洛克希德·馬丁 (LMT) 2025 Q4 法說會逐字稿

Good day and welcome everyone to the Lockheed Martin fourth quarter and full year 2025 earnings results conference call. Today's call is being recorded.

大家好，歡迎參加洛克希德馬丁公司2025年第四季及全年收益業績電話會議。今天的通話將會被錄音。

(Operator Instructions) I would like to turn the call over to Maria Ricciardone, Vice President, Treasurer, and Investor Relations.

（操作員指示）我謹將電話轉交給副總裁、財務主管兼投資者關係負責人瑪麗亞·裡恰爾多內。

Statements made today that are not historical facts are considered forward-looking statements and are made pursuant to the safe harbor provisions of federal securities laws. Actual results may differ materially from those projected in the forward-looking statements. Please see Lockheed Martin's SEC filings for a description of some of the factors that may cause actual results to differ materially from those in the forward-looking statements.

今天所作的非歷史事實陳述均屬於前瞻性陳述，並符合聯邦證券法的安全港條款。實際結果可能與前瞻性聲明中預測的結果有重大差異。請參閱洛克希德馬丁公司向美國證券交易委員會提交的文件，以了解可能導致實際結果與前瞻性聲明中的結果有重大差異的一些因素。

We posted charts on the website today that we plan to address during the call to supplement our comments. These charts also include information regarding non-GAAP measures that may be used in today's call. Please access our website at www.lockheedmartin.com and click on the Investor Relations link to view and follow the charts.

今天我們在網站上發布了一些圖表，我們計劃在電話會議上對這些圖表進行講解，以補充我們的評論。這些圖表還包含有關今天電話會議中可能用到的非GAAP指標的資訊。請造訪我們的網站 www.lockheedmartin.com，點擊「投資者關係」連結查看和追蹤圖表。

With that, I'll turn the call over to Jim.

這樣，我就把電話交給吉姆了。

Thanks, Maria. Good morning, everyone, and thank you for joining us on our fourth quarter and full year 2025 earnings call.

謝謝你，瑪麗亞。各位早安，感謝各位參加我們2025年第四季及全年財報電話會議。

As you saw in our press release this morning, 2025 marked unprecedented demand for Lockheed Martin's industry-leading defense technologies. We finished the year with a record high backlog of $194 billion, about 2.5 time annual sales, and delivered 6% year-over-year sales growth. We also generated free cash flow of $6.9 billion, which was above our prior expectation and after we prefunded our pension at almost $900 million.

正如您今天早上在我們的新聞稿中看到的那樣，2025 年對洛克希德馬丁公司業界領先的國防技術的需求將空前高漲。我們以創紀錄的 1,940 億美元積壓訂單結束了這一年，約為年銷售額的 2.5 倍，並實現了 6% 的同比增長。我們也產生了 69 億美元的自由現金流，這超出了我們先前的預期，而且這還是在我們預付了近 9 億美元的退休金之後。

We also made a significant $3.5 billion investment in capital and independent research and development in support of transformative innovation and increased production capacity. This strong financial performance is a direct result of our team's relentless focus on operational execution.

我們也投入了 35 億美元用於資本和​​獨立研發，以支持變革性創新和提高生產能力。這一強勁的財務表現直接得益於我們團隊對營運執行的不懈關注。

Some examples of this from 2025, including delivering 191 F-35 fighter jets, 620 PAC-3 MSE interceptors, both record numbers. We also pioneered over-the-air updates to the Aegis Weapon System for real-time battlefield advantages using AI and successfully launched GPS III in Tranche 1 Transport Layer satellites to strengthen national security architectures and space.

2025 年的一些例子包括交付 191 架 F-35 戰鬥機和 620 架 PAC-3 MSE 攔截機，這兩個數字都創下了紀錄。我們也率先利用人工智慧技術對宙斯盾武器系統進行空中更新，以獲得即時戰場優勢，並成功發射了第一批次傳輸層 GPS III 衛星，以加強國家安全架構和太空能力。

This is what you can expect from Lockheed Martin, continued significant investment to advance technology development and produce proven major weapon systems at ever greater scale.

這就是您可以對洛克希德馬丁公司的期望：持續進行大量投資，以推進技術發展，並以越來越大的規模生產久經考驗的主要武器系統。

We built on this momentum with a powerful start to 2026. Lockheed Martin products once again proved critical to the U.S. military's most demanding missions. The recent Operation Absolute Resolve included F-35 and F-22 fighter jets, our RQ-170 Sentinel Stealth drones and Sikorsky Black Hawk helicopters, which helped ensure mission success while bringing the men and women of our armed forces home safely.

我們乘勢而上，在 2026 年伊始便取得了強勁的開局。洛克希德馬丁公司的產品再次證明對美國軍方最艱鉅的任務至關重要。最近的「絕對決心行動」動用了 F-35 和 F-22 戰鬥機、RQ-170 哨兵隱形無人機和西科斯基黑鷹直升機，這些都幫助確保了任務的成功，同時安全地將我們武裝部隊的男女官兵送回家。

In addition, we worked closely with the Department of War leadership to reach the landmark seven year framework agreement for PAC-3 MSE interceptors that we together announced earlier in January.

此外，我們與美國陸軍部領導層密切合作，達成了具有里程碑意義的 PAC-3 MSE 攔截器七年框架協議，該協議是我們於 1 月初共同宣布的。

This groundbreaking agreement was just the first step in bringing commercial business practices to large-scale production within the defense industrial base. And progress continues as we just announced this morning a similar framework agreement for the THAAD interceptor along with additional systems from our industry colleagues also being discussed this week.

這項開創性的協議只是將商業商業實踐引入國防工業基地大規模生產的第一步。進展仍在繼續，我們今天早上剛剛宣布了一項類似的 THAAD 攔截器框架協議，本週還將與業內同行討論其他系統。

As the first implementation of such a long-term multiyear agreement, the PAC-3 MFC will increase annual production capacity from approximately 600 to 2,000 per year. That's more than tripling the production rate to support U.S. forces, allies and partner nations in today's increasingly unsettled geopolitical environment. These types of agreements fully support the Department of War's Acquisition Transformation Strategy, and we look forward to continuing our partnership with the U.S. government to definitize the contract and unleash a renewed era of innovation, accountability and execution across the defense industrial base.

作為此類長期多年協議的首次實施，PAC-3 MFC 將使年產能從約 600 台增加到每年 2,000 台。為了支持美國軍隊、盟友和夥伴國家應對當今日益動盪的地緣政治環境，生產速度提高了三倍多。這些類型的協議完全支持美國戰爭部的採購轉型戰略，我們期待繼續與美國政府合作，最終確定合同，並在國防工業基礎中開啟創新、問責和執行的新時代。

In fact, I am in Camden, Arkansas today which is where we build PAC-3 MSE missiles and other munitions. Lockheed Martin has produced more than 700,000 missiles and rockets here in Camden. We've been steadily increasing PAC-3 MSE production since 2023, more than 60% over the last two years alone. And the progress we've already made will give us the critical head start in ramping up to 2,000 per year.

事實上，我今天就在阿肯色州卡姆登，這裡是我們生產 PAC-3 MSE 飛彈和其他彈藥的地方。洛克希德馬丁公司在卡姆登已經生產了超過70萬枚飛彈和火箭。自 2023 年以來，我們一直在穩步提高 PAC-3 MSE 的產量，僅在過去兩年就提高了 60% 以上。我們已經取得的進展將為我們實現每年 2000 人的目標奠定關鍵的先發優勢。

And further, we intend to make a multibillion dollar investment to accelerate munition production over the next three years, including building facilities across five states, such as in Camden, Arkansas, with a brand-new munitions acceleration center facility breaking ground today.

此外，我們計劃在未來三年內投資數十億美元加速彈藥生產，包括在五個州建設設施，例如在阿肯色州卡姆登，一個全新的彈藥加速中心設施今天破土動工。

I was also recently in Fort Worth with Secretary of War, Pete Hegseth, visiting the F-35 production line as part of his Arsenal of Freedom Industry Tour. The visit underscores Lockheed Martin's role in driving Acquisition Transformation and delivering critical capabilities to the U.S. and its allies.

最近，我還陪同戰爭部長皮特·赫格塞斯前往沃斯堡，參觀了 F-35 生產線，這是他「自由兵工廠」工業之旅的一部分。這次訪問凸顯了洛克希德馬丁公司在推動採購轉型和向美國及其盟友提供關鍵能力方面所發揮的作用。

Our mile-long Fort Worth facility employees more than 19,000 people, and over 1,900 suppliers across the United States contribute to the F-35 supply chain, providing skilled jobs to many thousands more Americans nationwide. Together, these talented Lockheed Martin and supplier employees enable an F-35 production rate that is five times faster than any other allied fighter currently in production, highlighting the program's scale and maturity.

我們在沃斯堡的工廠長達一英里，僱用了超過 19,000 名員工，遍布全美的 1,900 多家供應商為 F-35 供應鏈做出了貢獻，為全國成千上萬的美國人提供了技術工作。這些才華橫溢的洛克希德馬丁公司員工和供應商員工齊心協力，使 F-35 的生產速度比目前正在生產的任何其他盟軍戰鬥機快五倍，這凸顯了該項目的規模和成熟度。

With regard to our 2026 financial outlook, we expect year-over-year sales growth to be approximately 5% at the midpoint, with the year-over-year reported segment operating profit growth to be more than 25%. Free cash flow is anticipated to be in the range of $6.5 billion to $6.8 billion, which is well above our prior expectations and includes a year-over-year increase in investment of about 35%, with capital and independent research and development approaching $5 billion in 2026, which is a step-function increase in internal investment.

