雷神技術公司 (RTX) 2025 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the RTX fourth-quarter 2025 earnings conference call. My name is Livia, and I'll be your operator for today. As a reminder, this conference is being recorded for replay purposes. 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.

女士們、先生們，大家好，歡迎參加 RTX 2025 年第四季財報電話會議。我叫莉維婭，今天由我來為您接聽電話。再次提醒，本次會議將進行錄影，以便回放。今天參加電話會議的有：董事長兼執行長克里斯·卡利奧；財務長尼爾·米切爾；以及投資者關係副總裁內森·韋爾。

This call is being webcast live on the Internet, and there is a presentation available for download from RTX website at www.rtx.com. Please note, except where otherwise noted, the company will speak to results from continuing operations, excluding acquisition accounting adjustments and net nonrecurring and/or significant items often referred to by management as other significant items.

本次電話會議將透過網路直播，您可造訪RTX官網www.rtx.com下載簡報。請注意，除非另有說明，本公司將討論持續經營業務的業績，不包括收購會計調整以及管理層通常稱為「其他重大項目」的非經常性淨額和/或重大項目。

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's 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. (Operator Instructions)

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均存在風險和不確定性。RTX 向美國證券交易委員會提交的文件，包括其 8-K 表格、10-Q 表格和 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結果存在重大差異的重要因素。（操作說明）

With that, I will turn the call over to Mr. Calio.

接下來，我將把電話交給卡利奧先生。

Thank you, and good morning, everyone. We delivered strong sales, adjusted EPS and free cash flow in the fourth quarter, underscoring our momentum and focus on execution across RTX. For the full year, adjusted sales were $88.6 billion, up $9 billion year-over-year or 11% organically, driven by 10% growth in commercial OE, 18% growth in commercial aftermarket and 8% growth in defense.

謝謝大家，大家早安。我們在第四季度實現了強勁的銷售額、調整後每股收益和自由現金流，凸顯了我們在 RTX 各個方面的發展勢頭和執行力。全年經調整後的銷售額為 886 億美元，年增 90 億美元，有機成長 11%，主要得益於商業 OE 成長 10%，商業售後市場成長 18%，以及國防成長 8%。

Adjusted EPS of $6.29 was up 10% year-over-year on drop-through from higher sales. And free cash flow was a robust $7.9 billion, up $3.4 billion year-over-year. Our performance continues to be driven by the durable demand for our products and services and operational improvements enabled by our CORE operating system.

經調整後的每股盈餘為 6.29 美元，年增 10%，主要得益於銷售額成長帶來的收益下降。自由現金流強勁，達到 79 億美元，年增 34 億美元。我們的業績持續成長，這得益於市場對我們產品和服務的持續需求，以及我們核心作業系統帶來的營運改善。

On the orders front, we ended 2025 with a full year book-to-bill of 1.56, resulting in another record backlog of $268 billion, up 23% year-over-year with roughly $161 billion of commercial orders and $107 billion of defense awards. On the commercial side of the business, our backlog is up 29% year-over-year, driven by growing aircraft production rates and resilient passenger air travel.

在訂單方面，2025 年全年訂單出貨比為 1.56，導致積壓訂單再次創下 2,680 億美元的紀錄，年增 23%，其中商業訂單約 1,610 億美元，國防訂單約 1,070 億美元。在商業方面，受飛機生產率成長和客運航空旅行的韌性推動，我們的積壓訂單年增 29%。

Orders and commitments during the year included over 1,500 GTF engines and over 2,400 Pratt Canada engines. On the defense side, our book-to-bill for the year was a very strong 1.31 and included several significant fourth quarter awards. For example, Raytheon booked $1.2 billion to supply Spain with additional Patriot air and missile defense systems.

年內訂單和承諾包括超過 1,500 台 GTF 發動機和超過 2,400 台 Pratt Canada 發動機。在防守方面，我們全年的訂單出貨比非常出色，達到了 1.31，其中包括幾項重要的第四季度獎勵。例如，雷神公司預定了價值 12 億美元的訂單，為西班牙提供額外的「愛國者」防空飛彈系統。

It was also awarded a $1.2 billion contract for Tamir missile production with work to be executed in our recently completed Camden, Arkansas facility. Raytheon booked $40 billion of awards in the year and their international backlog mix is now 47%, up 3 points from the end of 2024. At Pratt, the military business booked $2.2 billion in sustainment contracts to support multiple engines, including the F135 and the F119.

該公司還獲得了價值 12 億美元的 Tamir 導彈生產合同，相關工作將在我們最近竣工的阿肯色州卡姆登工廠執行。雷神公司今年獲得了價值 400 億美元的訂單，其國際積壓訂單佔比目前為 47%，比 2024 年底增長了 3 個百分點。在普惠公司，軍工業務部門獲得了價值 22 億美元的維護合同，用於支援包括 F135 和 F119 在內的多種發動機。

And at Collins in the fourth quarter, the business was awarded a $438 million contract from the FAA to deliver radar systems for the broader Radar System Replacement program, which will help modernize the U.S. Air Traffic Control System. So overall, a very strong year of orders across the company, highlighting the growing demand of our products and services and setting us up very well heading into 2026. Neil will walk you through the details of the fourth quarter and our 2026 outlook in a few minutes.

第四季度，柯林斯公司從美國聯邦航空管理局 (FAA) 獲得了一份價值 4.38 億美元的合同，為更廣泛的雷達系統更換計劃提供雷達系統，這將有助於美國空中交通管制系統的現代化。總的來說，該公司今年的訂單量非常強勁，凸顯了我們產品和服務日益增長的需求，也為我們邁向 2026 年奠定了良好的基礎。尼爾將在幾分鐘內為您詳細介紹第四季度的情況以及我們對 2026 年的展望。

But first, let me briefly comment on the operating environment that we see today. Demand remains strong, which combined with our existing backlog and focus on execution positions us well for another year of top line growth. Commercial air travel is expected to grow again with global RPKs projected to increase around 5% this year on top of the 5% we saw in 2025.

但首先，請容許我簡單評論一下我們今天所看到的運作環境。市場需求依然強勁，加上我們現有的訂單積壓和對執行的重視，使我們有信心在未來一年繼續實現營收成長。商業航空旅行預計將再次成長，全球客運週轉量預計今年將成長約 5%，而 2025 年的增幅預計為 5%。

On the commercial OE front, given the substantial airframer backlogs, we expect OEM production rates to increase again this year, particularly on the A320neo, 737 MAX and 787 platforms as well as on business jet and general aviation aircraft, all platforms where we have significant content.

在商用 OEM 方面，鑑於飛機製造商的大量積壓訂單，我們預計今年 OEM 產量將再次增加，尤其是在 A320neo、737 MAX 和 787 平台以及公務機和通用航空飛機上，所有這些平台我們都有大量的零件。

In commercial aftermarket, our growing installed base, which now includes about $105 billion of out-of-warranty aircraft content at Collins and an expanding fleet of engines at Pratt positions us well for sustained commercial aftermarket growth. On defense, there is a heightened need for munitions and integrated air and missile defense as the U.S. and partner countries work to replenish inventories, modernize existing systems and invest in new capabilities.

在商業售後市場，我們不斷增長的裝機量（目前包括柯林斯價值約 1050 億美元的保固期外飛機零件）以及普惠不斷擴大的發動機機隊，使我們在商業售後市場持續增長方面處於有利地位。在國防方面，由於美國及其夥伴國家努力補充庫存、更新現有系統並投資新能力，因此對彈藥和綜合防空反導系統的需求日益增長。

We understand that our products are critical to maintaining security around the world, and we fully support the Department of War's transformation objectives to significantly increase capacity and accelerate production over a sustained period. And given the commercial expertise in our business, we are very well positioned to bring a commercial approach to the Department's transformation initiatives.

我們深知我們的產品對於維護世界各地的安全至關重要，我們完全支持美國戰爭部在一段持續的時間內大幅提高產能和加速生產的轉型目標。鑑於我們公司在商業方面的專業知識，我們完全有能力將商業方法引入該部門的轉型計劃中。

On the international side, NATO allies, which today spend around 2% of GDP on defense, have committed to increasing their core defense spending to approximately 3.5% of GDP by 2035. And across the Asia Pacific and Middle East regions, defense budgets are projected to grow at an average of 3% to 4% annually over the next five years with several countries at record levels.

在國際方面，北約盟國目前國防開支約佔國內生產總值的 2%，它們承諾到 2035 年將核心國防開支提高到國內生產總值的約 3.5%。預計未來五年，亞太和中東地區的國防預算將以每年平均 3% 至 4% 的速度成長，一些國家的國防預算將達到創紀錄的水平。

Altogether, these growing global demand signals support another strong financial outlook for RTX. For 2026, we expect adjusted sales to be between $92 billion and $93 billion, with 5% to 6% organic growth year-over-year. Increased volume, along with pricing and our continued focus on productivity and our cost structure will support another year of consolidated segment margin expansion. We expect adjusted EPS to be between $6.60 and $6.80 with between $8.25 billion and $8.75 billion of free cash flow for the year.

總而言之，這些不斷增長的全球需求訊號支撐了RTX的另一個強勁的財務前景。我們預計 2026 年調整後的銷售額將在 920 億美元至 930 億美元之間，年增 5% 至 6%。銷售成長，加上定價策略以及我們對生產效率和成本結構的持續關注，將支持未來一年綜合業務利潤率的進一步提升。我們預計調整後每股收益將在 6.60 美元至 6.80 美元之間，全年自由現金流將在 82.5 億美元至 87.5 億美元之間。

Consistent with 2025, our performance will be underpinned by our strategic priorities and a relentless focus on operational execution. Moving to slide 4. Let me highlight how we continue to drive execution, improve productivity and increase output utilizing our CORE operating system and digital solutions.

與 2025 年的目標一致，我們的業績將以策略重點和對營運執行的不懈關注為基礎。切換到第4張投影片。讓我重點介紹我們如何利用我們的核心作業系統和數位化解決方案，不斷推動執行、提高生產力並增加產量。

At Raytheon, the team leveraged CORE to significantly increase munitions output across the business in 2025. Notably, we saw output increase by 20% across a number of our critical programs, including GEM-T for the Patriot air and missile defense system, AMRAAM, which is the premier air-to-air combat proven effector and Coyote to support counter-UAS capabilities.

在雷神公司，團隊利用 CORE 系統，在 2025 年大幅提高了整個業務的彈藥產量。值得注意的是，我們的一些關鍵項目產量提高了 20%，其中包括用於愛國者防空飛彈系統的 GEM-T、作為首屈一指的空對空作戰驗證效應器的 AMRAAM 以及用於支持反無人機系統能力的 Coyote。

In 2026, we expect to significantly increase output again on these programs as well as on other critical munitions, including SM-6 and Tomahawk. We're also continuing to deploy our proprietary data analytics and AI tools across our factories to monitor daily key performance indicators, identify bottlenecks to reduce work in process and track equipment health and performance, all to enable more informed decisions, reduce costs and improve output.

