Woodward Inc (WWD) 2025 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Woodward, Inc. fourth-quarter and fiscal year 2025 earnings call. At this time, I would like to inform you that this call is being recorded for rebroadcast (Operator Instructions). Joining us today from the company are Chip Blankenship, Chairman and Chief Executive Officer; Bill Lacey, Chief Financial Officer; and Dan Provaznik, Director of Investor Relations.

女士們、先生們，感謝你們的耐心等待。歡迎參加伍德沃德公司2025財年第四季及全年業績電話會議。此時，我想告知各位，本次通話將被錄音，以便重播。（操作說明）今天到場的有公司董事長兼執行長 Chip Blankenship；財務長 Bill Lacey；以及投資者關係總監 Dan Provaznik。

I would now like to turn the call over to Dan Provaznik.

現在我想把電話交給丹·普羅瓦茲尼克。

Thank you, operator. We would like to welcome all of you to Woodward's fourth-quarter and fiscal year 2025 earnings call. In today's call, Chip will comment on our strategies and related markets. Bill will then discuss our financial results as outlined in our earnings release. At the end of our presentation, we will take questions.

謝謝接線生。歡迎各位參加伍德沃德公司2025財年第四季及全年業績電話會議。在今天的電話會議上，Chip 將對我們的策略和相關市場發表評論。比爾隨後將討論我們在獲利報告中概述的財務表現。演講結束後，我們將回答問題。

For those who have not seen today's earnings release, you can find it on our website at woodward.com. We have included some presentation materials to go along with today's call that are also accessible on the website.

如果您尚未查看今天的財報，可以在我們的網站 woodward.com 上找到。我們還附上了一些與今天電話會議相關的簡報資料，這些資料也可以在網站上取得。

Please note that based on changes in market dynamics, the company has refined its industrial end-to-market presentation to better align certain sales within power generation, transportation and oil and gas. Accordingly, sales for the quarters and years ended September 30, 2025 and 2024, have been reclassified for comparability. The reclassification had no impact on total industrial for the consolidated financial results.

請注意，根據市場動態的變化，該公司已改進其工業終端市場展示，以更好地調整發電、交通運輸以及石油和天然氣領域的某些銷售。因此，截至 2025 年 9 月 30 日和 2024 年 9 月 30 日的季度和年度的銷售額已重新分類，以便進行比較。此重新分類對合併財務績效中的工業總量沒有影響。

A webcast of this call will be available on our website for one-year. All references to years in this call are references to the company's fiscal year unless otherwise stated.

本次電話會議的網路直播將在我們的網站上保留一年。除非另有說明，本電話會議中所有提及的年份均指公司財政年度。

I would like to highlight our cautionary statement as shown on slide 2 of the presentation materials. As always, elements of this presentation are forward looking, including our guidance and are based on our current outlook and assumptions for the global economy and our businesses more specifically. Those elements can and do frequently change.

我想重點強調我們在演示材料第 2 頁所示的警示聲明。與以往一樣，本次演講的部分內容具有前瞻性，包括我們的指導意見，這些意見基於我們目前對全球經濟以及更具體地說是我們自身業務的展望和假設。這些因素會而且經常改變。

Our forward-looking statements are subject to a number of risks and uncertainties surrounding those elements, including the risks we identify in our filings with the SEC. These statements are made as of today, and we do not intend to update them except as required by law.

我們的前瞻性聲明受到圍繞這些要素的許多風險和不確定性的影響，包括我們在向美國證券交易委員會提交的文件中列明的風險。以上聲明僅代表截至今日的觀點，除法律要求外，我們不打算對其進行更新。

In addition, we are providing certain non-US GAAP financial measures. We direct your attention to the reconciliations of non-US GAAP financial measures, which are included in today's slide presentation and our earnings release. We believe this additional financial information will help in understanding our results.

此外，我們也提供了一些非美國通用會計準則的財務指標。請您注意今天投影片簡報和收益報告中所包含的非美國通用會計準則財務指標的調節表。我們相信這些額外的財務資訊將有助於我們更好地了解業績。

And now I'll turn the call over to Chip.

現在我把電話交給奇普。

Thank you, Dan. 2025 was another remarkable year for Woodward. Our team continues to make significant progress, motivated by our purpose to design and deliver energy control systems that our partners count on to power a clean future. Our members' dedication to serving our customers and meeting our commitments to all stakeholders, drove record performance in a number of areas.

謝謝你，丹。 2025年對伍德沃德來說又是意義非凡的一年。在設計和交付合作夥伴賴以打造清潔未來的能源控制系統這一目標的激勵下，我們的團隊不斷取得重大進展。我們成員致力於服務客戶並履行對所有利害關係人的承諾，從而在多個領域取得了創紀錄的業績。

Our annual revenue exceeded $3.5 billion for the first time, which was the result of strong performance in both business segments. Aerospace sales increased 14% to record levels with margin expansion of 290 basis points. Industrial delivered healthy sales growth of approximately 10% and excluding China OH and core industrial margin expansion of 110 basis points.

我們的年度收入首次超過 35 億美元，這是兩個業務部門強勁表現的結果。航太銷售額成長14%，達到歷史新高，利潤率提高290個基點。工業業務實現了約 10% 的健康銷售成長，若不計中國營運成本，核心工業業務利潤率成長 110 個基點。

As a result, we delivered all-time high adjusted earnings per share, up nearly 13% compared to the prior year. We achieved these results through a keen focus on our strategy, guided by our values, including integrity, respect and accountability and showing up as humble yet driven industry leaders as we continue to improve how Woodward serves customers.

因此，我們實現了有史以來最高的調整後每股收益，比上一年增長了近 13%。我們透過專注於策略，以誠信、尊重和責任等價值觀為指導，並展現出謙遜而又充滿幹勁的行業領導者風範，不斷改進伍德沃德服務客戶的方式，從而取得了這些成果。

Next, I'd like to highlight some notable achievements that created value from last year driven by our pillars of growth, operational excellence and innovation. Starting with growth. Our aerospace team delivered strong growth in defense OEM as predicted and rose to the occasion to deliver on higher-than-expected commercial services demand.

接下來，我想重點介紹一些去年在成長、卓越營運和創新三大支柱的推動下所取得的顯著成就，這些成就創造了價值。從成長開始。我們的航太團隊如預期般在國防OEM領域實現了強勁成長，並出色地滿足了高於預期的商業服務需求。

Commercial aircraft delivery rates were lower than originally planned, including impacts of destocking of some Woodward components and systems. In commercial services, our team successfully captured volume growth and pricing opportunities.

商用飛機交付速度低於原計劃，其中包括伍德沃德部分零件和系統去庫存的影響。在商業服務領域，我們的團隊成功掌握了銷售成長和定價機會。

We experienced more legacy engine MRO volume than planned, coupled with the expected increase in LEAP and GTF demand, which is rising to levels of significant contribution to overall commercial services revenue and earnings. We expect LEAP and GTF repair revenue to surpass legacy repair revenue in late calendar 2026 or early 2027.

我們遇到的傳統引擎 MRO 業務量比計劃的要多，再加上 LEAP 和 GTF 需求的預期增長，這些需求正在上升到對整體商業服務收入和利潤做出重大貢獻的水平。我們預計 LEAP 和 GTF 的維修收入將在 2026 年底或 2027 年初超過傳統維修收入。

For this compare, I'm speaking specifically to the repair activity and excluding spare LRU sales associated with fleet spares provisioning as these sales can be lumpy over short periods of time, but generally correlate with total aircraft delivered over the long term. For example, this past quarter, we received more orders for spare end item than we anticipated with trade and tariff uncertainty contributing to the order surge.

為了進行比較，我特別指維修活動，不包括與機隊備件供應相關的備用 LRU 銷售，因為這些銷售在短期內可能會出現波動，但從長遠來看，通常與交付的飛機總數相關。例如，上個季度，由於貿易和關稅的不確定性，我們收到的備件訂單比預期要多，訂單量也隨之激增。

Our Industrial segment delivered double-digit growth in oil and gas and power generation and high single-digit growth in marine transportation. Notably, our industrial services portfolio, ranging from component MRO to powerplant controls upgrade projects, achieved substantial growth contributing to top line sales and improved mix.

我們的工業板塊在石油天然氣和發電領域實現了兩位數成長，在海運領域實現了接近兩位數成長。值得一提的是，我們的工業服務組合（從零件維護、維修和大修到電廠控制升級項目）實現了大幅成長，從而促進了銷售額的成長和產品組合的改善。

Overall, our strong performance in the fourth quarter and full year 2025 reflects the strength of our strategy and our team's ability to execute. We have increased content on growing platforms in growing markets. We believe we are well positioned for future success.

