洛克希德·馬丁 (LMT) 2026 Q3 法說會逐字稿

Good day, and welcome, everyone, to the Lockheed Martin third-quarter 2026 earnings results conference call. Today's call is being recorded. (Operator Instructions)

大家好，歡迎各位參加洛克希德馬丁 2026 年第三季財報結果電話會議。今天的電話會議將被錄音。（接線員指示）

At this time, for opening remarks and introductions, I would like to turn the call over to Mark Kvasnak, Vice President, Investor Relations. Please go ahead.

現在進行開場致詞與介紹，我想把電話交給投資人關係副總裁 Mark Kvasnak。請開始。

Thank you, Sarah. And good morning. I'd like to welcome everyone to our third-quarter 2026 earnings conference call. Joining me today on the call are Jim Taiclet, our Chairman, President, and Chief Executive Officer; and Evan Scott, our Chief Financial Officer.

謝謝你，Sarah。各位早安。歡迎各位參加我們 2026 年第三季財報電話會議。今天與我一同出席的有：董事長、總裁暨執行長 Jim Taiclet，以及財務長 Evan Scott。

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、非屬歷史事實的陳述，均屬前瞻性陳述，並依據聯邦證券法的「安全港」條款作出。實際結果可能與前瞻性陳述中所預測者有重大差異。請參閱洛克希德馬丁向 SEC 提交的文件，其中說明了可能導致實際結果與前瞻性陳述所述結果出現重大差異的部分因素。

We posted slides on our website today that we plan to address during the call to supplement our comments. These slides 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 slides and see definitions and reconciliations for non-GAAP measures.

我們今天已在網站上發布簡報投影片，並計畫在會議中加以說明，以補充我們的評論。這些投影片亦包含與今天電話會議可能使用之非 GAAP 衡量指標相關的資訊。請造訪我們的網站 www.lockheedmartin.com，並點選「Investor Relations（投資人關係）」連結，以檢視並跟隨投影片，以及查看非 GAAP 衡量指標的定義與調節表。

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

接下來，我把電話交給 Jim。

Thank you, Mark. Good morning, everyone.

謝謝你，Mark。各位早安。

Lockheed Martin delivered another quarter of strong program performance, growing both sales and profit by double digits, reflecting execution to the plan that we previously laid out for you. We generated $3 billion of free cash flow in the quarter and grew our backlog to another record $292 billion. The momentum in our business is accelerating, giving us confidence to raise our full year expectations for sales, earnings, and cash again this quarter. Evan will cover the specifics shortly.

洛克希德馬丁本季再次展現強勁的專案執行表現，營收與獲利皆以雙位數成長，反映我們依照先前向各位說明的計畫落實執行。本季我們創造了 30 億美元的自由現金流，並將在手訂單（backlog）提升至另一個歷史新高 2,920 億美元。我們業務動能正在加速，讓我們有信心在本季再次上調全年對營收、盈餘與現金的預期。Evan 稍後會說明具體細節。

These results are a product of the investments we made in recent years that are now delivering across our entire portfolio from autonomous aircraft and next-generation air dominance to homeland missile defense, hypersonics, and the command and control that connects it all. We are innovating faster with the best technologies available, providing integrated capabilities across every domain to answer a defense sector demand that appears permanent, resulting in a business that is resilient through any budget cycle. Munitions are a major part of that story, but they're far from the only engine of our growth.

這些成果來自我們近年所做的投資，如今正於整體產品組合全面開花結果，涵蓋自主飛機與下一代制空、國土飛彈防禦、高超音速，以及將一切串聯起來的指揮與管制。我們以最優秀的可用技術更快創新，跨各領域提供整合式能力，以回應看似長期存在的國防產業需求，進而打造出能在任何預算循環中保持韌性的業務。彈藥是這個故事的重要部分，但遠非我們成長的唯一引擎。

I also want to start by acknowledging the recent F-35 multiyear announcement which cements its role as the Free World's key frontline fighter for years ahead and again, a continuing growth engine for Lockheed Martin. This agreement solidifies the path to 850 US aircraft over a 10-year span, which will be further augmented by sales to our allies, achieving a total production at 156 aircraft per year for 10 years. This landmark agreement also enables sustainment and future development to be more effective and efficient for our customers.

我也想先提到近期 F-35 多年期合約的公告，該公告鞏固了 F-35 在未來多年作為自由世界關鍵第一線戰機的角色，同時也再次成為洛克希德馬丁持續成長的引擎。此協議明確了在 10 年期間交付 850 架美國軍機的路徑，並將再加上盟邦採購，使總產量達到每年 156 架、連續 10 年。這項里程碑式協議也使維持運作（sustainment）與未來研發能以更有效率、效能更佳的方式服務我們的客戶。

Staying ahead of the threat has always been our mission. And today, we're doing it faster than ever. Over the last couple of quarters, I've explained how we are transforming Lockheed Martin. And this quarter proved it again as our increased speed of innovation showed up in every part of our business.

領先威脅始終是我們的使命。而今天，我們比以往任何時候都做得更快。在過去幾個季度，我已說明我們如何轉型洛克希德馬丁。本季再次證明了這一點：我們提升的創新速度在業務的每個部分都清楚展現。

At Skunk Works, the Vectis team went from first drawing to wind tunnel testing in under two months, released the first production part in eight months and have flight demonstrations scheduled for next year. This progress gave me confidence to greenlight an increase, and now we will build five Vectis aircraft with our own investment. That puts us in a position to offer a proven production-ready autonomous aircraft as our customers define their future requirements.

在 Skunk Works，Vectis 團隊從第一張設計圖到進入風洞測試不到兩個月，並在八個月內釋出第一個量產零件，且已排定明年進行飛行展示。這項進展讓我有信心核准擴大投入，現在我們將以自有資金打造五架 Vectis 飛機。這使我們能在客戶界定其未來需求時，提供一款經驗證、可量產的自主飛機。

At MFC, our Precision Strike Missile Increment 2 went from flight test in March and August to a $1.2 billion production contract within the same year. That compresses what has traditionally been a multiyear path from testing to production, getting a new maritime strike capability to the Army sooner and allowing the value of our development work to be realized years earlier than normal. This production award further builds on the Department of War’s broader investment in quadrupling PrSM production.

在 MFC，我們的精準打擊飛彈（PrSM）增量 2（Increment 2）從 3 月與 8 月的飛行測試，到同一年內取得 12 億美元的量產合約。這壓縮了傳統上從測試到量產需跨越多年的流程，使陸軍更早獲得新的海上打擊能力，也讓我們研發工作的價值比以往更早數年實現經濟回收。這項量產授標也進一步建立在戰爭部（Department of War’s）更廣泛的投資之上，即將 PrSM 產量提高至四倍。

Our Space team recently completed a key solid rocket motor test for the Next-Generation Interceptor program, keeping that program on track for fielding by 2030, strengthening the homeland missile defense and advancing a program essential to the nation’s future.

我們的太空團隊近期完成了下一代攔截器（Next-Generation Interceptor）計畫的一項關鍵固體火箭發動機測試，使該計畫維持在 2030 年前部署的進度上，強化國土飛彈防禦，並推進一項對國家未來至關重要的計畫。

And at RIMPAC, an exercise in the Pacific, our RMS team and Saildrone went from concept to a live-fire missile launch from an unmanned surface vessel in less than six months. Putting proven weapons on a commercial autonomous platform and extending Lockheed Martin's capability onto an entirely new class of systems.

此外，在太平洋的 RIMPAC 演習中，我們的 RMS 團隊與 Saildrone 在不到六個月內，從概念推進到在無人水面載具上進行實彈飛彈發射。這是在商用自主平台上部署經驗證的武器，並將洛克希德馬丁的能力延伸到一個全新的系統類別。

This commercial mindset throughout our company is changing how we build as well. Partnerships are becoming a key part of how we move faster, and we are extending them all through our supply chain and beyond.

這種貫穿全公司的商業化思維，也正在改變我們的製造方式。夥伴合作正成為我們加速前進的關鍵之一，而我們也正將合作延伸至整個供應鏈及其之外。

GM Defense, for example, delivered its first PAC-3 components to us in under one month from the initial contract. That adds capacity at a terrific supplier -- at a pace our traditional supply base couldn't match on its own and then helping us deliver more interceptors sooner without an increase in our own capital investment.

例如，GM Defense 在初始合約簽訂後不到一個月，就向我們交付了首批 PAC-3 零組件。這以極快速度為一家具備卓越能力的供應商增加產能——其速度是我們傳統供應基礎單靠自身難以達到的——並協助我們在不增加自有資本支出的情況下，更早交付更多攔截彈。

And just last week, we announced the expansion of our Grand Prairie, Texas manufacturing footprint to more than 735,000 square feet. The expansion includes additional capability and capacity for automation and digital manufacturing and will also bring on board a Haeger highly automated production machine cell to supply components across our missile programs in a manufacturing as a service contract.

就在上週，我們宣布擴大德州 Grand Prairie 的製造基地，總面積超過 735,000 平方英尺。此次擴建包含自動化與數位製造的額外能力與產能，並將導入 Haeger 高度自動化的生產機台單元，以「製造即服務」合約形式，為我們各項飛彈計畫供應零組件。

The discipline that gives capability to our customers faster also strengthens our business. When we shorten the path from development to production, we accelerate the economic return on that work. When we invest ahead of requirements, we enter competitions for the next generation of programs already well positioned. And when we partner with commercial manufacturers and tech companies, we scale in a way that keeps our investment efficient as demand grows.

讓能力更快交付給客戶的紀律，也同時強化了我們的業務。當我們縮短從研發到量產的路徑，就能加速該工作的經濟回收。當我們在需求正式提出之前就先行投資，我們在競逐下一代計畫時便已具備良好起跑位置。而當我們與商業製造商與科技公司合作，我們就能以可擴展的方式成長，在需求上升時仍能維持投資效率。

Delivering programs faster is only part of the equation. The greater value comes from how these capabilities work together. Our platforms are central to Lockheed Martin, but they also form a foundation for the broader role we play. One that may be unmatched in the world. And that is driving interoperability and integration across platforms and domains, giving our customers an advantage no single platform can provide on its own.

更快交付計畫只是方程式的一部分。更大的價值來自這些能力如何協同運作。我們的平台是洛克希德馬丁的核心，但也構成我們所扮演更廣泛角色的基礎。這個角色在全球可能無出其右。而這正推動跨平台與跨領域的互通性與整合，讓客戶獲得任何單一平台都無法單獨提供的優勢。

This role builds on decades of mission integration experience, connecting aircraft, missiles, earth and space-based sensors, and command and control into theater-level deterrents across land, sea, air, space, and cyber. It is a very deliberate plan and the mission technology road maps we established several years ago and continue to evolve, guide our development ahead of formal request for proposals. We just don't wait for them anymore.

