洛克威爾自動化 (ROK) 2025 Q4 法說會逐字稿

Thank you for holding, and welcome to Rockwell Automation's quarterly conference call. I need to remind everyone that today's conference call is being recorded. (Operator Instructions)

感謝您的耐心等待，歡迎參加羅克韋爾自動化公司季度電話會議。我需要提醒大家，今天的電話會議正在錄音。（操作說明）

At this time, I would like to turn the call over to Aijana Zellner, Head of Investor Relations and Market Strategy. Ms. Zellner, please go ahead.

此時，我想把電話交給投資人關係和市場策略主管艾雅娜·澤爾納。澤爾納女士，請繼續。

Thank you, Julianne. Good morning, and thank you for joining us for Rockwell Automation's fourth quarter fiscal 2025 earnings release conference call. With me today is Blake Moret, our Chairman and CEO; and Christian Rothe, our CFO.

謝謝你，朱莉安娜。早安，感謝各位參加羅克韋爾自動化公司2025財年第四季財報發布電話會議。今天陪我一起的還有我們的董事長兼執行長布萊克·莫雷特，以及我們的財務長克里斯蒂安·羅特。

Our results were released earlier this morning and the press release and charts have been posted to our website. Both the press release and charts include, and our call today will reference, non-GAAP measures. Both the press release and charts include reconciliations of these non-GAAP measures. A webcast of this call will be available on our website for replay for the next 30 days. For your convenience, a transcript of our prepared remarks will also be available on our website at the conclusion of today's call.

我們的業績報告已於今天早上發布，新聞稿和圖表已發佈在我們的網站上。新聞稿和圖表均包含非GAAP指標，我們今天的電話會議也將提及這些指標。新聞稿和圖表均包含這些非GAAP指標的調節表。本次電話會議的網路直播將在我們的網站上提供回放，有效期為30天。為方便起見，我們準備好的發言稿將在今天電話會議結束後發佈在我們的網站上。

Before we get started, I need to remind you that our comments will include statements related to the expected future results of our company and are therefore forward-looking statements. Our actual results may differ materially from our projections due to a wide range of risks and uncertainties that are described in our earnings release and detailed in all our SEC filings.

在開始之前，我需要提醒各位，我們的評論將包含與公司預期未來績效相關的陳述，因此屬於前瞻性陳述。由於我們在獲利報告中描述以及在所有提交給美國證券交易委員會的文件中詳細說明的各種風險和不確定性，我們的實際業績可能與我們的預測有重大差異。

So with that, I'll hand it over to Blake.

那麼，我就把它交給布萊克了。

Thanks, Aijana, and good morning, everyone. I'll make a couple of initial comments before we turn to our fourth quarter results. When we introduced guidance for fiscal year 2025 last November, amid a mixed set of headwinds and tailwinds for growth, much of the discussion centered on additional detail around the cost reduction and margin expansion actions we initiated in 2024. With the top line guidance range that included limited growth, we knew it would be a challenge to both absorb higher costs and expand margins.

謝謝艾雅娜，大家早安。在討論第四季業績之前，我先做幾點初步說明。去年 11 月，我們在公佈 2025 財年業績指引時，由於成長面臨諸多不利因素和有利因素，討論的焦點主要集中在我們在 2024 年啟動的成本削減和利潤率擴張措施的更多細節上。由於營收預期範圍有限，成長幅度有限，我們知道既要消化更高的成本又要擴大利潤率將是一項挑戰。

So with the very busy 12 months of fiscal year '25 in the books, I'm proud of the team's execution as we have returned to top line growth and continued to reduce costs. Rockwell is well positioned for sustained market-leading growth and profitability as we build on this success for fiscal '26 and beyond.

2025 財年繁忙的 12 個月已經過去，我對團隊的執行力感到自豪，因為我們恢復了營收成長並繼續降低成本。羅克韋爾已做好充分準備，將在 2026 財年及以後繼續保持市場領先的成長和獲利能力。

We closed the year with another strong quarter of outperformance versus our expectations, including double-digit year-over-year growth in both sales and operating earnings. Our differentiated portfolio, price discipline and continued focus on productivity, all contributed to this great finish to the year. Free cash flow was also very good in the quarter and for the year. As we will discuss, we're taking further steps to streamline the organization and increase efficiency in the service of customer value and expanded margins.

我們以又一個強勁的季度業績結束了這一年，業績超出預期，銷售額和營業利潤均實現了兩位數的同比增長。我們差異化的產品組合、價格紀律以及對生產力的持續關注，都為我們今年的完美收官做出了貢獻。本季和全年的自由現金流也都非常良好。正如我們將要討論的，我們正在採取進一步措施來精簡組織結構，提高效率，從而為客戶創造價值並擴大利潤空間。

Uncertainty remains, but it's clear that countries around the world are more aware than ever of the strategic importance of investing in advanced manufacturing capabilities and capacity. Nowhere is this more apparent than in the US, our home market.

儘管仍存在不確定性，但很明顯，世界各國比以往任何時候都更加意識到投資先進製造業能力和產能的戰略重要性。這一點在我們的本土市場美國體現得尤為明顯。

Let's now turn to our fourth quarter results on slide 3. Both reported and organic Q4 sales were up double digits versus prior year. While we did have favorable comps from a year-over-year standpoint, Q4 sales grew high single digits sequentially, which was better than we expected. Organic year-over-year sales growth of 13% was led by continued strength in our product businesses. Similar to the last two quarters, CapEx activity and longer cycle businesses remain muted, with customers holding off on larger investments.

現在讓我們來看看投影片 3 的第四季業績。第四季報告銷售額和有機銷售額均比上年同期成長兩位數。雖然從同比角度來看，我們的基數比較有利，但第四季銷售額環比成長了高個位數，比我們預期的要好。有機銷售額年增 13%，主要得益於我們產品業務的持續強勁成長。與前兩季類似，資本支出活動和週期較長的業務依然低迷，客戶仍在等待更大的投資。

On our last earnings call, we flagged the potential for Q4 pull-ins into Q3. Based on our analysis of daily orders and sales trends, inventory levels in our channel and machine builder surveys, pull-in orders were less than expected in Q3 and not evident in Q4. Annual recurring revenue was up 8% in the quarter. While some customers continue to delay discretionary services spending, we did have a number of large software and services wins around the world in Q4.

在上次財報電話會議上，我們提到了第四季業績可能提前到第三季的情況。根據我們對每日訂單和銷售趨勢、通路庫存水準以及機器製造商調查的分析，第三季的拉入訂單低於預期，第四季則沒有出現這種情況。本季年度經常性收入成長了 8%。儘管一些客戶仍在推遲可自由支配的服務支出，但我們在第四季度確實在全球範圍內贏得了一些大型軟體和服務訂單。

One notable win was with Stanley Electric, a Japanese Tier 1 automotive supplier, who will deploy our cloud-native Plex platform across 25 global sites. We also secured a key cybersecurity win in life sciences, with GSK selecting our Verve platform as their new standard for asset vulnerability management to be deployed across 33 sites over the next five years.

其中一個值得一提的成功案例是與日本一級汽車供應商 Stanley Electric 達成合作，該公司將在全球 25 個地點部署我們的雲端原生 Plex 平台。我們還在生命科學領域取得了一項重要的網路安全勝利，葛蘭素史克 (GSK) 選擇我們的 Verve 平台作為其資產漏洞管理的新標準，將在未來五年內在 33 個站點部署該平台。

In our Intelligent Devices segment, organic sales were up 14% versus prior year and up low double digits sequentially. Strong sequential growth in the quarter was driven by our power control business, where a combination of our existing business and our CUBIC acquisition is helping us win competitive projects around the world. A good example of this was our win with Ferri Systems, a Spanish system integrator, who will be providing our flexible and compact motor control system for Africa's largest desalination plant. I'll share some additional power control wins later on the call.

在我們的智慧型設備業務板塊，有機銷售額比上年增長了 14%，環比增長了兩位數。本季強勁的環比成長主要得益於我們的電力控制業務，我們現有業務與收購 CUBIC 相結合，幫助我們在世界各地贏得競爭激烈的項目。這方面的一個很好的例子是我們與西班牙系統整合商 Ferri Systems 的合作，他們將為非洲最大的海水淡化廠提供我們靈活緊湊的馬達控制系統。稍後在電話會議上，我會分享一些關於電力控制的其他勝利。

We also had a good quarter in our Clearpath business with double-digit year-over-year growth in our OTTO autonomous mobile robot business. I'm pleased with how this acquisition continues to add new ways to win and expand our customer base. Our AMR business grew double digits in fiscal '25, and we are optimistic about fiscal '26 as we plan for Clearpath to turn profitable in the year.

我們的 Clearpath 業務本季表現良好，OTTO 自主移動機器人業務實現了兩位數的年增長。我對此次收購能夠繼續為我們贏得客戶和擴大客戶群增加新途徑感到滿意。我們的 AMR 業務在 2025 財年實現了兩位數的成長，我們對 2026 財年充滿信心，因為我們計劃讓 Clearpath 在該年實現盈利。

Software & Control organic sales in the quarter grew 30% year-over-year, led by continued momentum in our Logix business, both versus prior year and sequentially. On the software front, Plex and Fiix continue to add new logos as we augment our existing sales force with new go-to-market partners. One of our Plex software wins in Q4 was with THG, a UK-based global e-commerce leader in beauty and nutrition. This customer chose our cloud-native MES and quality management solution to eliminate manual processes and drive further operational efficiency.

本季軟體與控制業務的有機銷售額年增 30%，這主要得益於 Logix 業務的持續成長勢頭，無論與去年同期還是環比均實現了成長。在軟體方面，隨著我們透過新的市場合作夥伴來擴充現有的銷售團隊，Plex 和 Fiix 也持續增加新的合作夥伴。我們在第四季度贏得的 Plex 軟體客戶之一是 THG，這是一家總部位於英國的全球領先的美容和營養品電子商務公司。該客戶選擇我們的雲端原生 MES 和品質管理解決方案，以消除人工流程並進一步提高營運效率。

Organic sales in Lifecycle Services were down 4% versus prior year, slightly below our expectations. Book-to-bill in this segment was 0.9, consistent with our historical Q4 seasonality. We continue to see project delays across both our core business and Sensia as customers wait for more clarity and stability around the impact of trade and policy on their operations.

