength in ISR aircraft missionization and Space Solutions. Operating margin is expected to be in the mid-10% range. Communications and Spectrum Dominance or CSD, brings our former CS segment together with our WSCAM sensor business and other EW programs from across the company to deliver primarily commercial products at commercial margins. CSD revenue is projected at approximately $8 billion, driven by growth in EW programs and communication and airborne EO/IR sensor products with operating margin of about 25%.

在業務部門層面，空間與任務系統（SMS）主要由IMS和SAS組成，以傳統的主要業務模式提供關鍵的多領域防禦解決方案。預計 SMS 營收約為 115 億美元，主要得益於 ISR 飛機任務化和太空解決方案的強勁成長。預計營業利潤率將在10%左右。通訊和頻譜優勢（CSD）將我們先前的 CS 部門與我們的 WSCAM 感測器業務以及公司其他電子戰項目整合在一起，主要以商業利潤率提供商業產品。CSD 的收入預計約為 80 億美元，主要得益於電子戰項目、通訊和機載 EO/IR 感測器產品的成長，營業利潤率約為 25%。

Missile Solutions, or MSL, combines Aerojet with critical missile systems, including air launch defects, IR seekers and other advanced technologies, creating a focused high-growth business underpinned by scaled capital investment. MSL revenue is anticipated to be approximately $4.4 billion with margins in the mid-12% range, supported by continued growth in solid rocket motor production. And for modeling purposes, this will convert to EBITDA of approximately $620 million. Our capital deployment strategy reflects our commitment to investing in the business while delivering value to our shareholders. Our approach to dividends is unchanged, and the number of shares outstanding is expected to be relatively consistent with year-end 2025.

飛彈解決方案公司 (MSL) 將 Aerojet 與關鍵飛彈系統（包括空射缺陷、紅外線導引頭和其他先進技術）相結合，打造了一個以規模化資本投資為支撐的專注高成長業務。MSL 的收入預計約為 44 億美元，利潤率在 12% 左右，這得益於固體火箭發動機生產的持續增長。就建模而言，這將轉化為約 6.2 億美元的 EBITDA。我們的資本部署策略體現了我們致力於投資業務並為股東創造價值的承諾。我們的分紅方式保持不變，預計到 2025 年底，流通股數將保持相對穩定。

With that, I'll turn it back to Chris.

這樣，我就把麥克風交還給克里斯了。

Thanks, Ken. Our results and actions position us for the next phase of growth. We are more agile, and we're able to allocate capital dynamically, partner strategically and adapt our portfolio as markets evolve. And we are strengthening our foundation for long-term performance by transforming our company, evolving our operating system and adopting AI. Most important, our actions ensure that we remain a trusted partner for our customers and continue to disrupt with a focus on long-term value creation for all stakeholders. Tiffany, let's go to Q&A.

謝謝你，肯。我們的成果和行動為我們進入下一個成長階段奠定了基礎。我們更加靈活，能夠動態地分配資本，進行策略性合作，並隨著市場的發展調整我們的投資組合。我們正在透過公司轉型、作業系統升級和人工智慧應用來加強長期業績的基礎。最重要的是，我們的行動確保我們仍然是客戶值得信賴的合作夥伴，並繼續以創造長期價值為所有利害關係人為中心進行顛覆性創新。蒂芬妮，我們進入問答環節吧。

(Operator Instructions) Kristine Liwag, Morgan Stanley.

（操作員指示）Kristine Liwag，摩根士丹利。

Chris and Ken, thank you for the additional color you provided on the Missile Solutions business this morning. Considering the strong demand for this product, should we continue to see long-term agreements similar to what was announced on PAC-3 and THAAD? Or is this satisfied by the IPO plans with the US government? And also a follow-up to that is you've called out double-digit growth for this business, but demand is very strong. In the next three to five years, and maybe it's too premature to think about it like that, but is this something that could grow 3x to 5x larger?

Chris 和 Ken，感謝你們今天早上為飛彈解決方案業務提供的補充資訊。考慮到對該產品強勁的需求，我們是否應該繼續看到類似於PAC-3和THAAD所宣布的長期協議？或者，美國政府的IPO計畫是否滿足了這一點？另外，您提到這項業務將實現兩位數的成長，但需求非常強勁。在接下來的三到五年內，也許現在這樣想還為時過早，但這有可能發展到現在的 3 到 5 倍規模嗎？

All right. Kristine, thank you for the question. Look, everything is tracking as we've been talking about. We were excited to hear this morning that Lockheed Martin reached an agreement on THAAD. As you know, we're the only provider of the propulsion and DAC systems for THAAD.

好的。克里斯汀，謝謝你的提問。你看，一切都和我們之前討論的一樣。今天早上我們很高興聽到洛克希德馬丁公司就THAAD系統達成了協議。如您所知，我們是THAAD推進系統和DAC系統的唯一供應商。

And obviously, we're going to be glad to support Lockheed Martin and the end customer. So absolutely, this is what all of the industry has been discussing with the DOW over the last half year or so, and we're starting to see these transactions take form. Yes, once we get the several billion dollars and start with the facilitization, building in excess of 60 factories over 1 million square feet, ordering the equipment and our supply chain doing the same. I think there's a lot of upside and potential. As you would expect, we'll file a Form S-1 as part of the IPO process later this year, and it will provide a lot more information and details and highlight the potential upside.

顯然，我們很樂意為洛克希德馬丁公司和最終用戶提供支援。所以，這絕對是整個行業在過去半年左右的時間裡一直在與道瓊斯指數討論的問題，而且我們開始看到這些交易正在成形。是的，一旦我們獲得數十億美元，並開始進行配套建設，建造超過 60 家佔地 100 萬平方英尺以上的工廠，訂購設備，我們的供應鏈也進行同樣的建設。我認為它有很大的發展空間和潛力。正如您所預料的，我們將在今年稍後提交 S-1 表格作為 IPO 流程的一部分，該表格將提供更多資訊和細節，並突出潛在的上漲空間。

Yes. I'll just add, Kristine, as Chris mentioned, we're absolutely excited about the framework agreements that have been signed between the Department of Water and Lockheed on both PAC-3 and THAAD.

