雷神技術公司 (RTX) 2025 Q3 法說會逐字稿

Good day, and welcome to the RTX third quarter 2025 earnings conference call. My name is Desiree, and I will be your operator for today. As a reminder, this conference is being recorded for replay purposes.

大家好，歡迎參加 RTX 2025 年第三季財報電話會議。我叫 Desiree，今天我將擔任您的接線生。提醒一下，本次會議將會被錄音以供重播。

On the call today are Chris Calio, Chairman and Chief Executive Officer; Neil Mitchill, Chief Financial Officer; and Nathan Ware, Vice President of Investor Relations. This call is being webcast live on the Internet, and there is a presentation available for download from RTX’s website at www.rtx.com.

參加今天電話會議的有董事長兼首席執行官克里斯·卡利奧 (Chris Calio)、首席財務官尼爾·米切爾 (Neil Mitchill) 和投資者關係副總裁內森·韋爾 (Nathan Ware)。本次電話會議正在網路上進行現場直播，您可以從 RTX 的網站 www.rtx.com 下載簡報。

Please note, except where otherwise noted, the company will speak to results from continuing operations, excluding acquisition accounting adjustments and net non-recurring and, or significant items often referred to by management as other significant items.

請注意，除非另有說明，公司將談論持續經營的結果，不包括收購會計調整和淨非經常性項目和/或管理層通常稱為其他重要項目的重大項目。

The company also reminds listeners that the earnings and cash flow expectations and any other forward-looking statements provided in this call are subject to risks and uncertainties. RTX SEC filings, including its forms 8-K, 10-Q, and 10-K, provide details on important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements.

該公司還提醒聽眾，本次電話會議中提供的收益和現金流預期以及任何其他前瞻性陳述都存在風險和不確定性。RTX SEC 文件（包括其 8-K、10-Q 和 10-K 表格）詳細說明了可能導致實際結果與前瞻性聲明中預期的結果有重大差異的重要因素。

(Operator Instructions) With that, I will turn the call over to Mr. Calio.

（操作員指示）說完這些，我將把電話轉給卡利奧先生。

Thank you, and good morning, everyone. We delivered a very strong quarter of results in Q3, which reflects our intense focus on execution, the broad utilization of our CORE operating system, and the durable demand for our products.

謝謝大家，早安。我們在第三季取得了非常強勁的業績，這反映了我們對執行的高度重視、我們核心作業系統的廣泛利用以及對我們產品的持久需求。

On the top-line, sales were up 13% organically year-over-year, with double-digit growth in each of commercial OE, commercial aftermarket, and defense. Adjusted segment operating profit was up 19% year-over-year with growth and margin expansion across all three segments.

整體而言，銷售額年增 13%，其中商用原廠配套、商用售後市場和國防領域均達到兩位數成長。調整後的分部營業利潤年增 19%，三個分部均實現成長和利潤率擴大。

And free cash flow was robust at $4 billion in the quarter, keeping us on track for the full year. Underpinning these results is the continued strength in the global demand for our products and services. In commercial aerospace, passenger air travel has remained resilient, with global RPKs on track for approximately 5% growth this year.

本季自由現金流強勁，達到 40 億美元，使我們全年的業績保持在正軌。這些業績的支撐是全球對我們產品和服務的持續強勁需求。在商業航空航太領域，客運航空旅行保持強勁，今年全球 RPK 可望成長約 5%。

We continue to see positive OE production trends, which drove a significant increase in production at Collins in the quarter, as well as at Pratt, which saw a 6% growth in large commercial engine deliveries. Commercial aftermarket also remains strong, supported by our large and growing installed base, including over 100 billion of out of warranty content at Collins and heavier shop visit content across our MRO activities.

我們繼續看到積極的 OE 生產趨勢，這推動了柯林斯本季產量的大幅成長，以及普惠的產量，其大型商用引擎交付量增加了 6%。商業售後市場也保持強勁，這得益於我們龐大且不斷增長的安裝基礎，其中包括柯林斯超過 1000 億的保固期外內容以及我們 MRO 活動中更繁重的返廠維修內容。

Aircraft retirements have remained low, with only 1.5% of the V2500 fleet retired so far this year. In Pratt Canada, with nearly 70,000 engines in service, has seen over 15% growth year-to-date in commercial aftermarket.

飛機退役率一直保持在較低水平，今年迄今為止，V2500 機隊僅有 1.5% 退役。普惠加拿大公司目前有近 7 萬台發動機投入使用，今年迄今商用售後市場成長率已超過 15%。

On the defense side, we continue to be exceptionally well positioned to meet the growing needs of our US and international customers, in particular with respect to munitions and integrated air and missile defense, both core capabilities of our company.

在國防方面，我們繼續處於非常有利的地位，以滿足美國和國際客戶日益增長的需求，特別是在彈藥和綜合防空反導方面，這兩者都是我們公司的核心能力。

On the orders front, our book-to-bill in the quarter was 1.63, resulting in a backlog of $251 billion, up 13% year-over-year. The activity in the quarter included $37 billion of new awards, with $23 billion of defense, and $14 billion of commercial orders.

在訂單方面，本季我們的訂單出貨比為 1.63，積壓訂單金額為 2,510 億美元，較去年同期成長 13%。本季的活動包括 370 億美元的新合同，其中國防合同 230 億美元，商業合同 140 億美元。

On the commercial side, through Q3, our book-to-bill this year is 1.71%, and our backlog has grown 18% since the end of 2024, showing the exceptional demand for our products and technologies at both Collins and Pratt.

在商業方面，截至第三季度，我們今年的訂單出貨比為 1.71%，自 2024 年底以來，我們的積壓訂單增加了 18%，這表明柯林斯和普惠對我們的產品和技術有著極大的需求。

At Raytheon, we booked over $8 billion of orders for munitions, including approximately $2.5 billion for GEM-T to support multiple international customers and $2.1 billion for AMRAAM, the largest order in the 30 year history of that program.

在雷神公司，我們獲得了超過 80 億美元的彈藥訂單，其中包括約 25 億美元的 GEM-T 訂單（用於支持多個國際客戶）和 21 億美元的 AMRAAM 訂單，這是該計劃 30 年曆史上最大的訂單。

Raytheon was also awarded a significant counter drone contract for Coyote production from the US Army. Coyote has proven to be extremely effective in the field, and we've recently developed a lower cost, non-kinetic Coyote payload to combat drone swarms.

雷神公司也獲得了美國陸軍生產「郊狼」反無人機的重要合約。事實證明，Coyote 在戰場上非常有效，我們最近開發了一種成本較低、非動能的 Coyote 有效載荷來對抗無人機群。

And Pratt was awarded over $3 billion to support the F135 engine, including the Lot 18 production contract. So overall, our end markets and operational performance remain strong as we enter the fourth quarter. Based on this, we're raising our full year outlook for adjusted sales and EPS and maintaining our free cash flow outlook of $7 billion to $7.5 billion.

普惠公司獲得了超過 30 億美元的資金來支持 F135 發動機，其中包括第 18 批生產合約。因此整體而言，進入第四季度，我們的終端市場和營運表現依然強勁。基於此，我們上調了全年調整後銷售額和每股盈餘的預期，並維持 70 億美元至 75 億美元的自由現金流預期。

Neil will take you through the details in a few minutes, but before that, let me provide an update on our strategic priorities on slide 4. Starting with executing on our commitments, our focus on driving performance improvements through our CORE operating system has continued to generate productivity across RTX.

尼爾將在幾分鐘內向您介紹詳細信息，但在此之前，請允許我在第 4 張幻燈片上介紹一下我們的戰略重點。從履行承諾開始，我們專注於透過 CORE 作業系統推動效能改進，並持續提高 RTX 的生產力。

Through Q3, we have delivered 10% organic sales growth this year while keeping headcount flat across the organization. This has been a key enabler in driving six consecutive quarters of year-over-year adjusted segment margin expansion.

截至第三季度，我們今年實現了 10% 的有機銷售額成長，同時整個組織的員工人數保持不變。這是推動調整後分部利潤率連續六季年成長的關鍵因素。

With respect to the GTF fleet management plan, our financial and technical outlook remains on track. PW1100 MRO output was up 9% in the quarter and is up 21% year-to-date. We continue to work with our supply chain partners to increase the flow of critical value stream material to ramp MRO output.

關於 GTF 機隊管理計劃，我們的財務和技術前景仍然正常。PW1100 MRO 產量本季成長 9%，年初至今成長 21%。我們繼續與我們的供應鏈合作夥伴合作，增加關鍵價值流材料的流動，以提高 MRO 產量。

In Q3, we saw another quarter of solid progress with growth in isothermal forgings up 16%, and structural castings up 29% year-over-year. Exiting the third quarter, this material flow has supported a record high number of PW1100 Gate 3 starts, which is where we reassemble engines during a shop visit.

第三季度，我們又取得了穩定進展，等溫鍛件年增 16%，結構鑄件年增 29%。在第三季結束後，這一物料流支持了創紀錄的 PW1100 Gate 3 啟動次數，這是我們在車間訪問期間重新組裝引擎的地方。

Putting Pratt in a position to deliver about 30% MRO output growth for the year. And across the company, we continue to focus on increasing critical manufacturing capacity to support growth, including investing over $600 million this year in expansion projects.

這使得普惠航空今年的 MRO 產量預計將成長約 30%。在整個公司範圍內，我們繼續致力於提高關鍵製造能力以支持成長，包括今年投資超過 6 億美元用於擴建項目。

For example, Raytheon is on track to invest $300 million in capacity expansion to deliver the growing backlog. This includes the Redstone Missile Integration Facility in Huntsville, Alabama, which will increase site capacity by 50% and support the growing demand for our naval programs, including the Standard Missile franchise.

