達信公司 (TXT) 2026 Q3 法說會逐字稿

Thank you for standing by, and welcome to the Textron third quarter 2026 earnings release conference call. (Operator Instructions) Please note that today's call is being recorded and will be available for replay later today.

感謝各位耐心等候，歡迎參加 Textron 2026 年第三季財報發布電話會議。(接線員指示) 請注意，今天的電話會議將被錄音，並將於今日稍晚提供重播。

I'd now like to turn the call over to Scott Hegstrom, Vice President, Investor Relations. You may begin.

現在我想把電話交給投資人關係副總裁 Scott Hegstrom。您可以開始了。

Thanks, Rob, and good morning, everyone. Before we begin, I'd like to mention we will be discussing future estimates and expectations during our call today. These forward-looking statements are subject to various risk factors, which are detailed in our SEC filings and also in today's press release.

謝謝你，Rob，各位早安。在開始之前，我想先提到，我們今天的電話會議將討論未來的估計與預期。這些前瞻性陳述受到各種風險因素影響，相關內容已在我們向 SEC 提交的文件以及今天的新聞稿中詳述。

On the call today, we have Lisa Atherton, our Chief Executive Officer; and David Rosenberg, our Chief Financial Officer. Our earnings call presentation can be found in the Investor Relations section of our website. With that, I'll turn the call over to Lisa.

今天參與電話會議的有我們的執行長 Lisa Atherton，以及財務長 David Rosenberg。我們的財報電話會議簡報可在公司網站的投資人關係專區找到。接下來，我把電話交給 Lisa。

Thanks, Scott, and good morning, everyone. Textron delivered a strong quarter with $3.8 billion of revenues and $1.76 in adjusted EPS as well as $418 million of manufacturing cash flow before pension contributions. Higher jet deliveries at Textron Aviation and program execution at Textron Systems drove double-digit revenue growth at each of these segments. Throughout the quarter, Bell continued to make significant operational progress on the MV-75 program.

謝謝你，Scott，各位早安。Textron 本季表現強勁，營收 38 億美元，調整後每股盈餘（EPS）為 1.76 美元，且在扣除退休金提撥前的製造業現金流為 4.18 億美元。Textron Aviation 的噴射機交付量增加，以及 Textron Systems 的專案執行，帶動這兩個事業部門的營收皆達到兩位數成長。整個季度期間，Bell 在 MV-75 計畫上持續取得顯著的營運進展。

We continue to advance our separation process for the Industrial segment and remain on track to hit our time line. Given our performance year-to-date and our expectations for the balance of the year, we are increasing our outlook for both adjusted EPS and manufacturing cash flow. Now I'll go into the segment details.

我們持續推進工業事業部門的分拆流程，並仍按計畫達成既定時程。鑑於我們年初至今的表現以及對今年剩餘期間的預期，我們上調調整後 EPS 與製造業現金流的展望。接下來我將說明各事業部門的細節。

During the quarter, Bell's primary focus was on operational continuity of the MV-75 program. The US Army successfully received congressional approval for its ATR request related to the MV-75 Cheyenne program, mitigating the risks discussed on our last earnings call related to the government fiscal year 2026 funding. From an operational perspective, the program has made significant progress on the aircraft build.

本季度，Bell 的主要重點在於 MV-75 計畫的營運連續性。美國陸軍已成功取得國會對其與 MV-75 Cheyenne 計畫相關 ATR 申請的核准，降低了我們在上次財報電話會議中提到、與政府 2026 財政年度資金相關的風險。從營運角度來看，該計畫在飛機製造方面已取得重大進展。

Recent milestones for Bell and Team Cheyenne have included the completion of three wings in Amarillo, receipt of the first nacelles and completing the first wing and nacelle assembly process, completing the first fuselage at our Wichita Assembly Center, which is expected to be made with the wing assembly in the fourth quarter and advancing several critical components into test such as the first gearboxes. These gearboxes are part of the overall drive system, which was assembled in Bell's new MV-75 Drive System Test Lab in Grand Prairie, Texas.

Bell 與 Cheyenne 團隊近期的里程碑包括：在 Amarillo 完成三具機翼、接收首批短艙（nacelles）並完成首套機翼與短艙的組裝流程、在我們的 Wichita 組裝中心完成第一具機身，預計將於第四季與機翼組裝結合，以及推進多項關鍵零組件進入測試，例如第一批齒輪箱。這些齒輪箱屬於整體傳動系統的一部分，而該傳動系統已在德州 Grand Prairie 的 Bell 新 MV-75 傳動系統測試實驗室完成組裝。

We are very excited about the progress made on the program as the MV-75 remains a top priority for the US military. Modern warfare is increasing the speed, complexity and lethality of the battlefield, making the ability to maneuver more important than ever. The MV-75 will fundamentally transform how the Army moves and projects combat power in that environment.

我們對該計畫取得的進展感到非常振奮，因為 MV-75 仍是美國軍方的最高優先事項之一。現代戰爭正提升戰場的速度、複雜度與致命性，使機動能力比以往任何時候都更為重要。MV-75 將從根本上改變陸軍在該環境中機動與投射戰力的方式。

In other areas of Bell's military business, Bell was awarded a contract for structural and power upgrades to the H1 fleet under the SPINE program, an important modernization program as H1s are essential to maintaining attack, strike and utility capabilities within the Marine Corps. Operationally, Bell continues to focus on initiatives to strengthen the supply chain and improve production efficiency and output, including our ongoing certification of new suppliers and dual sourcing of critical raw materials needed to support gearboxes and rotor blades.

在 Bell 軍用業務的其他領域，Bell 獲得 SPINE 計畫下 H1 機隊結構與動力升級合約；這是一項重要的現代化計畫，因為 H1 對於維持海軍陸戰隊的攻擊、打擊與通用任務能力至關重要。在營運方面，Bell 持續聚焦於強化供應鏈並提升生產效率與產出，包括持續認證新供應商，以及對支援齒輪箱與旋翼葉片所需的關鍵原物料進行雙重採購（dual sourcing）。

This includes castings, rotor blade extrusions and various types of aerospace steel alloys. Selective capacity for our problematic assemblies to relieve suppliers and provide on-time delivery has also progressed. These are things like chemical processing, paint operations and complex assemblies. And we continue our focus on automation throughout the product lines.

這些原物料包括鑄件、旋翼葉片擠型材，以及各類航太鋼合金。此外，針對我們問題較多的組裝件，選擇性地建立產能以紓解供應商壓力並確保準時交付的工作也已取得進展。這些項目包括化學處理、塗裝作業與複雜組裝。同時，我們也持續在各產品線推動自動化。

At Aviation, we welcomed Brian Rohloff as President and CEO of the business. Brian is a proven leader with over 29 years of experience at Textron Aviation, who brings a deep understanding of our products, our customers and our industry. Brian has held numerous positions at the company, spanning customer support, sales, supply chain and quality throughout his career. Most recently, he led our customer support organization.

在 Aviation 方面，我們迎來 Brian Rohloff 擔任該業務的總裁兼執行長。Brian 是一位經驗證的領導者，在 Textron Aviation 擁有超過 29 年的資歷，對我們的產品、客戶與產業具備深厚理解。在其職涯中，Brian 曾在公司擔任多項職務，涵蓋客戶支援、銷售、供應鏈與品質等領域。最近，他領導我們的客戶支援組織。

Moving over to the business. Textron Aviation revenues were up $201 million or 14% compared to last year's third quarter, reflecting higher revenue for both aircraft and aftermarket. We delivered 51 jets and 32 commercial turboprops in the quarter compared to 42 jets and 39 commercial turboprops in last year's third quarter.

接著談到業務表現。Textron Aviation 營收較去年第三季增加 2.01 億美元、成長 14%，反映飛機與售後市場（aftermarket）營收皆提升。本季我們交付 51 架噴射機與 32 架商用渦槳機，相較去年第三季為 42 架噴射機與 39 架商用渦槳機。

Textron Aviation's fleet utilization remained strong, contributing to aftermarket revenue growth of 10% compared to last year's third quarter. Demand across both jets and turboprops continued to be strong with Aviation experiencing its highest Q3 orders since 2023. On the operational front at Aviation, our focus remains on improving productivity and converting strong customer demand into profitable growth.

Textron Aviation 的機隊使用率維持強勁，帶動售後市場營收較去年第三季成長 10%。噴射機與渦槳機的需求持續強勁，Aviation 在第三季的訂單量創下自 2023 年以來最高。在 Aviation 的營運面，我們仍聚焦於提升生產力，並將強勁的客戶需求轉化為具獲利性的成長。

Moving forward, our priorities are clear as we make investments to drive productivity and profitability. Those investments in fabrication are focused on increasing capacity to improve parts availability on our production lines. This includes adding capacity in areas like machining, sheet metal and landing gear. Within the assembly, our investments are focused on increasing automation and manufacturing technologies.