總體而言，我們在 2025 年第四季和全年的強勁表現反映了我們策略的實力和我們團隊的執行能力。我們在新興市場中不斷成長的平台上增加了內容。我們相信我們已為未來的成功做好了充分準備。

Over the past year, we achieved several key milestones supporting our long-term growth strategy. We completed a strategic transaction to add capability and pedigree to our electromechanical actuation business unit.

過去一年，我們實現了幾個關鍵里程碑，為我們的長期成長策略提供了支持。我們完成了一項策略性交易，為我們的機電驅動業務部門增加了能力和實力。

The acquisition included state-of-the-art horizontal stabilizer trim actuator products on business jet, regional and wide-body commercial aircraft, including the Airbus A350. This represents our first direct supply contract to Airbus.

此次收購包括公務機、支線飛機和寬體商用飛機（包括空中巴士 A350）上最先進的水平尾翼配平作動器產品。這是我們與空中巴士簽訂的第一份直接供貨合約。

Integration of the acquired people and products is progressing on plan to capture the full value of the transaction. We won a competitive selection to design and deliver A350 wing spoiler actuators further increasing our Airbus business portfolio and A350 shipset content.

收購人員和產品的整合工作正按計劃進行，以實現交易的全部價值。我們贏得了設計和交付 A350 機翼擾流板作動器的競爭性合同，進一步增加了我們的空中巴士業務組合和 A350 機載設備含量。

This organic growth project improves our position on a very successful wide-body program. as well as prepares us for the next single aisle opportunity by demonstrating our technology, design and industrialization capability.

這項有機成長項目提升了我們在一個非常成功的寬體客機專案中的地位，並透過展示我們的技術、設計和工業化能力，為我們迎接下一個單通道客機機會做好了準備。

This win, coupled with our recent acquisition of electromechanical actuation capability, including the A350 HSTA, will raise our total A350 shipset value to approximately $550,000 once we start shipping the wings oiler actuators, currently scheduled for late calendar 2028.

此次得標，加上我們最近獲得的機電驅動能力（包括 A350 HSTA），一旦我們開始交付機翼注油器執行器（目前計劃於 2028 年底交付），我們的 A350 整機總價值將達到約 55 萬美元。

To that end, we broke ground on our Spartanburg, South Carolina facility construction project in November. This facility is intended to be another showcase advanced manufacturing site, building on our experience with our Rock Cut campus, highly automated and vertically integrated. We will produce the A350 spoiler plus additional aerospace products at this facility.

為此，我們在 11 月啟動了位於南卡羅來納州斯帕坦堡的工廠建設項目。該設施旨在成為另一個先進的製造示範基地，依託我們在 Rock Cut 園區的經驗，以實現高度自動化和垂直整合。我們將在該工廠生產A350擾流板以及其他航空航太產品。

Within Industrial, our Glatten expansion is ahead of schedule and on track to become operational by mid-2026. This expansion will provide increased capacity to meet the growing demand for data center backup power with enhanced levels of automation, improved flow and higher inventory turns. To support our growth, we're making increased strategic investments in our company with robust returns for projects that increase capacity and improve productivity with a specific focus on automation.

在工業領域，我們的格拉滕擴建工程進度超前，預計 2026 年年中投入營運。此次擴建將提高資料中心備用電源的容量，以滿足日益增長的需求，同時提高自動化水準、改善流程並提高庫存週轉率。為了支持公司的發展，我們正在加大對公司的策略投資，對那些能夠提高產能和生產力的專案進行穩健的回報，尤其註重自動化。

Turning to operational excellence. We continue to make steady progress. We are focused on improving the fundamentals, and I expect our teams to pick up the pace to improve flow and unlock more productivity in this coming year.

轉向卓越營運。我們持續穩步前進。我們專注於改善基本面，我希望我們的團隊能夠加快步伐，改善工作流程，並在未來一年釋放更多生產力。

Everything starts with safety at Woodward. We continue to roll out our human and organizational performance program to reduce injury risks and increased levels of protection, and we are on track to have HOP in place at all of our sites this calendar year.

在伍德沃德，安全是一切工作的起點。我們將繼續推行人力和組織績效計劃，以降低受傷風險並提高防護水平，我們預計將在今年內將所有場所納入人力和組織績效計劃。

We're also investing in immersive training for our team leads and first-level supervisors. We are starting to see the benefits as they apply what they've learned, solving problems within cycle time rebalancing work to optimize labor and create flow and coaching their teams more effectively. I'm excited by our progress so far.

我們也正在投資為團隊負責人和第一線主管提供沉浸式培訓。我們開始看到他們運用所學知識帶來的好處，他們在週期時間內解決問題，重新平衡工作以優化勞動力並創造流程，並更有效地指導他們的團隊。我對我們目前的進展感到興奮。

We're also making strides in stabilizing our supply chain. Although we are still experiencing some supplier performance shortfalls, Woodward has made progress in optimizing our supplier network while helping our strategic suppliers improve their own quality and delivery when required. Industry-wide efforts to stabilize demand signals are benefiting our planning and delivery performance.

我們在穩定供應鏈方面也取得了進展。儘管我們仍然面臨一些供應商績效不足的問題，但伍德沃德在優化供應商網路方面取得了進展，同時在必要時幫助我們的策略供應商提高自身的品質和交付能力。業界為穩定需求訊號所做的努力，有利於我們的規劃和交付績效。

I'm pleased to see our investments in automation paying off by reducing our demand for labor. We're also realizing the expected benefits in safety, quality, delivery and cost as we refine our project execution and rebalance value streams.

我很高興看到我們在自動化方面的投資正在取得成效，減少了我們對勞動力的需求。隨著我們不斷改進專案執行和重新平衡價值流，我們在安全、品質、交付和成本方面也獲得了預期的效益。

Our automation focus is on jobs with high turnover repetitive or economically challenged tasks and high applied force requirements. Our workforce is embracing these projects and understands the benefit in their daily work. We will continue to invest in automation in 2026 and beyond.

我們的自動化重點在於那些人員流動頻繁、重複性高、經濟效益差、且需要大量人力投入的工作。我們的員工積極參與這些項目，並了解這些項目對他們日常工作的好處。我們將在2026年及以後繼續投資自動化領域。

Innovation is alive and well at Woodward, and we made prudent investments in technology development for new military programs, the next single aisle alternative fuels automation and services delivery. We continue partnering with our customers to shape how our technology solutions and elevate the value of their next-generation products.

伍德沃德公司充滿創新活力，我們對新軍事項目、下一代單通道替代燃料自動化和服務交付的技術開發進行了審慎的投資。我們將繼續與客戶合作，共同塑造我們的技術解決方案，並提升其下一代產品的價值。

As we look ahead, our priorities for 2026 are centered on strong execution, including capturing continued growth in our markets, driving operational excellence and meeting our customers' evolving expectations.

展望未來，我們 2026 年的重點是強有力的執行，包括在我們的市場中持續成長，推動卓越運營，以及滿足客戶不斷變化的期望。

In Aerospace, we are prepared for increased OEM orders as the aircraft manufacturers stabilize and increase production rates and as defense customers continue to signal strong demand. In commercial services, we are prepared for MRO growth as legacy aircraft continue to fly longer and more LEAP and GTF engines enter their maintenance cycles. We do expect somewhat muted top line growth in commercial services compared to 2025, which benefited from outsized demand for spare end items and some advanced buying.

在航空航太領域，隨著飛機製造商穩定並提高生產率，以及國防客戶持續發出強勁的需求訊號，我們已準備好迎接 OEM 訂單的增加。在商業服務方面，隨著老式飛機飛行時間的延長以及更多 LEAP 和 GTF 發動機進入維護週期，我們已為 MRO 的增長做好準備。我們預計商業服務收入成長將比 2025 年略顯疲軟，2025 年的成長得益於對最終備件的龐大需求和一些提前購買。

In Industrial, we are ready to meet sustained demand across our core markets of transportation, power generation and oil and gas and continue to expand our capabilities and global presence in industrial or regional repair overhaul and upgrade offerings.

在工業領域，我們已做好準備，滿足交通運輸、發電以及石油和天然氣等核心市場的持續需求，並將繼續擴大我們在工業或區域維修、大修和升級服務方面的能力和全球影響力。

Our guidance for 2026 reflects our continued confidence in the growth trajectory across our segments and our continued operational discipline. We are on track to deliver the three-year sales and earnings targets we set at December 2023 Investor Day.