這個角色建立在數十年的任務整合經驗之上，將飛機、飛彈、地面與太空基感測器，以及指揮與管制連結起來，形成跨陸、海、空、太空與網路的戰區級嚇阻能力。這是一項非常審慎的計畫；我們在數年前建立並持續演進的任務技術路線圖，指引我們在正式徵求提案（RFP）之前就先行推動研發。我們已不再等待它們了。

We're not just building product before customers ask for it. We work alongside them to understand where their missions are headed, so that we are ready with complete proven solutions when they need them. Part of that is recognizing that our customers don't need to choose between exquisite platforms and affordable mass, they need both integrated. So each makes the other one more effective. We can bring them together in a way a few others can.

我們不只是在人們提出需求之前就先行打造產品。我們與客戶並肩合作，了解他們的任務將走向何方，確保在他們需要時，我們已準備好完整且經驗證的解決方案。其中一部分在於認知到，我們的客戶不需要在精緻的平台與可負擔的大量化之間二選一，他們需要的是兩者的整合。如此一來，彼此都能更有效。我們能以少數其他公司做不到的方式將它們結合起來。

Some examples that Valiant Shield, our RMS team used our software-driven command and control system powered by CommandIQ and connecting long-range missiles, integrated air and missile defense, and remote targeting, drawing on commercial sector data and using AI to recommend specific target engagements.

例如在 Valiant Shield 演習中，我們的 RMS 團隊使用由 CommandIQ 驅動、以軟體為核心的指揮與管制系統，串聯長程飛彈、整合式防空與飛彈防禦以及遠端目標指示，並運用商業部門資料與 AI 來建議特定的目標交戰方案。

The RMS team is building our network in Guam, where we developed an AI-enabled battle management prototype for the Guam defense system. And we were selected by the Missile Defense Agency to move its missile defense modeling and simulation to the cloud.

RMS 團隊正在關島建置我們的網路，我們在那裡為關島防禦系統開發了具 AI 賦能的戰鬥管理原型。此外，我們也獲飛彈防禦署（Missile Defense Agency）選定，將其飛彈防禦建模與模擬移轉至雲端。

In Australia, we were awarded an $800 million contract for the next tranche of AIR6500, which is its joint air battle management system, demonstrating that our integration expertise is in demand from our allies as well. This is what it means to be the premier defense technology company delivering proven platforms that work alongside autonomous systems enabled by AI and the best commercial technologies available.

在澳洲，我們獲得 AIR6500 下一階段（tranche）價值 8 億美元的合約；AIR6500 是其聯合空中戰鬥管理系統，這也證明我們的整合專長同樣受到盟友高度需求。這正是作為首屈一指的國防科技公司之意涵：交付經驗證、可與 AI 賦能的自主系統以及可取得的最佳商用技術協同運作的平台。

Lockheed Martin's depth of experience innovating and integrating these capabilities sets us apart. Speed gets capability into the field sooner, and integration makes it much more effective. But deterrence from conflict also depends on having it at scale. Nowhere do these demands converge more than in munitions, and that is where our operating model is actually moving the fastest.

洛克希德馬丁在創新與整合這些能力方面的深厚經驗，使我們脫穎而出。速度能更快將能力部署到前線，而整合則讓其效能大幅提升。但要嚇阻衝突，也取決於是否具備規模化的能力。這些需求最集中交會之處莫過於彈藥，而這正是我們營運模式實際推進最快的領域。

Our munitions business is transforming to deliver at war time speed and scale. That shift now extends beyond interceptors into air dominance. This quarter, we signed a framework agreement with the Department of War to accelerate production of the Joint Advanced Tactical Missile, our next-generation air dominance missile known as JATM. This is the product of years of collaboration with the Air Force and the Navy and the kind of long-term commitment that takes time to show its full value and enables us to further accelerate production ahead of a multiyear contract. So there's no delay when the contract is signed.

我們的彈藥業務正在轉型，以戰時的速度與規模交付。這項轉變如今已從攔截彈延伸至制空領域。本季，我們與戰爭部（Department of War）簽署框架協議，以加速「聯合先進戰術飛彈」（Joint Advanced Tactical Missile）生產；這是我們下一代制空飛彈，稱為 JATM。這是多年來與空軍及海軍協作的成果，也是那種需要時間才能充分展現價值的長期承諾，並使我們得以在多年期合約簽署前進一步加速產能提升。因此在合約簽署時不會有任何延宕。

Australia has already committed to become this program's first international customer, an early sign of demand that broadens the program's long-term opportunity and strengthens the case for the capacity we are building today.

澳洲已承諾成為該計畫的首位國際客戶，這是需求的早期訊號，擴大了該計畫的長期機會，也強化了我們今日正在建置產能的理由。

Our interceptor franchises are scaling just as quickly. This quarter, we signed a seven-year contract for PAC-3 building on the seven-year THAAD contract signed earlier this year.

我們的攔截彈產品線同樣以極快速度擴產。本季，我們簽署了一份為期七年的 PAC-3 合約，並延續今年稍早簽署的為期七年的 THAAD 合約。

Together, these awards give us and our suppliers the kind of long-term visibility that makes bold investment possible, and we are putting it to work. Adding 2 million square feet, again, 2 million square feet of facilities to support production growth across eight sites over the next three years, and these are in places like our munition center in Troy, Alabama. More than half of those additions are already underway and under construction.

這些合約授予為我們及供應商帶來長期可視性，使得大膽投資成為可能，而我們也正將其付諸實行。未來三年內，為支援八個據點的產能成長，我們將新增 200 萬平方英尺——再次強調，200 萬平方英尺——的設施，其中包括像阿拉巴馬州特洛伊（Troy, Alabama）的彈藥中心等地。其中超過一半的擴建已在進行中並已動工。

Just as important is the workforce to match. This year alone, we are hiring and training over 3,000 new team members across MFC sites. That's not happening by chance. Well, before this ramp-up began, we started building partnerships with local communities, technical schools and colleges to develop a skilled talent pipeline we knew we would need. Those relationships are now helping us bring people on faster and preparing them to contribute from day one. These are skilled roles and good jobs, and they reflect the confidence that we have and the demand ahead.

同樣重要的是要有相匹配的勞動力。僅今年，我們就在 MFC 各據點招募並訓練超過 3,000 名新團隊成員。這並非偶然發生。在這波擴產開始之前很久，我們就與在地社區、技術學校與大學建立合作關係，打造我們知道將會需要的熟練人才管道。這些關係如今正協助我們更快招募到人員，並讓他們從第一天起就能做出貢獻。這些都是技術性職務與優質工作，反映出我們的信心以及未來的需求。

Scaling production also means our suppliers need to move at the same pace. This quarter, we placed new supplier contracts for both PAC-3 and THAAD, including a $4.7 billion supply contract with L3 Harris for PAC-3 propulsion. Since the quarter closed, we also awarded Boeing a contract for $14.7 billion the triple PAC-3 seeker production and a $1.6 billion contract to Northrop Grumman for propulsion and other missile components.

擴大產能也意味著我們的供應商必須以同樣的速度前進。本季，我們為 PAC-3 與 THAAD 皆簽訂新的供應商合約，其中包括與 L3 Harris 簽署一份 47 億美元的 PAC-3 推進系統供應合約。在本季結束後，我們也授予波音一份 147 億美元的合約，用於將 PAC-3 導引頭（seeker）產量提升至三倍，並授予諾斯洛普格魯曼一份 16 億美元的合約，用於推進系統及其他飛彈組件。

Beyond our largest partners, we are working with a much broader base. Nearly 750 suppliers across 42 states support that alone, and we meet with our key suppliers regularly to keep the focus on their performance. That collaboration produces real results. Together with our suppliers, we were resolving long-standing production bottlenecks that will enable substantially higher deliveries going forward.

除了我們最大的合作夥伴之外，我們也與更廣泛的供應商基礎合作。僅就這一項而言，就有近 750 家、分布於 42 個州的供應商提供支援；我們也定期與關鍵供應商會面，以持續聚焦其績效表現。這樣的協作帶來實質成果。我們與供應商一起，正在解決長期存在的生產瓶頸，將使未來交付量得以大幅提升。

All of this is part of more than the $8 billion investment we are making through 2030 and to modernize more than 20 facilities, expand our supply chain, and grow our workforce. It is one of the largest commitments to munitions production in our history, and it is designed to sustain this production pace for years to come and we are ahead of schedule in this expansion as our MFC segment results demonstrate.

所有這些都是我們至 2030 年投入超過 80 億美元的一部分，用以現代化超過 20 座設施、擴展供應鏈並壯大人力。這是我們歷史上對彈藥生產規模最大的承諾之一，旨在於未來多年維持這樣的生產節奏；而從我們 MFC 事業部的成果可見，我們在這項擴張上已超前進度。

The awards we win today do more than fill our production lines. They give us stability and resources to keep investing in what follows and the next generation of capabilities that are already taking shape. So across every domain, we are turning years of research and development investment into products that are ready for the field.

我們今天贏得的合約不僅僅是填滿生產線。它們為我們帶來穩定性與資源，使我們能持續投資於後續發展，以及已在成形的下一代能力。因此，在每一個作戰領域，我們正把多年研發投資轉化為可立即部署到前線的產品。

In Air and Missile Defense, we are extending the PAC-3 franchise to meet both the most common and the most advanced threats. So our new PAC-3 ACE will bring a high-performance, lower cross interceptor for cruise missiles and short-range ballistic missiles. And on the other end of the spectrum, just last week, we unveiled PAC-3 Edge, our offering for the Army's future Interceptor program. which we have now been advanced to the next stage of development for.

在防空與飛彈防禦方面，我們正在延伸 PAC-3 產品線，以同時因應最常見與最先進的威脅。因此，我們新的 PAC-3 ACE 將提供高性能、較低成本的攔截彈，用於巡弋飛彈與短程彈道飛彈。而在另一端，就在上週，我們發表了 PAC-3 Edge，作為陸軍未來攔截彈（future Interceptor）計畫的方案。我們目前也已晉級至下一階段的研發。

Build on the combat proven PAC-3 MSE, the Edge pairs a new seeker from our key component center of excellence at RMS, made in Lockheed Martin, with a multi-pulse motor to defeat hypersonic and other advanced threats at a greater range and higher altitude. Together, PAC-3 MSE, ACE, and Edge form a family of interceptors matched to every tier of the threat and a better cost to effect performance.