是的。克里斯汀，我還要補充一點，正如克里斯所提到的，我們對水利部和洛克希德公司就 PAC-3 和 THAAD 簽署的框架協議感到非常興奮。

We are working closely with our customer as well as the end user to make sure that we're very closely aligned, in particular, those customers that are working closely with the Department of Water on the acceleration and the scaling and getting the agreements signed. We've been investing and again, working closely to modernize production lines for THAAD and PAC-3. We'll continue to do that, and we'll take some of the lessons learned from that to scale across all of the MAC munitions acceleration programs.

我們正與客戶和最終用戶密切合作，以確保我們目標一致，特別是那些與水務部門密切合作，加速和擴大規模並簽署協議的客戶。我們一直在投資，並且再次密切合作，以實現 THAAD 和 PAC-3 生產線的現代化。我們將繼續這樣做，並將從中學到的一些經驗教訓推廣到所有 MAC 彈藥加速計劃中。

And as we look at this, I don't want to put a number out there on tripling, but we do think that this business, as we combine Missile Solutions is one that can grow at a double-digit CAGR for some period to come. We've studied the market. We've studied the demand. We've had some outside parties come in and do an independent look just to make sure we're looking at it correctly. And we do see this business as able to grow double digits for the foreseeable future.

展望未來，我不想給出三倍成長的具體數字，但我們確實認為，隨著飛彈解決方案業務的合併，這項業務在未來一段時間內可以保持兩位數的複合年增長率。我們已經對市場進行了研究。我們已經研究過市場需求。我們請了一些外部機構進行獨立審查，以確保我們的審查方式正確無誤。我們認為，在可預見的未來，這項業務能夠實現兩位數的成長。

Myles Walton, Wolfe Research.

Myles Walton，Wolfe Research。

First one was on CapEx. It's obviously higher 2.5% of the '26 sales or thereabouts. Is there a much bigger step-up happening in the future? I guess a smaller step-up than I would have expected for the multibillion-dollar investment required in Missile Solutions?

第一個是關於資本支出的。顯然，它比 2026 年的銷量高出 2.5% 左右。未來是否會有更大的飛躍？飛彈解決方案公司需要數十億美元的投資，但實際取得的進展卻比我預期的要小，這真是出乎我的意料吧？

Yes, Myles, I can take that one. We're stepping up CapEx in 2026 to about 2.5% of sales or $600 million. I think that's something like 35% or 40% increase from 2025. As we do that, we're still holding to our 2026 free cash flow guidance of $3 billion. And looking forward, I'm not going to put a number on 2027 CapEx at this point.

是的，邁爾斯，我可以接受這個挑戰。我們將在 2026 年將資本支出提高到銷售額的 2.5% 左右，即 6 億美元。我認為這比 2025 年將成長 35% 到 40% 左右。同時，我們仍堅持2026年自由現金流30億美元的預期目標。展望未來，我現在不會對 2027 年的資本支出做出具體預測。

But we're certainly thinking about it in terms of as we capacitize to deliver, how will we be able to pull cash on some of these new production programs to be able to offset some of that CapEx that we're needing to invest upfront. We'll certainly be working with the entire supply base to make sure that we're going at this together. And suffice it to say, I think that this is kind of a onetime capital investment to really and truly modernize how solid rocket motors are produced at speed and at scale and at a rate that, quite frankly, the customers haven't gotten to date out of the SRM supply base. And there is a lot of demand, and we're looking to help to fill that as quickly as possible to get that product into the hands of the war fighter. So we think there's a durable long-term benefit to this capital investment.

但我們當然會考慮，隨著我們產能的提升，我們將如何從一些新的生產項目中提取現金，以抵消我們需要預先投資的一些資本支出。我們一定會與整個供應鏈合作，確保我們齊心協力完成這項工作。毋庸置疑，我認為這是一次性資本投資，旨在真正實現固體火箭發動機生產方式的現代化，使其能夠以更快的速度、更大的規模生產，坦白說，客戶迄今為止還沒有從固體火箭發動機供應基地獲得這樣的生產能力。目前市場需求很大，我們正努力盡快滿足這項需求，將產品送到作戰人員手中。因此，我們認為這項資本投資具有持久的長期效益。

But again, we'll certainly be working to maximize cash inflows as we look at those CapEx requirements in '27 and '28.

但是，在考慮 2027 年和 2028 年的資本支出需求時，我們肯定會努力最大限度地增加現金流入。

And I'll just add, Myles, as you know, we purchased Aerojet Rocketdyne 2.5 years ago. And on day one, we started investing. So there's been well over $0.5 billion of CapEx spent at Aerojet over the past 2.5 years. So when we made this acquisition, we knew it was a race. We started on day one, and we sure plan to win the race.

我還要補充一點，邁爾斯，如你所知，我們兩年半前收購了 Aerojet Rocketdyne 公司。從第一天起，我們就開始投資了。因此，在過去的2.5年裡，Aerojet的資本支出已經超過了5億美元。所以當我們進行這次收購時，我們就知道這是一場競賽。我們從第一天就開始了，我們一定會贏得比賽。

Noah Poponak, Goldman Sachs.

Noah Poponak，高盛集團。

Ken, just quick point of clarification. The comment you made about your -- about the expectation of the government or Pentagon stake in Missile Solutions is that it would be a single-digit percentage of the enterprise value of Missile Solutions. Just want to make sure that's what you meant. And then just as a second question, to your point on still doing the $3 billion with the higher CapEx, that implies your cash from ops is growing year-over-year quite a bit faster than your segment EBIT. If you could just break down the pieces of why that's happening.

肯，我有個小問題要澄清一下。你曾評論說，政府或五角大廈對導彈解決方案公司的持股預期將佔導彈解決方案公司企業價值的個位數百分比。我只是想確認一下你的意思是不是這樣。第二個問題，關於您提到的在更高的資本支出下仍然投入 30 億美元，這意味著您的營運現金流同比增長速度比您的部門息稅前利潤增長速度快得多。如果你能把這件事發生的原因分析一下就好了。

Sure. Yes. On the first question, yes, I did, in fact, mean single-digit stake -- single-digit ownership stake in the business. And on the second question, Look, in terms of our cash from ops and our free cash flow, we're certainly laser-focused on ensuring that we deliver the cash out of the earnings that we generate. And as we look at 2026, we're very comfortable that we can accommodate the additional CapEx requirements as we look, again, at investing in the business to support our customers and to drive the needed capacity increases in our products.