2026 年，我們預計將大幅提高這些項目以及其他關鍵彈藥（包括 SM-6 和戰斧飛彈）的產量。我們也將繼續在工廠部署我們專有的數據分析和人工智慧工具，以監控每日關鍵績效指標，找出瓶頸以減少在製品，並追蹤設備健康狀況和效能，所有這些都是為了做出更明智的決策，降低成本並提高產量。

Across RTX, we've now connected factories that represent over 50% of our annual manufacturing hours to our digital platform, and we're seeing the benefits. For example, Pratt has reduced aged inventory by about 45% at its Lansing, Michigan facility, which manufactures GTF fan blades. And within Raytheon's Andover, Massachusetts facility, we've reduced circuit card production cycle times by about 35%.

在整個 RTX 系統中，我們現在已經將占我們年度製造工時 50% 以上的工廠連接到我們的數位平台，我們正在看到好處。例如，普惠公司位於密西根州蘭辛的工廠生產 GTF 風扇葉片，該工廠已將老化庫存減少了約 45%。在雷神公司位於麻薩諸塞州安多弗的工廠裡，我們將電路板的生產週期縮短了約 35%。

In 2026, we'll continue to see these benefits as we connect more equipment and expand coverage across our footprint. On the GTF fleet management plan, our financial and technical outlooks remain on track. As planned, PW1100 AOGs declined in the fourth quarter, and we expect this trend to continue as we move throughout the year.

到 2026 年，隨著我們連接更多設備並擴大覆蓋範圍，我們將繼續看到這些好處。關於 GTF 車隊管理計劃，我們的財務和技術前景仍然符合預期。正如計劃的那樣，PW1100 的 AOG 次數在第四季度有所下降，我們預計這一趨勢將在今年繼續下去。

MRO output was up 39% in the fourth quarter and up 26% for the full year, even as heavier shop visits increased 40% in 2025. We also announced the addition of two new MRO shops with the UAE's Sanad Group and Spain's ITP Aero joining the GTF MRO network. We expect this momentum to continue in 2026 with year-over-year growth in PW1100 MRO output in line with what we saw in 2025.

第四季 MRO 產量增加了 39%，全年成長了 26%，儘管 2025 年的維修車間訪問量增加了 40%。我們也宣布新增兩家 MRO 維修店，分別是阿聯酋的 Sanad 集團和西班牙的 ITP Aero，它們將加入 GTF MRO 網路。我們預計這一勢頭將在 2026 年繼續保持，PW1100 MRO 產量將同比增長，與 2025 年的情況一致。

To support our operational growth, we continue to make significant investments in capacity and technology. In 2025, we invested over $10 billion in capex and company and customer-funded research and development with a concentration on expanding our production capacity and factory automation, bringing new products to the market and our cross-company technology road maps.

為了支持我們的營運成長，我們將繼續在產能和技術方面進行大量投資。2025 年，我們在資本支出以及公司和客戶資助的研發方面投資超過 100 億美元，重點是擴大我們的生產能力和工廠自動化，將新產品推向市場以及我們的跨公司技術路線圖。

On the capex front, we invested $2.6 billion last year. This included significant capacity expansion at Raytheon in areas such as Tucson, Arizona for Tomahawk and classified programs and Huntsville, Alabama to increase output for the Standard Missile family. We also made investments to increase production in other key facilities across the company, such as Spokane, Washington to support Collins' carbon brake production; and Asheville, North Carolina to expand Pratt's turbine airflow machining and coating capacity for the GTF and F135.

在資本支出方面，我們去年投資了26億美元。這其中包括在亞利桑那州圖森等地大幅擴建雷神公司產能，用於生產戰斧導彈和機密項目，以及在阿拉巴馬州亨茨維爾擴建雷神公司產能，以提高標準導彈系列的產量。我們還投資提高了公司其他關鍵設施的產量，例如華盛頓州斯波坎的設施，以支持柯林斯碳煞車的生產；以及北卡羅來納州阿什維爾的設施，以擴大普拉特GTF和F135渦輪氣流加工和塗層產能。

In the fourth quarter, we received the EU certification of the GTF Advantage engine and expect aircraft certification soon. We have begun production cut-in of the Advantage engine and expect entry into service later this year, along with certification and first installations of the associated hot section plus upgrade package for MRO customers.

第四季度，我們獲得了 GTF Advantage 發動機的歐盟認證，預計很快就能獲得飛機認證。我們已開始對 Advantage 引擎進行生產切入，預計今年稍後投入使用，同時還將進行相關熱端零件及升級套件的認證和首次安裝，以滿足 MRO 客戶的需求。

We're also progressing on our strategic partnerships. In 2025, we made $85 million in investments across 19 companies through RTX Ventures in areas such as autonomy, advanced manufacturing, space and propulsion. This included a successful demonstration of Raytheon's DeepStrike autonomous mobile launcher vehicle in collaboration with multiple RTX Ventures portfolio companies.

我們在戰略合作方面也取得了進展。2025 年，我們透過 RTX Ventures 對 19 家公司進行了 8,500 萬美元的投資，投資領域包括自動駕駛、先進製造、太空和推進系統。其中包括與多家 RTX Ventures 投資組合公司合作，成功展示雷神公司的 DeepStrike 自主移動發射車。

In 2026, we plan to invest another $10.5 billion in capex in company and customer-funded research and development, including another $3.1 billion in capex on top of the $2.6 billion I just highlighted for last year. Specifically, Raytheon will continue capacity investments in areas such as Tucson and Andover, building on projects completed last year and creating additional capacity for munitions and sensors, including the Standard Missile family, AMRAAM, Tomahawk, Patriot and LTAMDS.

2026 年，我們計劃再投資 105 億美元用於公司和客戶資助的研發，其中包括在去年我剛才提到的 26 億美元之外再增加 31 億美元的資本支出。具體而言，雷神公司將繼續在圖森和安多弗等地區進行產能投資，在去年完成的項目基礎上，為彈藥和感測器創造更多產能，包括標準飛彈系列、AMRAAM、戰斧飛彈、愛國者飛彈和LTAMDS飛彈。

Collins will increase capex this year to support growing commercial and defense platforms, including the expansion of the Richardson, Texas facility for the Survivable Airborne Operations Center and the E-130J programs. And Pratt will continue to invest in capacity across multiple sites, including Columbus, Georgia to increase forging production and Asheville to establish a foundry to produce turbine airflow castings.

柯林斯公司今年將增加資本支出，以支持不斷增長的商業和國防平台，包括擴建位於德克薩斯州理查森的生存空中作戰中心和 E-130J 項目設施。普拉特將繼續投資多個地點的產能，包括喬治亞州哥倫布市，以提高鍛造產量；以及阿什維爾市，建立鑄造廠，生產渦輪氣流鑄件。

We've got great momentum heading into 2026 and feel very good about how our company is positioned to drive another year of strong growth in organic sales, segment margin expansion and free cash flow generation. With that, let me turn it over to Neil to take you through the fourth quarter results and more details on our 2026 outlook. Neil?

進入 2026 年，我們勢頭強勁，對公司未來一年在有機銷售、細分市場利潤率擴張和自由現金流產生方面取得強勁增長充滿信心。接下來，我將把發言權交給尼爾，讓他為大家介紹第四季業績以及我們 2026 年的展望細節。尼爾？

All right, Chris. Thanks. I'm on slide 5. As you saw, we had very strong financial performance to finish the year. In the fourth quarter, adjusted sales of $24.2 billion were up 12% on an adjusted basis and 14% organically. By channel, organic growth was driven by commercial OE, which was up 18%, commercial aftermarket which was up 17% and defense, which was up 10%.

好的，克里斯。謝謝。我看到第五張投影片了。正如你所看到的，我們以非常強勁的財務表現結束了這一年。第四季度，經調整後的銷售額為 242 億美元，以調整後基準計算成長 12%，以有機成長計算成長 14%。按通路劃分，有機成長主要由商業原廠配套市場（成長 18%）、商業售後市場（成長 17%）和國防市場（成長 10%）推動。

Adjusted segment operating profit of $2.9 billion was up 9% year-over-year, and adjusted earnings per share of $1.55 was up 1% from prior year as strong segment operating profit growth was partially offset by expected higher corporate expenses and a higher effective tax rate in the quarter.

調整後的分部營業利潤為 29 億美元，較去年同期成長 9%；經調整後的每股盈餘為 1.55 美元，較去年同期成長 1%。強勁的分部營業利潤成長被預期更高的公司支出和本季更高的實際稅率部分抵消。

On a GAAP basis, EPS from continuing operations was $1.19 and included 31 cents of acquisition accounting adjustments and 5 cents of restructuring and all other nonrecurring items. This included a 15 cent settlement charge associated with the pension transaction we completed in the quarter.

以美國通用會計準則計算，持續經營業務的每股收益為 1.19 美元，其中包括 0.31 美元的收購會計調整和 0.5 美元的重組及所有其他非經常性項目。這其中包括與我們本季完成的退休金交易相關的 15 美分結算費。

Free cash flow for the quarter was very strong at $3.2 billion, bringing our full year free cash flow to $7.9 billion, as Chris said. This included approximately $1 billion of powder metal-related compensation and approximately $600 million of tariff-related impacts.

正如克里斯所說，本季自由現金流非常強勁，達到 32 億美元，使我們全年的自由現金流達到 79 億美元。這其中包括約 10 億美元的粉末冶金相關賠償和約 6 億美元的關稅相關影響。

Lastly, in the quarter, we paid down $1.1 billion of debt and completed the divestiture of the Collins' Simmonds business. Okay, with that, let me hand it over to Nathan to take you through the segment results, and then I'll come back and share some details on our 2026 outlook.

最後，在本季度，我們償還了 11 億美元的債務，並完成了對柯林斯西蒙茲業務的剝離。好的，接下來我會把麥克風交給 Nathan，讓他為大家介紹各部分的結果，之後我會再回來和大家分享我們對 2026 年的展望。

Okay. Thanks, Neil. Starting with Collins on slide 6. Sales were $7.7 billion in the quarter, up 3% on an adjusted basis and 8% organically, driven principally by strength across commercial OE and aftermarket. Adjusting for divestitures by channel, commercial OE sales were up 9%, driven by higher volume on wide-body and narrow-body platforms.

好的。謝謝你，尼爾。從第 6 張投影片上的柯林斯開始。本季銷售額為 77 億美元，經調整後成長 3%，有機成長 8%，主要得益於商業 OE 和售後市場的強勁表現。經通路剝離調整後，商用 OE 銷售額成長 9%，主要得益於寬體和窄體平台銷量的成長。

Commercial aftermarket sales were up 13%, driven by a 24% increase in provisioning, an 11% increase in parts and repair and a 7% increase in mods and upgrades. Defense sales were up 2% versus the prior year on a difficult compare, driven by higher volume across multiple programs. Recall that the prior year was up 13%.

