諾斯洛普·格拉曼 (NOC) 2025 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to Northrop Grumman's fourth quarter 2025 conference call. Today's call is being recorded. My name is Josh, and I will be your operator today. (Operator Instructions) I would now like to turn the call over to your host, Mr. Todd Ernst, Vice President, Investor Relations.

各位女士、先生，大家好，歡迎參加諾斯羅普·格魯曼公司 2025 年第四季電話會議。今天的通話將會被錄音。我叫喬什，今天由我來為您接聽電話。（操作員指示）現在，我將把電話交給主持人，投資者關係副總裁托德·恩斯特先生。

Mr. Ernst, please proceed.

恩斯特先生，請繼續。

Thanks, Josh, and good morning, everyone, and welcome to Northrop Grumman's fourth quarter 2025 conference call. Before we start, matters discussed on today's call, including guidance and outlooks for 2026 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 Josh，大家早安，歡迎參加諾斯羅普格魯曼公司 2025 年第四季電話會議。在開始之前，需要說明的是，今天電話會議上討論的事項，包括對 2026 年及以後的指導和展望，均反映了公司根據本次電話會議時可獲得的信息做出的判斷。這些陳述構成聯邦證券法安全港條款所界定的前瞻性陳述。

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，包括今天新聞稿和我們向美國證券交易委員會提交的文件中提到的風險和不確定性。這些風險和不確定性可能導致公司實際業績與預期有重大差異。今天的電話會議將包括非GAAP財務指標，這些指標已在我們的獲利報告中與GAAP結果進行了核對。此外，我們也會參考發佈在我們投資人關係網站上的簡報。

On the call today are Kathy Warden, our Chair, CEO and President; John Greene, our CFO; and Ken Crews, our CFO, prior to January 7.

今天參加電話會議的有：我們的董事長、執行長兼總裁凱西沃登；我們的財務長約翰格林；以及 1 月 7 日之前的財務長肯克魯斯。

At this time, I'd like to turn the call over to Kathy. Kathy?

現在，我想把電話交給凱西。凱西？

Thanks, Todd. Good morning, and thank you for joining our fourth quarter and full year 2025 earnings call. The Northrop Grumman team delivered another quarter of strong operating results, generating the highest quarterly sales growth of 2025 and exceeding expectations across our key performance metrics.

謝謝你，托德。早安，感謝各位參加我們2025年第四季及全年財報電話會議。諾斯羅普·格魯曼團隊又取得了一個季度強勁的經營業績，實現了 2025 年最高的季度銷售成長，並在關鍵績效指標方面均超出了預期。

Throughout the year, we kept a disciplined approach in executing our strategy, remaining true to our technology leadership and ensuring our company moves at the speed of relevance, particularly as our customers transform the way they acquire defense capabilities. This business strategy includes our capital deployment plan, which prioritizes investments in value-creating growth opportunities, of which there are many in this current environment.

在過去一年中，我們始終堅持嚴謹的策略執行方式，堅守技術領先地位，確保公司以與時俱進的速度發展，尤其是在客戶改變其獲取國防能力的方式之際。這個商業策略包括我們的資本部署計劃，該計劃優先投資於創造價值的成長機會，而當前環境下這樣的機會有很多。

Northrop Grumman's portfolio is aligned to what U.S. and international customers need right now, and we see a clear path to continued solid growth in the future. We ended the year with over $95 billion in backlog, a new company record, driven by over $46 billion in net awards in 2025. Our backlog has grown by nearly $20 billion since 2021, and our five-year average book-to-bill ratio has been 1.1 times.

諾斯羅普·格魯曼公司的產品組合與美國和國際客戶目前的需求相符，我們看到了未來持續穩健成長的清晰路徑。年底，我們的積壓訂單超過 950 億美元，創下公司新紀錄，這主要得益於 2025 年淨授予訂單超過 460 億美元。自 2021 年以來，我們的積壓訂單增加了近 200 億美元，五年平均訂單出貨比為 1.1 倍。

Our 2025 sales and EPS both exceeded the high end of our guidance range and free cash flow was $3.3 billion for the year. This represents a 26% increase in free cash flow compared to 2024, the third consecutive year of at least 25% growth.

我們 2025 年的銷售額和每股盈餘都超過了我們預期範圍的上限，當年的自由現金流為 33 億美元。與 2024 年相比，這代表自由現金流成長了 26%，連續第三年至少成長 25%。

This strong performance provides momentum for our company in an increased demand environment and gives us continued confidence in our outlook. This confidence is rooted in our conviction that we have a talented engineering and operations team and a portfolio uniquely designed to deliver the capabilities needed by our U.S. and international customers.

這一強勁的業績為公司在不斷增長的需求環境下提供了發展動力，也讓我們對公司前景充滿信心。這種自信源自於我們堅信我們擁有一支才華橫溢的工程和營運團隊，以及一套獨特設計的產品組合，能夠為我們的美國和國際客戶提供所需的能力。

In the U.S., we are aligned with the administration's and Congress' focus on expanding American manufacturing capabilities and capacity on critical programs, and ensuring technological superiority. We have purposefully built and shaped our portfolio with a focus on our customers' demand signals.

在美國，我們與政府和國會的重點保持一致，即擴大美國製造業能力和關鍵項目的產能，並確保技術優勢。我們精心建構和塑造了我們的產品組合，並專注於客戶的需求訊號。

We are a leader in developing and delivering advanced, and often considered exquisite, capabilities, which are at the core of U.S. war-fighting today. However, we have also demonstrated that we can design and develop more affordable solutions that can be produced in mass and fielded quickly.

我們在開發和提供先進的、通常被認為是精湛的能力方面處於領先地位，這些能力是當今美國作戰的核心。但是，我們也證明，我們可以設計和開發更經濟實惠的解決方案，這些方案可以大規模生產並快速部署。

One example of this is high-volume space assets that we are building for the Space Development Agency, including our fourth quarter award for 18 Tranche 3 Tracking Layer satellites, which brings our total SDA satellite backlog to 150. Our missile tracking solution leverages our broad set of missile defense capabilities to provide global detection, warning and tracking of hypersonic weapons and advanced missiles from the earliest stages of launch through interception.

例如，我們正在為太空發展局建造大量太空資產，包括我們第四季度獲得的 18 顆第三批次追蹤層衛星，這使我們的 SDA 衛星積壓總數達到 150 顆。我們的飛彈追蹤解決方案利用我們廣泛的飛彈防禦能力，從發射的最初階段到攔截階段，對高超音速武器和先進飛彈進行全球範圍內的偵測、預警和追蹤。

Protecting the homeland is a top priority for the Trump Administration as outlined in the recently released National Defense Strategy. In alignment with the Department of War's focus on acquisition transformation, we are transforming Northrop Grumman.

保護國土安全是川普政府的首要任務，這點在最近發布的《國防戰略》中已明確闡述。為了配合美國戰爭部對採購轉型的重視，我們正在轉型為諾斯羅普·格魯曼公司。

We are moving with urgency and proactively bringing innovative solutions to our customers. An example of this includes the latest advancements in our uncrewed portfolio. The first of which is Project Talon, an evolution of our Collaborative Combat Aircraft Increment I design, that strikes a balance between capability and affordability. Project Talon was designed and built in under 24 months.

我們正以迫切的步伐，積極主動地為客戶提供創新解決方案。例如，我們在無人駕駛產品組合方面取得了最新進展。第一個項目是“利爪計劃”，它是我們“協同作戰飛機增量 I”設計的改進版，在性能和價格之間取得了平衡。Talon 專案的設計和建造僅花了不到 24 個月的時間。

To accelerate the development, we leveraged our autonomous testbed ecosystem, Beacon, which is now known as Talon IQ. Project Talon builds on Northrop Grumman’s seven decades of experience with advanced, battle-tested uncrewed systems. In December, the same month that we unveiled it, the U.S. Air Force awarded our aircraft with a designator, the YFQ-48A. This is only the third CCA platform to have this type of designation. Beyond the interest the Air Force has shown in this system, we also believe Talon will have broad global appeal.

為了加快開發速度，我們利用了我們的自主測驗平台生態系統 Beacon，它現在被稱為 Talon IQ。「塔隆計畫」建立在諾斯羅普·格魯曼公司七十年來在先進、久經沙場的無人系統方面的經驗之上。12 月，也就是我們發布該機的同一個月，美國空軍授予我們的飛機一個編號，即 YFQ-48A。這是第三個獲得此類認證的CCA平台。除了空軍對該系統表現出的興趣之外，我們還相信 Talon 將在全球範圍內具有廣泛的吸引力。

I want to highlight a second example in our uncrewed market, which speaks to our partnership approach. We teamed with Kratos to develop a collaborative combat aircraft for the Marines and received a $231 million award late last year. The expeditionary uncrewed aircraft combines our vast experience in multifunction mission systems with Kratos' proven platform, the Valkyrie. We've completed more than 20 successful demonstrations in operationally relevant environments, and we are working to rapidly field this capability to work alongside crewed fighters.

我想重點介紹我們在無人駕駛飛機市場的第二個例子，這反映了我們的合作方式。我們與 Kratos 公司合作，為海軍陸戰隊開發聯合作戰飛機，並在去年底獲得了 2.31 億美元的合約。這款遠徵型無人飛行器結合了我們在多功能任務系統方面的豐富經驗和 Kratos 久經考驗的平台——女武神。我們已在與作戰相關的環境中完成了 20 多次成功的演示，我們正在努力快速部署這項能力，使其能夠與有人駕駛戰鬥機協同作戰。

Our focus extends well beyond developing the next generation of space and airborne uncrewed platforms. We are equally dedicated to scaling our operations across our portfolio to meet rapidly increasing demand, including critical areas like munitions.