生命週期服務領域的有機銷售額比前一年下降了 4%，略低於我們的預期。此業務板塊的訂單出貨比為 0.9，與我們歷年第四季的季節性規律一致。由於客戶仍在等待貿易和政策對其營運的影響更加明朗和穩定，我們的核心業務和 Sensia 專案都持續出現延誤。

Regarding our Sensia joint venture with SLB, following a strategic review, both parent companies have decided to pursue an orderly dissolution. Rockwell will assume 100% ownership of the process automation business that we initially contributed to the joint venture, and SLB will again fully own the parts that they contributed. After the expected close of the transaction in the first half of this year, fiscal '26, Rockwell will realize lower revenue but higher operating margin going forward due to the deconsolidation.

關於我們與瑞士航空集團 (SLB) 的 Sensia 合資企業，經過策略評估，雙方母公司決定有序解散。羅克韋爾將完全擁有我們最初投入合資企業的流程自動化業務，而SLB將再次完全擁有他們投入的零件。預計交易將於今年（2026 財年）上半年完成，由於拆分合併，羅克韋爾未來的收入將降低，但營業利潤率將提高。

Rockwell's resulting sales into the oil and gas vertical will be about 10%, but with a simplified go-to-market motion. That go-to-market approach continues to include SLB as an important partner with deeper relationships than the two companies had six years ago.

羅克韋爾公司在石油和天然氣領域的銷售額將占到約 10%，但其市場推廣策略將更加簡化。這種市場推廣策略仍然將 SLB 視為重要的合作夥伴，兩家公司之間的關係比六年前更加密切。

I want to be clear that Sensia did not meet our long-term expectations. That is why SLB and Rockwell have jointly agreed to make this change. However, the changes we are making demonstrate our continued commitment to the oil and gas market, and we are well positioned to grow in this space. Our portfolio has expanded since the JV was launched, with new process I/O and process safety capabilities from Logix, an industry-leading portfolio of cloud-native software applications and deeper domain expertise.

我想明確指出，Sensia 沒有達到我們的長期預期。正因如此，SLB和羅克韋爾公司才共同同意做出這項改變。然而，我們正在做出的改變表明了我們對石油和天然氣市場的持續投入，我們已做好充分準備，在這個領域實現成長。自合資企業成立以來，我們的產品組合不斷擴展，包括來自 Logix 的全新流程 I/O 和製程安全功能、業界領先的雲端原生軟體應用產品組合以及更深厚的領域專業知識。

Importantly, we have taken this step in order to grow in this vertical with improved profitability going forward. Christian will add more detail on the financial impact in the quarter and the benefits going forward later on the call.

重要的是，我們採取這一步驟是為了在這個垂直領域實現成長，並在未來提高獲利能力。克里斯蒂安將在稍後的電話會議上詳細介紹本季的財務影響以及未來的收益。

Turning back to our fourth quarter. Rockwell's overall segment margin of 22.5% and adjusted EPS of $3.34 were well above our expectations, driven by higher volume and strong productivity. We ended this fiscal year with over $325 million of structural productivity savings, exceeding our original target of $250 million. Similar to last quarter, tariffs did not have a meaningful impact on our results in Q4. Christian will talk more about tariffs and the expected fiscal '26 impact in a few moments.

回到第四季。羅克韋爾的整體業務部門利潤率為 22.5%，調整後每股收益為 3.34 美元，均遠超我們的預期，這主要得益於更高的銷售和強勁的生產效率。在本財年結束時，我們實現了超過 3.25 億美元的結構性生產力節約，超過了我們最初設定的 2.5 億美元的目標。與上季類似，關稅對我們第四季的業績沒有實質影響。稍後克里斯蒂安將進一步討論關稅以及預計對 2026 財年的影響。

Moving to slide 4 to review key highlights of our Q4 industry performance. Sales in Discrete were up 20% year-over-year with strong growth in e-commerce and warehouse automation and good performance in automotive. Automotive sales exceeded our expectations in the quarter with low double-digit growth versus prior year. The industry continues to shift from an EV focus to a mix of traditional ICE, hybrid and electric vehicle offerings. Rockwell has good technical solutions and expertise for all of these types of vehicles.

接下來請看第 4 張投影片，回顧我們第四季產業業績的關鍵亮點。離散產品銷售額年增 20%，其中電子商務和倉儲自動化業務成長強勁，汽車業務表現良好。本季汽車銷量超出預期，與上年同期相比實現了兩位數的低成長。該產業正持續從以電動車為重點轉向傳統內燃機汽車、混合動力車和電動車的混合供應模式。羅克韋爾公司擁有所有這些類型車輛的良好技術解決方案和專業知識。

E-commerce and warehouse automation delivered another standout quarter with sales growing over 70% year-over-year. This quarter, Rockwell secured a significant European win with another global logistics and parcel-handling company. The customer selected our FactoryTalk Optix platform and digital services to digitize and expand operations across 28 sorting facilities. While our data center business is still relatively small, we continue to see strong double-digit growth with multiple wins across the globe.

電子商務和倉儲自動化業務又迎來了一個出色的季度，銷售額年增超過 70%。本季度，羅克韋爾與另一家全球物流和包裹處理公司在歐洲取得了一項重大訂單。客戶選擇我們的 FactoryTalk Optix 平台和數位服務，以實現 28 個分類設施的數位化和業務擴展。雖然我們的資料中心業務規模仍然相對較小，但我們繼續保持強勁的兩位數成長，並在全球範圍內贏得了多個專案。

This quarter, Rockwell won a project with Alternative Heat Limited to supply modular cooling panels for large data centers in Europe. The rise of AI data centers is driving demand for faster deployment, advanced cooling solutions and secure industrial grade control platforms. Our Logix control platform and modular power distribution technology are well-positioned to meet these needs. We'll share more about our differentiation and growth in the data center space at our Investor Day later this month.

本季度，洛克威爾公司贏得了與 Alternative Heat Limited 公司的合作項目，為歐洲的大型資料中心提供模組化冷卻面板。人工智慧資料中心的興起推動了更快部署、先進冷卻解決方案和安全工業級控制平台的需求。我們的 Logix 控制平台和模組化配電技術完全能夠滿足這些需求。我們將在本月稍後的投資者日上分享更多關於我們在資料中心領域的差異化優勢和成長。

Turning to our Hybrid industries. We saw double-digit growth across food and beverage, home and personal care and life sciences. In food and beverage, our customers are prioritizing productivity and operational efficiency in existing facilities. The industry is going through a period of consolidation, restructuring and evolving consumer preferences. While this dynamic might delay some of the larger CapEx investments near term, we continue to build a strong pipeline of new capacity projects, both globally and in the US.

轉向我們的混合型產業。我們在食品飲料、家居及個人護理和生命科學領域均實現了兩位數的成長。在食品飲料產業，我們的客戶優先考慮的是現有設施的生產力和營運效率。該行業正經歷著整合、重組和消費者偏好不斷變化的時期。雖然這種動態可能會在短期內推遲一些較大的資本支出投資，但我們仍在繼續建立強大的新產能專案儲備，無論是在全球還是在美國。

In the quarter, Electrolit Manufacturing selected Rockwell as a key automation and digital partner for their state-of-the-art beverage blending and bottling facility in Waco, Texas. This is Electrolit's first greenfield in the US. Sales growth in our life sciences vertical was also strong in Q4 and exceeded our expectations. We continue to see growth in our software and cybersecurity services across the product life cycle. We're also seeing increased automation adoption in the medical device segment.

本季度，Electrolit Manufacturing 選擇 Rockwell 作為其位於德克薩斯州韋科市的先進飲料混合和裝瓶工廠的關鍵自動化和數位化合作夥伴。這是 Electrolit 在美國的第一個新建案。第四季度，我們生命科學領域的銷售成長也十分強勁，超出了我們的預期。我們在產品生命週期的各個階段，軟體和網路安全服務都持續成長。我們也看到醫療器材領域自動化程度的提升。

One of the important wins here this quarter was with Haumiller, where our Independent Cart Technology is helping accelerate and optimize production of a high-speed auto injector line for the obesity drug market.

本季最重要的勝利之一是與 Haumiller 的合作，我們的獨立推車技術正在幫助加速和優化用於肥胖症藥物市場的高速自動注射器生產線的生產。

Moving to Process, sales in this segment grew 10% with year-over-year growth across all industries. Similar to last quarter, Process customers are focusing on driving efficiency and profitability in their existing facilities as they continue to grapple with weaker demand and low commodity prices. Rockwell's technology is well suited for both greenfield and brownfield investments as demonstrated by several large wins in the quarter in energy, mining and metals.

從流程方面來看，該細分市場的銷售額成長了 10%，所有行業的銷售額均實現了同比增長。與上個季度類似，由於需求疲軟和商品價格低迷，流程客戶正專注於提高現有設施的效率和獲利能力。洛克威爾的技術非常適合新建專案和現有專案投資，本季在能源、採礦和金屬領域取得的幾項重大成功就證明了這一點。

A good example of this was our win with Vale Base Metals, where our arc-resistant power control systems are modernizing their Sudbury mill to significantly enhance safety and operational efficiency. This win positions Rockwell as a key automation partner in one of Canada's most critical mining operations.

我們與 Vale Base Metals 的合作就是一個很好的例子，我們的防電弧電力控制系統正在對其 Sudbury 工廠進行現代化改造，從而顯著提高安全性和營運效率。此次中標使羅克韋爾成為加拿大最關鍵的採礦作業之一的關鍵自動化合作夥伴。

Turning to slide 5 and our Q4 organic regional sales. North America had a strong finish to the year and was once again our best-performing region in the quarter. We expect North America to continue to be our strongest region in fiscal '26. Last quarter, we announced a $2 billion investment over the next five years to modernize infrastructure, grow talent and enhance digital capabilities. These initiatives are now underway and will unlock future growth and margin expansion with the US as the primary beneficiary. We'll share more in the months ahead.

接下來請看第 5 張投影片，了解我們第四季的有機區域銷售額。北美地區在年底表現強勁，再次成為本季業績最佳的地區。我們預計北美在 2026 財年仍將是我們表現最強勁的地區。上個季度，我們宣布將在未來五年內投資 20 億美元，用於基礎設施現代化、人才培養和提升數位化能力。這些措施目前正在進行中，並將釋放未來的成長潛力，擴大利潤空間，而美國將是主要受益者。我們將在未來幾個月分享更多資訊。

Let's move to slide 6 for key highlights of full year fiscal 2025. Our reported and organic sales were up about 1% versus prior year. Total ARR grew 8% with solid performance in our Software as a Service business. We ended the year with segment margin of 20.4% and adjusted EPS of $10.53. The improvement of over 100 basis points in year-over-year segment margin was driven by our cost reduction and margin expansion actions and strong price discipline. Free cash flow conversion of 114% exceeded our expectations for the year. I'm proud of our execution to get back above 100% free cash flow conversion, which remains an important part of our financial framework.