例如，雷神公司計劃投資 3 億美元擴大產能，以滿足不斷增長的積壓訂單。其中包括位於阿拉巴馬州亨茨維爾的紅石飛彈整合設施，該設施將使場地容量增加 50%，並支持我們海軍計畫（包括標準飛彈系列）日益增長的需求。

Shifting to innovating for future growth, Pratt Canada was selected by the EU's Clean Aviation Program to design and integrate a hybrid electric propulsion demonstrator for regional aircraft. This system integrates a 250 kilowatt electric motor and advanced propeller technology from Collins, and is expected to improve fuel efficiency by approximately 20%.

普惠加拿大公司轉向創新以實現未來成長，被歐盟清潔航空計畫選中，負責設計和整合用於支線飛機的混合電力推進演示器。該系統整合了250千瓦電動馬達和柯林斯先進的螺旋槳技術，預計可提高燃油效率約20%。

Additionally, Collins is nearing final certification of its next generation braking system for the A321 XLR aircraft. The design incorporates proprietary carbon technology and is expected to extend brake life and drive improved profitability in our maintenance support portfolio.

此外，柯林斯即將對其用於 A321 XLR 飛機的下一代煞車系統進行最終認證。該設計採用了專有的碳技術，預計將延長煞車壽命並提高我們維護支援產品組合的獲利能力。

And Raytheon recently demonstrated two significant effector technology achievements. The AMRAAM team successfully completed the longest ever air-to-air shot from a fifth-generation fighter. And the StormBreaker team, in just 50 days designed, developed, and tested a new ground launch demonstrator version of this air-launched effector, which will expand the capabilities and future applications for this product.

雷神公司最近展示了兩項重要的效應器技術成果。AMRAAM 團隊成功完成了第五代戰鬥機有史以來最長的空對空射擊。StormBreaker 團隊僅用 50 天就設計、開發並測試了此空射效應器的新型地面發射演示版本，這將擴展該產品的功能和未來應用。

And finally, we remain focused on leveraging the breadth and scale of RTX. As we've highlighted before, we continue to develop and deploy our data analytics and AI tools to improve productivity and the speed and quality of decision making in our business.

最後，我們仍然專注於利用 RTX 的廣度和規模。正如我們之前所強調的那樣，我們將繼續開發和部署數據分析和人工智慧工具，以提高生產力以及業務決策的速度和品質。

We're strategically using these tools to support the highest impact opportunities across the company, including increasing munitions and OE production rates, growing GTF MRO output, and improving sales and inventory planning and management.

我們正在策略性地使用這些工具來支援整個公司最具影響力的機會，包括提高彈藥和 OE 生產率、增加 GTF MRO 產量以及改善銷售和庫存計劃和管理。

For example, the Raytheon AMRAAM team has deployed multiple proprietary digital AI tools to proactively identify production bottlenecks and reduce rework, which has contributed to output more than doubling year-to-date through Q3 on the program.

例如，雷神公司 AMRAAM 團隊部署了多種專有數位 AI 工具，以主動識別生產瓶頸並減少返工，這使得該專案截至第三季的產量增加了一倍以上。

These examples highlight the progress that we continue to make across our strategic priorities, and I'm pleased with the results they are yielding throughout the company. With that, let me turn it over to Neil to take you through the third quarter results and our updated outlook for the full year. Neil?

這些例子凸顯了我們在策略重點方面不斷取得的進展，我對它們在整個公司的成果感到滿意。接下來，請尼爾向您介紹第三季的業績以及我們對全年的最新展望。尼爾？

All right, Chris. Thanks. I'm on slide 5. In the third quarter, adjusted sales of $22.5 billion were up 12% on an adjusted basis and 13% organically. As Chris mentioned, this was a very strong result in the quarter with commercial aftermarket up 18% and commercial OE and defense, both up 10%.

好的，克里斯。謝謝。我在第 5 張投影片。第三季度，調整後銷售額為 225 億美元，調整後成長 12%，有機成長 13%。正如克里斯所提到的，本季的業績非常強勁，商業售後市場成長了 18%，商業 OE 和國防市場均成長了 10%。

Adjusted segment operating profit of $2.8 billion was up 19%, and we saw 70 basis points of consolidated segment margin expansion with contributions from all three segments. Adjusted earnings per share of $1.70 was up 17% from the prior year, driven primarily by segment operating profit growth.

調整後的分部營業利潤為 28 億美元，成長 19%，在三個分部的共同貢獻下，合併分部利潤率擴大了 70 個基點。調整後每股收益為 1.70 美元，較上年增長 17%，主要得益於部門營業利潤的成長。

In addition, the quarter also benefited from several tax items, including legal entity reorganizations which impacted EPS by approximately $0.12. These items more than offset a $0.04 headwind from the recently enacted tax legislation.

此外，本季也受惠於多項稅務項目，包括法人實體重組，其對每股盈餘的影響約為0.12美元。這些項目足以抵銷近期稅改法案帶來的0.04美元的不利影響。

On a GAAP basis, EPS from continuing operations was $1.41 and included $0.29 of acquisition accounting adjustments. Free cash flow was very strong at $4 billion driven by working capital improvement, including strong collections and some advanced payments tied to contract awards in the quarter that were accelerated from Q4.

根據 GAAP 計算，持續經營業務的每股收益為 1.41 美元，其中包括 0.29 美元的收購會計調整。自由現金流非常強勁，達到 40 億美元，這得益於營運資本的改善，包括強勁的收款和與本季度合約授予相關的一些預付款，這些預付款自第四季度以來有所加速。

Cash flow for the quarter also included approximately $275 million for powder metal related compensation and $220 million of tariff-related impacts. With respect to capital allocation, we returned over $900 million to shareowners through dividends in the quarter. And with our focus on further strengthening our balance sheet, we paid down $2.9 billion of debt in the quarter.

本季現金流還包括約 2.75 億美元的粉末金屬相關補償和 2.2 億美元的關稅相關影響。在資本配置方面，我們本季透過股息向股東返還了超過 9 億美元。我們專注於進一步加強資產負債表，本季我們償還了 29 億美元的債務。

And finally, during the quarter, we completed the sale of the actuation business. And earlier this month, we also completed the sale of Collins’ Simmons Precision Products business for $765 million.

最後，在本季度，我們完成了執行器業務的出售。本月初，我們還以 7.65 億美元的價格完成了柯林斯西蒙斯精密產品業務的出售。

Okay. Turning to slide 6. Let me provide a few details on our updated outlook for the full year. As you've seen with our third quarter results, execution and momentum across all three segments continues to be strong.

好的。翻到幻燈片 6。讓我提供一些有關我們更新後的全年展望的細節。正如您從我們第三季的業績中看到的，三個部門的執行力和發展勢頭持續強勁。

Given this operating performance, along with the strength of our end markets, we are updating our outlook for the full year. On the top line, we are raising our full year adjusted sales outlook to a range of $86.5 billion to $87 billion, up from our prior range of $84.75 billion to $85.5 billion. This now translates to between 8% and 9% organic sales growth for the year, up from our prior range of 6% to 7%.

鑑於這項經營業績以及我們終端市場的強勁表現，我們正在更新全年展望。就營收而言，我們將全年調整後銷售額預期從先前的 847.5 億美元至 855 億美元上調至 865 億美元至 870 億美元。這意味著今年的有機銷售額成長率將達到 8% 至 9%，高於我們先前的 6% 至 7% 的預期。

By channel, at the RTX level and adjusting for divestitures, we now expect commercial aftermarket sales to grow mid-teens year-over-year, up from our prior outlook of low teens, primarily driven by heavier shop visit content that we saw in Q3 at Pratt.

按通路劃分，在 RTX 層級並根據資產剝離進行調整後，我們現在預計商業售後市場銷售額將同比增長 15% 左右，高於我們先前預測的 15% 左右，這主要得益於我們在 Pratt 第三季度看到的店內訪問量增加。

On the commercial OE side, we expect sales to grow around 10% for the year, up from our prior outlook of high single digits year-over-year. And on defense, we continue to expect sales to grow mid-single digits. On the bottom line, given the performance across all three segments, we are increasing adjusted earnings per share $0.30 on the low end of our range and $0.25 on the high end.

在商業 OE 方面，我們預計今年的銷售額將成長 10% 左右，高於我們先前預測的年比高個位數成長。在國防方面，我們繼續預期銷售額將實現中等個位數成長。總的來說，考慮到所有三個部門的表現，我們將調整後每股收益下限提高 0.30 美元，上限提高 0.25 美元。

At the midpoint, the increase is primarily driven by approximately $0.20 of improved segment operating profit with the rest coming from a few below-the-line items. And within this updated outlook, there is no change to the net tariff headwind we discussed on our last earnings call.

從中間值來看，成長主要得益於部門營業利潤增加約 0.20 美元，其餘部分則來自一些低於標準的項目。在這次更新的展望中，我們在上次財報電話會議上討論的淨關稅逆風沒有改變。

All in, we now see adjusted EPS at a new range of between $6.10 and $6.20 for the full year, up from our prior range of $5.80 to $5.95. Specific to Q4, we expect another quarter of strong operational performance at the segment level, with segment profit up around 10% year-over-year, excluding the impact of tariffs and recent divestitures at Collins.

總體而言，我們目前預計全年調整後每股收益將介於 6.10 美元至 6.20 美元之間，高於我們之前的 5.80 美元至 5.95 美元的區間。具體到第四季度，我們預計該部門的營運業績將再次強勁增長，扣除關稅和柯林斯近期資產剝離的影響，部門利潤將同比增長約 10%。

Below the line, the Q3 $0.12 tax benefit I mentioned will not repeat. We expect a higher effective tax rate in the fourth quarter. On free cash flow, we are on track to achieve our outlook of between $7 billion and $7.5 billion for the year. The primary drivers of our fourth quarter free cash flow will be the same as we saw in the third quarter, segment operating profit growth and working capital improvement.