展望未來，我們的優先事項很明確：透過投資來推動生產力與獲利能力。在製造（fabrication）方面的投資，重點在於提升產能，以改善生產線上的零件供應可得性。這包括在加工、鈑金與起落架等領域增加產能。在總裝（assembly）方面，我們的投資重點則是提升自動化與製造技術。

This includes expanding our wing cell automation for some of our light jets. Our tooling investment will drive workflow productivity and support new programs such as the Gen3s and our existing platforms such as the King Air. A key project here relates to a significant market opportunity we have on the King Air. We are surging the digitization efforts of this platform, which will enable us to modernize the tooling and processes to build the aircraft more efficiently.

這包括擴大部分輕型噴射機的機翼單元（wing cell）自動化。我們在工裝（tooling）上的投資將提升工作流程生產力，並支援如 Gen3s 等新計畫，以及 King Air 等既有平台。此處的一項關鍵專案與我們在 King Air 上的重大市場機會相關。我們正加速該平台的數位化工作，這將使我們能夠現代化工裝與流程，以更有效率地製造飛機。

We have significantly accelerated this phase of the effort, positioning us to begin capturing incremental benefits sooner. And like Bell, we are dual sourcing and in-sourcing challenging suppliers to improve quality, increase throughput and offset inflation. An example here is dual sourcing spars, which have been a gating item in our production. In terms of product development efforts at Aviation, we continue to make progress on the Denali with over 4,200 flight hours test hours to date.

我們已大幅加速此階段的推進，使我們能更早開始取得增量效益。同樣地，如同 Bell，我們也對具挑戰性的供應商採取雙重採購與內製（in-sourcing），以提升品質、提高產出並抵銷通膨影響。其中一個例子是對翼樑（spars）進行雙重採購；翼樑一直是我們生產的關鍵瓶頸項目。在 Aviation 的產品開發方面，我們在 Denali 計畫上持續取得進展，迄今累計測試飛行時數已超過 4,200 小時。

Our three Gen3 light jet programs are also advancing towards certification with more than a combined 1,200 flight test hours and the rollout of the first production CJ4 Gen3 as the aircraft advances toward entry into service. Each aircraft features Garmin Emergency Autoland, while the CJ4 Gen3 also includes a significant avionics upgrade to the Garmin G3000 PRIME.

我們的三項 Gen3 輕型噴射機計畫也正朝認證邁進，合計已完成超過 1,200 小時的飛行測試，並已推出首架量產 CJ4 Gen3，該機型正逐步推進至投入營運（entry into service）。每款機型皆配備 Garmin Emergency Autoland，而 CJ4 Gen3 另包含對 Garmin G3000 PRIME 的重大航電升級。

We continue to see significant demand for the SkyCourier program across freight, passenger, combi and special mission applications and have now introduced the SkyCourier UX concept aircraft, combining the proven SkyCourier platform with Merlin's aircraft-agnostic software solution for autonomous aviation. During the quarter, we celebrated two significant Citation milestones, the rollout of the 500th Citation Latitude, the world's best-selling midsized business jet and the 500th delivery of the Citation CJ4 Series as we prepare for the next chapter of that platform with the upcoming CJ4 Gen3.

我們持續看到 SkyCourier 計畫在貨運、客運、客貨兩用（combi）與特殊任務等應用上有顯著需求，並已推出 SkyCourier UX 概念機，將經驗證的 SkyCourier 平台與 Merlin 的機型無關（aircraft-agnostic）自主航空軟體解決方案結合。本季度，我們慶祝兩項重要的 Citation 里程碑：推出第 500 架 Citation Latitude（全球最暢銷的中型商務噴射機），以及 Citation CJ4 系列第 500 架交付；同時我們也正為該平台的下一篇章做準備，即即將推出的 CJ4 Gen3。

Moving over to Systems. The segment continued its outstanding performance for the year with revenue growth of 16% in the quarter, driven by execution across its programs. In the quarter, we received a $230 million contract modification for two additional Ship-to-Shore Connector craft. Ship to Shore has now reached its full rate production level of four crafts per year with significant runway ahead as we have delivered 18 units out of a 73-unit program of record. ATAC also continues to execute well, driven by new contract wins and strong performance in its fleet exercise and adversary air operations.

接著談到系統事業。該事業部今年持續展現卓越表現，本季營收成長16%，主要受惠於各項專案的執行推進。本季，我們獲得一項2.30億美元的合約修改，新增兩艘「岸對岸連接艇」（Ship-to-Shore Connector）。Ship to Shore 現已達到每年四艘的滿載量產水準，且未來成長空間可觀；在73艘的既定計畫中，我們已交付18艘。ATAC 亦持續執行良好，受新合約得標以及其機隊演訓與假想敵空中作戰業務的強勁表現所帶動。

Our land business has several platforms contributing to the segment. The FMS program or the MSFV is ramping with planned deliveries of 65 units to Ukraine over the next three years. The Marine Corps ARV program is scaling preproduction development efforts as we prepare for delivery of 16 units in 2028. And the Army's XM30, where we are partnered with American Rheinmetall is in the process of delivering 10 prototypes to the US Army.

我們的陸上業務有多個平台為該事業部做出貢獻。FMS 計畫（或 MSFV）正在加速推進，計畫於未來三年向烏克蘭交付65輛。海軍陸戰隊 ARV 計畫正擴大前期量產（preproduction）開發工作，為2028年交付16輛做準備。此外，陸軍 XM30 計畫方面，我們與 American Rheinmetall 合作，正進行向美國陸軍交付10輛原型車的流程。

At Industrial, our focus remains on supporting our customers, employees and business partners, while we continue to work toward a successful separation of the segment. During the quarter, TSV introduced its third generation of Samsung's battery technology, demonstrating the continued advancement of the E-Z-GO franchise. Kautex has advanced its new technologies throughout the year. It is currently operating a pentatonic line in its Windsor, Canada facility while preparing to open new lines in Detroit and the Czech Republic to support new business.

在工業事業部，我們的重點仍是支持客戶、員工與業務夥伴，同時持續推進該事業部成功分拆的工作。本季，TSV 推出三星第三代電池技術，展現 E-Z-GO 品牌持續進步。Kautex 於全年持續推進其新技術。目前其在加拿大溫莎廠區正運行一條「pentatonic」產線，同時準備在底特律與捷克開設新產線以支援新業務。

It is also ramping production on its Allegro offering to support the rollout of a robotaxi operator. Overall, across Textron, I am incredibly encouraged by the progress we are making. The underlying demand environment remains favorable. Our execution initiatives are beginning to gain traction, and we continue to advance strategic programs and technologies that we believe will create long-term value for our shareholders.

同時也正在提升其 Allegro 產品的產能，以支援某家自動駕駛計程車（robotaxi）營運商的上線推廣。整體而言，放眼整個 Textron，我對我們所取得的進展感到非常振奮。基本需求環境仍然有利。我們的執行改善措施正開始見到成效，我們也持續推進策略性專案與技術，我們相信這些將為股東創造長期價值。

And with that, I'll turn the call over to David.

接下來，我把電話交給 David。

Thank you, Lisa, and good morning, everyone. Turning to Slide 11 of the earnings presentation. Revenues in the quarter of $3.8 billion were up 4% or $149 million from last year's third quarter. Segment profit in the quarter was $355 million compared to $360 million in the third quarter of 2025. During this year's third quarter, adjusted EPS was $1.76 per share compared to $1.55 per share in last year's third quarter.

謝謝你，Lisa，各位早安。請看財報簡報第11頁。本季營收為38億美元，較去年第三季增加4%，或增加1.49億美元。本季事業部利益為3.55億美元，較2025年第三季的3.60億美元略低。今年第三季調整後每股盈餘（EPS）為1.76美元，較去年第三季的1.55美元增加。

Manufacturing cash flow before pension contributions totaled $418 million, up from $281 million in last year's third quarter. During the quarter, we repurchased approximately 2.9 million shares, returning $239 million in cash to shareholders. Now let's review how each of the segments contributed, starting with Textron Aviation.

製造業現金流（未含退休金提撥）合計為4.18億美元，高於去年第三季的2.81億美元。本季我們回購約290萬股，向股東返還2.39億美元現金。接下來我們檢視各事業部的貢獻，先從 Textron Aviation 開始。

On Slide 12, revenues at Textron Aviation of $1.7 billion were up 14% or $201 million from last year's third quarter, reflecting higher aircraft revenues of $152 million and higher aftermarket parts and services revenues of $49 million. The increase in aircraft revenues was primarily due to higher volume and mix, largely reflecting higher Citation jet volume, partially offset by lower commercial turboprop volume. The increase in aftermarket revenues was due to higher volume and pricing.