讓我們翻到第 6 張投影片，了解 2025 財年全年的主要亮點。我們的報告銷售額和自然銷售額比上年增長了約 1%。整體年度經常性收入成長了 8%，這主要得益於我們軟體即服務業務的穩健表現。我們年末的業務部門利潤率為 20.4%，調整後每股收益為 10.53 美元。業務部門利潤率年增超過 100 個基點，這得益於我們的成本削減和利潤率提升措施以及嚴格的價格控制。自由現金流轉換率達到 114%，超出我們今年的預期。我為我們成功地將自由現金流轉換率恢復到 100% 以上而感到自豪，這仍然是我們財務框架的重要組成部分。

Let's now move to slide 7 to review our fiscal 2026 outlook. As we look to fiscal '26, we are confident in our ability to gain share and expand margins. We are less certain about the overall macro and geopolitical environment as well as the timing of the CapEx investment recovery in our key verticals. Increased stability and trade policy will help unlock additional capital spending.

現在讓我們翻到第 7 張投影片，回顧一下我們 2026 財年的展望。展望 2026 財年，我們對提升市場佔有率和擴大利潤率的能力充滿信心。我們對整體宏觀和地緣政治環境以及我們主要垂直領域的資本支出投資復甦時間不太確定。更穩定的貿易政策將有助於釋放更多資本支出。

We expect our reported sales growth for the year to be in the 3% to 7% range. The midpoint of our guide assumes a sequential sales decline in Q1, which is typical, followed by gradual sequential improvement in the subsequent quarters. Christian will provide more detail on this and the expected impact from price and tariffs in his section. Annual recurring revenue is slated to grow high single digits next year. We expect our segment margin to expand by over 100 basis points, and our adjusted EPS is projected to be $11.70 at the midpoint. We expect free cash flow conversion of 100% in fiscal year '26.

我們預計本年度報告的銷售額成長率將在 3% 至 7% 之間。我們的指導方針的中點假設第一季銷售額環比下降（這是正常情況），隨後幾季銷售額將逐步環比改善。Christian 將在他的章節中提供更多細節，並分析價格和關稅可能帶來的影響。預計明年年度經常性收入將實現高個位數成長。我們預期分部利潤率將成長超過 100 個基點，調整後每股盈餘預計中位數為 11.70 美元。我們預計 2026 財年自由現金流轉換率將達到 100%。

Before I turn it over to Christian, I want to reiterate how proud I am of the execution of the team in the quarter and throughout the year. To be sure, there remain plenty of opportunities for continued improvement, and we are taking action to further our progress throughout the coming year and beyond. As we'll discuss in less than two weeks at Investor Day, keys to execution includes strengthening a high-performance culture, accelerating top line growth, expanding margin and continuing our progress in operational excellence. And these are the elements of the Rockwell operating model.

在把發言權交給克里斯蒂安之前，我想再次強調，我對團隊在本季和全年的表現感到非常自豪。當然，我們仍有許多機會繼續改進，我們正在採取行動，以在未來一年及以後進一步取得進展。我們將在不到兩週後的投資者日上討論，執行的關鍵包括加強高績效文化、加速營收成長、擴大利潤率以及繼續推動卓越營運。以上就是羅克韋爾營運模式的要素。

And with that, I'll turn it over to Christian.

接下來，我將把麥克風交給克里斯蒂安。

Thank you, Blake, and good morning, everyone. Before I get into our strong fourth quarter results, I want to spend a few minutes highlighting some of our onetime items unique to Q4, so you understand how they flow through the P&L and where adjustments were made. At a high level, all these changes are outlined on slide 8. For additional financial details, please also refer to slides 21 and 22.

謝謝你，布萊克，大家早安。在詳細介紹我們強勁的第四季度業績之前，我想花幾分鐘時間重點介紹第四季度的一些特殊項目，以便您了解它們如何影響損益表以及我們在哪些方面進行了調整。從總體上看，所有這些變化都在第 8 張幻燈片中概述了。有關更多財務詳情，請參閱第 21 頁和第 22 頁。

First, starting in Q4, we're introducing a new engineering and development expense line in our statement of operations. This aligns with the SEC's expanded segment disclosure rules and enhances visibility into key metrics that inform management decisions, particularly total innovation spend.

首先，從第四季開始，我們將在損益表中引入新的工程和開發費用項目。這符合美國證券交易委員會擴大後的分部揭露規則，並提高了對影響管理決策的關鍵指標（尤其是創新總支出）的可見度。

Engineering and development includes what you typically think of as R&D, which has been about 6% of sales historically. And our sustaining engineering spend, which maintains existing technology and has been about 2% of sales. Reclassifying these costs from cost of sales to operating expenses increases gross margin by about 8 points with no impact to the total P&L.

工程和開發包括你通常所說的研發，歷史上研發支出約佔銷售額的 6%。還有我們的持續工程支出，用於維護現有技術，約佔銷售額的 2%。將這些成本從銷售成本重新歸類為營運費用，可使毛利率提高約 8 個百分點，而不會對總損益表產生影響。

This change is applied consistently across historical periods, as shown in the Q4 earnings slide deck appendix, page 21. Importantly, this move improves visibility into Rockwell's total development spend, aligns our reporting with industrial and tech peers and provides a more meaningful view of gross margin performance.

這項變更在各個歷史時期都得到了一致的應用，如第四季度收益投影片附錄第 21 頁所示。重要的是，此舉提高了羅克韋爾整體研發支出的透明度，使我們的報告與工業和科技同行保持一致，並提供了更有意義的毛利率表現視圖。

Second, we're making a change to how we treat certain costs related to our legacy asbestos exposure, which is unrelated to our ongoing operations. Historically, we expensed the defense cost for these claims as they were incurred. In Q4, we changed our accounting policy to a full horizon accrual for defense costs, consistent with how we account for indemnity. All told, inclusive of the indemnity and the defense cost accrual update, the result was a onetime pretax charge of $136 million or $0.91 per share in the fourth quarter. This is the accrual portion of the changes.

其次，我們將改變處理與歷史遺留的石棉暴露相關的某些成本的方式，這些成本與我們正在進行的營運無關。歷史上，我們都是將這些索賠的辯護費用在發生時計入支出。第四季度，我們將辯護費用的會計政策改為全額計提，這與我們對賠償金的會計處理方式一致。綜上所述，包括賠償和辯護費用提列更新在內，第四季度產生了一次性稅前支出 1.36 億美元，即每股 0.91 美元。這是變更的應計部分。

Because these costs are not tied to current operations, we are also updating our definition of adjusted income and adjusted EPS to exclude legacy asbestos and environmental charges. In Q4, this change excluded $141 million in pretax charges or $0.94 per share from adjusted earnings. That includes the $136 million accrual as well as $5 million of normal asbestos and environmental spend we incurred in the fourth quarter. The EPS impact is $0.91 from the accrual and $0.03 from the normal spend, both now excluded.

由於這些成本與目前營運無關，我們也正在更新調整後收入和調整後每股盈餘的定義，以排除遺留的石棉和環境費用。第四季度，這項變更從調整後的收益中剔除了 1.41 億美元的稅前費用，即每股 0.94 美元。其中包括 1.36 億美元的應計費用，以及我們在第四季產生的 500 萬美元的正常石棉和環境支出。每股盈餘受影響金額分別為：應計項目 0.91 美元，正常支出 0.03 美元，這兩項現已排除在外。

For full year fiscal 2025, the definition change increased adjusted EPS by $1.03, with $0.91 from the Q4 accrual update and $0.12 from excluding legacy asbestos and environmental costs that we incurred for the full year. Without the definition change to adjusted EPS and excluding other onetime items in the quarter, Q4 adjusted earnings would have grown 34% compared to the 32% under the new definition. For the full year, EPS growth was unchanged under the new definition. When compared to our previous guide, the Q4 change, excluding onetimes, was a net benefit of $0.03. For the full year, the net benefit was $0.12.

2025 財年全年，定義變更使調整後每股收益增加了 1.03 美元，其中 0.91 美元來自第四季度應計更新，0.12 美元來自剔除我們全年產生的遺留石棉和環境成本。如果不改變調整後每股收益的定義，並且排除該季度的其他一次性項目，則第四季度調整後收益將增長 34%，而根據新定義，這一數字為 32%。根據新的定義，每股收益成長率全年保持不變。與我們之前的指南相比，第四季度的變化（不包括一次性項目）淨收益為 0.03 美元。全年淨收益為 0.12 美元。

Moving to the third item on the slide, we recorded an impairment in our Sensia business following the decision to dissolve the JV, which Blake discussed. The net result is a noncash impairment charge of $110 million or $0.97 per share, net of tax and the NCI adjustment. For reference, the approximate annualized impact from the planned dissolution will be a $250 million revenue reduction and virtually no impact on operating earnings. The approximate margin benefit to Rockwell on an annualized basis will be an increase of about 50 basis points.

接下來是幻燈片上的第三項內容，在決定解散合資企業後，我們對 Sensia 業務進行了減值，Blake 對此進行了討論。最終結果是產生 1.1 億美元的非現金減損費用，即每股 0.97 美元，扣除稅金和少數股東權益調整後。作為參考，計劃解散後，預計每年將減少 2.5 億美元的收入，但對營業利潤幾乎沒有影響。按年計算，羅克韋爾的利潤率將增加約 50 個基點。

And finally, in Q4, we made a voluntary $70 million contribution to our US pension plan. As Blake mentioned earlier, we delivered 114% and free cash flow conversion for the year, inclusive of that contribution. Excluding the contribution, our conversion was 119%, with free cash flow reaching a record $1.4 billion and reflective of strong operational execution and solid performance across the P&L. All financials reported in our earnings release, conference call presentation and in our 10-K, which will be filed next week, reflect these changes.

最後，在第四季度，我們自願向美國退休金計畫注資 7,000 萬美元。正如布萊克之前提到的，我們實現了 114% 的年度自由現金流轉換率，其中包括這筆貢獻。不計入貢獻，我們的轉換率為 119%，自由現金流達到創紀錄的 14 億美元，反映了強勁的營運執行力和損益表的穩健表現。我們在盈利報告、電話會議簡報以及下週將提交的 10-K 文件中報告的所有財務數據都反映了這些變化。

Turning to our financial results. Let's go on to slide 9, fourth quarter key financial information. Fourth quarter reported sales were up 14% versus prior year, exceeding our expectations and closing 2025 on a strong note. About 1 point of growth came from currency. About 4 points of our organic growth came from price with about 1 point of that coming from tariff-based pricing. Price/cost was favorable in the quarter.