下面，我提到的第三季 0.12 美元的稅收優惠將不會重複。我們預計第四季的有效稅率將會更高。在自由現金流方面，我們預計將實現今年 70 億美元至 75 億美元的預期。我們第四季自由現金流的主要驅動因素與第三季相同，即分部營業利潤成長及營運資本改善。

And as we look beyond this year, we feel good about the momentum we're seeing across our business, including our growing backlog and end market strength that continues to position us well for continued top line growth, margin expansion and solid free cash flow conversion.

展望今年，我們對整個業務的發展勢頭感到滿意，包括不斷增長的積壓訂單和終端市場實力，這將繼續為我們持續的收入增長、利潤率擴大和穩健的自由現金流轉換奠定良好基礎。

And like we do every year, we'll be back on our fourth quarter earnings call in January with our detailed outlook for 2026. So with that, let me hand it over to Nathan to take you through the segment results for the third quarter.

和每年一樣，我們將在 1 月的第四季財報電話會議上發布 2026 年的詳細展望。因此，讓我將時間交給 Nathan，讓他向您介紹第三季的分部表現。

All right. Thanks, Neil. Starting with Collins on slide 7. Sales were $7.6 billion in the quarter, up 8% on an adjusted basis and 11% organically, driven by strength across all three channels. Adjusting for divestitures by channel, commercial OE sales were up 16% versus prior year, driven primarily by higher volume on narrowbody platforms.

好的。謝謝，尼爾。從幻燈片 7 上的柯林斯開始。本季銷售額為 76 億美元，調整後成長 8%，有機成長 11%，這得益於三個通路的強勁成長。依照通路資產剝離進行調整後，商用 OE 銷售額較上年同期成長 16%，主要得益於窄體平台銷量的增加。

Recall, last year included the impact of the Boeing work stoppage in the quarter. Commercial aftermarket sales were up 13%, driven by a 17% increase in mods and upgrades, a 13% increase in parts and repair and a 10% increase in provisioning.

回想一下，去年該季度包括了波音公司停工的影響。商業售後市場銷售額成長 13%，其中改裝和升級成長 17%，零件和維修成長 13%，供應成長 10%。

Defense sales were up 6% versus the prior year, driven by higher volume across multiple programs and platforms, including the Survivable Airborne Operations Center program. Adjusted operating profit of $1.2 billion was up $98 million versus the prior year as drop-through on higher commercial aftermarket, defense and commercial OE volume, along with lower R&D expense was partially offset by unfavorable commercial OE mix and the impact of higher tariffs across the business.

國防銷售額較上年同期成長 6%，這得益於包括可生存空降作戰中心計畫在內的多個計畫和平台的銷售成長。調整後的營業利潤為 12 億美元，較上年增長 9,800 萬美元，原因是商業售後市場、國防和商業 OE 銷量增加以及研發費用降低導致利潤下降，但被不利的商業 OE 組合和整個業務關稅上調的影響部分抵消。

Turning to Collins full year outlook. We continue to expect sales to grow mid-single digits year-over-year on an adjusted basis and high single digits organically. And we now expect operating profit growth between $325 million and $375 million versus 2024, up from our prior expectation of between $275 million and $350 million driven by drop-through on higher commercial aftermarket volume. Keep in mind, this updated profit range includes an approximately $60 million year-over-year headwind associated with the business divestitures completed this year.

談柯林斯全年展望。我們繼續預期銷售額在調整後將年增中個位數，有機成長將達到高個位數。我們現在預計，與 2024 年相比，營業利潤將成長 3.25 億美元至 3.75 億美元，高於我們先前預期的 2.75 億美元至 3.5 億美元，原因是商業售後市場銷售增加導致營業利潤下降。請記住，更新後的利潤範圍包括與今年完成的業務剝離相關的約 6000 萬美元的同比不利因素。

Shifting to Pratt and Whitney on slide 8. Sales of $8.4 billion were up 16% on both an adjusted and organic basis, driven by strength across all channels. Commercial OE sales were up 5%, driven by increased volume in large commercial engines and favorable mix in Pratt Canada. Commercial aftermarket sales were up 23%, driven by higher volume in both large commercial engines and Pratt Canada.

在第 8 張投影片轉向普惠公司。由於所有通路的強勁成長，銷售額達到 84 億美元，按調整後和有機基礎計算均成長了 16%。商用 OE 銷售額成長 5%，這得益於大型商用引擎銷售的成長以及普惠加拿大的良好產品組合。受大型商用引擎和普惠加拿大銷量成長的推動，商用售後市場銷售額成長了 23%。

In military engines, sales were up 15% in the quarter driven primarily by the F135 program, including higher volume associated with the Lot 18 contract award. Adjusted operating profit of $751 million was up $154 million versus the prior year, driven by drop-through on higher commercial aftermarket and military volume. This growth more than offset increased large commercial OE deliveries, higher SG&A expense and the impact of higher tariffs across the business.

在軍用發動機方面，本季銷售額增長了 15%，這主要得益於 F135 項目，其中包括與 Lot 18 合約授予相關的銷量增長。調整後的營業利潤為 7.51 億美元，較上年增長 1.54 億美元，主要由於商業售後市場和軍用銷售增加導致利潤下降。這一增長足以抵消大型商用 OE 交付量的增加、銷售、一般及行政費用的增加以及整個業務關稅上調的影響。

Turning to Pratt's full year outlook. We now expect sales to grow low to mid-teens on an adjusted and organic basis. An increase from our prior range of up low double digits, driven by strength in commercial aftermarket and favorable commercial OE mix.

談談普拉特的全年展望。我們現在預計銷售額將在調整後和有機基礎上實現低至中等幅度的成長。由於商業售後市場的強勁表現和有利的商業 OE 組合，銷售額較之前的低兩位數成長有所提升。

And we now expect operating profit growth between $350 million and $400 million versus 2024, up from our prior expectation of between $200 million and $275 million driven by drop-through on higher commercial aftermarket volume and favorable commercial OE mix.

我們現在預計，與 2024 年相比，營業利潤將成長 3.5 億美元至 4 億美元，高於我們先前預期的 2 億美元至 2.75 億美元，這主要是由於商業售後市場銷量增加和商業 OE 組合有利而導致的。

Now turning to Raytheon on slide 9. Sales of $7 billion in the quarter were up 10% on both an adjusted and organic basis, driven by higher volume on land and air defense systems, including international Patriot and higher volume on naval programs, including multiple classified programs, SM-6 and the Evolved SeaSparrow Missile.

現在轉到幻燈片 9 上的雷神公司。本季銷售額為 70 億美元，按調整後和有機基礎計算均增長了 10%，這得益於陸地和防空系統（包括國際愛國者飛彈）銷量的增加，以及海軍項目（包括多個機密項目、SM-6 和改進型海麻雀飛彈）銷量的增加。

Adjusted operating profit of $859 million was up $198 million versus the prior year, driven by favorable program mix, including international Patriot, improved net productivity and higher volume. Net productivity improved $57 million year-over-year. Recall, Q3 of last year included an unfavorable impact of $53 million related to a classified program. Bookings in the quarter were $15.9 billion, resulting in a book-to-bill of 2.27 and a record backlog of $72 billion.

調整後的營業利潤為 8.59 億美元，比上年增長 1.98 億美元，這得益於包括國際愛國者飛彈在內的有利項目組合、淨生產率的提高和銷量的增加。淨生產力年增了 5700 萬美元。回想一下，去年第三季因一項機密計畫而產生的不利影響達 5,300 萬美元。本季訂單金額為 159 億美元，訂單出貨比為 2.27，積壓訂單額達到創紀錄的 720 億美元。

International backlog represented 44% of Raytheon's total at the end of the quarter and was up 18% on a dollar basis year-over-year. Other key awards in the quarter included $1.5 billion for LTAMDS production and over $500 million for Stinger production. These awards will support both domestic and international customers. And on a rolling 12 month basis, Raytheon's book-to-bill is 1.43.

截至本季末，國際積壓訂單佔雷神公司總訂單的 44%，以美元計算年增 18%。本季的其他主要獎項包括 15 億美元的 LTAMDS 生產獎項和超過 5 億美元的 Stinger 生產獎。這些獎項將為國內和國際客戶提供支援。以連續 12 個月計算，雷神公司的訂單出貨比為 1.43。

Turning to Raytheon's full year outlook. We continue to expect sales to grow low single digits year-over-year on an adjusted basis and mid-single digits organically. And we now expect operating profit growth between $400 million and $450 million versus 2024, up from our prior expectation of between $225 million and $300 million driven by the favorable international program mix we saw during the third quarter. With that, I'll hand it back over to Chris.

談談雷神公司的全年展望。我們繼續預期銷售額在調整後將年增低個位數，有機成長將達到中等個位數。我們現在預計，與 2024 年相比，營業利潤將成長 4 億至 4.5 億美元，高於我們先前預期的 2.25 億至 3 億美元，這得益於我們在第三季看到的有利的國際項目組合。說完這些，我就把它交還給克里斯。

Okay. Thanks, Nathan. We have great momentum across RTX. We delivered strong top and bottom line growth this quarter, and our end markets remain robust as seen by our recent customer wins and 1.63 book-to-bill in the quarter.

好的。謝謝，內森。我們在 RTX 上有著強勁的發展勢頭。本季度，我們的營收和利潤均實現了強勁增長，並且我們的終端市場依然保持強勁，這從我們近期贏得的客戶和本季 1.63 的訂單出貨比可以看出。

Our backlog now stands at $251 billion, and we remain focused on our strategic priorities across the company, giving us confidence in our ability to deliver strong growth in sales, earnings and free cash flow well beyond this year. With that, let's open it up for questions.

我們的積壓訂單目前為 2510 億美元，我們仍然專注於整個公司的戰略重點，這使我們有信心在今年之後實現銷售額、收益和自由現金流的強勁增長。好了，讓我們開始提問吧。

(Operator Instructions) Rob Stallard, Vertical Research.

（操作員指示） Rob Stallard，Vertical Research。

Thanks so much. Good morning.

非常感謝。早安.

Good morning, Rob.