商業售後市場銷售額成長了 13%，其中供應成長了 24%，零件和維修成長了 11%，改裝和升級成長了 7%。在多個專案銷售增加的推動下，儘管去年同期基數較高，但國防銷售額仍比上年增長了 2%。回想一下，前一年增長了 13%。

Adjusted operating profit of $1.2 billion was up $16 million versus the prior year as drop-through on higher commercial aftermarket and OE volume was partially offset by the impact of the divestitures completed during the year and higher tariffs across the business. For the full year, Collins generated $30.2 billion of adjusted sales and $4.9 billion of adjusted operating profit, resulting in 9% organic sales growth and 30 basis points of year-over-year margin expansion.

調整後的營業利潤為 12 億美元，比上年增加 1,600 萬美元，原因是商業售後市場和 OE 銷售增加帶來的利潤下降部分被本年度完成的資產剝離和業務範圍內的關稅上漲所抵消。全年來看，柯林斯公司調整後銷售額為 302 億美元，調整後營業利潤為 49 億美元，實現了 9% 的有機銷售額增長和 30 個基點的同比利潤率增長。

Shifting to Pratt & Whitney on slide 7. Sales of $9.5 billion were up 25% on both an adjusted and organic basis, driven by strength across all channels. Commercial OE sales were up 28%, driven by increased deliveries and favorable mix in large commercial engines with large commercial engine deliveries up 6% for the full year. Commercial aftermarket sales were up 21%, driven by higher volume, including heavier content in large commercial engines and Pratt Canada.

第 7 張投影片切換到普惠公司。銷售額達 95 億美元，經調整和有機成長均成長 25%，主要得益於所有通路的強勁表現。商用原廠配套銷售額成長了 28%，這主要得益於大型商用引擎交付量的增加和有利的組合，其中大型商用引擎全年交付量增加了 6%。受銷量成長的推動，商業售後市場銷售額成長了 21%，其中包括大型商用引擎和 Pratt Canada 的銷量成長。

In military engines, sales were up 30%, driven by higher F135 production volume and higher sustainment volume across multiple platforms, including the F135 and F100. Adjusted operating profit of $776 million was up $59 million versus the prior year, driven by drop-through on higher military and commercial aftermarket volume as well as favorable military and commercial OE mix.

在軍用發動機領域，銷量增長了 30%，這主要得益於 F135 發動機產量增加以及包括 F135 和 F100 在內的多個平台維護需求增加。調整後的營業利潤為 7.76 億美元，比上年增長 5,900 萬美元，主要得益於軍用和商用售後市場銷量增加以及軍用和商用 OE 產品組合的有利影響。

This was partially offset by the impact of commercial aftermarket mix, higher tariffs across the business, higher SG&A expense and the absence of an approximately $70 million prior year insurance recovery. For the full year, Pratt generated $32.9 billion of adjusted sales and $2.7 billion of adjusted operating profit, resulting in 17% organic sales growth and 20 basis points of year-over-year margin expansion.

但這部分被商業售後市場組合的影響、業務範圍內的更高關稅、更高的銷售、一般及行政費用以及上一年約 7000 萬美元的保險賠償金的缺失所抵消。全年來看，普拉特公司調整後銷售額為 329 億美元，調整後營業利潤為 27 億美元，實現了 17% 的有機銷售額增長和 20 個基點的同比利潤率增長。

Turning to Raytheon on slide 8. Sales of $7.7 billion in the quarter were up 7% on both an adjusted and organic basis, driven by higher volume on land and air defense systems, including Patriot and GEM-T and higher volume on naval programs, including Evolved SeaSparrow Missile and Tomahawk. This was partially offset by the absence of a prior year benefit related to a restart of contracts with the Middle East customer.

轉到第 8 張投影片，介紹雷神公司。本季銷售額達 77 億美元，經調整和有機增長均達 7%，主要得益於陸空防禦系統（包括愛國者導彈和 GEM-T 導彈）銷量增長以及海軍項目（包括改進型海麻雀導彈和戰斧導彈）銷量增長。由於與中東客戶重新簽訂合約而導致上一年未獲得收益，部分抵銷了上述損失。

Adjusted operating profit of $885 million was up $157 million versus the prior year, driven by improved net productivity, higher volume and favorable program mix. Bookings in the quarter were $10.3 billion, resulting in a book-to-bill of 1.35 and a record backlog of $75 billion, with a full year book-to-bill of 1.43.

經調整後的營業利潤為 8.85 億美元，比上年增長 1.57 億美元，這主要得益於淨生產率的提高、銷量的增長以及有利的項目組合。本季訂單金額為 103 億美元，訂單出貨比為 1.35，積壓訂單金額創歷史新高，達 750 億美元，全年訂單出貨比為 1.43。

In addition to the awards Chris mentioned earlier, other key awards in the quarter included over $900 million of classified bookings and approximately $600 million for NASAMS. For the full year, Raytheon generated $28 billion of adjusted sales and $3.2 billion of adjusted operating profit, resulting in 6% organic sales growth and 130 basis points of year-over-year margin expansion, including $157 million of improved net productivity.

除了克里斯之前提到的獎項外，本季其他主要獎項包括超過 9 億美元的機密預訂和約 6 億美元的 NASAMS 預訂。全年來看，雷神公司調整後銷售額為 280 億美元，調整後營業利潤為 32 億美元，實現了 6% 的有機銷售額增長和 130 個基點的同比利潤率增長，其中包括 1.57 億美元的淨生產率提升。

With that, I'll hand it back over to Neil to provide some more details on our 2026 outlook.

接下來，我將把發言權交還給尼爾，讓他詳細介紹我們對 2026 年的展望。

Thanks, Nathan. Turning to slide 9. Let me take you through the drivers of our 2026 outlook that Chris highlighted. Starting with sales. Given our current backlog and the demand environment we have discussed, we expect total RTX sales to be between $92 billion and $93 billion for the full year.

謝謝你，內森。翻到第9張投影片。讓我帶您了解克里斯重點提到的2026年展望的驅動因素。從銷售開始。鑑於我們目前的積壓訂單和我們討論過的需求環境，我們預計 RTX 全年總銷售額將在 920 億美元至 930 億美元之間。

On an organic basis, this translates to between 5% and 6% top line growth. By sales channel at the RTX level and adjusting for divestitures, we expect both commercial OE and defense to grow mid-single digits and commercial aftermarket to be up high single digits.

以自然成長計算，這意味著營收成長 5% 到 6%。按 RTX 層面的銷售管道劃分，並根據資產剝離情況進行調整後，我們預計商業 OE 和國防業務將實現中等個位數成長，而商業售後市場將實現高個位數成長。

Moving to EPS. Let me take you through the year-over-year walk. For the year, the most significant driver will be segment operating profit, which will drive approximately 59 cents of EPS growth at the midpoint of our outlook range. Included in this segment growth is a headwind of roughly 3 cents associated with the divestitures we completed last year at Collins.

轉向EPS。讓我帶您回顧一下這些年來的變化。今年最重要的驅動因素將是分部營業利潤，這將推動每股收益成長約 59 美分（以我們預測範圍的中點計算）。該業務部門的成長包含了約 3 美分的不利因素，這與我們去年在柯林斯完成的資產剝離有關。

And with lower average debt, we expect a tailwind from lower interest of about 6 cents. Partially offsetting these items is approximately 13 cents from lower pension income, driven primarily by the actions we've taken to derisk our pension plans, including the transaction I just mentioned. Finally, we expect a 5 cent headwind from a higher share count and anticipate a 6 cent headwind from all other items largely related to higher minority interest associated with our joint ventures.

平均債務降低，我們預計利率下降約 6 美分，這將帶來利多。部分抵銷這些項目的，是退休金收入減少約 13 美分，這主要是由於我們為降低退休金計畫風險而採取的措施，包括我剛才提到的交易。最後，我們預計更高的股份數量將帶來 5 美分的負面影響，而所有其他因素，特別是與我們合資企業相關的更高的少數股東權益，預計將帶來 6 美分的負面影響。

All in, this brings our adjusted EPS outlook range to between $6.60 and $6.80 for the year. Moving to our free cash flow walk. Operational performance, primarily segment operating profit growth will drive an improvement of approximately $1.1 billion. This operational improvement includes a slight working capital tailwind as we continue our company-wide initiatives to improve inventory management.

綜上所述，我們對全年每股收益的調整預期範圍為 6.60 美元至 6.80 美元。接下來我們來看看自由現金流狀況。營運業績，尤其是部門營業利潤的成長，將帶來約 11 億美元的改善。此次營運改善包括營運資金的小幅成長，因為我們將繼續推行全公司範圍內的庫存管理改善措施。

Specific to powder metal compensation, we expect around $700 million for the year, which results in a tailwind of about $300 million year-over-year. Partially offsetting these items will be the impact of higher capex of approximately $500 million as we invest to support the growing customer demand that Chris discussed. For the full year, we expect to invest approximately $3.1 billion in capex.

具體到粉末冶金補償，我們預計今年將達到約 7 億美元，這將帶來約 3 億美元的年成長。部分抵銷這些項目影響的是，我們將投資約 5 億美元以滿足 Chris 所提到的不斷增長的客戶需求，這將增加資本支出。預計全年資本支出將達到約 31 億美元。

Lastly, we expect a headwind of approximately $300 million for all other items, including the net impact of pension, interest, taxes and other investments. All in, we expect free cash flow to be between $8.25 billion and $8.75 billion for the full year. With that, let's turn to slide 10, and I'll provide the details around our segment outlooks. Starting with Collins, we expect full year sales to be up mid-single digits on an adjusted basis and up high single digits organically.

最後，我們預計所有其他項目將面臨約 3 億美元的不利影響，包括退休金、利息、稅收和其他投資的淨影響。綜上所述，我們預計全年自由現金流將在 82.5 億至 87.5 億美元之間。接下來，讓我們翻到第 10 張投影片，我將詳細介紹我們的細分市場展望。以柯林斯為例，我們預期全年銷售額經調整後將達到個位數中段成長，有機成長將達到個位數高段。

Adjusting for the divestitures we completed in 2025, we expect commercial OE to be up approximately 10%, driven by double-digit growth across narrow-body and wide-body production, along with single-digit growth across business jet and civil rotorcraft platforms. Commercial aftermarket is expected to be up high single digits, driven primarily by further growth in out-of-warranty flight hours and global RPKs.

考慮到我們在 2025 年完成的資產剝離，我們預計商業 OE 將成長約 10%，這主要得益於窄體和寬體飛機生產的兩位數成長，以及公務機和民用旋翼機平台的個位數成長。預計商業售後市場將實現高個位數成長，主要受保固期外飛行小時數和全球RPK進一步成長的推動。

Defense sales are expected to be up mid-single digits, driven by multiple programs, including the F-35 and other mission systems platforms. With respect to Collins adjusted operating profit, we expect it to grow between $425 million and $525 million versus the prior year. This is driven by drop-through on higher volume across all three channels, higher pricing and the benefit of continued cost reduction efforts across the business.