關於我們 2026 年的財務展望，我們預計年比銷售額成長率中位數為 5% 左右，年比報告的部門營業利潤成長率將超過 25%。預計自由現金流將在 65 億美元至 68 億美元之間，遠超我們先前的預期，其中包括投資年增約 35%，到 2026 年，資本和獨立研發支出將接近 50 億美元，這是內部投資的階躍式增長。

Given the size and scope of Lockheed Martin, in 2026, we will continue our disciplined and dynamic approach to capital allocation, enabling this step-function increase in internal investment to fund capacity and growth. Evan will provide more detail on our 2026 outlook in a moment.

鑑於洛克希德馬丁公司的規模和範圍，到 2026 年，我們將繼續採取嚴謹而靈活的資本配置方式，從而實現內部投資的階躍式增長，為產能和增長提供資金。埃文稍後將詳細介紹我們對 2026 年的展望。

Turning to our programs and highlights. First, on the F-35, and during the fourth quarter, we delivered 48 F-35 aircraft, bringing total deliveries in 2025, as I said, to 191, beating our own expectations. As noted earlier, Lockheed Martin ended the year with record backlog, and the largest awards in the quarter were with the F-35 program. We definitized Lots 18 and 19 contract with the Department of War's Joint Program Office. We were awarded the fiscal year '26 air vehicle sustainment contract.

接下來是我們的節目和亮點。首先，關於 F-35，在第四季度，我們交付了 48 架 F-35 飛機，正如我所說，到 2025 年，總交付量將達到 191 架，超過了我們自己的預期。如前所述，洛克希德馬丁公司年底積壓訂單創歷史新高，本季最大的訂單來自 F-35 項目。我們與美國陸軍部聯合專案辦公室簽訂了第 18 和 19 批次的合約。我們獲得了 2026 財年的航空器維護合約。

And we received a contract modification in support of Lots 20 and 21 production aircraft. These awards totaled over $15 billion and reinforce the continued demand for the most advanced fighter jet by both domestic and global customers.

我們收到了一份合約修改，以支援第 20 和 21 批次的生產飛機。這些訂單總額超過 150 億美元，進一步鞏固了國內外客戶對最先進戰鬥機的持續需求。

For example, in October, Belgium's first F-35 aircraft stationed in country arrived at Florence Air Base, marking the F-35 official incorporation into the Belgian Air Force. In December, senior U.S. and Finish officials gathered at our Fort Worth facility to celebrate the rollout of Finland's first F-35.

例如，10 月份，比利時第一架駐紮在該國的 F-35 飛機抵達佛羅倫薩空軍基地，標誌著 F-35 正式加入比利時空軍。12 月，美國和芬蘭高級官員齊聚我們在沃斯堡的工廠，慶祝芬蘭首架 F-35 戰鬥機的下線。

In 2026, we will make further investments in the program to advance position as the world's most capable multi-role fighter with a focus on making further progress on Block 4 capability improvements. We've also committed to an additional $1 billion of strategic internal investments for the F-35 with an emphasis on the aircraft sustainment system to improve mission-capable rates across the fleet. This is an absolute priority for us and one we are working closely with the Department of War on.

2026 年，我們將對該項目進行更多投資，以鞏固其作為世界上最強大的多用途戰鬥機的地位，重點是進一步提升 Block 4 的性能。我們也承諾為 F-35 追加 10 億美元的策略性內部投資，重點是飛機保障系統，以提高整個機隊的任務執行能力。這絕對是我們的首要任務，我們正在與戰爭部密切合作解決這個問題。

Also at Aeronautics, we are making investments in the most advanced technologies such as unmanned systems. At Lockheed Martin's Skunk Works with industry partners and the U.S. Air Force, we together demonstrated the capability to control a drone wingman from the cockpit of an F-22, the first time ever that a fifth-generation fighter showed the ability to control an uncrewed vehicle in flight together.

此外，在航空領域，我們也對無人系統等最先進的技術進行了投資。在洛克希德馬丁公司的臭鼬工廠，我們與工業合作夥伴和美國空軍一起，共同展示了從 F-22 戰鬥機的駕駛艙控制無人機僚機的能力，這是第五代戰鬥機首次展現出在飛行中共同控制無人飛行器的能力。

Further at Skunk Works and in partnership with NASA, we successfully completed the first flight of the experimental X-59 aircraft in October. This is a revolutionary quiet subsonic aircraft designed to pave the way for faster commercial air travel even over land.

此外，在臭鼬工廠，我們與美國太空總署合作，於 10 月成功完成了實驗型 X-59 飛機的首次飛行。這是一款革命性的靜音亞音速飛機，旨在為更快的商業航空旅行鋪平道路，即使在陸地上也是如此。

At MFC, we continued to experience unprecedented demand across many critical munitions. We were awarded a contract for 31 THAAD interceptors and secured the largest production contract to date for the Infrared Search and Track IRST21 Block two pod system. This brings fifth-generation sensors and data links to fourth-generation aircraft.

在MFC，我們持續感受到許多關鍵彈藥前所未有的需求。我們獲得了 31 枚 THAAD 攔截器的合同，並獲得了迄今為止最大的紅外線搜尋與追蹤 IRST21 Block 2 吊艙系統生產合約。這使得第五代感測器和數據鏈路能夠應用於第四代飛機。

At RMS, in November, Secretary Hegseth remotely piloted an autonomous Black Hawk from DARPA headquarters. This AI-enabled unmanned helicopter technology will enable critical missions such as contested logistics, air evacuation and even wildfire fighting without putting pilots and air crews at risk.

11 月，在 RMS 會議上，赫格塞斯部長從 DARPA 總部遠端操控了一架自主黑鷹直升機。這種人工智慧賦能的無人直升機技術將能夠執行關鍵任務，例如在戰區進行後勤支援、空中疏散，甚至撲滅野火，而不會讓飛行員和機組人員面臨風險。

And speaking of amazing technology, we successfully used the shipboard laser system, Lockheed Martin's HELIOS, to knock an incoming UAV right out of the sky. The HELIOS weapon system successfully neutralized four drone threats in a U.S. Navy operated counter-UAS zone demonstration at sea, showcasing an opportunity to eliminate drone attacks using lasers and saving U.S. allied air defense missiles for more advanced threats.

說到令人驚嘆的技術，我們成功地利用艦載雷射系統洛克希德馬丁公司的 HELIOS 將一架來襲的無人機從空中擊落。在美軍海軍組織的海上反無人機系統區域演示中，HELIOS 武器系統成功摧毀了四架無人機，展示了利用雷射消除無人機攻擊並節省美國盟軍防空飛彈以應對更先進威脅的機會。

This development of laser weapon systems is just one example of Lockheed Martin's support of the Homeland Defense mission, including Golden Dome for America. We also continue to collaborate with government and industry in our prototyping environment at our Center for Innovation in Virginia to support the command and control aspects of Golden Dome.

雷射武器系統的研發只是洛克希德馬丁公司支持國土防禦任務（包括美國金色穹頂計畫）的一個例子。我們也繼續與政府和產業合作，在我們位於維吉尼亞州的創新中心的原型設計環境中，為金穹頂的指揮和控制方面提供支援。

We're also, as mentioned earlier, making substantial investments to rapidly increase production capacity across missiles, sensor suites, battle management systems and satellites, as well as the rapid development of space-based interceptors that will be directly relevant to achieving the overall objective for Golden Dome.

如同前面所提到的，我們也正在進行大量投資，以迅速提高飛彈、感測器套件、作戰管理系統和衛星的生產能力，並快速開發與實現金穹頂總體目標直接相關的天基攔截器。

Also in the quarter, the Space Development Agency awarded Lockheed Martin Space a contract for 18 satellites for its Tranche 3 Tracking Layer Constellation with a potential value of more than $1 billion. These satellites will provide next-generation middle tracking capabilities for the SDA's proliferated war fighter space architecture.

本季度，美國太空發展局授予洛克希德馬丁太空公司一份合同，為其第三批次追蹤層星座製造 18 顆衛星，潛在價值超過 10 億美元。這些衛星將為SDA不斷擴展的作戰人員空間架構提供下一代中階追蹤能力。

Finally, on the U.S. defense budget, as the FY '26 appropriations process unfolds amid this dynamic geopolitical environment, there continues to be broad support for national defense initiatives from the administration, the Department of War and Congress. Lockheed Martin's core programs remain fundamental to defense priorities, such as PAC-3 missiles for Homeland Security and for security as well: the F-35 fighter jet air dominance, the CH-53K heavy-lift helicopter for contested logistics and the Fleet Ballistic Missile for the nuclear triad.

最後，關於美國國防預算，隨著 2026 財政年度撥款程序在當前動態的地緣政治環境下展開，政府、戰爭部和國會繼續對國防舉措給予廣泛支持。洛克希德馬丁公司的核心項目仍然是國防優先事項的基礎，例如用於國土安全和安保的 PAC-3 飛彈；用於空中優勢的 F-35 戰鬥機；用於對抗性後勤的 CH-53K 重型運輸直升機；以及用於核三位一體的艦隊彈道飛彈。

We remain fully focused on converting our backlog and partnering with our U.S. customers as well across defense and commercial industry to deliver the systems and solutions necessary for global security and deterrence and to keep our soldiers, sailors, airmen and guardians safe in doing their missions.

我們將繼續全力以赴完成積壓訂單，並與美國國防和商業領域的客戶合作，提供全球安全和威懾所需的系統和解決方案，以確保我們的士兵、水手、飛行員和保全人員在執行任務時的安全。

I'll now turn it over to Evan before we take your questions.

現在我將把發言權交給艾文，之後我們再回答大家的問題。

Thank you, Jim, and good morning, everyone. Today, I'll provide an overview of our consolidated financial results for the fourth quarter and full year, then hand off to Maria who will cover business story details, and I'll come back at the end to discuss the outlook.

謝謝你，吉姆，大家早安。今天，我將概述我們第四季度和全年的綜合財務業績，然後交給瑪麗亞，她將介紹業務詳情，最後我將回來討論展望。

2025 was a transformative year for Lockheed Martin. Backlog grew $17.3 billion or 17% and included significant awards for key programs such as F-35, PAC-3, JASSM, LRASM and CH-53K, providing better visibility through the end of the decade.