在第12頁，Textron Aviation 營收為17億美元，較去年第三季增加14%，或增加2.01億美元，反映飛機營收增加1.52億美元，以及售後零件與服務營收增加4,900萬美元。飛機營收增加主要來自出貨量與產品組合提升，主要反映 Citation 噴射機出貨量增加，但部分被商用渦槳機出貨量下降所抵銷。售後營收增加則來自更高的出貨量與價格。

Segment profit was $179 million in the third quarter, up $7 million from a year ago, primarily due to higher aircraft and aftermarket volume and mix, partially offset by an unfavorable impact from manufacturing inefficiencies. Backlog at the end of the second quarter was $8 billion. Looking at Bell, revenues of $933 million were down 9% or $93 million from the third quarter of 2025.

第三季事業部利益為1.79億美元，較去年增加700萬美元，主要受惠於飛機與售後業務的出貨量與產品組合提升，但部分被製造效率不佳帶來的不利影響所抵銷。第二季末的在手訂單為80億美元。再看 Bell，營收為9.33億美元，較2025年第三季下降9%，或減少9,300萬美元。

The revenue decrease in the quarter was primarily driven by lower military revenues of $59 million, largely due to lower volume on the MV-75 program. Commercial helicopters, parts and services revenues decreased $34 million compared to the third quarter of 2025, largely due to lower volume and mix.

本季營收下滑主要由軍用營收減少5,900萬美元所致，主要因 MV-75 計畫的出貨量較低。商用直升機、零件與服務營收較2025年第三季減少3,400萬美元，主要因出貨量與產品組合較低。

Segment profit of $76 million was down $16 million from last year's third quarter, primarily due to lower volume and mix. As Lisa mentioned, in the quarter, Congress approved the $350 million ATR request related to FY '26 funding for the MV-75 program. Subsequently, approximately $300 million was obligated to the program pursuant to contract modifications during the quarter.

事業部利益為7,600萬美元，較去年第三季減少1,600萬美元，主要因出貨量與產品組合較低。如 Lisa 所提，本季國會核准與 MV-75 計畫相關、屬於2026會計年度資金的3.50億美元 ATR 申請。其後，本季透過合約修改，約3.00億美元已對該計畫完成資金承諾（obligated）。

Throughout the third quarter, we maintained reduced spending levels to mitigate any funding challenges while continuing to advance the program. As a result of the ATR approval, modifications and contract changes received and reduced program spending levels, there was no related cumulative catch-up adjustments during the third quarter.

在整個第三季期間，我們維持較低的支出水準，以在持續推進計畫的同時，降低任何資金挑戰的影響。由於 ATR 核准、收到的修改與合約變更，以及計畫支出水準降低，第三季並無相關的累計追溯調整（cumulative catch-up adjustments）。

Backlog in the segment ended the third quarter at $7.6 billion. At Textron Systems, revenues of $360 million were up 16% or $50 million from the third quarter of 2025, largely due to higher volume on armored land vehicles and military training and support services provided by ATAC. Segment profit of $57 million was up $10 million compared with the third quarter of 2025, primarily due to higher volume, partially offset by higher selling and administrative expense, reflecting a net $10 million decrease in a gain associated with the early termination of a vendor contract in the third quarter of 2025.

該事業部第三季末在手訂單為76億美元。在 Textron Systems，營收為3.60億美元，較2025年第三季增加16%，或增加5,000萬美元，主要因裝甲陸上車輛出貨量增加，以及 ATAC 提供的軍事訓練與支援服務量增加。事業部利益為5,700萬美元，較2025年第三季增加1,000萬美元，主要因出貨量增加，但部分被較高的銷售與管理費用所抵銷；該費用反映相較於2025年第三季因供應商合約提前終止所產生的收益，本季相關收益淨額減少1,000萬美元。

Backlog in the segment ended the quarter at $3.5 billion. Looking at Industrial, revenues of $765 million were up 1% or $4 million from last year's third quarter. Textron Specialized Vehicles revenues increased $26 million or 9%, reflecting higher volume and mix and a favorable impact from pricing. Kautex's revenues decreased $22 million or 5%, largely reflecting lower volume and mix, partially offset by higher pricing. Segment profit of $38 million was up $7 million from the third quarter of 2025.

該事業部本季末在手訂單為35億美元。再看工業事業部，營收為7.65億美元，較去年第三季增加1%，或增加400萬美元。Textron Specialized Vehicles 營收增加2,600萬美元或9%，反映出貨量與產品組合提升，以及定價帶來的有利影響。Kautex 營收減少2,200萬美元或5%，主要反映出貨量與產品組合較低，但部分被較高的定價所抵銷。事業部利益為3,800萬美元，較2025年第三季增加700萬美元。

Finance segment revenues were $13 million and segment profit was $5 million in the third quarter of 2026 as compared to revenues of $26 million and segment profit of $18 million in the third quarter of 2025. The decrease in revenues and segment profit primarily reflects $11 million of gains recognized in the third quarter of 2025 from the disposition of non-captive assets.

2026年第三季金融事業部營收為1,300萬美元，事業部利益為500萬美元；相較之下，2025年第三季營收為2,600萬美元，事業部利益為1,800萬美元。營收與事業部利益下降主要反映2025年第三季因處分非自營（non-captive）資產而認列的1,100萬美元收益。

To wrap up guidance, we are raising our expected full year adjusted earnings per share to be in the range of $6.55 to $6.65 from our prior range of $6.40 to $6.60. We are also raising our expected full year manufacturing cash flow before pension contributions to be in the range of $800 million to $900 million, up from our prior range of $700 million to $800 million.

最後就財測而言，我們將全年調整後每股盈餘預期上調至6.55至6.65美元區間，高於先前的6.40至6.60美元區間。我們也將全年製造業現金流（未含退休金提撥）預期上調至8.00億至9.00億美元區間，高於先前的7.00億至8.00億美元區間。

This concludes our prepared remarks, and we are happy to open the line for questions.

以上為我們的預先準備發言，接下來我們很樂意開放提問。

(Operator Instructions)

（操作員指示）

Robert Stallard, Vertical Research.

Robert Stallard，Vertical Research。

Lisa, maybe we'll start it off with Aviation. I was wondering if you're seeing any changes in your customer buying behavior due to the increase in interest rates or any other of these geopolitical issues?

Lisa，也許我們先從航空業務開始。我想請教，隨著利率上升或其他地緣政治議題，你們是否看到客戶採購行為有任何變化？

No. Thanks, Rob. We have not seen any change to that. In fact, as we noted in the remarks, we have actually seen our highest booking of orders in almost three years. So we are continuing to see strong support for our products across the Board. I think some of that is driven by some of the investments we've made in increased capabilities on the aircraft as well as folks wanting the demand for this. We see high demand in flying hours. So we continue to see strong support for the product.

沒有。謝謝你，Rob。我們沒有看到任何變化。事實上，如同我們在發言中提到的，我們實際上看到近三年來最高的訂單預訂量。因此，我們持續看到董事會各層面對我們產品的強勁支持。我認為其中一部分是由於我們在飛機上提升能力所做的一些投資，以及大家對此需求的提升。我們看到飛行時數需求很高。所以我們持續看到對產品的強勁支持。

That's great. And then just a follow-up on the defense side, with the MV-75, now that we've got this funding approved, Dave, I was wondering if you could walk us through what the financial profile for this program is going forward.

太好了。接著在國防端再追問一下，關於 MV-75，現在資金已獲核准，Dave，我想請你帶我們了解一下這個計畫未來的財務輪廓會是如何。

So as we talked about, we got the ATR approved in Q3, which covered our funding requirements for what we invested in the program in Q3. So as we go forward, we're obviously currently in a CR situation for at least the short and medium term. So we would expect kind of a steady state in Q4, which has already kind of been reflected in the guidance that we've shared with you. And then as we go forward into 2027, we'll just kind of wait and see what the funding profile looks like from going from a CR to what we expect will ultimately be an approved defense budget.

如同我們談到的，我們在第三季取得 ATR 核准，這涵蓋了我們在第三季對該計畫投入的資金需求。因此往後看，顯然我們目前至少在短期與中期仍處於 CR（持續決議）狀態。所以我們預期第四季大致會維持穩態，而這也已經反映在我們與各位分享的財測指引中。接著往 2027 年走，我們就會觀察資金配置輪廓，從 CR 轉換到我們預期最終會獲核准的國防預算時會是什麼樣子。

Okay. So we probably have to wait for appropriations of FY '27, therefore, to get more clarity on the situation?