接下來來看看我們的財務表現。接下來我們來看第 9 張投影片，第四季主要財務資訊。第四季報告銷售額比上年同期增長 14%，超出預期，為 2025 年畫上了一個強勁的句號。匯率波動帶來了約 1 個百分點的成長。我們約 4 個百分點的有機成長來自價格，其中約 1 個百分點來自關稅定價。本季價格/成本比有利。

Company gross margins under our new reporting methodology expanded 290 basis points year-over-year and segment operating margin increased 240 basis points. While tariffs had a neutral impact on EPS, they did cause a slight margin dilution in the quarter. Adjusted EPS of $3.34 was above our expectations, primarily due to outperformance on revenue, better segment mix and favorable price.

根據我們新的報告方法，公司毛利率年增 290 個基點，分部營業利潤率較去年同期成長 240 個基點。雖然關稅對每股收益沒有產生中性影響，但確實導致本季利潤率略有下降。調整後每股收益為 3.34 美元，高於我們的預期，主要原因是營收表現優異、業務組合更佳以及股價有利。

The adjusted effective tax rate for the fourth quarter was about 18%, up from about 15% last year, driven by higher discrete benefits in the prior year. For the full year fiscal 2025, our adjusted ETR was 17%. Free cash flow in Q4 was $405 million and was $38 million higher than the prior year.

第四季調整後的實際稅率約為 18%，高於去年的約 15%，主要原因是去年非經常性收益較高。2025 財政年度全年，我們調整後的有效稅率為 17%。第四季自由現金流為 4.05 億美元，比上年同期增加 3,800 萬美元。

Slide 10 provides the sales and margin performance overview of our three operating segments. Intelligent Devices margin of 19.8% decreased 90 basis points year-over-year due to a tough comparison with last year's Clearpath earnout reversal and higher compensation this year, resulting in the incrementals in the teens. Excluding the earnout reversal, incrementals would have been about 30%. Software & Control margin of 31.2% was up 880 basis points versus prior year, driven by outstanding 30% organic sales growth and good price realization. The segment saw year-over-year incrementals in the high 50s.

第 10 頁概述了我們三個營運部門的銷售額和利潤率表現。智慧型裝置業務利潤率為 19.8%，年減 90 個基點，原因是去年 Clearpath 獲利能力逆轉以及今年更高的薪資導致基數較高，從而造成利潤率增幅僅為十幾個百分點。如果不計入獲利能力逆轉，增量約為 30%。軟體與控制業務的利潤率為 31.2%，比上年同期增長 880 個基點，這主要得益於 30% 的出色有機銷售增長和良好的價格實現。該細分市場較去年同期成長超過 50%。

Lifecycle Services margin of 17.5% was up 30 basis points year-over-year. A mid-single-digit organic sales decline and higher comp would normally have driven segment margin lower year-over-year. However, the team continued to deliver strong project execution and higher productivity. Overall, for Rockwell, the incremental margin on the year-over-year sales growth was about 40% in Q4.

生命週期服務利潤率為 17.5%，年成長 30 個基點。中等個位數的有機銷售額下降和較高的同店銷售額通常會導致該業務板塊的利潤率同比下降。然而，團隊繼續保持了強大的專案執行力和更高的生產力。總體而言，羅克韋爾公司第四季年銷售額成長的增量利潤率約為 40%。

I want to take a moment to point out the sequential movement we saw in each of our segments. Intelligent Devices had sequential incrementals in the high 20s on low double-digit sales growth, reflecting seasonal shipments of configure to order, which created a sequential negative mix. Software & Control sequential incrementals were in the low 20s with modest sequential sales growth after a very strong Q3. Lifecycle Services saw similar sequential dollar growth in both sales and segment earnings, yielding 100% conversion on strong project execution. Overall, for Rockwell, the incremental margin on the sequential sales growth was in the high 30s.

我想花點時間指出我們在各個片段中看到的順序運動。智慧設備銷量環比增長超過 20%，銷售額環比增長僅為兩位數，這反映了按訂單配置的季節性出貨，從而造成了環比負增長。軟體與控制業務的環比增量在 20% 左右，繼第三季強勁成長之後，季減成長較為溫和。生命週期服務在銷售額和部門收益方面均實現了類似的環比美元增長，憑藉強勁的專案執行力，轉換率達到了 100%。總體而言，對於羅克韋爾公司來說，環比銷售成長的增量利潤率在 30% 以上。

Let's move to the next slide 11 for the adjusted EPS walk from Q4 fiscal 2024 to Q4 fiscal 2025. Year-over-year, core performance had a $1.45 impact in Q4. Software & Control was the primary driver of both sales and earnings growth in the quarter. The largest driver in our core was volume, followed by structural productivity and price.

讓我們來看看下一張投影片 11，了解 2024 財年第四季到 2025 財年第四季的調整後每股盈餘成長。與去年同期相比，核心業績在第四季度產生了 1.45 美元的影響。軟體與控制系統是本季銷售額和利潤成長的主要驅動力。我們核心業務的最大驅動因素是銷量，其次是結構性生產力和價格。

Compensation had a $0.45 impact in Q4 compared to our prior expectation of about $0.30 of impact, driven by our outperformance in the quarter. Full year compensation expense, which includes merit and bonus ended the year at $255 million. As I mentioned earlier, we are lapping the prior year benefit from a Clearpath earnout reversal this quarter. With some other onetime items, this resulted in a $0.15 headwind.

第四季薪資支出影響為 0.45 美元，高於我們先前預期的約 0.30 美元，主要得益於我們本季的出色業績。全年薪酬支出（包括績效獎金）年底為 2.55 億美元。正如我之前提到的，本季我們將受益於 Clearpath 獲利能力逆轉帶來的上一年收益。加上一些其他一次性項目，導致每股成本增加 0.15 美元。

Slide 12 provides full year 2025 key financial information. Reported and organic sales increased 1% to $8.3 billion, 200 basis points better than our original guidance midpoint for the year. Currency was neutral. Full year segment margin of 20.4% increased 110 basis points from last year and was 140 basis points better than our original guide. The increase was due to our margin expansion and cost reduction actions, price and favorable mix. This was partially offset by higher compensation and unfavorable net currency.

第 12 頁提供了 2025 年全年主要財務資訊。報告銷售額和有機銷售額成長 1% 至 83 億美元，比我們最初對全年的預期中位數高出 200 個基點。貨幣匯率保持中性。全年業務部門利潤率為 20.4%，比去年增長 110 個基點，比我們最初的預期高出 140 個基點。成長是由於我們的利潤率擴大和成本削減措施、價格以及有利的產品組合。較高的薪酬和不利的匯率波動部分抵消了這種影響。

Adjusted EPS of $10.53 was up 7% and well over $1 better than the midpoint of our initial guide for the year. For the year, we deployed about $1 billion of capital towards dividends and share repurchases, while we continue to pause on our inorganic investments. Our capital structure and liquidity remain strong.

調整後每股收益為 10.53 美元，成長 7%，比我們年初給出的預期中位數高出 1 美元以上。今年，我們投入了約 10 億美元的資金用於股利和股票回購，同時我們繼續暫停非內生性投資。我們的資本結構和流動性依然穩健。

Moving on to the next slide, 13, to discuss our guidance for the full year. Our organic sales growth guidance is 2% to 6% or 4% at the midpoint. We expect about 100 basis points of currency benefit, so our reported revenue growth is expected to be 5% at the midpoint. Our guidance does not include the anticipated impact from the Sensia dissolution. Once the JV is dissolved, we'll update our FY26 guide for the remainder of the year. As we mentioned, this will reduce reported revenue and increase margin percentage but have no significant impact on EPS.

接下來，請看下一張投影片，第 13 張，討論我們全年的指導方針。我們的有機銷售成長預期為 2% 至 6%，中間值為 4%。我們預計匯率將帶來約 100 個基點的收益，因此我們報告的收入成長預計為 5%（取中間值）。我們的預測並未包含Sensia解散可能帶來的影響。合資企業解散後，我們將更新 2026 財年剩餘時間的業績指南。正如我們所提到的，這將減少報告收入並提高利潤率，但對每股盈餘沒有重大影響。

Our segment operating margin guidance is 21.5%, more than 100 basis points higher year-over-year. Our adjusted EPS guidance is a range of $11.20 to $12.20 or $11.70 at the midpoint. We expect a couple of points of price for fiscal 2026, 1% on underlying price and 1% from tariff price. From this growth, we expect our FY26 incremental margin to exceed 40%, inclusive of tariff-based pricing.

我們的分部營業利益率預期為 21.5%，較上年同期成長超過 100 個基點。我們調整後的每股盈餘預期為 11.20 美元至 12.20 美元，中間值為 11.70 美元。我們預計 2026 財年價格將有幾個百分點的變化，其中 1% 來自基礎價格，1% 來自關稅價格。預計基於此成長，2026 財年的增量利潤率將超過 40%，其中包括關稅定價。

Looking ahead to 2026 capital expenditures, we plan to increase investments in plant and digital infrastructure with targeted CapEx spending of about 3% of sales. In terms of the calendarization, as Blake mentioned, we expect a sequential decline in Q1, followed by a gradual sequential improvement in subsequent quarters. This is true for both sales and margins as we progress through the year.

展望 2026 年的資本支出，我們計劃增加對工廠和數位基礎設施的投資，目標資本支出約為銷售額的 3%。就日程安排而言，正如布萊克所提到的，我們預計第一季會出現環比下降，隨後幾季將逐步環比改善。隨著時間推移，銷售額和利潤率都會出現這種情況。

Now, let me share some additional color on our first quarter. In Q1, we expect overall company sales to be down low double digits sequentially, given normal seasonality and the continued uncertainty and slower CapEx activity.

現在，讓我再補充一些關於我們第一季的情況。鑑於正常的季節性因素、持續的不確定性以及資本支出活動放緩，我們預計第一季公司整體銷售額將環比下降兩位數。

With that said, we do expect good year-over-year growth in both sales and margins with total company segment margins in the high teens range. This translates to more than 25% year-over-year growth for adjusted EPS. From a business segment standpoint, Intelligent Devices sales in Q1 are expected to be down low double digits sequentially due to ongoing softness in our configure-to-order shipments. As a result, we expect Intelligent Devices segment margins to be in the mid- to high teens.

