諾斯洛普·格拉曼 (NOC) 2025 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to Northrop Grumman's third-quarter 2025 conference call. Today's call is being recorded. My name is Bella, and I will be your conference operator today. (Operator Instructions)

女士們、先生們，大家好，歡迎參加諾斯羅普格魯曼公司 2025 年第三季電話會議。今天的通話正在錄音。我叫貝拉，今天我將擔任您的會議主持人。（操作員指示）

I would now like to turn the call over to your host, Mr. Todd Ernst, Vice President, Investor Relations. Mr. Ernst, please proceed.

現在我想將電話轉給主持人、投資者關係副總裁托德恩斯特先生。恩斯特先生，請繼續。

Thanks, Bella, and good morning, everyone, and welcome to Northrop Grumman's third quarter of 2025 conference call. Before we start, matters discussed on today's call, including guidance and outlooks for 2025 and beyond, reflect the company's judgment based on information available at the time of this call. They constitute forward-looking statements pursuant to safe harbor provisions of federal securities laws.

謝謝，貝拉，大家早安，歡迎參加諾斯羅普格魯曼公司 2025 年第三季電話會議。在我們開始之前，今天電話會議上討論的問題，包括 2025 年及以後的指導和展望，反映了公司根據本次電話會議時可用的信息做出的判斷。它們根據聯邦證券法的安全港條款構成前瞻性陳述。

Forward-looking statements involve risks and uncertainties, including those noted in today's press release and our SEC filings. These risks and uncertainties may cause actual company results to differ materially. Today's call will include non-GAAP financial measures that are reconciled to our GAAP results in our earnings release. In addition, we will refer to a presentation that is posted to our Investor Relations website.

前瞻性陳述涉及風險和不確定性，包括今天的新聞稿和我們向美國證券交易委員會提交的文件中指出的風險和不確定性。這些風險和不確定性可能會導致公司實際業績產生重大差異。今天的電話會議將包括與我們收益報告中的 GAAP 結果相協調的非 GAAP 財務指標。此外，我們將參考發佈到我們的投資者關係網站的一份簡報。

On the call today are Kathy Warden, our Chair, CEO and President; and Ken Crews, our CFO. At this time, I'd like to turn the call over to Kathy. Kathy?

今天參加電話會議的有我們的董事長、執行長兼總裁 Kathy Warden 和我們的財務長 Ken Crews。現在，我想把電話轉給凱西。凱西？

Thanks, Todd. Good morning, everyone, and thank you for joining our call. Disciplined execution of our business strategy has continued to position us well as global defense demand grows and our customers transform the way they acquire capability. We continue to prioritize providing technology leadership to our customers through innovation in both the way we do business and the capabilities we deliver.

謝謝，托德。大家早安，感謝你們參加我們的電話會議。隨著全球國防需求的成長和客戶獲取能力方式的轉變，我們嚴格執行業務策略，並持續保持良好的地位。我們將繼續優先透過業務方式和提供能力的創新為客戶提供技術領導力。

In doing so, we are building a strong backlog of future business. We are also performing well on our current programs, building the capacity for sustainable growth, and transforming our operations by embracing digital technologies to deliver with speed, quality, and affordability.

透過這樣做，我們正在為未來業務累積大量儲備。我們目前的專案也表現良好，建立了可持續成長的能力，並透過採用數位技術轉變我們的營運方式，以快速、優質和經濟的方式交付產品。

The Northrop Grumman team delivered another strong quarter of performance, amidst a dynamic global environment. We achieved mid-single-digit growth, expanded our segment operating margin, and grew free cash flow year-over-year. These results are aligned to our long-term financial outlook.

在充滿活力的全球環境下，諾斯羅普·格魯曼公司團隊又取得了強勁的季度業績。我們實現了中等個位數的成長，擴大了分部營業利潤率，並且自由現金流同比增長。這些結果與我們的長期財務前景一致。

The investments we have been making in capacity and capability over the last six years enables us to deliver with urgency against our customers' highest priorities. In fact, we achieved an exceptionally strong book-to-bill of 1.17 in the quarter. Our organic growth rate was 5% year-over-year, and our international growth rate was 32%.

過去六年來，我們在產能和能力方面的投資使我們能夠緊急滿足客戶的最高優先事項。事實上，本季我們實現了異​​常強勁的訂單出貨比 1.17。我們的有機成長率年增5%，國際成長率為32%。

It is also worth noting that apart from our Space segment, where we continue to have a challenging compare related to the wind down of two large programs, revenue growth was approximately 9%. Despite strong growths in the quarter, we are revising our full year revenue guidance down due to delayed timing on certain awards and programs.

還值得注意的是，除了我們的太空部門（由於兩個大型項目的結束，我們在該部門繼續面臨挑戰性比較）之外，收入增長了約 9%。儘管本季成長強勁，但由於某些獎項和計劃的時間延遲，我們下調了全年收入預期。

In addition, the team delivered another outstanding quarter of operating performance. Segment operating margin increased to 12.3% in Q3, which drove a 10% year-over-year increase in earnings per share. We also increased our free cash flow by 72% year-over-year and are on track to meet our full-year guidance.

此外，該團隊又一個季度取得了出色的營運表現。第三季分部營業利益率增至 12.3%，推動每股盈餘較去年同期成長 10%。我們的自由現金流也比去年同期增加了 72%，預計將實現全年目標。

In the quarter, we made significant strides across multiple programs to position our company for the future. Last month, the second B-21 aircraft entered flight test, another significant milestone for the program as we continue to gain momentum. This starts a new phase of the test program, transitioning from general flight performance evaluation, to integrating weapons and mission systems.

本季度，我們在多個專案上取得了重大進展，為公司的未來做好了準備。上個月，第二架 B-21 飛機進入飛行試驗，這是我們繼續獲得發展動力的另一個重要里程碑。這開啟了測試計劃的新階段，從一般飛行性能評估過渡到整合武器和任務系統。

Our testing campaign also involves multiple B-21 aircraft undergoing ground tests prior to flying, which is validating performance and minimizing risks. With the progress we've made, we remain on track to receive the LRIP Lot 3 and Lot 5 Advanced Procurement awards later this year.

我們的測試活動還涉及多架 B-21 飛機在飛行前進行地面測試，以驗證性能並最大限度地降低風險。憑藉我們所取得的進展，我們預計在今年稍後獲得 LRIP Lot 3 和 Lot 5 高級採購獎。

We continue discussions with the Air Force on the framework for an agreement to accelerate the B-21 production rate. If an agreement is reached, as previously disclosed, we expect to deploy additional investment to achieve the increased rate with the opportunity to earn improved returns.

我們繼續與空軍討論加快 B-21 生產率的協議框架。如果達成協議，如前所述，我們預計將部署額外投資以實現更高的利率，並有機會獲得更高的回報。

We've also made important progress on missile defense programs that can support emerging requirements. In the quarter, we received a multi-billion dollar extension on the Ground-Based Midcourse Defense Weapon System contract. This contract award extends our period of performance through 2030, to provide new GMD capabilities.

我們還在能夠滿足新興需求的導彈防禦計劃方面取得了重要進展。本季度，我們獲得了一份價值數十億美元的陸基中段防禦武器系統合約延期。該合約將我們的履約期延長至 2030 年，以提供新的 GMD 能力。

GWS is an integrated system designed to protect the U.S. from long-range ballistic missile threats. System enhancements include integrating the Next Generation Interceptor into the GMD system, updating launch equipment, and advancing the communication capabilities between the GWS and the interceptor fleet.

GWS 是一個旨在保護美國免受遠程彈道飛彈威脅的綜合系統。系統增強包括將下一代攔截器整合到 GMD 系統、更新發射設備以及提高 GWS 和攔截器艦隊之間的通訊能力。

In addition, IBCS continues to be an effective and ready-now solution to meet the global air and missile defense mission. In this quarter, IBCS successfully completed live fire testing events for both Poland and the U.S. Army customers, continuing its record of strong performance in operational tests. With these latest events, IBCS is now 32 for 32 in successful flight tests.

此外，IBCS 仍然是滿足全球防空和飛彈防禦任務的有效且現成的解決方案。本季度，IBCS成功完成了波蘭和美國陸軍客戶的實彈測試活動，延續了其在作戰測試中的強勁表現記錄。加上這些最新事件，IBCS 目前已成功完成 32 次飛行測試。

We are also advancing the capability to introduce cloud and mobile technologies into IBCS, as well as enhanced artificial intelligence. We have demonstrated our ability to rapidly adapt to changing mission requirements, adding new operations capabilities through software in a matter of hours to effectively defeat evolving threats.

我們也正在提升將雲端和行動技術引入 IBCS 的能力，以及增強人工智慧。我們已經證明了我們能夠快速適應不斷變化的任務要求，在幾個小時內透過軟體添加新的操作能力，從而有效地擊敗不斷演變的威脅。

I have previously outlined the investments we've made in solid rocket motor capacity and capabilities over the last several years. Leveraging those investments in the quarter, our GEM-63XL rocket boosters played a crucial role in powering a ULA Vulcan rocket that delivered the third batch of Amazon Kuiper satellites to orbit. With additional launches in backlog, the Kuiper program is poised to be a key growth driver for the company going forward.

