諾斯洛普·格拉曼 (NOC) 2026 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to Northrop Grumman's first-quarter 2026 conference call. Today's call is being recorded. My name is Josh and I will be your operator today. (Operator Instructions)

各位女士、先生，大家好，歡迎參加諾斯洛普格魯曼（Northrop Grumman）2026 年第一季電話法說會。今天的電話會議將被錄音。我叫 Josh，今天將擔任您的電話會議接線員。(接線員指示)

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

現在我想把電話會議交給本次會議主持人——投資人關係副總裁 Todd Ernst 先生。Ernst 先生，請開始。

Good morning and welcome to Northrop Grumman's first-quarter 2026 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. 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.

各位早安，歡迎參加諾斯洛普格魯曼 2026 年第一季電話法說會。在開始之前，今天電話會議中討論的事項（包括 2026 年及之後的指引與展望）係基於本次電話會議當時可得資訊所作之公司判斷。依據聯邦證券法之「安全港」條款，這些內容構成前瞻性陳述。前瞻性陳述涉及風險與不確定性，包括今日新聞稿及我們向美國證券交易委員會（SEC）提交之文件中所述者。這些風險與不確定性可能導致公司實際結果出現重大差異。

Today's call will include non-GAAP financial measures that are reconciled to our GAAP results in our earnings release. In addition, we'll refer to a presentation that is posted to our Investors Relations website. On today's call are Kathy Warden, our Chair, CEO, and President; and John Greene, our CFO.

今天的電話會議將包含非 GAAP 財務衡量指標，並已在我們的財報新聞稿中與 GAAP 結果進行調節。此外，我們也會引用一份已發布於投資人關係網站的簡報。今天與會者包括董事長、執行長兼總裁 Kathy Warden，以及財務長 John Greene。

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

現在，我想把電話會議交給 Kathy。Kathy？

Thanks, Todd. Good morning, everyone, and thanks for joining us today. The Northrop Grumman team is proud of the work we do in support of the world's most important national security imperatives. As we are seeing in recent military operations, many of our systems are playing a critical role in successfully executing the mission and returning our service members home safely. We contribute enduring assets like the B2 Stealth Bomber and the E-2D, which continue to demonstrate tremendous value decades after their first flight.

謝謝你，Todd。各位早安，感謝今天加入我們。諾斯洛普格魯曼團隊以我們在支持全球最重要的國家安全要務方面所做的工作為榮。正如我們在近期軍事行動中所見，我們的許多系統在成功執行任務並讓官兵安全返家方面扮演關鍵角色。我們提供如 B2 匿蹤轟炸機與 E-2D 等長期資產，這些平台在首飛數十年後仍持續展現極高價值。

Our ISR and C2 systems provide the needed intelligence to plan and conduct successful operations across all domains, and our munitions are instrumental to execute these missions. We share in the responsibility and urgency of our customers to provide our nation and allies with the best technologies in the world and we are increasingly focused on the speed with which we deliver them. With this goal in mind, we've been investing in our business for several years to build capability and capacity, and provide the solutions that the scale our customers need to compete in this environment.

我們的 ISR 與 C2 系統提供所需情資，以規劃並在各作戰領域成功執行行動，而我們的彈藥對於完成這些任務亦至關重要。我們與客戶同樣肩負責任並感受其急迫性，致力為我國及盟友提供全球最優秀的技術，且我們愈來愈聚焦於交付速度。基於此目標，我們多年來持續投資業務以建立能力與產能，並提供符合客戶在此環境中競爭所需規模的解決方案。

In fact, in the last 2 years, we've opened over 20 new facilities and added more than 2 million square feet of manufacturing space across the United States. Since the beginning of 2026, we have agreed with our customers on plans to accelerate the Sentinel program, increase the rate at which we build the B-21, become a second source supplier of solid rocket motors on several programs, and ramp our rate of production on another handful of programs.

事實上，在過去兩年，我們在全美新設超過 20 座設施，並新增逾 200 萬平方英尺的製造空間。自 2026 年初以來，我們已與客戶就多項計畫達成共識，包括加速 Sentinel 計畫、提高 B-21 的製造速率、在多個專案中成為固體火箭發動機的第二來源供應商，以及提升另外數個專案的生產速率。

And we're just getting started. We are in discussions on numerous additional opportunities to help achieve the department's goal for speed and scale. Central to all these agreements is our partnership with our customers as we transform the way we work together. Our teams are aligned in unprecedented ways to deliver on our commitments and enable our armed forces to win.

而這才剛開始。我們正就多項額外機會進行討論，以協助達成國防部在速度與規模方面的目標。所有這些協議的核心，是我們與客戶的夥伴關係——我們正共同轉型彼此合作的方式。我們的團隊以前所未有的方式對齊協作，以履行承諾並使我軍得以取勝。

Earlier this morning, we released our first-quarter results, which reflects strong demand, solid operating performance and progress we are making on key programs. First-quarter organic sales were up 5%, a great start to the year and consistent with our full-year expectations. Sales were largely driven by growth in our work on modernizing the Triad, which is a top priority in the US national defense strategy. We had another quarter of solid bookings, reinforcing the foundation for continued growth over the coming quarters and into next year.

今天稍早，我們發布了第一季業績，反映出強勁需求、穩健的營運表現，以及我們在關鍵專案上的進展。第一季有機銷售額成長 5%，為今年帶來良好開局，並符合我們對全年表現的預期。銷售成長主要由我們在「三位一體」（Triad）現代化工作上的增長所帶動，這是美國國防戰略的首要優先事項。我們本季再度取得穩健接單，強化未來數季及明年的持續成長基礎。

Our results and our confidence in our outlook are supported by a robust demand environment driven by rising global defense budgets. Countries around the world are recognizing a fundamental shift in the geopolitical environment. leading to global military spending rising approximately 40% over the past decade, and it's expected to continue to rise as Western nations modernize and grow their forces.

我們的業績與對展望的信心，來自於在全球國防預算上升所驅動的強勁需求環境。全球各國正認知到地緣政治環境的根本轉變，促使過去十年全球軍事支出約增加 40%，且預期將持續上升，因西方國家正推動軍力現代化並擴充兵力。

In the Middle East, particularly, there is a heightened sense of urgency for our solutions such as IBCS, GATR, and counter UAS solutions. In the US, $1 trillion has been appropriated for defense in fiscal year 2026 and funding from this budget and reconciliation are starting to flow to industry.

尤其在中東地區，對我們的解決方案（如 IBCS、GATR 以及反無人機系統解決方案）的急迫性明顯升高。在美國，2026 會計年度已編列 1 兆美元國防預算，來自該預算與預算協調程序的資金正開始流向產業。

Earlier this month, the administration submitted a $1.5 trillion defense budget request for fiscal year 2027. The budget emphasizes modernization and represents a 44% increase over current funding levels. The budget proposal is made up of several components with a base budget of $1.1 trillion. The base budget alone compared with the FY26 base budget represents nearly a 30% increase, and it sustained support for many of our key programs including B-21, Sentinel, IBCS, E-2D, and numerous restricted programs. If enacted, the budget request for 2027 would bring spending to about 5% of GDP. And while this represents an increase to the 3% we've seen in recent years, it's closer to the levels we saw during the Cold War.

本月稍早，政府提出 2027 會計年度 1.5 兆美元的國防預算請求。該預算強調現代化，較目前資金水準增加 44%。此預算提案由多個組成部分構成，其中基礎預算為 1.1 兆美元。僅就基礎預算而言，與 2026 會計年度基礎預算相比，增幅接近 30%，並持續支持我們多項關鍵專案，包括 B-21、Sentinel、IBCS、E-2D，以及多個受限制專案。若獲通過，2027 年的預算請求將使國防支出約達 GDP 的 5%。雖然這高於近年約 3% 的水準，但更接近冷戰時期的水平。

We are encouraged by the strong bipartisan support for strengthening US defense budgets, aligned to the global security challenges we are facing, and we look forward to working with policymakers as they consider this budget request. In response to these high levels of global demand for our solutions, the administration is working closely with industry to provide clear long-term demand signals through structured production frameworks.

我們對於兩黨強力支持強化美國國防預算感到振奮，這與我們所面臨的全球安全挑戰相一致；我們也期待在政策制定者審議此預算請求時與其合作。為回應全球對我們解決方案的高需求水準，政府正與產業密切合作，透過結構化的生產框架提供清晰的長期需求訊號。

So let me share details with some of the agreements I referenced earlier in the call. Our Defense Systems business growth is fueled by the growing demand for solid rocket motors, smart munitions, ammunition and tactical missiles. We are a key SRM supplier of more than 15 systems, including Gimmlers, Prism, Hellfire, and AIM-9X among others. And we are taking the necessary steps to qualify as a supplier on other high-demand systems such as (inaudible).