我們對 2026 年的業績展望反映了我們對各業務板塊成長軌跡的持續信心以及我們持續的營運紀律。我們正按計畫實現我們在 2023 年 12 月投資者日上設定的三年銷售和獲利目標。

We do expect a modest adjustment to our cumulative free cash flow target as we make the strategic decision to allocate more capital toward organic, high-return growth investments, including automation at multiple sites and the Spartanburg facility.

我們預計，隨著我們做出策略決策，將更多資金分配給有機、高回報的成長投資（包括多個地點的自動化和斯帕坦堡工廠），我們的累積自由現金流目標將略有調整。

2025 was a year of record performance and significant progress as we executed on our strategy and delivered on the commitments we've made to shareholders. We intend to build on the strong momentum in 2026 and beyond.

2025 年是業績創紀錄、取得重大進展的一年，我們成功執行了策略，並履行了對股東的承諾。我們計劃在2026年及以後繼續保持強勁的發展勢頭。

And now I'll turn it over to Bill to share more detail around our financial performance in 2025 and our outlook for 2026. Ready Bill?

現在我將把發言權交給比爾，讓他分享更多關於我們 2025 年財務表現和 2026 年展望的細節。準備好了嗎，比爾？

I'm ready. Thank you, Chip, and good evening, everyone. As a reminder, all references to years of references to the company's fiscal year unless otherwise stated. And all comparisons are year-over-year unless otherwise stated.

我準備好了。謝謝你，Chip，大家晚上好。再次提醒，除非另有說明，所有提及的年份均指公司財政年度。除非另有說明，所有比較均為同比比較。

Net sales for the fourth quarter of 2025 totaled $995 million, an increase of 16%. Net sales for 2025 were $3.6 billion, an increase of 7% and the highest on record. Earnings per share for the fourth quarter of 2025 were $2.23 compared to $1.36.

2025 年第四季淨銷售額總計 9.95 億美元，成長 16%。2025 年淨銷售額為 36 億美元，成長 7%，創歷史新高。2025 年第四季每股收益為 2.23 美元，而去年同期為 1.36 美元。

Adjusted earnings per share for the fourth quarter of 2025 were $2.09 and compared to $1.41. For 2025, earnings per share were $7.19 compared to $6.01, and adjusted earnings per share were $6.89 compared to $6.11.

2025年第四季調整後每股盈餘為2.09美元，去年同期為1.41美元。 2025年全年，每股收益為7.19美元，去年同期為6.01美元；調整後每股收益為6.89美元，去年同期為6.11美元。

At the segment level, our Aerospace segment delivered double-digit sales growth in substantial earnings expansion for both the fourth quarter and full year, driven by strong performance in commercial services and defense OEM. Fourth quarter Aerospace segment sales were $661 million, up 20%. Commercial Services sales increased 40% while commercial OEM sales were essentially flat.

從業務板塊來看，在商業服務和國防OEM業務的強勁表現的推動下，我們的航空航天業務在第四季度和全年均實現了兩位數的銷售增長和顯著的盈利增長。第四季航空航太業務銷售額為 6.61 億美元，成長 20%。商業服務銷售額成長了 40%，而商業 OEM 銷售額基本上持平。

Defense OEM sales increased 27%, and the -- services were up 80%. Aerospace segment earnings for the fourth quarter were $162 million, with margins expanding 520 basis points to 24.4% of segment sales. The improvement was driven by strong price realization and higher volume, partially offset by strategic investments in our aerospace manufacturing capabilities as well as inflation.

國防 OEM 銷售額成長了 27%，服務業成長了 80%。第四季航空航太業務部門獲利1.62億美元，利潤率成長520個基點，達到部門銷售額的24.4%。價格上漲和銷售增加推動了業績改善，但部分被我們在航空航太製造能力方面的策略性投資以及通貨膨脹所抵消。

For the full year, the Aerospace segment delivered record annual sales and earnings. Segment sales were $2.3 billion, up 14%. Commercial Services sales increased 29% and reflecting both favorable pricing and higher volumes, supported by sustained high utilization of legacy aircraft and improved throughput by the MRO shops. LEAP and GTF activity also continues to increase, further contributing to commercial services growth.

全年來看，航空航太業務部門實現了創紀錄的年度銷售額和利潤。該業務類銷售額為 23 億美元，成長 14%。商業服務銷售額成長了 29%，這反映了有利的價格和更高的銷量，同時得益於傳統飛機的持續高利用率和 MRO 車間吞吐量的提高。LEAP 和 GTF 活動也持續增加，進一步促進了商業服務的成長。

I do want to note that toward the end of the fiscal year, while underlying commercial services demand remained strong we believe a portion of the growth was influenced by certain customers making advanced purchases to take advantage of a window of trade stability.

我想指出的是，在財政年度末，雖然潛在的商業服務需求仍然強勁，但我們認為部分成長受到某些客戶提前採購以利用貿易穩定的窗口期的影響。

Defense OEM sales increased 38%, primarily driven by strong demand for smart Defense. In addition, new JDAM pricing took effect during the fourth quarter, which contributed to the strong year-end performance. Aerospace segment sales growth was partially offset by a 6% decrease in commercial OEM sales.

國防OEM銷售額成長了38%，主要受智慧國防強勁需求的推動。此外，第四季新的 JDAM 定價機制生效，也促成了強勁的年末業績。航空航太領域的銷售成長被商業OEM銷售額下降6%部分抵銷。

The decrease was largely due to the Boeing work stoppage earlier in the year and our disciplined and measured production ramp that followed along with inventory normalization by air framers that occurred in the second half of the year.

產量下降主要是由於波音公司年初的停工，以及我們隨後有條不紊、穩步推進的生產恢復，再加上飛機製造商在下半年進行的庫存正常化調整。

Moving into 2026, we expect these headwinds to ease as airframe production rates increase. Defense services sales were down 2%. As a reminder, while the timing of this business can be lumpy, demand signals remain healthy.

展望 2026 年，我們預計隨著飛機機身生產率的提高，這些不利因素將會緩解。國防服務銷售額下降了2%。需要提醒的是，雖然這項業務的時機可能不穩定，但需求訊號依然健康。

Aerospace earnings for 2025 were $507 million or 21.9% of segment sales compared to $385 million or 19% of segment sales. The 290 basis point improvement reflects solid price realization and higher sales volumes, partially offset by strategic investments in manufacturing capabilities unfavorable mix and inflation.

2025 年航空航太業務收益為 5.07 億美元，佔該業務部門銷售額的 21.9%，去年同期為 3.85 億美元，佔該業務部門銷售額的 19%。290 個基點的改善反映了穩健的價格實現和更高的銷售量，但部分被對製造能力的策略投資、不利的產品組合和通貨膨脹所抵消。

We're making these strategic investments to enable future growth by expanding manufacturing engineers to support our ongoing efforts to increase automation. In addition, we have been increasing and developing our production frontline and team leaders to improve supervision, training and problem solving to drive productivity, improved cycle times and increase output.

我們正在進行這些策略性投資，透過擴充製造工程師團隊來支持我們不斷提高自動化水準的努力，從而實現未來的成長。此外，我們一直在增加和培養生產第一線和團隊領導，以改善監督、培訓和問題解決能力，從而提高生產力、縮短週期時間並增加產量。

Turning to Industrial. As a reminder, my comments reflect the reclassification of certain sales between the end markets that Dan mentioned earlier. Industrial segment sales for the fourth quarter were [$334] million, up 11% from $302 million. Our core industrial sales, which excluded the impact of China on highway, grew 15% in the quarter.

轉向工業領域。再次提醒，我的評論反映了丹之前提到的某些終端市場之間的銷售重新分類。第四季工業部門銷售額為 3.34 億美元，比上一季的 3.02 億美元成長了 11%。在剔除中國對公路運輸的影響後，我們的核心工業銷售額在本季成長了 15%。

Transportation sales increased 15% and oil and gas sales grew 13% and while power generation grew only 6% due to the impact of the divestiture of our combustion business in the second quarter of this year which had averaged approximately $15 million of quarterly sales. Excluding the impact of the divestiture, power generation sales grew in the mid-teens on a percentage basis.

運輸業務銷售額增長了 15%，石油和天然氣業務銷售額增長了 13%，而發電業務僅增長了 6%，這是由於今年第二季度剝離了燃燒業務，該業務平均每季度銷售額約為 1500 萬美元。不計剝離的影響，發電銷售額以百分比計算增加了15%左右。

Industrial segment earnings for the fourth quarter were $49 million or 14.6% of segment sales compared to $38 million or 12.6% of segment sales. Within our core industrial business, margins expanded 330 basis points to 15.2% of core industrial sales, driven by price realization, partially offset by expected inflation and planned strategic investments in manufacturing capabilities.