我們的焦點遠遠超出了開發下一代太空和空中無人平台。我們同樣致力於擴大業務規模，以滿足快速成長的需求，包括軍火等關鍵領域。

To address the growth in munitions, we have made significant investments to expand capacity for existing programs and in support of second source initiative. Since 2021, we have successfully doubled our production capacity for tactical solid rocket motors at our ABL facility in West Virginia and are now advancing efforts to further increase that capacity by another 50%, effectively tripling our tactical SRM production capabilities at that facility by early 2027. And, we are making similar investments to expand capacity at our Elkton, Maryland site to triple capacity there by 2030. This proactive approach places us in a strong position as the weapons market continues to expand.

為了因應軍火數量的成長，我們進行了大量投資，以擴大現有項目的產能，並支持第二來源計畫。自 2021 年以來，我們已成功將位於西維吉尼亞州 ABL 工廠的戰術固體火箭引擎產能提高了一倍，現在正努力將產能再提高 50%，到 2027 年初，該工廠的戰術固體火箭引擎生產能力將有效地提高兩倍。而且，我們正在進行類似的投資，以擴大我們在馬裡蘭州埃爾克頓工廠的產能，目標是到 2030 年將工廠的產能提高三倍。這種積極主動的方式使我們在武器市場持續擴張的過程中處於有利地位。

On one end of the spectrum, we are developing cost-effective solutions that can be quickly designed, produced, and deployed at scale. On the other end of the spectrum, we are also developing and producing unmatched strategic deterrence assets for our nation. This includes executing on numerous programs in the restricted arena, which comprises over 30% of our business.

一方面，我們正在開發能夠快速設計、生產和大規模部署的成本效益高的解決方案。另一方面，我們也在為國家開發和生產無與倫比的戰略威懾資產。這包括在受限領域執行眾多項目，這占我們業務的 30% 以上。

It also encompasses emerging areas in space, which has evolved into a war-fighting domain. Space security, or capabilities to protect space assets, represents a tremendous growth opportunity for our company, given our proven technology and experience in this domain.

它也涵蓋了太空領域的新興領域，太空已經發展成為一個作戰領域。鑑於我們在該領域擁有成熟的技術和經驗，太空安全或保護太空資產的能力對我們公司而言代表著巨大的發展機會。

And these capabilities are fundamental in maintaining the most advanced military in the world. And of course our contribution to strategic deterrence also includes our work on modernization of the Triad.

這些能力對於維持世界上最先進的軍隊至關重要。當然，我們對戰略威懾的貢獻也包括我們對三位一體現代化所做的工作。

Regarding status of our work on the Triad, the B-21 program is meeting key milestones, including first flight of the second aircraft in 2025. In the fourth quarter, as expected, we were awarded the LRIP Lot 3 contract, as well as advanced procurement funding for Lot 5. We continue to work closely with the Air Force on plans to increase the production rate of this program.

關於我們在三位一體計畫上的工作進展，B-21 計畫正在達到關鍵里程碑，包括第二架飛機將於 2025 年首飛。第四季度，正如預期的那樣，我們獲得了 LRIP Lot 3 合同，以及 Lot 5 的預付採購資金。我們將繼續與空軍密切合作，制定計劃以提高該專案的生產速度。

Our priority is to establish a mutually beneficial agreement that accelerates the delivery of this game-changing capability to our nation. Funding for this acceleration has been approved as part of the reconciliation bill, and I am optimistic that we will come to an agreement with the Air Force this quarter.

我們的首要任務是達成互利共贏的協議，加速向我國交付這項具有變革意義的能力。作為和解法案的一部分，這項加速計畫的資金已經獲得批准，我樂觀地認為我們將在本季與空軍達成協議。

We also continue to make progress on Sentinel, advancing key aspects while partnering with the Air Force to restructure the program. In addition to continued progress on the missile, we are maturing launch silo designs and moving forward with prototyping activities in the command and launch segment of the program.

我們在 Sentinel 計畫上也持續取得進展，推進關鍵方面，同時與空軍合作重組該計畫。除了飛彈研發的持續進展外，我們還在完善發射井設計，並推進該專案指揮和發射部分的樣機研發活動。

In the United States, our customers are turning to industry to move beyond traditional business models, break-down bureaucracy and increase deliveries of capabilities at a faster pace. Importantly, they have backed this request with funding, and this creates an immense opportunity for Northrop Grumman.

在美國，我們的客戶正在尋求超越傳統商業模式、打破官僚主義、加速能力交付的產業變革。重要的是，他們已為這項請求提供了資金支持，這為諾斯羅普·格魯曼公司創造了巨大的機會。

We are encouraged by the recent $1.5 trillion FY27 budget recommendation which indicates the potential for historic growth in defense spending. And in support of this approach, we are bringing proposals forward to accelerate our programs, embrace new ways of working, and partner more effectively with our customers.

我們對最近提出的 2027 財年 1.5 兆美元的預算建議感到鼓舞，這表明國防開支有可能出現歷史性增長。為了支持這一方針，我們正在提出提案，以加快我們的專案進度，採用新的工作方式，並更有效地與客戶合作。

Our company is well aligned with the administration and Congress' focus on speed, capacity, and performance, all in support of national defense. We are hopeful that FY26 defense appropriations will be completed soon, and we see strong support for the capabilities we deliver to the warfighter in the bill moving through Congress now. We also expect reconciliation investments to move forward this year.

我們公司與政府和國會注重速度、能力和績效的方針高度一致，所有這些都是為了支持國防。我們希望 2026 財年國防撥款能夠盡快完成，並且我們看到，目前正在國會審議的法案對我們向作戰人員提供的能力給予了強有力的支持。我們也預計今年和解投資將取得進展。

Internationally, we are experiencing strong momentum, as allied nations increasingly invest in enhancing their national security capabilities. Our international growth strategy focuses on both exporting products manufactured in the United States, and forming industrial partnerships to develop indigenous capabilities in these nations. We are successfully executing this strategy, with international sales growing by 20% in 2025.

國際上，我們正​​經歷強勁的發展勢頭，因為盟國不斷增加對增強國家安全能力的投資。我們的國際成長策略著重於出口美國製造的產品，以及與這些國家建立產業夥伴關係，以發展當地的生產能力。我們正在成功執行這項策略，預計到 2025 年國際銷售額將成長 20%。

Demand signals remain strong, and we anticipate continued growth in 2026 and beyond. The global appetite for our technology is fueling this demand, particularly in air and missile defense systems, advanced munitions, radars, and a diverse array of airborne capabilities.

需求訊號依然強勁，我們預計2026年及以後將持續成長。全球對我們技術的需求正在推動這一需求，尤其是在防空和飛彈防禦系統、先進彈藥、雷達以及各種機載能力方面。

We've now received formal requests to acquire IBCS from over 20 countries and we are seeing notable progress on multiple other opportunities, including ground-based radars, where we are expecting contracts from customers in the Americas, Middle East and Asia- Pacific.

我們目前已收到來自 20 多個國家的正式採購 IBCS 的請求，並且在其他多個機會方面也取得了顯著進展，包括地面雷達，我們預計將從美洲、中東和亞太地區的客戶那裡獲得合約。

The robust global demand environment supports our 2026 guidance, which is consistent with the outlook we provided to you in October. We're positioned to deliver another strong year of sales and margin growth, enabling our ability to generate cash and invest in our business.

全球強勁的需求環境支撐了我們對 2026 年的業績指引，這與我們 10 月向您提供的展望一致。我們已做好準備，實現又一個強勁的銷售和利潤增長年，從而使我們能夠創造現金流並投資於我們的業務。

As a result, we expect to increase capital expenditures this year. Our focus will be on a variety of high-impact, value-generating initiatives in areas such as solid rocket motors, missile defense, advanced technologies, and restricted capabilities. These investments are intended to create long-term value for both our customers and shareholders by delivering advanced solutions quickly, enabling our military to maintain its competitive edge.

因此，我們預計今年將增加資本支出。我們將重點關注固體火箭發動機、飛彈防禦、先進技術和受限能力等領域的各種具有高影響力、創造價值的措施。這些投資旨在透過快速提供先進的解決方案，為我們的客戶和股東創造長期價值，使我們的軍隊能夠保持競爭優勢。

2025 was a strong year for our company, and we are well positioned to continue this success into 2026 and beyond. I'd like to thank the entire Northrop Grumman team for their contributions to our results and your dedication to our customers.

2025年是我們公司業績強勁的一年，我們已做好充分準備，將這項成功延續到2026年及以後。我要感謝諾斯羅普·格魯曼公司的全體團隊成員，感謝他們為我們的業績所做的貢獻以及他們對客戶的奉獻。

We are proud of the impact our products have on global peace and stability, and we share the sense of responsibility and urgency our customers have to provide our nation and allies the best products in the world.

我們為我們的產品對全球和平與穩定的影響感到自豪，我們也和我們的客戶一樣，肩負著為我們的國家和盟友提供世界上最好的產品的責任和緊迫感。

Before turning the call over to Ken, I want to welcome John Greene, who joined our team as CFO earlier this month. John is an experienced CFO and has a proven track record of driving growth and operational excellence, and I look forward to working with him.