了解。所以我們可能得等到 2027 會計年度的撥款，才能更清楚掌握情況？

Yes, that's right, Rob. I mean we -- obviously, I think continuing resolutions has become a bit of standard operating procedures that we've seen over the past several years. So we're working closely with the Army with the funds that they have available. December 11 is when the CR expires. So we look forward to Congress approving a '27 budget.

是的，沒錯，Rob。我的意思是——顯然，我認為持續決議在過去幾年已經有點成為標準作業程序。所以我們正與陸軍密切合作，運用他們現有可用的資金。CR 將在 12 月 11 日到期。因此我們期待國會核准 2027 年預算。

And as you guys have seen reflected previously, it's a very healthy budget for the program, reflecting about $2.3 billion for 2027 and supported across the four subcommittees. So I think we look forward to them approving that budget and continuing to move forward with the MV-75.

而且如各位先前所見，該計畫的預算非常健康，2027 年約為 23 億美元，並且獲得四個小組委員會的支持。所以我想我們期待他們核准該預算，並持續推進 MV-75。

Myles Walton, Wolfe Research.

Myles Walton，Wolfe Research。

David, on the free cash flow outlook raise, can you comment on the drivers to that? And also, were there any reserves from prior periods on the MV-75 where you're being more conservative that you actually ended up reversing? Or were there no changes whatsoever to the EAC on that?

David，關於自由現金流展望上修，你能談談背後的驅動因素嗎？另外，MV-75 是否有任何前期期間提列的準備（reserve），你們原本較保守但最後實際上回轉（reversing）了？或者 EAC（完工估計）完全沒有任何變動？

I'll take the second part first. We didn't reverse anything prior. I mean that really just comes down to the timing of us going from the ATR approval to the contract mod phase. So we'll continue to evaluate that as we go forward. Looking overall from the cash flow perspective, the biggest driver in the increase was the lower expected CapEx spend this year by about $100 million.

我先回答第二部分。我們沒有回轉任何先前的項目。這主要只是我們從 ATR 核准進入合約修改（contract mod）階段的時間點差異。所以我們會在後續持續評估。從整體現金流角度來看，上修的最大驅動因素是今年預期資本支出（CapEx）較低，約少了 1 億美元。

I will state overall, we saw really good, as Lisa had mentioned before, order activity at Aviation in Q3 and had corresponding deposits, and we expect to continue to have good cash flow performance in Q4. So the combination of those factors is what led us to the $100 million increase to $800 million to $900 million.

我也要補充，整體而言，正如 Lisa 先前提到的，我們在第三季航空業務看到非常好的訂單活動，並有相應的訂金流入；我們預期第四季也會持續有良好的現金流表現。因此，這些因素的組合使我們將自由現金流上修 1 億美元至 8 億到 9 億美元。

Okay. And Lisa, any update you can provide on the industrial sales spin process?

了解。Lisa，你能否更新一下工業銷售（industrial sales）分拆流程的進度？

Yes. What I'd say, Myles, is that we're pleased with how the progress is going. We continue to be on our time line that we talked about back in April. And as soon as we make some progress there, we'll be sure to announce.

可以。我想說的是，Myles，我們對目前的進展感到滿意。我們仍然按照 4 月時所談到的時間表推進。一旦有進一步進展，我們一定會對外公告。

Gavin Parsons, UBS.

Gavin Parsons，UBS。

I was hoping you could go into a little bit more on the supply chain detail. It's super helpful on all the internal initiatives, a little bit more on external status. And then what time frame we should expect to see improvement from the vertical integration and the multi-sourcing on those initiatives like spars you've talked about? Like when should we see that unlock higher deliveries?

我希望你們能更深入談一下供應鏈的細節。你們分享的各項內部措施非常有幫助，我也想多了解一些外部狀態。另外，像你們提到的翼樑（spars）等措施，垂直整合與多來源供應（multi-sourcing）預期在什麼時間框架內能看到改善？也就是說，我們何時應該會看到這些措施釋放出更高的交付量？

Sure. So I'll -- I guess I'll go with the discrete on spars. We've qualified a second supplier. We are starting to see those come into play in the coming quarter. And then we expect that to really transition into progress going into FY '27.

當然。我想——我先就翼樑這個具體項目來說。我們已經認證了第二家供應商。我們開始在接下來一季看到這些供應開始發揮作用。然後我們預期這會在邁入 2027 會計年度時，真正轉化為進一步的進展。

So discretely, as we're making all of those efforts across the various I'll say, supply chain in-sourcing, we should start to see progress with that, both at Bell and at Aviation throughout 2027. Our supply base has actually -- when we look at parts available on the factory floor, we are back to where we were in about the 2021 time frame.

因此，具體來說，當我們在各項供應鏈內製（in-sourcing）等努力上持續推進時，我們應該會在 2027 年期間，於 Bell 與航空業務兩端都開始看到進展。我們的供應基礎其實——當我們看工廠現場可用的零件時，我們已回到大約 2021 年的水準。

We're not where we were in 2019, but we are getting closer to that parts availability that we saw several years ago. The thing that holds us up is probably three or four key supply issues, and it's largely engines, extrusions, spars and GPUs. And so we are putting a focused target on those four in order to make sure we can get them in and get the aircraft out the door.

我們還沒有回到 2019 年的水準，但我們正逐步接近幾年前所看到的零件可得性。目前拖累我們的可能是三到四個關鍵供應問題，主要是引擎、擠型材（extrusions）、翼樑（spars）以及 GPU（地面電源車/地面電源裝置）。因此我們把焦點鎖定在這四項，以確保能把它們導入並讓飛機順利出廠交付。

So where I would say we've made a lot of progress across the many thousands of suppliers that we have across the business. Those four, we have put a severe focus on in order to get them in the door. But I would say roughly, I feel very good about where we're making progress on the supply chain.

所以我會說，對於我們業務中數以千計的供應商，我們已經取得很大進展。而對於這四項，我們投入了高度聚焦的資源，確保能把它們送進來。但整體而言，我對我們在供應鏈上的進展感到非常有信心。

Okay. That's great. And Dave gave us a lot of color on maybe the margin impact last quarter, but maybe just thoughts on what drives the 4Q margin step up. I think it still needs to be pretty large to get into your guidance range.

了解。很好。Dave 上一季已經就毛利率影響提供了很多細節，但想再請教一下，第四季毛利率上升的驅動因素是什麼。我認為要落在你們的指引區間內，第四季的提升幅度仍需要相當大。

Yes. So I mean, in Aviation, I would say it's going to be largely around the turboprop side. So you kind of could view that as a volume mix. Probably we'll see a relatively similar profile on jet deliveries. And those are kind of the key drivers in which get us to the higher margin performance overall in Q4, which gets us, as we previously talked about, to the low end of the guidance range of 11% to 12% for the total year.

是的。我的意思是，在航空業務方面，我會說主要會來自渦槳機（turboprop）端。所以你可以把它視為量與組合（volume mix）的影響。噴射機交付量的輪廓可能會相對類似。而這些就是推動我們在第四季整體毛利率表現走高的關鍵因素，並使我們如先前所談，全年落在指引區間 11% 到 12% 的低端。

Okay. So that's the same, low end there?

了解。所以就是同樣落在低端？

Yes. Correct.

是的。正確。

Gautam Khanna, TD Cowen.

Gautam Khanna，TD Cowen。

I was wondering if you could elaborate on the MV-75 accounting nuances. Because if I recall, last quarter, you guys did take a negative EAC related to the funding delay. It didn't sound like you reversed it this quarter. So I wanted to ask about that. And then also -- and if there is any learning curve lost from what already happened. And then on the -- when the LRIP 1 contract is ordered, is it still a $60 million to $110 million negative charge that you expect? Or did that number change at all?

我想請您進一步說明一下 MV-75 會計處理上的一些細微差異。因為如果我沒記錯，上季你們確實因為資金撥付延遲而認列了負的 EAC。聽起來你們這一季並沒有把它沖回。所以我想就這點請教一下。另外還有——以及先前已經發生的事情是否造成任何學習曲線的損失。再來關於——當 LRIP 1 合約下單時，你們仍預期會有 6,000 萬到 1.1 億美元的負向費用（negative charge）嗎？還是那個數字有任何變動？

I'll take the last part first. With the start of the fiscal year in a CR, we'd expect a possible push in the timing of the LRIP award. Previously, we were thinking Q4 into Q1 of next year. So as it goes beyond that, you would see just basically on how program accounting works that, that range will probably increase. So it'll probably go up to $110 million to $150 million if as we expect that award pushes into next year.