2025年是洛克希德馬丁公司具有變革意義的一年。積壓訂單增加了 173 億美元，增幅達 17%，其中包括 F-35、PAC-3、JASSM、LRASM 和 CH-53K 等關鍵項目的重大訂單，從而為本十年末提供了更好的前景。

We generated over $9 billion of underlying operating cash flow, before making $860 million of discretionary pension contributions. And we took the necessary steps to reduce risk on Aeronautics and Sikorsky programs in the second quarter, positioning these programs to deliver much needed capabilities to our customers.

在支付 8.6 億美元的酌情退休金繳款之前，我們產生了超過 90 億美元的基礎經營現金流。第二季度，我們採取了必要的措施來降低航空和西科斯基專案的風險，使這些專案能夠為我們的客戶提供急需的能力。

Moving to Chart 4, fourth quarter consolidated sales were $20.3 billion, up 9%, with strong year-over-year growth coming from all four business areas as our core programs continue to build momentum and the much anticipated growth inflection begins to take shape.

從圖表 4 可以看出，第四季度合併銷售額為 203 億美元，成長 9%，所有四個業務領域均實現了強勁的同比增長，因為我們的核心項目繼續積蓄勢頭，期待已久的增長拐點開始形成。

Next, segment operating profit of $2.1 billion in the quarter was up considerably year-over-year due to the charges on the Aeronautics and MFC classified programs in the fourth quarter of last year. Segment operating profit margins were 10.1% in the quarter. As we expected, program milestone timing and life cycles led to a light quarter of favorable profit rate adjustments.

其次，由於去年第四季航空和MFC分類項目的費用，該季度部門營業利潤為21億美元，較上年同期大幅成長。本季分部營業利益率為 10.1%。正如我們預期的那樣，專案里程碑的時間表和生命週期導致本季利潤率調整幅度較小。

We generated $5.80 of earnings per share in the quarter, which included a noncash nonoperating charge of $479 million related to the follow-on pension transaction, partially offset by $109 million benefit due to the favorable resolution of tax accounting issues. On a year-over-year basis, EPS was up significantly due to the prior year charges.

本季我們每股收益為 5.80 美元，其中包括與後續退休金交易相關的 4.79 億美元的非現金非經營性支出，部分被因稅務會計問題得到有利解決而獲得的 1.09 億美元收益所抵消。由於上一年產生的費用，每股收益較去年同期大幅成長。

Shifting to cash. We generated $2.8 billion of free cash flow in the fourth quarter as we continued to rapidly deliver capabilities to customers, achieving operational milestones that triggered strong cash receipts.

轉向現金交易。第四季度，我們創造了 28 億美元的自由現金流，因為我們繼續快速地向客戶交付產品，實現了營運里程碑，從而引發了強勁的現金收入。

Moving to Chart 5 and the full year. Sales of $75 billion were up 6%, driven by strong growth in Missiles and Fire Control, Aeronautics and Space. Segment operating profit of $6.7 billion grew approximately 11% year-over-year. Recall, both periods included significant charges, on a normalized basis, segment operating profit grew in line with sales.

接下來進入圖表 5 和全年數據。銷售額達 750 億美元，成長 6%，主要得益於飛彈與火控、航太領域的強勁成長。該部門營業利潤為 67 億美元，年增約 11%。回顧一下，這兩個時期都包含了大量費用，以正常水平計算，該部門的營業利潤與銷售額同步增長。

Regarding new business, the company recorded over $65 billion in orders during the second half of the year, bringing the full year book-to-bill to 1.2x, resulting in a record backlog of $194 billion to end 2025, the fourth consecutive year of backlog growth. This demonstrates the resilient global demand for Lockheed Martin's capabilities.

在新業務方面，該公司在下半年錄得超過 650 億美元的訂單，使全年訂單出貨比達到 1.2 倍，到 2025 年底，積壓訂單總額達到創紀錄的 1940 億美元，這是連續第四年實現積壓訂單增長。這顯示全球對洛克希德·馬丁公司技術能力的需求依然強勁。

Our earnings per share was $21.49 in 2025, down 4% from the prior year. While our sales growth and slightly higher reported margins drove segment profits higher, this was more than offset by below-the-line items, including increased interest expense, a higher tax rate and higher operating FAS, CAS expense.

2025 年我們的每股盈餘為 21.49 美元，比前一年下降 4%。雖然銷售成長和略微提高的報告利潤率推動了分部利潤的成長，但這被以下項目抵消了，包括利息支出增加、稅率提高以及營運 FAS、CAS 費用增加。

Shifting to cash. The strong fourth quarter collections exceeded our prior expectations, helping us to deliver over $6.9 billion of free cash flow in 2025. And we reinvested $3.6 billion back into the business to drive innovation into our solutions and more rapidly scaled technologies for our customers.

轉向現金交易。第四季強勁的銷售業績超出了我們先前的預期，幫助我們在 2025 年實現了超過 69 億美元的自由現金流。我們將 36 億美元重新投入到業務中，以推動解決方案的創新，並更快地擴展技術規模，從而更好地服務我們的客戶。

Now I'll turn it over to Maria.

現在我把麥克風交給瑪麗亞。

Thanks, Evan. Starting with Aeronautics on Chart 6. Fourth quarter sales at Aero increased 6% year-over-year, primarily driven by higher sales on classified programs due to the absence of losses recognized in Q4 of 2024.

謝謝你，埃文。從圖表 6 的航空學開始。Aero 第四季銷售額年增 6%，主要得益於分類項目的銷售成長，因為 2024 年第四季沒有確認虧損。

Higher volume and favorable contract mix for the F-35 program also contributed to the increase. Adjusting for the impacts of the classified program charges and the C5 contract resolution benefit in last year's fourth quarter, the adjusted sales growth at Aero was approximately 4% year-over-year in the quarter.

F-35 專案的產量增加和有利的合約組合也促成了產量的成長。考慮到去年第四季機密專案費用和 C5 合約解決收益的影響，Aero 的調整後銷售成長率在本季同比增長約 4%。

Segment operating profit increased 80% compared to Q4 2024, driven by higher profit booking rate adjustments due to the absence of classified reach forward losses recognized in last year's fourth quarter. Higher sales volume in Q4 of 2025 also contributed to the year-over-year increase.

由於去年第四季確認的分類遠期虧損減少，利潤確認率調整增加，導致分部營業利潤較 2024 年第四季成長 80%。2025 年第四季銷售成長也促成了年成長。

Adjusting for the classified charges and the C5 claim resolution benefit in Q4 of last year, Aero operating profit year-over-year increased slightly in the quarter.

扣除去年第四季的分類費用和 C5 索賠解決收益後，航空業的營業利潤在本季度同比略有增長。

For the full year, sales increased 6% to $30.3 billion, driven by higher F-35 production and sustainment volume, partially offset by lower volume on classified programs. Full year segment operating profit at Aero decreased 17%, driven by lower profit booking rate adjustments related to the classified program reach-forward losses and unfavorable profit adjustments on C-130 in 2025.

全年銷售額成長 6% 至 303 億美元，主要得益於 F-35 的生產和維護量增加，但部分被機密項目數量減少所抵銷。由於與機密專案提前交付損失相關的利潤預訂率調整降低，以及 2025 年 C-130 的不利利潤調整，航空業務全年分部營業利潤下降了 17%。

This was partially offset by the higher sales volume. Adjusted for the classified program losses in both years, Aero segment operating profit growth was 4% in 2025. Aero segment operating profit margin was 6.9% for full year 2025. Adjusted for the classified program losses, Aero segment operating profit margin was 9.9%.

銷量成長部分抵消了這一影響。經調整扣除這兩年的分類項目損失後，2025 年航空業務部門的營業利潤成長率為 4%。2025 年全年航空業務部門的營業利益率為 6.9%。扣除分類項目損失後，航空業務部門的營業利益率為 9.9%。

The photo to the right depicts the successfully completed first flight of the X-59 quiet supersonic aircraft, as Jim previously mentioned.

正如吉姆之前提到的，右邊的照片描繪了X-59靜音超音速飛機成功完成的首飛。

Turning to Missiles and Fire Control, Chart 7. Sales at MFC in the quarter increased 18% from the prior year, driven by higher volumes from production ramps for precision fires programs and existing PAC-3 contracts. Segment operating profit in Q4 increased by $1.3 billion year-over-year to $535 million, primarily from the absence of the loss recognized on a classified program in the fourth quarter of 2024. The higher sales volume also contributed to the increase.

接下來是飛彈和火控，圖表 7。MFC 本季銷售額比上年同期成長 18%，這主要得益於精確射擊項目產量提升和現有 PAC-3 合約帶來的銷售成長。第四季分部營業利潤年增 13 億美元，達到 5.35 億美元，主要原因是 2024 年第四季一項分類項目確認的虧損不再確認。銷量成長也是促成這一成長的原因之一。

For the full year, MFC sales increased by 14% to $14.5 billion due to production ramps on JASSM, LRASM and precision fires programs as well as existing PAC-3 contracts. Full year segment operating profit increased by $1.6 billion year-over-year, primarily driven by the absence of the $1.4 billion loss recognized on a classified program in 2024 as well as the higher sales volume.

由於 JASSM、LRASM 和精確火力項目的產量提升以及現有的 PAC-3 合同，MFC 全年銷售額增長了 14%，達到 145 億美元。全年分部營業利潤年增 16 億美元，主要原因是 2024 年一項分類項目確認的 14 億美元虧損不再計入，以及銷售量增加。

MFC's segment operating profit margin for the full year 2025 was 13.8%. You can see on the right the photo of a High-Mobility Artillery Rocket System mobile rocket launcher, HIMARS. On November 5, we delivered the 750th HIMARS.