第四季工業部門的收益為 4,900 萬美元，佔部門銷售額的 14.6%，而上一季為 3,800 萬美元，佔部門銷售額的 12.6%。在我們的核心工業業務中，利潤率成長了 330 個基點，達到核心工業銷售額的 15.2%，這主要得益於價格的實現，但部分被預期的通貨膨脹和計劃中的製造能力戰略投資所抵消。

For 2025, Industrial segment sales were $1.25 billion compared to $1.3 billion, a decrease of 3%. Excluding the impact of China On-Highway sales, core industrial sales increased [10%] to $1.2 billion compared to $1.1 billion for the prior year. Marine transportation grew 9% driven by both price and volume. As elevated ship builder rate supports strong OEM engine demand and lay the groundwork for future services opportunities.

2025 年，工業部門銷售額為 12.5 億美元，而去年同期為 13 億美元，下降了 3%。剔除中國公路銷售的影響，核心工業銷售額成長10%，達到12億美元，去年同期為11億美元。受價格和運輸量的雙重推動，海運量增加了9%。高企的造船率支撐了強勁的OEM引擎需求，並為未來的服務機會奠定了基礎。

Oil and gas sales grew by 14% as volume growth was driven by greater midstream and dam stream gas investment. Power generation, excluding the impact from the divestiture of our combustion business grew 22% driven by our operational improvements and increased output to meet growing demand in various gas turn in systems value stream.

石油和天然氣銷售額成長了 14%，銷售成長主要得益於中游和水壩天然氣投資的增加。不計剝離燃燒業務的影響，發電量增加了 22%，這得益於我們的營運改善和產量增加，以滿足各種燃氣週轉系統價值流中不斷增長的需求。

Industrial segment earnings for 2025 and were $183 million or 14.6% of segment sales compared to $230 million or 17.7% of segment sales. This decrease was largely a result of lower sales volume and unfavorable mix, both related to reduced China on-highway demand, partially offset by price realization.

2025 年工業部門收益為 1.83 億美元，佔部門銷售額的 14.6%，去年同期為 2.3 億美元，佔部門銷售額的 17.7%。這一下降主要是由於銷售下降和產品組合不利造成的，這兩方面都與中國公路用車需求減少有關，但價格實現部分抵消了這些影響。

Core industrial margins for 2025 were 15.2% of segment sales, an increase of 110 basis points. This expansion reflects strong operational execution, price realization across the portfolio and our ability to drive incremental margins from higher volumes, partly offset by expected inflation in planned manufacturing investments to further improve productivity.

2025 年核心工業利潤率為部門銷售額的 15.2%，成長 110 個基點。此次擴張反映了強大的營運執行力、產品組合的價格實現以及我們透過提高銷售量來增加利潤的能力，但部分被計劃用於進一步提高生產效率的製造投資的預期通貨膨脹所抵消。

Nonsegment expenses were $41 million for the fourth quarter of 2025 compared to $31 million. Adjusted nonsegment expenses were $35 million in the fourth quarter compared to $27 million. Nonsegment expenses were $126 million in 2025 compared to $120 million. Adjusted nonsegment expenses were $133 million in 2025 compared to $112 million.

2025 年第四季非分部支出為 4,100 萬美元，而上年同期為 3,100 萬美元。第四季調整後的非分部支出為 3,500 萬美元，而上一季為 2,700 萬美元。2025 年非業務部門支出為 1.26 億美元，而 2025 年為 1.2 億美元。2025 年調整後的非分部支出為 1.33 億美元，去年同期為 1.12 億美元。

At the consolidated -- level, net cash provided by operating activities for fiscal 2025 was $471 million compared to $439 million. Capital expenditures were $131 million for fiscal 2025 compared to $96 million. The increase in capital expenditure was driven by ongoing investment in automation and production to improve operations and prepare for growth.

從合併層面來看，2025 財年經營活動產生的淨現金為 4.71 億美元，而去年同期為 4.39 億美元。2025 財年的資本支出為 1.31 億美元，而上一財年為 9,600 萬美元。資本支出的增加是由於持續投資於自動化和生產，以改善營運並為成長做好準備。

In addition, in 2025, we purchased the land for our new facility in Spartanburg, South Carolina and this project is rapidly moving forward. Free cash flow was $340 million for fiscal 2025 compared to $343 million. The decline in free cash flow was primarily due to higher capital expenditures partially offset by higher earnings.

此外，2025 年，我們購買了位於南卡羅來納州斯帕坦堡的新工廠用地，該項目正在快速推進。2025 財年的自由現金流為 3.4 億美元，而去年同期為 3.43 億美元。自由現金流下降主要是因為資本支出增加，但部分被更高的收益所抵銷。

As of September 30, 2025, debt leverage was 1times EBITDA. During fiscal 2025, as anticipated, we returned over $238 million to stockholders, including $173 million of share repurchases and $65 million in dividends.

截至 2025 年 9 月 30 日，負債槓桿率為 EBITDA 的 1 倍。在 2025 財年，正如預期的那樣，我們向股東返還了超過 2.38 億美元，其中包括 1.73 億美元的股票回購和 6,500 萬美元的股息。

In November 2025, we successfully completed our previous three-year $600 million share repurchase authorization more than one-year ahead of schedule, reflecting our ongoing commitment to return cash to shareholders.

2025 年 11 月，我們提前一年多成功完成了先前為期三年、金額達 6 億美元的股票回購授權，這體現了我們持續致力於向股東返還現金的承諾。

We recently announced a new three-year sheer repurchase program, authorizing the repurchase of up to $1.8 billion of common stock. This significant expansion reflects the Board's confidence in Woodward's strategy, long-term growth outlook and ability to consistently generate strong free cash flow.

我們最近宣布了一項新的為期三年的股票回購計劃，授權回購高達 18 億美元的普通股。此次重大擴張反映了董事會對伍德沃德公司策略、長期成長前景以及持續產生強勁自由現金流能力的信心。

In fiscal year 2026, our guidance assumes returning between $650 million to $700 million to shareholders in the form of dividends and share repurchases. From a capital allocation perspective, we remain committed to a disciplined and balanced approach that fully leverages our strong balance sheet to drive growth.

2026 財年，我們的預期是向股東返還 6.5 億美元至 7 億美元，以股利和股票回購的形式返還。從資本配置的角度來看，我們仍然致力於採取嚴謹平衡的方式，充分利用我們強大的資產負債表來推動成長。

We are investing organically to advance automation and complete our new Spartanburg, South Carolina facility while also actively evaluating selective returns-driven M&A opportunities. Our strong balance sheet positions us to act decisively when the right opportunities arise.

我們正在進行內部投資，以推動自動化並完成我們在南卡羅來納州斯帕坦堡的新工廠，同時也積極評估有選擇且以回報為導向的併購機會。我們穩健的資產負債表使我們能夠在合適的機會出現時果斷行動。

Now turning to our 2026 guidance. As we look ahead, we remain focused on our value drivers, growth, operational excellence and innovation. Our fiscal 2026 guidance assumes a sustained strong demand environment, supporting continued sales growth and further margin expansion. At the consolidated level, Woodward net sales growth is expected to be between 7% and 12%.

現在來看我們2026年的指導。展望未來，我們將繼續專注於我們的價值驅動因素、成長、卓越營運和創新。我們對 2026 財年的業績預期是基於持續強勁的需求環境，這將支持銷售持續成長和利潤率進一步擴大。伍德沃德集團整體淨銷售額預計將成長 7% 至 12%。

Aerospace sales growth is expected to be between 9% and 15%. Industrial sales are expected to grow 5% to 9%. In Aerospace, we expect sales growth across the segment weighted towards OEM driven by a return to growth in commercial OEM and continued strength in defense OEM Commercial Services growth is expected to moderate as 2025 include a high level of spare LRU purchases as well as the advanced purchases I mentioned earlier.

預計航空航太業銷售額成長將達到 9% 至 15%。預計工業銷售額將成長 5% 至 9%。在航空航太領域，我們預期整個細分市場的銷售成長將以OEM業務為主，這主要得益於商業OEM業務的恢復成長以及國防OEM業務的持續強勁。預計商業服務業務的成長將有所放緩，因為2025年將包括大量的備用LRU採購以及我之前提到的先進採購。

Defense Services are expected to show modest growth. Industrial sales are anticipated to grow across all of our primary markets. Note, we expect power generation growth to be muted in the first half due to the divestiture of our combustion product line. We anticipate China and highway sales in 2026 to be approximately $60 million, in line with 2025.