接下來我將分享一些我在電話會議前段所提及協議的細節。我們國防系統事業的成長，受惠於固體火箭發動機、智慧彈藥、彈藥與戰術飛彈需求的增加。我們是超過 15 套系統的關鍵 SRM 供應商，其中包括 Gimmlers、Prism、Hellfire 與 AIM-9X 等。同時，我們也正採取必要步驟，以取得其他高需求系統的供應商資格，例如(聽不清楚)。

To position the company for this growing market, we invested more than $2 billion over the past several years in SRM and munition technologies and in modernizing our facilities. This proactive approach established a strong US manufacturing base with capacity available today to support our customers' growing demand for critical munitions. Our tactical SRM production capacity has already doubled, and we have further expansion, which will be completed by 2027. These modern production facilities provide us modular, adaptable production lines that can produce multiple products, allowing us to flex with demand.

為使公司在此成長市場中取得有利位置，過去數年我們在 SRM 與彈藥技術以及設施現代化方面投資超過 20 億美元。此一前瞻性作法建立了強健的美國製造基地，並在今日即具備可用產能，以支援客戶對關鍵彈藥日益成長的需求。我們的戰術 SRM 產能已經倍增，且仍有進一步擴產計畫，預計於 2027 年完成。這些現代化生產設施為我們提供模組化、可調適的生產線，可生產多種產品，使我們能隨需求彈性調整。

Overall, our weapons business is nearing 10% of total company sales and is positioned to grow at a pace well above the company average. In addition to a focus on munitions, we and the Department of War remain committed to accelerating the Triad modernization.

整體而言，我們的武器業務已接近公司總銷售額的10%，並具備以遠高於公司平均水準的速度成長的態勢。除聚焦於彈藥外，我們與戰爭部仍致力於加速「三位一體」現代化。

For Sentinel, we are working closely with the Air Force and making significant progress, advancing missile development, command and control systems and maturing the design and construction approach. In March, we broke ground on a prototype of the Sentinel launch silo tube, which will validate the structural design and construction approach, a key enabler to accelerate fielding. We expect to reach the milestone B decision later this year, first flight in 2027 and initial operating capability in the early 2030s. We expect strong growth from Sentinel throughout the year as we ramp up on the new baseline with the program already delivering double-digit growth in the first quarter.

就 Sentinel 而言，我們正與空軍密切合作並取得顯著進展，推進飛彈研發、指揮與控制系統，並使設計與建造方法更趨成熟。3月，我們為 Sentinel 發射井筒原型動工，該原型將驗證結構設計與施工方法，這是加速部署的關鍵推動因素。我們預期將於今年稍晚達成里程碑B決策，並於2027年首飛，於2030年代初期達到初始作戰能力。隨著我們在新的基準上加速推進，且該計畫第一季已實現兩位數成長，我們預期 Sentinel 全年將帶來強勁成長。

On the B-21 program, we are moving through testing at an aggressive pace, including aerial refueling trials beginning earlier this month. We are on a path for both testing and production for B-21 to arrive at Ellsworth Air Force Base in 2027. Consistent with this progress, we received a Lot 4 LRIP award in the first quarter closely following the Lot 3 award received in Q4 last year. As previously announced, we finalized an agreement with the Air Force to increase the annual production rate of the B-21 by 25%.

在 B-21 計畫方面，我們正以積極的節奏推進測試，包括本月初開始的空中加油測試。我們正朝著在2027年讓 B-21 的測試與生產機隊抵達艾爾斯沃思空軍基地（Ellsworth Air Force Base）的路徑前進。與此進展一致，我們在第一季獲得第4批次 LRIP（低率初期生產）合約授標，緊接著去年第四季取得的第3批次授標。如先前所宣布，我們已與空軍完成協議，將 B-21 年產量提高25%。

This agreement demonstrates the strong operational requirements for the platform and confidence in our team to accelerate the delivery of this next-generation capability for the war fighter. The production ramp-up will be supported by customer funding included in last year's reconciliation package, alongside approximately $2.5 billion of company-funded investment primarily for new facilities. These investments will be phased in over multiple years. Importantly, this agreement accelerates production for our customer, enhances the program's long-term economics and creates the potential for a larger program of record. We're pleased to have this agreement in place and excited for this transformative technology to begin arriving on Air Force spaces next year.

此協議展現了該平台強勁的作戰需求，以及對我們團隊加速交付此一新世代作戰能力給作戰人員的信心。產能爬坡將由客戶資金支持，該資金已納入去年的協調法案（reconciliation package），並搭配約25億美元的公司自籌投資，主要用於新設施。這些投資將在多年期間分階段投入。重要的是，此協議可為我們的客戶加速生產、提升該計畫的長期經濟效益，並創造形成更大「正式計畫規模」（program of record）的可能性。我們很高興已達成此協議，並期待這項具變革性的技術於明年開始進駐空軍基地。

In another area of our portfolio, widespread adoption of ballistic missiles and drones by potential adversaries are reinforcing the urgent need for air and missile defense capabilities. Demand in this area has been exceptionally strong. And today, our missile defense business accounts for nearly 10% of company sales. Northrop Grumman is well positioned to capitalize on significant opportunities such as Golden Dome as well as other program areas. Our advanced interceptors, sensor systems and command and control technologies remain critical to strengthening layered defense architectures.

在我們投資組合的另一領域，潛在對手廣泛採用彈道飛彈與無人機，正凸顯對空與飛彈防禦能力的迫切需求。此領域的需求異常強勁。而目前，我們的飛彈防禦業務約占公司銷售額的10%。諾斯洛普格魯曼（Northrop Grumman）具備良好條件把握如 Golden Dome 等重大機會以及其他計畫領域。我們的先進攔截器、感測系統與指揮控制技術，仍是強化分層防禦架構的關鍵。

Shortly after the close of the quarter, we secured an award to accelerate development of the glide phase interceptor, bringing the total contract value to $1.3 billion. GPI is designed to intercept hypersonic missiles that can evade traditional missile defense systems, a critical capability given the proliferation of hypersonic weapons. Before concluding, I'd like to highlight our role in the historic Artemis II launch. It's a reflection of the diversity of our space business, which extends across a wide range of missions. Two Northrop Grumman built solid rocket motors generated an astounding 7.2 million pounds of thrust, over 75% of the rocket's total thrust, to propel the SLS rocket and the astronauts on their journey around the moon.

在本季結束後不久，我們取得一項加速「滑翔段攔截器」（glide phase interceptor）研發的授標，使合約總價值達到13億美元。GPI旨在攔截可規避傳統飛彈防禦系統的高超音速飛彈；鑑於高超音速武器的擴散，這是一項關鍵能力。在結束前，我想強調我們在歷史性的 Artemis II 發射任務中的角色。這反映了我們太空業務的多元性，涵蓋廣泛任務。兩具由諾斯洛普格魯曼製造的固體火箭發動機產生驚人的720萬磅推力，超過火箭總推力的75%，推動 SLS 火箭與太空人展開繞月之旅。

We are incredibly proud of our team and I'd like to congratulate NASA and the Artemis II crew on a successful mission. In summary, we continue to see an opportunity-rich environment. Our investments in our business, rigor and program execution and speed with which we are bringing innovative solutions to our customers gives us confidence in our position today and into the next decade. When coupled with our strong backlog and unprecedented opportunity set, we're optimistic we can continue growing our business and creating value for all of our stakeholders. I'll now ask John to cover our first quarter financial results.

我們為團隊深感自豪，並祝賀 NASA 與 Artemis II 團隊成功完成任務。總結而言，我們持續看到充滿機會的環境。我們對業務的投資、嚴謹度與計畫執行力，以及我們為客戶帶來創新解決方案的速度，使我們對當前及未來十年的定位充滿信心。再加上我們強勁的在手訂單與前所未有的機會組合，我們樂觀認為能持續成長並為所有利害關係人創造價值。接下來我請 John 說明第一季財務結果。

John?

John？

Thank you, Kathy, and good morning, everyone. I'll start with our first quarter segment results on Slide 4. We continue to experience robust demand for our products and capabilities. Awards totaled $9.8 billion in Q1, and we ended the period with $96 million in backlog. First-quarter sales were $9.9 billion, up 4% year-over-year. Organic sales increased 5%.