當然。是的。關於第一個問題，是的，我的確指的是個位數的股份──在公司中持有個位數的股權。至於第二個問題，就我們的營運現金流和自由現金流而言，我們當然會全力確保將我們產生的收益轉化為現金。展望 2026 年，我們非常有信心能夠滿足額外的資本支出需求，因為我們將再次投資於業務，以支持我們的客戶並推動我們產品所需的產能成長。

And I should say that's really across the L3Harris portfolio. We focus often on solid rocket motors, but there are demands for a number of our products, as Chris mentioned in his comments. And look, disciplined working capital management, certainly working all aspects of the contractual deals with our customers as well as our suppliers to make sure that we can deliver the cash at $3 billion for 2026.

我應該說，這種情況實際上涵蓋了L3Harris旗下所有公司。我們通常專注於固體火箭發動機，但正如克里斯在他的評論中提到的那樣，我們的許多產品都有市場需求。而且，嚴格的營運資金管理，以及與客戶和供應商簽訂合約的各個方面，確保我們能夠在 2026 年實現 30 億美元的現金流目標。

John Godyn, Citigroup.

約翰‧戈丁，花旗集團。

There's obviously a lot of excitement around Missile Solutions. But we do get questions on RemainCo and what the revenue outlook for RemainCo, LHX RemainCo might look like over the next couple of years and points of leverage to what could be a very large defense budget on the horizon. I'm sure we're going to get more detail at the Investor Day, but I'd love to just kind of give you a chance to speak to what the revenue growth rate might look like, whether you envision it accelerating from here and what points of leverage remain in the business even when you IPO the sort of most exciting, fastest-growing part?

顯然，導彈解決方案公司引起了極大的關注。但我們確實收到了關於 RemainCo 的問題，以及 RemainCo 的收入前景，LHX RemainCo 在未來幾年可能會是什麼樣子，以及在即將到來的可能非常龐大的國防預算中有哪些槓桿作用。我相信在投資者日上我們會獲得更多細節，但我很想給您一個機會，談談收入增長率可能會是什麼樣子，您是否設想它會從現在開始加速增長，以及即使您將最令人興奮、增長最快的部分進行 IPO，業務中還有哪些槓桿點？

John, thanks for the question. And I appreciate the focus on RemainCo because that's a big part of L3Harris. And as Ken said, and we've said over the last several weeks, we will continue to consolidate own and control MSL even after the IPO. So we're looking at solid mid-single-digit growth, a little faster, I think, than the rest of industry and hopefully, faster than the market in total. As I said in my prepared comments, I really like our portfolio.

約翰，謝謝你的提問。我很欣賞對 RemainCo 的關注，因為 RemainCo 是 L3Harris 的重要組成部分。正如 Ken 所說，也是我們在過去幾週一直強調的，即使在 IPO 之後，我們仍將繼續鞏固、擁有和控制 MSL。因此，我們預計將實現穩健的中等個位數成長，我認為這比行業其他公司略快，而且預計會比整個市場成長更快。正如我在準備好的演講稿中所說，我非常喜歡我們的作品集。

We spent a lot of time realigning this over the last five or six years. And I would look at our capabilities, I look at our capacity. We've talked about building new factories for space. The SDA win is a big win for us, four in a row. HVTS is coming, a lot of classified work.

在過去五、六年裡，我們花了很多時間重新調整這一點。我會審視我們的能力，我會審視我們的產能。我們討論過建造新的太空工廠。SDA的勝利對我們來說意義重大，這是我們四連勝。HVTS即將到來，有很多機密工作要做。

So when I look at what we have in space, what we have in the airborne domain, even maritime, maybe not as a prime, but supporting a lot of the new construction, I think we're well positioned. The accelerant will be -- we need to see the 2027 defense budget, the PBR President's budget request has yet to be submitted to Congress. I think sometime in March is what people are saying. And if that's, in fact, $1.5 trillion, I'll be as excited as everybody else in the industry, and it could even be further upside. 7% is the midpoint of a range.

所以，當我審視我們在太空、空中領域，甚至海上領域（也許不是主要領域，但支持許多新建設）所擁有的資源時，我認為我們處於有利地位。加速因素是——我們需要看到 2027 年國防預算，總統的預算請求尚未提交國會。我覺得大家說的應該是三月的某個時候。如果最終數字確實是1.5兆美元，我會像業內其他人一樣興奮，而且可能還有進一步上漲的空間。 7%是預測區間的中點。

So I really like our portfolio. I love our backlog, and I think we're well positioned.

我非常喜歡我們的投資組合。我喜歡我們目前的訂單儲備，我認為我們處於有利地位。

Yes. I would just add, John, to that. If we do see a significantly increased defense budget in FY27, our expectation certainly is that as we look at upside to growth, we would expect L3Harris to be able to deliver on that quicker given our kind of agile nature and our ability to crank up production given some of the investments that we've made in the business, whether that's in space satellites related to Missile Defense for America, whether that's in communications or even as we scale the solid rock motors.

是的。我還要補充一點，約翰。如果 2027 財年國防預算大幅增加，我們當然期望 L3Harris 能夠更快地實現這一目標，因為我們擁有敏捷的性質，並且能夠提高產量，這得益於我們在業務方面的一些投資，無論是與美國導彈防禦相關的太空衛星，還是通信，甚至是我們在擴大固體發動機岩石規模方面。

Peter Arment, Baird.

Peter Arment，Baird。

Nice results. Chris, regarding like Golden Dome and SDA, you've been very successful in all the SDA kind of programs that you highlighted and another great win in December. But how do we think about kind of the total opportunity? Or can you quantify kind of what Golden Dome looks like for L3Harris when we think about that?

結果不錯。克里斯，說到像金穹頂和基督復臨安息日會這樣的項目，你在你重點介紹的所有基督復臨安息日會類型的項目中都取得了巨大的成功，並在 12 月份又取得了一次巨大的勝利。但是，我們該如何看待整體的機會呢？或者，當我們思考這個問題時，您能否量化一下 L3Harris 的「黃金穹頂」究竟是什麼樣子？

Absolutely. Golden Dome was set up as part of an executive order probably about a year ago today. We've been tracking as you have, all the progress under general, got line and setting them up as a DRPM and the budget. $155 billion of reconciliation money, which contains $25 billion just for Golden Dome. So when you look at the three pieces, there's space-based interceptors, which I think will be the slowest to develop over time and probably began with development programs.