儘管如此，我們預計銷售額和利潤率都將實現良好的同比增長，公司整體各部門的利潤率將達到接近 10% 的水平。這意味著調整後每股收益年增超過 25%。從業務部門的角度來看，由於按需配置出貨量持續疲軟，預計第一季智慧設備銷售額將季減兩位數。因此，我們預期智慧設備業務部門的利潤率將在15%到10%之間。

Software & Control margin is expected to be in the high 20s in the first quarter on sequential sales declines in the high single digits. Lifecycle Services sales are expected to be down high single digits sequentially, driven by a combination of both normal seasonality and continued CapEx project delays. We expect segment margin for Lifecycle Services in the low double digits.

由於銷售額較上季下降幅度接近兩位數，預計第一季軟體與控制業務的利潤率將達到 20% 以上。受正常季節性因素和資本支出項目持續延誤的雙重影響，生命週期服務銷售額預計將較上季下降近兩位數。我們預計生命週期服務部門的利潤率將達到兩位數低點。

For the full year, we expect segment sales and margin as follows. Intelligent Devices reported sales growth is expected to be in the mid to high single digits. We expect margins in the high teens to low 20s or 150 basis points to 200 basis points higher year-over-year, driven by continued progress on productivity. Software & Control reported sales growth is expected to be mid-single digits. We expect margins in the low 30s, up slightly year-over-year and driven by better volume and price. Lifecycle Services reported sales growth is expected to be flattish. We expect margins in the low teens, lower than last year.

我們預計全年各業務部門的銷售額和利潤率如下。智慧型設備業務的銷售成長預計將達到中高個位數。我們預期利潤率將達到十幾到二十幾，或比去年同期成長 150 到 200 個基點，這主要得益於生產力的持續提高。軟體與控制報告顯示，預計銷售額將實現中等個位數成長。我們預計利潤率在 30% 左右，較上年略有成長，主要得益於銷售量和價格的改善。Lifecycle Services公司報告稱，預計銷售成長將保持穩定。我們預期利潤率將在十幾個百分點點左右，低於去年。

Let's turn to slide 14 for our adjusted EPS walk for the full year. Our core is expected to be $1.40 for the year. Included in our core is productivity, which is the term we are using for operationalizing our ongoing focus on cost reduction and margin expansion.

讓我們翻到第 14 張投影片，看看我們對全年的調整後每股盈餘 (EPS) 的預測。我們預計今年的核心利潤為 1.40 美元。我們的核心之一是生產力，這是我們用來描述我們持續專注於降低成本和擴大利潤率的營運方式的術語。

FX is expected to be a $0.20 tailwind. We expect our adjusted effective tax rate this year to be 20%, reflecting the implementation of BEPS Pillar Two. The resulting EPS headwind from tax is $0.40. A few additional comments on fiscal 2026 guidance for your models. Corporate and other expense is expected to be around $100 million. Since we are no longer including legacy asbestos and environmental costs and other income, corporate and other expense is about $18 million lower than it otherwise would have been for the year.

預計外匯市場將對美元構成0.20美元的利多。我們預計今年的調整後實際稅率為 20%，反映了 BEPS 第二支柱的實施。稅收導致的每股收益下降幅度為 0.40 美元。關於您模型中 2026 財年的績效指引，還有幾點補充說明。公司及其他費用預計約為1億美元。由於我們不再計入遺留的石棉和環境成本以及其他收入，因此公司和其他支出比往年減少了約 1,800 萬美元。

Net interest expense for fiscal 2026 is expected to be about $120 million. We're assuming average diluted shares outstanding of about 112.7 million shares, and we are targeting approximately $500 million worth of share repurchases during the year.

預計 2026 財年的淨利息支出約為 1.2 億美元。我們假設平均稀釋後流通股約為 1.127 億股，並計劃在年內回購價值約 5 億美元的股票。

I'd like to thank the global Rockwell team for the outstanding execution that allowed us to exceed our cost reduction and margin expansion targets and company guidance for fiscal '25. This organization is ready to build on this momentum and deliver another strong year.

我要感謝羅克韋爾全球團隊的出色執行，使我們能夠超額完成成本削減和利潤率提升目標，並達到公司對 2025 財年的預期。組織已做好準備，乘勢而上，再創佳績。

With that, I'll turn it back to Blake for some closing remarks before we start Q&A.

接下來，我將把時間交還給布萊克，請他做一些總結發言，之後我們就可以開始問答環節了。

Thanks, Christian. This year's Automation Fair and Investor Day at McCormick Place in Chicago is the best venue to see what's special about Rockwell. We're looking forward to showcasing the best solutions and partner network in the business, including software-defined automation and AI-enabled technology from sensor to software, integrated intelligent devices, robotics and digital services. You will hear from customers about our differentiated value and from management as we review progress on our goals, details of our internal investments and inorganic priorities.

謝謝你，克里斯蒂安。今年在芝加哥麥考密克會展中心舉行的自動化博覽會暨投資者日是了解羅克韋爾公司獨特之處的最佳場所。我們期待展示業內最佳解決方案和合作夥伴網絡，包括從感測器到軟體的軟體定義自動化和人工智慧技術、整合智慧設備、機器人和數位服務。您將從客戶那裡了解我們獨特的價值，並從管理層了解我們目標的進展、內部投資的細節以及非有機成長的優先事項。

I'm looking forward to seeing you there. Aijana, we'll now begin the Q&A session.

我期待在那裡見到你。艾賈娜，現在開始問答環節。

Thanks, Blake. We would like to get to as many of you as possible, so please limit yourself to one question and a quick follow up. Julianne, let’s take our first question.

謝謝你，布萊克。我們希望盡可能地幫助大家，所以請每個問題只提一個，並簡單跟進一下。朱莉安娜，我們來看第一個問題吧。

(Operator Instructions) Scott Davis, Melius Research.

（操作說明）Scott Davis，Melius Research。

Lots of questions -- I'm sure you're going to get lots of questions on the guide, but I just would want to start with Sensia. And just what's the postmortem like -- it just doesn't feel like that ever really got traction the way you guys expected it to, even though I think there was a fair amount of support for it at the highest levels in both companies. But what was kind of the postmortem of why it didn't work out?

問題很多——我確信你會收到很多關於指南的問題，但我只想先從Sensia開始。至於事後分析——感覺這件事並沒有像你們預期的那樣真正獲得進展，儘管我認為兩家公司的最高層都對此給予了相當大的支持。但事後分析，究竟是什麼原因導致了失敗呢？

Yeah. Scott, I think for starters, standing up a new entity a few months before COVID kind of descended on the world had a particular impact in energy markets for that period of time. So that created a challenging starting point. I think from an operation standpoint, the scope that Sensia had laid out was broad, which added costs. And while we worked it into a position of operational profitability, we jointly decided that it wasn't going to meet our long-term goals to justify the continued, let's say, complexity of a JV.

是的。史考特，我認為首先，在新冠疫情席捲全球前幾個月成立一家新公司，對當時的能源市場產生了特殊的影響。因此，這造成了一個充滿挑戰的起點。我認為從營運角度來看，Sensia 制定的範圍很廣，這增加了成本。雖然我們努力使它實現了營運盈利，但我們一致認為，它無法實現我們的長期目標，因此不值得繼續維持合資企業的複雜性。

And so returning the originally contributed businesses added simplification. And I would also say that we're different companies than we were in 2019. We've added considerable technology capabilities, both in terms of the control architecture as well as software and digital twins, simulation, which is useful in a lot of these applications. And so we felt it was the right time to simplify and obviously, the increased profitability reflected on the overall company as attractive as well.

因此，歸還最初貢獻的企業增加了簡化流程。我還要說，我們現在和 2019 年相比已經是不同的公司了。我們在控制架構、軟體、數位孿生、模擬等方面都增加了相當大的技術能力，這在許多應用中都很有用。因此，我們認為現在是簡化流程的合適時機，而且顯然，利潤的提高也對整個公司產生了吸引力。

So it just sounds like just since there's not a lot of earnings impact of the adjustment that it wasn't very profitable JV overall. But is getting Process up to Discrete margins something that is more a function of volumes? Or is there a cost or product issue or scale? I mean, just a little color there, and then I'll pass it on.

所以聽起來好像是因為調整對收益影響不大，所以這家合資企業整體上獲利能力並不強。但是，將流程利潤率提高到離散利潤率是否更多地取決於產量？或是有成本、產品或規模方面的問題？我的意思是，就加一點顏色，然後我就把它轉交給別人。

Yeah, sure. So first of all, just due to the nature of process applications typically requiring more engineering content, order-specific engineering content, you have more people involved. So that's going to put some suppression on margins as opposed to just providing raw product into an application.

當然可以。首先，由於製程應用的性質，通常需要更多的工程內容，特別是針對特定訂單的工程內容，因此會有更多的人參與其中。因此，與直接向應用領域提供原材料相比，這將對利潤率造成一定程度的抑制。

That being said, the work that Lifecycle Services has done over the last couple of years to really dramatically increase their margins reflects the proof that those margins can be improved even in a people-intensive business. And obviously, the further incorporation of artificial intelligence and the software-defined automation that we've been talking about helps as well as you make greater use of libraries and reduce the integration costs through digital twins.

也就是說，Lifecycle Services 在過去幾年為大幅提高利潤率所做的工作表明，即使在人力密集型行業，利潤率也可以提高。顯然，我們一直在討論的人工智慧和軟體定義自動化的進一步融合，以及更多地利用庫並透過數位孿生降低整合成本，都有助於提高整合效率。

So I think the work that we're doing on the products, the work we're doing in Lifecycle Services specifically, the rigor with which they select projects to pursue, which was part of the reason for the good performance in Q4, all of those things that bode well for us to be able to continue to grow in process, specifically in energy and oil and gas more profitably going forward.

所以我認為，我們在產品方面所做的工作，特別是我們在生命週期服務方面所做的工作，以及他們選擇項目進行推進的嚴格性（這也是第四季度業績良好的部分原因），所有這些都預示著我們能夠繼續在流程方面發展壯大，尤其是在能源、石油和天然氣領域，並在未來實現更盈利的增長。

Andrew Obin, Bank of America.

安德魯‧奧賓，美國銀行。

Impressive growth numbers in Software & Control. Could you give us a sense, and I know you don't give an exact number, but can you give us a sense where the Logix volumes are relative to where we were pre-COVID?