MFC 2025 年全年分部營業利益率為 13.8%。您可以在右側看到高機動性火箭系統（HIMARS）移動火箭發射器的照片。11月5日，我們交付了第750套HIMARS系統。

Shifting to Rotary and Mission Systems on Chart 8. Sales at RMS increased 8% year-over-year in the quarter, primarily from higher volume and Integrated Warfare Systems and Sensors, IWSS, radar programs and River Class Destroyer, formerly known as Canadian Surface Combatant. Higher production volume on Sikorsky Black Hawk programs also contributed to the increase.

圖表 8 切換到旋轉和任務系統。RMS 的銷售額在本季同比增長 8%，主要得益於銷售成長以及綜合作戰系統和感測器 (IWSS)、雷達項目和河級驅逐艦（以前稱為加拿大水面作戰艦艇）的銷售。西科斯基黑鷹直升機專案產量增加也是造成產量成長的原因之一。

Operating profit in the fourth quarter decreased 9% year-over-year, mainly due to unfavorable profit adjustments on Black Hawk programs and the absence of a benefit from an intellectual property license arrangement that occurred in the fourth quarter of 2024. This decrease was partially offset by the higher sales volume.

第四季營業利潤年減 9%，主要原因是黑鷹計畫的利潤調整不利，以及 2024 年第四季發生的智慧財產權授權安排未能帶來收益。銷量成長部分抵消了這一降幅。

For the full year, sales at RMS were comparable to 2024 at $17.3 billion. 2025 sales increased from higher production volume on Black Hawk programs at Sikorsky and the higher volume on the River Class Destroyer and radar programs at IWSS.

全年來看，RMS的銷售額與2024年大致持平，為173億美元。 2025年的銷售成長主要得益於西科斯基公司黑鷹直升機專案產量的提高，以及IWSS公司河級驅逐艦和雷達專案產量的增加。

These increases were offset by charges on the Canadian Maritime Helicopter Program, CMHP, and the Turkish Utility Helicopter Program, TUHP, that were recognized in the second quarter, as well as lower volume for various training, logistics and simulation programs.

這些增長被第二季度確認的加拿大海上直升機計劃 (CMHP) 和土耳其通用直升機計劃 (TUHP) 的費用，以及各種培訓、物流和模擬計劃數量的減少所抵消。

Operating profit at RMS decreased 31% for the year driven by a $610 million decreased profit booking rate adjustments, primarily due to the losses recognized on CMHP and TUHP in the second quarter. This decrease was partially offset by the absence of an unfavorable profit adjustment on Seahawk programs in 2024. Adjusting for the CMHP and TUHP program losses in 2025, RMS operating profit grew 3% year-over-year.

由於利潤確認率調整減少了 6.1 億美元，RMS 的年度營業利潤下降了 31%，這主要是由於第二季度 CMHP 和 TUHP 確認的虧損所致。2024 年海鷹隊項目沒有出現不利的利潤調整，部分抵消了這一下降。考慮到 CMHP 和 TUHP 專案在 2025 年的虧損，RMS 的營業利潤比去年同期成長了 3%。

RMS segment operating profit margin was 7.6% for full year 2025. Adjusted for the CMHP and TUHP program losses, RMS segment operating profit margin was 11.3%. The photo on this page represents the fully autonomous Black Hawk helicopter, Seahawk.

2025 年全年 RMS 業務部門的營業利益率為 7.6%。扣除 CMHP 和 TUHP 專案的虧損後，RMS 部門的營業利益率為 11.3%。本頁照片展示的是全自動的黑鷹直升機「海鷹」。

On Chart 9, we'll conclude the business area discussion with Space. Sales increased 8% year-over-year in the fourth quarter, primarily driven by higher sales volume on strategic and missile defense programs, including the Next-Generation Interceptor, NGI, and Fleet Ballistic Missile, FBM, programs as well as higher volume for the Transport Layer and Orion programs.

在圖表 9 中，我們將以太空業務領域結束討論。第四季銷售額年增 8%，主要得益於戰略和飛彈防禦項目（包括下一代攔截器 (NGI) 和艦隊彈道飛彈 (FBM) 項目）以及運輸層和獵戶座項目的銷售成長。

Operating profit decreased 4% compared to Q4 2024 due to lower equity earnings from United Launch Alliance, ULA, partially offset by the higher sales volume.

由於聯合發射聯盟 (ULA) 的股權收益減少，營業利潤較 2024 年第四季下降了 4%，但銷售額的成長部分抵消了這一影響。

Turning to the full year. Sales increased 4% to $13 billion, driven by higher volume on NGI, FBM and Orion programs, partially offset by a decrease for national security space programs due to program life cycle in the Overhead Persistent Infrared, OPIR, missions.

展望全年。銷售額成長 4% 至 130 億美元，主要得益於 NGI、FBM 和 Orion 專案的銷售成長，但部分被國家安全太空專案的銷售下降所抵消，原因是高空持續紅外線 (OPIR) 任務的專案生命週期所致。

Operating profit increased 10% to $1.3 billion in 2025, primarily resulting from favorable at-complete performance on certain commercial civil space programs during the first half of the year as well as the higher overall sales volume. The increase was partially offset by lower ULA equity earnings.

2025 年營業利潤成長 10% 至 13 億美元，主要得益於上半年某些商業民用航太專案竣工時的良好表現以及整體銷售額的提高。ULA股票收益下降部分抵消了這一增長。

Space's segment operating profit margin for the full year 2025 was 10.3%. To the right on this page is a photo of the Space Development Agency Tranche 3 Tracking Layer Constellation, which, as Jim previously mentioned, was awarded to Lockheed Martin in the fourth quarter.

2025 年全年，太空業務部門的營業利益率為 10.3%。本頁右側是太空發展局第三批次追蹤層星座的照片，正如吉姆之前提到的，該星座在第四季度授予了洛克希德馬丁公司。

Now I'll turn it back over to Evan.

現在我把麥克風交還給艾文。

Thanks, Maria. Turning to Chart 10 and our 2026 outlook. We expect to carry momentum from the second half of 2025 into this year. It's worth noting that we continue to make progress on our digital transformation having recently completed the first migration of a business area to an upgraded enterprise resource planning system to start the year.

謝謝你，瑪麗亞。接下來請看圖表 10 和我們對 2026 年的展望。我們預計2025年下半年的發展動能將延續到今年。值得一提的是，我們在數位轉型方面持續取得進展，今年年初我們已完成了第一個業務領域向升級後的企業資源規劃系統的遷移。

We expect this internal investment will unlock speed and drive efficiencies across the enterprise, helping us to maintain cost and schedule for customers and create value for shareholders.

我們預期這項內部投資能提升整個企業的速度和效率，幫助我們為客戶維持成本和進度，並為股東創造價值。

In 2026, we are forecasting sales to be in the range of $77.5 billion to $80 billion, up $3.7 billion at the midpoint, implying a solid 5% organic growth year-over-year. Segment operating profit is anticipated to be in the range of $8.425 billion to $8.675 billion, resulting in a midpoint margin of 10.9%.

我們預測，2026 年銷售額將在 775 億美元至 800 億美元之間，中位數將成長 37 億美元，這意味著年增 5%。分部營業利潤預計將在 84.25 億美元至 86.75 億美元之間，中間利潤率為 10.9%。

Before moving to EPS, I'll briefly step through on the business area dynamics. First, Aeronautics, we expect low single-digit overall growth in 2026, with Skunk Works and F-35 sustainment leading the way, each with potential for double-digit growth year-over-year. F-35 production will see a slight lift due to lot mix and pricing with the production rate holding steady at 156 aircraft per year.

在進入EPS部分之前，我將簡要介紹一下業務領域的動態。首先是航空領域，我們預計 2026 年整體成長率將達到個位數，其中臭鼬工廠和 F-35 維護將引領成長，兩者均有潛力實現兩位數的年成長。由於批次組合和價格調整，F-35 的產量將略有提升，但年產量仍將穩定在 156 架。

We expect deliveries to be in line with the production rate this year. Aero margins of 9.8% at the midpoint reflect the dilutive nature of the growth in Skunk Works and from F-35 sustainment. At MFC, we estimate the ongoing missile production ramps to drive 14% year-over-year sales growth at the midpoint, with margins expected to remain consistent with 2025 levels.

我們預計今年的交貨量將與生產速度保持一致。中點航空利潤率為 9.8%，反映了臭鼬工廠和 F-35 維護業務成長所帶來的稀釋效應。MFC 預計，持續的飛彈生產爬坡將推動銷售額年增 14%（取中間值），利潤率預計將與 2025 年的水準保持一致。

Next, at RMS, we anticipate overall sales to grow in the low single-digit range, with higher growth coming from Sikorsky driven by the CH-53K and Black Hawk programs, partially offset by program timing and life cycle headwinds on several radar and training programs. RMS margins at 10.5% at the midpoint include impacts due to portfolio mix and program life cycles.

接下來，RMS預計整體銷售額將以個位數低段成長，其中西科斯基公司CH-53K和黑鷹專案將推動銷售額實現更高成長，但部分成長將被幾個雷達和訓練專案的進度安排和生命週期不利因素所抵消。RMS利潤率中位數為10.5%，其中包括投資組合構成和專案生命週期帶來的影響。

And finally, Space is projected to grow approximately 5% year-over-year at the midpoint, with strong growth expected on Fleet Ballistic Missile, NGI and hypersonic programs within the Strategic and Missile Defense Systems portion of the business, as well as solid growth from space tracking and communication missions due to the Space Development Agency's Transport and Tracking Layer programs. Space margins at the midpoint are slightly above 10% and include higher equity earnings related to ULA.