絕對地。金頂大樓是根據一項行政命令設立的，大概是在一年前的今天。我們和你們一樣一直在關注所有進展，包括整體進展、資金分配以及將其納入預算。 1550億美元的協調資金中，光是金頂就佔了250億美元。所以，當你審視這三個部分時，你會發現太空攔截器，我認為它的發展速度會最慢，而且可能已經從研發計畫開始。

We have taken a merchant supplier approach with space-based Interceptor. We have some great technologies that everybody wants. And I think part of our strategy and the portfolio allows us to prime s or be a merchant supplier. So that's how we're going to play in that. We talked about the actual satellite architecture.

我們採用的是供應商的太空攔截器銷售模式。我們擁有一些大家都想要的優秀技術。我認為，我們的策略和產品組合的一部分使我們能夠成為主要供應商或商業供應商。所以，這就是我們參加這場比賽的方式。我們討論了衛星的實際架構。

I think we're in a really good position as evidenced by what we've won to date, as you said, Peter, and we just need to wait for more awards and more RFPs. I think the government shutdown, as we said, probably set back Space Force 45 days or so, but they did come out with an architecture. We have our capabilities, and we'll be ready to respond quickly. Again, we've invested. We built the facilities, and we have state-of-the-art modern factories to crank out these satellites at the right time.

正如你所說，彼得，我認為我們目前處境非常好，從我們迄今為止的成就就可以看出，我們只需要等待更多的獎項和更多的招標邀請。我認為，正如我們所說，政府停擺可能使太空部隊的計劃推遲了大約 45 天，但他們確實提出了一個架構。我們具備相應的能力，並將迅速做出反應。我們再次進行了投資。我們已經建成了相關設施，並且擁有最先進的現代化工廠，可以在合適的時間生產這些衛星。

And then everything else under Golden Dome, a lot of this deals with the missile defense and the interceptors, which I think we've covered under the FA PAC-3 umbrella. We also have hypersonic capabilities in large solid rocket motors as well. So I believe we're in really good shape relative to each and every piece. And we have the capabilities. We can go fast, as Ken said, and we're just ready to get some awards and respond to some proposals.

此外，金穹頂下的所有其他內容，其中許多都與飛彈防禦和攔截器有關，我認為我們已經在 FA PAC-3 的框架下涵蓋了這些內容。我們在大型固體火箭引擎方面也具備高超音速能力。所以我認為，就各方面而言，我們的狀況都非常好。我們具備這樣的能力。正如肯所說，我們可以快速前進，我們已經準備好獲得一些獎項並回應一些提案。

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，傑富瑞集團。

I wanted to ask another business question. You mentioned international tactical comms in your prepared remarks. How robust has that growth been in '25 and expectations over the next few years? And how are you balancing the domestic side of tactical, just thinking about the multiyear outlook there?

我還想問一個商業方面的問題。你在事先準備好的發言稿中提到了國際戰術通訊。2025 年的成長動能如何？未來幾年的預期如何？那麼，從多年展望的角度來看，您是如何平衡國內戰術方面的呢？

Yes. No, thank you, Sheila. I'm glad you asked the question. We still think we have the best and only resilient comm capability. It's going to be critical to the future of warfare.

是的。不，謝謝你，希拉。很高興你問了這個問題。我們仍然認為我們擁有最好、也是唯一具有強大韌性的溝通能力。這將對未來的戰爭至關重要。

On the international, you read a lot about it. We continue to win a lot of business in 2025. We think we're going to continue to win some business in '26. We're in discussions with a lot of countries around the world. And you have to balance all the political rhetoric with the operational needs.

在國際上，你會看到很多相關報導。2025年，我們將繼續贏得大量業務。我們認為在 2026 年我們將繼續贏得一些業務。我們正在與世界許多國家進行磋商。你必須在所有政治言論和實際操作需求之間找到平衡。

At the end of the day, these countries need resilient comms, and they need interoperability. Our strategy has been and is actually increasing with more and more localization. We utilize in-country partnerships. We're making investments in country. We're transferring technology as appropriate.

歸根究底，這些國家需要有韌性的通信，也需要互通性。我們的策略一直以來都更加重視在地化，而且實際上還在不斷加強在地化。我們利用當地合作關係。我們正在該國進行投資。我們會根據情況進行技術轉移。

And we will have more international software-defined radios in 2026. than we will in 2025. So that's growing on that front. Domestically, there's a lot being reviewed mainly by the Army. I do like the fact that they're running experimentation.

到 2026 年，我們將擁有比 2025 年更多的國際軟體定義無線電。所以這方面正在取得進展。國內方面，主要由軍隊負責審查許多事項。我很欣賞他們進行實驗的做法。

They're doing demos, and they're going to make the decision based on the capability. We continue to believe we have the best capabilities by far. Again, our radios are software-defined. So we've been investing and upgrading them with new capabilities. And look, at the end of the day, the soldiers want to carry one radio.

他們正在進行演示，並將根據演示效果做出決定。我們仍然相信我們擁有迄今為止最強大的能力。再次強調，我們的無線電是軟體定義的。因此，我們一直在投資並升級它們，使其具備新功能。說到底，士兵們只想攜帶一台收音機。

We don't want to go backwards where people are carrying two or three or four radios. So the fact that we have the software defined radios is a huge advantage for us. We've invested in the past. We've leveraged the commercial business model. We can scale, and we have a state-of-the-art factory in upstate New York. So I'm optimistic about the future.

我們不想回到過去那種人們攜帶兩台、三台甚至四台收音機的時代。因此，我們擁有軟體定義無線電技術對我們來說是一個巨大的優勢。我們過去有過投資。我們充分利用了商業模式。我們具備規模化生產能力，並且在紐約州北部擁有一座最先進的工廠。所以我對未來持樂觀態度。

Gautam Khanna, TD Cowen.

Gautam Khanna，TD Cowen。

Just following up on the last question. As we think about some of the things that did not get funded as well in the '26 request, things like Armed Overwatch and some of the US military radios. I'm just curious, do you anticipate that we'll start to see some of that stuff get funded in the '27 request? Do you have any indication either way?