我之前曾概述過過去幾年我們在固體火箭發動機產能和能力方面所做的投資。利用本季度的這些投資，我們的 GEM-63XL 火箭助推器在為 ULA Vulcan 火箭提供動力方面發揮了關鍵作用，該火箭將第三批亞馬遜柯伊伯衛星送入軌道。隨著更多發射任務的積壓，Kuiper 計劃有望成為該公司未來發展的關鍵成長動力。

Additionally, we've self-funded investments in tactical solid rocket motor capabilities that have enabled us to pursue, and win, second source opportunities. Recently, we were selected by the Navy as the second supplier for the SM-6 missile. This is one of several initiatives, including the 21-inch motor award that we discussed on our last call, that we've undertaken to enhance our SRM competitiveness and broaden our market presence.

此外，我們還自籌資金投資戰術固體火箭發動機能力，這使我們能夠尋求並贏得第二來源機會。最近，我們被海軍選為SM-6飛彈的第二家供應商。這是我們為增強 SRM 競爭力和擴大市場佔有率而採取的多項舉措之一，其中包括我們在上次電話會議上討論的 21 英寸發動機獎項。

There are many notable accomplishments from the quarter, but let me now take a step back for a moment and talk about the transformation that is underway in the Department of War, and how they acquire capability, and what they seek from an industry partner like Northrop Grumman.

本季度取得了許多顯著的成就，但現在讓我暫時退一步，談談戰爭部正在進行的轉型，他們如何獲得能力，以及他們希望從諾斯羅普·格魯曼這樣的行業合作夥伴那裡得到什麼。

I noted earlier that we are innovating, both in the capabilities we deliver and the ways we work. We are bringing proposals forward to accelerate our programs, embrace new technology, and partner more effectively. We also continue to invest in American factories and workers, where we design and build the most advanced systems and technologies in support of our nation's warfighters.

我之前提到過，我們正在創新，無論是在我們提供的功能方面還是在工作方式方面。我們正在提出建議，以加速我們的計劃、採用新技術並更有效地開展合作。我們也繼續投資美國工廠和工人，在那裡我們設計和建造最先進的系統和技術，以支援我們國家的作戰人員。

Over the past two years, we've allocated over 4% of our sales towards capital expenditures, well above industry averages. This investment is essential in providing the capacity to meet demand for next-generation aircraft capabilities, ramping up production in munitions and propulsion, laying the foundation for significant growth in microelectronics, and expanding production facilities to deliver hundreds of satellites and aircraft.

在過去兩年中，我們將超過 4% 的銷售額用於資本支出，遠高於行業平均。這項投資對於滿足下一代飛機能力的需求、提高彈藥和推進裝置的產量、為微電子技術的顯著增長奠定基礎以及擴大生產設施以交付數百顆衛星和飛機至關重要。

We have also invested over $2 billion in the infrastructure and development of our enterprise-wide digital ecosystem, that continues to yield phenomenal results, as we test and prove that digital models have extremely high correlation with the physical products we are delivering. This is game-changing for the way we design, build, and produce our products. It opens paths for more affordable solutions for our customers and more predictable and improved returns for our shareholders.

我們還在企業範圍的數位生態系統的基礎設施和開發上投資了超過 20 億美元，隨著我們測試並證明數位模型與我們交付的實體產品具有極高的相關性，該生態系統繼續產生驚人的成果。這徹底改變了我們設計、製造和生產產品的方式。它為我們的客戶開闢了更實惠的解決方案，並為我們的股東帶來了更可預測和更高的回報。

And as we look even further over the horizon, to 5 or 10 years into the future and beyond, our team of world-class engineers is undertaking research and development and pushing technology boundaries today, that will support our competitiveness tomorrow.

當我們放眼更遠的未來，展望 5 年或 10 年甚至更遠的未來時，我們世界一流的工程師團隊正在進行研發並突破當今的技術界限，這將支持我們未來的競爭力。

Over the past two years, we've invested over $2.1 billion in IRAD to maintain our technology leadership and for continuous innovation to disrupt the market, and ourselves, with the objective of maintaining long-term sustainable advantage for our warfighters and policymakers.

在過去兩年中，我們向 IRAD 投資了超過 21 億美元，以保持我們的技術領先地位並不斷創新以顛覆市場和我們自己，目的是為我們的作戰人員和決策者保持長期可持續的優勢。

As I mentioned earlier, we are exploring creative ways to bring solutions to market faster and focusing on priority areas such as: the development and fielding of multi-function sensors, new and innovative ways to incorporate AI into our solutions, and developing and fielding new, smarter weapon systems that bring unmatched superiority on the battlefield...to name just a few.

正如我之前提到的，我們正在探索創意的方法，以便更快地將解決方案推向市場，並重點關注以下優先領域：多功能感測器的開發和部署、將人工智慧融入我們的解決方案的新穎創新方法，以及開發和部署在戰場上帶來無與倫比優勢的新型、更聰明的武器系統……僅舉幾例。

The themes we are seeing in the U.S. are also true in the international market. Our allies are committed to modernizing their armed forces and investing in deterrent capabilities. And the current geopolitical environment has increased the urgency for them to act now. This is being reflected in a significant increase in defense spending that is expected to carry well into the next decade.

我們在美國看到的主題在國際市場上也是如此。我們的盟友致力於實現武裝部隊現代化並投資於威懾能力。當前的地緣政治環境增加了他們立即採取行動的迫切性。這反映在國防開支的大幅增加上，預計這一趨勢將持續到下一個十年。

Allied nations are prioritizing investments in air and missile defense, ground-based radars, airborne ISR, and other advanced weapon systems to enhance their ability to deter and defend against conflict. This growing demand presents substantial opportunities for our company, and we are well-positioned to deliver solutions that meet the evolving needs of our customers worldwide. These factors contributed to our international sales growing 20% year-to-date.

盟國優先投資防空和飛彈防禦、地基雷達、機載情監偵和其他先進武器系統，以增強其威懾和防禦衝突的能力。這種不斷增長的需求為我們公司帶來了巨大的機遇，我們有能力提供滿足全球客戶不斷變化的需求的解決方案。這些因素促使我們的國際銷售額今年迄今成長了 20%。

Before I turn to 2026, let me address the U.S. government shutdown. It is unclear how long it might persist, but we are hopeful it will be resolved in the near term. Assuming it is, we do not anticipate any significant impact on our financial results. In the meantime, we remain focused on executing our programs and delivering on our commitments.

在展望2026年之前，我想先談談美國政府關門問題。目前尚不清楚這種情況會持續多久，但我們希望它能在短期內解決。假設確實如此，我們預計不會對我們的財務結果產生任何重大影響。同時，我們仍將專注於執行我們的計劃和履行我們的承諾。

Looking longer-term, there continues to be strong bipartisan support for national security priorities, with robust levels of investment provided through reconciliation and being considered for FY26 appropriations. We believe this continued commitment to funding will result in a long tail of demand as resources are allocated and invested into the industrial base. Our confidence in these underlying trends reaffirms our outlook and positions us well for sustained growth.

從長遠來看，兩黨繼續大力支持國家安全優先事項，並透過和解提供大量投資，並正在考慮納入 2026 財年的撥款。我們相信，隨著資源被分配並投資到工業基礎，這種持續的資金投入將帶來長尾需求。我們對這些潛在趨勢的信心重申了我們的前景，並為我們持續成長做好了準備。

As we look ahead to the new year, I'd like to take a moment to provide you with some color on how we're thinking about 2026. We expect mid-single digit organic sales growth, supported by growth in all four of our segments. This top-line growth will, in turn, enable us to also grow segment operating income. We expect a segment OM rate in the low to mid 11% range.

在我們展望新的一年之際，我想花點時間向大家介紹我們對 2026 年的展望。我們預計有機銷售額將實現中等個位數成長，這得益於我們四個部門的成長。這種收入成長反過來也將使我們的分部營業收入也隨之增加。我們預計該部分的 OM 率將在 11% 的低位至中位數範圍內。

Lastly, as we look at cash, we are reaffirming our existing outlook range for 2026 free cash flow of $3.1 billion to $3.5 billion. I'd note that these estimates are not inclusive of a potential win on F/A-XX, or an acceleration of the B-21 production rate. And as usual, we plan to provide formal guidance during our Q4 earnings call in January.

最後，從現金角度來看，我們重申對 2026 年自由現金流的現有預期範圍，即 31 億美元至 35 億美元。我要指出的是，這些估計值並不包括 F/A-XX 的潛在勝利，或 B-21 生產率的加速。和往常一樣，我們計劃在 1 月的第四季財報電話會議上提供正式指導。

So in summary, I'd like to emphasize our unwavering commitment to our technology-focused business strategy, which continues to drive our profitable growth. We're experiencing an unprecedented demand environment, and our capital deployment strategy is enabling us to meet this demand and prepare us for opportunities in the future. As we move forward, our primary focus remains disciplined execution of our strategy and creating lasting value for both our customers and our shareholders. So now let me hand it over to Ken to provide more detail on the quarter's financial results.