以實戰驗證的 PAC-3 MSE 為基礎，Edge 結合了由 RMS 關鍵組件卓越中心研製、在洛克希德馬丁製造的新型導引頭（seeker），以及多脈衝馬達（multi-pulse motor），可在更遠射程與更高高度下擊敗高超音速與其他先進威脅。PAC-3 MSE、ACE 與 Edge 共同構成一個攔截彈家族，對應威脅的各個層級，並提供更佳的成本效益表現。

In counter-drone and affordable mass, our MORFIUS X-Rotor can defeat more than 50 drones in a single flight and then be recovered, recharged, and reused. And our Kodiak Containerized Launcher completed its first live-fire test less than six months after development started, and that device packs up to 12 GMLRS rockets into a single container that can be deployed from air, land, or sea and is highly mobile.

在反無人機與可負擔的大量化方面，我們的 MORFIUS X-Rotor 可在單次飛行中擊敗超過 50 架無人機，之後可回收、充電並重複使用。此外，我們的 Kodiak 貨櫃化發射器（Kodiak Containerized Launcher）在開發啟動後不到六個月就完成首次實彈射擊測試；該裝置可在單一貨櫃中裝載最多 12 枚 GMLRS 火箭彈，可由空、陸、海部署，且具高度機動性。

In autonomy and AI, Skunk Works and the Air Force Test Pilot School flew the X-62 VISTA, an F-16 modified, through 27 AI-controlled intercepts across eight flights with an AI agent using live data from our Legion sensor pod to intercept a real aircraft. The full integration took just three months to complete, and that moves AI from simulation into the real flight environment that pilots will face. And it builds on the foundation for the autonomy that will power aircraft like Vectis and team with crew fighters like the F-35 and F-22.

在自主與 AI 方面，臭鼬工廠（Skunk Works）與空軍試飛員學校（Air Force Test Pilot School）駕駛 X-62 VISTA（改裝的 F-16），在八次飛行中完成 27 次由 AI 控制的攔截；AI 代理使用我們 Legion 感測器莢艙的即時資料，攔截一架真實飛機。完整整合僅花了三個月完成，這使 AI 從模擬走入飛行員將面對的真實飛行環境。同時也奠定了未來驅動 Vectis 等飛機的自主能力基礎，並可與 F-35 與 F-22 等有人戰機協同作戰。

Within RMS, Sikorsky completed initial flight testing of the Nomad 100, its new uncrewed aircraft, and this is under a DARPA program where our MATRIX autonomy was selected to fly on all five competing aircraft in the DARPA fly-off, including those built by other companies. That positions us as a common foundation across a growing range of platforms and not just our own, expanding our reach as uncrewed systems become fundamental mission.

在RMS內，塞考斯基完成了其新型無人航空器Nomad 100的初步飛行測試；此項目隸屬DARPA計畫，我們的MATRIX自主系統獲選在DARPA飛行競賽（fly-off）中所有五款參賽航空器上進行飛行，包括其他公司製造的機型。這使我們成為日益擴大的平台範圍中的共同基礎，而不僅限於自家平台，隨著無人系統成為關鍵任務要素，我們的觸及範圍也隨之擴大。

In hypersonics with our Space segment, we are investing to move from building individual weapons to building at scale. Our new modular payload delivery system uses technology that has already been flight tested and re-architects it into a modular family of systems, so the same airframe can be configured for doing long-range strike, for missions that need a larger payload over a shorter distance, or for missile defense with minimal changes to the system. That modular approach reduces the engineering time and cost to bring each new capability into the field. And our Long-Range Hypersonic Weapon was fielded during an exercise illustrating our ability to deliver ready now hypersonic capabilities.

在我們太空事業部的高超音速領域，我們正投資推動從打造單件武器轉向規模化量產。我們新的模組化載荷投送系統採用已完成飛行測試的技術，並將其重新架構為一個模組化系統家族，使同一機體可配置為執行遠程打擊、在較短距離內執行需要更大載荷的任務，或在對系統進行最小變更的情況下用於飛彈防禦。此一模組化方法可降低將每項新能力導入部署所需的工程時間與成本。此外，我們的長程高超音速武器已在一次演習中完成部署，展現我們交付「即刻可用」高超音速能力的實力。

The breadth of our portfolio is an important differentiator that makes all this possible. Our new key component product center develops modular sensors, data links, and seekers that can scale across our full portfolio, helping us move faster and at a lower cost and more control of our supply chain. And it is built to serve the whole company, not just a single business. So RMS is already developing technology for the missiles our MFC produces, for example.

我們產品組合的廣度是使這一切成為可能的重要差異化因素。我們新的關鍵元件產品中心開發可模組化的感測器、資料鏈與導引頭（seeker），可在我們完整產品組合中擴展應用，協助我們以更快速度、更低成本推進，同時更有效掌控供應鏈。該中心的設計是為了服務整個公司，而非僅單一事業。因此，例如RMS已在為我們MFC所生產的飛彈開發相關技術。

Increasingly, we are looking beyond our borders for the next breakthroughs. We are partnering with IBM to establish a quantum innovation hub in Switzerland, and we have dedicated $100 million of our expanded venture fund to promising companies in the UK and Europe, giving us early access to world-class talent and emerging technology.

我們愈來愈多地將目光投向海外，以尋找下一波突破。我們正與IBM合作在瑞士建立量子創新樞紐，並已從擴大的創投基金中撥出1億美元投資英國與歐洲的潛力公司，使我們能及早接觸世界級人才與新興技術。

Disciplined investment in research, development, and ventures are building our position in the fastest-growing parts of the defense budget, including counter-drone, autonomy, hypersonics, and the missile defense capabilities at the core of Golden Dome. All of this is happening against a dynamic budget backdrop. Uncertainty around US federal funding is nothing new for our industry, and our business is built to perform through it.

對研發與創投進行有紀律的投資，正在鞏固我們在國防預算中成長最快領域的地位，包括反無人機、自主化、高超音速，以及「金穹」（Golden Dome）核心的飛彈防禦能力。所有這些都發生在預算環境動態變化的背景下。美國聯邦資金的不確定性對本產業而言並不陌生，而我們的業務架構也能在此情況下持續展現績效。

Fiscal 2027 opened under a continuing resolution, and the outcome of additional funding through reconciliation is still taking shape. The demand for our capabilities, though, is driven by the threat. It has bipartisan support and is not tied to any one bill or election. The multi-year contract structure is built for this environment, and undefinitized contract actions let production start even when appropriations will take more time. Continuing resolutions affect timing and new starts, but they do not change the direction of demand. And our largest franchises address the department's most urgent priorities, from air and missile defense to air dominance, and remain essential to their mission.

2027會計年度在持續決議（continuing resolution）下開局，而透過預算協調程序（reconciliation）取得額外資金的結果仍在逐步成形。然而，對我們能力的需求是由威脅所驅動。這項需求具有跨黨派支持，且不依附於任何單一法案或選舉。多年期合約架構正是為此環境而設計，而未定價合約行動（undefinitized contract actions）即使撥款需要更長時間，也能讓生產先行啟動。持續決議會影響時程與新案啟動，但不會改變需求方向。而我們最大的核心業務對應國防部最迫切的優先事項，從空中與飛彈防禦到制空權，仍是其任務不可或缺的一環。

This quarter showed how those pieces fit together. Speed that puts capability in our customers' hands sooner, integration that connects it across every domain, munitions production scaling to meet urgent demand, and innovation that builds the franchises of the future are all coming together.

本季展現了這些要素如何相互契合。以速度更快地將能力交付到客戶手中、以整合將其連結至各作戰領域、彈藥產能擴張以滿足迫切需求，以及以創新打造未來的核心業務，正同步匯聚成形。

The result is capability built from the best technology that we and our partners can bring, delivered at a pace that the current geopolitical environment demands. Our business is already performing at this level today with a track record of execution and the visibility, growth, and cash generation to carry that momentum well into the future.

其結果是：以我們與合作夥伴所能提供的最佳技術打造能力，並以當前地緣政治環境所要求的速度交付。我們的業務今天已在此水準上運作，具備可驗證的執行紀錄，以及能見度、成長性與現金創造能力，足以將這股動能延續到更長遠的未來。

Now, I will turn the call over to Evan to go through the financials.

現在，我把電話交給Evan，請他說明財務狀況。

Thanks, Jim. And good morning, everyone.

謝謝你，Jim。各位早安。

As you have seen, the momentum Jim just described is clearly visible in our financial results this quarter, with a record demand converting to backlog and double-digit growth in both sales and profit. I will take you through the numbers, including our revised raised full-year outlook. I will cover our consolidated performance, cash, and capital deployment, as well as backlog and key awards. Mark will brief the segments in more detail before we open the call for questions.

如各位所見，Jim剛才描述的動能在本季財務結果中清楚可見：創紀錄的需求轉化為積壓訂單（backlog），銷售與獲利皆呈現雙位數成長。我將帶各位檢視各項數字，包括我們上修且提高的全年展望。我會說明合併表現、現金與資本配置，以及積壓訂單與重要得標案。在我們開放提問前，Mark會更詳細地簡報各事業部門。

Third quarter sales rose 11% year-over-year to $20.7 billion, driven by higher volume across every segment, including F-35 production and sustainment at Aeronautics, MFC munitions production ramps, new radar awards at RMS, and growth on Fleet Ballistic Missile and Next Generation Interceptor at Space.

第三季銷售額年增11%至207億美元，主要由各事業部門全面提升的出貨量所帶動，包括航太部門的F-35生產與維保、MFC彈藥產能爬坡、RMS的新雷達得標，以及太空部門在艦隊彈道飛彈（Fleet Ballistic Missile）與下一代攔截器（Next Generation Interceptor）專案上的成長。

Segment operating profit was $2.2 billion, with operating margin of 10.8%, driven by volume at MFC and Aeronautics, and a favorable profit adjustment in RMS upon resolution of a contracting matter.

部門營業利益為22億美元，營業利益率10.8%，主要由MFC與航太部門的出貨量帶動，並且RMS在一項合約事項解決後，出現有利的獲利調整。

Earnings per share were $7.97 compared to $6.95 in the prior year period. The 15% year-over-year increase was primarily related to higher segment operating profit.

每股盈餘為7.97美元，去年同期為6.95美元。年增15%主要與部門營業利益提高有關。

Turning to cash. Cash from operations was $3.4 billion in the quarter and $6.9 billion year to date. Free cash flow was $3 billion in the quarter and $5.6 billion year to date. The primary drivers this quarter were improved working capital related to customer receipts in Aeronautics on F-35, MFC, and in Space.