受包括 F-35 和其他任務系統平台在內的多個項目的推動，國防銷售額預計將實現中等個位數的成長。關於柯林斯調整後的營業利潤，我們預計將比上年增長 4.25 億美元至 5.25 億美元。這是由於所有三個通路銷售增加所帶來的銷售下降、價格上漲以及公司持續降低成本的努力所帶來的好處。

Keep in mind, this profit outlook includes an approximately $50 million headwind associated with the completed divestitures. Shifting to Pratt & Whitney, we expect full year sales to be up mid-single digits on both an adjusted and organic basis. By channel, we expect commercial OE to be up low single digits as increased large commercial and Pratt Canada engine deliveries are partially offset by engine mix within large commercial engines. Commercial aftermarket is expected to be up high single digits, driven by higher volume across large commercial engines, primarily GTF and Pratt Canada.

請注意，此獲利預期包含了已完成資產剝離帶來的約 5,000 萬美元的不利影響。再來看普惠公司，我們預期全年銷售額無論按調整後或以自然成長計算，都將達到中等個位數的成長。按渠道劃分，我們預計商用發動機的OE將實現個位數低增長，因為大型商用發動機和普惠加拿大發動機交付量的增加將被大型商用發動機內部的發動機組合變化部分抵消。受大型商用引擎（主要是 GTF 和 Pratt Canada）銷量成長的推動，商用售後市場預計將實現接近兩位數的成長。

Within the military business at Pratt, sales are expected to be up mid-single digits, driven by higher F135 production and sustainment volume. For Pratt's adjusted operating profit, we expect growth of between $225 million and $325 million versus the prior year. This is driven by drop-through on higher commercial aftermarket and military volume and cost reduction efforts across the business, partially offset by increased commercial OE deliveries and mix.

在普惠公司的軍工業務方面，受 F135 產量和維護量增加的推動，銷售額預計將實現個位數中段的成長。我們預計 Pratt 的調整後營業利潤將比上年增長 2.25 億美元至 3.25 億美元。這主要是由於商業售後市場和軍工市場銷售下降以及公司各部門努力降低成本所致，部分被商業OE交付量和產品組合的增加所抵消。

Turning to Raytheon. We expect sales to grow mid to high single digits on both an adjusted and organic basis, principally driven by growth across land and air defense systems. Raytheon's adjusted operating profit is expected to be up between $200 million and $300 million versus the prior year, driven by drop-through on higher volume, favorable contract mix and improved net productivity.

轉向雷神公司。我們預計，經調整和有機成長後，銷售額將實現中高個位數成長，主要得益於陸地和空中防禦系統的成長。受銷售成長帶來的利潤下降、有利的合約組合以及淨生產率提高的推動，雷神公司調整後的營業利潤預計將比上年增加 2 億至 3 億美元。

In addition to the segment outlooks, we've included guidance for pension and some of the other below-the-line items in the appendix of our earnings presentation. All in, 2026 is expected to be another strong year of financial performance for RTX with all three segments delivering growth in organic sales and operating profit with continued margin expansion and solid cash conversion.

除了各業務板塊的展望之外，我們還在盈利報告的附錄中加入了退休金和其他一些線下項目的指引。綜上所述，預計 2026 年 RTX 的財務業績將再創新強勁，所有三個業務部門的有機銷售額和營業利潤都將實現增長，利潤率將持續擴大，現金轉換率也將保持穩健。

Okay. With that, I'll hand it back over to Chris to wrap things up.

好的。好了，接下來就交給克里斯來總結吧。

Okay. Thanks, Neil. Looking at our 2025 results, it's clear we have built great momentum across RTX, delivering both top and bottom line growth throughout a dynamic year. I want to thank all of our employees across RTX for their hard work, dedication and commitment to our mission that led to these results.

好的。謝謝你，尼爾。從我們 2025 年的業績來看，很明顯，我們在 RTX 領域已經建立了強大的發展勢頭，在充滿活力的一年中實現了營收和利潤的雙重成長。我要感謝 RTX 的所有員工，感謝他們的辛勤工作、奉獻精神和對我們使命的堅定承諾，正是這些才取得了這些成果。

As we move into 2026, our strategic priorities remain consistent. We are committed to making the right investments in the business to support the favorable long-term demand we see and drive sustainable growth this year and beyond. With that, let's open it up for questions.

進入2026年，我們的策略重點保持不變。我們致力於對業務進行正確的投資，以支持我們所看到的有利的長期需求，並推動今年及以後的可持續成長。那麼，接下來就進入提問環節。

(Operator Instructions)

（操作說明）

Peter Arment, Baird.

Peter Arment，Baird。

Hey, thanks. Good morning, Chris, Neil, Nathan. Nice results and congrats on all the momentum in the business, Chris.

嘿，謝謝。早安，克里斯、尼爾、內森。克里斯，成績不錯，恭喜你在業務上取得如此佳績！

Hey, thanks very much Peter.

嘿，非常感謝彼得。

Yes -- so many topics here to talk about in '26, but I guess I want to start with the GTF fleet management plan. It's year three here and your financial and technical outlook has remained on track the entire time. Maybe can you give us the latest kind of update and any key items we should expect going forward with the plan?

是的——2026 年有很多話題可以討論，但我想先從 GTF 車隊管理計畫開始。今年是第三年了，您的財務和技術前景一直保持良好狀態。您能否提供最新的進展情況，以及在接下來的計劃中我們應該期待哪些關鍵事項？

Yes. You got it, Peter. And you're right, Peter. I always start this way. Our financial technical outlook remain on track and consistent with our prior comments. AOGs did come down in Q4, and they're down over 20% from the highs of 2025. So making good progress there. As I've said before, MRO output remains the key enabler, and that continues to improve.

是的。明白了，彼得。你說得對，彼得。我總是這樣開始。我們的財務技術前景依然保持正常，與我們先前的說法一致。第四季 AOG 數量確實有所下降，比 2025 年的高點下降了 20% 以上。所以那方面進展順利。正如我之前所說，MRO（維修、維修和大修）產出仍然是關鍵推動因素，而且這一因素還在不斷提高。

The PW1100 output, as we said upfront, was up 26% last year, and that was with heavier shop visits increasing 40% year-over-year. So really good improvement in the shops. And importantly, we exited the year on a strong note. Output was up 39% in the fourth quarter, which included a 16% reduction in turnaround time and a significant increase in repair volume, which, as you know, takes some pressure off of the need for new material.

正如我們之前所說，PW1100 的產量去年增長了 26%，而且這還是在維修店的訪問量同比增長 40% 的情況下實現的。商店的狀況確實有了很大的改善。更重要的是，我們以強勁的勢頭結束了這一年。第四季產量增加了 39%，其中包括週轉時間縮短了 16%，以及維修量大幅增加，如您所知，這減輕了對新材料的需求壓力。

So all in, this positions us pretty well to grow MRO output at a similar level in '26, which in turn enables us to continue to reduce AOGs throughout the year, continues to be our top priority, making sure we get the fleet in a better condition, and we're making progress there.

總而言之，這使我們處於一個相當有利的位置，可以在 2026 年將 MRO 產量提高到類似的水平，這反過來又使我們能夠在全年繼續減少 AOG（飛機停場事故），這仍然是我們的首要任務，確保我們的機隊處於更好的狀態，我們在這方面正在取得進展。

Appreciate the color, thanks, Chris.

很喜歡這個顏色，謝謝，克里斯。

Ronald Epstein, Bank of America.

羅納德·愛潑斯坦，美國銀行。

Yes, hey, good morning, guys. Kind of like Peter alluded to, it's sort of like everything everywhere all at once so far this year, and we're only a couple of weeks in. Maybe broadly, Chris, how are you thinking about -- I mean we got this executive order about how defense companies should deploy capital.

是的，嘿，大家早安。就像彼得暗示的那樣，今年到目前為止，感覺所有的事情都同時發生在各個地方，而我們才過了幾個星期。克里斯，或許從更廣泛的角度來看，你覺得——我的意思是，我們有一項關於國防公司應該如何部署資金的行政命令。

RTX was highlighted in a social media post by the administration. How are you broadly thinking about that? And what's it mean to you as a manager of the business? How do you handle all that?

RTX在官方社群媒體貼文中被重點提及。你對此有何總體看法？身為企業管理者，這對你來說意味著什麼？你如何處理這一切？

Yes. Thanks for the question, Ron. Let me break it down in a couple of parts here. Number one, we understand that our products are critical to national security and security of our partners and allies. And I can tell you, across the organization, we absolutely feel the responsibility and urgency to deliver more and to deliver it faster. And candidly, we understand the frustration.

是的。謝謝你的提問，羅恩。讓我分成幾個部分來解釋一下。第一，我們明白我們的產品對國家安全以及我們的夥伴和盟友的安全至關重要。我可以告訴你們，在整個組織中，我們都深感有責任和迫切感，要交付更多成果，並且更快地交付成果。坦白說，我們理解這種沮喪。

And I can tell you, our focus and resources are fully aligned with the Department's mandate to ramp production and invest in capacity. And as we said upfront, we made some progress in 2025. I think some very good progress. Output was over -- up over 20% on a number of the critical programs, but there's more to do. We expect to significantly increase output again this year, and we're also going to increase our capex to enable that ramp.

我可以告訴你們，我們的工作重點和資源完全符合該部門提高產量和投資產能的指令。正如我們之前所說，我們在 2025 年取得了一些進展。我認為取得了非常好的進展。產量已經超過預期——許多關鍵項目的產量提高了 20% 以上，但還有更多工作要做。我們預計今年產量將再次大幅成長，我們也將增加資本支出以實現這一成長。

As it relates to capital allocation, again, we recognize our shareholders rely on our dividends, and they've come to expect our dividends. We've been paying them for decades on a quarterly basis. So we remain committed to the dividend.

關於資本配置，我們再次強調，我們的股東依賴我們的股息，他們也期望我們支付股息。幾十年來，我們一直按季度向他們支付款項。因此，我們仍將致力於派發股息。

That said, again, we're comfortable we can accommodate both that and the investment needs that come with delivering the current backlog and the potential future volumes on key programs. And I can tell you that we continue to have active and constructive engagement with the Department on its future needs and how we can fulfill those and strengthening the industrial base. So we've got to do it all.

也就是說，我們再次有信心能夠滿足這兩項需求，以及交付目前積壓訂單和未來關鍵項目潛在訂單量所帶來的投資需求。我可以告訴大家，我們將繼續與該部門就其未來需求以及我們如何滿足這些需求和加強工業基礎進行積極和建設性的溝通。所以我們必須把所有事情都做完。

Got it, thank you.

明白了，謝謝。

Kristine Liwag, Morgan Stanley.