早安，羅布。

This is probably for Neil. You've raised the aerospace OEM guidance for the year. So wondering if you could dive into the details below that and probably in conjunction for Chris I suppose, how confident are you in delivering those new GTF engines to Airbus with regard to their target for the full year? Thank you.

這可能是給尼爾的。您已經提高了今年的航空航天 OEM 指導。所以我想知道您是否可以深入了解以下細節，並且可能與克里斯一起，我想，您對向空中巴士交付這些新的 GTF 引擎以實現其全年目標有多大信心？謝謝。

Thanks, Rob. Let me start on the guidance, and then I'll hand it over to Chris. Again, really strong quarter here in the third quarter. And what we've done with our outlook is we've dropped through that goodness for the full year, also taking up the top line.

謝謝，羅布。讓我先開始指導，然後我會把它交給克里斯。再次，第三季表現確實非常強勁。我們對前景所做的就是，我們在全年都實現了這一良好表現，同時也佔據了營收的主導地位。

If I kind of focus that around the midpoint, at the top line at the RTX level, we'll see about a $1.6 billion increase. Commercial aftermarket is a large portion of that. Commercial OE is about $200 million there. I'd say that $50 million of that is coming from Collins. The rest of it is at Pratt and Whitney.

如果我把重點放在中點，也就是 RTX 等級的頂線上，我們將看到約 16 億美元的成長。商業售後市場佔其中很大一部分。那裡的商業 OE 價值約為 2 億美元。我想說其中 5000 萬美元來自柯林斯。其餘部分則在普惠公司。

And what we're seeing there is continued delivery strength on the Collins side, particularly as we get into the last quarter of the year here on increased rates on 737 and 787. And on the Pratt side, I'd attribute that to the engine mix.

我們看到柯林斯的交付力度持續增強，特別是進入今年最後一個季度，737 和 787 的交付率有所提高。而從普惠方面來看，我認為這是引擎組合的原因。

On the aftermarket side, a lot of that sits at Pratt and Whitney. About $1.1 billion of the $1.6 billion that we're talking about on the increase sits inside of Pratt and Whitney with the majority of that in the aftermarket. We had a really strong third quarter. As you heard Chris talk about the increase in MRO output is driving GTF aftermarket.

在售後市場方面，很大一部分業務集中在普惠公司。在我們所說的增加的 16 億美元中，約有 11 億美元屬於普惠公司內部，其中大部分用於售後市場。我們的第三季表現非常強勁。正如您所聽到的克里斯所說的，MRO 產量的增加正在推動 GTF 售後市場的發展。

We're also seeing strong V2500 mix and heavy shop visits there. So again, letting that drop through for the full year and you'll see that both on the top and the bottom line. And then finally, there's a couple of hundred million dollars at Raytheon on the defense side.

我們還看到那裡有強大的 V2500 組合和大量的商店訪問。因此，如果再讓這個數字在全年下降，您就會在收入和利潤上都看到這一點。最後，雷神公司在國防方面投入了數億美元。

We've got 10 consecutive quarters here of material receipt growth, and we're continuing to get ready for the delivery of that large backlog and a backlog we expect to continue to grow. So those are the big moving pieces on the top line.

我們的材料收貨量已連續 10 個季度增長，我們正在繼續為交付大量積壓訂單做好準備，預計積壓訂單數量將繼續增長。這些都是收入方面的重要變動部分。

Of course, dropping through on the bottom line, you see the profit there. We've had some favorability on below-the-line items as well, and we're letting that kind of come through as we stare at just 90 days to go.

當然，從底線來看，你會看到利潤。我們對線下專案也有一些好感，而且我們正在讓這種好感在僅剩 90 天的時間內體現出來。

Hey Rob, I'll pick it up from there on the second part of your question on deliveries. I mean, overall, we feel pretty good about how we've executed this year and supported the production ramps for both the aircraft -- for all the aircraft OEMs.

嘿，羅布，我將從那裡開始回答你關於送貨的問題的第二部分。我的意思是，總的來說，我們對今年的執行情況以及對所有飛機原始設備製造商的生產支援感到非常滿意。

We're going to continue to work very closely with Airbus to make sure that they have what they need down the stretch of the year also continuing to balance the allocation of material as we've talked about before because we've got to continue to support the fleet. So that's going to continue to be a focus.

我們將繼續與空中巴士密切合作，確保他們在今年年底前獲得所需的一切，同時繼續平衡材料分配，正如我們之前談到的，因為我們必須繼續支持機隊。因此這將繼續成為關注的焦點。

I'll remind folks that we're up over 50% versus our 2019 production levels. We've continued to ramp production pretty robustly. And again, going to work very closely with our airframe customers to make sure they have what they need, so they can hit their deliveries for the end of the year.

我要提醒大家，與 2019 年的生產水準相比，我們的產量增加了 50% 以上。我們持續大力提高產量。再次，我們將與機身客戶密切合作，確保他們獲得所需的產品，以便他們能夠在年底前完成交貨。

That's great. Thank you.

那太棒了。謝謝。

Myles Walton, Wolfe Research.

邁爾斯·沃爾頓，沃爾夫研究公司。

Thanks. Good morning. Neil, maybe just a clarification first and then maybe, Chris, a question on Raytheon segment. On the clarification, the 30% output for the full year, I just want to make sure that's 30% output for GTF and so a pretty steep 4Q MRO output improvement you're looking for there?

謝謝。早安.尼爾，也許先澄清一下，然後克里斯，也許可以問一個關於雷神公司部分的問題。關於全年 30% 產量的澄清，我只是想確保這是 GTF 30% 的產量，因此您希望第四季度 MRO 產量大幅提升嗎？

And then, Chris, on the Raytheon outlook, could you just comment on the limitations to growth. It's clearly not a demand situation here that you're poor on and would expect that the Raytheon segment's revenue would start to accelerate pretty meaningfully. Obviously, we saw some of that here in the third quarter but didn't raise the full year. And so maybe what are the limitations there?

然後，克里斯，關於雷神公司的前景，您能否評論一下增長的限制。顯然，這不是您所缺乏的需求情況，並且預計雷神公司部門的收入將開始大幅成長。顯然，我們在第三季看到了一些這樣的情況，但全年並沒有增加。那麼那裡的限制是什麼呢？

Yeah, thanks, Myles. Maybe your question on the GTF MRO output, I'll start there. And you're right, through the year-to-date, up about 20%, we need to get to that 30% level. MRO output, as I've said pretty consistently, is the key to continuing to push down our AOG levels.

是的，謝謝，邁爾斯。也許您的問題是關於 GTF MRO 輸出的，我將從那裡開始。你說得對，今年迄今為止，我們已經上漲了約 20%，我們需要達到 30% 的水平。正如我一直所說的那樣，MRO 輸出是繼續降低 AOG 水平的關鍵。

And I think we're in a pretty good position to be able to hit that 30% for the full year. And there are several factors that kind of put us in that position. And first, we exited September with the record number of Gate three starts, as I said previously, that's the reassembly and then the testing process. So we feel good how we've come out of the gate here, no pun intended.

我認為我們處於非常有利的位置，能夠實現全年 30% 的目標。有幾個因素導致我們處於這種境地。首先，我們在九月創下了三號門啟動次數的記錄，正如我之前所說，這是重新組裝然後是測試過程。因此，我們對所取得的進展感到很高興，這不是雙關語。

Material flow in the critical value streams was pretty strong. Isothermal forgings were up 16% year-over-year, as I mentioned, structural casting is 29% year-over-year. Another piece here is our repair network, demonstrated some strong increase here in Q3, 30% year-over-year. That helps lessen the demand for new parts, which should again help the flow in Gate 2.

關鍵價值流中的物質流非常強勁。正如我所提到的，等溫鍛件年增 16%，結構鑄件年增 29%。另一個方面是我們的維修網絡，在第三季表現出強勁成長，年增 30%。這有助於減少對新零件的需求，從而再次有助於 2 號門的流量。

We've continued to see progress with productivity in our shops. Again, exited Q3 in September with about 80% of our MRO completions on the GTF averaging 110 day turnaround time in the shop. And that's on heavier work scopes. So those are the things that I think put us in a position to go drive here in the fourth quarter on MRO output, ultimately, to support the fleet.

我們不斷看到商店生產力的進步。再次，9 月退出第三季時，GTF 引擎的 MRO 完成率約為 80%，車間平均​​週轉時間為 110 天。這是在更繁重的工作範圍內。因此，我認為這些因素使我們有能力在第四季度推動 MRO 產量，最終為船隊提供支援。

On your questions on Raytheon and I'll invite Neil to come in as well if he wants to talk about some of the puts and takes in the quarter. But overall, the headline story here is just continued exceptionally strong demand, right? The book-to-bill in the quarter at 2.27, $16 billion of new orders.

關於您對雷神公司的問題，如果尼爾想談論本季的一些進展，我也會邀請他來。但總體而言，這裡的頭條新聞只是持續異常強勁的需求，對嗎？本季訂單出貨比為2.27，新訂單金額為160億美元。

The demand is there, and we're continuing to invest in capacity to ensure that demand can be met. You heard us talk about the $300 million this year. If you just think about since 2020, just at Raytheon alone, it's been about $1 billion on capacity expansions and automation.

需求是存在的，我們將繼續投資產能以確保滿足需求。您聽到我們談論了今年的 3 億美元。如果你想想自 2020 年以來，光是雷神公司在產能擴張和自動化方面的投入就已達到約 10 億美元。

And then I'll tell you, for us, it's looking at the supply chain and making sure that it continues to be healthy. We're seeing our tenth consecutive quarter of material receipts growth, which is great. We've got to continue to see that accelerate upwards across all of our critical value streams, whether that be microelectronics, rocket motors and the like. So while performance has stabilized and been good. We need to continue to see that accelerate in '26 and beyond because the demand is there.