接著談現金。本季營運活動現金流入為34億美元，年初至今為69億美元。本季自由現金流為30億美元，年初至今為56億美元。本季主要驅動因素為營運資金改善，與航太部門在F-35、MFC以及太空部門的客戶收款相關。

Year-to-date, we have invested $1.3 billion in capital expenditures and $1.6 billion in independent research and development. The largest share of this investment is going towards munitions capacity, and it is backed by contracted demand. Seven-year agreements on PAC-3 and THAAD give us long-term volume visibility, which underpins our confidence in the return on that capital.

年初至今，我們在資本支出投入13億美元，並在自主研發（independent research and development）投入16億美元。其中最大部分投資用於彈藥產能，且有已簽約的需求作為支撐。PAC-3與THAAD的七年期協議讓我們對長期出貨量具備高度可見度，這也支撐了我們對該等資本報酬的信心。

Beyond our own investment in capital and independent research and development, we are also working closely with suppliers and commercial partners to accelerate production across Missiles and Fire Control. Our focus is on the speed at which we deliver capability to our customers.

除了我們自身在資本與自主研發的投資外，我們也正與供應商及商業夥伴密切合作，加速飛彈與火控（Missiles and Fire Control）領域的產能提升。我們的重點在於以更快速度將能力交付給客戶。

Our capital deployment priorities remain consistent. First, we invest in the business and in the capacity and innovation that supports long-term growth. Second, we return cash to shareholders. Consistent with this, our board recently increased the quarterly dividend by $0.15 to $3.60 per share, our 24th consecutive year of dividend increases.

我們的資本配置優先順序維持一致。第一，投資於業務本身，以及支撐長期成長的產能與創新。第二，將現金回饋股東。與此一致，我們董事會近期將季度股利提高0.15美元至每股3.60美元，這是我們連續第24年調升股利。

Our balance sheet remains strong, and that gives us flexibility to invest strategically. The Ultra Maritime acquisition remains on track to close here in the fourth quarter, and we have recently cleared all regulatory approvals required to close, and we expect to fund the acquisition with cash on hand.

我們的資產負債表仍然穩健，這使我們能靈活進行策略性投資。Ultra Maritime收購案仍按計畫於第四季完成交割；我們近期已取得完成交割所需的所有監管核准，並預期以手上現金支付收購款項。

Our cash position allows us the capacity to consider other opportunistic investments that strengthen our portfolio and provide our shareholders with long-term growth. Our ability to invest and return cash with confidence rests on the demand we are seeing, and that dynamic manifests most clearly in our backlog.

我們的現金部位也讓我們有能力考慮其他機會型投資，以強化產品組合並為股東帶來長期成長。我們能夠有信心地投資並回饋現金，根基在於我們所看到的需求，而這種動態最清楚地體現在我們的積壓訂單上。

We ended the quarter with a record backlog of $292 billion, up $113 billion when compared to the third quarter of 2025, and a book-to-bill of 4 times. The largest contributor in the quarter was the PAC-3 seven-year contract, which brings that multi-year contract to a total value of up to $58.6 billion.

本季結束時，我們的積壓訂單創新高達2,920億美元，較2025年第三季增加1,130億美元，接單出貨比（book-to-bill）為4倍。本季最大貢獻來自PAC-3七年期合約，使該多年期合約總價值提高至最高可達586億美元。

Beyond PAC-3, demand was broad-based across all four segments. Among the highlights was $4.4 billion in C-130J contracts for 34 new production aircraft serving both US and international partners. We also booked awards for GMLRS, JASSM and LRASM, F-35, Black Hawk, and Fleet Ballistic Missile program.

除了 PAC-3 之外，需求在四個業務部門中皆呈現廣泛成長。亮點之一是 34 架新造 C-130J 的合約，總額 44 億美元，服務美國及國際合作夥伴。我們也取得了 GMLRS、JASSM 與 LRASM、F-35、Black Hawk，以及艦隊彈道飛彈計畫的合約授予。

Internationally, demand continues to grow. In MFC, we are awarded a $439 million contract for production of the Army Tactical Missile System for Taiwan's HIMARS launchers. In RMS, we were selected to establish Australia's combat systems integration capability for its future Virginia-class submarines, a program that will span decades. A backlog of this size and duration gives us substantial visibility into our future performance, with much of next year's work already under contract and in progress. That provides a strong foundation for the years ahead, regardless of how the near-term budgets unfold.

在國際市場方面，需求持續成長。在 MFC，我們獲得一份 4.39 億美元合約，為台灣的 HIMARS 發射系統生產陸軍戰術飛彈系統（ATACMS）。在 RMS，我們獲選為澳洲未來維吉尼亞級潛艦建立作戰系統整合能力，這是一項將延續數十年的計畫。如此規模與期間的積壓訂單，讓我們對未來業績具有高度能見度，明年多數工作已簽約並在執行中。無論短期預算如何發展，這都為未來數年奠定了堅實基礎。

Turning to our 2026 outlook. Based on performance through the third quarter, we are raising our full year 2026 guidance again this quarter. We now expect sales of between $80 billion to $82 billion, up from our previous range, representing full year growth of approximately 8% at the midpoint. This increase reflects higher volume in MFC for the munition ramps and continued strength across our portfolio as a whole.

接著談我們對 2026 年的展望。基於第三季迄今的表現，我們本季再次上調 2026 全年指引。我們目前預期銷售額介於 800 億至 820 億美元，高於先前區間；以中位數計算，全年成長約 8%。此上調反映 MFC 在彈藥產能爬坡帶來的更高出貨量，以及整體產品組合持續強勁。

We expect segment operating profit of between $8.575 billion and $8.675 billion, also up from the prior outlook. This reflects stronger program performance and improved execution. And we now anticipate cash from operations between $10 billion and $10.2 billion, and free cash flow between $7.8 billion and $8 billion. This is the result of solid collections, improved working capital, and a benefit from continued favorability related to the IRS tax guidance we received earlier this year.

我們預期部門營業利益介於 85.75 億至 86.75 億美元，也高於先前展望。這反映更強的專案表現與更佳的執行。我們目前預期營運活動現金流介於 100 億至 102 億美元，自由現金流介於 78 億至 80 億美元。這主要來自穩健的收款、營運資金改善，以及今年稍早收到的 IRS 稅務指引所帶來的持續有利影響。

Two items to keep in mind for the fourth quarter. First, our fiscal fourth quarter includes an extra week compared to the prior period last year. Second, our outlook does not yet include Ultra Maritime, which we will incorporate once the transaction closes.

第四季有兩點需要留意。第一，我們的會計年度第四季相較去年同期多了一週。第二，我們的展望尚未納入 Ultra Maritime；待交易完成後我們將把其納入。

This was a quarter of strong execution, record backlog, and double-digit year-over-year expansion in both sales and profit. Our robust free cash flow supports investment and growth and simultaneously returning value to shareholders, reflected in a 24th consecutive annual dividend increase, while the multi-year backlog provides clear visibility into the years ahead. Our business is built to perform through budget cycles and changes in Washington as it has many times before, and we are investing with discipline, and we have confidence in the strength of our trajectory.

本季展現強勁執行力、創紀錄的積壓訂單，以及銷售與獲利皆達到兩位數的年增幅。我們強健的自由現金流支持投資與成長，同時也回饋股東價值，體現在連續第 24 年提高年度股利；而多年期的積壓訂單則為未來數年提供清晰能見度。我們的業務架構能在預算循環與華府政策變動中持續表現，過去多次證明如此；我們以紀律投資，並對成長軌跡的強勁充滿信心。

Now, Mark will provide additional detail on the segment level performance and outlooks.

接下來，Mark 將就各部門層級的表現與展望提供更多細節。

Thanks, Evan.

謝謝，Evan。

Starting with Aeronautics on slide 5. Third quarter sales at Aero increased 13% year-over-year, driven by higher F-35 volume and recovery of C-130 pre-contract costs that were liquidated upon the awards Evan mentioned. Segment operating profit increased 9% compared to the prior year, as the higher sales volume was partially offset by unfavorable profit adjustments on F-16 and C-130 programs.

先從第 5 頁的航太（Aeronautics）開始。航太第三季銷售額年增 13%，主要由更高的 F-35 產量，以及在 Evan 提到的合約授予後，已沖銷的 C-130 合約前成本回收所帶動。部門營業利益較去年增加 9%；較高的銷售量部分被 F-16 與 C-130 計畫不利的利潤調整所抵銷。

We now project Aero to deliver full year 2026 sales of $31.1 billion to $32.5 billion and profits between $2.92 billion and $2.95 billion, slightly lower than our July guidance, driven by revised contract award timing expectations for the next lots of F-35.

我們目前預估航太 2026 全年銷售額為 311 億至 325 億美元，獲利介於 29.2 億至 29.5 億美元，較我們 7 月的指引略低，主要因對下一批次 F-35 合約授予時點的預期已調整。

As we discussed in our second quarter call, the top end of our prior guidance included a bump in sales dependent on award timing for the next lot of F-35. With this revised outlook, we shift that assumption to 2027. We see Aero's full year 2026 sales growth rate in the mid-single digits, between 3% and 7% year over year.

如同我們在第二季電話會議中所討論，先前指引的上緣包含一項取決於下一批次 F-35 授標時點的銷售增量。隨著本次修正後的展望，我們將該假設移至 2027 年。我們預期航太 2026 全年銷售年增率為中個位數，約介於 3% 至 7%。

Moving to Missiles and Fire Control on slide 6. MFC had another very strong quarter as the production ramps on munitions programs progress ahead of schedule. Sales and profit were both up 24% year-over-year in the quarter, supporting another raise to our full year outlook. MFC's sales range is increased to between $17.25 billion and $17.45 billion, and the profit range is moved up to between $2.395 billion and $2.425 billion. MFC is on track to grow both sales and profit about 20% year-over-year in 2026.

接著看第 6 頁的飛彈與火控（Missiles and Fire Control）。隨著彈藥計畫的產能爬坡進度超前，MFC 本季再度表現非常強勁。本季銷售與獲利皆年增 24%，支持我們再次上調全年展望。MFC 的銷售區間上調至 172.5 億至 174.5 億美元，獲利區間上調至 23.95 億至 24.25 億美元。MFC 預計在 2026 年銷售與獲利皆可年增約 20%。

Next is Rotary and Mission Systems on slide 7. Volumes also continue to ramp at RMS. Third quarter sales in this broad portfolio were up 3% year-over-year, driven by radars and command and control programs. Segment operating profit finished up 4% year-over-year, benefiting from the favorable resolution of a contracting matter.