總而言之，我想強調我們堅定不移地致力於以技術為中心的業務策略，這將繼續推動我們的獲利成長。我們正經歷前所未有的需求環境，我們的資本部署策略使我們能夠滿足這項需求並為未來的機會做好準備。隨著我們不斷前進，我們的主要重點仍然是嚴格執行我們的策略，並為我們的客戶和股東創造持久的價值。現在，讓我把時間交給肯，讓他提供有關本季財務結果的更多詳細資訊。

Thank you, Kathy, and good morning, everyone. As you just heard from Kathy, we delivered another strong quarter of financial performance. Let's begin on slide 4, which shows our top-line results for the quarter.

謝謝你，凱西，大家早安。正如凱西剛才所說，我們又一個季度取得了強勁的財務表現。讓我們從幻燈片 4 開始，它展示了我們本季的營收業績。

Third quarter sales were $10.4 billion, up 4% compared to the prior year, and up 5% on an organic basis. We continue to expect further acceleration in Q4, with all segments returning to growth, both sequentially and on a year-over-year comparison.

第三季銷售額為 104 億美元，較上年成長 4%，有機成長 5%。我們繼續預計第四季度將進一步加速，所有部門都將恢復成長，無論是環比增長還是同比增長。

Aeronautics generated third-quarter sales of $3.1 billion, up 6% compared to the prior year. Higher sales were driven by the ramp on TACAMO and higher volume on the F-35 program, partially offset by lower sales on F/A-18 as the program winds down.

航空業務第三季銷售額為 31 億美元，比上年成長 6%。銷售額的成長得益於 TACAMO 產量的提升和 F-35 專案產量的增加，但隨著 F/A-18 專案逐漸結束，銷售額的下降部分抵消了這一影響。

Sales at DS were exceptionally strong in Q3, accelerating to nearly $2.1 billion. Sales were higher across the DS portfolio, including on ammunition and weapons programs, IBCS and Sentinel. In total, DS sales grew by 14% compared to Q3 of last year, and by 19% organically.

DS 第三季的銷售額異常強勁，增至近 21 億美元。DS 產品組合的銷售額均有所成長，包括彈藥和武器項目、IBCS 和 Sentinel。總體而言，DS 銷量與去年第三季相比成長了 14%，有機成長了 19%。

Mission Systems continues to deliver unmatched technological innovation at a rapid rate. This is reflected by further growth on restricted microelectronic programs in Q3, which led the segment to another quarter of double-digit sales growth. Sales were also higher in marine systems and on international programs, building on the strong momentum from the first half of the year.

任務系統繼續以快速的速度提供無與倫比的技術創新。這反映在第三季受限微電子專案的進一步成長上，使該部門的銷售額再創兩位數成長。由於上半年的強勁勢頭，船舶系統和國際項目的銷售額也有所增長。

And at Space Systems, Q3 sales grew on a sequential basis again this quarter, rising to $2.7 billion. On a year-over-year basis, sales were down mid-single-digits as expected, and we have now nearly lapped the top-line headwinds we've been experiencing on two programs for the past 18 months. Looking forward, we believe that Space is poised to return to growth, given our positioning and opportunities in this arena.

而太空系統公司本季第三季的銷售額再次較上季成長，增至 27 億美元。與去年同期相比，銷售額如預期般下降了中個位數，而且我們現在已經幾乎克服了過去 18 個月在兩個項目上遇到的營收逆風。展望未來，我們相信，鑑於我們在這個領域的定位和機遇，太空領域將恢復成長。

Moving to the bottom line on slide 5, operational performance was outstanding again in Q3. Segment operating income increased by 11% year-over-year, and our segment operating margin rate increased 80 basis points to 12.3%. AS operating income dollars were relatively flat compared to a year ago, and operating margin rate was 9.7%. This was driven by strong operating performance on mature production programs, as well as lower net profitability adjustments.

轉到幻燈片 5 的底線，第三季的營運表現再次表現出色。分部營業收入較去年同期成長11%，分部營業利益率增加80個基點至12.3%。AS 營業收入與去年同期相比基本持平，營業利益率為 9.7%。這是由於成熟生產專案的強勁營運績效以及較低的淨利調整。

As we do every quarter, we reviewed our estimate to complete the LRIP phase of the B-21 program and made no significant changes to the previously recognized loss. However, we experienced higher than expected costs to produce the EMD flight test aircraft, which increased our estimate to manufacture the LRIP units. This increase was largely offset by a reduction in our expected loss on remaining LRIP lots due to a contract restructure that occurred during the quarter.

正如我們每個季度所做的那樣，我們審查了完成 B-21 計劃 LRIP 階段的估計，並且沒有對先前確認的損失做出重大改變。然而，生產 EMD 飛行測試飛機的成本高於預期，這提高了我們製造 LRIP 單元的估算。由於本季發生的合約重組，我們對剩餘 LRIP 地段的預期損失減少，在很大程度上抵消了這一增長。

Turning to DS, quarter three margins improved to 11.4%, driven by strong operational performance and higher net favorable EAC adjustments. While the Q2 margin outperformance was driven by Sentinel, this quarter's strength was broad-based, with higher margin rates in each of the business areas.

談到 DS，受強勁的營運業績和更高的淨有利 EAC 調整推動，第三季利潤率提高至 11.4%。雖然第二季利潤率的優異表現是由 Sentinel 推動的，但本季的強勁表現是全方位的，各個業務領域的利潤率都有所提高。

Mission Systems operating income increased 32%, and their Q3 segment OM rate increased nearly 300 basis points to 16.7%. This performance was enabled by intentional steps this team has taken to drive efficiencies, mitigate risk, and increase factory utilization, which drove a $68 million favorable EAC adjustment in the restricted advanced microelectronics portfolio. And Space Systems also had a solid quarter of operational performance, generating an operating margin rate of 11%.

任務系統營業收入成長 32%，其第三季分部 OM 率增加近 300 個基點，達到 16.7%。這一業績得益於該團隊採取的有意措施，以提高效率、降低風險和增加工廠利用率，從而推動了受限先進微電子產品組合中 6800 萬美元的有利 EAC 調整。太空系統公司本季的營運表現也表現穩健，營業利益率達 11%。

These strong bottom-line results drove higher earnings per share, as shown on slide 6. Third quarter diluted earnings per share were $7.67, an increase of 10% compared to Q3 of 2024. In addition to strong segment results, mark-to-market gains on marketable securities increased by $0.35 compared to Q3 of last year. These benefits, along with higher net pension income, were partially offset by higher corporate unallocated expenses and a higher federal tax rate as previously disclosed.

如幻燈片 6 所示，這些強勁的底線業績推動了每股收益的增加。第三季每股攤薄收益為 7.67 美元，較 2024 年第三季成長 10%。除了強勁的分部業績外，有價證券的市價收益與去年第三季相比增加了 0.35 美元。這些福利以及更高的淨退休金收入被先前披露的更高的企業未分配費用和更高的聯邦稅率部分抵消。

As we reflect on our performance to date and expectations for Q4, we have a few updates to our company-level guidance as shown on slide 7. For sales, we are adjusting our outlook to a range of $41.7 billion to $41.9 billion, reflecting approximately 8% Q4 growth at the midpoint. We continue to expect a ramp in Q4 sales in all four segments, but at a slightly lower rate compared to our prior expectations.

當我們回顧迄今為止的表現和對第四季度的期望時，我們對公司層面的指導進行了一些更新，如幻燈片 7 所示。對於銷售額，我們將預期調整為 417 億美元至 419 億美元，中間值反映了第四季度約 8% 的成長。我們繼續預期所有四個部門的第四季銷售額都會成長，但增幅略低於我們先前的預期。

Importantly, we are maintaining our segment operating income dollar guidance range, despite the lower sales volume. This results in a segment OM rate that is roughly 10 basis points higher than our prior guidance at the midpoint. It is a testament to the team's continued focus on disciplined program execution and driving efficiencies throughout the business.

重要的是，儘管銷售量較低，我們仍維持分部營業收入美元指引範圍。這導致分部 OM 率比我們先前的中點指導高出約 10 個基點。這證明了團隊持續專注於規範的專案執行和提高整個業務的效率。

Moving to earnings per share, we are increasing our guidance by $0.65, now to a range of $25.65 to $26.05. The increase is driven by several factors. First, we are lowering our expectations for other corporate unallocated expenses to $250 million, a reduction of $30 million driven by lower unallowable costs.

談到每股盈餘，我們將每股盈餘預期調高0.65美元，目前區間為25.65美元至26.05美元。此次上調受多種因素推動。首先，我們將其他公司未分配費用的預期降低至 2.5 億美元，由於不允許的成本降低，減少了 3,000 萬美元。

Secondly, we have slight revisions to our expectations for pension income and the effective tax rate, each providing a modest boost to EPS. And as I mentioned, we experienced a return on marketable securities in the quarter which totaled roughly $80 million. Given market volatility, we have not assumed the entire Q3 gain in our full-year guidance expectations.

其次，我們對退休金收入和有效稅率的預期進行了小幅修改，這兩項預期都會對每股盈餘產生適度提振。正如我所提到的，本季我們的有價證券回報總額約為 8,000 萬美元。鑑於市場波動，我們並未將第三季的全部收益納入全年指引預期。

Rounding out our company-level guidance is cash flow. We are reaffirming our free cash flow expectations of $3.05 billion to $3.35 billion. Third quarter free cash flow of $1.3 billion was well ahead of the past few years, and we continue to expect the largest quarter of cash generation in the fourth quarter, consistent with our seasonal pattern.