謝謝你，Kathy，各位早安。我將從投影片4的第一季各事業部門結果開始。我們持續感受到對我們產品與能力的強勁需求。第一季授標金額合計98億美元，期末在手訂單為9,600萬美元。第一季銷售額為99億美元，年增4%。有機銷售成長5%。

On the bottom line, segment operating income increased to over $1 billion and segment margins improved to 10.8%. First-quarter results were driven by higher sales and improved performance in Aeronautic Systems. AS sales increased by 17%, driven by higher sales on B-21 and other restricted programs. TACAMO sales were also higher as the program continues to ramp.

在獲利方面，事業部門營業利益增加至逾10億美元，事業部門利潤率提升至10.8%。第一季結果主要由較高的銷售額以及航空系統（Aeronautic Systems）的績效改善所帶動。AS 銷售額成長17%，主要受 B-21 與其他受限計畫銷售增加所驅動。TACAMO 銷售額亦較高，因該計畫持續爬坡。

Higher sales on B-21 reflected the inclusion of the agreement with the Air Force to expand production capacity, which I'll address in a moment. The sales increases were partially offset by lower volume on F/A-18. On the bottom line, first quarter AS operating margins improved to 9.3%. The increase was driven by the absence of the B-21 loss provision booked in the first quarter of 2025. As Kathy mentioned, we are pleased to have an agreement in place to increase the production rate on the B-21 program.

B-21 較高的銷售額反映了納入我們與空軍擴充產能的協議，我稍後會說明。銷售增加部分被 F/A-18 量減所抵銷。在獲利方面，第一季 AS 營業利潤率改善至9.3%。此增幅主要來自於2025年第一季認列的 B-21 虧損準備不再發生。如 Kathy 所提，我們很高興已達成協議，提高 B-21 計畫的生產速率。

To support the acceleration of aircraft deliveries, we agreed to sell an aircraft to the Air Force that was previously planned to be utilized as a company-owned test asset. The asset sale accelerated revenue into the quarter but does not change the total number of aircraft we expect to deliver on the LRIP phase of the program. Additionally, after reviewing our profitability estimates on the LRIP phase of the program, which now includes the agreement, there were no significant changes to the EAC. We had some increased production costs on earlier lots, which were offset by improved profitability on the remainder of the program. With the agreement in place, we are accelerating the program and have an opportunity to earn improved returns over a multiyear period.

為支持加速交付飛機，我們同意將一架原本規劃作為公司自有測試資產的飛機出售給空軍。該資產出售使本季收入提前認列，但不改變我們預期在該計畫 LRIP 階段交付的飛機總數。此外，在檢視納入該協議後的 LRIP 階段獲利估計後，EAC（完工估計）並無重大變動。我們在較早批次承擔了一些增加的生產成本，但被計畫其餘部分獲利能力的改善所抵銷。在協議到位後，我們正加速推進該計畫，並有機會在多年期間取得更佳回報。

Moving to DS Q1 sales increased 5% year-over-year. Organic sales increased 10%. This was driven by higher volume on Sentinel as the program continues to ramp. Sales were also higher due to increased volume on tactical solid rocket motors and Integrated Battle Command programs. First quarter operating margins at DS were solid at 9.7%.

接著看 DS，第一季銷售額年增5%。有機銷售成長10%。主要由 Sentinel 隨計畫持續爬坡而帶動的較高出貨量所驅動。由於戰術固體火箭發動機與整合戰鬥指揮（Integrated Battle Command）計畫的量增加，銷售額亦較高。DS 第一季營業利潤率穩健，為9.7%。

Mission Systems first-quarter sales increased by 2%, driven by increased volume on restricted airborne radar and marine programs. These increases were partially offset by lower volume on Sabre and electronic warfare programs. MS operating income increased by 20%, driven by a higher level of net favorable earnings adjustments. This increased their first quarter OM rate to 15.1%. In the Space segment, first quarter sales and operating income were down compared to the prior year.

任務系統（Mission Systems）第一季銷售額成長2%，主要由受限的機載雷達與海事計畫出貨量增加所帶動。上述增幅部分被 Sabre 與電子戰計畫量減所抵銷。MS 營業利益成長20%，主要由淨有利盈餘調整增加所驅動。這使其第一季 OM（營業利潤率）提升至15.1%。在太空（Space）事業部門，第一季銷售額與營業利益較去年同期下滑。

This was driven by two factors: first, the NGI program recognized $98 million in the first quarter sales last year as part of the contract closeout. This created a year-over-year headwind in Q1 this year. Secondly, we recognized an unfavorable earnings adjustment of $71 million on the GEM 63XL program. This adjustment lowered sales and operating income in the period. Performance elsewhere in the space portfolio was strong with growth on FDA programs and restricted space.

這主要由兩項因素所驅動：第一，NGI 計畫在去年第一季於合約結案（closeout）中認列了 9,800 萬美元的銷售額。這使得今年第一季在年對年比較上形成逆風。第二，我們在 GEM 63XL 計畫上認列了 7,100 萬美元的不利獲利調整。此項調整降低了本期的銷售額與營業利益。太空產品組合的其他部分表現強勁，FDA 計畫與受限太空業務均呈現成長。

Turning to earnings per share on slide 5, first-quarter diluted EPS was $6.14, up substantially compared to the prior year. This was driven by higher sales and segment operating income, partially offset by lower net pension income. In terms of cash flow, the first quarter reflected a use of approximately $1.8 billion, in line with the prior year. Consistent with our historical patterns, we expect cash flows to ramp throughout the year with the most significant cash generation in Q4.

接著看投影片 5 的每股盈餘，第一季稀釋後 EPS 為 6.14 美元，較去年同期大幅成長。主要受惠於較高的銷售額與事業部營業利益，但部分被較低的淨退休金收益所抵銷。就現金流而言，第一季約使用 18 億美元，與去年同期一致。依循我們一貫的季節性型態，我們預期現金流將在全年逐步攀升，且最顯著的現金創造將出現在第四季。

We expect CapEx to follow the same pattern as we continue to invest to support the strong demand environment and our future growth. As I indicated on the fourth quarter call, we repaid $527 million of fixed rate debt in Q1. We ended the quarter with over $2 billion of cash on the balance sheet.

我們預期資本支出（CapEx）也將遵循相同的型態，因為我們持續投資以支撐強勁的需求環境與未來成長。如我在第四季電話會議中所提到的，我們在第一季償還了 5.27 億美元的固定利率債務。本季末資產負債表上的現金超過 20 億美元。

Turning to our 2026 guidance, we are reaffirming our outlook for sales, earnings and cash. We ended the first quarter with positive momentum and continue to expect full-year results within the existing guidance ranges. This includes full year sales between $43.5 billion and $44 billion. We continue to expect sales to accelerate throughout the year, similar to the cadence in 2025. For the second quarter, we expect high single-digit sequential sales growth. And for the full year, we continue to expect broad-based sales growth across the portfolio.

接著談 2026 年展望，我們重申對銷售、獲利與現金的預期。第一季結束時我們動能正向，並持續預期全年結果將落在既有指引區間內。其中包括全年銷售額介於 435 億至 440 億美元。我們仍預期銷售將在全年逐步加速，與 2025 年的節奏相似。第二季方面，我們預期銷售將呈現高個位數的季增。而就全年而言，我們仍預期整體產品組合將呈現廣泛的銷售成長。

Segment operating income guidance reflects continued strong performance and a low to mid-11% margin rate. Margins are expected to improve over the course of the year, driven by strong performance, production timing and mix. Our capital deployment strategy remains focused on driving growth, reinvesting in the business to scale capacity and maximizing shareholder value. This includes an additional $200 million we expect to invest this year to support the increased production capacity on B-21. As a result, we now expect $1.85 billion in 2026 capital expenditures.

事業部營業利益指引反映持續強勁的表現，以及約低到中 11% 的利潤率水準。預期利潤率將在全年逐步改善，主要由強勁表現、生產時點與產品組合所帶動。我們的資本配置策略仍聚焦於推動成長、再投資於業務以擴充產能，並極大化股東價值。其中包括我們預期今年將額外投資 2 億美元，以支援 B-21 的產能提升。因此，我們目前預期 2026 年資本支出為 18.5 億美元。

However, we are maintaining the free cash flow guidance range of $3.1 billion to $3.5 billion, given the increased capital investments, we are working to offset the free cash flow impacts. To summarize, we continue to generate strong financial results I'm confident that we are well positioned for continued profitable growth and value creation.

不過，鑑於資本投資增加，我們維持自由現金流指引區間為 31 億至 35 億美元，並正努力抵銷對自由現金流的影響。總結而言，我們持續創造強勁的財務成果；我有信心我們已具備良好定位，可持續實現具獲利性的成長與價值創造。

Before we open the call for questions, I'd like to take a moment to congratulate Todd on his upcoming retirement at the end of this month. We appreciate his contribution over the past seven years. Todd has been a highly valued team member and a trusted business partner. We wish him well as he embarks on the next chapter. With that, let's open the call for your questions.