然後我會告訴你，對我們來說，就是專注於供應鏈並確保它繼續健康。我們已經連續第十個季度實現材料收入成長，這非常好。我們必須繼續看到所有關鍵價值流加速上升，無論是微電子、火箭引擎或其他類似領域。因此，儘管性能已經穩定且良好。我們需要看到這種趨勢在 26 年及以後繼續加速，因為需求就在那裡。

Chris, I'll just add to that a little bit. Myles, you alluded to it, the third quarter is seeing a very substantial 10% organic growth at Raytheon. If you look under the covers there, just a couple of kind of anecdotes. Our naval power business is in line with that level of growth, but our land and air defense systems business is significantly higher than that.

克里斯，我只想補充一點。邁爾斯，您提到了這一點，雷神公司第三季的有機成長率非常可觀，達到 10%。如果你仔細觀察，你會發現一些軼事。我們的海軍力量業務與此成長水準一致，但我們的陸地和防空系統業務的成長水準明顯高於這一水準。

So that growth that you're talking about, we're seeing come through in that side of the business, in particular, as it relates to Patriot and GEM-T output. So the business is very diverse, as you know. And when you look at it at the Raytheon level, I still think we're going to see very strong aggregate organic growth going forward. But certainly, within the areas of munitions and air and defense systems, we're seeing growth that's well above what we're reporting at the Raytheon level.

因此，我們看到您談到的成長體現在該業務方面，特別是與 Patriot 和 GEM-T 產出相關的成長。如您所知，我們的業務非常多樣化。當你從雷神公司的角度來看時，我仍然認為我們將看到未來非常強勁的整體有機成長。但可以肯定的是，在彈藥和防空系統領域，我們看到的成長遠高於雷神公司報告的成長水準。

Thanks.

謝謝。

You're welcome.

不客氣。

Peter Arment, Baird.

彼得·阿門特，貝爾德。

Yeah, thanks. Hey, good morning, Chris and Neil, and nice results.

是的，謝謝。嘿，早上好，克里斯和尼爾，結果不錯。

Thanks, Peter.

謝謝，彼得。

Maybe we just stick with in Raytheon, it's not just been a top line story or the backlog. You've also had really good performance on the margin side of things should continue to show really good margin expansion. How should we think about that?

也許我們只是堅持在雷神公司，這不僅僅是一個頭條新聞或積壓。你們在利潤方面也取得了非常好的表現，應該會繼續顯示出非常好的利潤擴張。我們該如何看待這個問題？

Is this kind of continues to see growth accelerate, but you've got higher international mix? Maybe just walk us through kind of your thinking around Raytheon's margins in the longer term? Thanks.

這種成長是否會繼續加速，但您的國際組合是否更高？能否請您向我們介紹一下您對雷神公司長期利潤的看法？謝謝。

Yeah. Peter, you're absolutely right. When we talk about the backlog at Raytheon, which is substantial huge orders in the quarter. If you think about the international portion of that backlog, it now sits at about 44%. And our top three programs in that backlog are international. So that certainly provides a tailwind.

是的。彼得，你完全正確。當我們談論雷神公司的積壓訂單時，這是本季大量的訂單。如果你考慮一下積壓訂單中的國際部分，那麼現在它大約佔 44%。我們積壓項目中排名前三的都是國際項目。因此這無疑提供了順風。

I would also tell you the team continues to focus heavily on our CORE operating system and driving productivity and efficiency in our shops to take cost down and to drive productivity. I can give you a number of examples this year where Phil and the team have used our CORE operating principles to drive increased production and to drive down cost.

我還要告訴您，團隊將繼續專注於我們的核心作業系統，並提高我們商店的生產力和效率，以降低成本並提高生產力。今年我可以給你舉一些例子，菲爾和他的團隊運用我們的核心營運原則來提高產量並降低成本。

And if you just think about some of our top programs, we're going to have significant increases in production this year. Just think AMRAAM, you think GEM-T, Coyote, significant production ramps, again, enabled by more efficiency in our shops, which, again, drives down cost and provide some margin tailwind.

如果你想想我們的一些頂級項目，你會發現今年我們的產量將會大幅增加。試想一下 AMRAAM、GEM-T、Coyote，產量顯著增加，這又得益於我們車間效率的提高，從而再次降低了成本，並提供了一定的利潤順風。

Peter, I'll add that during the third quarter, really pleased to see positive productivity on top of significant year-over-year productivity. Obviously, we had a one-time item last year. But year-to-date, it's about $75 million or so of productivity improvement. That's on top of $160 million last year. So the business is getting back to its formula of driving efficiencies and driving productivity.

彼得，我要補充一點，在第三季度，我很高興看到生產力在同比顯著增長的基礎上繼續保持積極態勢。顯然，我們去年有一個一次性項目。但今年迄今為止，生產力改善已耗資約 7,500 萬美元。這是去年 1.6 億美元的基礎上的另一個增幅。因此，企業正在回歸提高效率和生產力的模式。

And clearly, the growing backlog creates more opportunities for us to do that. So -- now those are significant items here in the quarter. The mix was heavily international focused, particularly on the Patriot deliveries, but we'll see that change a little bit in the fourth quarter. But long term, as Chris said, the mix of the backlog supports an expanding margin, and we're happy to see the productivity continuing to develop in the business.

顯然，不斷增加的積壓訂單為我們創造了更多的機會。所以——這些都是本季的重要項目。該組合主要集中在國際市場，特別是愛國者交付，但我們會看到第四季度情況略有變化。但從長遠來看，正如克里斯所說，積壓訂單的組合支持利潤率的擴大，我們很高興看到業務生產力的持續發展。

The only thing I would add to that, Peter, just to build on Neil's comment is it's not only the mix of international and domestic. It's the mix in terms of the products that you're seeing in there. In terms of the $16 billion in orders this particular quarter, $8 billion in effectors.

彼得，我唯一想補充的是，為了鞏固尼爾的評論，這不僅僅是國際和國內的混合。就您在其中看到的產品而言，它是混合的。就本季 160 億美元的訂單而言，效應金額為 80 億美元。

Those are things directly in the core capabilities of Raytheon, where we've got mature processes where we've been able to historically yield productivity. So another piece of good news on that front.

這些都是雷神公司的核心能力，我們擁有成熟的流程，能夠從歷史上提高生產力。因此，在這方面還有另一個好消息。

Appreciate the call. Thanks guys.

感謝您的來電。謝謝大家。

You're welcome.

不客氣。

Scott Deuschle, Deutsche Bank.

史考特‧德施勒，德意志銀行。

Hey, good morning.

嘿，早安。

Morning, Scott.

早安，史考特。

Hey Scott.

嘿，斯科特。

Neil, it looks like Pratt commercial OE revenue was up 5% on 6% higher shipments. So was the GTF spare engine ratio down year-over-year this quarter? Or are these spare engines just being heavily discounted for the customers that are impacted by the powder metal issue? Just trying to understand --

尼爾，看起來普惠商用 OE 收入因出貨量增加 6% 而成長了 5%。那麼本季 GTF 備用引擎比例比去年同期是否下降了？或者這些備用引擎只是為受到粉末金屬問題影響的客戶大幅打折？只是想了解--

Yeah, I wouldn't say -- thanks, Scott, for the question. I would not say that our spare engines are being heavily discounted, as you all know. And as Chris has talked about earlier today, we're balancing the output of installs, spares and material to the MRO network. And we're doing the same thing here in the third quarter.

是的，我不會說——謝謝斯科特提出這個問題。我不會說我們的備用引擎正在大幅打折，正如你們所知。正如克里斯今天早些時候談到的，我們正在平衡安裝、備件和材料向 MRO 網路的輸出。我們在第三季也做了同樣的事情。

I would not say there's any major difference in the level of mix between OE and spares that we saw in the quarter. And as we've talked about in the past, we expect that to continue. There's a lot of demand for all of these engines, whether they're going to Airbus, whether there going directly to an airline customer or material heading into MRO networks. So nothing unique there in the quarter.

我不會說我們在本季看到的 OE 和備件之間的混合水平有任何重大差異。正如我們過去所談論的，我們預計這種情況將會持續下去。所有這些引擎的需求都很大，無論是供應給空中巴士，還是直接供應給航空公司客戶，亦或是進入 MRO 網路。因此本季並沒有什麼特別之處。

And as we look at the fourth quarter, we do expect continued OE step up there on a year-over-year basis, there will be a little bit more headwind from the higher negative engine margin in the fourth quarter, but again, still expect reasonable balance of spares and the typical fourth quarter aftermarket performance from Pratt.

當我們展望第四季度時，我們確實預計原始設備製造商 (OE) 將繼續同比增長，第四季度更高的負發動機利潤率將帶來更多阻力，但同樣，我們仍然預計備件將實現合理平衡，並且普惠第四季度售後市場將保持典型的表現。

Great. Thank you.

偉大的。謝謝。

You're welcome.

不客氣。

Kristine Liwag, Morgan Stanley.

克莉絲汀‧利瓦格，摩根士丹利。

Hey, good morning, everyone. Maybe touching base on the Boeing 737 MAX and 787, can you level set us regarding the run rate you're currently producing? And how we should think about incremental margins on these programs as volumes continue to ramp up. And ultimately, how does that expectation relate to your overall Collins margins expectations?

嘿，大家早安。也許可以談談波音 737 MAX 和 787，您能否為我們介紹一下您目前生產的運行率？隨著產量不斷增加，我們應該如何看待這些項目的增量利潤。最後，這個預期與您對柯林斯整體利潤率的預期有何關係？

Yeah, thanks, Kristine. As it relates to Boeing ramp, first of all, really pleased to see the approval on the ability to go to a higher rate on 737. I would say we are, at this point, aligned with Boeing on the rates that they're at now and where they want to go across Collins.

是的，謝謝，克里斯汀。就波音的產能提升而言，首先，我很高興看到 737 產能提升計畫獲得批准。我想說的是，目前我們與波音在目前的費率以及他們希望透過柯林斯實現的目標上是一致的。

And again, as we've said before, Collins has delivered at a higher rate in the past. So we've got the capacity to support the volume ramp and so feel good as this continues to go to higher rates that we're going to be prepared to support Boeing in their effort to do that.

