Textron Inc.

Thank you for standing by and welcome to the Textron fourth quarter 2025 conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, again press star one. Thank you. I'd now like to turn the call over to Scott Hegstrom, Vice President of Investor Relations and Treasurer. You may begin.

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. On the call today, we have Scott Donnelly, our Executive Chairman, 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 Scott.

Thanks, Scott, and good morning, everyone. Textron closed out the year with another solid quarter, driven by significant revenue growth of 16% and segment profit growth of 34%, resulting in an adjusted EPS of $1.73. For the full year, Textron finished the year with revenue growth of 8% and segment profit growth of 14%, resulting in an adjusted EPS of $6.10. Looking at the segments, aviation had a strong year with revenue up 36% for the fourth quarter and 13% for the full year, reflecting higher aircraft deliveries and increased aftermarket volume as we recovered from the strike in late 2024. In the quarter, we continued to see solid order flow and customer demand across our portfolio, ending the year with $7.7 billion of backlog. In 2025, we delivered 171 jets, up from 151 last year, and 146 commercial turboprops, up from 127 last year. in 2024. Also in the quarter, we continued to upgrade the product portfolio, Citation Ascend, CJ3 Gen 2, and the M2 Gen 2 with autothrottles, all receiving FAA certification and beginning deliveries. During 2025, strong aircraft utilization within the Textron Aviation product portfolio resulted in 6% growth in aftermarket revenues. Bell also had a very strong year with revenue up 11% for the fourth quarter and 20% for the full year. At the acceleration of the MV75 program, 2025 marks Bell's second consecutive year of 20% growth in military revenue. We've talked a lot about accelerating the MV75 program in 2025. To provide some examples of our progress on this, we've completed over 90% of the engineering drawings, put nearly 2,000 Tier 1 and Tier 2 suppliers on contract, issuing 45,000 purchase orders, opened new manufacturing capacity in Wichita for the fuselage, and Fort Worth for the Advanced Manufacturing Center, the Drive Systems Test Lab, and the Weapons Systems Integration Lab. And we've done manufacturing components for the first six aircraft. So acceleration is not just design work, it's establishing real production capacity as we pull forward production by a couple of years. Earlier this month, we hosted the Secretary of the Army and representatives from the MV-75 Program Office at our Wichita Assembly Center, where we were building the fuselage for the aircraft. During this visit, we were able to demonstrate our production capabilities and progress on the first six aircraft that are currently in work. Across Bell's other sites, we're seeing the results of our prior investments in manufacturing process development, which led to efficient manufacturing of major parts like our wing skins and spars. On the commercial side, Bell continued to see strong order activity in 2025. For the year, Bell delivered 169 commercial helicopters compared to 172 in 2024. Moving to systems, the team also delivered revenue growth for both the quarter and the full year, with revenue up 4% in the quarter and slightly up for the full year. The team generated this revenue growth while facing headwinds that it had to overcome, including the challenging comparables resulting from the wind down in the shadow program. The ship-to-shore connection program has proven to be a real strength for the segment. We are now about 15 units into a 73-unit program record. The program has scaled up and is now running efficiently and has received over $450 million of awards this year. During the quarter, systems received an IDIQ contract valued up to $200 million for its ATAC business to provide airborne standoff jamming services to the U.S. Navy and U.S. Marine Corps. This program will support Navy fleet customers with a wide variety of airborne threat simulation capabilities to train, test, and evaluate shipboard and aircraft weapon systems. At industrial, the segment ended the year with a positive organic growth of about 1% in the fourth quarter after streamlining the portfolio with the divestiture of the power sports business. In summary, 2025 is a strong year for Textron. We continue to execute on our growth strategy of ongoing investments in new products and programs to drive organic growth and margin expansion. As we wrap up 2025, this will be my last earnings call. I want to express my thanks for all your support over the years. I feel very good about where the business stands, the team that we have in place, and the leadership that Lisa brings to the table. With that, I'll hand it off to her to talk about the business more broadly and our plans for 2026.