預計國防服務業將呈現溫和成長。預計我們所有主要市場的工業銷售額都將成長。請注意，由於剝離了燃燒產品線，我們預計上半年發電量成長將較為溫和。我們預計 2026 年中國和公路銷售額約為 6,000 萬美元，與 2025 年持平。

Woodward adjusted earnings per share are expected to be between $7.50 and $80 based on approximately 61 million fully diluted weighted average shares outstanding and an effective tax rate of approximately 22%.

根據約 6,100 萬股完全稀釋加權平均流通股和約 22% 的有效稅率計算，伍德沃德調整後的每股盈餘預計在 7.50 美元至 80 美元之間。

Aerospace segment earnings are expected to be 22% to 23% in segment sales Industrial segment earnings are expected to be 14.5% to 15.5% of segment sales. Adjusted free cash flow is expected to be between $300 million and $350 million.

預計航空航天業務部門的利潤率為部門銷售額的 22% 至 23%；預計工業業務部門的利潤率為部門銷售額的 14.5% 至 15.5%。調整後的自由現金流預計在 3 億美元至 3.5 億美元之間。

Capital expenditures are expected to be approximately $290 million, which includes continued investment in automation and approximately $130 million dedicated to the build-out of our new production facility in Spartanburg, South Carolina. The increased spend also includes investment in MRO readiness and the start of a multiyear ERP upgrade project.

預計資本支出約為 2.9 億美元，其中包括對自動化的持續投資，以及約 1.3 億美元用於在南卡羅來納州斯帕坦堡建造新的生產設施。增加的支出還包括對 MRO 準備工作的投資以及啟動多年 ERP 升級專案。

Some additional items to help you with your modeling. We expect year-over-year price realization of approximately 5%. Nonsegment expenses should be approximately 3.5% of sales. Consistent with historical trends, we anticipate performance to strengthen across the quarters of fiscal year 2026. Our fiscal 2026 guidance positions us to meet or exceed the long-term sales and earnings commitments for 2024 through 2026 which were established at our last Investor Day.

以下是一些可以幫助您進行建模的附加資料。我們預計將年比價格實現率約為 5%。非部門支出應約為銷售額的3.5%。與歷史趨勢一致，我們預期 2026 財年各季度的業績將逐步增強。我們 2026 財年的業績指引使我們能夠達到或超過我們在上次投資者日上製定的 2024 年至 2026 年的長期銷售和盈利承諾。

Free cash flow is expected to be below our three-year target, reflecting higher strategic investments to support sustained long-term growth. including our new Spartanburg facility. We plan to introduce our next three-year outlook at our Investor Day in December of 2026.

預計自由現金流將低於我們三年來的目標，這反映出我們為支持長期持續成長而進行的戰略投資增加，其中包括我們在斯帕坦堡的新工廠。我們計劃在 2026 年 12 月的投資者日上推出未來三年的展望。

This concludes our comments on the business and results for the fourth quarter and fiscal year 2025. Operator, we are now ready to open the call to questions.

以上就是我們對第四季及 2025 財年業務及業績的評論。接線員，我們現在可以開始接受提問了。

(Operator Instructions).

（操作說明）

Scott Mikus, Melius Research.

Scott Mikus，Melius Research。

I had a question kind of on the aftermarket dynamics, particularly in engines. So the LMR network is much more internal relative to the CFM56 network. So when you ship a fuel metering unit component on the LEAP engine. Just how are you sure whether it's going to the aftermarket or OE channel? Are you being paid at different price versus both?

我有一個關於汽車改裝市場動態的問題，特別是關於引擎改裝市場的問題。因此，相對於 CFM56 網絡，LMR 網路更加內部化。所以，當您在 LEAP 引擎上交付燃油計量單元組件時。你怎麼確定它是面向售後市場還是原廠配套市場呢？你拿到的薪水和兩份薪水不一樣嗎？

Just given that GE and CFM more broadly is trying to route as many component sales through the LEAP MRO premier network?

鑑於通用電氣和CFM公司都在努力透過LEAP MRO高級網路盡可能多地銷售零件？

So we're -- thanks for the question, Scott. We're sure about the PO status that comes to us, whether it's an install or a spare end item in terms of what customer is ordering it. So we have clear line of sight to what type of unit that is.

所以——謝謝你的提問，斯科特。我們能夠準確判斷收到的採購訂單狀態，無論是安裝訂單還是備用終端訂單，都取決於客戶訂購的是什麼。因此，我們可以清楚地看到這是什麼類型的設備。

Okay. And then given the investments that you're making in automation, I was at the Rock Cut campus who was very impressive there. Is there anything structurally that you see that would potentially prevent your LEAP or GTF aftermarket margins to where they couldn't potentially reach CFM56 or V2500 margin levels?

好的。鑑於你們在自動化方面的投資，我去參觀了 Rock Cut 園區，那裡給我留下了非常深刻的印象。您認為在結構方面是否存在任何可能導致 LEAP 或 GTF 售後市場利潤率無法達到 CFM56 或 V2500 利潤率水準的因素？

Well, Scott, there's nothing structurally in the way of that. It's kind of up to us to understand what the customers are seeing in the field with the units and developing the right repairs and overall procedures. And we're learning -- we've learned a lot with the first units that have come back, whether it be the Palm or SCU or FMU on LEAP or it's the GTF fuel nozzles or actuation. So we're pretty confident that we have the right design for repairability and service solutions for our customers that will achieve the right profitability.

史考特，從結構上來說，這方面沒有任何阻礙。了解客戶在現場使用設備時遇到的問題，並制定正確的維修和整體流程，這在某種程度上是我們的責任。我們正在學習——從第一批返回的單元中，我們學到了很多東西，無論是 LEAP 上的 Palm、SCU 或 FMU，還是 GTF 的燃油噴嘴或執行機構。因此，我們非常有信心，我們為客戶提供的可維修性和服務解決方案的設計能夠實現理想的盈利能力。

Scott Deuschle, Deutsche Bank.

史考特‧德施勒，德意志銀行。

Bill, what growth are you assuming for legacy narrowbody engine aftermarket in 2026?

Bill，你預計2026年傳統窄體引擎售後市場將如何成長？

Scott, for you said legacy narrow-body for.

史考特，你說的是傳統的窄體車身。

For narrow-body -- yes.

對於窄體客機——是的。

Yes. So we -- obviously, we saw a really good growth in '25. And based off of that, we would expect sort of single-digit growth rates coming through on the legacy narrow-body. We expect to see some price obviously come through and volume at these levels will be tough. But the MRO shop surprised us last year, so we'll see if they get some more productivity.

是的。所以很明顯，我們在 2025 年看到了非常好的成長。基於此，我們預期傳統窄體客機的成長率將達到個位數。我們預計價格會有所回落，但目前的成交量將難以維持。但去年MRO車間的表現讓我們感到驚喜，所以我們將看看他們的生產效率能否進一步提高。

But I would say, single digit.

但我認為，個位數。

Okay. And then, Bill, does the EPS guide include any benefit of the recent share repurchase authorization increase? Or do you not really assume that authorization or repurchase -- excuse me, the guide?

好的。那麼，比爾，每股盈餘預期是否包含了近期股票回購授權增加所帶來的任何收益？或者您真的不認為授權或回購——抱歉，是指南？

Yes. We do expect and put that into the guide.

是的。我們確實預料到了這一點，並且已經將其寫入了指南中。

Okay. And then last question, Chip. Can you give us any sense as to how much your current power generation revenue is tied to Caterpillar? And I'd be curious if you could talk a little bit about the growth outlook you expect from that customer in the years ahead.

好的。最後一個問題，Chip。您能否大致說明一下，您目前的發電收入與卡特彼勒公司有多大關聯？我很想知道您能否談談您對該客戶未來幾年成長前景的預期。

Well, we've been receiving pretty healthy growth from all of our power gen customers. And Bill and Dan talked about a little bit of reclass that went on. And it was really by examining where all of our customers and products were being used some traditional oil and gas customers have been involved in more power gen type applications, maybe not utility-grade but behind the meter type applications and folks like Caterpillar and NEO and Baker Hughes are all kind of playing in that segment of the market. So it's a very interesting aspect of the power gen growth opportunity that we're capitalizing on.

嗯，我們所有發電客戶的業務都實現了相當健康的成長。比爾和丹也談到了一些重新分類的事情。透過檢視我們所有客戶和產品的使用情況，我們發現一些傳統的石油和天然氣客戶已經參與到更多發電類型的應用中，也許不是公用事業級別的，而是表後類型的應用，像卡特彼勒、NEO 和貝克休斯這樣的公司都在該細分市場中扮演著某種角色。所以，這是我們正在利用的發電成長機會中一個非常有趣的面向。

But as far as carving out just a single customer like Caterpillar, we don't do that. But I think you can be satisfied that as they grow, we grow, we're on some of their gas engines with SOGAV and valves and actuation and we're on some of their liquid fuel engines with actuation and governor products. So we've got a good staple of products distributed on their products, and it varies by application.