我先回答最後一部分。由於會計年度開始時仍處於 CR（持續決議）之下，我們預期 LRIP 授標時點可能會往後推。先前我們認為會在第四季到明年第一季之間。因此若再延後，依照專案會計的運作方式，你會看到那個區間基本上可能會擴大。所以如果如我們預期，授標推遲到明年，那個區間可能會上升到 1.1 億到 1.5 億美元。

On the other question that you had, we did not reverse any of the charges that we took on our Q2 earnings related to the MV-75. The process on the ATR is Congress approved the ATR and then pieces of that get converted over time into contract mods. So as that happens, we recognize it. The key point is on Q3, we were able to recognize what our costs were in Q3 and cover those. And as timing continues to progress and the remaining contract mods take place, we will then be able to take a look at previous charges.

至於你另一個問題，我們並沒有沖回任何在第二季財報中、與 MV-75 相關而認列的費用。ATR 的流程是：國會核准 ATR，然後其中的部分會隨時間逐步轉換為合約修訂（contract mods）。因此在這些轉換發生時，我們就會予以認列。重點是，在第三季我們能夠認列第三季實際發生的成本並加以覆蓋。隨著時間推進、其餘合約修訂陸續完成後，我們就能再回頭檢視先前的費用。

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，Jefferies。

Really great execution in the quarter. Aviation showed strong progress at 50 jet deliveries and margins were pretty steady at 10.7%. Maybe can you just -- you talked about it a little bit already, but can you talk us through your latest thinking about restoring some of the inefficiencies and the investments you're making into the supply chain and labor as we start thinking about '27.

本季執行表現非常出色。航太業務在交付 50 架噴射機方面展現強勁進展，利潤率也相當穩定在 10.7%。或許你能——你剛才已稍微提到，但能否帶我們梳理一下你們最新的想法：在我們開始展望 2027 年之際，如何恢復部分低效率，以及你們在供應鏈與勞動力方面正在進行的投資？

Absolutely. So look, I mean, this has been our theme throughout the year as we continue to put investment down on the factory floor, making sure that we're looking where we have jig blocks or where we have, I'll say, basic blocking and tackling, we need to have engineers on the floor next to the team in order to ensure that we can unlock some of the efficiencies that we've lost. So we are seeing good progress in several of the lines.

當然可以。你看，這一直是我們今年的主軸：持續在產線現場投入資源，確保我們檢視哪些地方有治具工裝（jig blocks），或我會說是一些基本功（basic blocking and tackling）；我們需要工程師在現場與團隊並肩，確保能解鎖我們流失的一些效率。因此我們在多條產線上都看到不錯的進展。

We still have a couple of areas that we want to make sure that we focus on largely in the turboprop space. And what we have seen is requests for capital that you will see us start to invest in over the next year that will improve the production tooling that we have on the factory floor. So that's our next big push is to put some good capital tooling out on the floor in order to have the work instructions be more commensurate with what this workforce would like to see.

我們仍有幾個領域希望確保聚焦，主要是在渦槳機（turboprop）方面。我們看到一些資本支出需求，接下來一年你會看到我們開始投入，這將改善我們在產線現場的生產工裝（production tooling）。所以我們下一個重大推進方向，就是把更好的資本工裝導入現場，讓作業指示（work instructions）更符合這支勞動力希望看到的方式。

And so where we have our newer models and we have better work instructions and we have better tooling, we have better efficiency and better production. So we think that's a good model. So we're going to continue to push that back into our older models. We also saw some improved learning on some of our new block points that we put in earlier in the year.

因此在我們的新機型上，因為有更好的作業指示與更好的工裝，我們就有更高的效率與更好的產出。我們認為這是一個很好的模式。所以我們會持續把這套做法回推到較舊的機型上。我們也看到今年稍早導入的一些新阻斷點（block points）帶來了更好的學習成效。

And so as we see those continue to progress and as we work through the new block points that you'll see come out next year with the Gen3s, we're going to work to get ahead of that to make sure we have good learnings and learning curves on those platforms through 2027.

因此，隨著這些持續推進，以及我們在明年隨 Gen3 推出、你將看到的新阻斷點，我們會努力提前布局，確保到 2027 年為止，這些平台都能有良好的學習成果與學習曲線。

Okay. That's super helpful. Maybe if I could just ask on systems then, just a breakout quarter, 16% growth. I don't think I've seen that business grow 16% and really great margins as well. Can you call out what drove that performance and how we should expect that to continue as we progress through the end of this year and into next?

好的。這非常有幫助。那我也許再問一下系統業務，本季真的是亮眼的一季，成長 16%。我不記得看過這個業務成長 16%，而且利潤率也非常好。你能否點出是什麼驅動了這樣的表現，以及我們應如何預期在今年剩餘時間與明年推進時，這種表現是否能延續？

Yes, sure. So look, on Ship-to-Shore Connector is a large one. That one has been a tough program for many years, as you guys well know. And so that one has -- or to use upon is up on plane now. And so we're starting to see good progress, good productivity.

可以，當然。你看，Ship-to-Shore Connector 是其中一個很大的因素。如各位所知，這個專案多年來一直很棘手。而現在它——或者說，用我們的說法，已經「上軌道」了。因此我們開始看到良好的進展與良好的生產力。

The hours that it takes to build it through the various different stations have come down, and we're starting to see consistency from the government in terms of their order activity. And so for the first time, we're starting to see our ability to forecast out several years in their -- in the fight up, and that allows us to have better leverage with suppliers than when we're going out to order materials so we can get better costing on the supply base.

在各個不同工站建造所需的工時已經下降，我們也開始看到政府在下單活動方面的穩定性。因此我們第一次開始能夠把他們未來幾年的需求做出預測——在他們的（需求）爬坡（ramp-up）中——這讓我們在向供應商採購材料時，比起過去更有議價槓桿，從而在供應基礎上取得更好的成本。

So the ship-to-shore is something that leads us into, I'll say, good growth and productivity there. On the land side, we mentioned it in the script there, the filling up with the factory floor with the Ukraine MSFVs, 65 vehicles there, 10 prototypes on the XM30 and then the 16 prototypes for the ARV. That's a lot of really great work and productivity that the team has got going on.

所以 ship-to-shore 讓我們在成長與生產力上都有不錯的帶動。在陸上方面，我們在講稿中也提到：用烏克蘭的 MSFV 來把產線填滿——那邊有 65 輛車；XM30 有 10 輛原型車，ARV 有 16 輛原型車。這些都是團隊正在推進的非常好的工作與生產力。

And so those 2, in particular, have really led to good growth in the quarter. ATAC continues to perform well on their service side as well as we're seeing growth in our service -- fee-for-service, both on the Aerosonde still and then in our unmanned surface vehicles, on the TSUNAMI and awards in our CUSV. So look, across the board, I would say, Systems just really hit it out of the park this quarter. And so we have a lot of things out there for awards in the coming years, and I expect us to continue to see good growth.

因此，尤其是這兩項，確實帶動了本季的良好成長。ATAC 在服務端也持續表現良好；我們看到服務——按服務收費（fee-for-service）的成長，既包括 Aerosonde，也包括我們的無人水面載具，在 TSUNAMI 上，以及在 CUSV 上的授標。總之，我會說 Systems 本季整體表現非常出色。未來幾年我們也有很多待授標的項目，我預期我們會持續看到良好的成長。

Seth Seifman, JPMorgan.

Seth Seifman，JPMorgan。

This is Jamie on for Seth today. I just wanted to ask quickly about MV-75, the ATR, just to get a little bit of clarity. I know you said the $350 million was approved, I think, but only the $300 million obligated in the third quarter. So would it be safe to assume that the other $50 million would be obligated in the fourth quarter? Or is there more nuance there?

我是 Jamie，今天代 Seth 提問。我想快速問一下 MV-75 的 ATR，想再釐清一些細節。我知道你說 3.5 億美元應該是已核准，但第三季只承諾（obligated）了 3 億美元。所以是否可以合理假設，另外 5,000 萬美元會在第四季承諾？還是這裡面還有更多細微差異？

Yes. So if I could, what the $350 million was the request of the estimate of what the government expected that we would need throughout the third quarter. So when those numbers were put together, it was before we had actually completed actuals. As we work through the quarter and then achieve those actuals, we work closely with the government once they receive their approvals.

是的。如果我可以補充，3.5 億美元是政府對於第三季期間預期我們所需金額的估算請求。因此在彙整這些數字時，是在我們實際完成實績（actuals）之前。當我們在季度內推進並取得這些實績後，在政府取得其核准後，我們會與政府密切合作。

So the government was able to quickly put on contract mod, the $300 million to cover the actuals that we and our suppliers had accrued. And so now we're working through the process where they are -- they've completed those mods. We work through invoicing as supplier invoices continue to trickle in through this month and next month, we will continue to obligate against that.