克莉絲汀‧利瓦格，摩根士丹利。

Hey, good morning, everyone. Maybe, Chris, Neil, RTX is now the largest aerospace defense company in the world by sales. And we're living in a very dynamic period, seeing unprecedented demands for your products, but also unique actions from the government where they're willing to invest in supporting capex.

嘿，大家早安。或許，克里斯、尼爾，RTX 現在是全球銷售量最大的航空航太國防公司。我們正生活在一個充滿活力的時期，不僅看到了對貴公司產品前所未有的需求，也看到了政府採取的獨特行動，他們願意投資支持資本支出。

I guess, like how are you thinking about the portfolio composition and potential monetization for shareholders given the recent move from one of your competitors where they're carving out a Mission Solutions business, receiving a $1 billion investment from the government with an IPO in the second half of the year. How do you think about your portfolio? And where do you see the opportunities?

我想問的是，鑑於您的一個競爭對手最近正在剝離一項任務解決方案業務，並從政府獲得 10 億美元的投資，計劃在今年下半年進行 IPO，您是如何考慮投資組合構成和股東潛在變現的？您如何看待您的投資組合？你認為機會在哪裡？

Yes. Thanks, Kristine. I'll start. Again, I continue to believe -- we continue to believe and have strong conviction that RTX is constructed to meet the moment. By the moment, I mean the ramp both in defense and commercial and to drive long-term value for customers and shareholders.

是的。謝謝你，克里斯汀。我先來。我再次重申——我們仍然相信並堅信，RTX 的設計正是為了應對當前情況。我說的「目前」是指國防和商業領域的成長，以及為客戶和股東創造長期價值。

And I've said this before, our breadth and scale provides a competitive advantage in our mind in terms of technology, cost structure, customer and market knowledge and talent. And as you know, in this industry, you make big bets on large platforms, and that requires a strong balance sheet, an ability to innovate and invest over the long term and the ability to manufacture at scale for a sustained period of time, all things that are within the RTX core competency.

我之前也說過，我們認為，我們的廣度和規模在技術、成本結構、客戶和市場知識以及人才方面都具有競爭優勢。如您所知，在這個行業中，您需要對大型平台進行大量投資，這需要強大的資產負債表、長期創新和投資的能力以及持續大規模生產的能力，而所有這些都是 RTX 的核心競爭力。

And you're also starting to see this convergence of commercial and defense tech, you're seeing a lot of that given the transformation initiatives that the Department of War is pushing forward. And I think we're just uniquely positioned to compete in that environment. And I think that provides us a real opportunity as opposed to perhaps some of our competitors. And as we said before, we're going to continue to invest, and we've got the balance sheet to continue to invest in the capacity and in technology to meet both the current backlog and the programs of the future.

而且，你也開始看到商業技術和國防技術的融合，鑑於戰爭部正在推進的轉型計劃，這種融合現象越來越普遍。我認為我們擁有得天獨厚的優勢，能夠在這種環境下參與競爭。我認為這為我們提供了一個真正的機遇，而這可能與我們的一些競爭對手不同。正如我們之前所說，我們將繼續投資，而且我們有足夠的資產負債表繼續投資於產能和技術，以滿足當前的積壓訂單和未來的專案需求。

Thank you for the color.

謝謝你提供的色彩。

Robert Stallard, Vertical Research.

Robert Stallard，Vertical Research。

Thanks very much. Good morning.

非常感謝。早安.

Good morning, Rob.

早安，羅布。

Hey Rob.

嘿，羅布。

Probably a question for Neil regarding the 2026 guidance. Your forecast for Pratt & Whitney, particularly on the OEM side, looks a bit conservative, particularly given what Airbus is planning on the A320 and A220 going forward here. So I was wondering if you could perhaps delve into the components a bit more, particularly on aerospace OEM.

這可能是關於2026年指導方針的問題，應該問尼爾。您對普惠公司（尤其是OEM廠商）的預測似乎有些保守，特別是考慮到空中巴士公司未來對A320和A220的計畫。所以我想知道您是否可以更深入地探討一下各個組成部分，特別是航空航天OEM方面。

Yes. Thanks, Rob. I appreciate the question. Let me give you a little bit of color. I think it's important to kind of see what's underneath the covers there on the Pratt side. I would start by saying in 2025, we had our large commercial engine deliveries up 6%, as Nathan said. As we think about 2026, I think the large commercial engine output in terms of deliveries is likely to be up call it, mid to high single digits.

是的。謝謝你，羅伯。感謝您的提問。讓我來為你增添一些色彩。我認為了解普拉特那邊的情況很重要，這才能看清真相。首先我想說的是，正如 Nathan 所說，到 2025 年，我們的大型商用引擎交付量增加了 6%。展望 2026 年，我認為大型商用引擎的交付量可能會成長，可以說是中高個位數成長。

So it's growing on top of the number that we put up for 2025. We've talked at length for a number of years about the mix in the OE and balancing the need to support the flying fleet today as well as installs at Airbus. And we think we put together a plan that does just that. And so we will see continued growth on the MRO side at Pratt that will support the GTF aircraft in particular. And the rest will go between Airbus and spares.

所以，這個數字是在我們預測的 2025 年數字的基礎上成長的。多年來，我們一直在深入探討 OE 中的產品組合，以及如何平衡支援當前飛行機隊和空中巴士安裝的需求。我們認為我們已經制定了一個能夠實現這一目標的計劃。因此，我們將看到普惠公司在MRO（維修、修理和大修）方面持續成長，這將特別為GTF飛機提供支援。其餘部分將在空中巴士和備件部門之間分配。

I think if we look inside of the install side, we still see growth on both the installs and probably flattish on the spare engine deliveries for 2026. So a little mix headwind on the top line, but in terms of output, strong output throughout the course of this year. If it's better, you'll see that, but we're really trying to make the right balancing decisions between MRO and install. And Chris has a couple of other things --

我認為，如果我們從安裝方面來看，我們仍然可以看到安裝量的成長，而 2026 年備用引擎交付量可能會保持穩定。所以，雖然營收方面有一些不利因素，但就產出而言，今年全年產出強勁。如果情況好轉，您就會看到，但我們確實在努力在MRO和安裝之間做出正確的平衡決策。克里斯還有其他幾件事。--

Yes. No, I'd just add a couple of other notes here. Again, our 2025 total deliveries were up over 50% versus 2019 levels. I think that's important to continue to reinforce. And as Neil said, we're always going to try to support our customers. There's a balance that we've got to bring to bear given what's going on with the fleet. But the backlog on the program is very strong.

是的。不，我只想在這裡補充幾點。同樣，我們 2025 年的總交付量比 2019 年的水準成長了 50% 以上。我認為這一點需要繼續強調。正如尼爾所說，我們將始終盡力支持我們的客戶。鑑於艦隊目前的狀況，我們必須找到一種平衡點。但該項目的積壓工作非常嚴重。

And we've got key investments coming online over the next 24 months to continue to support it, a new powder metal tower, new forging press, some additional capacity in Asheville, where we do turbine airfoils. So we're 100% in support of continuing to drive deliveries on the program over the long term because the backlog is there and the customer demand is there.

在接下來的 24 個月裡，我們將有關鍵投資投入使用，以繼續支持這項事業，包括一座新的粉末冶金塔、一台新的鍛造機，以及在阿什維爾增加一些產能，我們在那裡生產渦輪葉片。因此，我們百分之百支持長期繼續推進該項目的交付，因為積壓訂單就在那裡，客戶需求也在那裡。

That's great, thanks so much.

太好了，非常感謝。

You're welcome.

不客氣。

Scott Deuschle, Deutsche Bank.

史考特‧德施勒，德意志銀行。

Hey, good morning. Neil, why does Pratt commercial aftermarket growth slow to high single digits in 2026, particularly given the strength you saw here in the fourth quarter and then the commentary on GTF MRO volumes. And then for Chris, I was wondering if you might give us an update on when you expect castings output to begin to ramp up at Asheville.

嘿，早安。尼爾，鑑於你在第四季度看到的強勁勢頭以及對 GTF MRO 銷量的評論，為什麼普惠商用飛機售後市場的增長會在 2026 年放緩至個位數高位？另外，克里斯，我想問一下，你預計阿什維爾的鑄件產量何時開始逐步增加？

Yes. Thanks, Scott. I will start with the Pratt. I'll fill in where I left off. We were talking about the OE side. About 70% of Pratt's growth in '26 is going to come from commercial aftermarket. We talked about that being up high single digits. If you kind of look at the pieces here, I'll start with Pratt Canada.

是的。謝謝你，斯科特。我先從普拉特說起。我會接著上次的內容繼續講。我們當時在討論原廠配套的問題。2026 年 Pratt 公司約 70% 的成長將來自商業售後市場。我們討論過，這個數字會達到個位數以上。如果你仔細看看這裡的產品，我會從 Pratt Canada 開始。

We'll see growth in their aftermarket that's in the high single-digit range. So very solid there, growing ahead of RPKs in the market. Within the large commercial engine business, on a V2500 shop visit basis, we talked last year about doing 800 or so shop visits. We probably did a little bit more than that. I think for 2026, we're expecting it to be more or less the same, probably within 20 shop visits of 2025, so steady and above 800.

我們將看到他們的售後市場實現接近兩位數的成長。所以這方面非常穩健，在市場上的成長速度超過了RPK。在大型商用引擎業務中，以 V2500 為單位進行車間巡檢，我們去年討論過進行大約 800 次車間巡檢。我們可能會做的比這還要多一些。我認為 2026 年的情況應該和 2025 年差不多，可能比 2025 年的門市訪問量少 20 次，保持穩定，超過 800 次。

There's a little bit of an offset on the PW4000s and 2000s as those older engines start to retire. Those are expensive overhauls, and we're seeing a little bit of headwind there, probably about $100 million for 2026, all things that we saw coming and we planned aligned with our customers' fleet plan. So inside of the aftermarket, those are a couple of moving pieces on the legacy side of the business.

由於舊款引擎開始退役，PW4000 和 2000 系列引擎的銷量出現了一些下滑。這些都是昂貴的改造項目，我們在這方面遇到了一些阻力，到 2026 年可能需要花費約 1 億美元，所有這些都是我們預料到的，並且我們已經根據客戶的車隊計劃制定了相應的計劃。所以，在售後市場內部，這些是傳統業務方面幾個需要關注的環節。

And of course, the GTF aftermarket is continuing to grow, as you point out. Chris talked about stepping up again similar to the growth level that we saw in 2025. The shop visit content varies, though they're getting heavier. And so we will see that in the top line. Maybe just a comment on the profitability there. We've seen solid margins and progression on the GTF aftermarket.

當然，正如你所指出的，GTF 的改裝市場也持續成長。克里斯談到要再次提升到與我們在 2025 年看到的類似的增長水平。雖然店鋪訪問的內容各不相同，但內容越來越重。因此，我們將在第一行看到這一點。或許可以就那裡的獲利能力發表一下看法。我們已經看到GTF售後市場利潤穩定成長。

I'd call it, low double-digit kind of margins. We see one to two points maybe of expansion here in '26. So that GTF aftermarket revenue stream is moving in the right direction as we get further away from entry into service and start to put in new contracts and gain the durability improvements that we've talked about and the pricing in the contract structures.