軟體與控制領域的成長數據令人矚目。您能否大致說明一下，我知道您不會給出確切的數字，但您能否大致說明一下 Logix 的業務量與 COVID-19 疫情前相比處於什麼水平？

Sure. So Andrew, in the back half of the year, we touched pre-COVID unit volumes for Logix. For the full year fiscal '25, we were still below pre-COVID. And so there's room to run just with the math of that as obviously, the market is expanding. And then, of course, we benefited from good price over that period of time. So in fiscal '26, we do expect Logix unit volumes to get back to those pre-COVID levels and then obviously continue on from there with market growth as well as market share.

當然。所以安德魯，今年下半年，Logix 的銷售量已經恢復到了新冠疫情前的水平。2025 財年全年，我們的業績仍低於新冠疫情前的水準。因此，僅從數學角度來看，就還有很大的發展空間，因為很明顯，市場正在擴張。當然，在那段時間裡，我們也享受了優惠的價格。因此，我們預計在 2026 財年，Logix 的銷量將恢復到新冠疫情前的水平，然後顯然會在此基礎上繼續增長，市場份額也會擴大。

Excellent. And I may be wrong on the timing, but I believe in '26, you're going to start rolling out new Logix products. And I'm sure you will talk about it at the Analyst Day. But does that impact sort of margin patterns seasonality in the year? Because I think there is a big product upgrade ahead of you over the next couple of years.

出色的。我可能會對時間判斷有誤，但我相信在 2026 年，你們將會開始推出新的 Logix 產品。我相信你們會在分析師日上談到這件事。但這是否會影響一年中的利潤率模式季節性變化？因為我認為在未來幾年內，你們的產品將會迎來一次重大升級。

Yeah. Andrew, you're right. And actually, we've already started. So we released new Logix L9 processor ahead of schedule. We're already taking orders for it. It provides a higher performance than any other Logix processors that we've had.

是的。安德魯，你說得對。事實上，我們已經開始了。因此，我們提前發布了新款 Logix L9 處理器。我們已經開始接受預訂了。它比我們用過的任何其他 Logix 處理器都具有更高的效能。

And that's just one example. Process I/O is off to a good start where we've released a new family of Process I/O. And then, what we've been talking about a lot is software-defined automation, which includes Logix and software form, and you'll be able to see that in a couple of weeks when you're in Chicago. So a lot of vitality in that business with more to come.

這只是其中一個例子。Process I/O 的發展勢頭良好，我們已經發布了一系列新的 Process I/O 產品。然後，我們一直在談論軟體定義的自動化，其中包括 Logix 和 Software Form，幾週後您在芝加哥時就能看到這一點。所以這個行業充滿活力，而且未來還會有更多發展。

In terms of the impact, we don't typically see a big swell of orders when we release a new product. It's more of a contribution to the steady sequential growth of the product family. But I would tell you that orders are off to an impressive start for those new products.

就影響而言，我們通常不會在新產品發佈時看到訂單量大幅增加。這更多是對產品系列穩定連續成長的貢獻。但我可以告訴你，這些新產品的訂單開局非常強勁。

Andy Kaplowitz, Citigroup.

安迪‧卡普洛維茨，花旗集團。

I think you said previously that book-to-bill is now running close to 1 times. So I assume that was the case in Q4. And would you expect that to continue to be the case moving forward? And then I know today, you said bigger CapEx projects are still getting delayed. But are you any more confident that you'll see some of these larger orders move forward in '26 or can you sustain a book-to-bill around 1 times without a big improvement in these projects?

我想你之前說過，訂單到帳單的周期現在接近 1 倍。所以我認為第四季的情況也是如此。你認為這種情況未來還會持續嗎？我知道今天您說過，規模較大的資本支出項目仍然被推遲。但您是否更有信心看到其中一些較大的訂單在 2026 年得以推進？或者，如果沒有這些項目的巨大改善，您能否維持約 1 倍的訂單出貨比？

Sure. So in general, the product business orders and shipments are really right on top of each other, and we continue to expect that. So the orders that distributors are saying are translating into orders on us at normal rates. Deliveries are fine. So we don't expect that to change in the year. And we'll continue to provide the book-to-bill in Lifecycle Services where you do have some offset due to the longer lead times in projects in that business. In terms of CapEx in the year, it does continue -- we do continue to see projects being delayed.

當然。所以總的來說，產品業務訂單和發貨時間基本上一致，我們也繼續期待這種情況。所以，分銷商所說的訂單正在以正常速度轉化為我們收到的訂單。送貨沒問題。所以我們預計今年內這種情況不會改變。我們將繼續在生命週期服務中提供訂單到帳單的結算方式，由於該業務中項目的提前期較長，因此您確實可以進行一些抵消。就今年的資本支出而言，情況依然如此——我們確實繼續看到專案延期。

And as we've characterized it before, we see typically those projects that our customers subject to a higher level of approval, delegation of authority requirement in their organization. So there are projects coming through. We certainly talked about a few of those a few minutes ago. And we expect gradual sequential improvement through the year. The guide does not contemplate some big improvement in the capital environment. So that would be a factor that would push us more to the higher end of the guide if we did see a release of capital at a greater rate through the year.

正如我們之前所描述的那樣，我們通常會看到，我們的客戶在其組織中對這些項目有更高的審批等級和授權要求。所以有一些項目正在進行中。我們剛才確實談到了其中的一些問題。我們預計年內將逐步改善。該指南並未設想資本環境將有任何重大改善。因此，如果全年資本釋放速度加快，這將促使我們向該指南的較高端靠攏。

That's helpful. And then just looking at your segment margin forecast, as you said, you're forecasting over 40% incremental margin, which could arguably described as --- '26 could arguably described as a more normal year for Rockwell where you're layering in restructuring savings as productivity. And I think incentive comp is more normalized as well versus FY25. I think, Christian, you mentioned you're still absorbing some tariff headwinds. So does that mean that, that's the kind of incremental margin we can count on from Rock moving forward? Maybe just a little bit more on the puts and takes would be helpful.

那很有幫助。然後，正如您所說，看看您的分部利潤率預測，您預測增量利潤率超過 40%，這可以說是 --- 2026 年對於羅克韋爾來說是一個更正常的年份，因為您將重組節省的成本作為生產力的一部分。而且我認為，與 2025 財年相比，激勵薪酬也更加正常化了。克里斯蒂安，我想你之前提到過，你們仍在承受一些關稅方面的阻力。那麼，這是否意味著，這就是我們未來可以從 Rock 獲得的增量利潤？或許再多講一些關於推桿和接桿的內容會有幫助。

Sure. Andy, Christian will have some more to say on this. But at a high level, while we are proud of good incremental conversion expected in the year due to all the factors that you said, including normalized run rate for compensation, continuing aggressive productivity and so on, we're not ready to change our guidance for incremental for a long-term framework.

當然。安迪，克里斯蒂安對此還有一些話要說。但從總體上看，儘管我們對今年預期取得的良好增量轉換率感到自豪，這得益於您所說的所有因素，包括薪酬的正常化運行率、持續積極的生產力提升等等，但我們還沒有準備好改變我們對長期框架內增量轉化率的指導。

Yeah. And so just to build off of that, the long-term framework has us at a 35% incremental number. Again, that's kind of through the cycle, mid-cycle to mid-cycle. You're going to see some variability from quarter-to-quarter, obviously, and also from year-to-year periodically. So as we're looking at the momentum we're taking into fiscal '26, that 40% felt like an appropriate number. It's not a heroic change from the 35%, but we are seeing just a little bit better opportunity in this coming year.

是的。因此，在此基礎上，長期框架將我們的成長率設定為 35%。再說一遍，這有點像是週期性的變化，從一個週期的中間點到下一個週期的中間點。顯然，每個季度之間以及每年之間都會出現一些波動。因此，當我們展望 2026 財年的發展勢頭時，40% 感覺是一個合適的數字。雖然與之前的 35% 相比沒有翻天覆地的變化，但我們預計來年機會會稍微好一點。

Julian Mitchell, Barclays.

朱利安米切爾，巴克萊銀行。

I wanted to start on the top line guidance. So you're just finishing the year with very strong growth. You're guiding for sort of mid-single digits at the midpoint for the year ahead and starting off, I suppose, with high single digit year-on-year in the first quarter. So I just wanted to try and understand when we're thinking about that revenue guide for the balance of the year, was it sort of constructed with a view around sort of normal seasonality or just very tough comps in the second half? And anything happening to price year-on-year as we move through fiscal '26?

我想先從最重要的指導方針開始。所以你們以非常強勁的成長勢頭結束了這一年。你們預計未來一年年中成長率將達到個位數中段，而第一季同比增幅預計將達到個位數高段。所以我想了解的是，當我們考慮今年剩餘時間的收入預期時，是基於正常的季節性因素制定的，還是僅僅基於下半年非常艱難的同比數據？隨著我們進入2026財年，價格年比會有什麼變化嗎？

Yeah. So a couple of comments. And again, I think Christian will have more detail. As we look across the end markets, in general, we're looking at mid-single-digit growth for Discrete and Hybrid, low single-digit growth for Process. We had some outliers there. Semiconductor flattish in Discrete, warehouse, e-commerce up around 10%. And then, in Hybrid, good results expected from the part of the business, food and beverage, life sciences and so on. But CapEx continues to be suppressed in terms of spending. And so that influences the low single-digit expectation in process.

是的。有幾點要補充說明。而且，我認為克里斯蒂安會掌握更多細節。從整體來看，終端市場方面，離散型和混合型設備的成長率預計為中等個位數，而流程型設備的成長率預計為低個位數。我們那裡有一些異常值。半導體產業整體持平，其中分立元件、倉儲和電子商務板塊成長約 10%。然後，在混合型產業中，預計食品飲料、生命科學等行業將取得良好的表現。但就支出而言，資本支出仍受到抑制。因此，這影響了流程中較低的個位數預期。

Yeah. And so as we kind of shape that year out, Julian, you're right, we implied in that guide and the way we think about the first quarter and the way we shape the first quarter, yes, we're looking at high single digit growth year-over-year in the first quarter and then the comps get more difficult as the year goes on. We are looking for sequential revenue improvement from Q1 to Q2 and then on through the remainder of the year. But if you're looking at year-over-year growth rates during the course of the year, then yes, those are going to be at a declining level from a -- again, more due to the difficult comps.