正如我們之前所說，柯林斯過去的交付率更高。因此，我們有能力支持產量的成長，並且隨著產量繼續提高，我們感到很高興，我們將準備好支持波音公司的努力。

Again, like everything else, it's going to come down to the continued health of the supply chain. We've been very, very transparent with kind of where we are with the supply chain and what we need, that's continued to bear fruit and feel like we're in a good position to continue to support Boeing as they move forward.

再次，就像其他所有事情一樣，這將取決於供應鏈的持續健康。我們對我們的供應鏈現狀和需求一直非常透明，這不斷取得成果，並且感覺我們處於有利地位，可以繼續支持波音公司向前發展。

And if I just pick up there, obviously, when we set the outlook at the beginning of the year, we had a set of assumptions, and we were delivering to that. There was a little bit of inventory in the channel, say now that we're almost -- we're more than three quarters of the way through the year, a lot of that is behind us.

如果我繼續說下去，顯然，當我們在年初設定展望時，我們有一系列假設，而我們正在實現這些假設。通路中有一些庫存，現在我們幾乎已經度過了今年的四分之三以上時間，其中許多庫存已經過去了。

And so we're pretty synchronized with Boeing and their delivery schedule. Obviously, the mix of higher 787 as you all know, on the Collins side, comes with some margin challenges. But longer term, as Chris alluded to here, these rates are increasing back to levels that we've capacitized for, we'll get better absorption that will contribute to the continuation of margin expansion in the Collins business as it relates to the OE business.

因此，我們與波音公司及其交付計劃保持高度同步。顯然，正如大家所知，對於柯林斯而言，更高 787 的組合帶來了一些利潤挑戰。但從長遠來看，正如克里斯在這裡提到的那樣，這些費率正在回升到我們已經具備能力的水平，我們將獲得更好的吸收，這將有助於柯林斯業務與 OE 業務相關的利潤率繼續擴大。

And of course, as you get more and more of these new aircraft out there, along with that comes provisioning and the aftermarket that goes along with all of that. So I think it's right on track. And of course, we'll be back in January with a little bit more precise outlook for next year, but we see growth ahead on the Collins front.

當然，隨著越來越多的新飛機投入使用，隨之而來的是供應和隨之而來的售後市場。所以我認為這是正確的。當然，我們將在明年一月份帶來更精確的明年展望，但我們看到柯林斯方面仍將實現成長。

Great, thank you.

太好了，謝謝。

Gautam Khanna, TD Cowen.

高塔姆·卡納（Gautam Khanna），TD Cowen。

Yeah, thanks. Good morning, guys.

是的，謝謝。大家早安。

Hey Gautam.

嘿，Gautam。

I was wondering if you could just update us on your expectations through '26 on the GTF compensation payments. Has there been any change to the timing of when we get down to a much lower level of AOGs and the like? And is the provision still adequate?

我想知道您是否可以告訴我們您對 26 年 GTF 補償金支付的期望。當我們降至較低水平的 AOG 等時，時間是否有任何變化？而這些規定還足夠嗎？

Thanks, Gautam. I'll take that one. Today, we sit here, and the financial outlook remains consistent with the outlook that we've had for now a couple of years. The team continues to be disciplined with our compensation payments to our customers. I'd say we're right on track with where we expected to be this year.

謝謝，Gautam。我要那個。今天，我們坐在這裡，財務前景與我們過去幾年的前景保持一致。團隊將繼續嚴格遵守向客戶支付賠償金的規定。我想說，我們今年的進展正朝著我們預期的方向發展。

We have some more to go a little bit heavier fourth quarter payments that was all planned and contemplated in our outlook. We said between $1.1 billion and $1.3 billion for the year. And so the residual falls into next year. I'd say right now, no change to that outlook. It seems on track.

我們還需要支付一些第四季的額外款項，這些都在我們的計劃和考慮之中。我們預計今年的預算將在 11 億美元至 13 億美元之間。因此剩餘部分將計入明年。我想說的是，現在這種觀點沒有改變。一切似乎都進展順利。

Thank you.

謝謝。

Ron Epstein, Bank of America.

美國銀行的羅恩愛潑斯坦。

Hey, yeah, good morning guys. Can you speak a little bit to the margins in Collins. It seems like the incremental margins might have been a little bit bigger than what we were thinking. Is that tariff related? Or how should we think about that?

嘿，是的，大家早安。能否簡單談談《柯林斯》的利潤率？看起來增量利潤可能比我們想像的還要大。這和關稅有關嗎？或者我們該如何思考這個問題？

Hey, Ron, good morning. Yeah, definitely tariff related. During the quarter, Collins saw about $90 million of headwind from year-over-year tariffs, actually same number that Pratt saw for the quarter. So I think if you put that aside, the team is doing a great job making that a smaller number as we move forward.

嘿，羅恩，早安。是的，肯定與關稅有關。在本季度，柯林斯因同比關稅而遭遇了約 9000 萬美元的逆風，實際上與普拉特本季遭遇的數字相同。所以我認為，如果你把這一點放在一邊，隨著我們繼續前進，團隊正在出色地完成工作，使這個數字變得更小。

A number of mitigations have been identified, but that's really the key driver there and what's dragging down the margins. I think as we go forward, we continue to do a lot of work to continue to support our products and qualification for USMCA treatment or bonds as we reexport material outside of the United States.

已經確定了一些緩解措施，但這確實是關鍵的驅動因素，也是利潤率下降的原因。我認為，隨著我們不斷前進，我們將做大量工作來繼續支持我們的產品和 USMCA 待遇或債券資格，因為我們將材料轉口到美國境外。

So -- and, of course, pricing. So there's an opportunity there to continue to mitigate the headwinds, but that's what you saw in the third quarter. And you'll see that again in the fourth quarter, obviously, for both Collins and Pratt too.

所以——當然還有定價。因此，有機會繼續減輕逆風，但這就是你在第三季度看到的情況。顯然，你會在第四節再次看到柯林斯和普拉特的表現。

Got you. Thank you very much.

明白了。非常感謝。

Yeah, you're welcome.

是的，別客氣。

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，傑富瑞集團。

Good morning guys, and thank you for the time. Maybe if I could go back to Pratt and if we could just talk about the moving pieces for the top line and also the bottom line just on commercial, you raised commercial OE revenue guidance by $150 million at Pratt pointing to mix. How do we think about -- is that just the GTF Advantage coming in, so higher revenues per engine and the spares mix?

大家早安，感謝你們抽出時間。也許如果我可以回到普惠公司，如果我們可以只談論商業領域的營業收入和利潤的變化，你將普惠公司的商業 OE 收入預期提高了 1.5 億美元，並指向了混合。我們如何看待——這是否僅僅是 GTF 優勢的體現，從而提高了每台引擎和備件組合的收入？

And then how that factors into the bottom line with the negative engine margin headwind? Is it still $150 million to $200 million in '25 and how we think about the higher MRO output into the fourth quarter and into '26?

那麼，在引擎利潤率負向逆風的情況下，這會對底線產生什麼影響呢？25 年是否仍為 1.5 億至 2 億美元？我們如何看待第四季和 26 年更高的 MRO 產量？

Sure. Let me take that, Sheila. As I said earlier on the call here, the Pratt uptick in the revenue outlook is about $1.1 billion at the midpoint of our guidance. About $150 million of that is on the OE side. And I would say it has nothing to do with the GTF Advantage at this point.

當然。讓我來接手，希拉。正如我之前在電話會議上所說的那樣，普惠的收入預期上漲了約 11 億美元，這是我們預期的中位數。其中約 1.5 億美元用於 OE 方面。我想說的是，目前這與 GTF Advantage 沒有任何關係。

It's really just finalization of the year, the mix of spare engines versus installed engines and the volumes that we see there. So that's what's driving the top line there, frankly. We're also seeing about $100 million on the defense side of Pratt and Whitney. And we are happy to get the Lot 18 production contract executed in the third quarter. That drove most of the growth that Pratt saw in the military side in the third quarter.

這實際上只是今年的最終結果，備用引擎與已安裝引擎的組合以及我們在那裡看到的數量。坦白說，這就是推動營收成長的因素。我們也看到普惠公司在國防方面的投資約為 1 億美元。我們很高興第 18 批生產合約在第三季得以執行。這推動了普拉特在第三季軍事領域的大部分成長。

And so as we play that forward, the material receipts coming in, we expect a little bit of upside there. The rest is in the aftermarket. And if you think about the third quarter and the fourth quarter MRO output that we've just talked about, that comes with revenue. So there's a heavy mix of that towards the GTF. Obviously, that comes with some profit but not the same kind of profits that we see on the V2500.

因此，隨著我們繼續推進這一進程，隨著材料收入的增加，我們預計會出現一些上漲。其餘部分則在售後市場。如果你考慮我們剛剛談到的第三季和第四季的 MRO 產出，那就是營收。因此，GTF 中存在大量此類成分。顯然，這會帶來一些利潤，但與我們在 V2500 上看到的利潤不同。

That said, on the V2500, I talked about 800 shop visits for the full year. I'd say we are right on track. It's been pretty linear throughout the first three quarters of the year. So we expect another quarter of about the same level of volume on the V2500. Those shop visits are getting a little bit heavier.

話雖如此，關於 V2500，我談到了全年 800 次的店內訪問。我想說我們正走在正確的軌道上。今年前三個季度，這趨勢一直相當線性。因此，我們預計 V2500 的銷量將保持大約相同的水平。商店參觀變得越來越頻繁。

And so that's what you're seeing in the top line. And of course, that's dropping to the bottom line. As it relates to full year negative engine margin, no change to the outlook from the beginning of the year, still within that $150 million to $200 million year-over-year headwind. I expect it's going to land somewhere in the middle of that at the end of the year.