在我們開放提問之前，我想花點時間恭喜 Todd 將於本月底退休。我們感謝他過去七年的貢獻。Todd 一直是備受重視的團隊成員，也是值得信賴的業務夥伴。我們祝福他在邁向人生下一篇章時一切順利。接下來，我們開放各位提問。

(Operator Instructions) Robert Stallard, Vertical Research.

(接線員指示) Robert Stallard，Vertical Research。

First of all, thanks, Todd, for all your help over the years. It's been much appreciated. And then second, on the B-21, Kathy, you've got this 25% production capacity situation sorted out now. I was wondering if you could give us some idea of how the timeline progresses here in terms of Northrop Grumman spending on CapEx and then how the production flows through? And also, if you've got protections in here against a B2 star curtailment?

首先，Todd，感謝你多年來的協助。我們非常感激。第二個問題關於 B-21，Kathy，你們現在已把 25% 的產能問題處理好了。我想請你談談接下來時程如何推進：諾斯洛普格魯曼在資本支出上的投入時點，以及產量如何逐步反映出來？另外，你們是否有針對 B2（B-2）機隊縮減的風險設置保護措施？

Yes, Rob. So we expect $200 million or so of CapEx this year, and that's why we reflected that increase in our CapEx guidance for 2026. As we've said before, we do expect the majority of the capital expenditure to happen in the '27, '28, '29 timeframe and largely be completed this decade. The additional capacity that's coming online does give us a meaningful increase in throughput, which will generate revenue over the life of the program. But as I've just stated, it takes a while for us to get that capacity online, so you should expect the revenue profile to follow the production facility completion.

是的，Rob。我們預期今年約有 2 億美元左右的資本支出，因此我們在 2026 年的 CapEx 指引中反映了這項增加。如同我們先前所說，我們確實預期大部分資本支出將發生在 2027、2028、2029 年期間，並且大致會在本十年內完成。新增上線的產能將使我們的產出吞吐量顯著提升，並在計畫全生命週期內帶來營收。但如我剛才所說，產能上線需要時間，因此你們應預期營收曲線將隨生產設施完工而推進。

And on the B2 -- sorry, why it's not like B2?

那關於 B2——抱歉，為什麼它不像 B2？

It's not like the B2. In terms of this contract, we have a committed quantity on the contract, and we know that the Air Force is considering increasing the program of record as we sit here today. That decision hasn't been taken. But we do believe that there is strong support by the administration for this capability that manifests itself in their commitment to the Triad modernization in the US National Defense strategy. And we believe that it is a reflection of multiple administrations of the need for this platform as an effective deterrent and as we've seen recently with the B2 in conducting a military operation.

它不像 B2。就這份合約而言，合約中有承諾的採購數量，而且截至目前我們也知道空軍正在考慮提高既定計畫規模（program of record）。該決定尚未做出。但我們確信本屆政府對此能力有強力支持，這也體現在其對美國《國家防禦戰略》中「三位一體（Triad）」現代化的承諾。我們也相信，這反映了多屆政府對此平台作為有效嚇阻力量的需求；而且我們近期也看到 B2 在執行軍事行動中的運用。

Gautam Khanna, TD Securities.

Gautam Khanna，TD Securities。

Yes. I was just wondering if you could elaborate on some of the Sentinel developments that you mentioned on IOC and how that program is progressing with respect to timing? And congrats to Todd as well.

是的。我想請你進一步說明你提到的 Sentinel 在 IOC（初始作戰能力）方面的一些進展，以及該計畫在時程上目前推進得如何？也恭喜 Todd。

Thank you. So for the Sentinel program, in partnership with the Air Force in this past quarter, we have agreed to an acceleration of the program that would have completion of milestone B later this year and then would allow us to move forward with the program, as I said, to first flight in 2027 and an initial operating capability early in the 2030s. We are doing a series of things together with the Air Force to enable the schedule acceleration. One, I mentioned that got started in the quarter is a prototype of the missile launch silo and that will help us to understand and further increase the fidelity of our design for the silo itself. But that's just one example of numerous things that are happening across the program to mature the design and progress towards that first flight milestone that I talked about in 2027.

謝謝。關於 Sentinel 計畫，我們在本季與空軍合作，已同意加速該計畫：將於今年稍晚完成里程碑 B，並使我們能如我所說，推進至 2027 年首飛，以及在 2030 年代初期達成初始作戰能力。我們正與空軍共同推動一系列措施，以促成時程加速。其中之一，我提到本季已啟動的是飛彈發射井的原型製作，這將幫助我們理解並進一步提升發射井本體設計的精確度與可信度。但這只是眾多措施中的一個例子；整個計畫在各方面都在推動設計成熟化，並朝我所提到的 2027 年首飛里程碑前進。

Peter Arment, Baird.

Peter Arment，Baird。

Congrats, Todd. Kathy, thanks for the color on international. Just maybe if we could just click on that a little bit. You're up 20% in 2025. Just a lot has changed in the last few months.

恭喜你，Todd。Kathy，謝謝你提供國際業務的補充說明。或許我們可以再深入一點。你們在 2025 年成長了 20%。過去幾個月發生了很多變化。

Can you talk a little bit about opportunities? Is there anything on international that can be pulled to the left? I know you're expecting a healthy book-to-bill of over one this year. Just any dynamics there that can accelerate the timing?

您能稍微談談機會嗎？國際市場方面，有沒有什麼可以提前（pull to the left）的？我知道你們預期今年的訂單出貨比（book-to-bill）會健康地高於 1。是否有任何動態能夠加速時程？

Peter, we see the opportunity to accelerate timing on international in areas where urgency has increased over the last couple of months. I specifically called out in my remarks, the Middle East, where clearly, the conflict with Iran has created a heightened sense of urgency, and we are seeing those opportunities move to the left. With that said, we see high demand for products that we produce across the entire globe, including Europe. And so our team is working in any way possible to accelerate demand and turning that demand into sales. What we see, though, is international does tend to have a longer cycle than domestic.

Peter，我們確實看到在國際市場上有機會加速時程，特別是在過去幾個月緊迫性提高的領域。我在發言中特別點到中東；很明顯地，與伊朗的衝突帶來更高的緊迫感，我們也看到那些機會正在提前。話雖如此，我們看到我們所生產的產品在全球各地（包含歐洲）都有很高的需求。因此，我們團隊正以一切可能的方式來加速需求，並把需求轉化為銷售。不過我們觀察到，國際市場的週期通常比國內更長。

That has not changed. Just in terms of the steps we must go through to get that demand signal translated into contract. So we are working with the department on a number of things that help to accelerate export approval. We are looking at aggregating international demand. Those are all positive steps forward in the way the process is working that could lead to acceleration. But I largely see those things impacting us beyond this year.

這點沒有改變。主要是因為我們必須經過一些步驟，才能把需求訊號轉化為合約。因此，我們正與相關部門合作推動多項事項，以協助加速出口核准。我們也在評估彙整國際需求。這些都是流程運作方式上的正向進展，可能帶來加速。但整體而言，我認為這些影響多半會在今年之後才更明顯。

Got it. And just as a follow-up, you mentioned missile defense is roughly 10% of your overall revenue mix today. Can you talk a little bit about opportunities in the counter drone solution area? Obviously, we've seen a lot of focus on lower-cost solutions. How do we think about with Northrop positioned there?

了解。再追問一下，您提到飛彈防禦目前約占你們整體營收組合的 10%。能否談談反無人機解決方案（counter drone solution）領域的機會？顯然我們看到市場對低成本解決方案的關注度很高。我們該如何看待 Northrop 在這方面的布局？

Yes. We have opportunities in the counter drone, including low-cost solutions that are based off of work we've been doing in that arena for a number of years, programs like our FAD C2 program and even IBCS is effective in connecting sensors and shooters in that counter drone space. We have seen, as I have shared before, an increase in demand both from the US and international. And so we expect the international contribution to be greater even than the domestic in Counter UAS solution.

是的。我們在反無人機方面有機會，包括低成本解決方案；這些是建立在我們多年來在該領域所做工作的基礎上，例如我們的 FAD C2 計畫，甚至 IBCS 在反無人機領域也能有效連結感測器與射手（shooters）。如我先前分享過的，我們看到來自美國與國際市場的需求都在增加。因此，我們預期在反無人機系統（Counter UAS）解決方案上，國際市場的貢獻甚至會高於國內。

We see that developing over the next couple of years. We are already seeing some revenue today in that space. And as I noted, now nearly 10% of the company sales is in missile defense, which is a significant increase from where we were just a few years ago.