是的。所以，正如朱利安所說，在規劃這一年的時候，我們暗示，根據我們對第一季的思考和規劃，是的，我們預計第一季同比增長將達到個位數高位，但隨著時間的推移，比較基數會越來越大。我們期待從第一季到第二季度，以及今年剩餘時間裡，營收能夠逐週成長。但如果你觀察的是一年中的同比增速，那麼是的，這些增速將會從…開始下降——同樣，這更多是由於比較基數較高造成的。

And just on that pricing, I think it was 4 points in the fourth quarter. Does that sort of assume to be de minimis tailwind exiting this new fiscal year?

僅就定價而言，我認為第四節就漲了 4 分。這是否意味著新財年結束時只會迎來微不足道的順風？

Yeah. So the way we talked about pricing for fiscal '26 is that we're looking at 1 point of underlying price and 1 point of tariff-based price is what's included in our guide. As you're aware, price is not something that you can just universally make changes around their market dynamics or competitive dynamics. So part of what we're working on is a -- we want to make sure we have a balanced approach. Tariff-based pricing is, of course, absolutely critical for us to ensure that, that EPS neutrality is kept intact. At the same time, we also want to make sure we get underlying price.

是的。因此，我們討論 2026 財年定價的方式是，我們的指南中包含了 1 個基礎價格點和 1 個關稅價格點。如您所知，價格並不是可以根據市場動態或競爭動態隨意改變的。所以，我們正在努力的部分工作是——我們希望確保我們採取平衡的方法。當然，關稅定價對我們而言至關重要，它能確保每股盈餘中性原則得以維持。同時，我們也希望確保獲得實際價格。

Tariffs have helped us on price realization broadly. You saw that kind of throughout fiscal '25, which is a great thing. As we turn the corner and we go into fiscal '26, again, we want that balanced approach and ensuring that we can get that tariff-based price is absolutely critical. When we think about the 1% underlying price, again, we feel really good about our ability to realize that hopefully, we can continue to try to execute at a higher clip.

關稅總體上對我們實現價格目標有所幫助。在整個 2025 財年，這種情況都得到了體現，這是一件好事。隨著我們進入 2026 財年，我們希望再次採取平衡的方法，確保我們能夠獲得基於關稅的價格是絕對至關重要的。當我們再次考慮 1% 的基礎價格時，我們對實現這一目標的能力感到非常滿意，希望我們能夠繼續以更高的速度執行。

And then, just a quick follow-up on margins. So you had 110 bps of margin expansion. The year just finished off volumes that were down slightly in the year and a big comp headwind. The year ahead, volumes are up low single digit in the guide, no big comp headwind and the same margin expansion. Is your point there that you're just using that sort of placeholder for now of 40% that there isn't some big hike in the specific investment spend or something like that?

最後，再簡單跟進一下利潤率的問題。所以你們的利潤率擴張了110個基點。今年銷量略有下降，面臨較大的同業比較不利因素，最終結束了這一年。展望未來一年，銷售量預期成長個位數，沒有大的同店銷售不利因素，利潤率也將維持同樣的成長。你的意思是，你目前只是用 40% 這個數字來佔位，並不代表具體的投資支出會有大幅成長之類的嗎？

Yeah. So there is no really big hike in investment spend, that's for sure. I don't know if I'd call it a placeholder necessarily. We had really good progress in fiscal '25 on cost reduction and margin expansion. Blake highlighted it. That $325 million is a very significant number for this organization. We have additional opportunities as we go into fiscal '26. We're going to talk about that a little bit more when we get into Investor Day as well.

是的。所以可以肯定的是，投資支出不會大幅成長。我不太確定是否應該稱之為佔位符。我們在 2025 財年在降低成本和擴大利潤率方面取得了非常好的進展。布萊克強調了這一點。對這個組織來說，3.25億美元是一個非常大的數字。進入 2026 財年，我們還有更多機會。我們將在投資者日上更詳細地討論這個問題。

So there is a portion of that that's definitely built into our guide. At the same time, we want to make sure that we are continuing to have great profitability growth and that 40% number, again, seems like something we can go execute against.

所以，這其中的部分內容肯定已經納入我們的指南中了。同時，我們希望確保獲利能力繼續保持強勁成長，而 40% 的目標，我們似乎可以實現。

Chris Snyder, Morgan Stanley.

克里斯‧史奈德，摩根士丹利。

It certainly seems like demand is getting better. If you look at the order rates in the above $2 billion the last two, three quarters. Last year, they were below $2 billion. Do you think that this is cycle momentum? Do you think this is a reshoring tailwind investment coming through? Do you think you guys are just gaining share versus the market because when you look broadly at the industrial economy or even your competitors in Discrete, we're not really seeing this level of acceleration or momentum broadly.

需求似乎確實在好轉。如果你看一下過去兩三個季度中，上述20億美元的訂單率。去年，他們的收入還不到20億美元。你認為這是周期動能嗎？你認為這是推動企業回流的投資利好因素嗎？你認為你們只是在市佔率上超越了市場嗎？因為當我們放眼整個工業經濟，甚至放眼你們在離散領域的競爭對手時，我們並沒有真正看到這種程度的加速成長或發展勢頭。

Sure. Well, Chris, I think there's pieces of each of the factors that you mentioned. First of all, the US is probably the healthiest market around the world, and that's a home field for us with high share. So we're going to get a lot of that benefit from investment. And we'll talk more about this in a couple of weeks at Investor Day, but we did see higher orders due to capacity expansion in the US this year than last year, and we expect to see higher orders from that activity in fiscal year '26.

當然。克里斯，我認為你提到的每個因素都有其部分原因。首先，美國可能是全世界最健康的市場，對我們來說，美國是我們的本土市場，我們在那裡擁有很高的市場份額。所以我們將從投資中獲得很多好處。我們將在幾週後的投資者日上對此進行更詳細的討論，但由於美國產能擴張，我們今年的訂單量確實比去年有所增加，我們預計在 2026 財年，來自該業務的訂單量還會增加。

The demand, particularly for the product side of the business, which is still more than half of our business is good. Optimization of brownfields, adding software into facilities that have a base level of automation and looking for more efficiency with information management software. We have a portfolio that's second to none. We do think that we're taking share there. So I think it's all those pieces that put us in a favorable position.

市場需求，尤其是產品業務的需求，仍然很好，這部分業務目前仍占我們業務的一半以上。對棕地進行最佳化，在已實現一定自動化等級的設施中添加軟體，並透過資訊管理軟體尋求更高的效率。我們的投資組合堪稱一流。我們認為我們正在那裡佔據市場份額。所以我認為正是這些因素使我們處於有利地位。

And then, I wanted to follow up around the medium-term margin target, which you guys have out there of 23.5%. You just did a 22.5% and I know Q4 is the seasonal peak, but the quarter did have headwinds from FX and tariffs. I imagine there's more cost-out opportunity next year given that you guys exited pretty strong on that front. And then another 50 bps, I guess, of margin uplift from Sensia JV going away. It just feels like we're getting awfully close to that 23.5% target. I guess in that context, are you rethinking that? And do you think there's meaningful upside to that prior target?

然後，我想跟進一下你們設定的中期利潤率目標，即 23.5%。你剛剛實現了 22.5% 的成長，我知道第四季是季節性高峰，但該季度確實受到了匯率和關稅等不利因素的影響。鑑於你們在這方面退出得相當成功，我想明年應該會有更多降低成本的機會。然後，Sensia JV 退出後，利潤率大概還會提升 50 個基點。感覺我們離23.5%的目標越來越近了。我想在這種情況下，你是在重新考慮這個問題嗎？你認為之前的目標價位還有很大的上漲空間嗎？

Christian and I are both smiling because it is something that we're proud of is that progress. But we are laser-focused on attaining the current targets that we've set out there. As we've talked about, we've got plans already underway to get us to and through that number, but we're focused on hitting it first.

克里斯蒂安和我都在微笑，因為我們為所取得的進步感到自豪。但我們正全力以赴，力求實現我們目前設定的目標。正如我們之前討論過的，我們已經制定了計劃，以達到並超越這個數字，但我們現在的重點是先實現這個目標。

Yeah. And it's absolutely -- we want to continue to make progress against that. And Blake's response in saying to and through that is top of mind for us. We are really spending a lot of time and energy to make sure that we have a lot of runway to continue to go through that as we move forward. At the same time, we're not ready to put a new target in place. Let's go achieve this one first.

是的。我們當然希望繼續在這方面取得進展。布萊克對此的回應，以及他透過這種方式表達的觀點，是我們最關心的問題。我們正在投入大量的時間和精力，以確保我們有足夠的緩衝時間來繼續前進。同時，我們還沒有準備好設定新的目標。我們先去完成這個目標吧。

Steve Tusa, JPMorgan.

史蒂夫圖薩，摩根大通。

Congrats on the execution.

恭喜執行成功。

Thanks, Steve.

謝謝你，史蒂夫。

Just on inflation, what level of inflation did you guys see in the quarter?

就通貨膨脹而言，你們本季觀察到的通貨膨脹水準如何？

Inflation was relatively modest. Keep in mind, we have a lot of cost reduction and margin expansion actions that are underway inside the organization. So it's a good countermeasure that we've been taking all year long. We expect that to continue to be an opportunity for us to work to offset inflation as we go into '26.

通貨膨脹率相對較低。請記住，我們公司內部正在進行許多降低成本和擴大利潤率的措施。所以，這是我們一整年都在採取的一個很好的應對措施。我們預計，進入 2026 年，這將繼續為我們提供一個抵消通貨膨脹的機會。

Okay. And then the 1% tariff that you got, you said that was offset in the quarter or you were ahead of the tariffs in the quarter?

好的。那麼，您說您收到的1%關稅，是在本季度被抵銷了，還是說您在本季提前實現了關稅收益？

Yeah. On the EPS line, it was neutral for us in the quarter. That is the tariff-based price that we achieved. And the tariff-based price that we achieved in the fourth quarter was simply to offset the tariff-based costs.

是的。本季度，就每股收益而言，對我們來說是中性的。這是我們最終達成的基於關稅的價格。我們在第四季實現的關稅定價只是為了抵銷關稅成本。

Okay. That makes sense. And going forward, for next year, do you still expect inflation to be kind of minimal and then maybe a little bit ahead on the tariff stuff?

好的。這很有道理。展望未來，對於明年，您是否仍然預計通貨膨脹率將保持在較低水平，而關稅方面可能會略有上升？

Yeah. So we do expect the inflation to be relatively minimal. We're not seeing anything out there that we're ready to call out. From the tariff-based price and cost perspective, again, our expectation is to keep that EPS neutral. It's a really important factor for us. That is we are not using tariffs as an opportunity for us to expand margins. We're not using tariffs as an opportunity for us to grab some profit. We truly are -- and importantly for our customers, we are using tariff-based pricing to simply to offset the costs that we're incurring.

