Guidance
← 실적 발표
01
02
03
04 05 06
톤
자본지출
A1 A2
TXT
FY2025 Q4
개선
Textron Inc. 실적 발표
Buzzberg 분석
MV75 program accelerated by two to three years
Textron reported a strong Q4 2025 and full year, driven by recovery at Aviation and acceleration of the Bell MV-75 program. The company provided initial 2026 guidance for higher revenue and EPS, while signaling a significant increase in investment and a potential one-time charge related to the accelerated MV-75 LRIP contract. Full-year 2025 revenue was a record $14.8 billion, up 8%, with adjusted EPS of $6.10, up from $5.48 in 2024.
Buzzberg 분석 MV75 program accelerated by two to three years Textron reported a strong Q4 2025 and full year, driven by recovery at Aviation and acceleration of the Bell MV-75 program. The company provided initial 2026 guidance for higher revenue and EPS, while signaling a significant increase in investment and a potential one-time charge related to the accelerated MV-75 LRIP contract. Full-year 2025 revenue was a record $14.8 billion, up 8%, with adjusted EPS of $6.10, up from $5.48 in 2024. 전체 분석 보기분석 접기
Textron reported a strong Q4 2025 and full year, driven by recovery at Aviation and acceleration of the Bell MV-75 program. The company provided initial 2026 guidance for higher revenue and EPS, while signaling a significant increase in investment and a potential one-time charge related to the accelerated MV-75 LRIP contract. Full-year 2025 revenue was a record $14.8 billion, up 8%, with adjusted EPS of $6.10, up from $5.48 in 2024.
- Aviation segment saw strong recovery with 171 jets delivered in 2025, up from 151, and order flow remains solid with a $7.7 billion backlog.
- Bell's military revenue grew 20% for the second consecutive year due to the acceleration of the MV-75 program, with first flight testing expected later this year and LRIP deliveries starting in 2028.
- 2026 guidance calls for ~$15.5 billion revenue, adjusted EPS of $6.40-$6.60, and manufacturing FCF of $700-$800 million, with the FCF impacted by $350 million of higher capex for MV-75 LRIP.
매출$4.175B보고값
주당순이익(EPS)$1.73보고값
매출총이익률12.1%보고값
영업이익률11.9%보고값
근거 있는 핵심 내용 6개
지금 중요한 점
이번 발표에서 가장 의미 있는 변화를 정리했습니다.
Guidance
LRIP award expected late 2026 or early 2027
Margins
Potential unfavorable catch-up adjustment on MV75 LRIP
핵심 내용 3개 더 보기
Demand
Aviation backlog at $7.7 billion, demand strong
Margins
Bell to return to double-digit margins as MV75 matures
Margins
Aviation incrementals expected at 20-25%
보고 기간
보고 실적
| 지표 | 보고값 | 변화 |
|---|---|---|
| 매출 | $4.175B | 보고값 |
| 주당순이익(EPS) | $1.73 | 보고값 |
| 매출총이익률 | 12.1% | 보고값 |
| 영업이익률 | 11.9% | 보고값 |
| 잉여현금흐름 | $0.527B | 보고값 |
| 자본지출 | $0.173B | 보고값 |
향후 전망
향후 가이던스
| 지표 | 기간 | 범위 | 중간값 | 상태 |
|---|---|---|---|---|
| 주당순이익(EPS) | FY2026 | $6.40–$6.60 | $6.50 | 제시 |
| 잉여현금흐름 | FY2026 | $700M–$800M | $750M | 제시 |
| 영업이익률AVIATION | FY2026 | 11%–12% | 11.5% | 제시 |
| 영업이익률BELL | FY2026 | 8%–9% | 8.5% | 제시 |
| 영업이익률SYSTEMS | FY2026 | 12%–13% | 12.5% | 제시 |
| 영업이익률INDUSTRIAL | FY2026 | 4.5%–5.5% | 5% | 제시 |
| 매출SYSTEMS | FY2026 | $1.35B | $1.35B | 제시 |
| 매출AVIATION | FY2026 | $6.5B | $6.5B | 제시 |
| 매출BELL | FY2026 | $4.4B | $4.4B | 제시 |
| 매출 | FY2026 | $15.5B | $15.5B | 제시 |
| 매출INDUSTRIAL | FY2026 | $3.2B | $3.2B | 제시 |
AI, 자본지출 및 수요 분석
경영진 분석
Confident
Management repeatedly emphasized strong execution, program acceleration, and a healthy backlog, expressing confidence in future growth and the company's positioning.
투자 및 생산능력
Management is raising capital expenditure and long-lead material investments to support the accelerated MV75 program, with approximately $350 million of higher capex and long-lead materials in 2026, and elevated levels expected through 2027 as investment is pulled forward from later years.
아래에 언급된 기업 2개 모두 표시
기업발표 이후 수익률
공급망
공급망
Lisa Atherton
The supply chain for aviation is still constrained, specifically citing engines as a laggard, but the company sees improved factory efficiency as a key lever for margin expansion in 2026. — Engine availability remains a bottleneck for Textron's jet and turboprop deliveries, which is a positive signal for engine OEMs like GE and RTX.
근거
“candidly, engines, just to call it a key component, which you have to have for these aircraft, has been a laggard for us. We have to keep working with our partners there in order to get the engines to our aircraft.”
외부 신호
공급망 알파 · 2발표 이후 수익률
Textron is pulling forward MV-75 LRIP investment by 2-3 years, resulting in a one-time unfavorable cumulative catch-up adjustment of $60-$110M upon contract award, but this is on a program with a positive long-term margin.
근거
“Upon award of the LRIP option, which is largely fixed price, we expect to record an unfavorable cumulative catch-up program adjustment... in the range of $60 million to $110 million.”
The supply chain for aviation is still constrained, specifically citing engines as a laggard, but the company sees improved factory efficiency as a key lever for margin expansion in 2026.
방법론 및 범위
경영진 발언만 분석합니다. 검증된 기업 언급 2개를 모두 표시하며, 보고 실적과 향후 가이던스를 분리합니다. 공개 근거는 화자가 표시된 짧은 인용문 8개로 제한됩니다. AI 분석은 불완전하거나 틀릴 수 있으므로 중요한 주장은 원문에서 확인하세요.