在將電話交給 Ken 之前，我想歡迎 John Greene，他於本月初加入我們的團隊擔任財務長。John 是一位經驗豐富的財務官，在推動成長和卓越營運方面有著良好的業績記錄，我期待與他共事。

I also want to extend my deepest gratitude to Ken for his leadership and significant contributions during his more than 20-year career with Northrop Grumman. He was instrumental to our strong finish to 2025, and he has ensured a smooth transition to John.

我還要向肯致以最深切的謝意，感謝他在諾斯羅普·格魯曼公司20多年的職業生涯中所展現的領導才能和做出的重大貢獻。他對我們2025年取得優異成績起到了至關重要的作用，並確保了與約翰的順利過渡。

Thank you, Ken. And I'll turn the call over to you.

謝謝你，肯。接下來我把電話交給你。

Good morning, everyone, and thank you, Kathy. Today, I'll walk you through our 2025 results, after which John will discuss our outlook for 2026. 2025 marks another year of strong financial performance, reflecting robust demand for Northrop Grumman capabilities and our continued focus on operational excellence.

大家早安，謝謝你，凱西。今天，我將為大家介紹我們 2025 年的業績，之後 John 將討論我們對 2026 年的展望。 2025 年標誌著我們又一個財務業績強勁的年份，這反映了市場對諾斯羅普·格魯曼公司能力的強勁需求以及我們對卓越營運的持續關注。

I will begin with top line results on slide 5. Fourth quarter sales were $11.7 billion, up 10% compared to the prior year. On a sequential basis, Q4 sales accelerated 12%, consistent with the expectations we outlined on prior earnings calls, with Q4 representing 28% of our full year sales volume. Aeronautics Systems was the fastest-growing segment in the fourth quarter with sales of $3.9 billion, up 18% compared to the prior year.

我將首先從第5張投影片上的主要結果開始。第四季銷售額為117億美元，比上年同期成長10%。與上一季相比，第四季銷售額成長了 12%，與我們在先前的財報電話會議上提出的預期一致，第四季佔全年銷售額的 28%。航空系統是第四季成長最快的業務板塊，銷售額達 39 億美元，比上年同期成長 18%。

The increase was driven by material timing on the F-35 program, continued ramp on TACAMO, and higher volume on the B-21 program, enabled by the liquidation of inventory associated with LRIP Lot 3 and Lot 5 advanced procurement awards received in the quarter.

此次成長主要得益於 F-35 專案的物料交付時間表、TACAMO 專案的持續推進以及 B-21 專案的產量增加，而這又得益於本季度收到的 LRIP 批次 3 和批次 5 預採購獎勵相關的庫存的清算。

At DS, Q4 sales grew by 7% on a GAAP basis, 12% organically, with broad-based growth throughout their portfolio. This included higher volume, producing solid rocket motors for the Guided Multiple Launch Rocket System, higher sales in the missile defense portfolio, primarily IBCS, and an increase on Sentinel as the program continues to ramp.

DS公司第四季銷售額以GAAP計算成長7%，有機成長12%，其產品組合全面成長。這包括更高的產量，為導引多管火箭系統生產固體火箭發動機，飛彈防禦產品組合（主要是 IBCS）的銷售成長，以及隨著 Sentinel 計畫的持續推​​進，Sentinel 的產量也隨之增加。

Mission Systems achieved double-digit growth in Q4, driven by strong production volume on restricted programs, F-35, SEWIP and international radar systems. And as we expected, the Space segment returned to growth in the period, with sales up 5% compared to fourth quarter of last year.

任務系統業務在第四季度實現了兩位數的成長，這主要得益於受限項目、F-35、SEWIP 和國際雷達系統的強勁產量。正如我們預期的那樣，航太業務部門在本季恢復成長，銷售額比去年第四季成長了 5%。

Higher sales were driven by increased production of GEM-63 motors for Amazon's Project Leo and increased volume on certain restricted programs. In total, 2025 sales were $42 billion, up 3% organically compared to the prior year, and above the high end of the guidance range we provided in Q3.

銷售成長主要得益於亞馬遜「獅子計畫」GEM-63馬達產量增加以及某些受限項目銷售成長。2025 年總銷售額為 420 億美元，比上年有機成長 3%，高於我們在第三季提供的指導範圍的上限。

Moving to bottom line on slide 6. Strong operational performance continued in Q4, with segment operating income up 10% year-over-year and a segment operating margin rate of 11.2%. AS operating income increased by 20%, driven by higher sales volume and sound program execution, and there were no significant changes to the B-21 EAC in the quarter.

轉到第 6 頁的結論部分。第四季營運表現依然強勁，分部營業收入較去年同期成長 10%，分部營業利益率為 11.2%。由於銷量增加和專案執行良好，AS 營業收入成長了 20%，本季 B-21 EAC 沒有發生重大變化。

Defense Systems’ operating income was down modestly, principally due to lower net EAC adjustments in the period. Higher sales volume at MS, coupled with favorable mix in the quarter, led to a 9% increase in operating income. And the Space segment had an outstanding quarter of operational performance, with operating income up 17% and an operating margin rate of 11.3%. These results were driven by higher net EAC adjustments and a more favorable contract mix.

國防系統公司的營業收入略有下降，主要是由於該期間淨 EAC 調整減少。MS 的銷售量增加，加上本季有利的產品組合，導致營業收入成長了 9%。太空業務部門本季營運表現出色，營業收入成長 17%，營業利益率為 11.3%。這些結果主要得益於更高的淨 EAC 調整和更有利的合約組合。

Turning to EPS on slide 7, Q4 mark-to-market adjusted earnings per share were $7.23, up 13% compared to last year. The increase was driven by higher sales and strong segment performance.

在第 7 張投影片中，我們來看 EPS（每股盈餘），第四季按市值調整後的每股盈餘為 7.23 美元，比去年同期成長 13%。成長主要得益於銷售額提高和細分市場表現強勁。

Lastly, I'll take a moment to discuss our cash performance. We had a particularly strong quarter of cash generation in Q4, as is our seasonal pattern. For the year, we generated $3.3 billion in free cash flow, near the high end of our guidance range, up 26% compared to 2024.

最後，我將花一點時間談談我們的現金流表現。第四季我們的現金流表現特別強勁，符合我們的季節性規律。今年，我們產生了 33 億美元的自由現金流，接近我們預期範圍的上限，比 2024 年增長了 26%。

I would like to conclude by expressing my sincere appreciation for the Northrop Grumman team. It has been an honor to work with so many amazing people over my 22-year tenure. I want to thank this team for their partnership and unwavering commitment to our customers, shareholders, and fellow teammates.

最後，我要對諾斯羅普·格魯曼團隊表達我由衷的感謝。在我22年的職業生涯中，能夠與這麼多優秀的人共事，我深感榮幸。我要感謝這個團隊的合作，以及他們對客戶、股東和同事堅定不移的承諾。

I would also like to congratulate John. I've enjoyed working with him over the transition period, and I am confident that the Northrop Grumman team will continue to achieve great things moving forward.

我還要祝賀約翰。在過渡時期，我很高興能與他共事，我相信諾斯羅普·格魯曼團隊未來將繼續取得輝煌成就。

John, over to you.

約翰，該你了。

Thank you, Ken, and good morning, everyone. It's an exciting time to join Northrop Grumman as we enter 2026 with strong momentum across our portfolio.

謝謝你，肯，大家早安。現在加入諾斯羅普·格魯曼公司正值激動人心的時刻，我們帶著強勁的發展勢頭邁入 2026 年。

I'll begin on slide 8 by walking you through our guidance for 2026, including expectations for a year of broad-based growth across the portfolio. Notably, our guidance is consistent with the outlook provided in October and does not yet include an accelerated B-21 production rate.

我將從第 8 張投影片開始，帶您了解我們對 2026 年的指導意見，包括對投資組合全面成長的預期。值得注意的是，我們的指導意見與 10 月提供的展望一致，目前尚未包括加快 B-21 生產速度。

For 2026, we expect sales to be between $43.5 billion and $44 billion, representing mid-single digit growth at the company. This is supported by strength across all four business segments and builds upon our disciplined execution and market demand. We expect Q1 sales to be up low-single digits, partially driven by fewer working days in the quarter.

我們預計 2026 年銷售額將在 435 億美元至 440 億美元之間，這將代表公司實現中等個位數的成長。這得益於我們四大業務板塊的強勁實力，並建立在我們嚴謹的執行力和市場需求之上。我們預計第一季銷售額將實現個位數低成長，部分原因是該季度工作日減少。

Growth is expected to accelerate throughout the year, similar to the cadence experienced in 2025. On the bottom line, we remain focused on disciplined program execution and margin expansion over time, driven by cost efficiencies, operational leverage, and mix.

預計全年成長速度將加快，與 2025 年的成長節奏類似。歸根結底，我們將繼續專注於嚴謹的專案執行和利潤率的長期成長，這主要透過成本效益、營運槓桿和產品組合來實現。

2026 segment operating income is projected to be between $4.85 billion and $5 billion, reflecting continued strong performance and a low-to-mid 11% segment operating margin. 2026 mark-to-market adjusted earnings per share are expected between $27.40 and $27.90, up mid-single digits. This includes our latest estimate for pension income, an effective tax rate of low-to-mid 17%, and $620 million in interest expense.