最後，太空業務預計同比增長約 5%（取平均值），戰略和導彈防禦系統業務部分中的艦隊彈道導彈、下一代導彈和高超音速項目預計將實現強勁增長，此外，由於太空發展局的運輸和跟踪層計劃，太空跟踪和通信任務也將實現穩健增長。太空利潤率中點略高於 10%，其中包括與 ULA 相關的較高股權收益。

Back to the consolidated level. On earnings per share, we project a range of $29.35 to $30.25. The midpoint range is over $8 higher than 2025, primarily due to the aforementioned program and pension-related charges accounting for approximately $7 of the year-over-year improvement. The remaining upside comes from higher volume and a higher net FAS, CAS pension adjustment, partially offset by nonoperating related expenses, namely a higher tax rate. Wrapping up with cash.

回到綜合水平。我們預計每股收益將在 29.35 美元至 30.25 美元之間。中間值比 2025 年高出 8 美元以上，主要是由於上述項目和退休金相關費用約佔同比增長的 7 美元。剩餘的上漲空間來自更高的交易量和更高的淨 FAS、CAS 退休金調整，但部分被非經營相關支出（即更高的稅率）所抵消。最後以現金結帳。

Our free cash flow guidance is $6.5 billion to $6.8 billion. That estimate includes between $2.5 billion and $2.8 billion of capital expenditures as we are planning to increase our investment to support production ramps and other strategic growth opportunities. Included in this range is the initial portion of the multibillion-dollar investment for MFC's missile ramps.

我們預計自由現金流為65億美元至68億美元。該估算包括 25 億至 28 億美元的資本支出，因為我們計劃增加投資以支持生產爬坡和其他策略性成長機會。該範圍包括MFC數十億美元飛彈發射坡道投資的初始部分。

We expect investment will continue to be elevated going forward to meet customer demand for our munitions and the acceleration of production for these programs provides line of sight to a compound annual growth rate for MFC sales of at least double digit through the end of the decade. Our one final item for awareness is the quarterly cadence for 2026.

我們預計未來投資將繼續提高，以滿足客戶對我們彈藥的需求，而這些項目的生產加速可望使MFC銷售額在本十年末實現至少兩位數的複合年增長率。最後要提醒大家的是 2026 年的季度節奏。

With 2024 and 2025, we had 13 weeks in every quarter. This year, there are 12 weeks in Q1 and 14 weeks in Q4, with the second and third quarters both at 13 weeks. Consistent with prior years, I expect the majority of our cash to come in the second half of the year.

2024 年和 2025 年，每季都有 13 週。今年第一季有 12 週，第四季有 14 週，第二季和第三季均為 13 週。與往年一樣，我預計我們的大部分現金流將在下半年到達。

In summary, we're excited about the future for Lockheed Martin, and we are investing in numerous projects with the objective to improve the speed and capabilities of our company, whether that's towards innovative product development, improving internal operations or accelerating production capacity.

總而言之，我們對洛克希德馬丁的未來充滿信心，我們正在投資眾多項目，旨在提高公司的速度和能力，無論是創新產品開發、改善內部營運還是加快生產能力。

Our goal is to create unmatched technologies to support our customers' most critical missions, execute the record backlog entrusted us on time and within budget. And in doing so, we will generate favorable outcomes that deliver value for all stakeholders.

我們的目標是創造無與倫比的技術來支援客戶最關鍵的任務，按時按預算完成客戶委託給我們的創紀錄的積壓工作。這樣做，我們將產生有利於所有利害關係人的有利結果，從而創造價值。

Sara, let's open up the call for Q&A.

薩拉，我們現在開始問答環節。

(Operator Instructions)

（操作說明）

Scott Mikus, Melius Research.

Scott Mikus，Melius Research。

Morning Jim and Evan. I wanted to ask on capital deployment. You have a big step-up in CapEx for this year, and it seems like that's going to persist for the next few years. So are you changing your overall capital deployment strategy of returning 100% of free cash flow to shareholders following the President's Executive orders?

早上好，吉姆和埃文。我想諮詢一下資金部署的問題。今年的資本支出大幅成長，而且這種情況似乎會持續幾年。那麼，根據總統的行政命令，您是否會改變將100%自由現金流返還給股東的整體資本部署策略？

And if so, should investors expect that to be a new normal? And how might vertical integration factor into capital deployment going forward?

如果真是如此，投資人是否應該預期這將成為一種新常態？那麼，縱向整合將如何影響未來的資本配置？

Scott, it's Jim. We're going to continue to use a disciplined and dynamic capital allocation process that we've been using for years. There's some differences this year, which is the introduction of long-term contracts, which I do think will be extended and expanded by the Department of War, which creates stable growth opportunities for companies like us, that the ROIs will exceed our cost of capital, and therefore, we should invest in those stable growth opportunities over much longer terms than we've ever enjoyed before.

史考特，我是吉姆。我們將繼續沿用多年來一直採用的嚴謹且靈活的資本配置流程。今年有一些不同之處，那就是引入了長期合約。我認為戰爭部將會延長和擴大這些合同，這將為像我們這樣的公司創造穩定的成長機會，投資報酬率將超過我們的資本成本。因此，我們應該比以往任何時候都更長期地投資於這些穩定的成長機會。

So the process remains the same, but the conditions have changed on the availability of accretive investments that we can make in our company. The second area is R&D, and we are making inroads in a number of areas that, again, we believe, with the new approach for acquisition transformation in the government, we will be able to prove ourselves by making R&D investments and building prototypes even at a greater rate than we ever have before.

因此，流程仍然相同，但我們公司可以進行的增值投資的條件發生了變化。第二個領域是研發，我們在多個領域取得了進展，我們相信，隨著政府採購轉型新方法的實施，我們將能夠透過研發投資和原型製造來證明自己，其速度甚至會比以往任何時候都更快。

And I'll give you just a couple of examples of that. You saw one already, the autonomous Black Hawk helicopter, that's real. I mean it's live. You can control it from a tablet, command post or inside the aircraft, but -- with all the controls and all the intelligence to fly using AI, you don't need a pilot in there. So we are doing this on our own R&D budget.

我舉幾個例子來說明這一點。你已經見過一架了，那就是無人駕駛的黑鷹直升機，那是真的。我的意思是，這是現場直播。你可以透過平板電腦、指揮所或飛機內部來控制它，但是——憑藉所有控制裝置和所有利用人工智慧飛行的智能，你不需要飛行員在裡面。所以，我們是用自己的研發預算來做這件事的。

Another example is The CMMT, which is a low-cost, high capability cruise missile design that we're creating ourselves, because we do think there's going to be upside opportunity in that arena as the cost per unit will be attractive.

另一個例子是 CMMT，這是一種低成本、高能力的巡航飛彈設計，是我們正在自主研發的，因為我們認為在這個領域會有發展機會，因為單位成本會很有吸引力。

And then finally, as far as the drone wingman, which we know how to actually control from F-22s and F-35 and we designed product to do that. We're building our own prototypes of the drone wingmen, CCA, if you will, again, on our own R&D budget, because we think we will have the best product, we will get the scaled orders and we can connect them and can show and have shown that we can connect our design of the CCA to a fifth-generation aircraft that actually flies today, and that that's a scalable opportunity for us.

最後，關於無人機僚機，我們知道如何從 F-22 和 F-35 實際控制它，我們也設計了相應的產品。我們正在利用我們自己的研發預算，打造自己的無人機僚機原型機，也就是 CCA，因為我們認為我們會擁有最好的產品，我們會獲得規模化的訂單，我們可以將它們連接起來，並且已經證明，我們可以將我們的 CCA 設計與目前實際飛行的第五代飛機連接起來，這對我們來說是一個可擴展的機會。

So there'll be better and longer-term CapEx opportunities. There are more creative and open field R&D opportunities for us. And as you mentioned, with the vertical integration opportunity that may come throughout this administration and perhaps the next, we have been active in exploring and even attempting some mergers and acquisitions during the last five years.

因此，未來會有更好、更長遠的資本支出機會。我們擁有更多具創意和開放性的研發機會。正如您所提到的，隨著本屆政府乃至下屆政府可能帶來的垂直整合機遇，在過去的五年裡，我們一直在積極探索甚至嘗試一些併購活動。

One that was publicized wasn't approved by a different administration. So we're going to keep our powder dry for those opportunities too because they will be accretive as well. So what we can say today is we're going to continue to use our disciplined and dynamic approach based on the conditions that we experienced in that period of time. And we're going to allocate our capital that way.

其中一項被公開的方案並未獲得另一屆政府的批准。所以，我們也要為這些機會做好準備，因為它們也會帶來好處。所以今天我們可以說的是，我們將繼續採用基於那段時間所經歷的情況的嚴謹而靈活的方法。我們將按照這種方式配置我們的資金。

Rich Safran, Seaport Research.

Rich Safran，Seaport Research。

I have -- I think they're quick two part question on multiyears. First, regarding the two missile framework deals for PAC-3 and THAAD, what's the timing of a multiyear there? And how are you thinking about MFC margin potential over the long term?

我有——我認為他們提出的是關於多年期的快速兩部分問題。首先，關於PAC-3和THAAD這兩項飛彈框架協議，多年協議的執行時間是什麼時候？您如何看待MFC的長期利潤潛力？

Second part, the F-35 has been mostly bought in annual increments and for the most part. Should we be expecting a multiyear for the F-35? And how are you thinking about program quantities there?

第二部分，F-35 的採購大多是按年分批進行的，而且大部分情況下都是如此。我們是否應該預期F-35計畫會持續多年？你們對那裡的節目數量有什麼想法？

Rich, as far as the multiyear missile agreements, they're frameworks, they are committed and purposeful by both sides, industry and government. There's a couple of the steps that the government needs to take. One is to definitize the contract, and to do that, they need to have an appropriation that is approved.

Rich，就多年飛彈協議而言，它們是框架協議，是工業界和政府雙方都致力於達成的，並且具有明確的目的性。政府需要採取以下幾個步驟。一是確定合同，而要做到這一點，他們需要獲得批准的撥款。

So they're working through and we will work with them on the definitized contract, and already are actually, but all those steps do need to be completed. The timing on that will be up to the congressional budget cycle. We expect both of those programs to be up and running under the framework agreement with appropriations by this year, 2026 that's our expectation.