但要說專門爭取像卡特彼勒這樣的單一客戶，我們是不會做的。但我認為您可以放心，隨著他們的發展，我們也隨之發展，我們為他們的某些燃氣發動機提供 SOGAV、閥門和執行機構，也為他們的某些液體燃料發動機提供執行機構和調速器產品。因此，我們有許多優質產品可供分銷，具體產品因應用場景而異。

Sheila Cage, Jefferies.

Sheila Cage，傑弗里斯。

This is Kyle on for Sheila. I hope that -- can you kind of extend the question here on the commercial aftermarket because I think you said muted next year. You gave in the prepared remarks are pretty helpful. I think you said leap GTF by the end of calendar year '26, the same size or larger than legacy.

這裡是凱爾替希拉報道。我希望——您能否就商業售後市場進一步探討一下這個問題，因為我認為您說過明年市場會比較低迷。你事先準備好的發言稿很有幫助。我想你說過，到 2026 年底，GTF 將會升級到與舊版相同或更大的規模。

So when I take that in connection with the single-digit comment you just gave to Scott, I mean, I guess it implies that maybe the pull forward that you saw in this quarter and prior quarters is significantly larger than maybe I expected.

所以，當我把這一點與你剛才對斯科特說的個位數數字聯繫起來時，我的意思是，我猜這意味著你在本季度和前幾季度看到的增長拉動可能比我預期的要大得多。

So maybe if you can just kind of walk through those puts and takes to round out that comment. What are you thinking about LEAP, GTF growth next year in light of what the OEMs are saying and the magnitude of the pull forward that you saw this year and whether you're sure that's not repeating or whether there's potential that was actually restocking?

所以，或許您可以詳細解釋一下這些觀點和看法，以完善您的評論。鑑於汽車製造商的說法以及今年出現的提前交付規模，您如何看待明年 LEAP 和 GTF 的成長？您是否確定這種情況不會重演，或者是否存在實際上是補貨的可能性？

Yeah. Thanks for the question. We really do believe there will be strong repair growth for LEAP and GTF. We believe like Bill was saying there'll be either flat to a little bit of repair growth on V2500 and CFM-5, But the thing, the big variable is this lumpy order behavior that we saw last quarter on spare end items, but pretty substantial demand there. And those are quite high-priced individual items to be ordered compared to repair.

是的。謝謝你的提問。我們確實相信 LEAP 和 GTF 的維修業務將有強勁的成長。我們認為，正如比爾所說，V2500 和 CFM-5 的維修業務要么持平，要么略有增長。但關鍵是，最大的變數是我們上個季度在備件終端產品上看到的訂單波動情況，但那裡的需求相當可觀。而且與維修相比，這些單件商品的價格相當高。

So when you think about the total top line, it has an outsized effect on that top line. as well as the earnings. So we don't forecast that happening again. There could be additional activity. We don't rule that out, and we're prepared to capture that if it shows up.

所以，從總營收來看，它對營收和獲利都有著巨大的影響。因此，我們預計這種情況不會再次發生。可能還有其他活動。我們不排除這種可能性，如果發生這種情況，我們已準備好將其捕獲。

But we I don't think it's prudent to forecast that or put that in our plan because we don't have any line of sight to that at this time.

但我認為，預測這種情況或將其納入我們的計劃是不明智的，因為我們目前對此沒有任何預兆。

And if I could just follow up on the price comment, Bill, you said 5% next year. I assume that's more weighted to aerospace and increasingly weighted to aftermarket. So maybe any additional color by segment and by subsegment within that.

比爾，我能否就價格問題再補充一點，你說過明年漲幅為 5%。我認為這更側重於航空航太領域，並且越來越側重於售後市場。所以，或許可以按段以及段內的子段添加其他顏色。

Yes. Correct. At the total Woodward in the comments we talked about, the JDAM price increase in the fourth quarter '25, we'll see that flow through the first three quarters of '26. And so with that and stall our growth, we will -- aero will outpace industrial slightly, but we still also will see good price results from our industrial team as well.

是的。正確的。根據伍德沃德在評論中提到的總情況，JDAM 價格在 2025 年第四季上漲，我們將在 2026 年的前三個季度看到這種上漲趨勢。因此，如果成長停滯，我們將—航空航天業務將略微超過工業業務，但我們的工業團隊也將取得良好的價格業績。

Noah Poponak, Goldman Sachs.

Noah Poponak，高盛集團。

Can you quantify in absolute dollars, whatever you're deeming to have been lumpy or pulled forward in the aerospace aftermarket in 2025 revenue?

你能用絕對美元量化一下，你認為在 2025 年航空航太售後市場收入中哪些部分出現了波動或提前釋放的情況嗎？

Yes. No, it's -- as you can imagine, it's hard to quantify because the customer isn't telling us exactly kind of their thought. But here, I'll give you a few numbers that will be in the footnotes of the 10-K. Back where we lay out by segment sales by region. And you'll see that from 20 -- from '24 to '25, sales grew $50 million.

是的。不，正如你所想，這很難量化，因為客戶並沒有告訴我們他們究竟是怎麼想的。不過，在這裡，我會給你一些數字，這些數字會出現在 10-K 報告的腳註中。回到我們按地區和細分市場銷售額劃分的地方。你會發現，從 2020 年到 2024 年到 2025 年，銷售額成長了 5,000 萬美元。

So some part of that [59] is normal growth. And then some part of that is a part of this advanced purchases. It's just hard to quantify exactly.

所以其中一部分[59]是正常的生長。其中一部分是預購款項。很難準確量化。

Okay. That's helpful. And can you quantify where LEAP and GTF aftermarket came in for the year 2025 versus 2024?

好的。那很有幫助。你能量化一下 LEAP 和 GTF 改裝市場在 2025 年與 2024 年相比的進展嗎？

So the LEAP and GTF are gaining on the legacy, let's put it that way. And like I said before, they're kind of in the same ZIP code, but not equal. So -- and we're just talking repair activity, not including spare end items. So we really do think that that's going to cross over in the late '26, early '27 time period. And that may sound like an earlier crossover compared to what we said at Investor Day back in 2023.

這麼說吧，LEAP 和 GTF 正在迎頭趕上。就像我之前說的，它們雖然在同一個郵遞區號區域內，但並不相同。所以——我們這裡只討論維修活動，不包括備用最終產品。所以我們確實認為這種情況會在 2026 年底、2027 年初發生。這聽起來可能比我們在 2023 年投資者日上所說的要早一些。

But that original graph in 2023, the legacy items that included some widebody and regional component repair and then it also in the new included GEnX.

但 2023 年的原始圖表，包括一些寬體和區域組件維修在內的遺留項目，以及新的 GEnX。

So we're trying to strip out some of that other information and make it cleaner for you. Like last quarter, I committed that we would clarify that. And when we do run our model out and look at kind of how fourth quarter ended, how inputs are coming in for both the legacy as well as the LEAP GTF. That's how we come up with that sort of crossover period, which I hope clarifies things for you.

所以我們正在嘗試去除一些其他訊息，讓內容更簡潔明了。和上個季度一樣，我承諾我們會澄清這一點。當我們運行模型並查看第四季度結束時的情況，以及傳統模型和 LEAP GTF 的輸入情況時，就會發現這一點。這就是我們得出這種過渡期的原因，我希望這能幫助你理解。

Okay. Great. That's super helpful. And then just on the Aerospace segment margin, the guidance requires a pretty significant slowdown in the incrementals. I guess in the fourth quarter, you're seeing incremental benefits from the items we just discussed and therefore, it's sort of a leveling out over the two years?

好的。偉大的。這太有幫助了。此外，就航空航太業務的利潤率而言，該指引要求增量成長大幅放緩。我想在第四季度，你會看到我們剛才討論的專案帶來的逐步效益，因此，兩年內的情況會趨於平穩？

Or is there more to it?

或者，事情有更深層的原因？

Yes. So the -- no, I think your question is about the incremental coming down from about 42.5 for aero and coming down in '26. And it's a few things. It's our mix growing on the aero side, which is a mix down. And then, yes, the -- and so that's the main driver is the amount of OEM that we expect to come through in '26.

是的。所以——不，我認為你的問題是關於航空領域的增量從大約 42.5 下降到 2026 年。有好幾件事。這是我們在航空領域不斷增長的混合物，這是一個向下的混合物。是的，主要驅動因素是我們預計在 2026 年將出現的 OEM 數量。

And just a reminder about that is a good thing. So we're creating the installed base to get the services revenue and earnings on later.