預計2026年分部營業收入將在48.5億美元至50億美元之間，反映出持續強勁的業績表現和11%左右的分部營業利潤率。 2026年經市值調整後的每股盈餘預計在27.40美元至27.90美元之間，實現中等個位數成長。這包括我們對退休金收入的最新估計、17%左右的有效稅率以及6.2億美元的利息支出。

We expect roughly $280 million in other unallocated corporate expenses in 2026, a level that is reflective of our normal run rate excluding unique and extraordinary items. We are assuming our share count will remain relatively flat and 2026 free cash flow continues to be estimated between $3.1 billion and $3.5 billion. We are offsetting a higher capital spend outlook with strong operational cash flows.

我們預計 2026 年其他未分配公司支出約為 2.8 億美元，這一水準反映了我們正常的營運速度，不包括特殊和非常項目。我們預計公司股份數量將保持相對穩定，2026 年自由現金流預計仍將在 31 億美元至 35 億美元之間。我們以強勁的營運現金流抵銷了較高的資本支出預期。

Moving to segment level guidance on slide 9. AS sales are expected to grow to mid-$13 billion. This growth is supported by increased volume on programs like B-21 and TACAMO, partially offset by lower materials volumes and stable production rates on the F-35 and E-2 programs.

第 9 頁將轉為細分市場層面的指導。AS銷售額預計將成長至130億美元左右。這一增長得益於 B-21 和 TACAMO 等項目的產量增加，但部分被 F-35 和 E-2 項目的材料產量減少和穩定的生產率所抵消。

We also expect a modest headwind on the F/A-18 program, with the final production lot completed in the fourth quarter of 2025. Margins are projected to be low-to-mid 9%, reflecting the higher mix of development programs.

我們也預計 F/A-18 專案將面臨一些不利因素，最後一批生產將於 2025 年第四季完成。預計利潤率將在 9% 左右，這反映了開發項目組合的較高比例。

DS remains our fastest-growing segment, with sales expected to rise in the low double digits organically to the mid-to-high $8 billion range. Growth will be broad-based, driven by strong demand across weapons, missile defense, and strategic deterrence programs.

DS 仍然是我們成長最快的業務板塊，預計銷售額將實現兩位數的有機成長，達到 80 億美元中高段。成長將是廣泛的，由武器、飛彈防禦和戰略威懾項目的強勁需求驅動。

Operating margins are expected to remain steady at around 10%, comparable to the performance in 2025 absent the $76 million favorable EAC adjustment on Sentinel. MS is projected to deliver sales in the high $12 billion range, building on double-digit growth in 2025 with broad-based demand across their diverse portfolio.

預計營業利潤率將穩定在 10% 左右，與 2025 年的業績相當，但不包括 Sentinel 的 7,600 萬美元有利 EAC 調整。預計微軟2025年的銷售額將達到120億美元以上，在兩位數成長的基礎上，其多元化的產品組合將帶來廣泛的需求。

Investments in digital technology and factory utilization continued to drive efficiency improvements, with margins expected to improve further into the high 14% range this year.

對數位技術和工廠利用率的投資持續推動效率提升，預計今年利潤率將進一步提高到 14% 以上。

Space segment sales are expected to grow to approximately $11 billion in 2026. Growth drivers include higher sales on multiple restricted space and missile defense programs. We expect stable GEM-63 volumes and modest headwinds on NASA programs. Operating income is forecasted to be in the 11% range, consistent with the prior year. Lastly, intersegment eliminations are projected to be approximately $2.4 billion with a high 13% OM rate.

預計到 2026 年，航太領域的銷售額將成長至約 110 億美元。成長動力包括多個受限空間和飛彈防禦項目的銷售增加。我們預計 GEM-63 產量將保持穩定，NASA 專案將面臨一些不利因素。預計營業收入成長率將在 11% 左右，與上年持平。最後，部門間抵銷預計約 24 億美元，OM 率高達 13%。

Turning to pension performance on slide 10. 2025 ended on a strong note with asset returns of 11.3%, improving our funding status to 106%. This year, CAS recoveries are forecasted at $245 million, slightly lower than prior projections due to our favorable funding status. We expect to make minimal annual cash contributions over the next several years, consistent with prior guidance.

在第 10 張投影片中，我們來看退休金業績。 2025 年以強勁的勢頭收尾，資產回報率達到 11.3%，使我們的資金狀況改善至 106%。今年，CAS 的回收額預計為 2.45 億美元，略低於先前的預測，這得益於我們良好的資金狀況。我們預計未來幾年每年將投入少量現金，這與先前的預期一致。

I'll end my prepared remarks with a few comments on capital deployment. First, $527 million of fixed-rate debt will mature in March, and we intend to pay down the note with cash on hand. Our capital deployment strategy remains focused on driving growth and reinvesting in the business to maximize shareholder value.

最後，我將就資金部署問題談幾點看法。首先，5.27億美元的固定利率債務將於3月到期，我們打算用手邊的現金償還這筆款項。我們的資本部署策略仍然專注於推動成長和對業務進行再投資，以實現股東價值最大化。

In 2026, capital expenditures are projected to be $1.65 billion, approximately 4% of total sales. This represents an increase compared to prior expectations based on the strong demand environment we see ahead. These investments will enhance production capacity and support the industrial base, ensuring we're positioned to deliver growth well into the future.

預計到 2026 年，資本支出將達到 16.5 億美元，約佔總銷售額的 4%。這比先前基於我們預見的強勁需求環境而做出的預期有所增長。這些投資將提高生產能力並支持工業基礎，確保我們能夠在未來穩步成長。

Before I close, I wanted to share some personal thoughts. I'm honored to join Northrop Grumman in support of its mission at such an important and exciting time. In the coming years, I look forward to working with this outstanding management team to execute on our strategy and deliver value for our stakeholders.

在結束之前，我想分享一些個人想法。我很榮幸能在這樣一個重要且令人興奮的時刻加入諾斯羅普格魯曼公司，支持其使命。未來幾年，我期待與這支傑出的管理團隊合作，執行我們的策略，為我們的利害關係人創造價值。

In summary, 2026 is shaping up to be another year of strong growth with continued momentum across our portfolio. Before I open up the line for Q&A, I also want to thank Ken for his tremendous support during our transition.

總而言之，2026 年有望成為我們投資組合中又一個強勁成長的年份，並將繼續保持成長勢頭。在正式開始問答環節之前，我還要感謝 Ken 在我們過渡期間給予的巨大支持。

With that, let's open the call for Q&A.

接下來，我們進入問答環節。

(Operator Instructions) Ronald Epstein, Bank of America.

（操作說明）羅納德‧愛潑斯坦，美國銀行。

Kathy, if we could just pick up on your remarks -- your prepared remarks on transforming Northrop Grumman. I mean, how are you broadly thinking about how a company with the breadth and depth and legacy of Northrop Grumman, and how that jives with this push towards the non-traditionals?

凱西，如果我們能聽聽你的發言——你關於諾斯羅普·格魯曼公司轉型的準備好的發言——就好了。我的意思是，您如何看待像諾斯羅普·格魯曼這樣擁有廣度、深度和歷史底蘊的公司，以及它如何與這種向非傳統領域發展的趨勢相契合？

I mean, you pointed out a couple of the CCA programs and unmanned stuff that you've done. But I mean kind of strategically, broadly, how are you thinking about it? Because it seems like you all are doing quite well at it. But just if we could maybe, however the cliche is, double-click on that, or peel back the onion?

我的意思是，你提到了你參與的一些 CCA 專案和無人駕駛專案。但我的意思是，從策略層面、從整體來看，你是如何考慮這個問題的？因為看起來你們在這方面都做得相當好。但如果我們能，就算用老套的說法，雙擊它，或者一層層剝開洋蔥，那該有多好？

Yeah. Thanks, Ron, for the question. As you said, we have been transforming the way we are meeting our customers' needs. I talked about it somewhat in my prepared remarks, how our strategy for technology leadership has not changed. But we are directing that talented engineering and operations team to be able to design products that can be fielded more quickly. We're balancing the need for performance with affordability and speed to market.

是的。謝謝你的提問，羅恩。正如您所說，我們一直在改變滿足客戶需求的方式。我在事先準備好的發言稿中也談到了這一點，即我們在技術領先方面的策略並沒有改變。但我們正在指導這支才華洋溢的工程和營運團隊，讓他們能夠設計出可以更快投入使用的產品。我們需要在性能需求、價格合理性和上市速度之間取得平衡。

And so we believe that we have all of the foundation to meet this moment, but we are directing that talent in ways that are more applicable to what this administration has a strong sense of urgency to do, which is field capability quickly.

因此，我們相信我們已經具備應對當前情況的所有基礎，但我們正在將這些人才引導到更適用於本屆政府迫切需要做的事情的方式上，那就是迅速建立現場作戰能力。

And I'd also say that we have been investing. This is not something we've just started doing this year. As you know, we've been investing in our business to build capacity, and capacity is critical to fueling capability quickly. And we have that capacity ready to go in many areas. I talked about solid rocket motors and how we have already doubled capacity, and we'll have tripled by early next year.

我還要說，我們一直在進行投資。這並不是我們今年才開始做的事情。如您所知，我們一直在投資業務以提升產能，而產能對於快速提升能力至關重要。我們在許多領域都具備了這種能力。我談到了固體火箭發動機，以及我們是如何將產能翻了一番，到明年初產能將翻三番的。

I talked about the work that we are doing in space where we've gone from producing tens of satellites a year to hundreds. And we are also obviously looking to accelerate programs like B-21. And so, across this entire portfolio, we have the opportunity to lean in to moving faster and we're organizing ourselves to be able to do that.