這就是您在第一行看到的內容。當然，這已經降到了底線。由於這與全年負發動機利潤率有關，因此與年初相比前景沒有變化，仍然在 1.5 億至 2 億美元的同比逆風範圍內。我預計它將在今年年底達到這個水平的中間值。

Great. Thank you.

偉大的。謝謝。

You're welcome.

不客氣。

Seth Seifman, JPMorgan.

塞思‧塞夫曼，摩根大通。

Hey, good morning. Wanted to ask just a quick clarification and a question. Just following up on Sheila's question. At Pratt and GTF, given negative engine margin outlook still the same, are we still thinking about 14% growth in GTF deliveries for the year and which implies a very, very strong Q4.

嘿，早安。只是想簡單澄清一下並問一個問題。只是繼續回答 Sheila 的問題。對於普惠和 GTF，鑑於負引擎利潤率前景仍然相同，我們是否仍認為今年 GTF 交付量將成長 14%，這意味著第四季將非常非常強勁。

And then as a question, I guess as we think about where the company is going to exit this year, balance sheet should be getting into better shape. How do you think about capital deployment as we go forward and maybe balancing the ability to start returning some cash along with maybe some of the investment requirements that might be ahead, especially on the defense side.

然後作為一個問題，我想當我們考慮公司今年將退出何處時，資產負債表應該會變得更好。您如何看待我們未來的資本部署，以及平衡開始返還部分現金的能力以及未來可能出現的一些投資需求，特別是在國防方面。

Yeah. Thanks. I appreciate the question there. As it relates to -- I'm sorry, the first question was on GTF engines. As it relates to that, when we started the year, I talked about growth that was similar to last year. I didn't put an exact number on it.

是的。謝謝。我很感謝你提出這個問題。就其相關性而言——抱歉，第一個問題是關於 GTF 引擎的。與此相關，當我們開始新的一年時，我談到了與去年類似的成長。我沒有給出確切的數字。

As I sit here today, I think we're going to end up in the high single digit growth rate. So think about 8% to 10% kind of range. So that you can do the math on the fourth quarter there. Broader thinking about capital return. We were really pleased with the level of debt paydown that we've made year-to-date.

今天我坐在這裡，我認為我們最終將實現高個位數的成長率。所以考慮一下 8% 到 10% 的範圍。這樣你就可以計算出第四季的情況。對資本回報的更廣泛思考。我們對今年迄今的債務償還水準感到非常滿意。

As you all know, we did some buyback a number of years ago. We took some debt out and we've been repaying that over the last couple of years --continue to do that as we move into next year and get back to the levels that we enjoyed of debt before executing that transaction.

眾所周知，幾年前我們進行了一些回購。我們承擔了一些債務，並在過去幾年裡一直在償還這些債務——進入明年我們將繼續這樣做，並回到執行交易之前的債務水平。

I think as we step back, we're prioritizing the dividend as we always have, and we expect that to continue to grow with earnings over the next couple of years, and then making sure that we're making the right investments in the business for the future, research and development, capital.

我認為，當我們退一步時，我們會像往常一樣優先考慮股息，我們預計股息將在未來幾年隨著收益而繼續增長，然後確保我們對未來的業務、研發和資本進行正確的投資。

We've got a healthy level of CapEx invested expected this year, $2.5 billion to $2.7 billion similar amounts of company-funded R&D throughout the business this year, and I expect that to continue as we look forward. Chris?

我們今年的資本支出預計處於健康水平，今年整個業務範圍內的公司資助研發資金將達到 25 億至 27 億美元，我預計這種水平將持續下去。克里斯？

Yeah. No, just to emphasize something that Neil said there which he's spot on. And that's as the need for investment in defense potentially continues to grow. Those are things that historically, we've been able to do in addition to our capital deployment and allocation strategy. If you just look at our average investment, it's about $1.5 billion a year company-funded investment in defense capacity, automation, R&D.

是的。不，只是為了強調尼爾所說的一些事情，他的說法是正確的。這是因為國防投資的需求可能會持續成長。從歷史上看，除了資本部署和分配策略之外，我們還能做到這些事情。如果你看一下我們的平均投資，你會發現公司每年在國防能力、自動化和研發方面的投資約為 15 億美元。

So we've been able to continue to invest where the business cases make sense. And for us, Seth, it's really a conversation with the government around long-term demand signal. How do we build a business case around investing when we can have visibility into the long-term demand. When we've seen it, and when we feel good about it, we've invested. But again, I think in terms of the capital deployment strategy, it's an and, not an or, we can do both.

因此，我們能夠繼續在具有商業意義的領域進行投資。對我們來說，塞思，這其實是與政府就長期需求訊號進行的對話。當我們能夠預見長期需求時，我們如何圍繞投資建立商業案例。當我們看到它，並且感覺良好時，我們就會投資。但我再次認為，就資本配置策略而言，這是一個“和”，而不是“或”，我們可以兩者兼顧。

Great, very helpful. Thanks.

非常好，很有幫助。謝謝。

Scott Mikus, Melius Research.

米庫斯 (Scott Mikus)，Melius Research。

Morning, Chris and Neil.

早安，克里斯和尼爾。

Scott, good morning.

斯科特，早安。

Chris, you mentioned the V2500 retirements have been low, and that's a trend we've seen coming out of COVID. We're kind of at a point where ASK -- at least domestic ASKs are growing below the pre-COVID trend.

克里斯，您提到 V2500 的退休數量很低，這是我們在 COVID 之後看到的趨勢。我們正處於這樣一個階段：至少國內的 ASK 成長低於 COVID 之前的趨勢。

Next year, Boeing and Airbus will probably deliver 1,300 narrow-bodies, you have potentially hundreds of GTF-powered aircraft returning to service. So when you think about V2500 shop visit visibility in the next year, are you requiring customers to put down deposits to reserve shop visits just to make them a little bit more sticky.

明年，波音和空中巴士可能會交付 1,300 架窄體飛機，可能會有數百架 GTF 動力飛機重新投入使用。因此，當您考慮明年的 V2500 店內訪問可見性時，您是否要求客戶支付定金來預留店內訪問，只是為了讓他們更加粘稠。

Yeah, thanks for the question, Scott. So look, and Neil said this upfront, the demand for the V2500 continues to be strong, and that's separate and apart from what you just mentioned. And that's because, frankly, what's the dynamic of what's going on in the fleet, obviously, so people need to continue to use their views, but it's also the characteristics of that fleet. It's still a relatively young fleet.

是的，謝謝你的提問，斯科特。所以，尼爾預先說過，對 V2500 的需求持續強勁，這與您剛才提到的不同。坦白說，這是因為艦隊中發生的事情的動態顯然是這樣的，所以人們需要繼續使用他們的觀點，但這也是該艦隊的特徵。這仍然是一支相對年輕的艦隊。

Average age is 15 years, 15% haven't seen a first shop visit, 40% haven't seen a second shop visit. So there is just natural significant aftermarket runway ahead on that program. Customers love the application. And so we feel good about the demand on this going forward, frankly, above where we thought it would be a year or two years ago, continues to have runway.

平均年齡為 15 歲，15％ 的人沒有見過第一次商店訪問，40％ 的人沒有見過第二次商店訪問。因此，該計劃自然具有巨大的售後市場潛力。客戶很喜歡這個應用程式。因此，我們對未來的需求感到樂觀，坦白說，這比我們一兩年前的預期要高，而且還有發展空間。

All right. Thank you.

好的。謝謝。

Doug Harned, Bernstein.

道格·哈內德，伯恩斯坦。

Good morning. Thank you. On Raytheon, you talked some about margins before. This quarter, you got over that 12% level that I know you've been looking at for some time. And when you talk about the opportunities here, higher volumes, more international, more mature fixed price work, are you kind of where you want to be already? Or can we see more upside from here on margins as you go forward over the next few years? Because it does set up well.

早安.謝謝。關於雷神公司，您之前談到了一些利潤問題。本季度，你們的成長率超過了 12% 的水平，我知道你們已經關注這個水平一段時間了。當您談到這裡的機會時，更高的產量、更國際化、更成熟的固定價格工作，您是否已經達到了您想要的水平？或者，隨著未來幾年的發展，我們是否可以看到利潤率進一步上漲？因為它確實設置得很好。

Yeah. Doug, we're really pleased, again, with where Raytheon is, I mentioned before, demand is the big headline. And if you think about the composition of that backlog, the growing piece that's international at 44%. That's up from a year ago. So I feel really good about the mix and the tailwind that it can provide.

是的。道格，我們對雷神公司的現狀感到非常高興，我之前提到過，需求是最重要的。如果你考慮一下積壓訂單的組成，你會發現國際訂單的成長部分達到了 44%。這比一年前有所增加。因此，我對它所能提供的組合和順風感到非常滿意。

I'll also remind folks that when you think about the $50 billion in reconciliation for munitions replenishment and Golden Dome for America, those things are not in our backlog today. So those are potentially additive to the backlog.

我還要提醒大家，當你想到用於彈藥補給和美國金頂的 500 億美元調解時，這些事情並不在我們今天的積壓工作中。因此，這些都可能會增加積壓數量。

Again, Doug, we're going to need to continue to see supply chain health to get to these levels. As you know, it's a very interconnected supply chain within defense. So if you want to raise production on a number of programs. You've got to make sure that you're deconflicting again, some of the some of those suppliers making sure we're bringing new suppliers to bear to be able to meet the ramp here.

再說一次，道格，我們需要繼續觀察供應鏈的健康狀況才能達到這些水準。如你所知，國防內部的供應鏈非常緊密相連。因此，如果您想提高多個項目的產量。你必須確保再次消除衝突，其中一些供應商確保我們引入新的供應商來滿足這裡的產量需求。

That's going to be the critical piece here in our ability to convert this into upside. It's not going to be the demand, and it's not going to be the composition of the backlog. Its are we going to get the supply chain in a healthy enough place to be able to deliver at these higher rates. And I will tell you that, that's been a focus area for us.