我只是想就上一個問題做個後續說明。當我們思考在 2026 年的撥款申請中沒有獲得足夠資金的一些項目時，例如武裝警戒和一些美國軍用無線電設備。我只是好奇，您是否預計我們會在 2027 年的撥款申請中看到其中一些項目獲得資助？你有任何跡象表明情況是否如此嗎？

And then just as a follow-up, obviously, the compare on margins, there were some asset gains in 2025. I'm just curious if you could talk about sort of what's driving the margin improvement in 2026.

然後，作為後續分析，顯然，在利潤率方面，2025 年出現了一些資產收益。我只是好奇您能否談談是什麼因素推動了 2026 年利潤率的提高。

Yes. Thanks, Gavin. We don't actually have insight into the '27 budget, as you would expect. But if it is, in fact, going to be $1.5 trillion, I got to believe that the needs for, like I've said, the space sensing, the resilient comms, kinetic effects and such are in our sweet spot, and these will, in fact, be funded. Finding the budget as it relates to these HMS software radios is on a variety of different line items.

是的。謝謝你，加文。正如你所料，我們實際上並不了解 2027 年的預算。但如果預算真的要達到 1.5 兆美元，我相信，正如我所說，太空感知、彈性通訊、動能效應等方面的需求正是我們所需要的，而這些需求實際上將會得到資金支持。與這些 HMS 軟體無線電相關的預算涉及各種不同的項目。

Again, we feel that our hardware is needed, that our capability and the network is needed, and we're willing and able to compete with any and all newcomers and incumbents to prove our capabilities. So I'm feeling pretty good about the potential there, but we need to see how this plays out over the next several months.

我們再次重申，我們認為我們的硬體、能力和網路都是必要的，我們願意並且能夠與任何新來者和現有企業競爭，以證明我們的能力。所以我對這方面的潛力感覺相當不錯，但我們需要看看接下來幾個月的發展。

And to the second part of the question, Gautam, I would say as a part of our strategy and including LHX NeXt and how we do things differently and most efficiently, we've certainly been focused on investing in the business where we see future opportunities and growth. And as a part of that, where we see some product lines that are, I'll say, legacy or that we're not investing in that are less core to our strategy and our growth, we've focused on trying to monetize some of those for other folks who may see those as more attractive in terms of longer-term sustainment tails or what aligns better with their business model.

至於問題的第二部分，Gautam，我想說，作為我們策略的一部分，包括 LHX NeXt 以及我們做事方式的不同之處和最高效的方式，我們當然一直專注於投資那些我們看到未來機會和成長點的業務。作為其中的一部分，我們看到一些產品線，我稱之為傳統產品線，或者我們沒有投資的產品線，它們對我們的策略和成長來說並非核心，我們專注於嘗試將這些產品線貨幣化，以滿足其他可能認為這些產品線在長期可持續性方面更具吸引力，或者更符合其商業模式的人的需求。

In terms of 2026 margin improvement, I largely see it falling on to our team to deliver on our programs and our product deliveries. We're not projecting a lot of product line sales or gains relative to that in 2026. This is going to be about execution, product delivery, program delivery.

就 2026 年利潤率的提高而言，我認為這主要取決於我們的團隊能否按時完成我們的專案和產品交付。我們預計 2026 年產品線的銷售額或成長不會比現在多。這將關乎執行、產品交付和專案交付。

And that's how we plan to get to that increased margin in '26. I think we've got confidence. We're projecting to be, I think, positive EACs for 2025, and that puts us on a good trajectory for '26. I think we've gotten some program challenges understood and behind us, and we've stabilized a few programs that we had been quite frankly, challenged with in parts of '24 and into '25. So feel good.

這就是我們計劃在 2026 年實現利潤率提升的方式。我認為我們有信心。我認為，我們預計 2025 年的 EAC 將為正值，這將使我們在 2026 年走上良好的發展軌道。我認為我們已經理解並克服了一些項目挑戰，並且穩定了一些項目，坦白說，這些項目在 2024 年和 2025 年的部分時間裡都給我們帶來了挑戰。所以，感覺好些吧。

I think we've got the right team, and we can deliver on those commitments largely by performing on the business, performing on our programs, getting the product delivered and getting to our low 16% margin rate in 2026.

我認為我們擁有合適的團隊，我們能夠兌現這些承諾，主要途徑是做好業務、推進專案、交付產品，並在 2026 年實現 16% 的低利潤率。

I'll just clarify. In my comments, I talked about LHX NeXt finishing a year early. That was a top-down approach, as you know, for two years to take out significant over billions of dollars of cost to streamline the business. That is now part of our DNA. It's going to be embedded into our operations as part of our ongoing continuous improvement program.

我來解釋一下。我在評論中提到了 LHX NeXt 提前一年完成的情況。如你所知，那是一種自上而下的方法，歷時兩年，削減了數十億美元的成本，以精簡業務。這已經成為我們DNA的一部分了。它將作為我們持續改進計劃的一部分，融入我們的營運中。

So the concepts and the philosophy of continuous improvement, efficiency, cost savings will continue. It just won't be called out as a separate top-down initiative that will be into the day-to-day operations of the business. So another potential tailwind to higher margins.

因此，持續改善、提高效率、節省成本的理念和方法將會持續下去。只是它不會被明確地稱為一項獨立的自上而下的舉措，也不會被納入企業的日常運作中。所以，這又是一個可能推高利潤率的利多因素。

Scott Mikus, Melius Research.

Scott Mikus，Melius Research。

Bookings were very strong in the quarter and the year. But given the shutdown, a lot of the funding from last year was delayed and the one big beautiful bill funding is yet to be put on contract. I'm just curious where do you expect book-to-bill to come in for the year? And could you maybe parse that out by the new segments?

本季和全年的預訂量都非常強勁。但由於政府停擺，去年很多資金都被推遲了，而那項重要的法案撥款至今尚未簽約。我只是好奇您預計今年的訂單出貨比會是多少？您能否將其按新分段進行解析？

Yes. I think you're right on the funding. I think right now, we're waiting for -- I think the Department of Water has to provide a spend plan for the $155 billion reconciliation back to Congress. And then once that occurs, the money will be allocated and start to flow. We did end the year at 1.3 book-to-bill.