我談到了我們在太空領域所做的工作，我們已經從每年生產數十顆衛星增加到每年生產數百顆。我們顯然也在尋求加快B-21等項目的推進。因此，在整個投資組合中，我們有機會加快步伐，我們正在調整自身以做到這一點。

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，傑富瑞集團。

Kathy, maybe expanding on Ron's question a little bit and your answer. The fiscal ‘27 budget provides a lot of money out there to be contracted, and as you think about your ‘26 plan and thinking about the longer-term trajectory of growth, where do you see the biggest opportunities for acceleration? And how do you balance that with some of the investments that you need for that capacity?

凱西，或許可以稍微補充一下羅恩的問題和你的回答。2027 財年預算提供了大量可供簽訂合約的資金，當您考慮 2026 年計畫和長期成長軌跡時，您認為最大的加速機會在哪裡？那麼，如何平衡這和實現該能力所需的一些投資呢？

Yeah. Thank you, Sheila. We are absolutely taking a balanced approach to what we have incorporated into our guidance and what we still see as opportunity ahead. So, what is incorporated into our guidance is where we see clear funding and where we have accumulated backlog or we have a high expectation of award. There are a few areas that we've specifically called out, like B-21 and APEX, where we have not incorporated that yet into our guidance.

是的。謝謝你，希拉。我們對已納入指導方針的內容和我們仍然認為未來存在的機會採取了絕對平衡的態度。因此，我們的指導方針中包含了我們看到的明確資金來源，以及我們已經累積了積壓訂單或我們對獲得資助抱有很高期望的訂單。我們特別指出了一些領域，例如 B-21 和 APEX，我們尚未將這些領域納入我們的指導方針中。

F/A-XX is the name that we use for APEX. So that is really how we are thinking about our 2026 guidance. There is a good bit of opportunity out there for our team to go capture in this opportunity-rich environment, but we have incorporated into our guidance what we clearly believe is headed toward contract or already in our backlog.

F/A-XX 是我們對 APEX 的稱呼。這就是我們對2026年發展方向的思考方式。在這個充滿機會的環境中，我們的團隊有很多機會去爭取，但我們已經將我們認為即將簽訂合約或已經進入我們待辦事項清單的項目納入了我們的指導方針中。

Got it. So maybe my follow-up is, as we think about ‘26 growth in the mid-single-digit range, does it accelerate from there in ‘27 as we think about international coupled onto that?

知道了。所以，我的後續問題是，當我們考慮 2026 年 5 月的中個位數成長時，考慮到國際因素的影響，2027 年 5 月的經濟成長是否會加速？

We believe that it does based on what signals we are receiving regarding the FY27 U.S. budget and the fact that we see continued acceleration of demand internationally. I spoke to a few of the areas of growth that we expect to see. We believe we will have a book-to-bill, internationally, well above one again this year, and that positions us for growth into 2027.

根據我們收到的有關 2027 財年美國預算的信號以及我們看到國際需求持續加速增長的事實，我們認為情況確實如此。我談到了我們預期會出現成長的幾個領域。我們相信，今年我們的國際訂單出貨比將再次遠高於 1，這將使我們在 2027 年成長。

Kristine Liwag, Morgan Stanley.

克莉絲汀‧利瓦格，摩根士丹利。

Kathy, going back into the 2026 revenue outlook, backlog is at a new record at $96 billion as you called out. And the midpoint of your outlook provides 4% year-over-year growth. Can you talk about what's driving the significant conservatism in your outlook? What are the key variables that convert more of this backlog into revenue? And can you size the B-21 and F/A-XX, that's not in your guidance, if those contracts were to firm up, how could that change your ‘26 outlook?

凱西，回到 2026 年的營收展望，正如你所指出的，積壓訂單達到了 960 億美元的新紀錄。您的預測中位數顯示，年成長率為 4%。您能否談談是什麼因素導致了您觀點中明顯的保守主義傾向？哪些關鍵因素能夠將更多積壓訂單轉化為收入？能否估算一下 B-21 和 F/A-XX 的尺寸？這不在您的指導範圍內。如果這些合約最終敲定，這會如何改變您的 âflor26 展望？

So Kristine, you call it conservatism, I'll call it a balanced approach. It's a dynamic environment. And so, as we look at 2026, we believe we have invested in the areas that will see significant growth in the coming years. Munitions, which I spoke to, with our solid rocket motor capacity. Golden Dome and its associated opportunities for homeland defense. The F/A-XX program, our collaborative combat aircraft offerings. Yet, as we sit here in January, we have not yet seen those opportunities progress toward contract, and we believe that will happen over the next 24 months. The timing of that is what is much more difficult to predict as we sit here.

克莉絲汀，你稱之為保守主義，我稱之為平衡之道。這是一個充滿活力的環境。因此，展望 2026 年，我們相信我們已經投資於未來幾年將實現顯著成長的領域。我曾與軍需部門談過，他們擁有我們的固體火箭發動機能力。金色穹頂及其相關的國土防禦機會。F/A-XX 項目，我們合作開發的戰鬥機產品。然而，到了今年一月，我們還沒有看到這些機會轉化為合同，我們相信這種情況將在未來 24 個月內發生。我們現在坐在這裡，最難預測的是具體時間。

And so in terms of translating into 2026 sales upside, we believe there is opportunity there, but difficult to put our finger on. As we look to 2027, we feel much more confident that those opportunities will lead to increasing sales. And we're taking the long view as we always have, both in how we think about investment, but also the long-term growth trajectory of the enterprise.

因此，就轉換為 2026 年銷售成長潛力而言，我們認為有機會，但很難準確掌握。展望 2027 年，我們更有信心這些機會將帶來銷售額的成長。我們一如既往地著眼長遠，無論是在考慮投資方面，還是在考慮企業的長期成長軌跡方面。

Scott Deuschle, Deutsche Bank.

史考特‧德施勒，德意志銀行。

John or Ken, you got a big award on GEM-63 here in the quarter, but I believe in your prepared remarks you call for a flat volumes on that program. So can you just clarify why the volumes are flat on GEM-63 in light of that award, and should we expect growth there to reaccelerate in 2027?

約翰或肯，你們在本季度憑藉 GEM-63 項目獲得了一個大獎項，但我相信在你們準備好的發言稿中，你們呼籲該項目保持平穩的進度。那麼，鑑於該合約的授予，您能否解釋為什麼 GEM-63 的訂單量保持平穩？我們是否應該預期該訂單量將在 2027 年重新加速成長？

Yeah. As you know -- Scott, this is Ken. Historically, this is an area where we've been investing in capacity. And so, when we think about 2026, it will be flat year-over-year as we continue to expand that capacity.

是的。如你所知——斯科特，我是肯。從歷史上看，我們一直在該領域投資產能。因此，展望 2026 年，隨著我們繼續擴大產能，產能將與前一年持平。

To your point, in 2027, we do expect GEM-63 to continue to grow. And over the long term, it will continue to be one of the growth drivers for our Space Systems segment on top of other activities, including the restricted space security.

正如您所說，我們預計 GEM-63 在 2027 年將繼續成長。從長遠來看，除了其他業務（包括受限空間安全）之外，它仍將是我們空間系統部門的成長驅動力之一。

Okay. And then, Kathy, sorry if I missed this, but if the B-21 acceleration of work hits in the quarter, should we think about that as being potentially additive to 2026 EBIT dollars, or is it more of a wash in 2026?

好的。還有，凱西，如果我錯過了什麼，請見諒。如果 B-21 加速推進的工作在本季發生，我們是否應該認為這可能會增加 2026 年的息稅前利潤，還是說 2026 年的影響基本上可以忽略不計？

So as we sit here today, we are still working through the finer points of that deal and its financial implications for the company. We do expect to invest $2 billion to $3 billion over a multi-year period. We do expect to have a better opportunity for returns on the program, again, over a multi-year period and we do expect accelerated revenue as a result, again, ramping over a multi-year period.

所以，直到今天，我們仍在研究這筆交易的細節及其對公司的財務影響。我們預計在未來幾年內投資 20 億至 30 億美元。我們預計該項目在未來幾年內將有更好的回報機會，並且預計收入也將因此加速成長，並在幾年內逐步提高。

So you won't see a tremendous amount of impact in 2026. The greater impact of all of those components that I just outlined will happen ‘27, ‘28 and somewhat into ‘29. So hopefully, that gives you a better sense for modeling.

所以，2026年不會產生巨大的影響。我剛才概述的所有這些組成部分的更大影響將在第27、28節以及在某種程度上延續到第29節。希望這能讓你對建模有更深入的了解。

Robert Stallard, Vertical Research.

Robert Stallard，Vertical Research。

If I'm correct, I don't think your prepared comments had any mention whatsoever of dividends or buybacks. I was wondering if you could give us an update on what your thoughts are there, particularly given recent commentary from the U.S. government?

如果我沒記錯的話，你事先準備好的發言稿中完全沒有提到股利或股票回購。我想請您談談您對此事的看法，特別是考慮到美國政府最近的評論？

Yeah, I'll be happy to take that. So when the team built the plan, we took a look at our capital allocation strategy and what we're seeing. And what the team saw, was robust opportunity to deliver future earnings through investment. So, we made a decision to keep the share count flat and increase our spending on property, plant and equipment in order to build out the industrial base similar to what I commented in my prepared remarks.