接下來是第 7 頁的旋翼與任務系統（Rotary and Mission Systems）。RMS 的產量也持續爬坡。此多元產品組合第三季銷售年增 3%，主要由雷達與指揮管制計畫帶動。部門營業利益年增 4%，受惠於一項合約事項的有利解決。

On a full year basis, we have made slight revisions to the outlook, tightening our range for sales and raising profit. We expect RMS 2026 sales to finish between $17.7 billion and $18 billion, growing in the low single digits year-over-year. The RMS segment operating profit outlook is increased to between $1.88 billion and $1.9 billion.

以全年來看，我們對展望做了小幅修正：收斂銷售區間並上調獲利。我們預期 RMS 2026 年銷售額介於 177 億至 180 億美元，年增為低個位數。RMS 部門營業利益展望上調至 18.8 億至 19.0 億美元。

Our Space segment is summarized on slide 8. In the third quarter, space grew sales 4% year-over-year, driven by Next Generation Interceptor and Fleet Ballistic Missile. Profits were comparable to third quarter 2025.

太空（Space）部門摘要見第 8 頁。第三季太空部門銷售年增 4%，主要由下一代攔截器（Next Generation Interceptor）與艦隊彈道飛彈帶動。獲利與 2025 年第三季大致相當。

Our full year outlook for Space has improved from our prior guidance. We increased the lower end of the sales range and raised the outlook for operating profit. We anticipate 2026 sales in our Space segment will grow between 7% and 8% year-over-year to between $13.95 billion and $14.05 billion. Full year profit expectations are increased to between $1.38 billion and $1.4 billion. To be clear, the profit outlook does not include any ULA equity earnings for the fourth quarter 2026.

我們對太空部門的全年展望較先前指引有所改善。我們上調銷售區間下緣，並提高營業利益展望。我們預期 2026 年太空部門銷售將年增 7% 至 8%，達到 139.5 億至 140.5 億美元。全年獲利預期上調至 13.8 億至 14.0 億美元。需要說明的是，獲利展望未包含 2026 年第四季任何 ULA 權益法投資收益。

So the takeaway is this, the growth acceleration we signaled last quarter came through. All four segments grew again in Q3, and it is this performance across the entire portfolio that fuels another raise to our full year 2026 outlook.

因此重點是：我們上季所釋出的成長加速訊號已經兌現。四個部門在第三季皆再次成長，而正是整體產品組合的全面表現，推動我們再次上調 2026 全年展望。

Sales are guided higher as the strength at MFC is more than enough to overcome the shift in the assumed timing of award for the next lot of F-35s. And this higher top-line outlook is converting to bottom-line returns. Our outlook for segment operating profit is also raised again as our solid Q3 execution drives increases at three of our four segments.

在 MFC 的強勁表現足以抵消下一批次 F-35 授標時點假設的延後之下，我們將銷售指引上調。而更高的營收展望也正在轉化為獲利回報。隨著第三季穩健執行帶動四個部門中的三個上修，我們也再次上調部門營業利益展望。

Sarah, let us open the call for questions.

Sarah，我們開放提問。

(Operator Instructions) Gavin Parsons, UBS.

(接線員指示) Gavin Parsons，瑞銀（UBS）。

I could sneak in two on your prepared remarks. I mean, in the first one, you mentioned multiple growth drivers outside of MFC, and obviously there is a lot of opportunity and excitement there, but was hoping you could expand on that a little to frame the multi-year growth opportunity in the other segments.

我想就你們的事先準備發言插入兩個問題。第一個是，你提到除了 MFC 之外還有多項成長驅動因素，顯然那裡有很多機會也令人振奮，但希望你能再多展開說明一些，以便框定其他部門的多年期成長機會。

Then second, in the prepared remarks on going from concept to capability in a very short timeframe. We saw a lot of those examples at AUSA, and just given Lockheed Martin is such a big organization, would love to get any more color on how you are evolving the engineering culture internally.

第二點，在事先準備的發言中，談到如何在非常短的時間內從概念走到能力。我們在 AUSA 看到了很多這類例子；考量到洛克希德馬丁是一個如此龐大的組織，我很想更深入了解你們在內部如何演進工程文化。

You bet. Yeah, thanks, Gavin. If you look across the portfolio, I mean, very critically MFC now we have laid that long-term growth framework and have stated we expect mid-teens sales CAGRs over the next five years. So that backlog is very firm as we continue to work turning additional HOAs into long-term contracts.

當然可以。是的，謝謝你，Gavin。如果你放眼整個產品組合，尤其是 MFC，我們現在已經建立了那個長期成長框架，並且表示我們預期未來五年銷售額年複合成長率（CAGR）可達十幾個百分點的中段。因此，隨著我們持續把更多 HOA 轉換為長期合約，這個在手訂單（backlog）非常穩固。

Really across the portfolio, we see similar strength, at RMS while we continue to ramp at Sikorsky. We are seeing new strength on the radar business, with key awards that are going to give us some clear line of sight to revenue growth.

基本上在整個產品組合中，我們看到類似的強勁態勢；在 RMS 方面，隨著我們持續在 Sikorsky 提升產能。我們也看到雷達業務出現新的強勢動能，透過一些關鍵得標，讓我們對營收成長有相當清晰的能見度。

Space, we see a lot of strength in the national security space side. But the key driver there remains the strategic missile defense business, driven by programs like Fleet Ballistic Missile and NGI.

在太空方面，我們在國家安全太空領域看到很強的動能。但那裡的關鍵驅動因素仍然是戰略飛彈防禦業務，主要由像是艦隊彈道飛彈（Fleet Ballistic Missile）與 NGI 等計畫所帶動。

Over at Aeronautics, this multi-year procurement contract that we talked about gives us the long-term production stability while we continue to invest in growth in other key parts of the portfolio. You see that with some announcements in programs such as Vectis, while the Skunk Works business continues to grow as well. And the key pacing item there for growth will continue to be F-35 sustainment, where we have seen some really good budget support from our customer as we have also invested in that key capability.

在航太（Aeronautics）方面，我們談到的這份多年期採購合約，為我們帶來長期的生產穩定性，同時也讓我們能持續投資於產品組合中其他關鍵領域的成長。你可以從像 Vectis 這類計畫的一些公告中看到，而 Skunk Works 業務也持續成長。而那裡成長的關鍵節奏項（pacing item）仍將是 F-35 維持（sustainment），我們已看到客戶在預算上給予相當好的支持，同時我們也投入了這項關鍵能力。

It's Jim. Going on to the engineering culture, that's a really great question to explore. There's really three parts to it. One is our origination five years ago of mission technology roadmaps, which get integrated with product roadmaps or platform roadmaps. The concept of mission technology roadmap is to look at whatever systems are available today, starting with Lockheed Martin systems like the Black Hawk or the F-35 or Aegis, and then figure out if for a given mission, like air superiority or surface warfare, for the Navy, how do we take those existing systems, networks, protocols, data links and create mission capability improvements every three to six months.

我是 Jim。談到工程文化，這確實是一個很值得深入探討的問題。大致上有三個部分。第一個是我們在五年前提出「任務技術路線圖」（mission technology roadmaps），並把它與產品路線圖或平台路線圖整合。任務技術路線圖的概念，是先看今天可用的各種系統，從洛克希德馬丁的系統開始，例如 Black Hawk、F-35 或 Aegis，然後針對特定任務（例如空優，或海軍的水面作戰），思考如何運用既有系統、網路、通訊協定、資料鏈，在每三到六個月內創造任務能力的改進。

Now and then you'll have a step function increase because a new platform will emerge and enter the mission set. But generally, it's going to be incremental improvements in data link capacity, firmware, integration of different supplier products like the Saildrone ships, so to speak, with our Mark 41 launcher, is one example.

接著偶爾會出現階躍式（step function）的提升，因為新的平台會出現並納入任務體系。但一般而言，更多是資料鏈容量、韌體的漸進式改良，以及整合不同供應商產品（例如所謂 Saildrone 船艦）與我們的 Mark 41 發射器；這就是其中一個例子。

So a mission technology roadmap is a whole different way of thinking about product development and engineering. It basically sends a Z-axis through all of Lockheed Martin and saying, well, I can get a sensor from MFC that's better than the one I have from my supplier. Let's introduce that in the F-22. It's something we are doing, actually. So those kinds of opportunities across the entire company are now capable, where it used to be really four divisions doing their own product development and hoping that it could be stitched together.

因此，任務技術路線圖是一種完全不同的產品開發與工程思維方式。它基本上是在整個洛克希德馬丁之間打通一條「Z 軸」，也就是說：我可以從 MFC 取得一個比我供應商提供的更好的感測器。那就把它導入 F-22；我們其實正在做這件事。所以，過去是四個事業部各自做自己的產品開發，然後希望最後能拼接起來；現在則是全公司範圍內都能抓住這類機會。

The second part of this is significant investment in model-based engineering and production. So we're transforming our whole production system from design to sustainment with a digital twin and digital thread that we can use digital technology to model and test new options and opportunities and improvements without having to fiddle with hardware upfront, and do as much testing and development as we can digitally before we actually start doing flight test and component testing. So that's the second one.

第二個部分，是在模型式工程與生產（model-based engineering and production）上的重大投資。我們正在用數位分身（digital twin）與數位主線（digital thread），把整個生產系統從設計到維持（sustainment）全面轉型；透過數位技術，在不必一開始就動硬體的情況下，去建模與測試新的選項、機會與改良，並在真正開始飛行測試與零組件測試之前，盡可能先以數位方式完成測試與開發。這是第二點。

So yeah, mission technology roadmap's a whole different way of looking at this on a new dimension. The model-based engineering and production system that we put in place, that's what we call 1LMX, actually, internally.

所以，是的，任務技術路線圖是在新的維度上看待這件事的全新方式。而我們建立的模型式工程與生產系統，在內部其實稱為 1LMX。

The third thing is increasing the R&D budget to build prototypes based on our expectations through the mission technology roadmaps before any RFI, request for information or request for proposal, comes from the government. And therefore, you have opportunities like Vectis, which we could talk more about later here.

第三點，是提高研發（R&D）預算，在政府提出任何 RFI（資訊徵詢）或 RFP（提案徵求）之前，就依據任務技術路線圖的預期先打造原型。因此，你會有像 Vectis 這樣的機會，我們稍後也可以再多談一些。

But essentially, we know what the range payload and survivability requirements will be for CCAs, or collaborative combat aircraft, drone wingmen, and we're designing to our expectation of what that's going to be based on our experience in manned fighters, and also our ability to seamlessly connect the manned fighter to the CCA given the F-22 and F-35 fleet. So those are three ways that we're changing the engineering culture at the company.