我們預期這會在未來幾年逐步發展。我們在這個領域目前已經看到一些營收。而且如我所提到的，現在公司銷售中將近 10% 來自飛彈防禦，這相較於幾年前是顯著的提升。

Mariana Perez Mora, Bank of America.

Mariana Perez Mora，美國銀行。

Congratulations, Todd. So my question is going to be around Space Systems. Apart from the GEM 63 impact, are there any programs that you could see at a kind of like negative EAC type of approach? And how that could affect the underlying margins for this segment going forward, particularly as we think about like what you just mentioned before, the strength on like missile defense and all the MDA programs, the GPI award you got, but also some changes at NASA on Gateway?

恭喜你，Todd。我的問題會聚焦在太空系統（Space Systems）。除了 GEM 63 的影響之外，是否還有任何計畫你們可能會採取類似負向 EAC 的處理？這將如何影響該事業部未來的基礎利潤率（underlying margins），特別是考量到你剛剛提到的飛彈防禦與所有 MDA 計畫的強勁表現、你們拿到的 GPI 標案，以及 NASA 在 Gateway 上的一些變動？

Mariana, thanks. This is John. I'll take that. So the space sector is actually performing pretty darn well. The book-to-bill very, very strong, came in last year at about 1.3 and so that sets the business up for future sales. Now, you do know that the cycle is a little longer in the space business (technical difficulty).

Mariana，謝謝。我是 John。我來回答。太空事業其實表現相當不錯。訂單出貨比非常、非常強，去年約為 1.3，因此為未來銷售奠定了基礎。當然你也知道，太空業務的週期會稍微長一些。（技術問題）

In terms of kind of specifics on the EAC, so we took a look at GEM 63, our best estimate of what we thought the cost impact of that would be. And as we look through the rest of the portfolio, we were comfortable in the quarter that there wasn't anything else significant that gave rise to any significant negative or positive EACs. So overall, we have strong margins, and the business was able -- it was actually able to close some of that pressure with GEM 63 EAC put onto the portfolio.

就 EAC 的具體情況而言，我們針對 GEM 63 進行了檢視，並以我們對其成本影響的最佳估計來反映。當我們檢視其餘產品組合時，我們在本季的判斷是，沒有其他重大事項會導致顯著的負向或正向 EAC。因此整體而言，我們的利潤率仍然強勁，而且該事業也能夠——實際上也確實能夠——吸收 GEM 63 的 EAC 對產品組合造成的部分壓力。

Should we expect that margin strength to remain for the remainder of the year at Space? And how should we think about margin trends, I don't know, three, five years from now?

我們是否應該預期太空事業在今年剩餘期間仍能維持這樣的利潤率強度？另外，對於三到五年後的利潤率趨勢，我們應該如何看待？

Yes. So in terms of for the rest of the year, yes, we're comfortable with the position. As you noted, we didn't pull off the guide on margin, and that's because we feel like there's strength in the portfolio. As we look forward, that whole arena is evolving significantly. What I would say is you take a look at the technology and the risk associated with it over time, it should command a higher margin rate, but it will be subject to the competitive environment and capacity that's available.

是的。就今年剩餘期間而言，是的，我們對目前的狀況感到放心。如你所提到的，我們沒有下修利潤率指引，原因是我們認為產品組合具有韌性與強度。展望未來，整個領域正在顯著演進。我會這麼說：隨著時間推進，技術與其伴隨的風險應該能支撐較高的利潤率水準，但仍會受到競爭環境與可用產能的影響。

Kristine Liwag, Morgan Stanley.

Kristine Liwag，摩根士丹利。

Todd, congrats on your retirement. So maybe a high-level question. Kathy, when you look at the backlog of $96 billion, it's near record providing sales coverage for over 2 years. And so mid-single-digit growth seems reasonable in a more normal environment. But in the past few years, you've called out, there's urgency now in the geopolitical environment, and it seems like things continue to deteriorate.

Todd，恭喜你退休。我想問一個較高層次的問題。Kathy，當你看到 960 億美元的在手訂單（backlog），接近歷史高點，足以覆蓋超過兩年的銷售。因此在較正常的環境下，中個位數成長看起來是合理的。但過去幾年你們也提到，地緣政治環境的緊迫性正在上升，而且情勢似乎持續惡化。

We're seeing the Pentagon seek out new players. And the White House had called out potentially firing up the freedom forge auto industry to increase capacity. Can you talk and give more color about how you think about overall output for Northrop Grumman? Where are the areas of bottleneck? And what has to happen for the company to deliver on double-digit growth?

我們看到五角大廈在尋找新的參與者。白宮也提到可能要啟動「自由鍛造（freedom forge）」汽車產業來提升產能。你能否更具體談談你如何看待 Northrop Grumman 的整體產出能力？瓶頸在哪些領域？公司要達成兩位數成長，需要發生哪些事情？

Sure, Kristine. So we are seeing an opportunity-rich environment to sites. It's only the first quarter of 2026, and we now are just starting to see reconciliation dollars flow into our contracts. Our performance this quarter was in line with our full year guide of mid-single digits. But to your question, if we were to see a higher sales growth, it would come from our bidding on numerous new opportunities. We would expect to continue to see a high competitive win rate on those opportunities.

當然可以，Kristine。我們確實看到一個充滿機會的環境。現在才 2026 年第一季，我們也才剛開始看到調整（reconciliation）資金流入我們的合約。本季表現符合我們全年中個位數成長的指引。但回到你的問題，如果我們要看到更高的銷售成長，將會來自我們對眾多新機會的投標。我們也預期在這些機會上能持續維持很高的競標勝率。

We'd also need to see an accelerated ramp on the demand for our missile components. I talked about solid rocket motors earlier on the call. We have the capacity. We need to get that on contract and start producing. We need to convert our international pipeline to sales, as I also referenced earlier in response to Peter's question and our suppliers need to be able to scale with us.

我們也需要看到對我們飛彈零組件需求的加速爬坡。我在電話會議稍早提到固體火箭發動機（solid rocket motors）。我們具備產能。我們需要把它簽進合約並開始生產。我們也需要把國際管線轉化為銷售——我先前在回覆 Peter 的問題時也提到——同時我們的供應商也必須能夠與我們一起擴產。

And we are doing the work to remove those bottlenecks in our supply chain first by identifying them, second by helping those suppliers to resource their own scaling and to have the capacity that we need from them. So we're, of course, working on all of these strategies to increase our growth rate beyond the mid-single digits. I have a lot of confidence in our longer-term outlook for sales based on the growing backlog, as you've said, and the opportunity to add to that backlog this year, I think the real question is timing. When do we reach that inflection point, and it's based on all of the factors that I just shared with you.

而我們正在著手移除供應鏈中的那些瓶頸：第一是辨識它們，第二是協助那些供應商為其自身的擴產配置資源，並具備我們所需的產能。因此，我們當然正在推動所有這些策略，力求將成長率提升到高於中等個位數的水準。基於如你所說、持續增加的積壓訂單，以及我認為今年仍有機會進一步增加積壓訂單，我對我們較長期的銷售展望非常有信心；真正的問題在於時點。我們何時會到達那個拐點，這取決於我剛才與你分享的所有因素。

Super helpful. And if I could follow up on one of the programs that potentially could materialize this year, the Chief of Naval Operations said yesterday that one of the two companies signed for the SAXX contract lacks the capacity to deliver the fighter on time, end-quote. So with the potential down select in August for this program, can you discuss how you're thinking about Northrop's positioning on this and if you are selected, how should we think about the potential upside to 2026 outlook? And to your point, on the funding for the program, is the funding for this program player provide upside potentially for 2026?

非常有幫助。如果我可以追問一下其中一個今年可能落地的專案：海軍作戰部長昨天表示，簽署 SAXX 合約的兩家公司之一缺乏按時交付戰機的產能，原話如此。因此，隨著該專案可能在 8 月進行縮減遴選（down select），你能否談談你們如何看待諾斯洛普在此事上的定位？若你們獲選，我們應如何看待對 2026 年展望的潛在上行空間？另外，延續你提到的專案資金問題，該專案的資金是否可能為 2026 年帶來上行空間？

Yes. As you know, this is a good example of one of those competitive opportunities I just mentioned, and we do expect the department to make an award selection in the third quarter. We are confident in our ability to deliver our solution to the Navy. We and our suppliers are prepared to bring the workforce and infrastructure that's needed to execute the program and our track record on B-21 demonstrates that ability to deliver a complex aircraft on schedule. Regarding the financials, we'd expect upside to the sales and earnings from our current guidance if we are entrusted to build the FX, and it would be a top priority for our company to do so.