現金流是我們公司層級指導的補充。我們重申我們的自由現金流預期為 30.5 億美元至 33.5 億美元。第三季的自由現金流為 13 億美元，遠遠超過過去幾年，我們繼續預期第四季的現金產生量最大，這與我們的季節性模式一致。

In addition, the unique factors driving year-end cash as outlined during the Q2 call remain intact, including lower Q4 cash tax payments, higher milestone payments, and inventory liquidations at AS. For the year, our guidance represents 22% annual free cash flow growth at the midpoint, making a third consecutive year of free cash flow growth greater than 20%.

此外，第二季電話會議中概述的推動年終現金的獨特因素保持不變，包括第四季度現金稅支付減少、里程碑付款增加以及 AS 的庫存清算。對於今年，我們的預期是年自由現金流成長率中位數為 22%，連續第三年實現超過 20% 的自由現金流成長率。

Turning to segment-level guidance on slide 8, we are reaffirming our top-line guidance for DS and Space, as they performed in line with our expectations in Q3, and we have not changed our view on their sales ramp in Q4. For Aeronautics, we are lowering top-line guidance to the high $12 billion range.

談到幻燈片 8 上的細分市場指導，我們重申對 DS 和 Space 的營收指導，因為它們在第三季的表現符合我們的預期，而且我們也沒有改變對它們在第四季度銷售成長的看法。對於航空業，我們將營收預期下調至 120 億美元的高點。

As we outlined on our Q2 earnings call, the second-half ramp at AS is based on higher B-21 volume, ramp on new program wins including TACAMO, and normal production volume that is seasonally weighted towards the end of the year. And while all these factors remain intact, we are projecting a modestly lower sales level due to delayed timing on certain programs.

正如我們在第二季度財報電話會議上概述的那樣，AS 下半年產量的增長是基於 B-21 產量的增加、包括 TACAMO 在內的新項目勝利的增長，以及年底季節性加權的正常產量。儘管所有這些因素都保持不變，但由於某些項目的時間延遲，我們預計銷售水準將略有下降。

In addition, we are increasing our expectations for intercompany sales, driven by higher activity on restricted programs throughout the portfolio. These are partially offset by an increase to our sales guidance expectations at MS, based on the strength of their year-to-date results and expectations for continued growth in Q4. As a result, we now expect MS sales in the mid $12 billion range.

此外，由於整個投資組合中限制性專案活動增加，我們提高了對公司間銷售的預期。這些影響被我們對微軟銷售指導預期的提高部分抵消，該預期基於微軟今年迄今的強勁業績和對第四季度持續增長的預期。因此，我們現在預計 MS 的銷售額將在 120 億美元左右。

With respect to segment operating margin rates, we have one update this quarter related to DS. As I mentioned, they delivered another strong quarter of operational performance, and as a result, we are increasing the OM rate expectation to the high 10% range.

關於分部營業利潤率，本季我們有一個與 DS 相關的更新。正如我所提到的，他們又一個季度的營運業績表現強勁，因此，我們將 OM 率預期提高到 10% 的高點。

Before concluding my prepared remarks, I wanted to build on Kathy's comments regarding our 2026 outlook. First, sales growth next year is expected to be more balanced across each of the segments, with each contributing to growth. Secondly, operating income is expected to grow compared to 2025, and we don't anticipate a repeat of the large EAC adjustments we experienced this year on B-21, Sentinel, and Microelectronics. Adjusting for these items, our outlook for "low to mid 11%" margins would represent an increase compared to 2025.

在結束我的準備好的演講之前，我想結合凱西對我們 2026 年展望的評論進行補充。首先，預計明年各部門的銷售成長將更加均衡，每個部門都會為成長做出貢獻。其次，預計營業收入將比 2025 年有所成長，我們預計今年 B-21、Sentinel 和微型電子領域經歷的大規模 EAC 調整不會重演。調整這些項目後，我們預計利潤率將達到“11% 的低位至中位數”，與 2025 年相比有所增長。

I'd also like to share our latest projections for 2026 net pension income based on current market conditions. As we typically do this time of year, we've included a 2026 pension income sensitivity grid on slide 10. Year-to-date through September, asset returns were just north of 9%, slightly better than our initial expectations, and discount rates were down 25 basis points. This combination will result in a modest increase to 2026 net pension income compared to our prior projections, depending on where we end the year. Importantly, our pension plans remain fully funded, and we continue to project minimal cash contributions over the next several years.

我還想根據當前的市場狀況分享我們對 2026 年淨退休金收入的最新預測。正如我們每年這個時候通常會做的那樣，我們在第 10 張投影片上新增了 2026 年退休金收入敏感度表。截至 9 月的年初至今，資產回報率略高於 9%，略高於我們最初的預期，折扣率下降了 25 個基點。與我們先前的預測相比，這種組合將導致 2026 年淨退休金收入略有增加，具體取決於我們今年的年底數。重要的是，我們的退休金計劃仍然資金充足，我們預計未來幾年將繼續保持最低限度的現金貢獻。

So in conclusion, we believe we are well positioned for a broad range of new opportunities. We remain focused on growing our business, delivering strong operational performance, and generating cash flows that allow us to execute our business strategy. With that, let's open the call for Q&A.

總而言之，我們相信我們已準備好迎接廣泛的新機會。我們將繼續專注於發展業務、實現強勁的營運業績以及產生現金流，以使我們能夠執行業務策略。下面，讓我們開始問答環節。

Kristine Liwag, Morgan Stanley.

克莉絲汀‧利瓦格，摩根士丹利。

Hi. Good morning, everyone. Kathy, Ken, for the F/A-XX and the B-21 acceleration, can you provide more color on what that could mean for your 2026 outlook and what's included?

你好。大家早安。凱西、肯，對於 F/A-XX 和 B-21 加速，您能否提供更多細節，說明這對您 2026 年的展望意味著什麼以及包括哪些內容？

So Kristine, as I noted in my comments, we, at this point, have not included either in our 2026 outlook. F/A-XX clearly would come with increased revenue from what we have provided in that outlook. We expect that it would be somewhat dilutive to overall company earnings, just because it would be development revenue which tends to be lower margin than our overall, but it is a cost-plus program. So we expect a reasonable return if we were to win that program.

所以克里斯汀，正如我在評論中指出的那樣，目前我們還沒有將這兩者納入我們的 2026 年展望中。從我們在該展望中提供的資訊來看，F/A-XX 顯然會帶來收入的增加。我們預計這會對公司的整體收益造成一定程度的稀釋，因為開發收入的利潤率往往低於我們的整體利潤率，但這是一個成本加成計畫。因此，如果我們贏得該項目，我們期望獲得合理的回報。

And it would require some investment, so the CapEx, we would determine based on our profile to build out and prepare for execution. Over the long run, we expect if we were to win that program that it would be accretive to the company, and we very much look forward to the opportunity.

這需要一些投資，因此，我們會根據我們的概況來確定資本支出，以進行建構並準備執行。從長遠來看，我們預計如果我們贏得該項目，它將為公司帶來增值，我們非常期待這個機會。

On B-21 ramp, similar circumstances. We have not included that in our outlook, it would be upside to revenue. It would increase our amount of sales, which in the early days, as you know, on production are at the zero margin, and we would expect to need to invest in that ramp through CapEx. But again, over the long term, as we've said before, we would expect to have increased returns to offset the cost of that additional investment. And so we would update our guidance if and when we have clarity on either of those opportunities.

在 B-21 坡道上，情況也類似。我們還沒有將其納入我們的展望中，但這將會增加收入。這將增加我們的銷售額，正如您所知，在早期，生產的利潤為零，我們預計需要透過資本支出來投資這一成長。但從長遠來看，正如我們之前所說，我們預計會增加回報以抵消額外投資的成本。因此，如果我們對其中任何一個機會有清晰的認識，我們就會更新我們的指導。

Great. Super helpful. And for a follow-up, can I ask something about the supply chain? Rare earths continued to be a watch item for the industry. Can you talk a little bit more about your sorting strategy, how to mitigate supply chain risks? And if there are any watch items that could potentially affect your 2026 outlook?

偉大的。超有幫助。作為後續問題，我可以問一些有關供應鏈的問題嗎？稀土繼續成為業界的焦點。能否詳細談談您的分類策略以及如何降低供應鏈風險？是否有任何手錶可能會影響您 2026 年的展望？

Yes. Fortunately, our team has the two foundries in the United States where we design, produce, and package microelectronics. So our dependency there on rare earths has been mitigated by looking through our supply chain and getting well ahead of our sources of supply to ensure that we can produce those electronics.

是的。幸運的是，我們的團隊在美國擁有兩家代工廠，我們在那裡設計、生產和封裝微電子產品。因此，透過審視我們的供應鏈並領先於我們的供應源以確保我們能夠生產這些電子產品，我們對稀土的依賴得到了減輕。

We are very pleased that the U.S. government is actively working to set up additional sources of supply, including in the U.S., and working partnerships with our allies for them to also invest in these capabilities in their country. This will just create more sources for us to draw upon and make the U.S. more competitive in being able to provide these microelectronics for national security purposes into the future.

