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FY2025 Q4
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Отчётный звонок Textron Inc.
Вывод Buzzberg
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.
Вывод Buzzberg 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. Читать полный анализСвернуть анализ
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.
Выручка$4.175BФакт
EPS$1.73Факт
Валовая маржа12.1%Факт
Операционная маржа11.9%Факт
6 подтверждённых тезисов
Что важно сейчас
Самые значимые изменения по итогам звонка.
Guidance
LRIP award expected late 2026 or early 2027
Margins
Potential unfavorable catch-up adjustment on MV75 LRIP
Показать ещё 3 тезиса
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%
Отчётный период
Фактические результаты
| Показатель | Факт | Изменение |
|---|---|---|
| Выручка | $4.175B | Факт |
| EPS | $1.73 | Факт |
| Валовая маржа | 12.1% | Факт |
| Операционная маржа | 11.9% | Факт |
| Свободный денежный поток | $0.527B | Факт |
| Капзатраты | $0.173B | Факт |
Прогнозные данные
Прогноз компании
| Показатель | Период | Диапазон | Середина | Статус |
|---|---|---|---|---|
| EPS | FY2026 | $6.40–$6.60 | $6.50 | Обозначен |
| Свободный денежный поток | FY2026 | $700M–$800M | $750M | Обозначен |
| Операционная маржаAVIATION | FY2026 | 11%–12% | 11.5% | Обозначен |
| Операционная маржаBELL | FY2026 | 8%–9% | 8.5% | Обозначен |
| Операционная маржаSYSTEMS | FY2026 | 12%–13% | 12.5% | Обозначен |
| Операционная маржаINDUSTRIAL | FY2026 | 4.5%–5.5% | 5% | Обозначен |
| ВыручкаSYSTEMS | FY2026 | $1.35B | $1.35B | Обозначен |
| ВыручкаAVIATION | FY2026 | $6.5B | $6.5B | Обозначен |
| ВыручкаBELL | FY2026 | $4.4B | $4.4B | Обозначен |
| Выручка | FY2026 | $15.5B | $15.5B | Обозначен |
| ВыручкаINDUSTRIAL | FY2026 | $3.2B | $3.2B | Обозначен |
AI, капзатраты и спрос
Оценка менеджмента
Confident
Management repeatedly emphasized strong execution, program acceleration, and a healthy backlog, expressing confidence in future growth and the company's positioning.
Инвестиции и мощности
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.
все упомянутые компании ниже: 2
Компаниис момента звонка
Цепочка поставок
Цепочка поставок
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.
Доказательства
“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.”
Внешние сигналы
Альфа цепочки поставок · 2с момента звонка
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.
Доказательства
“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.
Методология и полнота
Анализ основан только на заявлениях менеджмента. Показаны все подтверждённые упоминания компаний: 2. Фактические результаты и прогнозы разделены. Публичные доказательства ограничены восемью короткими атрибутированными цитатами. AI-анализ может быть неполным или ошибочным — проверяйте важные утверждения по первоисточнику.