因此，政府得以迅速以合約修改（mod）的方式簽訂，提供3億美元以涵蓋我們與供應商已累積發生的實際成本。所以現在我們正在推進相關流程——他們已完成那些修改。隨著供應商發票在本月及下月持續零星進來，我們將持續就該部分進行資金承諾（obligate）。

And yes, the government has additional funds at their discretion that goes up to the full ATR. And as those are required to cover that '26 spend, they will be able to utilize those. But at the moment, what we've been able to identify and communicate with them has been the $300 million.

是的，政府可自行裁量的額外資金最高可達完整的ATR。當需要用來涵蓋2026年的支出時，他們就能動用這些資金。但目前我們能夠辨識並與他們溝通的金額是3億美元。

And then if I could add to that, as we continue to go through that timing process, as Lisa described, that's the point when we can review the previous cume catch that we took in Q2 of 2026. So that's just really a timing process that we're going through.

另外我補充一下，當我們持續走完那個時點流程、如Lisa所描述的那樣，屆時我們就能回頭檢視我們在2026年第二季認列的先前累計追溯調整（cume catch）。所以這真的只是我們正在經歷的一個時點問題。

Okay. Got it. That's super helpful. And then maybe just on the Aviation segment. So obviously, healthy growth year-over-year and sequentially for the aftermarket. I know you guys are a little bit less exposed to the large fleet operators, so -- which tend to have higher utilization. I was just wondering is there any differences or drivers between customer types or operator types that's sort of driving that growth in the aftermarket? Or is it more broad-based?

好的，了解。這非常有幫助。接著可能想問一下航空事業部。很明顯，售後市場（aftermarket）不論年增或季增都呈現健康成長。我知道你們對大型機隊營運商的曝險相對較低——而那類客戶通常使用率更高。我想請教的是，不同客戶類型或營運商類型之間，是否有任何差異或驅動因素在推動售後市場的成長？還是說成長更偏向全面性？

Yes, I think it's more broad-based. I mean we're just seeing high utilization across the board on the fleet operators as well as retail side. So I think we just see strong -- and frankly, our team's service and support, people want to come back through to us. And so we are seeing more folks return to our service and support team in order to have their aircraft managed and handled. And so I think it's just been a factor of higher hours flown and people rewarding the fact that we are great partners to them in the aftermarket space.

是的，我認為比較偏向全面性。我的意思是，我們看到不論是機隊營運商或零售端，整體使用率都很高。所以我認為我們看到的是強勁表現——坦白說，我們團隊的服務與支援也讓客戶願意回到我們這裡。因此我們看到更多客戶回流到我們的服務與支援團隊，讓我們協助管理與處理他們的飛機。所以我認為這主要是飛行時數增加，以及客戶在售後市場領域肯定我們是很好的合作夥伴所帶來的結果。

Noah Poponak, Goldman Sachs.

Noah Poponak，高盛。

Can we expect the Aviation segment to have its normal incremental margin next year? Or are the additional investments and kind of operational volatility still occurring in the first half such that, that does not happen.

我們是否可以預期航空事業部明年的增量利潤率（incremental margin）會回到正常水準？還是說額外投資以及某種營運波動仍會在上半年發生，以致於無法達成？

I think Lisa highlighted all the initiatives we're doing. So this is going to be, I think, a 12-month journey. So as we go throughout next year, you should see improvement throughout the year. We're obviously not ready yet to give guidance into 2027. But this is going to be, I think, a 12-month journey of improvement as we go forward into Q4 and then into the first half of next year.

我想Lisa已經點出我們正在做的所有措施。所以我認為這會是一段為期12個月的旅程。因此在明年推進的過程中，你應該會看到全年逐步改善。我們顯然還沒準備好提供2027年的指引。但我認為這將是一段為期12個月、一路改善到第四季，並延續到明年上半年的改善旅程。

Okay. And just back to that systems margin, is there anything onetime in that systems margin? Or is it clean? And what does that mean for the forward profitability in the segment?

好的。再回到系統事業部的利潤率，那裡面有任何一次性（onetime）因素嗎？還是很乾淨？這對該事業部未來的獲利能力意味著什麼？

It's one onetime item. It's related to actually in Q3 of 2025, we had a onetime -- well, it's really a two-time benefit related to an exit of a lease. There was a benefit in Q3 of '25. There is also a benefit in Q3 of '26. Now if you were to compare the two years, it's actually a headwind, but it did improve the margin somewhat in Q3 of 2026. It's about $9 million, if you want to look at that from a comparison perspective. So still very comfortably in the margin range of Textron Systems that we had given for guidance for the year.

有一項一次性因素。實際上它與2025年第三季的一次性——嗯，嚴格說是兩次性的利益——有關，源自於一項租賃退出（exit of a lease）。在2025年第三季有一筆利益。在2026年第三季也有一筆利益。如果你比較兩年，其實是逆風，但它確實在2026年第三季稍微改善了利潤率。若從可比角度來看，大約是900萬美元。因此仍然非常穩健地落在我們先前對Textron Systems全年指引所給出的利潤率區間內。

Peter Arment, Baird.

Peter Arment，Baird。

Nice results. Dave, maybe just a quick one, a clarification on MV-75. Just thinking about your fourth quarter is always typically really strong in terms of cash flow. What's assumed for any collections there? Any -- or are we waiting for budgets to be firmed up?

表現不錯。Dave，可能快速問一個，關於MV-75的釐清。考量你們第四季通常在現金流方面都非常強勁。那邊對任何收款（collections）的假設是什麼？是否——或者我們是在等預算更明確？

So obviously, our collection assumptions are embedded in our guidance. Q3 did have particular challenges relating to cash flow as the timing of the ATR obviously did not get approved until the end of the quarter. But keep in mind, and this is a credit to the entire team, we anticipated that and took actions in Q2 of 2025 to manage through those cash flow challenges. That, combined with really good performance from Textron Aviation drove the result. And as you can see, based on our cash flow guidance, we expect to have a very strong Q4 cash number.

很明顯，我們對收款的假設已反映在我們的指引中。第三季在現金流方面確實有特定挑戰，因為ATR的時點直到季末才獲得核准。但請記住——這也要歸功於整個團隊——我們預先預期到這點，並在2025年第二季採取行動，以因應這些現金流挑戰。再加上Textron Aviation非常好的表現，帶動了結果。而且如你所見，根據我們的現金流指引，我們預期第四季的現金數字會非常強勁。

Got it. That's helpful. And then just, Lisa, just quickly, back to kind of Myles' question around the industrial separation. Are there milestone or time lines that you're thinking of? I know there's probably a lot you can't say, but just any color there, that would be helpful.

了解。這很有幫助。另外，Lisa，快速回到Myles關於工業業務分拆的問題。你們是否有在思考任何里程碑或時間表？我知道可能有很多你不能說，但若能提供一些補充說明會很有幫助。

Yes. Unfortunately, I don't want to get into that too much just now. But I would just continue to iterate that I'm pleased with the progress, and I would say we're going to be able to stick to the time line that we messaged back in April of a 12-month to 18-month separation or spin.

是的。很遺憾，我現在不想談得太深入。但我會重申，我對進度感到滿意；我也會說，我們應該能夠遵守我們在4月對外傳達的時間表，也就是12到18個月完成分離或分拆（spin）。

David Strauss, Wells Fargo.

David Strauss，富國銀行。

This is Ben Tomick on for David. I was just wondering, any update on the Gen3 program time line in terms of certification and entry into service? Any milestones coming there?

我是代替David的Ben Tomick。我想請教一下，Gen3計畫在認證與投入營運（entry into service）的時間表方面，有沒有任何更新？那邊有任何即將到來的里程碑嗎？

Yes. So as I think I mentioned in the script there, we have progressed forward with all of the flight tests. We're in F&R. And I do believe in the first half of '27, we should start to see some of those entry into service.

有的。如同我在講稿中提到的，我們已推進並完成所有飛行測試。我們目前在F&R階段。並且我確實相信在2027年上半年，我們應該會開始看到其中一些投入營運。

Great. And then going over to defense. Are there any upcoming competitions worth flagging and any risk there?

很好。接著轉到國防。是否有任何值得特別提示的即將到來競標案，以及其中是否有任何風險？

Or any risk there? No, I wouldn't say we have any risk -- the Textron Aviation Defense team is competing for the Navy Jet Training program. And so we expect that to be awarded mid next year. And so I do think that's a key one that we feel like we're in a pretty strong position for. And so I feel like we're in a pretty good stead on that one. And look, there's always a risk that you may not win something, but I feel pretty good about where we are with the program.