是的。我認為你在資金方面的看法是對的。我認為現在，我們正在等待——我認為水利部必須向國會提交一份 1550 億美元預算協調支出計劃。一旦這種情況發生，資金就會被分配並開始流動。我們最終以1.3的訂單出貨比結束了這一年。

We generally don't guide book-to-bill, but I would think it would be at least 1.1 or larger. But again, we need to get the '26 appropriations passed. We got to see the '27 PBR, but we feel good about it, and we always plan to book more orders and revenue. We're going to grow 7% midpoint. We're going to grow orders double digits.

我們一般不做帳本與帳單的比值指南，但我認為至少會是 1.1 或更大。但是，我們還是需要先通過 2026 年的撥款法案。我們看到了 27 年的 PBR，我們感覺很好，我們一直計劃獲得更多的訂單和收入。我們將實現7%的中點成長率。我們的訂單量將達到兩位數成長。

Seth Seifman, J.P. Morgan.

Seth Seifman，J.P. Morgan。

Maybe just a quick question and a clarification. I guess from the question, the CSD business and kind of healthy margin there, 25%. How do you think about the sustainability of that margin going forward? Is that a segment where given the model, there's potential for margin expansion? Or is it at a place where that's about as healthy as things can get? Or are there various pressures out there from mix or anything else?

或許只是想問一個簡單的問題，需要澄清一下。從問題來看，我猜是 CSD 業務，而且利潤率相當不錯，達到了 25%。您認為這種利潤率在未來能否持續？在該細分市場中，根據現有模式，是否存在利潤率提升的潛力？或者說，它已經處於非常健康的狀態了？或者說，是否存在來自混音或其他方面的各種壓力？

All right. And the clarification?

好的。那麼，需要澄清的是什麼呢？

The clarification, we talked earlier about the lower funding in the request for tactical radios. Do you, in fact, have a good sense of how everything shook out in appropriations for tactical?

澄清一下，我們之前討論過戰術無線電申請資金不足的問題。實際上，您是否清楚戰術撥款的最終結果？

Okay. Let me take those. Yes, on CSD, the nice thing now is we have a majority of our commercial businesses in the same segment. And I think that's what unique about L3Harris, and I think Ken said it well.

好的。讓我來收下。是的，就 CSD 而言，現在的好處是我們大部分的商業業務都屬於同一領域。我認為這就是 L3Harris 的獨特之處，而且我認為 Ken 說得很好。

We have the traditional prime business models. We have the commercial business models. And then, of course, we have the high-growth top line MSL. So yes, we are constantly looking to improve our margins. And I think with the commercial business model, with the volume and the efficiency, even the upcoming adoption and utilization of AI, there's always potential to increase on those particular opportunities.

我們擁有傳統的優質商業模式。我們擁有商業模式。當然，我們還有高成長的營收線MSL。是的，我們一直在尋求提高利潤率的方法。我認為，隨著商業模式的普及、規模的擴大和效率的提高，以及人工智慧即將得到應用，這些特定機會總是有成長的潛力。

So I'm really optimistic about it, and there will be best practices shared within the commercial business model segment that has only been formed about four weeks ago. So there's absolutely upside in that regard. And yes, shaking out on the 2026, like I said, there has been some reductions in some of the tactical radio line items. They are kind of peanut buttered throughout. So you have to piece them together.

所以我對此非常樂觀，而且在商業模式領域（該領域大約在四周前才成立）將會分享最佳實踐。所以從這個角度來看，絕對存在著正面的一面。是的，正如我所說，到 2026 年，一些戰術無線電產品線的預算有所減少。它們表面好像塗滿了花生醬。所以你必須把它們拼湊起來。

Some are competitive, which we plan to win. And we're still optimistic that we can grow our tactical radio business in 2026, and that is our plan.

有些比賽競爭激烈，我們計劃贏得勝利。我們仍然樂觀地認為，我們可以在 2026 年發展我們的戰術無線電業務，這也是我們的計劃。

Yes. I'll just add maybe just a couple of things, Seth. In terms of CSD and the 25% margin rate that we're forecasting for '26, I think we certainly feel good about that in terms of, look, it's a commercial model. We invest. We bring the product forward.

是的。塞思，我可能就補充幾點吧。就 CSD 和我們預測的 2026 年 25% 的利潤率而言，我認為我們對此感到非常滿意，因為，這是一個商業模式。我們進行投資。我們推出這款產品。

And we will continue to invest in that business to continue to modernize our products and ensure that they meet the ever-changing demands of the war fighter. And as we make those commercial type investments, they certainly are -- or they do offset some of that margin as you think about that model. We certainly accommodate that within the 25%. Is there the opportunity to see some of that go up, as Chris mentioned, as we continue to modernize and continue to think about how we operate the business? Sure.

我們將繼續投資該業務，不斷改進我們的產品，確保它們能夠滿足作戰人員不斷變化的需求。當我們進行這些商業類型的投資時，它們當然會——或者說，當你考慮到這種模式時，它們確實會抵消一部分利潤。我們當然可以在 25% 的範圍內滿足這項要求。正如克里斯所提到的那樣，隨著我們不斷進行現代化改造並不斷思考如何運作業務，我們是否有機會看到其中一些成長？當然。

But we'll also think about that as giving us the ability to continue to invest in the growth of that business. And I think that ties into -- a bit into your question on the radios. We certainly continue to invest in modern waveforms certainly into the software-defined radios themselves and certainly into our relationships with partners around the globe that are able to procure US radios from L3Harris that are, again, resilient and interoperable and able to enable us to have steady throughput in the factory, even as we think about on the domestic side, reallocating some of our resources to support programs like NGC 2 from HMS Manpack and COTS and then filling in the production for our international partners who really want to get their hands on, again, those interoperable L3Harris radios. So it's been a good model for us.

但我們也認為這使我們有能力繼續投資於該業務的成長。我認為這和你關於收音機的問題有點關係。我們當然會繼續投資於現代波形，尤其是在軟體定義無線電本身，以及我們與全球合作夥伴的關係。這些合作夥伴能夠從 L3Harris 購買美國無線電產品，這些產品同樣具有彈性、互通性，能夠確保我們在工廠保持穩定的產能。同時，我們也考慮將國內部分資源重新分配，以支援像 NGC 2 這樣的項目，這些項目來自 HMS Manpack 和 COTS，然後滿足我們國際合作夥伴的生產需求，他們確實希望獲得這些互通的 L3Harris 無線電產品。所以這對我們來說是一個很好的榜樣。

Doug Harned, Bernstein.