是的。如你所知，這正是我剛才提到的競爭性機會之一，我們確實預期國防部會在第三季做出授標選擇。我們對於向海軍交付我們的解決方案充滿信心。我們以及我們的供應商已準備好投入執行該專案所需的人力與基礎設施，而我們在 B-21 上的實績也證明我們有能力按期交付複雜的飛機。就財務面而言，若我們獲得信任來建造 FX，我們預期相較於目前的指引，營收與獲利都將有上行空間，而且這將會是公司最優先的事項之一。

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，Jefferies。

Thank you, Todd, for everything over the years. Kathy, in your prepared remarks, you gave us a lot of color on the growth drivers of the missile. You said missile defense is 10%, weapons at 10%. Can you maybe also size B21 and Sentinel? And how do we think about these four growth drivers from both a revenue and earnings perspective?

Todd，感謝你多年來的一切。Kathy，在你的事先準備發言中，你對飛彈的成長驅動因素提供了很多細節。你提到飛彈防禦約 10%，武器約 10%。你能否也量化一下 B-21 和 Sentinel？另外，從營收與獲利的角度，我們應如何看待這四個成長驅動因素？

Sure. Let me start with Sentinel. The program is about 6% to 7% of company revenue today, and we expect it to grow low double digits this year, which is in line with how it performed in the first quarter. We then expect it to continue to grow annually so growing towards that 10% of revenue over time. The real inflection point for the program is when we start to have long lead for production, which we expect later this decade.

當然可以。我先從 Sentinel 談起。該專案目前約占公司營收的 6% 到 7%，我們預期今年將以低雙位數成長，這與第一季的表現一致。接著我們預期它會持續逐年成長，隨時間推進朝向占營收 10% 的水準。該專案真正的拐點是在我們開始進入生產的長交期（long lead）階段，我們預期會在本十年稍晚發生。

For the B-21 program, it is nearing 10% of revenue. And with this accelerated production rate, we expect that it will likely over the next several years begin to exceed 10% of company revenue and certainly sets the program up for enduring growth as well.

至於 B-21 專案，它已接近占營收的 10%。隨著生產速率加快，我們預期在未來幾年它很可能會開始超過公司營收的 10%，並且也讓該專案具備長期持續成長的基礎。

Can you maybe talk about just the growth you expect in weapons and missile defense? How do we think about those and just the EBIT growth as well, if you can?

你能否談談你們預期武器與飛彈防禦的成長？我們應如何看待它們，以及如果可以的話，也請談談 EBIT 的成長。

Yes. So for weapons, we have said we expect that to continue to be, one of if not the fastest-growing segment of our business. It is a set of opportunities that we have on the munitions where we are currently qualified to provide components like solid rocket motors. It's also our prime position weapons integrator that we expect to grow over time as programs like AARGM-ER and Stand-in Attack Weapon mature into production.

可以。就武器而言，我們一直表示預期它將持續成為、甚至可能是我們業務中成長最快的板塊。這是一系列彈藥相關的機會，我們目前具備資格提供例如固體火箭發動機等零組件。此外，我們作為主承包的武器整合商地位，也預期會隨著 AARGM-ER 與 Stand-in Attack Weapon 等專案成熟並進入量產而隨時間成長。

And so that part of the portfolio today in aggregate is also about 10%, but we expect it to be one of the fastest growers, as I said, and have proportionately become larger over these next several years. The growth rate will be somewhat dependent on how many new programs we add to the portfolio.

因此，這部分投資組合目前合計也約占 10%，但如我所說，我們預期它將是成長最快的項目之一，並在未來幾年按比例變得更大。其成長率在某種程度上將取決於我們能為該投資組合新增多少新專案。

Maybe just a little more context on that. So most of that work is in our Defense Systems business, and you could see the guide that we provided at the beginning of this year in terms of the growth that we'll see there. So approaching 10%. And Sentinel as Kathy said, about 6% of total sales, it's about a third of the sales in the Defense Systems guide. So that will help you triangulate what we think the drivers are there and then also support the acceleration of potential growth into the future.

再補充一點背景。這些工作大多在我們的國防系統（Defense Systems）業務中，你可以參考我們在今年年初提供的指引，了解我們預期那裡的成長幅度。也就是接近 10%。而 Sentinel 如 Kathy 所說，約占總銷售的 6%，約占國防系統指引中銷售額的三分之一。因此，這能幫助你交叉推算我們認為那裡的驅動因素是什麼，並且也支持未來潛在成長加速。

And she also asked developed margins, the margin profile on Sentinel B-21 and our weapons portfolio are all expected to increase as we move into production because, as I stated, obviously, all of them are in various stages of development at the moment.

她也問到已開發的利潤率：Sentinel、B-21 以及我們的武器投資組合，其利潤率輪廓都預期會在進入量產後提升，因為如我所說，顯然它們目前都處於不同階段的研發中。

Seth Seifman, JPMorgan.

Seth Seifman，JPMorgan。

Wanted to ask on B-21 and the impact of the production agreement. I think you mentioned some pluses and minuses in terms of the estimate. I know you've noted before that the agreement could potentially lead to higher profitability on the LRIP units. Should we assume that, that higher profitability on the LRIP units and reverse load charges is something that's still a possibility depending on company performance over the next several years, or should we be thinking about the increased profitability coming more on the NTE units and beyond?

我想問 B-21 以及生產協議的影響。我記得你提到在估算上有一些正面與負面的因素。我也知道你之前提過，該協議可能會讓 LRIP 單位的獲利能力更高。我們是否應假設：LRIP 單位較高的獲利能力以及反向攤提費用（reverse load charges）仍然是取決於公司未來幾年執行表現而可能發生的情況？還是我們應該認為獲利能力的提升會更多出現在 NTE 單位以及其後的階段？

Yes. So I'll take that one. So as you look at the program, first, the agreement we reached with the Air Force was a great outcome for both the company and the customer. As that agreement plays out, a portion of that certainly, a good portion of it will be subject to our execution on the LRIP phase. And based on how it came together, there was no meaningful change in the overall EAC.

是的。這題我來回答。就該專案而言，首先，我們與空軍達成的協議，對公司與客戶雙方都是很好的結果。隨著協議逐步落實，其中一部分、而且相當一部分，確實將取決於我們在 LRIP 階段的執行。而基於該協議的形成方式，整體 EAC 並沒有任何實質性的變化。

So there was some increased production costs that was offset with increased profitability in later phases of the program, so positive overall. What we believe will be the case is as the program matures, our manufacturing capability will continue to improve, production rates certainly improve, and it gives us an opportunity to expand margins and hopefully sales with the increased rate of production.

因此，確實有一些生產成本上升，但在專案後期階段以更高的獲利能力加以抵銷，所以整體而言是正面的。我們認為，隨著專案成熟，我們的製造能力將持續改善，生產速率也會提升，這讓我們有機會擴大利潤率，並且在生產速率提高的情況下，希望也能帶動銷售成長。

Okay. Great. Great. And then just as a follow-up, I guess, after this year, there's probably $2 billion plus of B-21 CapEx over '27, '28, '29. When we think about the 2028 cash flow target, you were able to offset the impact of the incremental B-21 CapEx this year, but it's obviously significant in the future, how should we think about the ability to offset that?

好的。很好。很好。接著追問一下，我想在今年之後，B-21 在 27、28、29 年可能還會有超過 20 億美元的資本支出（CapEx）。當我們思考 2028 年的現金流目標時，你們今年能夠抵銷新增的 B-21 資本支出影響，但未來顯然相當可觀；我們應如何看待抵銷該影響的能力？

Yes. So that's a substantial investment. So what we did do is we guided and held our 2026 cash flow guidance. We intentionally didn't give guidance on '27 or '28 for two reasons: large awards outstanding that we're going to -- one of which we'll hear at the hopefully sometime in the third quarter. And then also the investment we're making, the $2.5 billion investment we're making that will play out.

是的。所以那是一項相當可觀的投資。因此我們所做的是維持並確認我們對 2026 年現金流的指引。我們刻意沒有提供 2027 或 2028 年的指引，原因有二：有一些尚未定案的大型標案，我們將會——其中一項希望在第三季某個時點會有結果。另外還有我們正在進行的投資，也就是 25 億美元的投資，將會逐步展開。

The lion's share of that will be in '27 and '28. So as we roll things forward, we'll take a look at what the free cash flow looks like. But not to be lost on the audience is the cash generation power of this business, and it will continue to generate substantial free cash flows and the investment will be subject to the opportunities we see.