是的。因此，我們預計通貨膨脹率將相對較低。我們目前還沒有發現任何值得我們公開指責的事情。從關稅價格和成本的角度來看，我們同樣希望能維持每股收益中立。這對我們來說是一個非常重要的因素。也就是說，我們並沒有利用關稅來擴大利潤空間。我們不會利用關稅來攫取利潤。我們確實如此——而且對我們的客戶來說更重要的是，我們採用基於關稅的定價方式，只是為了抵消我們正在產生的成本。

Okay. One last quick one. Just you guys didn't mention orders this quarter. You said last quarter, the book-to-bill was around 1. I know there's some seasonality here. Where did the book-to-bill land this quarter?

好的。最後一個簡單的問題。你們這季都沒提到訂單狀況。您上個季度說過，訂單出貨比約為 1。我知道這裡有一些季節性因素。本季帳款與出票率是多少？

Yeah, book-to-bill still within that range of around 1 that we have been talking about with product orders right on top of shipments.

是的，訂單到帳單的比率仍然在我們之前討論的 1 左右的範圍內，產品訂單和發貨日期都緊隨其後。

Nigel Coe, Wolfe Research.

Nigel Coe，Wolfe Research。

Christian, I just want to have another crack at the incremental margin of 40%. I think comp came in at [$260 million] this year. I think you've mentioned in the past that [$225 million] is the right run rate. So just wondering if that's still the case. And there should be some wraparound on costs from 2025 into 2026. We sized that at $50 million, $75 million, somewhere like that. Again, is that the right math there?

克里斯蒂安，我只是想再嘗試提高 40% 的利潤率。我認為今年的同類公司營收約 2.6 億美元。我認為你之前提到過，[2.25億美元]是合適的營運成本。所以我想知道現在情況是否仍然如此。2025 年的部分費用應該會延續到 2026 年。我們估計金額在 5000 萬美元到 7500 萬美元之間。再說一遍，這樣的計算方法正確嗎？

Yeah. So on the incremental side and specifically around compensation, the number of it that I gave in my prepared comments was $255 million. So you're right in that ballpark. The way to think about comp for us as we turn the page and look at '26 is that generally, things have normalized. So you shouldn't expect us to actually put to see comp as a specific bar chart in our waterfalls as we talked through it. It's going to be part of our core as is the productivity and the ongoing cost reduction and margin expansion.

是的。所以，在增量方面，特別是關於補償方面，我在準備好的評論中給出的數字是 2.55 億美元。所以你的估計基本上正確。當我們翻開新的一頁，展望 2026 年時，我們認為，總體而言，情況已經趨於正常化。所以，你不應該期望我們像我們討論的那樣，在瀑布圖中實際添加一個具體的長條圖來展示競爭對手的情況。它將成為我們核心業務的一部分，就像提高生產力、持續降低成本和擴大利潤率一樣。

Again, that part has generally normalized. We've got really good motions in place to continue to work on margin expansion broadly using all the levers inside the organization, whether you're talking about price, cost reduction and margin expansion, again, or just continued leverage on the business. So again, feel very comfortable around trying to drive towards that 40%.

再說一遍，那部分情況整體上已經恢復正常了。我們已經制定了非常好的措施，繼續利用組織內部的所有槓桿，廣泛地擴大利潤率，無論是價格、成本降低和再次擴大利潤率，還是繼續利用業務槓桿。所以，再次強調，要朝著40%的目標努力，你會感到非常輕鬆。

And is the math on the cost wraparound in the right zone as well?

成本疊加部分的計算結果是否也處於正確範圍？

I think that that's correct, but --

我認為那是對的，但是--

I get it. And then, Blake, maybe on some of the -- two of the end markets. Auto growing low double digits and warehouse, e-com up 70%. Is the warehouse really being driven by -- you called out, I think, Clearpath up 25%. So just wondering if that's the big driver of warehouse and if that continues into 2026. And then on auto, we are seeing a lot of brownfield expansion plans in the US. So just wondering if in your '26 plan, whether you're expecting auto to be maintaining in the double-digit zone.

我得到它。然後，布萊克，或許會在某些——兩個終端市場。汽車產業實現兩位數低成長，倉儲和電子商務成長 70%。倉庫的真正驅動力是——我想你提到了，Clearpath 上漲了 25%。所以我想知道這是否是倉庫發展的主要驅動因素，以及這種情況是否會持續到 2026 年。在汽車產業，我們看到美國有許多棕地擴建計畫。所以我想知道，在你的 2026 年計畫中，你是否期望自動擋汽車的油耗能保持在兩位數以上。

We're expecting auto to be mid-single digits in the -- well, in fiscal year '26. It stabilized in a lot of ways. We are seeing some projects. But as they're retooling to ICE and hybrid again, but we're not placing a lot of bets on CapEx all springing back there. With respect to e-commerce and warehouse automation, it is really a shared contribution across the company in both traditional sources of value like Logix and variable speed drives and motion control, along with some of the newer things that do include the OTTO AMRs as well as software throughout that.

我們預期汽車產業在——嗯，也就是 2026 財年——將達到個位數中段的成長率。它在很多方面都趨於穩定。我們正在關註一些項目。但他們正在重新調整生產線，轉向內燃機和混合動力，但我們不認為資本支出會全部恢復到那個水準。在電子商務和倉庫自動化方面，這實際上是公司上下共同努力的結果，既包括 Logix、變速驅動器和運動控制等傳統價值來源，也包括 OTTO AMR 以及相關的軟體等一些較新的技術。

So it's an industry. And as we've talked about it, it's multifaceted. To be sure, there's some data center in there, but there's also parcel handling. There's CPG companies that have their own warehousing as well. And we have great readiness to serve in that area, which many of these customers have identified as kind of a hidden opportunity for major productivity in their operations.

所以，這是一個產業。正如我們之前討論過的，它是多方面的。沒錯，那裡確實有一些資料中心，但也有包裹處理設施。也有一些消費品公司擁有自己的倉庫。我們已做好充分準備，在該領域提供服務，許多客戶都認為這是一個提高營運效率的潛在機會。

Julianne, we'll take one more question.

朱莉安娜，我們再回答一個問題。

Jeff Sprague, Vertical Research.

Jeff Sprague，Vertical Research。

Christian, I just want to come back to sort of understanding sort of the Sensia accounting and sort of like in my simple mind, right, I think if you and Schlumberger are picking up your ball and going home, there shouldn't be a charge. But I understand you build an organization and, therefore, you need to take a charge around dismantling it. But if you're dismantling overhead as you take it apart, why isn't there some earnings benefit going forward from the dissolution of those costs? Hopefully, that makes sense. That's what I'm a little confused by.

克里斯蒂安，我只是想回到理解Sensia會計制度的問題上來，在我看來，如果你和斯倫貝謝公司收拾東西回家，那就不應該被收費。但我明白，你建立了一個組織，因此，你需要負責解散它。但是，如果你在拆卸過程中也拆除了管理費用，為什麼這些成本的消除不會帶來未來的效益呢？希望這樣解釋清楚了。這就是我有點困惑的地方。

Yeah, it does make sense. There's a couple of factors that go with this. Obviously, when we established the joint venture, we did have to put it onto our balance sheet that had a value to it. So when we took the decision to dissolve it, there was an impairment that occurred. So we had to recognize that, which was what we did in the fourth quarter.

是的，這很有道理。這其中涉及幾個因素。顯然，當我們成立合資企業時，我們必須將其計入我們的資產負債表，使其具有價值。因此，當我們決定解散它時，就出現了損失。所以我們必須認識到這一點，而這正是我們在第四季所做的。

As we pull apart those pieces, there are parts that come back to Rockwell, there are parts that go to SLB, and there is a P&L that's attached to both of those as well as assets that go with them and employees and whatnot. And so there's a bunch of mathematics that go with it. There are some other minor transactional costs that will occur as we get closer to the closing date.

當我們把這些部分拆解開來時，有些部分會回到羅克韋爾，有些部分會交給斯隆-凱特琳，損益表與這兩部分都有關聯，還有相關的資產、員工等等。因此，這其中涉及很多數學知識。隨著交割日期的臨近，還會產生一些其他較小的交易費用。

So generally, that's how it all pulls together. And when we think about what the future state is going to be, again, as Blake mentioned, we do expect it to be somewhat beneficial to our overall company margins as well as that for the Lifecycle Services business.

所以總的來說，事情就是這樣連結起來的。當我們思考未來情況時，正如布萊克提到的那樣，我們預計這將對我們公司的整體利潤率以及生命週期服務業務的利潤率產生一定程度的積極影響。

Understood. And then, corporate looks low even kind of making the adjustment for the asbestos-related accounting. Is this where some of the overhead and restructuring and kind of cost actions that you've talked about are really bearing fruit? Or is there some kind of change in allocation between corp and the segments going on? And is that [$100 million-ish] a pretty good run rate going forward? Maybe it grows with inflation going forward, but is that a pretty good baseline?

明白了。即使考慮到與石棉相關的會計處理，公司財務狀況看起來仍然很低。您之前提到的一些管理費用調整、重組和成本控制措施是否真的開始取得成效了？或者說，公司和各業務部門之間的資源分配發生了某種變化？那麼，未來每年1億美元的收入水準是否相當不錯呢？未來它或許會隨著通貨膨脹而成長，但這算是比較合理的基準嗎？

Yeah, the [$100 million] is a pretty good baseline. The delta -- you're right, there's a couple of deltas that are happening there. One is the removal of the asbestos and environmental. The other part is the driver of that next step of the reduction is related to the implementation costs on our cost reduction and margin expansion activities that we incurred in fiscal '25. A lot of that's built into our base right now, and it's being driven more within the various aspects in the segments. So that's where that's going, but it's also -- a lot of those costs, those execution costs are also going to be going away.

是的，1億美元是相當不錯的基準線。你說得對，那裡確實存在著幾個不同的區域。一是清除石棉和環境污染。另一部分原因是推動下一步減產的因素與我們在 2025 財年進行的成本削減和利潤率擴張活動所產生的實施成本有關。目前，許多因素都已融入我們的基礎架構中，並且更多地體現在各個細分市場的各個方面。所以這就是未來的發展方向，但同時，許多執行成本也會消失。

Great. That concludes today's conference call. Thank you for joining us today.

偉大的。今天的電話會議到此結束。感謝您今天蒞臨。

At this time, you may disconnect. Thank you.

此時，您可以斷開連線。謝謝。