我們非常高興地看到，美國政府正在積極努力建立額外的供應來源，包括在美國國內，並與我們的盟友建立夥伴關係，讓他們也在自己的國家投資這些能力。這將為我們創造更多的資源，並使美國在未來為國家安全目的提供這些微電子產品方面更具競爭力。

Ron Epstein, Bank of America Merrill Lynch.

美銀美林的羅恩愛潑斯坦。

Good morning, all. Kathy, can you maybe pull back the curtain a little bit more on B-21. I mean, how is it going with a potential increase in the build rate on that aircraft, and so on and so forth? Because if that were to play out, it is material for you guys.

大家早安。凱西，你能否再詳細談談 B-21 的情況？我的意思是，該飛機的建造速度是否有可能增加等等？因為如果這件事真的發生了，這對你們來說就是一種素材。

Yes. So, we are in active discussions with the customer that would enable that acceleration of production rate. And as I noted in our Q2 call, that the dollars to support the acceleration are included in the reconciliation bill. So, the actual production rates, the timing, and ultimately the outcome of those negotiations with the Air Force, would define what that financial profile looks like. It's too early for me to speculate on that.

是的。因此，我們正在與客戶積極討論如何提高生產力。正如我在第二季電話會議中指出的那樣，支持加速的資金已包含在和解法案中。因此，實際生產力、時間安排以及與空軍談判的最終結果將決定財務狀況。我現在對此進行推測還為時過早。

We are in the midst of those discussions. They've been held up a bit because of the government shutdown and the availability of resources to continue those discussions during this time, but we expect those to resume. And we still expect that in the coming months, we would have more clarity on what that acceleration might look like.

我們正處於這些討論之中。由於政府關門以及在此期間繼續進行這些討論的資源有限，討論受到了一些阻礙，但我們預計這些討論將會恢復。我們仍然期望，在接下來的幾個月裡，我們會更清楚地了解這種加速的狀況。

Got you. And then maybe as a quick follow-on. In your prepared remarks, you talked about some program award delays. What's driving that? Because the administration has been pushing hard for speed on acquisitions, so just curious where that's coming from?

明白了。然後也許可以快速跟進。在您準備好的發言中，您談到了一些項目獎勵延遲的問題。是什麼原因導致的呢？因為政府一直大力推動收購速度，所以很好奇這是從哪裡來的？

Yes. I think with any new administration, it takes time to come in and make determinations of where to allocate resources and then to do the appropriate reviews and governance to make those decisions. We are certainly seeing, in recent weeks, the government shutdown having some impact on the government's ability to move quickly, to make decisions, and have the right resources available.

是的。我認為任何新政府都需要時間來決定如何分配資源，然後進行適當的審查和治理來做出這些決定。最近幾週，我們確實看到政府關門對政府快速行動、做出決策和調配適當資源的能力產生了一定影響。

So we're all hopeful that the shutdown can come to a quick resolution, and that we can resume work on some of these important decisions that would open up the spend plan and ultimate awards that will come from the government as they seek to move forward quickly.

因此，我們都希望政府關門問題能夠盡快解決，並且我們能夠恢復一些重要決策的工作，這些決策將為政府尋求快速推進支出計劃和最終獎勵提供依據。

Seth Seifman, JPMorgan.

塞思‧塞夫曼，摩根大通。

Okay. Thanks very much and good morning. Kathy, I wonder if you could talk a little bit about the opportunity in Golden Dome and missile defense in Space. And you've been doing some work with the SDA, but if you could talk about the sort of the state of maturity and state of technology on missile readiness satellite, or missile-warning satellites. And if you see the current kind of tracking layer SDA or HBTSS being kind of the nucleus of what's ultimately going to drive missile warning for Golden Dome? Or is it going to come from elsewhere?

好的。非常感謝，早安。凱西，我想知道您是否可以談談金色穹頂和太空飛彈防禦的機會。您一直在與 SDA 合作，但您能否談談飛彈準備衛星或飛彈預警衛星的成熟度和技術水平？您是否認為目前的追蹤層 SDA 或 HBTSS 將成為最終推動金頂飛彈預警的核心？或者它會從其他地方來？

Well, let me start by saying that we're very pleased to see the urgency the administration is placing on protecting the homeland and the set of opportunities that that creates. It's a very broad-based set of opportunities. The architecture and spend plan for Golden Dome are not public, so I won't comment on those specifically. But we do understand the challenges of creating a missile defense, both warning layer and set of interceptors that would defend the homeland. And we are providing some high-fidelity operational analysis that can help the customer understand those requirements, as well as ourselves, as we define what our offerings might look like.

首先我想說，我們很高興看到政府對保衛國土的迫切性以及由此創造的一系列機會。這是一個非常廣泛的機會。金色穹頂的建築和支出計劃尚未公開，因此我不會對此進行具體評論。但我們確實了解建立飛彈防禦系統的挑戰，包括預警層和保衛國土的攔截器。我們提供一些高保真的營運分析，可以幫助客戶了解這些要求，也可以幫助自己了解自己，因為我們定義了我們的產品可能會是什麼樣子。

We see this being a number of components to an architecture that range from existing programs where there may be additional opportunity to new programs. And I think you'll see more clarity coming from the department as they share more information on that architecture and spend plan in the coming months.

我們認為這是一個架構的多個組成部分，範圍從可能有額外機會的現有程序到新程序。我認為，隨著該部門在未來幾個月內分享更多有關該架構和支出計劃的信息，您會看到他們做出更清晰的解釋。

Okay. Great. And then just as a quick follow-up. Maybe, I think you mentioned earlier, if the government shutdown ends relatively soon that we shouldn't see much impact, but we're -- sometimes it seems like we're in unusual times. At what point does the duration of the shutdown become more of a concern in terms of something that -- where we might see an impact?

好的。偉大的。然後只是進行快速跟進。也許，我想您之前提到過，如果政府關門相對較快地結束，我們應該不會看到太大的影響，但我們——有時似乎我們正處於不尋常的時期。在什麼時候，關閉時間的長短會成為我們更關心的問題——我們可能會看到哪些影響？

Yeah. As I mentioned, the guidance that we updated for 2025 includes what we can foresee, including some of the delays that we talked about on program awards and timing. But at the same time, we are assuming that this only goes a few more weeks, say, around mid-November. If it goes beyond that, we may start to see some additional delays in getting funding on contracts, or even delays in receiving payment before year-end, that could impact our cash flows for the year.

是的。正如我所提到的，我們更新的 2025 年指南包括我們可以預見的內容，包括我們在專案獎勵和時間安排方面談到的一些延遲。但同時，我們假設這種情況只會持續幾週，比如說，大約在 11 月中旬。如果超出這個範圍，我們可能會開始看到合約融資的額外延遲，甚至在年底前收到付款的延遲，這可能會影響我們今年的現金流。

We don't anticipate that at this time but it's certainly something we're watching. And so we're very hopeful, as I said, that the government will agree to reopen soon, even if under a continuing resolution.

我們目前還沒有預料到這一點，但這肯定是我們正在關注的事情。因此，正如我所說，我們非常希望政府能夠同意盡快重新開放，即使是在繼續決議下。

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，傑富瑞集團。

Good morning and thank you. Kathy, maybe if we could talk about the Aero outlook for '25. It seems down slightly, but B-21 award timing seems unchanged. So what was the shift there? And what was delayed in terms of certain awards? And how do we think about that recapture in '26? And just on B-21, how do we think about the free cash flow impact as it relates to CapEx in '26?

早安，謝謝。凱西，也許我們可以談談 25 年航空業的前景。雖然看起來略有下降，但 B-21 授予時間似乎沒有變化。那麼那裡發生了什麼樣的變化呢？某些獎項的頒發被推遲了什麼？那我們該如何看待 1926 年的奪回行動呢？就 B-21 而言，我們如何看待自由現金流對 26 年資本支出的影響？

Good morning Sheila, this is Ken. I'll take that one. In terms of AS and the drivers across the 2025 sales profile, it was really -- it was timing of production activity. So don't view it as lost sales, but just timing of sales. The other aspect is on B-21, as we made the adjustment, the topline implications regarding percentage of completion method, that created some additional top line headwinds for both the quarter and the year.

早安，希拉，我是肯。我要那個。就 AS 和 2025 年銷售概況的驅動因素而言，這實際上是生產活動的時機。因此，不要將其視為銷售損失，而只是銷售時機問題。另一方面是關於 B-21，當我們做出調整時，有關完成百分比方法的營收影響，為本季和全年帶來了一些額外的營收阻力。

As we think about 2026, we continue to see the strength in B-21 continuing to be a grower -- a contributor to AS' growth. In terms of the free cash flow with B-21, again, we're holding our overall guidance for 2026. When we think about the future and cash flow, we'll provide more clarity, because as Kathy mentioned, we are in the midst of multiple discussions that will ultimately determine the cash flow of the program, and that will be driven by, as we come to conclusions and understanding, if we do, on the ramp and rate discussions.

當我們展望 2026 年時，我們繼續看到 B-21 的實力持續成長——成為 AS 成長的貢獻者。就 B-21 的自由現金流而言，我們再次維持 2026 年的整體指引。當我們考慮未來和現金流時，我們會提供更清晰的信息，因為正如凱西提到的，我們正在進行多次討論，這些討論最終將決定該計劃的現金流，而這將取決於我們在坡道和利率討論中得出的結論和理解。

Ken Herbert, RBC.