道格·哈內德，伯恩斯坦。

On space, I wanted to understand a little bit more about what your production plans are ramps in Palm Bay and Fort Wayne. And then how you think about it in the context of your broader space business. You mentioned, as we know, you've been on every one of the tranches for the tracking layer. But when you look at Tranche 3, there are 3 of your peers also on there. So I'm trying to understand how you see the tracking layer evolving over time from a competitive and industrial participation standpoint and how that ties in with your thinking about production ramps in your new facilities?

關於太空方面，我想更多地了解你們在棕櫚灣和韋恩堡的生產計劃。然後，你還要考慮如何將其置於你更廣泛的航太業務背景下進行思考。正如我們所知，您提到您參與了追蹤層的每一批開發工作。但當你查看第三批名單時，你會發現其中還有 3 位與你同齡的人。所以我想了解您如何看待從競爭和產業參與的角度來看待追蹤層隨時間推移而演變，以及這與您對新工廠生產爬坡的思考有何關聯？

Okay. Doug, thanks for the question. Yes, there were 72 tracking satellites awarded. I think in our meetings with the customers over the last year or so, the number one focus is speed followed closely by scale. So we've made the investments over 200,000 square feet, as you said, in Fort Wayne, Indiana and Palm Bay.

好的。道格，謝謝你的提問。是的，共授予了72顆追蹤衛星。我認為在過去一年左右的時間裡，我們與客戶的會議中，首要關注點是速度，其次是規模。正如你所說，我們在印第安納州韋恩堡和棕櫚灣投資了超過 20 萬平方英尺的土地。

We have the capacity to quickly turn these satellites and meet the schedules and commitments that we've made to. The supply chain is always critical in the satellite manufacturing business. I think with all this ramp, that seems to be the challenge that the entire industry is facing in getting these second and third-tier suppliers the scale and the ability to perform and meet their commitments. So we envision increased revenue in both of those factories as we start to fill them up. Looking forward to getting HBTSS for however many satellites that turns out to be.

我們有能力迅速調整這些衛星的運作狀態，並履行我們所做的計畫和承諾。在衛星製造業，供應鏈始終至關重要。我認為，隨著產能的不斷提升，整個產業面臨的挑戰似乎就是如何讓這些二、三級供應商達到一定的規模和能力，從而履行他們的承諾。因此，隨著這兩家工廠陸續投產，我們預計它們的收入將會增加。期待能為最終數量不等的衛星配備HBTSS系統。

And there's a lot of work going on, Doug, in the classified arena. So Golden Dome is starting to fill in. And like I said, we've made the investments. We have the capacity. And I think the DOW is going to look for companies that have the capacity.

道格，機密領域有很多工作正在進行。金頂大廈正在逐漸完成。正如我所說，我們已經進行了投資。我們有能力做到。我認為道瓊斯指數將會尋找那些具備這種能力的公司。

They don't have time to wait for people to build buildings and go from 1 or 2 demos to 18 or 36 a year. So I think the strategy has worked. And again, being a little further ahead several years back, we're perfectly positioned for this growth.

他們沒有時間等待人們建造建築物，然後從每年 1 或 2 個示範項目增加到 18 或 36 個。所以我認為這個策略奏效了。而且，由於我們幾年前就領先一步，所以我們完全有能力迎接這一成長。

Robert Stallard, Vertical Research.

Robert Stallard，Vertical Research。

Chris and Ken, you laid out some pretty interesting growth opportunities ahead, but I suppose all of this is dependent on your supply chain and your personnel. So how do you feel about the capacity of the suppliers and your internal staffing to deal with this trajectory that's ahead of us?

克里斯和肯，你們提出了一些非常有趣的未來發展機遇，但我認為這一切都取決於你們的供應鏈和人員配置。那麼，您認為供應商的能力以及您公司內部人員配置是否足以應對我們即將面臨的挑戰？

All right. I'll take first shot. Good to hear you. Personnel has not been an issue. I think we're one of the hottest companies in the defense industry for people to work for.

好的。我先開槍。很高興聽到這個消息。人員配備方面沒有出現問題。我認為我們是國防工業領域最受求職者青睞的公司之一。

We have a very active recruiting, both on-campus and experienced hires. So no issue filling the workforce. We are spending a lot of time with almost half of our employees being engineered engineers, how do we enable the engineers, AI-enabled to be more efficient to get more productivity without necessarily having to add a significant amount of people. We're using more and more robotics in our factories, including in the missile segment as well. On the supply chain, I think they have now seeing the demand signals where historically, they were sole providers to the entire industry.

我們積極進行招募工作，包括校園招募和有經驗人士招募。所以勞動力供給方面不存在問題。我們花費大量時間與近一半的員工（即工程師）合作，我們如何讓這些工程師（透過人工智慧賦能）更有效率地提高生產力，而無需增加大量人員？我們在工廠中越來越多地使用機器人技術，包括飛彈生產領域。在供應鏈方面，我認為他們現在已經看到了需求訊號，而從歷史上看，他們是整個行業的唯一供應商。

I think we're seeing two and three different suppliers out there. There's a ton of private equity money looking for things to do. And every time we meet with them, we tell them start a second, third-tier supplier for the defense industry. The world needs a lot more there. So I think it's healthier than it used to be.

我認為市面上至少有兩到三家不同的供應商。有大量的私募股權資金正在尋找投資機會。每次我們與他們會面時，我們都會告訴他們要為國防工業建立二線、三線供應商。世界需要更多這樣的資源。所以我覺得它比以前更健康了。

It got through COVID. They're investing now that they see the demand signal. And I think as a country, we're close to being able to hit on all cylinders. But as always, they have to be able to hire. They have to be able to invest and perform. And I think this administration is doing a good job setting us all up for success.

它挺過了新冠疫情。他們現在看到需求訊號，所以開始投資。我認為作為一個國家，我們已經接近全面運作的狀態了。但和以往一樣，他們必須有能力招募員工。他們必須具備投資和執行能力。我認為本屆政府在為我們所有人創造成功條件方面做得很好。

Yes. Thanks, Chris. And maybe I'll just comment a little bit further on supply chain at MSL, just given the rapid growth that we are projecting there. And I'll just say we've significantly matured our approach to supply chain, our supply chain organization and the relationships with our suppliers where we really are thinking about our suppliers as partners on this path that we see of growth and getting the additional capacity to our customers and less about a vendor or a transactional type relationship. So we're working very closely with all of the key suppliers.