是的，我很樂意接受。所以當團隊制定計劃時，我們審視了我們的資本配置策略以及我們所看到的情況。團隊看到的是透過投資實現未來獲利的巨大機會。因此，我們決定保持股份數量不變，並增加在房地產、廠房和設備上的支出，以建立工業基礎，這與我在準備好的發言稿中提到的內容類似。

So the plan at this point is not to execute on additional buybacks beyond the end of this month, January. And the dividend plan will be agreed with the Board in the May time frame. So we expect, associated with the second quarter earnings, that we'll have an update on that.

因此，目前的計劃是在本月底（1 月）之後不再進行額外的股票回購。分紅計畫將於五月與董事會達成協議。因此，我們預計在第二季財報發佈時，會對此進行更新。

Okay. And then a quick follow-up that links into that. In terms of the growth going forward, how much of this is dependent on the supply chain? Are they a pacing item here? And do you expect Northrop Grumman to have to invest its own money in the supply chain?

好的。然後是一個與此相關的簡短後續。展望未來，成長有多少取決於供應鏈？它們是這裡的節奏控制因素嗎？你認為諾斯羅普格魯曼公司需要自掏腰包投資供應鏈嗎？

So as I mentioned, we are already partnering with our supply chain. As we look at capacity expansion, we do detailed operations planning with our supply chain. And in most cases, they are investing alongside of us. We do see areas that we work with the federal government that need to be shored up, not just for our contracts.

正如我之前提到的，我們已經與供應鏈建立了合作關係。在考慮產能擴張時，我們會與供應鏈進行詳細的營運計畫。而且在大多數情況下，他們與我們共同投資。我們發現，在我們與聯邦政府合作的某些領域，需要加強，這不僅僅是為了我們的合約。

But more broadly, this tends to be at lower levels of the supply chain. Areas, like raw materials, including rare earths, and in those cases, the government often is directly engaging with those participants in the supply chain to address any shortages that we see. But most of the activity is through us and our direct work with our supply chain.

但更廣泛地說，這種情況往往發生在供應鏈的較低層級。在某些領域，例如原材料（包括稀土），政府通常會直接與供應鏈中的參與者接觸，以解決我們看到的任何短缺問題。但大部分的活動都是透過我們以及我們與供應鏈的直接合作完成。

Seth Seifman, JPMorgan.

Seth Seifman，摩根大通。

Just wanted to maybe clarify on that last question, I mean I think the assumption is that Northrop will continue to be paying dividends, I assume, right?

我只是想澄清一下最後一個問題，我的意思是，我認為大家的假設是諾斯羅普公司將繼續支付股息，對嗎？

Yeah. 100%.

是的。100%。

Yeah. We're simply talking about – the May time frame is when our Board looks at our annual increase in the dividend, and so it would be premature to speculate on that.

是的。我們只是在談論…5 月是我們董事會審議年度股息成長的時候，所以現在就此進行猜測還為時過早。

Okay. Great. And then with regard to the remainder of the cash, I guess, if we -- let's say, $3.3 billion or so of cash, and then we think about the dividend. And so probably left with about $2 billion, and I think you talked about repaying $0.5 billion of debt, well over $4 billion on the balance sheet.

好的。偉大的。至於剩餘的現金，我想，假設我們有大約 33 億美元的現金，然後我們再考慮股息。因此，最終可能還剩下約 20 億美元，而且我認為你還提到要償還 5 億美元的債務，資產負債表上的餘額遠遠超過 40 億美元。

Do you anticipate holding more cash on the balance sheet? Do you anticipate that there might be opportunities that emerge within the year or shortly after that would require significantly more near-term capital investments? Or what would happen to the balance of this year's cash flow?

您預期資產負債表上會持有更多現金嗎？您是否預計今年或之後不久會出現一些機會，而這些機會需要更多的近期資本投資？或者，今年的現金流餘額會發生什麼變化？

Yeah. Yeah, Seth, why don't I try to hit it, and then I'll get some support from Kathy. So -- in terms of the overall cash position of the company, we're in a situation where we see great opportunity to invest. So, I mentioned the increase in the capital deployment, certainly some cash will be allocated to that. We also -- as we look at our day-to-day cash position, I think there's an opportunity to maybe scale that up slightly, given the growth of the business over the past four or five years.

是的。是啊，塞思，我不如試試看能不能打她，然後凱西會給我一些支持。因此—就公司的整體現金狀況而言，我們看到了巨大的投資機會。所以，我剛才提到了增加資本投入，肯定會為此分配一些資金。此外，從我們日常的現金狀況來看，考慮到過去四、五年來業務的成長，我認為或許有機會稍微擴大規模。

So we'll be looking at that. And then in the debt stack, there's some, at least one note that the coupon is over 7%. So we'll take a look at the analysis around that and see if it makes sense to deploy some cash that way.

所以我們會關注這一點。而在債務結構中，至少有一張票據的票面利率超過 7%。所以我們會仔細分析這方面的訊息，看看把一些資金投入到這方面是否合理。

But the great thing is -- to summarize, is the cash conversion cycle of the business is outstanding, and we'll have an opportunity to make smart decisions in terms of how we're going to deploy cash and make sure we're efficient with it.

但最棒的是——總而言之，公司的現金週轉週期非常出色，我們將有機會在如何部署現金方面做出明智的決定，並確保我們能夠有效地利用現金。

Gavin Parsons, UBS.

瑞銀集團的加文·帕森斯。

It looks like you're absorbing higher CapEx in your free cash flow guidance this year, but do you still have line of sight to $4 billion in 2028?

看起來你們今年的自由現金流預期包含了更高的資本支出，但你們還能實現 2028 年 40 億美元的目標嗎？

So Gavin, it's a little early to project 2028 at this point based on the set of opportunities that I mentioned earlier. So with B-21, if we are afforded the opportunity to accelerate that program, it will be good for our shareholders in terms of long-term revenue profile and earnings, but we will need to invest more in facilitizing for that acceleration.

所以 Gavin，根據我之前提到的一系列機遇，現在預測 2028 年還為時過早。因此，對於 B-21 項目，如果我們有機會加速推進，從長期收入和盈利的角度來看，這對我們的股東來說是好事，但我們需要投入更多資金來促進這一加速進程。

We also have a number of opportunities, and I shared some of those, that can be an award. We want to be in a position to have cash on hand to invest more in supporting those because, again, they're well aligned with the administration's priorities in homeland defense, crewed fighters and uncrewed vehicles to name just a few.

我們還有許多機會，我分享了其中一些，這些機會可以成為獎項。我們希望手頭上有足夠的現金，以便增加對這些項目的投資，因為它們與政府在國土防禦、有人駕駛戰鬥機和無人駕駛車輛等方面的優先事項高度契合。

And so as we look at those sets of opportunities, likely being determined later this year into early 2027, that will really set our CapEx profile. And any increased sales and earnings that we would expect to achieve as a result of those opportunities flowing into the plan.

因此，當我們審視這些機會時（這些機會可能會在今年稍後到 2027 年初確定），這將真正決定我們的資本支出概況。以及我們預期透過這些機會實現的任何銷售額和利潤的成長，都將納入該計劃。

So I would just simply tell you our capital deployment strategy has not changed, the discipline around where we choose to invest has not changed. And as we factor those new opportunities in, we'll update ‘27 and '28 accordingly.

所以，我只想簡單告訴大家，我們的資本部署策略沒有改變，我們選擇投資方向的原則也沒有改變。考慮到這些新機遇，我們將相應地更新âft27和'28。

Okay. Appreciate it. And do you mind clarifying the B-21 investment comment you made, the $2 billion to $3 billion, is that before or after an acceleration?

好的。謝謝。您能否澄清一下您之前提到的 B-21 投資額，即 20 億至 30 億美元，這是加速投資之前還是之後的金額？

That is for the acceleration. So that's only if we agree to an acceleration, and it is over a multi-year period of time. So that's why I outlined for you that would be our expectation for total investment to get to the accelerated rates.

這是為了加速。所以，這只有在我們同意加速發展，並且持續數年的情況下才有可能實現。所以，我才向你們概述了我們達到加速成長目標所需的總投資額。

John Godyn, Citi.

約翰‧戈丁，花旗集團。

I wanted to revisit the quarterly cadence and inorganic growth, I think I heard you say that it was going to accelerate throughout the year. That's on the back of a very big 4Q number, 10% organic growth. And I wanted to just square that up a bit and explore the possibility of maybe a stronger start to the year than a sharp decel (deceleration) because it seems like you've got a lot of momentum exiting the year.

我想重新審視季度節奏和非有機成長，我好像聽你說過，這種成長將在全年加速。這是在第四季度強勁成長（10%的有機成長率）的基礎上實現的。我想稍微理順一下，探討一下今年開局是否有可能比急劇下滑（減速）更強勁，因為看起來你們在年底前勢頭強勁。

We did have a lot of momentum exiting the year. There are a few factors that are contributing to that profile that we talked about, which will look similar to what we experienced in 2025. One is we did have a very strong Q4 and part of that was material timing and delivery, which naturally will not reoccur in the first quarter. The second and probably most material is at the enterprise level

我們在年底時確實擁有很強的發展勢頭。造成我們之前討論的那種情況的因素有很多，這種情況與我們在 2025 年經歷的情況類似。一方面，我們第四季業績非常強勁，部分原因是物料的交付和交貨時間安排得當，而這種情況自然不會在第一季重現。第二點，也是最重要的一點，可能在於企業層面。

we have 61 working days in the first quarter. That is a very low profile. Typically, our quarters have 62, 63, or even 64 days. This year, that profile climbs, usually Q4 is our least number of working days; this year, Q1; and then we recover that in Q4. So those two things are primarily the driver for the profile this year, and we expect still to have a good growth quarter in the first quarter, just not as strong as what we expect to have later in the year.