提醒一下總是好的。所以我們正在建立用戶基礎，以便日後獲得服務收入和利潤。

Christopher Glynn, Oppenheimer.

克里斯托弗·格林，奧本海默。

Curious on the defense side, a specific and a general question. Where are you with guided weapons clarity longer term, how those programs and lot orders are flowing through? Should we anticipate that growth is kind of leveling off on a sequential basis? Or is the volume still ramping? I know you have a big price aspect to growth in that category?

我對防守方面很感興趣，有一個具體問題和一個一般性問題。你們在導引武器的長期發展前景如何？相關項目和訂單的進度如何？我們是否應該預期經濟成長將逐漸趨於平緩？還是成交量仍在持續成長？我知道你們在這個品類中，價格因素對成長影響很大？

So our -- united weapons programs, Pearl, JDAM, small diameter bomb SDB and the team 9X are all kind of having a little different behavior. JDAM is up substantially, but we feel like that will remain level for a good while.

所以，我們的聯合武器計劃，包括 Pearl、JDAM、小直徑炸彈 SDB 和 9X 團隊，都表現出一些不同的行為。JDAM價格大幅上漲，但我們認為價格將在相當長的一段時間內保持穩定。

And then we don't have any orders for the other two, but we have indications that customers are asking us to do capacity studies and work with our supply chain and capacity studies. So some of these things are leading indicators that these other product lines might experience some growth opportunities. But we don't have anything specific, Chris, on that right now.

另外兩種產品我們還沒有訂單，但有跡象表明客戶要求我們進行產能研究，並與我們的供應鏈和產能研究合作。因此，其中一些因素預示著其他產品線可能會迎來一些成長機會。但克里斯，我們目前還沒有這方面的具體消息。

Okay. Great. And you mentioned global capacity investment for the industrial aftermarket. I'm guessing that's oriented towards the marine side, but just wondering if we got to drill into that investment element there.

好的。偉大的。您也提到了工業售後市場的全球產能投資。我猜這主要面向海洋領域，但只是想知道我們是否需要深入探討其中的投資要素。

Yes. So we've been doing a little bit of flag planting here and there on MRO shops. So when you think about a powerplant. All of the scope of supply that we could provide to aeroderivative or heavy-duty frame power plant installations. Just like an aircraft engine, they undergo maintenance cycles, and we're finding that we have the ability to grow our service content with these customers when we're a little closer to that region.

是的。所以，我們一直在一些維修、修理和大修 (MRO) 商店裡零星地插上一些旗幟。所以當你想到發電廠的時候。我們能夠為航空衍生或重型機架動力裝置提供的所有供應範圍。就像飛機引擎一樣，它們需要進行維護週期，我們發現，當我們離這些地區更近一些時，我們就有能力為這些客戶提供更多服務內容。

So we've done some of that in the prior couple of years, and we anticipate doing a little bit more of it just to try and be closer to the customers. and grow the opportunity to service our fuel metering valves and other types of scope of supply like that, that are on our customers' gas turbines and as well, reaching out with the opportunity to do some repair and reciprocity engines.

所以，在前幾年我們已經做了一些這方面的工作，我們預計會做得更多，以便更貼近客戶，並擴大為客戶的燃氣渦輪機提供燃油計量閥和其他類似供應服務的機會，同時，我們也希望有機會為客戶的燃氣渦輪機提供維修和往復式發動機服務。

Gavin Parsons, UBS.

瑞銀集團的加文·帕森斯。

Guys, what are you assuming for OE destocking? And it would be helpful if you could parse that out kind of by airframe and engine.

各位，你們對原廠設備庫存削減有什麼看法？如果您能按機身和引擎進行分類，那就太好了。

Thanks for the question, Gavin. It's a little difficult to parse that up for you that detail of a way from a customer standpoint. But we feel like, broadly speaking, somewhere in our second quarter sort of time period. If airframe customers and engine customers hit the rates and pull like they've forecast for us. We could be destocked by some time in that second quarter towards the end of our first half fiscal year.

謝謝你的提問，加文。從客戶的角度來看，要詳細解釋清楚這一點有點困難。但總的來說，我們感覺大概會在第二季的某個時間段。如果機身客戶和引擎客戶能夠達到預期的採購速度和需求，就像他們預測的那樣。我們可能在第二季末，也就是上半年財年結束前，將庫存清空。

Okay. That's helpful. And then on CapEx going forward, should we kind of assume that normalizes once you finish kind of the A350 buildout? Or by the end of the decade? Or are we starting to look at build out for maybe a new single aisle?

好的。那很有幫助。那麼，關於未來的資本支出，我們是否應該假設一旦 A350 的建造完成，資本支出就會趨於正常化？或到本十年末？或者我們是不是該考慮新建一個單通道貨架了？

Yes. For right now, Gavin, we'll say that the Spartanburg is investment is causing that peak. We're going to continue to kind of look through '27, 2029, and we'll give you a clearer view in December of what's out there. We're looking understanding our next single aisle investments. But right now, the Spartanburg is sort of what we see there on the near horizon.

是的。加文，就目前而言，我們可以說斯帕坦堡的投資是造成這一高峰的原因。我們將繼續關注 2027 年、2029 年的發展趨勢，並在 12 月為您呈現更清晰的發展前景。我們正在研究下一步的單通道貨架投資計畫。但就目前而言，斯帕坦堡就像是我們在不遠處的地平線上看到的景象。

Michael Ciarmoli, Truist Securities.

Michael Ciarmoli，Truist Securities。

Nice results. just to stay on Gavin's question there. The CapEx for Spartanburg. Can you support or will that have enough capacity to support programs beyond the A350? I mean is there kind of does this build out contemplate next-gen single-aisle.

結果不錯。我還是繼續回答加文的問題吧。斯帕坦堡的資本支出。你們能否提供支持，或者說你們是否有足夠的能力支持A350以外的計畫？我的意思是，這種建造方式是否考慮了下一代單通道設計？

Thanks for the question. The investment in Spartanburg, that facility has additional capacity over and above the A350 for us to put select product lines in there that make sense and are synergistic. But we're betting on a successful campaign for next single aisle scope, so that facility would not by itself be able to support NSA volumes.

謝謝你的提問。我們在斯帕坦堡的投資，使該工廠除了 A350 之外還有額外的產能，我們可以將一些合理且具有協同效應的特定產品線投入其中。但我們寄望下一代單通道內視鏡的研發能成功，因此該設施本身無法滿足美國國家安全局的業務量。

We have bought enough land there to build a sister facility for NSA support. So we are thinking ahead where it makes sense on small amounts of investment dollars, but we're not putting any big investment dollars on NSA capacity.

我們已經在那裡購買了足夠的土地，可以建造一個姊妹設施，為美國國家安全局提供支援。所以我們正在考慮在哪些方面投入少量資金是合理的，但我們不會在國家安全局的能力上投入任何巨額資金。

We'll have to really take a look at what that horizon and life cycle looks like from the design phase through the build and flight test phase and lay that out in comparison to our facilities and what's going on with legacy programs before we decide kind of how much additional capacity we need.

我們需要認真審視一下從設計階段到建造和飛行測試階段的整個生命週期，並將其與我們的設施以及現有專案的進展進行比較，然後再決定我們需要多少額外的產能。

So that's a thought exercise even like Bill was saying, we'll share more at Investor Day in December. But some of that NSA thought exercise will mature as we understand from the Airbuses and Boeings of this world about what that time frame looks like.

所以這只是一個思考練習，就像比爾剛才說的那樣，我們會在12月的投資者日上分享更多資訊。但隨著我們從空中巴士和波音等公司的案例中了解到那個時間框架是什麼樣的，美國國家安全局的某些設想也會逐漸成熟。

Okay. Fair. And then just back to Noah's question actually. You're talking about incrementals, but I guess just absolute margins looking at the low end of the range, really no margin expansion. You're obviously hitting and exceeding the targets, and you talked about the OEM mix, which makes sense.

好的。公平的。然後，我們還是回到諾亞的問題上來吧。你說的是增量，但我猜只是從範圍的低端來看絕對利潤率，實際上並沒有利潤率擴張。顯然，你們已經達到並超越了目標，而且你們也談到了OEM組合，這很有道理。

But as you're seeing this ramp on LEAP and GTF, is there margin dilution there on services? I mean do you have to get over some learning curves? I mean, I'm assuming straight spare sales would be highly accretive on those platforms. But is there anything else dilutive with the LEAP and the GTF ramp up there?