或有任何風險嗎？不，我不會說我們有任何風險——Textron Aviation Defense團隊正在競標海軍噴射教練機計畫。我們預期該案會在明年年中決標。因此我確實認為這是一個關鍵案子，我們覺得自己處於相當有利的位置。所以我覺得在這個案子上我們的態勢相當不錯。當然，總是存在你可能無法得標的風險，但我對我們目前在該計畫上的進展感覺相當不錯。

John Godyn, Citi.

John Godyn，花旗。

I wanted to just ask about aviation into next year. Completely appreciate that more detailed guidance is going to come out on 4Q. But we have a backdrop of strong demand. We've got what sounds like kind of improving supply chain issues. Is there anything you can offer just to level set us a little bit on what's possible with delivery growth. So we have some color.

我想簡單問一下明年航空業務的情況。我完全理解更詳細的指引會在第四季公布。但在強勁需求的背景下，我們也看到供應鏈問題似乎正在改善。你們是否能提供一些資訊，幫助我們稍微校準一下交付量成長的可能性，讓我們有些方向可參考。

Yes. I think it's a little early to start guiding in that regard. I would say that my by charter and ask across the business is that we continue to try to move ourselves to around the 200 delivery range for all of our turboprops, jets and our helicopters. And so you're seeing us implement strategies, capital and investment into our workforce in order to support -- and as Dave mentioned, it will be a journey on that over the next 12 months, but I feel like we're making the right steps in order to get there.

是的。我認為現在就開始在這方面給出指引還稍微早了一點。我會說，依照我在整個業務中的職責與要求，我們會持續努力，讓我們所有渦槳機、噴射機以及直升機的交付量，朝著大約200架的區間邁進。因此你會看到我們正在推動相關策略、投入資本並投資於我們的勞動力，以支撐這個目標——正如Dave提到的，未來12個月會是一段旅程，但我覺得我們正在採取正確的步驟以達成目標。

Okay. Fair enough. And Lisa, just changing gears, M&A strategy at large. A couple of quarters ago, I feel like it was a little bit more of a focal point. You had mentioned the possibility of acquiring space assets or other kind of on-stream assets. Maybe you could just kind of plug us into your latest thinking.

好的。合理。Lisa，換個話題，談談整體的併購策略。幾個季度前，我感覺這是更重要的焦點。你曾提到可能收購太空資產或其他已在運作中的資產。也許你可以分享一下你目前最新的想法。

Yes, sure. So look, I I've got my game board that I make sure that I'm monitoring on what we would do in terms of acquiring certain assets. And as you, I'm sure, seen that some of the multiples on some of these -- the quality of assets out there, we just want to make sure that what we acquire makes good sense and -- but we have a very strong balance sheet. I think as we move more towards a pure-play A&D, you'll see us lean into that.

好的，當然。你看，我有一個「棋盤」，我會持續監控我們在收購特定資產方面可能採取的行動。而且你應該也看到，市場上一些優質資產的估值倍數——我們只是想確保我們收購的標的在商業上是合理的；同時我們的資產負債表非常強勁。我認為，隨著我們更朝向純粹的航太與國防（A&D）公司轉型，你會看到我們在這方面更積極。

But I want to be clear, I mean, this is across the board of what we're looking at, both in-sourcing suppliers that might be a good fit for us to make that more of a vertical asset to us as well as assets along the space side, which would be around thermoprotective materials that would be complementary to what we do up around our Wilmington business as well as areas that would complement into our -- the rest of the system. So I am so keen on that, and we're keeping our powder dry to make sure that when the right asset comes available, we'll be ready.

但我想說清楚，我們看的範圍很廣：包括把可能很適合我們的供應商內製化，使其成為我們更垂直整合的資產；也包括太空領域的資產，例如熱防護材料，這些會與我們在Wilmington業務所做的事情形成互補，也會與我們系統中的其他部分互補。所以我對此非常投入，我們也會保留彈藥，確保當合適的資產出現時，我們能夠隨時出手。

And is the concept largely bolt-ons? Or is there any appetite for something more transformational?

那這個概念主要是補強型（bolt-on）收購嗎？還是你們也有意願做更具轉型性的交易？

Yes, and. So I would say I am open to something transformational. I do think that that's what we need to do in order to move Textron forward, but it's going to have to be at the right point in time, and it's going to have to be the right asset.

是的。我會說，我對轉型性交易是開放的。我確實認為，為了推動Textron向前發展，我們需要做這樣的事，但必須在合適的時間點，而且必須是合適的資產。

Kristine Liwag, Morgan Stanley.

Kristine Liwag，摩根士丹利。

This is Kyle Benvenuto on for Kristine. You indicated that approximately $100 million of lower CapEx is the largest driver of higher cash flow outlook. Is that primarily spending deferred into 2027 or a reduction in total investments required? And then with additional aviation tooling investment planned for next year, how should we think about 2027 CapEx? Does that lower 2026 spend change, the timing of any production or productivity improvements.

我是代Kristine提問的Kyle Benvenuto。你提到約1億美元的資本支出（CapEx）下降，是現金流展望上修的最大驅動因素。這主要是把支出遞延到2027年，還是所需總投資額的降低？另外，明年規劃增加航空工裝（tooling）投資的情況下，我們應該如何看待2027年的CapEx？2026年支出降低，是否會改變任何生產或生產力改善的時程？

So we've been -- as we've discussed our CapEx view over the next couple of years, we've kind of indicated previously that we'd expect kind of steady-state CapEx in both 2026 and 2027. The $100 million lowering for 2026, I don't think changes our view for 2027. We have also expected to and continue to have to invest more in CapEx at Aviation to drive productivity projects, which obviously will lead to better delivery numbers down the road, which, of course, translates into better cash flow. So I would say the framework of how we've described CapEx investment here does not fundamentally change as a result of the low $100 million CapEx spend in 2026.

我們一直以來——如同我們討論過未來幾年的CapEx觀點——先前大致指出，我們預期2026年與2027年的CapEx會處於某種穩態水準。2026年下調1億美元，我不認為會改變我們對2027年的看法。我們也一直預期、並且仍然需要在航空業務上投入更多CapEx，以推動生產力專案；這顯然會在未來帶來更好的交付數字，當然也會轉化為更好的現金流。因此我會說，我們先前描述的CapEx投資框架，不會因為2026年少花這1億美元CapEx而在根本上改變。

Ronald Epstein, Bank of America.

Ronald Epstein，美國銀行。

So maybe just a broad question. A lot of the details have been asked already. Lisa, you've been in the seat now for a couple of quarters. And as you sit back and kind of look at the mandate, the portfolio. What areas are you most excited about? And what areas potentially do you think are the most challenging that we'll have to deal with to get the business to where you want it to be?

我想問一個比較宏觀的問題。很多細節其實已經被問過了。Lisa，你上任也已經幾個季度了。當你回頭看這個使命與投資組合時，你最感到興奮的領域是哪些？以及你認為最具挑戰、我們必須面對以把業務帶到你希望位置的部分是哪些？

Yes. Look, so -- not to speak a little bit, I often reflect on this. I think I'm now 9 months, 29 days and about 7.5 hours into the job. So -- it's -- I've had an opportunity to take a look at the portfolio. As you can see, we're reshaping that in order to move us forward into A&D.

是的。你看——我常常會反思這件事。我想我現在上任大約9個月29天又約7.5小時了。所以——我有機會檢視整個投資組合。如你所見，我們正在重塑它，以推動我們朝航太與國防（A&D）前進。

And I think that excites me the most. I think I understand where we need to go in terms of creating synergies across the business, the collaborations and opportunities that we have in a company that is so deep with engineering expertise, the fact that we could take some expertise out of our business up in Maryland with unmanned air and pair that with some things that we've got going down at Bell, do an unmanned SkyCourier.

而我覺得這是最讓我興奮的部分。我認為我理解我們在整個業務中需要往哪裡走，才能創造協同效應；我們在一家工程專業非常深厚的公司裡，擁有各種合作與機會；例如我們可以把馬里蘭業務在無人航空方面的一些專長，與Bell那邊正在進行的一些事情結合起來，做出一款無人SkyCourier。

There's just a very exciting amount of collaboration that we can achieve across the entire company. And so I think we have to continue to push into these enterprise initiatives. An exciting example of this is what just came out this month from the government with Project Agincourt. I think that we fit nicely in where they're trying to go with Project Agincourt.

我們在整個公司範圍內能達成的協作空間非常令人振奮。因此我認為我們必須持續推進這些企業級（enterprise）倡議。一個令人興奮的例子是，本月政府剛公布的Agincourt計畫（Project Agincourt）。我認為我們非常契合他們在Agincourt計畫想要達成的方向。

And I think that we can lean into that and show that we've got not only exciting new defense technology, but decades of experience in how to manufacture these and make these capable in a war-fighting scenario. And so it makes me excited. So from the challenges standpoint, look, I think the challenges just continue to pop up around suppliers.