其中最大部分會落在 2027 與 2028 年。因此當我們把時間往後推進時，我們會再檢視自由現金流會是什麼樣子。但觀眾不應忽略的是，這項業務的現金創造能力非常強，且將持續產生可觀的自由現金流；而投資規模將取決於我們所看到的機會。

Richard Safran, Seaport Research Partners.

Richard Safran，Seaport Research Partners。

Todd, congrats to you. This question, it could be for either for Kathy or John. Could you talk generally about the contracting environment overall? I'm wondering if you're seeing more favorable environment. Specifically, are you seeing, for example, contracts or revised contract language with award or incentive fees or other incentives for good execution? And if so, I'm wondering what -- if you could talk a little bit about what you think that might mean for margins and cash?

Todd，恭喜你。這個問題可能是問 Kathy 或 John 都可以。你們能否概括談談整體的承包／合約環境？我想了解你們是否看到更有利的環境。具體來說，例如你們是否看到合約或修訂後的合約條款，包含得標費（award fee）、激勵費（incentive fee）或其他對良好執行的獎勵機制？如果有的話，我想請你們談談這可能對毛利率與現金有何意涵？

Rich, we are seeing the department engage with industry in several positive ways. One is the sense of urgency to get work on contract; two, is the desire to give a long-term sustained demand signal to industry and commitments around demand to both help us plan but also to drive down costs that come with change or production gaps, if there isn't certainty of demand. The other area is just in the mechanisms for contracting themselves. We're seeing more use of OTAs and other nontraditional contracting mechanism. All of these are positive for industry.

Rich，我們確實看到部門以幾種正向方式與產業互動。第一是更強的急迫感，想把工作盡快納入合約；第二是希望向產業釋出長期、可持續的需求訊號，並就需求做出承諾，這不僅有助於我們規劃，也能降低因需求不確定而帶來的變更成本或生產空窗成本。另一個面向是合約本身的機制。我們看到更多使用 OTA（其他交易協議）以及其他非傳統的承包機制。這些對產業而言都是正面的。

And I don't see a desire by the department to push industry profitability down. It's quite the contrary, to help reduce costs that benefit both the customer and industry profitability and place incentives on contracts to drive early delivery, which, again, is in everyone's best interest. So I see a real alignment here and an opportunity for us to work with the department to create better economics for industry and the government.

而且我沒有看到部門想要壓低產業獲利能力的意圖。恰恰相反，是希望協助降低成本，讓客戶與產業獲利能力都受益，並在合約中設置激勵以推動提前交付——這同樣符合所有人的最佳利益。因此我看到這裡有很高的一致性，也有機會讓我們與部門合作，為產業與政府創造更好的經濟效益。

Scott Mikus, Melius Research.

Scott Mikus，Melius Research。

The backlogs for you and your peers are already elevated and it seems like a lot of the reconciliation funding from One Big Beautiful Bill is yet to be put on contract. We also could have a $1.5 trillion defense budget, another supplemental for operation Epic Fury. The demand signals are great, but are we starting to see European customers become wary about ordering equipment from US companies, given that they can't actually be 100% certain when they'll receive the equipment?

你們和同業的在手訂單（backlog）已經處於高位，而且看起來「One Big Beautiful Bill」中的許多調和性資金（reconciliation funding）仍尚未簽約落地。我們也可能會有 1.5 兆美元的國防預算，以及針對「Epic Fury」行動的另一筆補充預算。需求訊號很強，但我們是否開始看到歐洲客戶對向美國公司下單變得更謹慎，因為他們無法 100% 確定何時能收到設備？

Scott, there's definitely a desire for European countries to buy US products and we are still seeing robust demand there. There is a sensitivity to buy local if possible, if there is a comparable product that can meet the requirements. And there is a sensitivity around timelines for US companies to be able to deliver, particularly given the increased demand from the US. and the priority that we are placing on ensuring that we are delivering on those commitments.

Scott，歐洲國家確實有意願購買美國產品，我們仍看到那裡的需求相當強勁。如果可能的話，確實也會對「在地採購」有所敏感，前提是有可比的產品能滿足需求。此外，對於美國公司能否在時程內交付也存在敏感度，特別是在美國需求增加、且我們優先確保履行這些承諾的情況下。

For the Northrop Grumman portfolio, specifically, we have been investing in capacity. I talked to you about the 20 facilities that we have opened in the last 24 months, the over 2 million square foot manufacturing space that we've added. This gives us the capacity to do both. We are not finding ourselves needing to trade whether we can meet US commitments or European commitments, we can and are supplying demand for both, and we foresee the ability to continue to do that.

就 Northrop Grumman 的產品組合而言，我們一直在投資產能。我曾向各位提到，過去 24 個月我們新開了 20 座設施，新增超過 200 萬平方英尺的製造空間。這讓我們有能力兩者兼顧。我們並未發現自己需要在滿足美國承諾或歐洲承諾之間取捨；我們可以、也正在同時供應兩邊的需求，並且我們預期未來也能持續做到。

Okay. And then the administration has also talked about trying to increase significantly the number of space-related FMS approvals. Are you starting to see the administration speed up that process? And are you engaged with international customers about building a pipeline of opportunities for your Space Systems segment?

好的。另外，政府也談到要大幅增加與太空相關的對外軍售（FMS）核准數量。你們是否開始看到政府加快該流程？以及你們是否正與國際客戶互動，為你們的太空系統（Space Systems）事業部建立機會管線？

We are engaged with international customers related to space capabilities, and we see that pipeline growing. We have seen some contract awards. We, in the quarter, announced a relationship with a Hungarian company and are pursuing work there. So we are starting to see the maturation of that demand signal turning into pipeline and even contract award. I would say that it is the business that has the least international pipeline of our 4 segments, but it's growing, and we expect 5, 10 years from now, international to be a key contributor to our Space business just as it is in our other 3 segments.

我們正就太空能力與國際客戶互動，也看到那條管線在成長。我們已看到一些合約得標。本季我們宣布與一家匈牙利公司建立合作關係，並在當地爭取相關工作。因此我們開始看到需求訊號逐步成熟，轉化為機會管線，甚至轉化為合約得標。我會說，在我們四個事業部中，這個業務的國際管線目前相對最少，但正在成長；我們預期在 5 到 10 年後，國際市場將成為我們太空業務的關鍵貢獻者，就像在另外三個事業部一樣。

Congrats, Todd, on the retirement.

Todd，恭喜你退休。

Scott Deuschle, Deutsche Bank.

Scott Deuschle，德意志銀行（Deutsche Bank）。

John, is the customer providing any incremental cash advances or working capital support to help offset some of these increased capital investments in the B-21 program?

John，客戶是否提供任何額外的預收現金（cash advances）或營運資金支持，以協助抵銷 B-21 計畫中部分增加的資本投資？

Let me answer the question this way that we're making significant investment to support the program and the customer is making significant investments to support the program. So the cash flow timing related to the program loosely will align with the investment rate, but there's certainly components of it that will not. So that's probably about as much details I can get into on the nature of the cash flows related to the program, given the classified nature of the contract and the program itself.

我用這種方式回答：我們正在進行重大投資以支持該計畫，而客戶也在進行重大投資以支持該計畫。因此，與該計畫相關的現金流時點，大致上會與投資速度相互對齊，但其中也確實有部分不會。鑑於合約與計畫本身的機密性，我能就該計畫相關現金流的性質提供的細節大概就到這裡。

And I'll just add that the deal improves the economics for the program for the government and Northrop Grumman. When we look at the return on invested capital over the life of this program, this deal has improved that outlook. And for the government, we are able to produce and deliver capability faster. So in our view and the Air Force's view, this is a win-win, both contributing and both benefiting.

我再補充一點：這項協議改善了政府與 Northrop Grumman 在該計畫上的經濟效益。當我們檢視該計畫全生命週期的投資資本報酬率（ROIC）時，這項協議改善了前景。而對政府而言，我們能更快地生產並交付能力。因此在我們與空軍看來，這是雙贏：雙方都投入、也都受益。

Okay. And, Kathy, for the life of the program, do you see the ROIC now meaningfully above your cost of capital?

好的。Kathy，就計畫全生命週期而言，你們是否認為目前的 ROIC 已明顯高於你們的資本成本？

We do.

是的。

Okay. And then, Kathy, there's been some news reports stating that many F-35 aircraft are delivering without radars. So I was wondering if you could give us an update on that program and our performance has been tracking more recently on your F-35 radar production line?