所以他們正在努力，我們將與他們一起制定最終合同，實際上我們已經在這樣做了，但所有這些步驟都需要完成。具體時間將取決於國會的預算週期。我們預計這兩個項目都將在今年（2026年）之前根據框架協議獲得撥款並投入運行，這是我們的預期。

On F-35, we have been publicly advocating for a few years on multiyear sustainment potential for aircraft like the F-35. There's no reason whatsoever that, whether it's production, modernization and sustainment that those activities couldn't be wrapped into a multiyear framework just like we've done for the missile systems.

關於 F-35，我們幾年來一直在公開倡導像 F-35 這樣的飛機具備多年維護潛力。無論是生產、現代化或維護，這些活動完全可以像我們對飛彈系統所做的那樣，納入一個多年框架內，沒有任何理由不這樣做。

Some additional complexity there given the nature of the program. But there's no reason we couldn't get to the goal line should the government be interested in pursuing any or all of those elements of the F-35.

鑑於該程序的性質，其中存在一些額外的複雜性。但是，如果政府有興趣推進 F-35 的任何或所有相關技術，我們完全可以實現目標。

And I'll address your question, Rich, on the MFC margins. So we, in our guidance this year, have contemplated the PAC-3 and THAAD multiyear agreements getting awarded this year, with initial sales starting this year. So I think, first of all, it's encouraging to see margins holding despite growth beginning this year.

Rich，我會回答你關於 MFC 利潤率的問題。因此，我們在今年的指導意見中考慮了 PAC-3 和 THAAD 多年協議在今年授予，首批銷售將於今年開始。所以我覺得，首先，令人鼓舞的是，儘管今年開始成長，但利潤率依然保持穩定。

I think as you know, the way we do our profit recognition is we start typically at a lower profit recognition point on a program and build it up over time as we make progress on deliveries and risk reduction. So think of this as a seven year program that will step up over time.

我想您也知道，我們確認利潤的方式通常是從一個專案較低的利潤確認點開始，然後隨著交付和風險降低的進展，逐步提高利潤確認點。所以，你可以把這看作是一個為期七年的項目，它會隨著時間的推移而逐步改進。

What that would mean for MFC margins in the coming years is some possible dilution, but probably no more than 20 basis points to 30 basis points at max, but that's going to then create over time, opportunity to exceed MFC margins beyond where they have historically been with the opportunity to perform that is presented to us with these multiyear agreements.

這意味著未來幾年 MFC 的利潤率可能會稀釋，但最多可能不超過 20 到 30 個基點，但隨著時間的推移，這將創造機會，讓我們能夠超越 MFC 的利潤率，達到其歷史水平，而這些多年協議也為我們提供了這樣的機會。

And that margin pressure, because of the start-up nature of this production ramping, will be in an environment where sales should be double-digit growth in MFC and maybe even mid-teens sales growth in MFC. We'll take that trade. And then the margins will be, as Evan just said, will catch up. This is a very, very good arrangement for Lockheed Martin.

由於此次生產爬坡的啟動性質，利潤率將面臨壓力，同時，MFC 的銷售額應該會實現兩位數的成長，甚至可能達到十幾位數的成長。我們接受這筆交易。然後，正如埃文剛才所說，利潤空間將會趕上來。這對洛克希德馬丁公司來說是一個非常非常好的安排。

Kristine Liwag, Morgan Stanley.

克莉絲汀‧利瓦格，摩根士丹利。

Hey, good morning, Jim, Evan, and Maria. Jim, thank you for your earlier comments on R&D and capital priority. There's been growing interest in disruptive defense technologies, and large established companies are often discussed and valued differently than newer entrants in this space.

嘿，吉姆、艾文和瑪麗亞，早安。吉姆，感謝你之前對研發和資金優先事項的評論。人們對顛覆性國防技術的興趣日益濃厚，大型成熟公司與該領域的新興公司相比，往往受到不同的討論和評價。

How do you think about technology disruption? Are there areas where you still see yourself as lightspeed ahead of industry? And how do you view your role within the broader defense innovation ecosystem?

您如何看待科技顛覆？你認為在某些領域，你仍然領先於產業領導者嗎？您如何看待您在更廣泛的國防創新生態系統中的角色？

Kristine, we address disruptive technology opportunities literally every day in every business area we have. And so I'll just give you a couple. And by the way, with the geopolitical environment that faces the United States today, we need to marshal all resources in American industry. So it could be the start-up community, it's the midsized companies, it's the new entrants, if you will, it's the capital markets.

克里斯汀，我們幾乎每天都會在我們所有的業務領域中探討顛覆性技術帶來的機會。所以我只舉幾個例子給你聽。順便說一句，鑑於美國當前面臨的地緣政治環境，我們需要調動美國工業的所有資源。所以，它可能是創業群體，也可能是中型企業，或是新進入者，或是資本市場。

And the major aerospace and defense companies have to have a large role in this because you've got to have the infrastructure, you got to have the workforce. You have to have the cyber capability. You have to have the deployability around the world of anything you develop in the national defense arena in the United States.

主要的航空航太和國防公司必須在這方面發揮重要作用，因為你需要基礎設施，你需要勞動力。你必須具備網路安全能力。在美國國防領域，你開發的任何技術都必須具備在全球部署的能力。

So we are all involved at every level in every BA in disruptive technology. And I'll just give you a couple of examples, start at the highest level, if you will, in Space. We've already announced that we're building an operable space-based interceptor that we want to fly in space by 2028 that would be part of Golden Dome potentially that can actually incorporate our technology of how to hit, as my chief engineer says, a bullet with a bullet in space -- do it from space.

因此，我們在顛覆性技術的每個業務分析中都參與了各個層面的工作。我舉幾個例子，就從最高等級的太空開始吧。我們已經宣布，我們正在建造一個可操作的天基攔截器，我們希望它在 2028 年之前在太空飛行，它可能會成為金穹頂的一部分，並且實際上可以融入我們的技術，正如我的首席工程師所說，在太空中用子彈擊中子彈——從太空進行。

That guidance technology, the ability to build the fins, the actuators, the electronics to actually make that happen, we know in this company how to do. We also know how to build satellites and also low-orbit satellites, we just described on the tracking layer where we have a $1 billion contract to do military hardened low-orbit satellites already.

我們公司知道如何製造導引技術、鰭片、執行器和電子設備來實現這一目標。我們也知道如何製造衛星，包括低軌道衛星。我們剛剛在追蹤層中描述了這一點，我們已經獲得了一份價值 10 億美元的合同，用於製造軍用加固的低軌道衛星。

So for us, it's a matter of being creative and combining our capabilities within Lockheed Martin and outside of Lockheed Martin, right? So if you -- if any initiative in the space doesn't have military theater level scalability, it's interesting, but it will not be decisive. We are in the business of decisive military advantage. And so I'll give you another example, and this is teaming with a new entrant.

所以對我們來說，關鍵在於發揮創造力，將洛克希德馬丁公司內部和外部的能力結合起來，對吧？所以，如果——如果該領域的任何舉措不具備軍事戰區級別的可擴展性，那它就很有趣，但不會起到決定性作用。我們追求的是決定性的軍事優勢。所以我再舉一個例子，這次是引進了一位新成員。

The company is called Saildrone, many of you have heard of that, distributed naval vehicle surface company. Pretty advanced, very well run, excellent base product. But it will be interesting to have surface ship drones sailing around the Pacific. But to make them decisive in deterring potential aggressor's action, they're going to have to be armed and they're going to have to be effectively armed with a reliable kind of weapon, frankly. And we're doing that with Saildrone.

這家公司名叫Saildrone，你們很多人都聽過，它是一家分散式水面艦艇公司。相當先進，運作良好，基礎產品非常出色。但想像一下水面艦艇上的無人無人機在太平洋上航行，那將會很有趣。但要讓他們在阻止潛在侵略者的行動方面發揮決定性作用，他們必須配備武器，而且坦白說，他們必須配備可靠的武器才能有效作戰。我們正在使用 Saildrone 來實現這一點。

We've actually innovated ourselves and took a JAGM, which is a joint air-to-ground missile, so generally fired from a helicopter, for example. We've taken this air-to-ground missile, we've reconfigured it to be a ground-to-ground missile or surface-to-surface missile if you're on the ocean.

我們實際上進行了創新，採用了聯合空對地飛彈（JAGM），這種飛彈通常是從直升機上發射的。我們已經將這種空對地飛彈重新配置成地對地飛彈，或者如果你在海上，它也可以作為地對地飛彈使用。

That we did ourselves. We've built and invented a quad launcher that will take four of these JAGMs and be able to fire them, not at a vertical angle but at a 45-degree angle, which is also new to that system. And we're installing them as partners with Saildrone on their autonomous ships. Now you've got something that can affect the deterrence equation of a potential adversary.

那是我們自己做的。我們製造並發明了一種四聯裝發射器，它可以裝載四枚JAGM飛彈，並能以45度角而不是垂直角發射它們，這對該系統來說也是全新的。我們正在與 Saildrone 合作，將它們安裝在他們的無人船上。現在你擁有了可以影響潛在對手威懾力的東西。

And these are the kinds of things that we innovate on. How do we combine our own capabilities that I just described in space? And another example, how do we combine our capabilities with a proven product that the Navy actually knows how to use and has supply chain for and has a repair system for already that we introduce onto a new vehicle that no one's ever had before, which would be the Saildrone autonomous shipping.

而這些正是我們進行創新的領域。我們如何將我剛才在太空中所描述的各種能力結合起來？再舉一個例子，我們如何將我們的能力與海軍實際知道如何使用、擁有供應鏈和維修系統的成熟產品相結合，然後將其引入到一種前所未有的新型車輛上，即 Saildrone 自主運輸船。

So we're all about disruptive technology. Some we'll do on our own. Some we'll do it our aerospace and defense kind of prime partners. Some we'll do in smaller and more novel companies.