肯·赫伯特，RBC。

Yeah, hi. Good morning, Kathy and Ken, I wanted to ask on IBCS. Kathy, you continue to call out success with that program. Obviously, it sounds like it's ramping in Poland. You've got some installations ramping here. How do you think about that program and the growth into '26, in particular?

是的，你好。早安，凱西和肯，我想問 IBCS。凱西，你繼續稱讚該計劃的成功。顯然，這聽起來像是在波蘭正在興起。這裡有一些正在安裝的裝置。您如何看待該計劃以及其在 26 年的發展？

But then also, we're hearing that that program, in particular, is very well suited, perhaps for some of the Golden Dome applications. Can you just comment on those discussions and how you view IBCS, in particular, with that opportunity?

但同時，我們也聽說該計劃尤其適合一些金頂應用。您能否評論一下這些討論，以及您如何看待 IBCS 的這一機會？

Yes. We are very bullish on IBCS growth opportunities, both domestically as you pointed out. It is a system that is able to integrate disparate sensors and kinetic effectors to enable visibility of the battlefield, and then to provide as a fire control system that has application to protecting our home land, just as it has application for our international partners in that same vein.

是的。正如您所指出的，我們非常看好 IBCS 在國內的成長機會。該系統能夠整合不同的感測器和動能效應器，使戰場可視性成為可能，然後提供火控系統來保護我們的國土，就像它可以為我們的國際夥伴提供相同的保護一樣。

So we've talked previously about having over a dozen countries now that have expressed varying levels of interest in the program, particularly as we look at the success that we've now demonstrated in Poland. As I spoke about in our comments today, that is a live fire example of how IBCS can be used in a home land protection scenario.

我們之前談到，現在有十幾個國家對該計劃表達了不同程度的興趣，特別是我們看到我們在波蘭取得的成功。正如我今天在評論中提到的，這是一個實彈示例，展示了 IBCS 如何用於國土保護場景。

And of course, the U.S. has forward deployed the system, and I talked about the operational test that it has performed for forward deployment in both INDOPACOM and the European theater.

當然，美國已經在前沿部署了該系統，我談到了它在印太司令部和歐洲戰區前沿部署進行的作戰測試。

Can you talk about when we could expect other incremental orders internationally, in particular, as you talk to those 12 countries?

您能否談談我們何時可以期待其他國際增量訂單，特別是當您與那 12 個國家交談時？

Yeah. We expect those to phase in over a multi-year period, but starting in 2026, and we do expect IBCS to be a significant double-digit growth driver for us in next year's outlook.

是的。我們預計這些措施將在多年內逐步實施，但從 2026 年開始，我們確實預期 IBCS 將成為我們明年展望中重要的兩位數成長動力。

Scott Deuschle, Deutsche Bank.

史考特‧德施勒，德意志銀行。

Good morning. Ken, can you give any quantitative details on the two B-21 financial items in the quarter between the higher EMD flight test costs and the contract restructure? It sounds like it was close to zero on the net amount, but just curious how large the gross numbers were for each of those two items?

早安.肯，您能否提供本季 B-21 財務項目的量化細節，即更高的 EMD 飛行測試成本和合約重組？聽起來淨額接近零，但只是好奇這兩件物品的總額是多少？

Yes, Scott, you're correct. In terms of the cost growth that we baked in from lessons learned on the B-21 LRIPs, offset by the restructure activity. It is from a materiality perspective, a very low number. So, it essentially washes themselves.

是的，斯科特，你是對的。就成本成長而言，我們從 B-21 LRIP 中吸取了經驗教訓，並透過重組活動予以抵銷。從實質角度來看，這是一個非常低的數字。所以，它基本上會自己洗澡。

Okay. And then, Kathy, sorry if I missed this, but can you give us any sense for how international book-to-bill has trended on a year-to-date basis?

好的。然後，凱西，如果我錯過了這一點，我很抱歉，但你能告訴我們今年迄今為止國際訂單出貨比的趨勢如何嗎？

Yes. International book-to-bill remains very solid, as I noted. We have 20% sales growth year-to-date. And our international book-to-bill coming into the year was 1.4, and this year -- Todd?

是的。正如我所指出的，國際訂單出貨比仍然非常穩定。今年迄今我們的銷售額成長了 20%。我們今年的國際訂單出貨比是 1.4，而今年—托德？

So this year, we started off at about 1.45, Scott. And when you look at quarter two and quarter three, it is timing dependent. So overall, we're roughly slightly lower than 1, but we built a strong backlog last year that's leading to the growth this year.

所以今年，我們從 1.45 左右開始，斯科特。當你看第二季和第三季時，它是依賴時間的。因此總體而言，我們的比例大致略低於 1，但去年我們累積了大量的訂單，這推動了今年的成長。

As Kathy mentioned, we had 20% year-over-year growth or year-to-date growth. And then on top of that, we had about 30% growth within the quarter alone.

正如凱西所提到的，我們的年成長率或年初至今的成長率為 20%。除此之外，光是本季我們的成長就達到了約 30%。

Rich Safran, Seaport.

里奇·薩夫蘭，海港。

Good morning, everyone. Thank you. So I think it was last month the Secretary of Defense made some comments about requesting industry make significant capacity increases in missile production. I think this is going well beyond just Golden Dome.

大家早安。謝謝。所以我認為上個月國防部長發表了一些評論，要求工業界大幅提高飛彈生產能力。我認為這遠遠超出了金頂的範疇。

I was kind of curious what this means for Northrop Grumman. Do you have any plans to undertake further capacity increases that might require incremental CapEx? And is there any timeline associated with planned increases?

我有點好奇這對諾斯羅普格魯曼公司意味著什麼。您是否有計劃進一步增加產能，而這可能需要增加資本支出？是否有與計劃增加相關的時間表？

Yes, Rich, thanks for the question. As I've outlined in a few of our calls, over the last six quarters or so, we have already invested in expanding capacity that includes for our tactical missile solid rocket motors where we've more than doubled capacity. And we are already breaking ground on another facility that would bring more capacity online in about two years.

是的，Rich，謝謝你的提問。正如我在幾次電話會議中概述的那樣，在過去六個季度左右的時間裡，我們已經投資擴大產能，其中包括戰術導彈固體火箭發動機的產能，我們的產能增加了一倍以上。而且，我們已開始動工興建另一座設施，該設施將在大約兩年內帶來更多的產能。

Right now, we have more capacity than we have orders. And so we are in the process of being qualified on additional missile systems. As I talked about in today's call, we have been awarded a couple, and we are in the process of qualification for a handful more. And those would utilize that capacity we've already brought online, but we foresee continued demand growth, which is why we've broken ground on yet another facility.

目前，我們的產能大於訂單量。因此，我們正在對其他導彈系統進行資格審查。正如我在今天的電話會議中談到的，我們已經獲得了幾個獎項，並且我們正在為更多的獎項進行資格審查。這些將利用我們已經上線的產能，但我們預計需求將持續成長，這就是我們又開工建造另一個設施的原因。

In addition, we are building out our capacity for larger solid rocket motors. We've talked about that for multiple purposes, including U.S. national security applications, but also commercial applications in Space Launch, as I spoke about today with our GEM-63XL rocket motors that are fueling the ULA launches for the Kuiper satellites.

此外，我們正在擴大更大固體火箭發動機的生產能力。我們討論過它的多種用途，包括美國國家安全應用，以及太空發射的商業應用，正如我今天談到的，我們的 GEM-63XL 火箭發動機為 ULA 發射的柯伊伯衛星提供燃料。

And so we are already through a significant amount of Northrop Grumman-funded investment in that capacity, but we do have some that you will see committed in our CapEx numbers in '26 and '27 as well.

因此，我們已經透過諾斯羅普格魯曼公司資助的大量投資來支持這項能力，但我們也確實有一些投資承諾，您也會在 26 年和 27 年的資本支出數字中看到。

Okay. And then quickly here, I saw you made a bit of an announcement on Lumberjack. And I'm wondering if you'd discuss what the opportunity set for this program is, what's the domestic and international potential? And when this program might have an impact on the P&L?

好的。然後很快我就看到你在 Lumberjack 上發表了一些聲明。我想知道您是否可以討論一下這個項目的機會是什麼，國內和國際潛力是什麼？該計劃何時會對損益產生影響？

Yes. Lumberjack is an exciting new offering. We are developing that out of our Mission Systems segment. And it is a ground launched opportunity for counter-UAS. It is -- it has communication sensors., it is targetable. And we see this as an advancement of our small microelectronics processing capabilities and communication put on to an innovative platform that we've worked with partners for -- to keep the cost very low and keep it competitive for what we see as the attritable market.

是的。Lumberjack 是一款令人興奮的新產品。我們正在從任務系統部門開發該功能。這也是一次地面發射反無人機的機會。它有通訊感測器，可以作為目標。我們認為這是我們小型微電子處理能力和通訊能力的進步，並將其應用於我們與合作夥伴共同努力的創新平台——以保持極低的成本，並在我們所認為的可吸引市場中保持競爭力。

We have introduced this capability. It's about a TRL-6 now, and we are working to find our first customers for it, but we also see there to be international opportunity. We clearly need to go through export for the product line, but those are all steps ahead that we look to continue through 2025 into 2026.