但本質上，我們知道 CCA（協同作戰航空器，collaborative combat aircraft；也就是無人僚機）在航程、載荷與生存性方面的需求會是什麼；我們依據對有人戰鬥機的經驗，以及我們能把有人戰機與 CCA 無縫數位連結的能力（考量到 F-22 與 F-35 機隊），來設計我們預期的規格。以上就是我們改變公司工程文化的三種方式。

Ron Epstein, Bank of America.

Ron Epstein，美國銀行。

Can we talk a bit more about Vectis, and what that means for you guys, CCA. And then just part of a broader question of, what is going on in the Skunk Works, if you can give us a little bit of flavor for that as well.

我們能否再多談一點 Vectis，以及這對你們、對 CCA 代表什麼？另外作為更廣泛問題的一部分，如果可以的話，也請你們稍微分享一下 Skunk Works 目前在做什麼，讓我們有點感覺。

Well, we'll try some flavor. I cannot give you a lot of details, Ron, but glad you asked.

好，我們試著提供一些「味道」。Ron，我不能給你太多細節，但很高興你問到。

Look, the way we came up with the Vectis initiative internally was basically this mission technology roadmap concept. There are two missions that Vectis is applicable to. One is air dominance or air-to-air combat, shooting down other airplanes while surviving yourself.

你看，我們在內部提出 Vectis 這個倡議的方式，基本上就是這個任務技術路線圖的概念。Vectis 適用於兩種任務。第一種是制空／空對空作戰：在自身存活的同時擊落其他飛機。

And the second mission is strike, meaning air-to-ground missions. So aircraft delivering weapons from the air to the ground, to hit targets like integrated air missile defense batteries of the adversary. So you have the air-to-air mission, the air-to-air/ground mission with aircraft, and with the advancements in autonomy and AI and the ability to tie manned and unmanned aircraft together digitally.

第二種任務是打擊（strike），也就是空對地任務。也就是飛機從空中投放武器到地面，打擊目標，例如敵方整合式防空飛彈防禦（integrated air missile defense）陣地。因此你有空對空任務、以飛機執行的空對空／空對地任務，再加上自主性與 AI 的進展，以及把有人與無人飛機以數位方式連結在一起的能力。

We just have an expectation through our mission technology roadmap and our relationships with our customers on where this is all going and what those customers, the US Marines, US Navy, US Air Force, and our allied air forces, are going to need. So that is the concept of how we came up with the idea to invest, for us fairly heavily ahead of any RFI or RFP on Vectis, because we think we know what the end game looks like.

透過我們的任務技術路線圖，以及我們與客戶的關係，我們對整體發展方向、以及這些客戶——美國海軍陸戰隊、美國海軍、美國空軍，以及我們的盟國空軍——將會需要什麼，有一個預期。因此，這就是我們如何形成想法、並在 Vectis 上於任何 RFI 或 RFP 之前就先行投入（對我們而言相當大筆）的原因，因為我們認為我們知道最終局會長什麼樣子。

The first, I guess, real opportunity for this will be twofold. One is there is a CCA Increment 2 program that is expected to come out of the US Air Force in the next couple of years. They are doing Increment 1 at the moment, and testing and doing some flights with those models, if you will. Increment 2, we anticipate, will have, again, larger payload, larger range, and larger survivability requirement that will go with that. So that is our mission technology roadmap.

我想，第一個真正的機會會有兩個面向。其一是預期美國空軍在未來幾年會推出 CCA Increment 2 計畫。他們目前正在做 Increment 1，並對那些型號進行測試與一些飛行。我們預期 Increment 2 會再次提高載荷、航程，以及生存性需求。這就是我們的任務技術路線圖。

But the other thing we have done is given our knowledge of those two missions, we have created internally, and I have been personally involved in this a little bit, what is the optimization equation to solve for maximum air combat capability over time at the most efficient cost to the US government? That is our objective.

但我們做的另一件事是：基於我們對這兩種任務的理解，我們在內部建立了——而且我本人也有稍微參與——一個最佳化方程式：如何在最有效率的成本下，為美國政府在時間推移中解出最大的空戰能力。這就是我們的目標。

There are three parts to achieving that objective, Ron, in my mind. One is modernizing the F-22, especially with sensors, distributed aperture system, data links, and beyond line of sight capabilities that the original F-22 did not have. That will take the F-22 to a fifth generation plus type of capability.

Ron，就我看來，要達成那個目標有三個部分。第一是讓F-22現代化，特別是在感測器、分散式孔徑系統、資料鏈，以及原始F-22所沒有的超視距能力方面。這將使F-22具備「第五代加」等級的能力。

Secondly, we want to make sure that the F-35, which is going to be the bulk of the air combat power, especially in air-to-ground missions, that the F-35 be stabilized as a program for a long period of time to make it more efficient and also more effective. That is the announcement that just came out from the Department of War this morning. We have kind of locked in the F-35 as the most numerous, most important fighter aircraft scale in the US inventory for the next 10 years. So that is part of the F-35 solution.

第二，我們希望確保F-35——它將成為空戰戰力的主體，尤其是在對地任務上——能夠作為一個計畫在很長一段時間內穩定下來，使其更有效率、也更有效能。這就是今天早上戰爭部剛發布的公告。我們某種程度上已把F-35鎖定為未來10年美國庫存中數量最多、最重要的戰鬥機規模。所以這是F-35解決方案的一部分。

The second part of the F-35 solution is that will now enable us to add in sixth-generation key technologies and try to get to 80% of what a sixth-generation clean-sheet aircraft would look like at 50% of that clean-sheet aircraft cost. That is something we actually think we can do at Skunk Works, and we are in the process of doing F-22, its upgrade through and at Skunk Works as well, in conjunction with the US military.

F-35解決方案的第二部分是：這將使我們能夠加入第六代的關鍵技術，並嘗試以「全新設計（clean-sheet）」第六代飛機成本的50%，達到其外觀與能力的80%。我們其實認為在Skunk Works可以做到，而且我們也正在進行F-22的升級工作，同樣在Skunk Works，並與美軍合作。

The third part of the optimization equation for maximum air combat power is the Vectis initiative on our part, meaning we think we know what that third piece has to look like, and we are going to build that. The Vectis will be -- we are going to try to make sure that it is releasable immediately to our allies. In other words, it will be designed in a way that the US and/or the international allies that qualify can buy it instead of having to do something for a US-only releasability standard and then hope we can get clearance to sell it overseas later.

為了最大化空戰戰力的最佳化方程式，第三部分是我們的Vectis倡議；也就是說，我們認為我們知道第三塊拼圖必須長什麼樣子，而我們將會把它造出來。Vectis——我們將努力確保它可以立即釋出給盟友。換句話說，它會以一種方式來設計，使美國及／或符合資格的國際盟友可以直接採購，而不必先做成僅符合「僅限美國可釋出」的標準，然後再寄望日後能取得許可把它賣到海外。

So those are the three elements of our air power strategy. That is just two of the mission roadmaps. There are 13 of them. But that is how we are looking at everything we do, along the lines of those mission roadmaps. Then we are trying to optimize the combat power delivered to the US and its allies at the most efficient way of doing it.

以上就是我們空中戰力策略的三個要素。那只是兩條任務路線圖。總共有13條。但我們就是沿著這些任務路線圖的脈絡來看待我們所做的一切。接著我們試圖以最有效率的方式，將作戰戰力最佳化地交付給美國及其盟友。

Noah Poponak, Goldman Sachs.

Noah Poponak，高盛。

Evan and Jim, I guess as the missile ramp contracting matures, it would be great to hear from you an update and a little bit more about what you are taking on. I know these have been complex negotiations, and on the one hand, when we hear more commercial, more outcomes-based, that can raise your antenna for more risk, and you are counting on a complex supply chain. On the other hand, these are fairly mature products, so maybe it is more upside opportunity than risk.

Evan和Jim，隨著飛彈產能爬坡合約逐漸成熟，我想聽你們更新一下，以及更詳細說明你們正在承擔哪些工作。我知道這些談判一直很複雜；一方面，當我們聽到更商業化、更以成果為導向時，可能會讓你們對風險更敏感，因為你們仰賴一條複雜的供應鏈。但另一方面，這些產品相當成熟，所以也許更多是上行機會而非風險。

Evan, I think in the past you have discussed cash flow neutrality. I just wanted to clarify, are you laying capital that is then covered by the customer or is it that there is an advance that is covered that is then paid back via the unit price down the road?

Evan，我想你過去談過現金流中性。我只是想釐清：是你們先投入資本、之後由客戶補償；還是客戶先提供預付款，之後再透過未來的單價把這筆款項回收？

You got to know, I will start with my part of this here. Starting with the cash flow piece, think of it as we are working with the customer to show the total amount of investments we are making in a production line and the resilience of the production line, as well as our suppliers. We share that with the customer, and the customer ensures that we have the cash neutrality while we are in the investment ramp phase. And then when we get to ramp production, you have the delivery of the products that generate the cash flow.

你要知道，我先從我這部分開始說。先談現金流這塊：可以把它想成我們與客戶合作，向他們展示我們在生產線投資的總額、提升生產線韌性的投入，以及我們供應商端的投入。我們把這些與客戶分享，而客戶會確保在我們投資爬坡階段能維持現金流中性。然後當我們進入產能爬坡量產時，產品交付就會帶來現金流。

The customer, I think, recognizes the fact that as they have their budget assigned to them, they have flexibility in the cash terms. Flexibility has always been there. This customer has been willing to use it to help accelerate production ramps, and we are absolutely seeing that with what we have seen so far this year. So I see this as a very positive thing for the industry.

我認為客戶也認知到，當他們的預算已分配到位時，在現金條件上是有彈性的。這種彈性一直都存在。這位客戶也願意運用這種彈性來協助加速產能爬坡，而我們今年迄今所看到的情況，確實就是如此。所以我把這視為對產業非常正面的事情。

In terms of the actual terms, the HOAs lay out a lot of the key terms that we have talked about before, including cash neutrality, most of the budget protections as we continue to ramp, and gives us true insight to that long-term demand for us and our suppliers. What is left to work is the finalization on the profit terms and on the schedule itself, noting that the schedule is fluid because both we and the department are making investments to scale the production, and we are seeing that.