所以我們專注於顛覆性技術。有些我們會自己完成。有些專案我們將與我們在航空航太和國防領域的主要合作夥伴合作完成。有些我們會交給規模較小​​、更具創新性的公司去做。

Doug Harned, Bernstein.

道格·哈內德，伯恩斯坦。

Good morning, thank you. I want to go back to Missiles and Fire Control and a couple of things around the PAC-3 and the THAAD deals. I mean this is clearly very good in terms of allowing you to plan for the long term and long-term growth.

早安，謝謝。我想回到飛彈和火控，以及 PAC-3 和 THAAD 交易的一些相關事宜。我的意思是，這顯然非常有利於你進行長期規劃和長期發展。

But if I put this into kind of the context of history, first, appropriations are still done annually in Congress and there are periods of time, and you all saw this back kind of in the 2015 time frame when there was huge growing demand for missiles, and then things changed and that all collapsed.

但如果我把這件事放在歷史背景下來看，首先，國會每年都會進行撥款，而且撥款也會有周期性變化，你們都看到了，在 2015 年左右，導彈的需求大幅增長，然後情況發生了變化，一切都崩潰了。

And so how do you get comfortable about that seven year ramp, that the support will be there? And if I can extend it a little bit, do you see the opportunities on some of the other MFC programs that you have underway to do a similar thing?

那麼，如何才能對這七年的增長期感到放心，並確信會有相應的支持呢？如果我能稍微拓展一下，您是否認為您正在進行的其他一些 MFC 專案中也存在類似的機會？

Doug, Jim here. Yes, traditionally, there's annual appropriations. The administration is striving to modify that. They've already got authorization for a range of effectors or missiles through Congress, part of the process, not the complete process. But it's already been introduced and it's advancing on a seven year basis for, I think, it's four or five specific missile systems, including THAAD and PAC-3. So that's the first confidence builder.

道格，我是吉姆。是的，按照傳統，每年都會有撥款。政府正在努力改變這種情況。他們已經透過國會獲得了一系列效應器或飛彈的授權，這只是流程的一部分，而不是整個流程。但它已經推出，並且正在以七年為週期推進，我認為，它涉及四到五個特定的飛彈系統，包括 THAAD 和 PAC-3。這是增強自信心的第一個方法。

The second one is that the agreements that we have struck, and we were the path finder in these framework agreements, others may sign on to something similar. But in our agreements, we had ensured with the department, as I alluded to earlier, that if there is a change in the procurement strategy along the way during the seven years, there are make-whole provisions that will bring our company back to sort of the same ROI cash flow perspective as we would normally have had in a single year appropriation.

第二點是，我們達成的協議（我們是這些框架協議的先驅），其他人可能會簽署類似的協議。但正如我之前提到的，我們在協議中向該部門保證，如果在七年期間採購策略發生變化，將有補償條款，使我們公司的投資回報率現金流恢復到與正常情況下單年撥款時大致相同的水平。

So there is a remediation element to, and a strong remediation element, to make whole if the procurement strategy changes.

因此，如果採購策略發生變化，就需要採取補救措施，而且需要採取強有力的補救措施來彌補損失。

Rob Stallard, Vertical Research.

Rob Stallard，Vertical Research。

Jim, a question for you following up from Scott's question early on. I just wanted to clarify, will you be holding the buyback and dividend this year and going forward? Or is it coming down?

吉姆，我有個問題想問你，這個問題是接著史考特之前提出的問題問的。我只是想確認一下，今年以及未來幾年你們還會繼續進行股票回購和分紅嗎？還是說它正在下降？

We will be evaluating all of our capital deployment options as time progresses. We'll announce those decisions as they occur, publicly as required and as has been our practice.

隨著時間的推移，我們將評估所有資金部署方案。我們將按照慣例，在做出決定後，根據需要公開宣布這些決定。

So we will be continuing to operate in a dynamic way. It's actually more dynamic than ever these days. And the opportunity set is much greater along the lines that I've already described. So Rob, we will disclose when we can what our actions are as the months progress through '26 and beyond.

因此，我們將繼續以靈活的方式運作。如今，它實際上比以往任何時候都更具活力。而且，按照我前面描述的方式，機會範圍要大得多。所以羅布，我們會在2026年及以後，在條件允許的情況下公佈我們的行動計劃。

Gautam Khanna, TD Cowen.

Gautam Khanna，TD Cowen。

Thanks. Good morning, guys.

謝謝。各位早安。

I was wondering if you could give us a quick refresher on how the Aero classified program is performing. And also, Evan, if you could just speak to 2027 pension requirements given where things sit today.

我想請您簡單介紹一下航空分類專案的進度。還有，埃文，鑑於目前的情況，你能談談 2027 年的退休金需求嗎？

So on the Aero classified program, this is Jim speaking, as a reminder, this is a very complex design and system integration activity. And risk is going to remain over the next few years as we progress through more key phases of the program, which is progressing well.

所以，關於航空機密項目，我是吉姆，提醒大家，這是一個非常複雜的設計和系統整合活動。未來幾年，隨著我們推進該計劃的更多關鍵階段，風險仍然存在，但該計劃目前進展順利。

However, to note, there were no additional charges reported on this program in the fourth quarter and we continue to proactively monitor and manage potential risks with our highest level of executives personally involved in this now.

不過要指出的是，第四季該專案沒有報告任何額外費用，我們將繼續積極監控和管理潛在風險，目前我們的最高管理層已親自參與其中。

And we will keep such a close eye in the program that we should be able to identify any other potential risk and opportunities even to drive better outcomes on a much more timely basis. So that's where the program stands today. We're very confident in it. We're very confident in the team that we have in the field now to execute it, and it's being monitored monthly as never before.

我們將密切關注該項目，以便能夠及時發現任何其他潛在風險和機遇，從而取得更好的成果。這就是該項目目前的進展。我們對此非常有信心。我們對目前現場的團隊執行這項任務非常有信心，而且我們正在以前所未有的力度每月進行監控。

And I'll address the pension. And it's important to note when it comes to free cash flow, I think you've seen in 2025 and now in 2026, I think we've done a very good job with a lot of focus to convert working capital to operating cash. So between the two years, you do see a significant uplift in operational cash.

我還會談到退休金問題。值得注意的是，就自由現金流而言，我認為你們已經看到了，在 2025 年和現在的 2026 年，我們非常注重將營運資本轉化為經營現金，在這方面做得非常好。因此，這兩年間，營運現金確實出現了顯著成長。

What that meant in 2025, of course, is that we had ability to prefund the required 2026 pension in full such that there's no required this year to your question. That requirement does come back in starting in 2027 of at least $1 billion, depending on how we look in terms of pension performance this year.

當然，這意味著到 2025 年，我們有能力提前全額支付 2026 年所需的退休金，因此今年不需要支付你提出的問題。從 2027 年開始，這項要求將再次生效，至少為 10 億美元，具體金額取決於我們今年對退休金表現的評估。

I think with the strong cash flow that we're seeing this year, we'll continue to be opportunistic as we have in prior years. If we could drive free cash flow to such a way again this year, there may be an opportunity to prefund 2027 required pension as well. So we'll continue to stay focused on that and advise as we make progress.

我認為，憑藉今年強勁的現金流，我們將繼續像往年一樣抓住機會。如果我們今年能夠再次將自由現金流推向這樣的水平，那麼或許還有機會提前為 2027 年所需的退休金提供資金。因此，我們將繼續專注於此，並在取得進展後及時向大家提供建議。

Myles Walton, Wolfe Research.

Myles Walton，Wolfe Research。

Jim, on last quarter's call, I think we talked about R&D and CapEx as a percent of sales. And at the time, you didn't see a need for that to rise materially. But obviously, that's changed here in the release. I think I understand the CapEx side for capacity build-out, but what changed specifically in terms of opportunity set? Was it SBI or something else, that drove the change in R&D as a percent of sales?

吉姆，在上個季度的電話會議上，我想我們討論了研發和資本支出佔銷售額的百分比。當時，你認為沒有必要大幅上漲。但很顯然，在這個版本中情況有所改變。我想我了解產能擴張方面的資本支出，但就機會範圍而言，具體發生了哪些變化？是 SBI 還是其他因素推動了研發投入佔銷售額比例的變化？

And are these new numbers the new norms going forward or would they go higher?

這些新數字是未來的新常態，還是會更高？

So what's changed, Myles, is the department's very transparent interest in advanced technology development and to support advanced technology development. As the defense budget rises and the Congress and the administration work together to decide exactly what those numbers are. But as it rises, there will be more opportunity for companies like ours to engage in more R&D type prototype activities.

邁爾斯，改變的是該部門對先進技術發展和支持先進技術發展表現出了非常透明的興趣。隨著國防預算的增加，國會和政府共同努力，決定這些數字究竟是多少。但隨著它的上升，像我們這樣的公司將有更多機會參與更多研發類型的原型活動。

We've actually been doing that to the level you've seen us do for the past three years or four years. And we actually have an entire process that goes from scientific level of research all the way through prototypes on active ships, Air Force, Marine bases, test ranges.

事實上，在過去的三、四年裡，我們一直都達到了你們所看到的水平。我們其實有一個完整的流程，從科學層面的研究一直到現役艦艇、空軍、海軍陸戰隊基地、試驗場的原型測試。

We've got that process in place now and have developed over the last few years with our customers actually who trust us in these matters. And now that we see that the budget could increase in this realm, that the leadership of the research and development, staff and the Pentagon is in place, and that the commitment is to it be innovative, we are going to commit more to R&D.

我們現在已經建立了相應的流程，並且在過去幾年中與信任我們的客戶共同發展完善了這個流程。現在我們看到，該領域的預算可能會增加，研發領導層、人員和五角大樓都已到位，並且致力於創新，因此我們將加大對研發的投入。

Mike Ciarmoli, Truist Securities.