但正如您在 LEAP 和 GTF 上看到的這種成長勢頭，服務業的利潤率是否會被稀釋？我的意思是，是不是需要經歷一些學習過程？我的意思是，我假設直接銷售備用零件在這些平台上會非常有利可圖。但是，LEAP 和 GTF 的加速增幅還有其他稀釋性因素嗎？

Yes. I'll jump on that and Chip maybe cover me if I miss a part. But no, the LEAP GTF service margins are good. It really is the impact of the overall OE and how that impacts things. Obviously, on the low end of the range, it contemplates some other headwinds.

是的。我會全力以赴，如果我漏掉什麼部分，Chip 或許可以幫我補上。但事實並非如此，LEAP GTF 的服務利潤率很好。關鍵在於整體運作效率的影響以及它如何影響其他方面。顯然，在低端，它還考慮了一些其他的不利因素。

But to the point about the LEAP GTF margins are good. Again, OE mix is a primary driver of our -- of the rate expansion that you're seeing in our guide.

但關於LEAP GTF的利潤率是不錯的這一點。再次強調，OE組合是我們指南中提到的利率擴張的主要驅動因素。

Yes. I would just follow up and say that we intend to expand margins, and that's what you see a guide there that allows for some headwinds to get in the way of that intent. But we've got plans in place and programs and the automation benefit that we're planning some realization of for 2026. We intend to get productivity.

是的。我只想補充一點，我們打算擴大利潤率，而你在這裡看到的指南也考慮了一些可能阻礙這一目標實現的逆風因素。但我們已經制定了計劃和方案，並計劃在 2026 年實現自動化帶來的好處。我們的目標是提高生產力。

Gautam Khanna, TD Cowen.

Gautam Khanna，TD Cowen。

Just to elaborate on the first question, which we've written about before, which is this LTSA versus spot aftermarket dynamic on LEAP versus CFM. Is it -- do you guys -- I'm just curious like on CFM56, when you sell into a spare part into the GE network, I presume that's a lower price than what you would sell into if it's an MRO or airline outside the network?

就第一個問題（我們之前已經寫過），即 LEAP 與 CFM 的 LTSA 與現貨售後市場動態，我想再詳細說明一下。你們是不是——我只是好奇，就像 CFM56 那樣，當你們把備件賣給 GE 網路內的供應商時，我猜價格會比賣給網路外的 MRO 或航空公司要低？

And does that same logic apply for LEAP when you're selling a spare part to a direct user like an airline versus when you sell it through the GE internal MRO network? And if that's true, why wouldn't there be structural differences in profitability between those two platforms in the aftermarket over time?

那麼，對於 LEAP 而言，當您直接向航空公司等使用者銷售備件時，與透過 GE 內部 MRO 網路銷售備件時，同樣的邏輯是否適用呢？如果情況屬實，為什麼隨著時間的推移，這兩個平台在售後市場的獲利能力不會出現結構性差異呢？

Well, the reason why there's no structural difference is because there's really no structural difference to the contracting, Gautam. And when we sell spare end items, it can be to an airline it can be to an MRO shop that has a variety of people under different agreements. We have some asset management contracts with some of the bigger MROs just like us CFM or GE or Safran network. So the whole landscape is similar between the previous generation and this generation.

高塔姆，之所以沒有結構性差異，是因為承包本身並沒有真正的結構性差異。當我們銷售備件時，客戶可以是航空公司，也可以是與不同人員簽訂不同協議的 MRO 商店。我們與一些大型MRO公司（例如CFM、GE或Safran Network）簽訂了一些資產管理合約。所以，上一代和這一代的整體情況很相似。

So when you think about repair, it's also the same thing. So whether it's the spare end item, spare parts or a repair, we have fairly similar contracting principles in the LEAP ecosystem that we do to the CFM-5. And so I think there's nothing really there to explore further except that we have a lot more LRUs to take care of.

所以，當你想到維修時，道理也是一樣的。因此，無論是備用最終產品、備用零件或維修，LEAP 生態系統中的合約原則與 CFM-5 中的合約原則非常相似。所以我覺得除了還有很多 LRU 需要處理之外，沒有什麼值得進一步探討的了。

Got you. And then a follow-up on the mix dynamic within the aftermarket. I know you talked about repairs, and I think that's distinct from spares. So I just wanted to get a sense, is the overall aftermarket profitability next year a little bit softer than it was in -- than it was in '25, just based on kind of more repair, less spares? Or was there any nuance here that you were trying to convey?

抓到你了。然後，我們將進一步探討售後市場內部的組合動態。我知道你談到了維修，我認為這與備件是不同的。所以我想了解一下，明年售後市場的整體獲利能力是否會比 2025 年略低一些，僅僅是因為維修業務增多，備件業務減少？或者，你這裡是否還有什麼細微的差別想要表達？

Really no nuance to convey there. We have a good blended service earnings profile for 2026. We're pretty happy with that. We'll see if the spare end item, if more comes through than we forecast, like it did last year, I mean it's really hard to tell. We'll have some upside if that happens.

這其中並沒有什麼細微差別需要表達。我們預期 2026 年的綜合服務收入將呈現良好態勢。我們對此相當滿意。我們會看看備用終端產品是否會比我們預測的更多，就像去年一樣，我的意思是，這真的很難說。如果這種情況發生，我們會有一些好處。

Louis Raffetto, Wolfe Research.

Louis Raffetto，Wolfe Research。

Bill, how should we think about the return of capital to shareholders is going to be balanced across the year? Or is there any reason to think it will be skewed one way or the other?

比爾，我們應該如何考慮才能在全年保持股東資本回報的平衡？或者說，有什麼理由認為結果會偏向某一方嗎？

Yes. Louis, our point is to spread it out evenly through the year. We'll see how things go, but the plan is to stay in the market throughout the year.

是的。路易斯，我們的目的是將其均勻地分散到全年。我們會看看情況如何，但計劃是全年都留在市場上。

All right. And then I guess on FSG margins, the last several years, the first quarter has been, say, substantially below the rest of the year. Is that something we should sort of expect again here in fiscal '26?

好的。然後，就 FSG 的利潤率而言，過去幾年，第一季的利潤率通常遠低於其他季度。這種情況在 2026 財年是否還會再次出現？

I'm sorry, Louis, the margins in Q1.

路易斯，很抱歉，第一季的利潤率。

We made our first quarter.

我們完成了第一個季度。

Towards your margins -- sorry, FSG margins in Q1 have been below sort of the second quarter, third quarter? Should we.

關於你們的利潤率——抱歉，FSG第一季的利潤率似乎低於第二季或第三季？我們應該這樣做嗎？

I'm not quite sure we say FSU.

我不太確定我們是否應該說FSU。

I'm sorry. I mean aerospace process.

對不起。我指的是航空航天工藝。

Okay. Yes, correct. That is normal trend in Aerospace and Industrial, that Q1 is usually our lowest margin quarter and it sort of grows sequentially throughout the rest of the year.

好的。是的，沒錯。這是航空航太和工業領域的正常趨勢，第一季通常是我們利潤率最低的季度，然後利潤率會在接下來的一年中逐季增長。

And then just last one on tax rate. you've had some benefit from option exercises in the last few years. I assume with the 22% rate, you're not expecting anything like that, but certainly could have that benefit depending on how that plays out?

最後是關於稅率的問題。在過去幾年裡，您從選擇權行使中獲得了一些好處。我猜想，22%的利率應該不會讓你抱持這樣的期望，但具體情況如何，當然也可能帶來這樣的好處呢？

That's exactly right, Louis. With the prices that we've seen over the last couple of years. And as we estimate out, we don't foresee that outsized tax benefit from option exercises. So that is what is behind that 22% effective tax rate.

沒錯，路易斯。鑑於過去幾年我們所看到的價格。根據我們的估算，我們預期選擇權行使不會帶來如此龐大的稅收優惠。這就是實際稅率高達 22% 的原因。

Great. Appreciate it.

偉大的。謝謝。

Thanks, Louis.

謝謝你，路易斯。

That concludes our question-and-answer session. Mr. Blankenship, I will now turn the conference back to you.

我們的問答環節到此結束。布蘭肯希普先生，現在我將把會議交還給您。

Thanks, everyone, for joining today's call. We hope you all have a wonderful Thanksgiving holiday.

感謝各位參加今天的電話會議。祝大家感恩節假期愉快！

Ladies and gentlemen, that concludes our conference call today. A rebroadcast will be available at the company's website, www.woodward.com for one-year. We thank you for your participation in today's conference call, and you may now disconnect

女士們、先生們，今天的電話會議到此結束。節目將在公司網站 www.woodward.com 上重播一年。感謝您參加今天的電話會議，現在可以掛斷電話了。