好的。另外，Kathy，近期有一些新聞報導指出，許多 F-35 飛機在交付時沒有雷達。因此我想請你更新一下該計畫的狀況，以及你們的 F-35 雷達生產線近期的表現追蹤情況？

Sure. We're somewhat limited in what we can share with regard to the program, given its classified nature. So I'm more going to refer to some of the comments that the joint program for the F-35 has made related to where we are. We are building an advanced radar, and we are in the process in coordination with the JPO taking on concurrent development and production. And this was a known risk when we started down this path to ensure that we could deliver the capability as quickly as possible.

當然。鑑於該計畫的機密性，我們能分享的內容有一定限制。因此我會更多引用 F-35 聯合計畫辦公室（JPO）就我們目前狀況所做的一些評論。我們正在打造一款先進雷達，並且在與 JPO 協調下，同步推進並行研發與生產。而在我們走上這條路之初，為了盡可能快速交付能力，這是一項已知風險。

The JPO has stated plans to accelerate the production capacity to deliver the radars that meet the requirements, and we are in the process of working with them. So we are continuing to work to complete the development, which includes testing, then quickly ramp production. And one of the facilities I referenced earlier in the call, is being built for the purpose of accelerating the production on this program, in particular. And we've opened that facility, we have the tooling and are working to train the workforce.

JPO 已表示計畫加速產能，以交付符合需求的雷達，我們也正在與他們合作推進中。因此，我們持續努力完成開發工作，其中包括測試，然後迅速提升產量。而我先前在電話會議中提到的其中一座設施，正是為了加速本專案的生產而建置，尤其針對這個計畫。我們已啟用該設施，具備相關工裝治具，並正在訓練人力。

So we are ready to go as soon as we get through tests milestones on the program and are already starting to produce. Beyond that, the schedule specifically around the program and the modernization plans remain classified. The important takeaway is we are moving as expeditiously as possible to get this radar delivered because we understand what a game changer it is for the capability.

因此，只要我們通過本專案的測試里程碑，我們就已準備就緒立即推進，並且也已開始生產。除此之外，關於本專案的具體時程與現代化計畫仍屬機密。重點是，我們正以最快速度推動交付這套雷達，因為我們了解它對能力而言將帶來顛覆性的改變。

Andre Madrid, BTIG.

Andre Madrid，BTIG。

Congrats, Todd. I wanted to ask on -- in the past couple of months, we saw you guys got tapped to support the C2 layer of whatever the Golden Dome initiative ends up looking like. I mean, what additional color can you give there? And how might that eventually materialize in the financials as we progress in the coming quarters and years?

恭喜你，Todd。我想問一下——在過去幾個月，我們看到你們被選中支援「Golden Dome」倡議最終樣貌中的 C2 層。我的意思是，你能否提供更多細節？以及隨著未來幾季與幾年推進，這可能會如何在財務報表上逐步體現？

We were selected to be part of a broad set of companies that are developing the C2 layer and we're looking forward to contributing to a very aggressive timeline for both developing and demonstrating that capability. It is one of General Guetlein's top priorities. And we are optimistic that we bring a lot of legacy experience and knowledge, both in C2 and the understanding of layered defense in the missile defense arena to that team.

我們被選為一組廣泛公司的一員，共同開發 C2 層，我們也期待能在非常積極的時程下，為該能力的開發與展示做出貢獻。這是 Guetlein 將軍的首要優先事項之一。我們也樂觀地認為，我們在 C2 以及飛彈防禦領域的分層防禦理解方面，具備大量既有經驗與知識，能為團隊帶來價值。

Got it, got it. Appreciate it. Maybe pivoting to the YFQ48. I mean, a lot of shots on goal there, there's a lot of CCA opportunities, whether it be with the Navy, Air Force, Marine Corps, you name it. I guess just a status check there. Where are we in bidding for those? Where are you in bidding for those opportunities? And I guess, what are your expectations as we move forward?

了解，了解。謝謝。也許轉到 YFQ48。我的意思是，那裡有很多機會、很多「射門機會」，有很多 CCA 的機會，不論是海軍、空軍、海軍陸戰隊等等。我想先做個進度確認。你們在那些投標上目前進展如何？你們在競標那些機會方面處於什麼階段？以及，隨著我們往前推進，你們的預期是什麼？

So as you know, we are pursuing a number of opportunities with the Air Force. We were given the YFQ48 designation so that we can continue to test our offering and that we are progressing toward Increment 2. We have also been awarded for the Marine Corps, our Mustaq Air offering. And we -- it's been announced as one of the participants in the Navy CCA program. So a broad set of activities underway to take our unmanned experience, the over 500,000 flight hours that we have, the investments that we've made and talent, both Talen Blue, the aircraft and Talen IQ, formerly known as Beacon to test and mature vehicle management systems in autonomy and had some key milestones that we reached on that effort in this quarter that we announced as well and bring all of that expertise forward to all three services who are pursuing CCAs and put our best foot forward for offerings in their next competition.

如你所知，我們正在追求多項與空軍相關的機會。我們獲得了 YFQ48 的代號指定，使我們能持續測試我們的方案，並且正朝向第二增量（Increment 2）推進。我們也已獲得海軍陸戰隊的 Mustaq Air 方案合約。此外——也已宣布我們是海軍 CCA 計畫的參與者之一。因此，目前有一系列廣泛的活動正在進行中：我們將自身在無人系統方面的經驗（累計超過 50 萬飛行小時）、我們所做的投資與人才——包括 Talen Blue（飛行器）以及 Talen IQ（前稱 Beacon），用於測試並成熟化自主系統中的載具管理系統——在本季我們也宣布達成了該項工作的若干關鍵里程碑；我們會把所有這些專業能力帶到三軍（皆在推動 CCA）面前，並在他們下一輪競爭中，以最佳狀態提出我們的方案。

Josh, we have time for one more question?

Josh，我們還有時間再問一個問題嗎？

Matt Akers, BNP.

Matt Akers，BNP。

Congrats, Todd, on the retirement. Kathy, I was wondering if you could touch on the classified restricted portion of your business just because it's a big chunk that's sort of difficult for us to track, and based on what you're seeing, based on the budget request, do you think that grows faster or slower than kind of the other part of your business?

Todd，恭喜你退休。Kathy，我想請你談談你們業務中屬於機密受限的那一部分，因為那是相當大的一塊，但我們很難追蹤；根據你所看到的情況、以及預算請求案，你認為那部分的成長速度會比你們業務的其他部分更快還是更慢？

We had seen it growing faster than the other part of our business with the strong demand in munitions, missile defense, which are not part of our restricted portfolio. On a go-forward basis, I could envision the restricted business will grow more in line with the rest of the portfolio. I think the key takeaway is we see growth in both. And so it's a nice position to be in. So I just want to close the call by once again thanking our entire team for their contributions to national security and space exploration. Since the beginning of this year alone, we've boosted North American astronauts back to the proximity of the moon and we have helped our military in several operations in multiple regions across the globe, return home safely after completing their missions.

我們確實看到它的成長速度曾經快於我們業務的其他部分，因為彈藥與飛彈防禦的強勁需求——而這些並不屬於我們的受限組合。展望未來，我可以想像受限業務的成長將更接近整體組合的成長步調。我認為重點是，我們看到兩者都在成長。因此，這是一個很好的位置。最後我想結束本次電話會議，再次感謝我們整個團隊對國家安全與太空探索的貢獻。僅今年年初至今，我們已將北美太空人再次送回到接近月球的區域，並且在全球多個地區的多項行動中協助我們的軍方，在完成任務後安全返家。

I know our team has been working tirelessly to support these efforts and I'm very proud of them. I would also like to recognize Todd. As many of you have mentioned, he's completing his final earnings call with us today. It's been my pleasure to work with him over the last seven years, and we are glad that he chose NG as the place for the Capstone for his career as he transitions into what is a well-deserved retirement. So congratulations, Todd.

我知道我們的團隊一直不懈努力地支援這些工作，我對他們感到非常自豪。我也想表揚 Todd。正如許多人提到的，他今天與我們一起完成了最後一次財報電話會議。過去七年能與他共事是我的榮幸，我們也很高興他選擇 NG 作為其職涯的最終篇章（Capstone），並在轉入實至名歸的退休生活之際與我們同行。所以，恭喜你，Todd。

Thank you all for joining us today. We look forward to continuing to engage with you throughout the quarter. And that concludes our call for today.

感謝各位今天加入我們。我們期待在本季期間持續與各位互動交流。今天的電話會議到此結束。

Thank you.

謝謝。

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

謝謝。各位女士、先生，今天的電話會議到此結束。感謝各位的參與。