我們已經引入了此功能。目前它是 TRL-6，我們正在努力尋找它的第一批客戶，但我們也看到了國際機會。我們顯然需要透過產品線進行出口，但這些都是未來的步驟，我們希望在 2025 年到 2026 年繼續這樣做。

Gavin Parsons, UBS.

瑞銀的加文·帕森斯。

Good morning. Kathy, you pointed out that you guys spend more on CapEx than most of your peers in the industry. Does that enable more than maybe mid-single digit growth over the long term?

早安.凱西，你指出你們的資本支出比業內大多數同行都要多。從長遠來看，這是否能夠實現超過中等個位數的成長？

We believe that it can. We certainly have invested with the intention of driving significant growth. And that has started to come to fruition in some of our segments. You saw, DS in particular, with a very solid growth rate last year and this , and it is reflective of that investment. I was just talking about, not only in the capacity for munition and tactical missiles, but also the research and development that we're doing on new and innovative solutions, or in addition to solutions we already have like IBCS, the investments we're making in modernizing that.

我們相信可以。我們進行投資的初衷當然是推動顯著成長。這在我們的一些領域已經開始取得成果。您會發現，尤其是 DS，去年和今年的成長率非常穩健，這反映了這項投資。我剛才談到，不僅是彈藥和戰術飛彈的容量，還有我們在新的創新解決方案方面正在進行的研究和開發，或者除了我們已經擁有的 IBCS 等解決方案之外，我們還在對其進行現代化改造方面進行的投資。

So I think it's a good case study of where we have put that investment in and been able to generate those higher levels of growth. And of course, we're working to do that across all of our segments.

因此我認為這是一個很好的案例研究，說明我們在哪裡進行了投資並能夠實現更高水準的成長。當然，我們正在努力在所有領域實現這一目標。

Rob Stallard, Vertical Research.

Rob Stallard，垂直研究。

Thanks so much. Good morning. Kathy, I just wanted to follow up on your initial comments. One of the members of the administration had said recently that they thought that U.S. defense companies should do a little more research and a little fewer stock buybacks. I was wondering if this is essentially a trial balloon or whether there are active discussions with the customer about this?

非常感謝。早安.凱西，我只是想跟進一下你最初的評論。政府的一位成員最近表示，他們認為美國國防公司應該多做一些研究，少做一些股票回購。我想知道這是否本質上是一個試探性舉措，或者是否正在與客戶就此進行積極的討論？

We certainly have discussions with the customer where they have shared their desire for industry to see the growth opportunities that would lead us to invest, and that those would be profitable growth opportunities, and we share in that sentiment.

我們當然與客戶進行過討論，他們表達了希望行業看到成長機會的願望，這些成長機會將促使我們進行投資，而這些成長機會將是有利可圖的成長機會，我們也有同樣的感受。

And as I have shared with you today, I've also shared with the leaders in the Department of War, that we have been doing that. That those higher levels of investment above industry average were because we saw that same vision, that if we invested we would have greater opportunity for growth and returns.

正如我今天與你們分享的，我也與戰爭部的領導人分享了我們一直在做的事情。我們之所以投資水平高於行業平均水平，是因為我們看到了同樣的願景，如果我們投資，我們將有更大的成長和回報機會。

And so I've articulated that we have a number of discussions underway, B-21 acceleration and other new areas. That is the core of the conversation that we, and I believe my industry peers, are having with the Department.

因此，我已經明確表示，我們正在進行一系列討論，包括 B-21 加速和其他新領域。這是我們以及我相信我的業內同行與該部門對話的核心。

Okay. And then a quick follow-up to that, though. I may be wrong, but it would appear fairly new, though, that they would be perhaps putting some restrictions around returns to shareholders. How would you feel about that?

好的。然後對此進行快速跟進。我可能錯了，但他們可能會對股東回報施加一些限制，這似乎是相當新穎的。您對此有何感想？

We have not had any discussions with members of the administration that would suggest that that is their intent. I think that we all are aligned, meaning my company and our customers, that the best mechanism is to incentivize that investment through the opportunities for a clear demand signal that reflects in sales growth and increased returns. And that if those conditions exist, it is in our best interest, and we will continue to do what we have done, which is invest in that future.

我們尚未與政府成員進行任何討論，表明這是他們的意圖。我認為我們所有人（包括我的公司和我們的客戶）都是一致的，最好的機制是透過反映銷售成長和回報增加的明確需求訊號的機會來激勵投資。如果這些條件存在，這符合我們的最佳利益，我們將繼續做我們已經做的事情，那就是投資未來。

Scott Mikus, Melius Research.

米庫斯 (Scott Mikus)，Melius Research。

Good morning, Kathy and Ken. Just a quick question on B-21. You kind of referenced that the reconciliation funding, I think there's $4.5 billion there, is for the acceleration of the production rate. So just to be clear, would actually increasing the program of record to 150 or 200 units be a completely separate negotiation, potentially with additional financial benefits for the firm?

早安，凱西和肯。關於 B-21 的一個簡單問題。您提到了和解資金，我認為那裡有 45 億美元，用於加快生產力。所以需要明確的是，將記錄計劃實際增加到 150 或 200 個單位是否真的需要進行完全獨立的談判，並且可能為公司帶來額外的經濟利益？

Yes, that would be a separate discussion. That decision has not yet been made by the department and if it were to be made, then it would factor into an additional look at what the long-term opportunity is on the program.

是的，這將是一個單獨的討論。該部門尚未做出該決定，如果做出決定，則會進一步考慮該計劃的長期機會。

Myles Walton, Wolf Research.

邁爾斯·沃爾頓，沃爾夫研究公司。

In terms of the fourth quarter implied sequential revenue growth, it looks like Aero is carrying most of that load. Are there extra working days in the fourth quarter that maybe help the overall double-digit sequential revenue growth, and/or within Aeronautics, is there something that you think releases here in the fourth quarter that maybe wasn't releasing in the third quarter?

就第四季隱含的連續營收成長而言，Aero 似乎承擔了大部分負擔。第四季是否有額外的工作日可能有助於整體兩位數的連續收入成長，和/或在航空領域，您認為第四季是否發布了第三季可能沒有發布的內容？

So to answer your question around additional working days, there is one additional working day in Q4. However, that's not the primary driver. As we discussed in my prepared remarks, and even last quarter, the real growth that is driving the ramp for AS is driven really by three factors. The first one is, with the awards that we discussed in our prepared remarks, there will be inventory liquidations that drive that increased revenue. At the same time, just natural progression of new program wins in production, like TACAMO.

因此，回答您關於額外工作日的問題，第四季度有一個額外的工作日。然而，這並不是主要驅動因素。正如我們在我準備好的發言中，甚至上個季度所討論的那樣，推動 AS 成長的真正因素實際上是三個。第一個是，根據我們在準備好的發言中討論過的獎勵，將會有庫存清算來推動收入的增加。同時，新程序的自然發展在生產中獲勝，例如 TACAMO。

And then the last factor is going to be on their mature production programs, just real timing associated with supplier performance and material deliveries. And so yes, while there is an extra working day, it's really driven by the three factors that I mentioned.

最後一個因素是他們成熟的生產計劃，只是與供應商績效和材料交付相關的實際時間。是的，雖然增加了一天工作時間，但這實際上是由我提到的三個因素所驅動的。

Okay. And no impact from the Boeing strike or anything like that?

好的。波音罷工或類似事件沒有造成影響嗎？

No. No impacts.

不。沒有影響。

Peter Arment, Baird.

彼得·阿門特，貝爾德。

Yeah. Good morning, Kathy, Ken. Kathy, could you give us an update on just kind of the long-term production ramp plans in solid rocket motors? I know you've kind of looking -- investing quite a bit there, but there's also a lot of defense, sort of tech upstarts or Space tech upstarts. And just how those kind of -- those upstarts are factoring into kind of your plans or whether they're just on different levels in terms of the solid rocket motor output?

是的。早安，凱西，肯。凱西，您能否向我們介紹一下固體火箭引擎的長期產量提升計畫的最新情況？我知道你在那裡投資了不少，但也有很多國防、科技新貴或太空科技新貴。那麼這些新貴是如何影響您的計劃的呢？或者他們只是在固體火箭發動機輸出方面處於不同的水平？

Yeah. Peter, I would say that we are focused on qualifying ourselves to be a provider on weapons where we have not historically been a provider. And that capacity investment that I mentioned earlier in the call is enabling us to be ready now as those decisions are made to bring our production online.

是的。彼得，我想說，我們專注於使自己有資格成為歷史上從未提供過武器的供應商。我在電話會議中提到的產能投資使我們能夠在做出上線生產的決定時做好準備。

For many of the other companies that are looking to enter this space, it's going to take them time to build the capacity, to get qualified on these weapons, and to enter the space. So, our focus has been to continue to be ahead in being able to provide optionality to the Department of War, as well as our primes, who are looking for additional sources of supply.

對於許多其他想要進入該領域的公司來說，他們需要時間來建立能力、獲得這些武器的資格並進入該領域。因此，我們的重點是繼續保持領先地位，為陸軍部以及尋求額外供應來源的部隊提供可選性。

Appreciate it. And just a quick follow-up. On B-21, just to be clear, is Lot 3 in your 2026 guidance, we know it's not in '25, correct?