第一季有 61 個工作天。這真是非常低調。通常情況下，我們的季度有 62、63 甚至 64 天。今年，這種情況有所改善，通常第四季度是我們工作日最少的季度；今年是第一季；然後我們在第四季度恢復了工作日。因此，這兩件事是今年業績的主要驅動因素，我們預計第一季仍將保持良好的成長勢頭，只是不會像我們預期的下半年那樣強勁。

That's really helpful. And if we just kind of think through that throughout the year, at the end of '26 you guys will be putting up the largest organic growth on the 10% comp this year. So this two year-over-year rate is going to be quite dramatic. You've talked about positivity into '27, but it seems like you'd be exiting '26 with a lot of momentum and maybe the step up there could be quite significant. Is that the way to think about it at a high level?

這真的很有幫助。如果我們全年都認真思考這個問題，到 2026 年底，你們的有機成長率將在今年 10% 的同店銷售額基礎上達到最高。因此，這兩年的年增速將會非常顯著。你談到了對 2027 年的積極展望，但看起來你在 2026 年結束時勢頭強勁，也許到那時會取得相當大的進步。從宏觀層面來說，這是思考這個問題的正確方式嗎？

It absolutely is. The backlog growth that I talked about in 2025, that takes time to ramp as we progress through the year in 2026, particularly our Space business that had a very strong book-to-bill last year. Now we expect to see in the second half of 2026, those opportunities really ramp top-line and carry that momentum into '27, but that is true across the portfolio.

確實如此。我在 2025 年提到的積壓訂單成長，需要時間才能在 2026 年逐步實現，特別是我們的太空業務，去年的訂單出貨比非常強勁。現在我們預計，在 2026 年下半年，這些機會將真正推動營收成長，並將這種勢頭延續到 2027 年，但這種情況在整個投資組合中都是如此。

Myles Walton, Wolfe Research.

Myles Walton，Wolfe Research。

I was curious, was there any net effect in the shutdown on the numbers, whether in the P&L or the cash flow statement, in the fourth quarter? And then, Kathy, bigger picture, if suspending this belief that the defense budget did climb 50%, that kind of seismic shift would suggest maybe a seismic shift in a company strategy as well, perhaps.

我很好奇，停工是否對第四季度的損益表或現金流量表等數據產生了任何淨影響？然後，凱西，從更宏觀的角度來看，如果我們暫且不相信國防預算真的成長了 50%，那麼這種巨大的變化或許也預示著公司戰略的巨大轉變。

And so what, if anything, would you kind of revisit if you did have that level of step function in terms of positioning the portfolio, investing in the portfolio? And maybe just communicating what investors should be looking at, period?

那麼，如果投資組合的配置和投資真的出現了這種程度的階躍變化，你會重新考慮哪些面向呢？或許只需要傳達投資人該關注哪些面向？

Miles, I'll answer the first part of that, and then I'll turn it over to Kathy. In terms of impact from shutdown, no major impact from shutdown, and that was reflected just due to the strong year-over-year growth in us exceeding the top end of our guidance range on sales, but then also the $3.3 billion of cash in Q4, creating that 26%. So overall, to the first part of your question, no material impact to 2025 based on the shutdown.

麥爾斯，我先回答第一部分，然後交給凱西。就停工的影響而言，停工並沒有造成重大影響，這僅僅是因為我們強勁的同比增長超過了銷售額指導範圍的上限，以及第四季度 33 億美元的現金，從而實現了 26% 的增長。所以總的來說，對於你問題的第一部分，根據停工情況來看，對 2025 年不會產生實質影響。

Myles, to answer the second part of your question, we are already thinking about this accelerated growth environment, certainly a $1.5 trillion defense budget would be a significant acceleration in national security spending, one unlike any we've seen before, but the things that we are doing as a company to prepare ourselves; moving with speed, building capacity, preserving cash to ensure we can continue to deploy it back into the business to support this unprecedented growth opportunity, both in the U.S. and abroad, happening simultaneously, which is the most robust demand environment I've seen in my career.

邁爾斯，回答你問題的第二部分，我們已經在考慮這種加速成長的環境。當然，1.5兆美元的國防預算將大幅增加國家安全支出，這是我們以前從未見過的。但作為一家公司，我們正在採取措施做好準備：快速行動，提升產能，保留現金，以確保我們能夠繼續將其投入業務，以支持這一前所未有的成長機會。無論是在美國還是在海外，成長都是同時發生的，這是我職業生涯中見過的最強勁的需求環境。

So, it does have us thinking very differently, as I outlined both in my prepared remarks and answer to Ron's question about how we're transforming the company. This organization is well positioned because we have been working towards this moment for years. But at the same time, there is more for us to do, and we are focused on our engineering and operations talent helping to design the right solution so that we can be competitive. We are focused on performing against all of our commitments to earn the right to win new business and then, of course, positioning ourselves with the capacity to deliver and to put that capacity to work.

所以，這確實讓我們以截然不同的方式思考，正如我在準備好的發言稿和對 Ron 關於我們如何改造公司的問題的回答中所概述的那樣。本組織之所以處於有利地位，是因為我們多年來一直致力於這一刻的到來。但同時，我們還有更多工作要做，我們正專注於發揮我們的工程和營運人才的優勢，幫助設計出合適的解決方案，以便我們能夠保持競爭力。我們專注於履行所有承諾，以贏得新業務，然後當然，還要讓自己具備交付能力並充分利用這種能力。

Ken Herbert, RBC.

Ken Herbert，RBC。

Kathy, maybe just -- can you talk about what the guidance implies for international growth in 2026? And specifically, you've called out a number of quarters now, it seems like an accelerating opportunity for IBCS in particular. When could we maybe expect to see some contract announcements out that beyond, beyond obviously the customers you've already talked about?

凱西，或許——你能談談該指導對 2026 年國際成長的意義嗎？具體來說，您已經提到了好幾個季度，這似乎對 IBCS 來說是一個加速發展的機會。除了您已經提到的客戶之外，我們大概什麼時候能看到一些合約公告呢？

Yeah. So, for international we expect 2026 to be a particularly strong year in awards setting us up for 2027. As I noted in my prepared remarks about IBCS, we do have 20 countries that have expressed interest. We expect the U.S. and Poland to continue to expand deployments this year. And then we have another two or three that we expect to announce awards this year, and then others to follow out of that pipeline of 20.

是的。因此，我們預計 2026 年國際獎項將取得特別強勁的成績，為 2027 年奠定基礎。正如我在關於 IBCS 的準備好的發言稿中提到的，目前已有 20 個國家表示了興趣。我們預計美國和波蘭今年將繼續擴大部署規模。然後我們預計今年還會宣布另外兩到三個獎項，之後還會有其他獎項從這 20 個候選名單中陸續公佈。

What I will also say, though, is our international sales growth is widespread. So, munitions is another area where we see significant growth in double-digits, and we expect that to continue. I noted some airborne radar programs that we anticipate awards on this year. We won't see so much sales impacts in '26 from those. The awards will come this year and then sales more in '27. And we also see just our base business continue to ramp in international content. So as we look at E-2D and Triton, we have international opportunities in the pipeline that will feed those production lines as well.

不過，我還要補充一點，我們的國際銷售成長是普遍存在的。因此，軍火是另一個我們看到兩位數顯著成長的領域，我們預計這種成長動能將會持續下去。我注意到一些機載雷達項目，我們預計今年會獲得獎項。2026年，這些因素不會對銷售額產生太大影響。獎項將在今年頒發，銷售量將在 2027 年進一步提升。我們也看到，我們的基礎業務在國際內容方面也持續成長。因此，當我們審視 E-2D 和 Triton 時，我們還有一些國際機會正在籌備中，這些機會也將為這些生產線提供原料。

Richard Safran, Seaport Research Partners.

Richard Safran，Seaport Research Partners。

I just have one two-part question on backlog, if I might. Could you discuss the quarter-over-quarter changes in backlog at Space, which I think is roughly up about $2.3 billion. Kathy, was that all from the constellation you mentioned in your opening remarks, or was there anything else?

我還有一個關於積壓問題的兩個部分，可以嗎？您能否談談太空業務的季度環比訂單變化？我認為訂單量增加了約 23 億美元。凱西，你開場白中提到的星座就只有這些嗎？還是還有其他的？

Second part, and just to get specific on your remarks, given the strong bookings for the company in '25, book to bill of about 1.17 times. Should the expectation be better than 1.17 times for 2026, given your backlog growth comments and what you've been saying this morning?

第二部分，為了具體回應您的評論，鑑於該公司在 2025 年的強勁預訂量，預訂出貨比約為 1.17 倍。考慮到您之前對積壓訂單成長的評論以及您今天早上所說的話，2026 年的預期是否應該優於 1.17 倍？

So this is Ken, I'll take that question. The drivers of Space backlog was threefold, really fourfold. –It was, we were able to secure the award for GEM-63, which is Amazon Project Leo, which will take deliveries well into the 2030s. We were also successful from a competitive award on T3TRKT, with the additional 18 satellites.