我覺得這算是兩位數左右的利潤率吧。我們看到 2026 年這裡可能會有一到兩個擴張點。因此，隨著我們離投入使用越來越遠，開始簽訂新合同，並獲得我們討論過的耐用性改進以及合同結構中的定價，GTF 售後市場收入流正朝著正確的方向發展。

Yes. And Scott, maybe on the second part of your question on the casting piece. So the casting foundry investment has been approved. We've moved out on that investment. We're in that sort of buildup phase and working to make sure the yields are where we need them so that when we're going into production, we're getting the yields that we need. And I think that impact we'll start to feel that more in the '28, '29-time frame.

是的。史考特，或許可以回答你關於鑄造部分的第二部分問題。因此，鑄造廠投資已獲批准。我們已經撤回了那項投資。我們目前處於籌備階段，努力確保產量達到我們所需的水平，以便在投產時能夠獲得所需的產量。我認為這種影響我們會在 2028 年、2029 年左右開始感受到。

Thank you very much.

非常感謝。

You're welcome.

不客氣。

Myles Walton, Wolfe Research.

Myles Walton，Wolfe Research。

Thanks, good morning. This might be for Neil. So Neil, could you pull back the covers on the Raytheon segment in terms of the growth rates of maybe some of the larger SBUs? I heard the comment about the 20% growth in some of the effectors, but maybe just a little bit of color there. And then, Chris, following the comments by the administration, have you engaged to change any behavior? And if so, what is it that they're requesting?

謝謝，早安。這可能是給尼爾的。尼爾，你能否介紹一下雷神公司旗下一些規模較大的策略事業單位的成長率？我聽說某些效應細胞增加了 20%，但這可能只是略有誇大而已。那麼，克里斯，在政府發表上述言論之後，你是否採取了任何行動來改變自己的行為？如果屬實，他們究竟提出了什麼要求？

Great. Thanks, Myles. I'll start here. As I pointed out in our opening comments here, the majority of that sales increase is coming from the land and air defense systems business. I'd say over half of it, frankly. Obviously, that's supported by material growth. We've seen 11 consecutive quarters of growth. We're expecting mid to high single-digit growth in material again here in '26.

偉大的。謝謝你，邁爾斯。我就從這裡開始。正如我在開場白中指出的那樣，大部分銷售成長來自陸空防禦系統業務。坦白說，我覺得超過一半。顯然，這得到了物質增長的支持。我們已經連續11個季度實現成長。我們預計 2026 年材料需求將再次實現中高個位數成長。

That's the heart of the Raytheon business, obviously, on the munitions and the sensors. So that's where the bulk of it is coming from, supporting programs that you all know about Patriot, GEM-T, LTAMDS, et cetera. I think importantly, for Raytheon, about 85% of our '26 sales are sitting in our backlog today.

很顯然，雷神公司的核心業務就是軍火和感測器。所以大部分資金都來自這裡，用於支持你們都知道的愛國者計劃、GEM-T計劃、LTAMDS計劃等等。我認為對雷神公司來說，重要的是，我們 2026 年約 85% 的銷售額目前都積壓在我們的訂單中。

So feeling very confident in the outlook that we put out today for them. And as I think about the rest of the year, we should be able to fill that remaining 15% nicely. And it's all about coordinating the supply chain and getting things synchronized, which we're seeing continued improvement in over the last 12 to 18 months. Chris?

因此，我對今天向他們提出的展望非常有信心。展望今年剩餘的時間，我們應該能夠很好地完成剩下的 15% 的工作。這一切都關乎協調供應鏈和使各項工作同步進行，而我們在過去 12 到 18 個月中看到了這方面的持續改進。克里斯？

Yes. So Myles, I would say that we're obviously fully supportive of the transformation initiatives that the Department is pushing forward. And we are working in partnership with them on ways to move output faster and to accelerate, whether that be through different requirements or testing protocols or anything within our shop that can make things more efficient in partnership with the customer.

是的。所以邁爾斯，我想說，我們顯然完全支持該部門正在推進的轉型舉措。我們正在與他們合作，研究如何更快地提高產量和加快生產速度，無論是透過不同的要求或測試協議，還是透過我們公司內部任何可以與客戶合作提高效率的方法。

We're also talking to them about how do we get the most out of our existing capacity, what suppliers do we need help with, whether that be from a throughput perspective or an investment perspective, and then again, where do we need to invest in capacity as we see the demand continuing to ramp. So it's a partnership on a number of fronts. It's been very constructive and collaborative. And we're going to, I hope, start to see the benefit of that here in '26 as we've got to continue to ramp on some critical programs.

我們也與他們討論如何最大限度地利用現有產能，我們需要哪些供應商的幫助，無論是從吞吐量角度還是投資角度，以及隨著需求持續增長，我們需要在哪些方面投資產能。所以這是多方面的合作。整個過程非常有建設性，也很有合作性。我希望，到 2026 年，我們能夠開始看到這樣做的好處，因為我們必須繼續增加一些關鍵項目的投資。

All right, thank you.

好的，謝謝。

Seth Seifman, JPMorgan.

Seth Seifman，摩根大通。

Hey, thanks very much and morning, everyone, so I wanted to ask another one about defense and maybe a slightly different topic. But in terms of missile defense and the Golden Dome initiative, we understand that the administration is looking for contractors to step out a little bit more there in terms of fronting our R&D to be involved in that effort, particularly with space-based interceptors.

嘿，非常感謝，大家早安！我想再問一個關於國防的問題，也許話題會稍微不一樣。但就飛彈防禦和「金色穹頂」計畫而言，我們了解到，政府希望承包商能夠更積極參與其中，尤其是在天基攔截器方面，承擔更多的研發工作。

And wondering how you're thinking about that given both Raytheon's traditional capabilities in missile defense, but also a pretty full plate in terms of ramping up some of the existing programs.

我想知道您是如何看待這個問題的，因為雷神公司在飛彈防禦方面擁有傳統能力，但同時也面臨著擴大現有專案規模的許多挑戰。

Yes. Thanks, Seth. Overall, we're looking at Golden Dome as a real opportunity for us. If you just step back and look at what we continue to believe is the multilayered architecture, we believe we've got solutions at each of those layers. And you know those systems very well, whether it be Patriot, whether it be GEM-T, SPY-6, Coyote and the like.

是的。謝謝你，塞思。總的來說，我們認為金穹頂對我們來說是一個真正的機會。如果你退後一步，看看我們一直認為的多層架構，我們相信我們在每一層都有解決方案。你對這些系統非常了解，無論是愛國者飛彈系統，或是GEM-T飛彈系統、SPY-6飛彈系統、郊狼飛彈系統等等。

So between effectors and sensors have a full suite of products that we think can meet the needs of Golden Dome. I think there are also some opportunities in space. I can't talk about them too much. But again, I think we've got some unique capabilities there that we're discussing with the Department.

因此，在執行器和感測器之間，我們擁有一整套產品，我們認為這些產品可以滿足 Golden Dome 的需求。我認為太空領域也存在一些機會。我不能過多談論他們。但我認為我們在這方面擁有一些獨特的能力，我們正在與相關部門討論這些能力。

And as with all things, we're always looking at the opportunities for us to increase capacity for some of this demand. As you know, there are long lead time items in some of these areas. There are suppliers that we need to continue to sort of rejuvenate and make sure that they can meet the demands that we need. So all of those things are going on, identifying a long lead material we might need, everything that will help us accelerate production. So when those awards come down, we're ready.

就像其他事情一樣，我們一直在尋找機會來提高產能，以滿足部分需求。如您所知，其中一些領域的產品交貨週期較長。我們需要繼續對一些供應商進行改造，確保他們能夠滿足我們的需求。所以所有這些事情都在進行中，確定我們可能需要的長週期材料，以及所有有助於我們加快生產速度的事情。所以，當獎項揭曉的時候，我們已經準備好了。

Seth, I would just add that with respect to the investment and our willingness to invest, we, of course, would invest in good business. And so we're prepared to make the right choices there. Our R&D for 2026 is going to approach $3 billion with a healthy portion of that sitting in Raytheon, obviously. So we're prepared to make those investments when it makes sense to do so.

塞思，我只想補充一點，關於投資以及我們投資的意願，我們當然會投資好的企業。因此，我們已做好準備，在那裡做出正確的選擇。我們2026年的研發投入將接近30億美元，其中相當一部分顯然會投入雷神公司。所以，當時機成熟時，我們準備進行這些投資。

Great, thanks very much.

太好了，非常感謝。

John Godyn, Citi.

約翰‧戈丁，花旗集團。

Hey guys, thanks for taking my question. All the businesses are experiencing tailwinds, and it's been quite a good run for the last few quarters. I know it can be hard to pick your favorite child, but I was hoping you could just help us sensitize the outlook a bit in the context of the segments. Which one do you think has the most scope for exceeding guidance based on the demand signals that you're seeing recently?

各位好，感謝你們回答我的問題。所有企業都受惠於順風，過去幾季業績都相當不錯。我知道要選出自己最喜歡的孩子可能很難，但我希望你能幫助我們稍微調整一下看待問題的角度，尤其是在這些片段的背景下。根據您最近觀察到的需求訊號，您認為哪一款產品最有潛力超越預期？

So I'm going to give this one to Chris. Actually, I'll answer it, John. It's obviously early in the year, and we love all of our children here at RTX. So I think all three businesses have tailwinds behind them, frankly. I think it's early in the year. We set our guide based on where our backlog sits today. We've got a number of initiatives that are obviously in the pipeline here in terms of cost reduction.

所以我把這個機會給克里斯。實際上，我會回答這個問題，約翰。現在顯然還處於年初，我們RTX的所有孩子都非常愛他們。坦白說，我認為這三家企業都擁有順風發展的優勢。我認為現在還只是年初。我們根據目前積壓的工作量來制定指導方針。我們目前有許多旨在降低成本的措施正在籌備中。

So when I think about Collins, in particular, they've kicked off a pretty significant transformation effort there to drive cost out of both the production side as well as the back office. So I see tailwinds supporting the Collins margin trajectory. If I go to Raytheon, we've talked a lot about it already this morning, the defense business, the demand, the productivity improvements that we're seeing in Raytheon, we've seen about $160 million year-over-year improvement for each of the last two years.

所以，當我想到柯林斯公司時，尤其是他們，他們已經啟動了一項相當重要的轉型工作，以降低生產和後台部門的成本。所以我認為有利因素會支撐柯林斯邊界的走向。如果我去雷神公司，我們今天早上已經談了很多關於國防業務、需求以及我們在雷神公司看到的生產力提升，我們看到過去兩年每年都有大約 1.6 億美元的同比增長。

Now that may tail off a little bit. We'll see probably another $25-or-so million of year-over-year improvement. But we're in the zone where we're seeing positive productivity coming out of the Raytheon business. And that's because of the significant volume the synchronization with the supply chain and the continued execution mode that we're in there. So that's how I kind of think about the Raytheon business.