就實際條款而言，HOA（協議要點）列出了許多我們之前談過的關鍵條款，包括現金流中性、在我們持續爬坡過程中的大部分預算保護，並讓我們與供應商對長期需求有真正的可視性。目前尚待完成的是利潤條款與時程本身的定案；需要注意的是，時程是浮動的，因為我們與部門都在投資以擴大產能，而我們也確實看到這點。

So that is where we are right now. The focus is on scaling, and we all would like to get the final contract negotiated, but that is well underway. We are making great progress.

所以我們目前就是在這個階段。重點在於擴產；我們都希望把最終合約談妥，但這項工作已在順利推進中。我們進展得很不錯。

Yeah, Noah, it's Jim here. We entered these initiatives and proposed these long-term agreements in munitions with the expectation and the goal that margins and our financial performance will be at or better than the rates that we have demonstrated under the traditional CAS accounting system. We are not going to enter into these agreements if we cannot get at or better financial outcomes than in the past. That is what we are all working towards in collaboration with the government, was to give them a fair deal, but one where we are also being treated fairly, as the saying goes.

對，Noah，我是Jim。我們投入這些倡議並提出這些彈藥領域的長期協議時，預期且目標是：毛利率與我們的財務表現要能達到或優於我們在傳統CAS會計制度下所展現的水準。如果我們無法取得不低於過去的財務成果，我們不會簽這些協議。這就是我們與政府合作共同努力的方向：給他們一個公平的交易，但同時也要如俗話所說，讓我們也被公平對待。

And to get that outcome, there were three or four really key provisions that these framework agreements do elucidate. One is there is a long-term period for the agreement. So seven years for munitions, 10 in the agreement for the F-35. That allows us to act more like a commercial company and, more importantly, our suppliers to act like more commercial suppliers.

而要達成那個結果，這些框架協議確實闡明了三到四項非常關鍵的條款。其中之一是協議具有長期期間。也就是彈藥為期七年，F-35的協議為期十年。這讓我們能更像一家商業公司運作，更重要的是，也讓我們的供應商能更像商業供應商那樣運作。

So the performance of our supply chain, which tends to be 60% of the input to our end products, will now be unleashed, if you will, because they will be able to make improvements in their factory and production methods. They will be able to hire people with confidence and not lay them off in a bad year of a down program. We will have a better, more resilient supply chain, which actually adds cost to us if they do not perform well. So the flow through to the supply chain on these HOAs agreements is actually, I think, more important to our end performance than our content within those programs. So that is one reason to pursue them.

因此，我們供應鏈的表現——通常占我們最終產品投入的60%——將會被釋放出來（如果你願意這麼說），因為他們將能在工廠與生產方法上做改善。他們也能更有信心地招募人員，而不必在計畫下行、景氣不佳的年度裁員。我們將擁有更好、更具韌性的供應鏈；如果他們表現不佳，實際上會增加我們的成本。因此，這些HOA協議對供應鏈的傳導效應，我認為對我們最終表現的重要性，甚至高於我們在那些計畫中的自有工作內容。所以這是推動它們的一個原因。

The second provision that we agreed on with the government was to have an annual escalator from a year zero price, which was agreed to, and the year zero price was based on the old CAS system, more or less. So we have a good starting point that is fair to the company based on the traditional prices and margins that we have had. Then the escalator to account for inflation. That escalator is based on an inflation index for the industry that we are in. Underneath that, we will not be repriced every year if we make investments to improve our capability and our efficiency under the CAS system that we used to deal with.

我們與政府同意的第二項條款，是以雙方同意的「第零年」價格為基礎，設定每年的調整係數（escalator）。而第零年價格大致上是以舊的CAS制度為基礎。因此，我們有一個良好的起點：以我們過去在傳統定價與毛利率下的水準為基礎，對公司而言是公平的。接著用調整係數來反映通膨。這個調整係數是依據我們所處產業的通膨指數。在此之下，如果我們為了提升能力與效率而進行投資，就不會像過去在CAS制度下那樣每年都被重新議價。

So in the past, if we put $10 million into automation in a munitions factory, our price the next year and our profit would go down. It is a broken system in that respect. So we are making it a healthy system that says if we invest in quality, performance, and speed as companies and our suppliers do, we will then be able to keep the increased profitability under that fixed price escalator. That is the second key provision of this that gives us confidence this will be good for the company.

所以在過去，如果我們在一家彈藥工廠投入1,000萬美元做自動化，我們隔年的價格和利潤都會下降。在這方面，這是一個失靈的制度。因此，我們正在把它變成一個健全的制度：也就是說，如果我們作為公司以及我們的供應商投資於品質、績效與速度，那麼在固定價格調整（escalator）機制下，我們就能保留提高後的獲利能力。這是本案第二個關鍵條款，讓我們有信心這會對公司有利。

The third was the cash flow neutrality provision that Evan described along the way. So the goal is year to year, if we just did this under the CAS system, we would have certain free cash flow or cash from operations that our investors expect. Because we entered into these agreements, we do not want to have the first two or three years of those where we have to invest or are obligated to invest more, uncovered, if you will. So that is where the cash flow neutrality comes in. It protects the cash flow expectations that you've all had as we go through improving this entire system in the first few years.

第三個是Evan在過程中提到的現金流中性條款。目標是逐年來看，如果我們僅在CAS制度下運作，我們會有投資人所期待的一定自由現金流或營運現金流。因為我們簽訂了這些協議，我們不希望在前兩、三年出現必須投資或被要求投資更多、卻沒有被涵蓋（如果你願意這麼說）的情況。因此，現金流中性就在這裡發揮作用。在我們於最初幾年改善整個系統的過程中，它能保護各位一直以來對現金流的期待。

The fourth key provision, which is really important, is if a future administration or Congress decides to change, truncate the agreed upon HOA volumes or duration, then there will be a recovery mechanism for industry to get back the investments that they made expecting 2,000 Patriots a year if it goes to 1,000. Or if it's a four-year agreement instead of a seven-year agreement. So there are these sort of recovery provisions for investments that industry makes that are not actually needed down the road, and we'll get recovery for that.

第四個關鍵條款也非常重要：如果未來的政府或國會決定變更、縮減已同意的HOA數量或期限，那麼將會有一套回收機制，讓產業能取回原本基於每年2,000枚愛國者（Patriot）產量預期所做的投資，但若後來降到1,000枚。或者如果協議從七年變成四年。因此，對於產業所做、但未來實際上不再需要的投資，會有這類回收條款，而我們也將能就此獲得回收。

So those are the four key provisions that give us a lot of confidence that if we can negotiate these fine points that Evan pointed out. We will go through with these agreements, and we'll be super happy to have done it. But we will hold to the notion that the agreements have to be as good or better as the current way of doing business.

所以，這四個關鍵條款讓我們非常有信心：如果我們能把Evan指出的這些細節談妥，我們就會推進這些協議，而且會非常高興自己做了這件事。但我們會堅持一個原則：這些協議必須至少與目前的業務運作方式一樣好，或更好。

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，Jefferies。

I wanted to maybe follow up on that, but ask on F-35 specifically. Would just be interested to see how the F-35 agreement changes the margin profile across production, sustainment, and development. And how you think about Aeronautics' ability to expand beyond the 10% margin marker. And just on Lot 20, how do we think about the signing of the agreement and timing there and the margin profile on that specific lot?

我想也許可以就此追問一下，但特別想問F-35。我很想了解F-35協議如何改變在生產、維持（sustainment）與研發（development）之間的利潤率結構。以及你們如何看待航太（Aeronautics）將利潤率擴大到超過10%門檻的能力。另外關於第20批（Lot 20），我們如何看待協議簽署與時間點，以及該特定批次的利潤率輪廓？

Yeah. I will just give some of the conceptual provisions here, and Evan can speak to some of the financial effects of those.

好的。我先在這裡說一些概念性的條款，Evan可以談談其中一些對財務面的影響。

On production, same theory applies, right? So 60%-ish or more of the F-35 comes from our supply chain. Some of those suppliers are very large, as you heard. You have heard of Northrop Grumman doing the center body, BAE in the UK doing the aft body. We want them to have production stability just as we would like to have it, all the way down to the nuts-and-bolts suppliers that put it all together in our factory at Fort Worth.

在生產方面，同樣的理論適用，對吧？因此，F-35大約60%或更多來自我們的供應鏈。其中一些供應商非常大型，正如你們所聽到的。你們聽過諾斯洛普·格魯曼（Northrop Grumman）負責中機身（center body），英國的BAE負責後機身（aft body）。我們希望他們能像我們一樣擁有生產穩定性，一路延伸到那些螺絲螺帽等零組件供應商，最終在我們位於沃斯堡（Fort Worth）的工廠把它組裝完成。

So all those suppliers are now going to have the same concept available to them of investing in their operations, to making sure they hire enough people, to improving their software systems, because those investments will be utilized and they will have a long enough ROI on those investments that they will be confident in making those. Their performance improvements will flow through to us, and one of our biggest costs is supplier late or poor quality in all the inputs that come to us in the final assembly. So we will benefit from that.

因此，所有這些供應商現在都將能採用同樣的概念：投資其營運、確保雇用足夠人力、改善其軟體系統，因為這些投資會被運用，而且他們對這些投資將有足夠長的投資報酬期（ROI），因此會有信心去做。他們的績效改善會傳導到我們這裡，而我們最大的成本之一，就是供應商交付延遲或投入品品質不佳，影響我們最終總裝的所有來料。因此我們將從中受益。

Again, everybody is going to be under the fixed price escalation model, and we will all collectively, if we do well and perform well, and those investments pay off that we make, we will get to retain those profits under the fixed price with escalator concept. Again, before we would have to give back with price and operating profit, any improvements we invested in internally. So that is going to apply to the production system. Even if it stays at 156, it will be a much healthier production system for industry and a more predictable production system for government.

同樣地，所有人都會在固定價格調整模型之下；如果我們做得好、執行得好，而且我們所做的投資確實帶來成效，我們就能在「固定價格加調整」的概念下保留這些利潤。過去，我們必須把我們內部投資所帶來的任何改善，以價格與營業利益的形式回吐出去。因此，這將適用於生產體系。即使產量維持在156架，對產業而言也會是一個更健康的生產體系，對政府而言也會是一個更可預測的生產體系。

And I will get through quickly. The other two big pieces of this are fleet readiness, which is really, really critical. The whole aftermarket side of this is going to enjoy the same kind of business model that we just talked about on production. And by the way, the parts will be pooled between sustainment or aftermarket and production for all of our suppliers and for us, so we can get better pricing from everybody. That is another big piece of this.