這將是我們將其轉化為優勢的關鍵因素。這不會是需求，也不會是積壓的組成。我們是否要讓供應鏈處於足夠健康的狀態，以便能夠以更高的速度交付。我要告訴你們，這一直是我們關注的重點領域。

Ken Herbert, RBC.

肯·赫伯特，RBC。

Yeah, hi, good morning. Thanks, Chris and Neil. I wanted to see if you can talk about the up 13% in the Collins aftermarket and specifically, the pieces within that and what you're seeing on the retrofit side. But then also I wanted to see for both Collins and Pratt for sort of catalog pricing, have you -- are you getting similar levels on spare parts this year due to last year? Or are you seeing any incremental pushback on the catalog pricing this year from customers.

是的，你好，早安。謝謝，克里斯和尼爾。我想看看您是否可以談談柯林斯售後市場 13% 的成長，特別是其中的部分內容以及您在改裝方面看到的情況。但同時我也想看看柯林斯和普拉特的目錄定價，今年的零件價格是否與去年的類似？或者您是否看到今年客戶對目錄定價有任何逐漸的抵制。

Yeah, thanks, Ken. So maybe just briefly on Collins, and then Neil can add some additional color. Again, Collins, double-digit organic growth in all three of its aftermarket channels, parts of repair, provisioning, mods and upgrades. So very good about the strength we're seeing in the Collins aftermarket.

是的，謝謝，肯。因此，也許只是簡單介紹一下柯林斯，然後尼爾可以添加一些額外的內容。再次，柯林斯在其所有三個售後市場管道（維修、供應、改裝和升級部分）均實現了兩位數的有機成長。我們對柯林斯售後市場的強勁表現感到非常高興。

As you know, it's got over $100 billion of out-of-warranty installed base. So an incredibly strong position to work from, from an aftermarket growth perspective. On the pricing for both Pratt and Collins, again, given what's going on in terms of tariffs and given the demand in the marketplace, I think both have been appropriately aggressive in pricing this year.

如您所知，其已擁有超過 1000 億美元的保固期外安裝基數。因此，從售後市場成長的角度來看，這是一個非常有利的條件。關於普惠和柯林斯的定價，考慮到關稅的現狀和市場需求，我認為今年兩家公司的定價都相當激進。

And as we look towards next year, again, we got to see how things shake out on the tariff front. But again, we're going to be -- continue to be aggressive in terms of catalog pricing because of the value that we bring and because of the demand that's out there.

展望明年，我們再次看到關稅方面的情況如何改變。但是，我們將繼續在目錄定價方面保持積極態度，因為我們帶來的價值以及存在的需求。

And to add some color on the quarter's aftermarket performance. I think what was notable was the parts and repair. We're seeing 13% organic growth there and that's indicative of aircraft that are flying that you need sort of the brake fix type of aftermarket that Collins has, which comes with very good margins.

並為本季的售後市場表現增添一些色彩。我認為值得注意的是零件和維修。我們看到那裡的有機成長率為 13%，這表明正在飛行的飛機需要柯林斯所擁有的那種煞車修理類型的售後市場，這種市場的利潤率非常高。

So I think that was encouraging to see on the mods and upgrades, up 17% organic. If you look a little bit into that, you're going to see that the interiors business was up significantly during the quarter. Top line growth really, really strong. Still working through some older contracts there.

因此，我認為看到模組和升級的有機成長達到 17% 是令人鼓舞的。如果你稍微研究一下，你會發現本季的內裝業務大幅成長。營業收入成長確實非常強勁。仍在處理一些舊合約。

But I would tell you, on the top line, delivering that backlog, positioned for continued growth as well as expanding margins on the interiors business, which is one of the items that will fuel next year's margin expansion for Collins.

但我想告訴你，從營收角度來看，完成這些積壓訂單將有利於持續成長，並擴大內裝業務的利潤率，這是推動柯林斯明年利潤率擴張的因素之一。

Gavin Parsons, UBS.

瑞銀的加文·帕森斯。

Thank you. Good morning.

謝謝。早安.

Morning, Gavin.

早上好，加文。

Guys, I wanted to ask about 2026 free cash flow conversion. I think you made some recent comments and there's a little bit of market confusion or investor confusion around that. And then if you could bridge some of the major moving pieces as we go into 2026, and then why you reiterate the 2025 free cash guide while raising everything else. Thank you.

夥計們，我想問一下 2026 年自由現金流轉換的情況。我認為您最近發表了一些評論，市場或投資者對此有些困惑。然後，如果您可以在我們進入 2026 年時彌合一些主要的變動部分，那麼為什麼要重申 2025 年的免費現金指南，同時提高其他所有內容。謝謝。

Thanks. Let me start with 2025. We set out the year with a goal of $7 billion to $7.5 billion of free cash flow. And as we sit here today, we're very comfortable with that for the full year. There's been some moving pieces.

謝謝。讓我從 2025 年開始。我們今年的目標是實現 70 億至 75 億美元的自由現金流。今天我們坐在這裡，對全年的業績感到非常滿意。有一些事情正在發生。

I'll remind you, back in the second quarter. We had some tariff headwind that we onboarded, about $600 million. We offset that with lower cash taxes for the year, so that's sort of neutralized. And as you kind of roll forward to where we sit today, obviously, we're getting stronger operating profit. And we're seeing a little bit of growth in the inventory, I'd say, less reduction in the inventory.

我會提醒你，回到第二季。我們遇到了一些關稅阻力，大約 6 億美元。我們透過降低年度現金稅來抵消這一影響，因此這算是中和了。當你回顧我們今天所處的位置時，顯然我們的營業利潤正在增加。我們看到庫存略有成長，我想說，庫存減少的幅度較小。

We were pleased to see inventory come down a couple of hundred million dollars sequentially Q2 to Q3. Things are moving in the right direction. And I think we'll see another few hundred million dollars of inventory reduction as we exit the year.

我們很高興看到庫存從第二季到第三季連續下降了數億美元。事情正在朝著正確的方向發展。我認為，到今年年底，我們將看到庫存再減少幾億美元。

But there's been some stocking there to prepare for this continued growth. And we're making sure that we balance our sales and inventory and ops planning using the CORE operating system to do that. But that was one of the things that sort of offset a little bit here in the fourth quarter.

但那裡已經儲備了一些庫存，為持續成長做好準備。我們正在確保使用 CORE 作業系統來平衡我們的銷售、庫存和營運計劃。但這是第四季稍微抵銷影響的因素之一。

That said, really strong collections in the third quarter. We had catch-up from the Pratt and Whitney work stoppage in the second quarter that helped bolster the results. We also had some advances that the Raytheon business in particular, as well as the execution of the Lot 18 contract at Pratt, which brought some cash into the third quarter, things that were planned in the fourth quarter.

也就是說，第三季的收款確實強勁。我們在第二季彌補了普惠公司停工造成的損失，這有助於提高業績。我們也取得了一些進展，特別是雷神公司業務，以及普拉特第 18 批合約的執行，這些都為第三季度帶來了一些現金，這些都是第四季度計劃的事情。

So as we sit here and you look at the implied fourth quarter very achievable positioning us to think for a nice start to '26 as well. I'm not going to get into the specifics of '26. But if you look at '25 and you think about the $7.25 billion at the midpoint, you also think about the level of powder metal compensation embedded in that.

因此，當我們坐在這裡，你會看到隱含的第四季非常容易實現，這讓我們認為 26 年也會有一個好的開始。我不會深入討論 26 年的具體情況。但如果你看一下 25 年，想想中間點的 72.5 億美元，你也會想到其中所包含的粉末金屬補償水準。

You can see that our baseline free cash flow is in the $8 billion, $8.5 billion range. And so next year, as we look forward, obviously, we expect powder metal payments to come down. Working capital still remains an opportunity for us. We have very heavy levels, but we have very heavy growth plans ahead of us. So we'll be balancing that as we move forward. I'll be back in January to provide a more detailed walk on that front.

您可以看到，我們的基準自由現金流在 80 億美元至 85 億美元之間。因此，展望明年，我們顯然預期粉末金屬支付額將會下降。營運資金對我們來說仍然是一個機會。我們的水平很高，但我們面前還有非常繁重的增長計劃。因此，我們會在前進的過程中保持平衡。我將於一月份回來提供有關這方面的更詳細的介紹。

Yeah. Maybe just to add to it, Gavin. I think long term, we think the 90% to 100% of free cash flow is where this business is positioned to sit. If you just step back, you've got some momentum around that with some of the fundamental attributes in this business, a $251 billion backlog in place to drive growth. Commercial OE production is ramping, air traffic has been resilient.

是的。也許只是為了補充一下，加文。我認為從長遠來看，我們認為 90% 到 100% 的自由現金流是這項業務的定位。如果你退一步來看，你會發現這個產業有一些基本屬性，2,510 億美元的積壓訂單可以推動成長。商業原廠設備生產正在加速成長，空中交通也保持彈性。

And of course, we've got large installed base with Collins and Pratt, which have long aftermarket tails. And of course, we've talked a lot today about the growth in defense spending. So put all those things together, and that's where we get to that longer term, 90% to 100% conversion.

當然，我們擁有 Collins 和 Pratt 等公司的龐大安裝基礎，它們擁有長期的售後市場經驗。當然，我們今天已經談論了很多有關國防開支成長的問題。所以把所有這些因素放在一起，我們就能達到長期的 90% 到 100% 的轉換率。

Thanks a lot.

多謝。

With that, there are no more analysts in the queue. So I will now turn the call back over to Nathan Ware.

這樣一來，隊列中就不再有分析師了。現在我將把電話轉回給 Nathan Ware。

All right. Thank you, Desiree. That concludes today's call. As always, the Investor Relations team will be available for follow-up questions. So thank you all for joining us, and have a good day.

好的。謝謝你，Desiree。今天的電話會議到此結束。與往常一樣，投資者關係團隊將隨時解答後續問題。感謝大家的參與，祝福大家有愉快的一天。

This now concludes today's conference. You may now disconnect.

今天的會議到此結束。您現在可以斷開連線。