現在這種情況可能會稍微減弱一些。我們可能會看到年比再增長約 2500 萬美元。但我們現在正處於一個能夠帶來積極生產力的時期，雷神公司的業務正在蓬勃發展。這是因為我們與供應鏈保持著密切的同步，並且我們目前處於持續的執行模式。這就是我對雷神公司的看法。

And over at Pratt, obviously, there's a ways to go there, but we know that the GTF program is growing significantly. We're performing well. We're growing out of the older contracts. We're getting pricing and the legacy businesses continue to be intact there, and we see that staying steady for the next several years. So great businesses, hard to pick one. But clearly, all of them have margin potential over the next several years, and that's what we're focused on.

顯然，普拉特學院還有很長的路要走，但我們知道 GTF 計畫正在顯著發展。我們表現不錯。我們正在擺脫舊的合約束縛。我們正在了解定價情況，而且傳統業務在那裡繼續保持完整，我們預計未來幾年將保持穩定。這麼多優秀的企業，很難選出一個。但很顯然，它們在未來幾年都具有獲利潛力，而這正是我們所關注的。

And I think if we execute and deliver the backlog we have today, then we'll naturally see that margin expansion over the next couple of years. Importantly, that will convert to cash. And you're seeing that in the '26 outlook. We saw it as we exited '25 exceeding where we had thought we would exit the year on strong collections. So really good position to be in. And again, it affords us the opportunity to take on that extra investment to build for the future capacity that's not even yet sitting in our backlog.

我認為，如果我們能夠執行並交付目前積壓的訂單，那麼在未來幾年內，我們自然會看到利潤率的提升。重要的是，這些錢最終會變成現金。而這一點在 2026 年的展望中也得到了體現。我們看到，2025 年末的業績超出了我們預期，這得益於強勁的業績成長。所以，這確實是一個非常有利的位置。而且，這也讓我們有機會進行額外的投資，為未來的產能建設做好準備，即使這些產能目前還沒有進入我們的積壓訂單。

Chris. I think you said it really well, Neil. And the only thing that I would emphasize, John, is that each of the businesses is fully focused on getting to its full potential. I will tell you that Neil outlined some time frames for each of those. Some are closer, as you might imagine, but all dedicated to driving operational improvement through CORE, structural cost reduction, and a maniacal focus on execution given the backlog.

克里斯。尼爾，我覺得你說得很好。約翰，我唯一要強調的是，每個企業都全力以赴，力求充分發揮其潛力。我可以告訴你，尼爾為每一項都制定了一些時間框架。可以想像，有些專案進展得更順利，但所有專案都致力於透過核心業務推動營運改善、降低結構性成本，並鑑於積壓的工作，瘋狂地專注於執行。

Thanks a lot, guys.

非常感謝各位。

Gautam Khanna, TD Cowen.

Gautam Khanna，TD Cowen。

Thanks. Good morning. I had two quick ones. One, a follow-up to the prior question, just on Raytheon defense, productivity, and you also have higher volumes and better mix over time with the foreign backlog conversion into sales. So what's your updated thoughts on eventual margin entitlement for that segment?

謝謝。早安.我吃了兩份速食。第一，作為對前一個問題的後續，僅就雷神國防而言，生產力，而且隨著時間的推移，隨著海外積壓訂單轉化為銷售額，你們的銷量和產品組合也會更高。那麼，您對該細分市場的最終利潤率有何最新看法？

And then I wanted to just ask on GTF. Could you remind us again in the guidance for '26, what the cash customer compensation payments are? And if there's going to be any tail to that in 2027? And if you could just give us the final number for 2025.

然後我就想在GTF上問。能否在 2026 年的指導文件中再次說明現金客戶補償金的具體金額？如果這種情況在 2027 年還會持續下去呢？如果您能提供一下 2025 年的最終數字就太好了。

Thanks, Gautam. Let me start with the last question. So in our outlook for 2026, we have $700 million place held as the cash outflow. We exited 2025 with $1 billion. So cumulatively, we're at $2.8 billion when you get through the end of 2026. We had talked about that being about a $3 billion cash headwind to us over the period of time we execute the FMP. So that leaves a couple of hundred million dollars.

謝謝你，高塔姆。讓我先回答最後一個問題。因此，在我們對 2026 年的展望中，我們預留了 7 億美元作為現金流出。到 2025 年底，我們的資產達到 10 億美元。因此，到 2026 年底，累計金額將達到 28 億美元。我們曾討論過，在我們執行 FMP 期間，這將為我們帶來約 30 億美元的現金阻力。這樣還剩下幾億美元。

As I sit here today, we've been very prudent in our management of the compensation. We've got agreements with customers and very, very disciplined there. So that's how I see it today in good shape for the 2026. As it relates to the Raytheon margin potential, we're exiting 2025 strong. Our outlook for 2026 puts us pretty close to the 12% range that we've talked about.

今天我坐在這裡，想說的是，我們在薪酬管理方面一直非常謹慎。我們與客戶簽訂了協議，並且在這方面非常嚴格遵守規定。所以，我認為它目前的狀態良好，預計在2026年取得成功。就雷神公司的利潤潛力而言，我們將以強勁的勢頭結束 2025 年。我們對 2026 年的預測與我們之前討論過的 12% 的範圍非常接近。

And as you pointed out, the international mix is increasing. Today, our backlog has about 47% international mix in it, and we expect the sales mix to grow. I will say, as we talk about increasing our capacity for munitions and sensors, that will have a different sort of mix impact as well. But there's no reason to believe that the Raytheon margins can't be north of 12%, and we're certainly well on our way in this outlook that we put out today.

正如你所指出的，國際化程度越來越高。目前，我們的積壓訂單中約有 47% 來自國際客戶，我們預期銷售佔比還會成長。我想說，當我們談到提高彈藥和感測器的產能時，這也會產生另一種不同的綜合影響。但我們沒有理由相信雷神公司的利潤率不會超過 12%，而我們今天發布的這份展望報告也表明，我們正朝著這個目標穩步前進。

The other piece of tailwind that I would add there to Neil's comments is if you just look at the backlog composition. Neil talked about the international component. But if you just -- if you think about the products that are continuing to grow in that backlog, those are products in our core competency, mature products, that are going to continue to help drive productivity and improve margins.

我還要補充一點，Neil 的評論也支持這一點，就是看看待辦事項的組成。尼爾談到了國際因素。但是，如果你仔細想想那些在積壓訂單中持續成長的產品，你會發現這些都是我們的核心競爭力產品，是成熟的產品，它們將繼續幫助提高生產力並改善利潤率。

And when you think about where some of this future demand is as part of this defense transformation, whether it be the effectors, Golden Dome, again, these are going to be the products in integrated air and missile defense that are core to Raytheon.

當你思考未來國防轉型中一些需求的來源時，無論是效應器還是金色穹頂系統，這些都將成為雷神公司在綜合防空和飛彈防禦領域的核心產品。

Thank you.

謝謝。

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，傑富瑞集團。

Good morning, guys and thank you. I wanted to ask about Collins because I feel like it's a bit forgotten given everything else going on. Collins embeds 70 basis points of margin expansion, 40 basis points of that is the divestiture benefit, so only 30 bps organically.

各位早安，謝謝。我想問柯林斯的情況，因為我覺得鑑於其他事情的進展，它有點被遺忘了。柯林斯公司蘊含了 70 個基點的利潤率擴張，其中 40 個基點是資產剝離帶來的收益，因此只有 30 個基點是自然成長。

But it seems like there's a lot of good things going on in the segment, whether it's double-digit OE narrow body growth, which I presume is in line with segment margins, 10% aftermarket productivity plan in place. Maybe if you guys could bridge us and obviously, a full year of tariffs is maybe some of that offset.

但該細分市場似乎有許多好事正在發生，無論是兩位數的 OE 窄體車成長（我認為這與細分市場的利潤率相符），還是 10% 的售後市場生產力提升計劃。或許你們可以幫我們搭建橋樑，當然，一整年的關稅或許可以抵銷一部分影響。

Thanks, Sheila, for the question. So let me start with '25. You're right, we had about 30 basis points of margin expansion there. I would tell you that from a tariff perspective, that was a 90 basis points drag. So if you were to add that back, we saw Collins, I'll call it, organic margins at 17.1%, which was really, really nice to see. Obviously, we're still living with the tariff situation.

謝謝Sheila的提問。那麼，就讓我從「25」開始吧。你說得對，我們那裡的利潤率擴張了大約 30 個基點。從關稅角度來看，這會造成 90 個基點的負面影響。所以，如果把這些因素加回去，我們看到柯林斯的有機利潤率達到了 17.1%，這真的非常非常好。顯然，我們仍然要面對關稅問題。

We do expect to see a bit of a tailwind as we move from 2025 to 2026 on tariffs, probably about $75 million lower. And keep in mind, we're picking up an extra quarter of tariff expense in 2026. So the first quarter will be a little bit depressed on the Collins margins as they pick up an extra quarter. But nonetheless, still seeing really good margin expansion there.

我們預計從 2025 年到 2026 年，關稅方面會有一些利多因素，可能會減少約 7,500 萬美元。請記住，2026 年我們將額外承擔四分之一的關稅支出。因此，由於多了一個季度，柯林斯第一季的利潤率會略有下降。但即便如此，我們仍然看到那裡的利潤率出現了非常可觀的成長。

As you go to 2026, inclusive of tariffs, we're going to see another 80 basis points of margin expansion at the midpoint. As I said a couple of minutes ago, Collins has a ton of effort going into digitizing the back office, streamlining their footprint, and we're seeing the benefits of that cost reduction activity already come through in these margins.

到 2026 年，考慮到關稅因素，我們將看到中間價差再擴大 80 個基點。正如我幾分鐘前所說，柯林斯公司投入了大量精力來實現後台數位化，精簡業務佈局，我們已經從這些利潤率中看到了降低成本帶來的益處。

And I think that there are several years of benefits ahead of us as a result of the work they're doing. So we are seeing that improved drop-through. Obviously, in '26, we've got OE growing about 10%. Those margins are probably consistent with what you'd expect for sort of a defense kind of margin, low double digits and some really robust aftermarket, about 45% of their growth coming from the aftermarket business with the kind of drop-through that you'd expect in the business at Collins.

我認為，他們所做的工作將在未來幾年為我們帶來許多好處。所以我們看到了銷售轉換率的提升。顯然，在 2026 年，我們的 OE 成長了約 10%。這些利潤率可能與你對某種國防類產品的預期利潤率一致，低兩位數，售後市場非常強勁，約 45% 的增長來自售後市場業務，而柯林斯的業務也存在你預期的那種下滑現象。

So well, positioned, growing installed base, RPKs are strong, and we're getting the pricing benefit, too, that we've been pushing for in light of these headwinds we've been dealing with over the last couple of years.