非常感謝。這只是一次快速的跟進。關於 B-21，需要明確的是，Lot 3 是否在您的 2026 年指導中，我們知道它不在 '25 年，對嗎？

So the Lot 3 award and the Lot 5 advanced procurement is anticipated to be received in the fourth quarter of 2025. The vast majority of the expenditures, so sales recognition would not start until 2026.

因此，預計第 3 批合約和第 5 批提前採購將於 2025 年第四季完成。絕大多數支出，因此銷售確認要到 2026 年才開始。

Michael Ciarmoli, Truist Securities.

Truist Securities 的 Michael Ciarmoli。

Morning, guys. Thanks for taking the questions. Maybe just one question, two items. I guess, Kathy, on Beacon, it looks like the testing is ramping up there. You've got six partners now. So, just trying to think about how that impacts future financial performance, contributions to growth.

早安，大家。感謝您回答這些問題。也許只有一個問題，兩個項目。凱西，我想，在 Beacon 上，看起來那裡的測試正在加強。您現在有六個合作夥伴。所以，只是想想這會如何影響未來的財務表現和對成長的貢獻。

And then maybe in the same vein, on the microelectronics it looks like you're opening up some of your capacity for industry. Does that give a little bit more of a boost to MS margins going forward, if you kind of soak up some of that excess overhead?

然後也許以同樣的方式，在微電子領域，看起來你正在為工業開放部分產能。如果您吸收部分過剩的開銷，這是否會對微軟未來的利潤率產生更大的推動作用？

Well, let me start with Beacon. We are very excited about this capability. It is opening up opportunities for us to partner and have demonstrated capability, not only leveraging the platform work that we have been doing to demonstrate acceleration of our ability to build autonomous systems, but also the integration of the capabilities inside the platform that gives us its mission capability.

好吧，讓我從 Beacon 開始。我們對這項能力感到非常興奮。它為我們提供了合作的機會並展示了我們的能力，不僅利用我們一直在做的平台工作來展示我們構建自主系統的能力的加速，而且還整合了平台內部的能力，使我們具備了任務能力。

And that's what Beacon is helping us to do, to look at innovations in autonomy weapons integration, mission systems integration, all of which then support a mission-capable platform. And those investments that we are making are in alignment, and in conjunction with partners, as you mentioned, and large numbers of partners.

這就是 Beacon 幫助我們做的事情，研究自主武器整合、任務系統整合方面的創新，所有這些都支援可執行任務的平台。正如您所說，我們所做的投資是與眾多合作夥伴協調一致的。

We are not at this stage picking winners. We're simply understanding the marketplace and the capabilities that we can bring to bear because we expect a number of new competitions in this space, including U.S. services, the Air Force, the Navy and now the Army, but also international partners that are looking to build upon their combat collaborative aircraft fleet.

目前我們還沒有選出獲勝者。我們只是了解市場和我們可以發揮的能力，因為我們預計這個領域會出現許多新的競爭，包括美國空軍、海軍和現在的陸軍，還有希望加強作戰協同飛機機隊的國際合作夥伴。

With regard to your second question, around microelectronics, we have opened up our foundries to additional customers, as more and more U.S. companies are looking to have domestic sources. Our two foundries produced some of the most advanced microelectronics in the world, and we are happy to offer that capacity more broadly.

關於您的第二個問題，在微電子領域，我們向更多客戶開放了我們的代工廠，因為越來越多的美國公司正在尋求國內資源。我們的兩家代工廠生產了一些世界上最先進的微電子產品，我們很高興能夠更廣泛地提供這種能力。

Since we have done that, we've had significant interest. And so we are in the process of working through that pipeline. We already do about $1 billion a year for sales to ourselves and existing customers, largely in the national security space. So we'd be building on that foundation as we move forward with additional customers, including commercial customers.

自從我們這樣做以來，我們就引起了極大的興趣。因此，我們正處於該管道的施工過程中。我們每年向自己和現有客戶銷售的產品價值已達約 10 億美元，主要集中在國家安全領域。因此，我們將在此基礎上繼續拓展，爭取更多客戶，包括商業客戶。

Doug Harned, Bernstein.

道格·哈內德，伯恩斯坦。

Thank you. Good morning. So can you give us an update on Sentinel? It's going through this whole restructuring process, you've talked about it before. And basically trying to understand, as the timing for IOC has moved back, how does that affect your thinking and when you would be going into production mode?

謝謝。早安.那麼，您能向我們介紹一下 Sentinel 的最新情況嗎？它正在經歷整個重組過程，您之前已經談過這個。基本上，我想了解的是，隨著 IOC 時間的推遲，這會對您的想法產生什麼影響，以及何時會進入生產模式？

And then also, are there any aspects of the restructuring, or the issues they've had, that tied in any Northrop Grumman performance? And then on the other side, does this open up potentially some opportunities for expanded work scope for you?

那麼，重組的某些方面或他們遇到的問題是否與諾斯羅普·格魯曼公司的表現有關？那麼另一方面，這是否會為您擴大工作範圍帶來一些潛在的機會？

There's a lot to unpack there. Let me start by saying that we are partnering with the Air Force on an execution framework to complete the restructure of the program. In the meantime, we are working on executing the program. And there have been a number of key decisions that the Air Force has announced recently, like creating new silos rather than refurbishing Minuteman III silos, or the resumption of work on the design of those silos. Those all have a positive impact on our ability to move cost and schedule more aggressively.

那裡有很多東西需要解開。首先我要說的是，我們正在與空軍合作制定執行框架，以完成該計劃的重組。與此同時，我們正在努力執行該計劃。美國空軍最近也宣布了一些重要決定，例如建造新的發射井而不是翻新民兵 III 發射井，或恢復這些發射井的設計工作。這些都對我們更積極調整成本和進度的能力產生了正面的影響。

We also, in the program restructure, are looking to establish a new program baseline, which will define the timing of events including completion of the development program, but when we would start production. And that's subject to future communications because it is in work as part of that restructure.

在專案重組中，我們還希望建立一個新的專案基線，它將定義事件的時間，包括完成開發項目，以及何時開始生產。這取決於未來的溝通，因為它是重組工作的一部分。

The important thing is that we continue to make good progress on the program. So we had announced in this last quarter that we completed the full-scale qualification test of the Stage 2 solid rocket motors, that's part of the missile. We also just yesterday announced that we completed the critical design review for the Sentinel launch support system, and that paves the way for all of our system build, test, and qualification that underpins the Sentinel program.

重要的是我們在該計劃上繼續取得良好進展。因此，我們在上個季度宣布，我們完成了第二階段固體火箭發動機（導彈的一部分）的全面鑑定測試。我們昨天也宣布，我們完成了 Sentinel 發射支援系統的關鍵設計審查，這為 Sentinel 計畫的所有系統建置、測試和鑑定鋪平了道路。

So we're really encouraged with how things are progressing, both in alignment with the U.S. government on how do we accelerate the program from the Nunn-McCurdy baseline, but also executing on the milestones that are right in front of us.

因此，我們對事情的進展感到非常鼓舞，我們不僅與美國政府保持一致，按照 Nunn-McCurdy 基準加速該計劃，而且還執行擺在我們面前的里程碑。

Because also, there's some substantial new money coming in in the '26 budget, and is that funding that you expect would go more to Air Force, I'm probably using the wrong language here, but logistics building out what the silo profile could look like? Or do you expect some of that money to be coming to Northrop Grumman and perhaps add to growth?

因為此外，26 年預算中還有一些大量新資金，您是否預計這些資金將更多地用於空軍，我可能在這裡使用了錯誤的語言，但後勤建設筒倉概況會是什麼樣子？或者您是否預計其中一部分資金將流向諾斯羅普格魯曼公司並可能促進其成長？

On this program, we see likely both to need funding. The U.S. government contribution spans well beyond the U.S. Air Force in terms of support from the Army Corps of Engineers, for example, and other government entities. And so they likely would need portions of that funding to support their work scope on the program, but we do expect the industry team also to support them in executing those funds that have been provided in reconciliation.

對於這個項目，我們認為雙方可能都需要資金。美國政府的貢獻遠遠超出了美國空軍的範圍，例如陸軍工程兵團和其他政府實體的支持。因此，他們可能需要部分資金來支持他們在該計劃上的工作範圍，但我們確實希望行業團隊也能支持他們執行已在和解中提供的資金。

All right. We're going to have to leave it there. I'll turn it over to Kathy here for closing comments.

好的。我們得把它留在那裡。我將把這個發言權交給凱西 (Kathy) 來做最後的評論。

Great. Well, thank you all for joining our call today. I'm pleased with the momentum we have. Rounding out 2025, our focus will be on having a strong finish to the year, and we really look forward to updating you again in the new year and providing some clear 2026 guidance in our call in January. So until then, be safe.

偉大的。好吧，感謝大家今天參加我們的電話會議。我對我們的發展勢頭感到滿意。2025 年即將結束，我們的重點將是在今年取得圓滿成功，我們真誠期待在新的一年再次向您通報最新情況，並在 1 月份的電話會議上提供一些明確的 2026 年指導。所以在那之前，一定要注意安全。

Ladies and gentlemen, thank you all for joining, and you may now disconnect. Everyone, have a great day.

女士們、先生們，感謝大家的加入，現在可以斷開連結了。祝大家有個愉快的一天。