我是肯，我來回答這個問題。太空項目積壓的原因有三個方面，其實是四方面。我們成功獲得了GEM-63項目，也就是亞馬遜的“利奧計劃”，該項目將確保太空船在2030年代持續交付。我們也成功從 T3TRKT 的競爭性獎項中脫穎而出，獲得了額外的 18 顆衛星。

We secured another launch for CRS, and then we had significant growth in awards on our restricted portfolio. And again, as you mentioned, very strong backlog, and that's two quarters in a row for Space where they've been at 1.8 times sales or greater, which positions us well for the long term.

我們為 CRS 成功推出了另一款產品，之後，我們的受限產品組合的獲獎數量也大幅增加。正如您所提到的，我們的積壓訂單非常強勁，Space 已經連續兩個季度達到銷售額的 1.8 倍或更高，這讓我們在長期發展中處於有利地位。

When we think about 2026, given the strong backlog and the fact that we have some large significant programs with existing backlog, you should anticipate that book-to-bill around 1 time sales for 2026.

當我們展望 2026 年時，考慮到強勁的積壓訂單以及我們有一些大型重要項目已有積壓訂單的事實，你應該預計 2026 年的訂單出貨率約為 1 倍銷售額。

Gautam Khanna, TD Cowen.

Gautam Khanna，TD Cowen。

Congratulations, Ken. I wanted to just ask about your perspectives on, you know, LHX entered into this transaction with their missile portfolio and the government. You guys obviously have Orbital ATK. Does that transaction with LHX disadvantage Northrop in any way? And are there opportunities that you see within the portfolio for a similar type of government-led investment?

恭喜你，肯。我想問您對 LHX 將其導彈資產組合與政府進行此次交易的看法。你們顯然有軌道攻擊。與LHX的這筆交易是否會對諾斯羅普造成任何不利影響？您認為投資組合中是否有類似政府主導型投資的機會？

So we have been investing in our solid rocket motor capacity, and we feel we are well positioned with the capacity that we've brought online, to deliver on both our commitments and additional second source initiatives that the government has asked us be involved in.

因此，我們一直在投資固體火箭發動機產能，我們認為憑藉我們已投入營運的產能，我們完全有能力履行我們的承諾，並參與政府要求我們參與的其他第二來源計畫。

So we are funding that capacity investment. We're not in discussions with the government about an arrangement similar to what they've entered into with L3Harris. And I would say that as we think about being positioned to compete, it's all about the munitions that you can support with your capacity. We feel good about that. It's a bunch of performance, we feel good about that. And it's about your commitment to continue to invest, and we have shown that we will do that. So we feel well positioned to compete for, what is, a very broad set of opportunities in this space. I think there's room for growth for many companies.

所以我們正在為這項產能投資提供資金。我們目前沒有與政府就類似他們與 L3Harris 達成的協議進行討論。我認為，當我們考慮如何做好競爭準備時，關鍵在於你能夠用你的能力支援哪些彈藥。我們對此感到很滿意。這是一場精彩的演出，我們對此感到滿意。這關乎你們持續投資的承諾，而我們已經證明我們會做到這一點。因此，我們覺得自己已經做好充分準備，去競爭這個領域非常廣泛的機會。我認為很多公司都有發展空間。

Douglas Harned, Bernstein.

道格拉斯·哈內德，伯恩斯坦。

On Sentinel, so the Senate Armed Services Committee has talked about now -- IOC sort of at the end of 2033. This has continued to push out, and I know a lot of this is related to Air Force infrastructure. But can you talk about how we should look at the trajectory for Sentinel revenues, and then also ultimately margins, since it has to affect the timing you're going from development into more fixed price work?

關於 Sentinel 系統，正如參議院軍事委員會現在所討論的那樣——初始作戰能力（IOC）大約在 2033 年底。這種情況一直在持續惡化，我知道這很大程度上與空軍基礎設施有關。但是，您能否談談我們應該如何看待 Sentinel 的收入軌跡，以及最終的利潤率，因為這必然會影響您從開發轉向更固定價格工作的時間表？

So Doug, as I've noted, we are in the middle of supporting the U.S. Air Force as they restructure the Sentinel program. And coming out of that, they will firm a schedule that both locks in new time ranges for milestone fee, initial operating capability, final operating capability. And so I don't want to get ahead of the Air Force in talking about that.

所以道格，正如我之前提到的，我們正在協助美國空軍重組哨兵計畫。之後，他們將確定一個時間表，該時間表既鎖定了里程碑費用、初始營運能力、最終營運能力的新時間範圍。所以我不想搶在空軍之前談論這件事。

But certainly, as I have shared, and the Air Force has as well, we are working to accelerate the timelines that were published coming out of the Nunn-McCurdy breach two years ago. So that is the goal, and we're making good progress to identifying options to do so.

但正如我和空軍都已表示的那樣，我們正在努力加快兩年前 Nunn-McCurdy 漏洞事件後公佈的時間表。這就是我們的目標，我們在尋找實現目標的方案方面取得了良好進展。

We still believe that the program will be in development for several years and not transitioning into production until later in the decade. And that production will very much be guided by the milestone achievement during development. So, that has not changed from what we've been talking about.

我們仍然認為該項目將持續開發數年，並於本十年末期投入生產。而生產過程將在很大程度上受到研發過程中里程碑式成果的指導。所以，這和我們一直在討論的內容並沒有改變。

It doesn't really impact our guidance or outlook, because our outlooks only go out a few years. And so we believe that that transition to production is outside of that two to three-year window at this point.

這不會對我們的業績指引或展望產生實際影響，因為我們的展望只針對未來幾年。因此，我們認為目前來看，向生產過渡的時間已經超出了兩到三年的窗口期。

Okay. And then on Aeronautics. The margin guidance, the low-to-mid single digit guidance for this year was a little lower than I think many of us expected. And I know you talked about there being a mix, more development work. But when you think of the outlook for Aeronautics margins, I guess, first, –what are the -- can you talk about the development work that is sort of weighing on that margin a little bit in the near term? And then should we still see the path to 10% margins in Aeronautics over the next few years?

好的。然後是關於航空學的。今年利潤率預期為個位數低至中等水平，這比我們許多人的預期略低。我知道你之前說過會有多種方案，需要更多的開發工作。但當你考慮航空業利潤率的前景時，我想，首先，你能談談在短期內對利潤率造成一定影響的研發工作嗎？那麼，未來幾年航空業的利潤率還能達到 10% 嗎？

So Doug, this is Ken, I'll take that question. When you look at the margin rate that we guided to for 2026, it's really driven by two factors. The first one is, what's creating the growth for AS in 2026? It's B-21 where we -- you know the margin profile on that, where it’s 0%, and then it's also driven by development programs like TACAMO.

道格，我是肯，我來回答這個問題。當你觀察我們預測的 2026 年利潤率時，你會發現它實際上受兩個因素驅動。第一個問題是，是什麼因素推動了AS在2026年的成長？是 B-21，你知道它的利潤率情況，是 0%，而且它也受到像 TACAMO 這樣的發展計劃的推動。

Our mature production activities, with the higher rates, are relatively stable and flat when you think about F-35 and E-2D. So that is creating -- more of the growth is driven by those development programs, driving that rate to the low to mid 9%.

我們成熟的生產活動，以較高的產量，相對穩定且平穩，尤其是在考慮 F-35 和 E-2D 時。因此，更多的成長是由這些發展計劃推動的，從而將成長率推至 9% 到 9% 的低點到中位數。

When we think about long term, absolutely, as we have the opportunities to exit the LRIP activities on B-21 and as these other development programs shift to production, we do see AS being able to continue to create accretive margins and get back to that 10%, again over the long term.

從長遠來看，絕對是如此。隨著我們有機會退出 B-21 的低速初始生產 (LRIP) 活動，以及其他開發項目轉向生產，我們確實看到 AS 能夠繼續創造增值利潤，並在長期內再次回到 10% 的水平。

All right, Josh, we're going to have to leave it there, and I'll turn it back over to Kathy for closing comments.

好了，喬希，我們今天就到這裡吧，接下來我把麥克風交給凱西，讓她做總結發言。

Great, Todd, so thanks. In closing, I just want to summarize that I am optimistic about the positioning of our company as we experience the significant growth in global demand. This team is committed to meeting the needs of our customers for robust and scalable solutions that can be deployed rapidly and provide the strategic deterrence and decisive advantage they need.

太好了，托德，謝謝你。最後，我想總結一下，我對我們公司在全球需求顯著增長的情況下所處的地位持樂觀態度。該團隊致力於滿足客戶對強大且可擴展的解決方案的需求，這些解決方案可以快速部署，並提供他們所需的策略性威懾和決定性優勢。

And we're equally committed to turning those opportunities into value creation for our shareholders. So, thank you again for joining us on the call today. I also want to thank Ken, as this is his last call with us, and the entire Northrop Grumman team for their service to the nation. Thanks, and have a good day.

我們同樣致力於將這些機會轉化為對股東的價值創造。再次感謝您今天參加我們的電話會議。我還要感謝肯，因為這是他最後一次和我們通話，以及整個諾斯羅普·格魯曼團隊為國家做出的貢獻。謝謝，祝您今天過得愉快。

Thank you. Ladies and gentlemen, this concludes today's conference call. Thank you for your participation.

謝謝。女士們、先生們，今天的電話會議到此結束。感謝您的參與。