是的。謝謝你，克里斯。鑑於我們預期 MSL 的供應鏈將會快速成長，我或許可以再就此發表一些看法。我只想說，我們在供應鏈方法、供應鏈組織以及與供應商的關係方面都取得了顯著的進展。我們真正將供應商視為我們實現成長、為客戶提供額外產能道路上的合作夥伴，而不是僅僅將他們視為供應商或交易型關係。因此，我們正與所有主要供應商密切合作。

I would say, in that particular business, we're certainly one of their, if not their largest customers, certainly for these types of products. We certainly intend to keep it that way with the growth that we project. And as Chris mentioned, in helping our customer get the missiles they need into the hands of the war fighter and for us, solid rocket motors into the hands of our customers, we are essentially in a race, both to get those in the hands of the customer as well as stay ahead of the competition. And we do intend to win that race and working very closely with our supply chain is a key part of that strategy.

我想說，就這類產品而言，我們絕對是他們最大的客戶之一，甚至可以說是最大的客戶。我們當然打算保持這種勢頭，並實現我們預期的成長。正如克里斯所提到的，在幫助我們的客戶將他們需要的導彈送到作戰人員手中，以及在我們幫助客戶將固體火箭發動機送到客戶手中的過程中，我們實際上是在進行一場競賽，既要盡快將這些產品送到客戶手中，又要保持領先於競爭對手。我們確實打算贏得這場競爭，而與我們的供應鏈密切合作是這項策略的關鍵部分。

Tiffany, we will now take the last question.

蒂芙尼，我們現在來回答最後一個問題。

Michael Ciarmoli, Truist Securities.

Michael Ciarmoli，Truist Securities。

Nice results. Just Chris or Ken, a little bit more detail on maybe unwinding Aerojet and MSL now. You'll have the majority stake. In the past, you've talked about having all the capabilities or the majority of capabilities under one roof to compete as a prime. Is this still going to be the case? Or is MSL going to be a 100% merchant supplier model? And if so, were there any stipulations or conditions kind of mandated by the DOW to that end?

結果不錯。克里斯或肯，能否再詳細說說現在可能要解散 Aerojet 和 MSL 的事？你將持有多數股權。過去，您曾談到要將所有或大部分能力集中在一個屋簷下，以便作為主要競爭者參與競爭。情況還會如此嗎？或者說，MSL 將完全採用商家供應商模式？如果是這樣，道瓊工業指數是否有任何相關的規定或條件？

Thanks, Mike. There were no stipulations from DOW with regards to that question. They want competition. They want scale, they want speed, and that's what we that's we plan to focus on. Yes, it's interesting.

謝謝你，麥克。陶氏化學對此問題並未提出任何規定。他們想要競爭。他們想要規模，他們想要速度，而這正是我們計劃重點關注的。是的，這很有意思。

I think this -- when you look at this $4 billion-plus entity, a lot of the focus is on solid rocket motors. But we did talk about seekers. We've been investing hundreds of million dollars in developing seekers. We have weapon release. So it's kind of a one-stop shop relative to missiles, but really as a supplier, there generally are a lot fewer new start missile programs as a prime.

我認為——當你審視這個價值超過 40 億美元的實體時，你會發現它的許多關注點都集中在固體火箭發動機上。但我們確實談到了尋求真理的人。我們已投入數億美元用於開發尋路者。我們已釋放武器。所以就導彈而言，它有點像一站式服務，但實際上作為供應商，作為主承包商，新啟動的導彈項目通常要少得多。

But if that's something we choose to do strategically, we have the ability to do it. My honest assessment is we have so much work, so much growth. We try to focus on what we do well and how we can grow the top line, the bottom line and generate cash. And we're not going to spend a lot of time getting distracted or chasing shiny objects. So we have more than enough work.

但如果這是我們出於策略考量而選擇做的事情，我們有能力做到。我的真實想法是，我們有很多工作要做，還有很多發展空間。我們努力專注於我們擅長的領域，以及如何提高營收、利潤並創造現金流。我們不會把大量時間浪費在分心或追逐虛幻的事物上。所以我們的工作綽綽有餘。

I'm excited about the 60-plus buildings, the equipment, the robotics, the increase in the workforce. But we'll see what they need. And if we can support the customer, we always look to see and what role is best. Sometimes it's merchant suppliers, sometimes it's a prime, sometimes it's a sub. But nothing out there in the near term to focus on in that regard.

我對這 60 多棟建築、設備、機器人以及不斷增長的員工感到非常興奮。但我們會看看他們需要什麼。如果我們能夠為客戶提供支持，我們總是會考慮哪種角色最合適。有時是供應商，有時是總承包商，有時是分包商。但就目前而言，這方面沒有什麼值得關注的。

So I appreciate the last question. In closing, 2025 was our best year ever. We reinforced the durability and alignment of our portfolio, the strength of our execution and the discipline of our strategy. We took deliberate actions at the beginning of this year to evolve and position ourselves for the future. As we build on the momentum from 2025, we enter the next phase of the industry's most focused, agile and resilient company, confident in our ability to drive sustainable growth, deliver strong results and to continue to create long-term value for our customers, shareholders and employees.

我很感謝你提出的最後一個問題。總之，2025年是我們有史以來最好的一年。我們加強了投資組合的持久性和協調性，提升了執行力，並強化了策略的嚴謹性。今年年初，我們採取了審慎的行動，以求發展並為未來做好準備。憑藉 2025 年的良好勢頭，我們進入了業內最專注、最靈活、最具韌性的公司的下一個階段，我們有信心推動可持續增長，取得強勁的業績，並繼續為我們的客戶、股東和員工創造長期價值。

I want to thank you all for joining today's call. We look forward to seeing you on February 25 at our 2026 Investor Day in New York City. Till then, stay safe and warm. Thank you.

感謝各位參加今天的電話會議。我們期待在2月25日於紐約市舉行的2026年投資者日上見到您。在此之前，請注意安全保暖。謝謝。