我會快速帶過。另外兩個重要部分是機隊妥善率（fleet readiness），這真的、真的很關鍵。整個售後市場（aftermarket）端將享有我們剛才在生產端所談到的同類型商業模式。順帶一提，對我們所有供應商以及我們而言，零件將在維持（sustainment）/售後與生產之間共用池化（pooled），因此我們可以向所有人取得更好的價格。這也是其中另一個重要部分。

Then on modernization, when we input new capabilities, we will be able to have improved and enhanced test capabilities for us and our suppliers, because we can invest in those now too without risking price reductions later. We will have faster modernization as a collective because of being able to do that. So this agreement benefits the entire F-35 enterprise, we think both for industry and for government.

接著在現代化（modernization）方面，當我們導入新能力時，我們以及供應商將能擁有更好、更強化的測試能力，因為我們現在也可以投資這些，而不必擔心之後價格被下調。因此，作為一個整體，我們將能更快完成現代化。我們認為，這項協議將使整個F-35體系受益，無論對產業或對政府都是如此。

I will turn it over to Evan, if you want to, can add more specifics there.

我把時間交給Evan，如果你願意，可以在這裡補充更具體的內容。

Yeah. Specific to F-35 and margins, I think a couple key things are to note here. One, clearly, we are partnering with our customer on development tasks that we need to accelerate and get done. On the production side, at this point, F-35 production is accretive to Aeronautics margins and Lockheed Martin margins. We have seen very strong performance in F-35 production, which gives us a great baseline from which to establish a 10-year multi-year.

好的。就F-35與利潤率而言，我認為有幾個關鍵點需要注意。第一，很明顯地，我們正與客戶合作處理我們需要加速並完成的研發任務。在生產端，就目前而言，F-35的生產對航太（Aeronautics）利潤率以及洛克希德馬丁的利潤率都是增益（accretive）的。我們在F-35生產上看到非常強勁的表現，這為我們建立一個10年期多年期（multi-year）合約提供了很好的基礎。

When you look at Lot 20, if we do sign a Lot 20 this year, that would represent upside to effectively all our metrics this year. It is not counted on in our guide. That said, we are well underway with Lot 20 with the advanced procuring funds that we have. So production line is looking very strongly. We have seen great investment and sustainment with rising sales growth there as well. So the F-35 is in great shape here heading into a potential multi-year.

當你看第20批（Lot 20），如果我們今年確實簽下Lot 20，那將對我們今年幾乎所有指標帶來上行空間。這並未納入我們的財測指引。話雖如此，我們已經在利用現有的預先採購資金（advanced procuring funds）大幅推進Lot 20。因此，生產線的狀況看起來非常強勁。我們也看到在維持（sustainment）方面有很好的投資，且那裡的銷售成長也在上升。因此，在邁向潛在多年期合約之際，F-35目前的狀態非常好。

Myles Walton, Wolfe Research.

Myles Walton，Wolfe Research。

I was hoping you could touch on some of the 2027 potential moving target, moving pieces, top-line margin, and free cash flow, or at a minimum, on the free cash flow. Evan, if you can speak to, should we expect the billion-dollar pension headwind contribution. And then how much of this raise, related to cash taxes is one-off?

我希望你們能談談2027年一些可能變動的目標與變數，包括營收端、利潤率與自由現金流，或者至少談談自由現金流。Evan，如果你能說明一下，我們是否應該預期10億美元的退休金逆風提撥。另外，這次上調中有多少與現金稅（cash taxes）相關、屬於一次性因素？

You bet. Morning, Myles. So for 2027, consistent with last year, we are not giving specific guidance for the following year. We will do that in January. However, we are comfortable saying that we see all four segments growing next year on a top-line basis with the strength of our backlog and demand. And really, when you put it all together, we see clear line of sight to high single-digit revenue growth next year as a company.

當然。早安，Myles。關於 2027 年，與去年一致，我們不會對隔年提供具體指引。我們會在一月提供。不過，我們有信心表示，憑藉我們在手訂單與需求的強勁，我們預期明年四個事業部門在營收（top-line）上都會成長。整體而言，綜合各項因素，我們清楚看得到公司明年營收可望達到高個位數成長的路徑。

From a cash perspective, I think you have the right elements there. The tax benefit is more than a single-year benefit. I do not think we will get as much benefit next year as we got this year, but it will be a benefit overall. So year-over-year represents a slight tailwind, and then you hit the other key item there, which is pension.

從現金的角度來看，我認為你提到的要素是正確的。稅務利益不只是單一年度的利益。我不認為明年能像今年一樣取得那麼多利益，但整體而言仍會帶來正面效益。因此，年對年來看會是些微的順風，另外你也點出了另一個關鍵項目，也就是退休金。

And we have talked about a pension contribution in excess of $1 billion to be required next year. We have not made a decision yet if we plan to pre-fund the pension this year based on the strong operational cash we are seeing. That opportunity certainly may present itself, noting that we plan to close Ultra Maritime this year, paid fully in cash. So that is the other element we need to work through, and then we will make that decision before the end of the year.

我們也談到，明年可能需要超過 10 億美元的退休金提撥。我們尚未決定是否會基於目前看到的強勁營運現金流，在今年先行預先提撥退休金。考量到我們計畫在今年完成 Ultra Maritime 的交割，且將以現金全額支付，這個機會確實可能出現。因此這也是我們需要一併評估的另一個要素，我們會在年底前做出決定。

John Godyn, Citi.

John Godyn，花旗。

There is a lot of program detail that has come out of the answers to the other questions. What I wanted to focus on, Jim, if we could, is the durability of revenue growth kind of in 2028 and beyond. More and more from some of the other primes in earning season so far, I think there is a view that there is growth even beyond '27. Of course, investors are still very focused and debating '27 itself. I am not asking for guidance or anything like that, but perhaps a conceptual framework for just building comfort that even if things get a little better in '27, there is sustainability and durability in that growth beyond.

其他問題的回答中已經帶出了很多專案細節。Jim，我想聚焦的是 2028 年及之後營收成長的持久性。在目前這一季的財報季中，從其他一些主承包商（primes）的說法來看，我認為市場有一種看法是成長甚至會延續到 2027 年之後。當然，投資人仍然非常關注並且在辯論 2027 年本身。我不是在要求你提供指引之類的，但或許可以提供一個概念性的框架，讓大家更有信心：即便 2027 年情況稍微好一些，之後的成長仍具可持續性與韌性。

Given the geopolitical situation I referenced in the prepared remarks, which is frankly unfortunate for all of us, there are potential adversaries, competitors, around the world, to the United States that don't seem to be backing off of their objectives and in using potentially military means to achieve those.

就我在事先準備的發言中提到的地緣政治情勢而言，坦白說，這對我們所有人都很不幸；全球各地存在一些對美國而言的潛在對手與競爭者，他們似乎並未放緩其目標，並可能以軍事手段來達成那些目標。

You can go across the spectrum. Russia doesn't seem to be backing off of its designs on Europe. Iran is seemingly not going anywhere as far as its goals in the Middle East to have more dominance there. In the South China Sea and in China and the Pacific in general, you can look at their production numbers as far as aircraft, missiles, satellites. It's a bit harrowing, right? They're not going away either.

你可以從各個面向來看。俄羅斯似乎沒有放棄其對歐洲的企圖。伊朗在中東追求更大主導地位的目標，看起來也沒有要停止。在南海，以及中國與整個太平洋地區，你可以看看他們在飛機、飛彈、衛星等方面的產量數據。這確實有點令人不寒而慄，對吧？他們也不會消失。

As much as I would love to have peace break out all over the world, and again, our products is not necessarily platforms, ships, radars. Our product is deterrence. We want to create deterrence from armed conflict.

儘管我非常希望世界各地都能迎來和平，而且再說一次，我們的產品不一定是平台、艦艇、雷達。我們的產品是嚇阻。我們希望能對武裝衝突形成嚇阻。

So given the backdrop, the only way I think it's feasible to maintain an effective deterrent is to maintain a strong national defense. To maintain a strong national defense when you've got production rates and technology development by China and Iran and Russia at the pace that they're all going, I think it's going to require a sustained investment in national defense and in the defense industrial base and in the products that we all produce together, including our new entrant friends and venture companies that we're partnering with. It's going to require that. So it's an unfortunate geopolitical situation that I think will create this sustained demand for many, many years.

因此，在這樣的背景下，我認為要維持有效嚇阻，唯一可行的方式就是維持強大的國防。當中國、伊朗與俄羅斯以目前的速度推進生產率與技術發展時，要維持強大的國防，我認為將需要對國防、國防工業基礎，以及我們共同生產的產品進行持續投資，也包括我們正在合作的新進者夥伴與創投公司。這是必要的。所以，這個不幸的地緣政治情勢，我認為將在未來很多很多年創造出持續的需求。

With that, I think we'll go ahead and close the call. But before we do, I want to thank our employees and suppliers for everything they do each day as we continue to expand our production and deliver for our customers. It's their efforts and expertise which are critical to meeting these commitments that we talked about today, strengthening the defense industrial base, as I just said, and building the capacity our nation and allies need to deter armed conflict or prevail if there is one.

那麼，我想我們就結束今天的電話會議。但在結束之前，我想感謝我們的員工與供應商，感謝他們每天所做的一切，因為我們持續擴大產能並為客戶交付。正是他們的努力與專業，對於履行我們今天談到的這些承諾至關重要：強化國防工業基礎（如我剛才所說），並建立我們國家與盟友所需的能力，以嚇阻武裝衝突，或在衝突發生時取得勝利。

Our focus remains on execution at Lockheed Martin, delivering advanced, reliable capabilities at the speed and scales needed. And we're making significant investments, as you heard, to support that work, and we're executing with discipline, and I do think we're getting real results already.

我們在洛克希德馬丁的重點仍然是落實執行，以所需的速度與規模交付先進且可靠的能力。而且如各位所聽到的，我們正在進行重大投資以支持這項工作；我們也以紀律執行，我確實認為我們已經開始看到實質成果。

I also want to recognize the men and women in uniform who rely on our systems to accomplish their missions because their success is our success. We have a responsibility to deliver the most reliable, effective capabilities they need to complete their missions and return home safely to their families and friends.

我也想向依賴我們系統來完成任務的現役軍人男女致敬，因為他們的成功就是我們的成功。我們有責任交付他們完成任務所需、最可靠且最有效的能力，並讓他們能安全返家與家人朋友團聚。

Thank you to everybody joining us today. We look forward to sharing our progress with you next quarter. Bye, everyone.

感謝今天所有與會者。我們期待在下個季度與各位分享我們的進展。各位再見。

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

今天的電話會議到此結束。感謝您的參與。您現在可以掛線。