我認為我們可以在這方面加大投入，並展現我們不僅擁有令人振奮的新型國防技術，還有數十年製造經驗，知道如何把這些產品做出來，並讓它們在作戰情境中具備能力。所以這讓我感到很興奮。至於挑戰面，你看，我認為挑戰仍會持續出現在供應商端。

I think we're getting better in terms of workforce retention. Our retention rates are coming down to a more manageable level, kind of where we've seen around pre-COVID area, not all the way where we want it, but within a couple of percentage points of -- from attrition.

我認為我們在人力留任方面正在變得更好。我們的留任率正在回到一個更可管理的水準，大致接近COVID之前的區間；還沒完全到我們想要的程度，但在離職率方面，已經只差幾個百分點。

And so we'll continue to have to manage and watch that. And then not necessarily a challenge. But an exciting part is when we go do a meaningful acquisition and creating the synergies and the growth inside that. That always comes with a little bit of challenge, but I think it's a good challenge to have. And so I'm excited about that.

因此我們會持續管理並密切關注這件事。另外，這不一定算是挑戰，但令人興奮的一部分是，當我們進行一筆有意義的收購，並在其中創造協同效應與內生成長。這總是會伴隨一些挑戰，但我認為那是值得擁有的好挑戰。所以我對此感到很期待。

Yes. Great. Great. And maybe just one last follow-on, if I may. Culturally, how is the company reacting to that, right? I mean this is a change for your workforce. How are they reacting to it? Are they welcoming it? And how do you bridge the cultural gap if there is one?

是的。很好。很好。如果可以的話，或許我再追問最後一個問題。從企業文化的角度來看，公司對此的反應如何？我的意思是，這對你們的員工隊伍來說是一項改變。他們的反應如何？他們是否歡迎？如果存在文化落差，你們要如何彌合？

Sure. So I want to take -- thank you for opening that because I want to take a moment to say take thanks to our team over on the industrial side. I mean I think they culturally accepted that this was the right answer for Textron at large, and they have been fantastic at continuing to work and manage their business and their customers and take care of each other through what is very challenging, as you guys know, as they're also facing dealing with a separation process.

當然。所以我想——謝謝你提出這個問題，因為我想花點時間向我們工業業務那邊的團隊致謝。我的意思是，我認為他們在文化上接受了這對整體 Textron 來說是正確的答案，而且他們在持續工作、管理他們的業務與客戶、並在非常具挑戰性的情況下彼此照應方面表現得非常出色；正如各位所知，他們同時也在面對分拆流程所帶來的挑戰。

So I think culturally, just welcoming that and the way that team has responded has been -- I'm very grateful for. And for the rest of the business, I think the rest of the business is very energized. We have leaned in on some collaboration ideas.

所以我認為，從文化上來說，能夠歡迎這件事，以及那個團隊的回應方式——我對此非常感激。至於公司其他業務，我認為其他業務都非常振奮。我們也更積極投入一些協作構想。

The team has come up with ways to work together. I think it's -- they're excited about a new phase of Textron and I'll say, a new era. And so I've received a lot of positive feedback, and I'm constantly reminded that what my job is to manage people, not just numbers. And so I'm excited about doing that, and I think folks are responding to it.

團隊想出了彼此合作的方法。我認為——他們對 Textron 的新階段，我會說是一個新時代，感到興奮。因此我收到很多正面的回饋，也不斷被提醒：我的工作是管理人，而不只是管理數字。所以我很期待去做這件事，我也認為大家對此反應良好。

Doug Harned, Bernstein.

Doug Harned，Bernstein。

On aviation, you had a really strong quarter for orders. But a couple of things. First, can you give us a sense if you're seeing any shift in mix with the new orders coming in across your product portfolio? And then also, you're still working to get that production rate up, trying to get up to that 200 number. But -- we've seen a lot of times when there are long delays between order and delivery, it slows order flow. Do you see the opportunity in your discussions with customers to take those order numbers up even more if you can get that production rate up?

關於航空業務，你們本季的訂單表現非常強勁。但有幾點問題。第一，你能否讓我們了解一下，隨著新訂單進來，你們在整個產品組合中是否看到任何產品組合（mix）的變化？另外，你們仍在努力把產能提升上去，試圖達到 200 的那個數字。但是——我們多次看到，當下單到交付之間的延遲很長時，會放慢訂單流入。在你們與客戶的討論中，如果你們能把產能拉上去，你是否看到有機會把訂單數字再提高？

Yes, absolutely. I mean you've hit on it. That's -- if they can say I can get it inside a certain time frame instead of having to put a deposit down and wait for years, I mean, certainly, I think you're going to open up the order book even more. So that's exactly why we're leaning in on trying to increase production workflow and making sure that the material is available to the team on the floor so that they've got the material in order to put those products out the door. So these all play together.

是的，絕對是。我的意思是，你點出了關鍵。如果他們能說：我可以在某個時間範圍內拿到，而不是必須先付訂金然後等上好幾年——我認為毫無疑問，這會讓訂單簿進一步打開。所以這正是我們積極投入、試圖提高生產流程的原因，並確保現場團隊有可用的物料，讓他們具備把產品交付出廠所需的材料。所以這些因素是相互配合的。

I think the more product we're able to put out there, the more you'll continue to see increased order book. In terms of mix, I don't think we see a shift in mix. We're getting, I'll say, a pretty standard mix that we've seen in the past. So again, it's -- even in times where we're having, I'll say, less than optimal ways of getting it out the door, we're still seeing strong order delivery. If we can continue to improve that production, I think we'll continue to see even stronger orders. So it's self-fulfilling.

我認為我們能夠交付到市場上的產品越多，你就會持續看到訂單簿增加。就產品組合而言，我不認為我們看到組合有變化。我們拿到的，我會說，是過去一直看到的相當標準的組合。所以再說一次——即使在我們交付出廠的方式不算最理想的時候，我們仍然看到強勁的訂單交付。如果我們能持續改善生產，我認為我們會看到更強勁的訂單。所以這是一種自我強化的循環。

And then separately, on MV-75, you commented on the fit with the changing battlefield, and we're clearly seeing a rapidly changing battlefield. And with IOC out in 2030 and you look at that timing, there are a lot of other players out there looking at uncrewed aircraft, other options to go into this space over time. And some of them are willing to invest very large amounts of money to do it.

另外，關於 MV-75，你提到它與變化中的戰場相契合，而我們顯然正看到戰場快速變化。而 IOC（初始作戰能力）要到 2030 年，再看那個時間點，市場上有很多其他參與者在研究無人航空器以及其他選項，隨時間推進進入這個領域。其中一些也願意投入非常龐大的資金來做這件事。

How do you look out in that 2030 time frame and see the landscape, how MV-75 will fit in there? And you mentioned Project Agincourt, but what -- how do you see your role potentially changing either positively or with some threats?

你如何展望 2030 年那個時間框架下的競爭版圖，並看待 MV-75 將如何融入其中？你提到了 Agincourt 計畫，但——你如何看待你們的角色可能出現的變化，不論是正向的，或是面臨一些威脅？

Yes. So I would submit that Team Cheyenne, led by Bell, we also have made significant investments in this technology and platform over the last 15 years. So I think we were leaning into that for some time now in order to make sure that this capability is available for the war fighter. Whenever you go into a war fighting scenario, you never go in with a single platform. All of these platforms have to work together.

是的。所以我想提出的是，由 Bell 領導的 Team Cheyenne，我們在過去 15 年也已在這項技術與平台上投入了大量資金。因此我認為我們已經投入一段時間，以確保這項能力能提供給作戰人員。當你進入任何作戰情境時，你不會只靠單一平台進場。所有這些平台都必須協同運作。

So that's why the fact that we are the first modular open systems architecture platform that's going to be out there for the Army, it's going to give it the capability to interact and interface with these other technologies that will also be available on the battlefield. So I see it going to be a key part of the future fight.

所以這也是為什麼我們作為第一個將提供給陸軍的模組化開放式系統架構平台，將賦予其與其他也會在戰場上可用的技術互動與介接的能力。因此我認為它將成為未來作戰的關鍵一環。

And look, in terms of threats, I'm not worried about that as much. I'm worried about making sure that we deliver what the war fighter needs on the time line that they need it and making sure it fits inside the plans that they have.

而且你看，就威脅而言，我沒有那麼擔心。我更擔心的是確保我們在作戰人員需要的時間表上，交付他們所需要的東西，並確保它能符合他們的規劃。

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