因此，憑藉良好的市場定位、不斷增長的裝機量、強勁的RPK（每千次展示銷量），我們也獲得了價格上的優勢，這正是我們在過去幾年裡一直努力爭取的，以應對我們面臨的這些不利因素。

Got it thank you.

明白了，謝謝。

You're welcome.

不客氣。

Douglas Harned, Bernstein.

道格拉斯·哈內德，伯恩斯坦。

Good morning. Thank you. When you look at the GTF right now, I mean, you talked about how AOGs are coming down off that peak. The other thing going on at Pratt is, as you talked about, you've got increasing work scope on V2500s, which is very good for margin. You've had -- you're getting life extensions.

早安.謝謝。當你觀察目前的 GTF 時，我的意思是，你剛才提到 AOG 數量正在從峰值下降。正如你所說，普拉特公司正在發生的另一件事是，V2500 的工作範圍正在擴大，這對利潤率非常有利。你已經－你正在獲得延壽。

But how should we think about the longer-term margin at Pratt? Because on one hand, you have that benefit, but as AOGs start coming back, you may have two other effects, which are you may see some PW1100-powered airplanes lead to parking of some V's and you're going to have some decline in spare engine ratio. So how should we think about combining all of those things for the long-term Pratt margin?

但我們該如何看待普拉特公司的長期利潤率呢？一方面，你確實有這樣的好處，但隨著 AOG（飛機停場事故）的再次發生，你可能會面臨另外兩個影響，即一些 PW1100 發動機驅動的飛機可能會停飛，並且備用發動機比率也會有所下降。那麼，我們應該如何考慮將所有這些因素結合起來，以實現普拉特公司的長期利潤率？

Yes. I'll start, Doug, and Neil feel free to chime in. You're right on a number of those tailwind components, Doug. The V2500 is going to continue to be strong. Shop visits are going to stay in that 800 range and the content is going to continue to be strong. We see low retirements there, a lot of continued demand for that platform.

是的。我先來，道格，尼爾也歡迎你隨時補充。道格，你說的很多順風因素都對。V2500 將持續保持強勁勢頭。店鋪訪問量將維持在 800 次左右，內容品質也將持續保持強勁。我們看到那裡的退休人數很少，對該平台的需求依然很大。

When you think about the margin trajectory at Pratt, obviously, there's going to be some headwind associated with continued OE deliveries. You know that -- what that margin profile sort of looks like there. But we're also continuing to grow the GTF in the installed base. And so a big part of this is going to be continuing to drive GTF aftermarket margins. And so how do we go and do that?

當你考慮普惠公司的利潤率走勢時，很顯然，持續的OE交付會帶來一些不利影響。你知道——那裡的利潤率分佈大概是什麼樣子。但我們也持續擴大 GTF 的安裝用戶群。因此，其中重要的一部分將是繼續推動 GTF 售後市場利潤率。那我們該如何去做呢？

Well, number one, you know we've put in place a number of durability improvements. A number started going in last year, and you can start to see that benefit throughout the fleet. You've got the GTF advantage that's going to be coming into play. We got the EU engine certification in Q4, expect the aircraft certification relatively soon.

首先，我們已經採取了一些提高耐用性的措施。去年開始有不少設備投入使用，現在整個船隊都開始受益了。你們擁有GTF優勢，這將在比賽中發揮作用。我們在第四季度獲得了歐盟引擎認證，預計飛機認證也將很快獲得。

We started producing that engine and that production cutover and expect EIS on that later in the year. And then the third piece, and it's related to the GTF advantage, is that we're also anticipating the incorporation of our hot section plus retrofit package into MRO later this year. That's 90% to 95% of the durability benefits of the GTFA and that's going to be going into the installed base today as part of that retrofit package. So it's going to be the GTF aftermarket that's going to need to continue to grow in profitability that will take the margins up at Pratt.

我們已經開始生產那款發動機，並完成了生產切換，預計將在今年稍後收到EIS報告。第三點，也與 GTF 的優勢有關，那就是我們預計今年稍後會將我們的熱段加改造方案納入 MRO 中。這相當於 GTFA 耐久性優勢的 90% 到 95%，並且今天將作為改造方案的一部分應用到已安裝的設備中。因此，GTF售後市場需要繼續提高獲利能力，才能提高普惠公司的利潤率。

And maybe just to add a couple of points, Doug. I think with respect to the size of the fleet, today's GTF fleet is about the same size. In fact, I think it's a little bit larger than the installed flying V2500 fleet. So sort of to compensate for what will ultimately be retirements as you look out a number of years, that GTF fleet is just growing at a really significant rate.

道格，或許我還要補充幾點。我認為就機隊規模而言，如今的GTF機隊規模與以往大致相同。事實上，我認為它比已安裝的 V2500 飛行機隊還要大一些。因此，為了彌補未來幾年內最終會出現的退休情況，GTF 機隊正在以非常顯著的速度成長。

And so that will overcome sort of lost revenues and profits that we'll see on the V2500 as it retires. As it relates to the spare engines, I mean, you talk about the ratio. I think another way to think about that might be there's just going to be continued demand for spare engines. So again, as that fleet gets bigger, while the ratio might come down, we'll still be selling a lot of spare engines, and I expect that to be a continued steady stream of revenue and profits.

這樣就能彌補 V2500 停產後造成的收入和利潤損失。至於備用發動機，我的意思是，你們談到了比例。我認為另一種解釋是，對備用引擎的需求將會持續存在。所以，隨著機隊規模的擴大，雖然這個比例可能會下降，但我們仍然會銷售大量的備用發動機，我預計這將持續帶來穩定的收入和利潤。

And what we like about that, of course, is it helps the fleet, which helps the aftermarket contracts, but it also generates its own aftermarket because those engines will ultimately come in for overhauls as well. So that's how I would frame a couple of the data points behind what Chris said.

當然，我們喜歡這樣做的原因是，它有助於車隊，從而有助於售後市場合同，而且它還能創造自己的售後市場，因為這些發動機最終也需要進行大修。這就是我對克里斯所說內容背後的幾個數據點的概括。

Very good, thank you.

非常好，謝謝。

Scott Mikus, Melius Research.

Scott Mikus，Melius Research。

Morning Chris, Neil, very nice results and solid guide. I wanted to touch on Ron's and Myles' question. This administration seems more willing to allow M&A deals to go through. They also want defense companies to invest ahead of contract awards and expand capacity.

早安，克里斯、尼爾，結果非常好，指南也很實用。我想談談 Ron 和 Myles 提出的問題。本屆政府似乎更願意允許併購交易順利進行。他們還希望國防企業在合約授予前進行投資並擴大產能。

But I've always just thought that the primes get somewhat unfairly blamed because a lot of the bottlenecks to higher production actually lie deeper in the supply chain. So does it make sense from a capital deployment perspective to pursue vertical integration at Raytheon, whether it's organic or inorganic?

但我一直覺得，主要供應商在某種程度上受到了不公平的指責，因為許多限制更高產量的瓶頸其實都存在於供應鏈的更深層環節。那麼，從資本部署的角度來看，雷神公司進行垂直整合（無論是內部整合還是外部整合）是否有意義？

Yes. Thanks for the question, Scott. And again, when we talk to the Department, I will tell you that we are -- our supply chain. They pay us to manage our suppliers and deliver whether it be an all up round or a full system or whatnot. So again, we've been working in partnership with them on how do we continue to strengthen the industrial base because to take production to the levels that the Department needs, you're just going to need to continue to invest in that industrial base and bring new suppliers into the fold.

是的。謝謝你的提問，斯科特。再說一遍，當我們和相關部門談的時候，我會告訴你們，我們是──我們的供應鏈。他們付錢給我們，讓我們管理供應商並交付產品，無論是整體交付、整套系統交付或其他任何形式的交付。所以，我們再次與他們合作，探討如何繼續加強工業基礎，因為要將產量提升到該部門所需的水平，就需要繼續投資於該工業基礎，並引入新的供應商。

And that's where I think I'd sort of direct your second part of your question. I don't necessarily think it's about vertical integration. I think about strengthening what we have today and bringing new sources into the industrial base. You've seen there's been a number of activities and investments on solid rocket motors, for instance, because that has continued to be a bottleneck for the industry at large.

而我認為，你問題的第二部分就應該在這裡得到了解答。我並不認為這一定與垂直整合有關。我認為應該加強我們現有的資源，並為工業基礎引入新的資源。例如，您已經看到，在固體火箭發動機領域已經開展了許多活動和投資，因為這一直是整個行業的瓶頸。

We continue to look for other casting suppliers because that affects not only what's going on in commercial, but defense as well. So I think it's really about infusing more capital into the supply base, strengthening that supply base and then finding new suppliers in some of the constrained value streams.

我們仍在尋找其他鑄造供應商，因為這不僅影響商業領域，也影響國防領域。所以我認為關鍵在於向供應鏈注入更多資金，加強供應鏈，然後在一些受限的價值流中尋找新的供應商。

All right, thank you.

好的，謝謝。

Matt Akers, BNP Paribas.

Matt Akers，法國巴黎銀行。

Yeah, hey, good morning. Thanks for the question. Most of might have been answered, but I just want to ask about debt maturities, a fair amount coming due this year. Just curious what your plans are to address those.

是啊，嘿，早安。謝謝你的提問。大部分問題可能都已得到解答，但我只想問一下債務到期的問題，今年有相當一部分債務即將到期。我只是好奇您打算如何解決這些問題。

Yes. Thanks, Matt. Appreciate the question. We've talked for a couple of years now about our debt repayment priorities. We made a payment of $1.1 billion in the fourth quarter. And we've got about $3.4 billion of payments that are coming due this year that we anticipate to make and bring that debt down further.

是的。謝謝你，馬特。感謝您的提問。我們已經討論過償還債務的優先事項好幾年了。我們在第四季支付了11億美元。我們預計今年將支付約 34 億美元的款項，這將進一步降低債務水準。

So that's what I would say today about our plans for paying down the debt that's on the balance sheet. We're making great progress. As Chris said, balance sheet is really strong and positions us well for continuing to make the investments that we've talked at length about today.

這就是我今天要說的關於我們償還資產負債表上債務的計劃。我們取得了巨大進展。正如克里斯所說，資產負債表非常強勁，使我們能夠繼續進行我們今天詳細討論過的投資。

Great, thank you.

太好了，謝謝。

And with that, I will now turn the call back to Nathan Ware.

接下來，我將把電話轉回給內森·韋爾。

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

好的。非常感謝。今天的電話會議到此結束。如往常一樣，投資者關係團隊將隨時解答後續問題。感謝各位今天蒞臨，祝福大家有美好的一天。

Ladies and gentlemen, this now concludes today's conference. You may now disconnect.

女士們、先生們，今天的會議到此結束。您現在可以斷開連線了。