Mike Ciarmoli，Truist Securities。

Hey, morning guys. Thanks for taking the question. First, I think just a housekeeping. Should we expect the share count to stay flat or go down this year? And then, Jim, I was wondering if you could elaborate, maybe even tying into Myles' question, you talked about a $1 billion strategic investment on F-35 sustainment. Can you maybe give us a little bit more detail and unpack that, what the expectations are with that maybe at the direction of the government? Or any more color there would be helpful.

嘿，各位早安。感謝您回答這個問題。首先，我覺得只是做一些家事。今年股份數量預計會維持不變還是下降？然後，吉姆，我想請你詳細說明一下，或許可以和邁爾斯的問題聯繫起來，你談到了對 F-35 維護進行 10 億美元的戰略投資。您能否提供更多細節並詳細解釋一下，例如在政府的指示下，對此有何預期？如果能多一些顏色就更好了。

Yes. So the share count will be reported quarterly as always. So you see that as it comes over the course of this year. On F-35 sustainment over, I'll say, a few prior years, there was, in our opinion, some underfunding of spare parts and repair capacity in the various defense budgets previous to this administration. And we have been striving to make up for some of that ourselves with internal investment.

是的。因此，股份數量將照常按季度公佈。所以你會看到這種情況在今年逐漸發生。關於 F-35 的維護，我想說，在過去的幾年裡，我們認為，在本屆政府之前的各個國防預算中，備件和維修能力方面的資金投入不足。我們一直在努力透過內部投資來彌補其中的一些不足。

But what we want to do is really kind of double down and, frankly, we have put $1 billion plus into spare parts and repairs already, but we're going to double down on that to make an extra effort to improve the mission-capable rates of the aircraft and kind of make up for this unfortunate spare parts and repairs deficit that's been created over the last five, whatever years.

但我們真正想做的是加倍投入，坦白說，我們已經在備件和維修方面投入了超過 10 億美元，但我們將加倍投入，以進一步提高飛機的任務執行率，並彌補過去五年來造成的備件和維修方面的不幸缺口。

That's just something we'll step up and do. It does require investment. But these systems are so critical in today's world that we do feel that we are going to get benefit both financially and operationally on the performance of the aircraft for making this investment. So we're going to do it.

這是我們一定會主動承擔並完成的事情。這確實需要投資。但這些系統在當今世界至關重要，我們相信這項投資將在飛機性能方面帶來經濟和營運上的收益。所以我們要這麼做。

And I'll note that this elevated investment is, as I think it's clear, is considered within the $6.5 billion to $6.8 billion free cash flow, which is higher than our previous guidance even with these elevated investments. So I think that speaks to the underlying strong operational cash flow.

而且我要指出的是，這項增加的投資，正如我認為很明顯的那樣，包含在 65 億美元至 68 億美元的自由現金流中，即使加上這些增加的投資，也高於我們先前的預期。所以我認為這體現了其強勁的營運現金流。

Gavin Parsons, UBS.

瑞銀集團的加文·帕森斯。

Quick clarification on cash flow first. Is there any customer support or CapEx reimbursement in your operating cash flow? And then on the PAC-3 and THAAD frameworks, could you talk a little bit more about how those are structured, maybe particularly as it relates to kind of the performance opportunity versus risk?

首先快速澄清一下現金流狀況。您的營運現金流中是否有客戶支援或資本支出補償？那麼關於 PAC-3 和 THAAD 框架，您能否再詳細談談它們的結構，特別是與性能機會與風險相關的方面？

Yes. So with respect to cash flow and CapEx, one of the key dynamics of these multiyear agreements is that they are in no way intend to be punitive. This is a customer partnering with us to find the best, most efficient way to rapidly scale capability as the war provider.

是的。因此，就現金流和資本支出而言，這些多年協議的關鍵動態之一是，它們絕非旨在懲罰。這是一位與我們合作的客戶，旨在找到作為戰爭物資提供者快速擴展能力的最佳、最有效的方式。

And as such, I think we're going to see some partnership with cash flow terms to make sure that we're well supported as we make these investments. So I think you are going to see an elevated working capital benefit or operational benefit to offset some of these CapEx expenditures. So that is a key part of what we're contemplating with these deals.

因此，我認為我們將會看到一些與現金流條款相關的合作，以確保我們在進行這些投資時得到充分的支持。所以我認為你會看到營運資本利得或營運收益的提升，以抵銷部分資本支出。所以，這是我們在考慮這些交易時重點關注的部分。

Yes. And then there's incentives in both the Patriot and the THAAD framework agreements for us to outperform the objectives. And so what we have agreed upon is a profit sharing above a certain robust level, I'll call it, where we start to share some of the increased profits with the U.S. government by plowing some of those increased profits back into something like I just talked about, which is additional spare parts or it's additional equipment or tooling in the factory, those kinds of things.

是的。此外，《愛國者》和《薩德》框架協議中都有激勵措施，促使我們超越既定目標。因此，我們達成的共識是，當利潤超過某個相當可觀的水平時，我們將與美國政府分享一部分增加的利潤，並將部分增加的利潤再投資到我剛才提到的那些方面，例如額外的備件、額外的設備或工廠的工具等等。

And so there's a sort of reinvestment mechanism in a profit-sharing vehicle, if you will, for us to even better support these programs going forward on behalf of and with the government.

因此，我們可以利用利潤分享機制進行再投資，以便更好地代表政府和與政府一起支持這些項目向前發展。

Great. And Sarah, I think we have time for one last question as we're approaching time here.

偉大的。莎拉，我想我們還有時間問最後一個問題，因為時間快到了。

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，傑富瑞集團。

Good morning guys, and thank you for getting me in. In the past, Jim, maybe you've talked about a target framework with low single-digit revenue growth in mid-single digits and 10 basis points to 20 basis points of margin expansion. In light of what we've seen recently with PAC-3 and THAAD, double-digit growth at MFC is inevitable.

各位早安，謝謝你們讓我加入。吉姆，過去你可能談到一個目標框架，就是營收成長達到個位數中段，利潤率擴張達到 10 到 20 個基點。鑑於我們最近在 PAC-3 和 THAAD 專案中看到的情況，MFC 實現兩位數成長是不可避免的。

So how do you think about the target growth model and maybe the segment ranking through that outside of MFC and free cash flow contribution going forward?

那麼，您如何看待目標成長模型，以及在MFC和自由現金流貢獻之外，如何看待未來的細分市場排名？

So Sheila, we do see upside to growth, both again, once we get things ramped up and margin compression out of the way. But certainly on revenues and then to follow on margins, and certainly on operating profit as well.

所以，Sheila，我們確實看到了成長的潛力，一旦我們把各項工作都推進到位，解決了利潤率壓縮的問題，情況就會好轉。但首先是營收，其次是利潤率，當然還有營業利益。

So we do see upside there. I could turn it over briefly to Evan just to talk a little bit about each of the business areas quickly.

所以我們看到了其中的正面因素。我可以簡單地把麥克風交給艾文，讓他快速地談談各個業務領域。

So underlying, I think, to Jim's point, there's a strong growth pace by MFC. Space continues to be our second fastest-growing business now as we've seen strength in the strategic missile defense business, particularly, but also in the classified space area.

所以，我認為，從根本上來說，正如吉姆所說，MFC 的成長速度非常強勁。太空業務目前仍然是我們成長速度第二快的業務，我們在戰略飛彈防禦業務方面表現尤為強勁，在保密太空領域也是如此。

So I think -- and with respect to MFC, we are scaling other munitions beyond the ones that we're kind of contemplating in the multiyear agreements. So all across the board there, I think you're seeing strong revenue growth.

所以我認為——就MFC而言，我們正在擴大其他彈藥的規模，而這些彈藥是我們多年協議中正在考慮的。所以總的來說，我認為你會看到各方面的收入都實現了強勁成長。

As we look kind of beyond, I mean, we're not ready to give multiyear frameworks at this point, but I do think you're going to continue to see upward pressure on revenue and a real intention to drive margins. And in the next couple of years, we still have some dilutive pressure of some of the programs that we took prior losses on.

展望未來，我的意思是，我們目前還不準備制定多年框架，但我認為你會看到收入持續面臨上行​​壓力，而公司有真正的意願提高利潤率。在接下來的幾年裡，我們仍然會面臨一些稀釋壓力，因為我們之前的一些項目出現了虧損。

So as those sort of work down, there's going to be, I believe, increased margin opportunity in the out years. And as time goes, we'll give added insight into that.

因此，隨著這些因素逐漸減少，我相信未來幾年利潤空間將會增加。隨著時間的推移，我們將對此提供更多見解。

All right. Well, thanks for joining our call today, everyone. 2025 was a successful year for Lockheed Martin, and we're already carrying that momentum into 2026. As the War Department continues to adopt new ways of doing business, I am more confident than ever in our company's ability to deliver both value to our military services and our allies and to our shareholders.

好的。感謝各位今天參加我們的電話會議。 2025年對洛克希德馬丁公司來說是成功的一年，我們已經將這股勢頭延續到了2026年。隨著戰爭部不斷採用新的業務方式，我對我們公司為我們的軍隊、盟友和股東創造價值的能力比以往任何時候都更有信心。

I'd like to thank our 121,000 Lockheed Martin teammates for their commitment and dedication to the mission. And I look forward to speaking with all of you in April for our first quarter earnings call. Sarah, that concludes our call for today.

我要感謝洛克希德馬丁公司的 121,000 名同事，感謝他們對這項使命的投入和奉獻。我期待在四月與大家進行第一季財報電話會議。薩拉，今天的通話就到這裡。

Thank you. This concludes today's conference call.

謝謝。今天的電話會議到此結束。

Thank you for joining. You may now disconnect.

感謝您的參與。您現在可以斷開連線了。