Dave Raso

The real debate is going to be the incremental margin

we're definitely focused on margins, but our ultimate goal is dollar OPACC

does that imply CI and RI manufacturing costs were still a benefit year-over-year, and all the cost is in E&T?

What are your customers telling you for '26 build slots? And when would they expect to be sold out

I think you alluded to the fourth quarter was your highest gross impact. The 50 bps that you gave is the drag. I assume that was a net number

What percent of the losses right now are electrolyzers? How should we think about the actions taken

how are you thinking about that relative to -- we've been above 13% now for a while, haven't been below 12%, 11%

is the idea of the decremental margins and EBITDA for engines for the third quarter, it's that 35-ish, 40% kind of range

are these comments based off of already communicating maybe what your cost increases would need to be and a pushback from your truck customers

can you help us with your greatest exposures to cost, be it 6%, 7% of global COGS is Mexico and China

it looks like there still is some slight operating, let's say, non-D&A margin improvement in Engines. What's driving that?

the D&A, the growth in the D&A, is that mostly in Engines or Components?

that order book, is it coming in just in a sense earlier than you would have thought in the sense of you have the same view and the order book just came in at a level where now you feel you have ju...

Given the full-year large ag sales guide in the first quarter implied a flat, It's implying the rest of the year down 9%. I was just curious when you think of PP and A for the rest of the year afte...

how much are you embracing some of the international to still think about those seasonal patterns are still holding as we start to model '26?

does that mean do we not plan to reduce any more new inventory from this point forward for the year

Are we back to growth year-over-year by the third quarter? And then second, not to get you in trouble, just curious your thoughts

can you quantify to any degree across Electrical? I don't think you've ever actually heard what percent capacity do we think is coming on

is that pricing you put in against tariffs and they're dropping revenues at 0 margin

where do you think that growth will come from organically between compressors, vacuum and blowers

are there any timing of shipments that benefited 4Q that informs that view

how that plays into your competitive dynamic and maybe also thinking through your ability to make some of these price increases stick

is there any opportunities to reprice some of the longer-dated backlog

The acceleration that you're expecting in pricing, where are you seeing that? And is that a midyear price increase

How is January playing out versus the 1% to 3% guide?

Is semi a big part of that incremental margin improvement?

Sequentially, the truck revenues went up $11 million, but your gross profit went up $73 million

1Q to 2Q seems a lot more muted despite this being the quarter you get a bigger revenue move

can you walk us through the margin improvement you expect from 4Q to 1Q despite the flat deliveries

What is the translation from those orders into when you expect to produce those trucks

can you give us some sense of the price-cost dynamic in truck in the fourth quarter

the cadence of the clarification on the deliveries for the fourth quarter being roughly flat, any color you can provide geographically

You mentioned last quarter about some bonus depreciation order, potential. Just curious, what are you hearing from the customer base

Is there a deadline of some kind that you feel like the EPA has to communicate

production versus retail 2Q, how are you thinking about your deliveries, your production versus retail

Is the second quarter getting full tariff impact from what we know now, not speculating about future tariffs

how is that influencing how you're pricing the 2026 model years that start shipping in April

Of the organic guide raise, how much was volume versus a change in price? And of the 50 bps margin improvement

is that a number that is expected to go up for the new fiscal year? Meaning you would think the first quarter, there's some inventory on the ground

where are you seeing that? Are there already conversations, some stocking levels, maybe on some of the short cycle

the cadence seems to have a very light organic growth for aero in the third quarter to foot to the full company third quarter organic, but then a big bounce

can you give us any sense of how you're thinking about fleet productivity after the 2.3% in the first quarter? Cadence full year, whatever you want to provide us would be great

How do we think about pricing for those services? I know -- I appreciate the comment, providing those services is partly why you win more than your fair share

is any of this '25 CapEx increase pulling forward 2026. And if not, just thinking about the cadence of sort of the CapEx for '26

Can you help us how you're thinking about price cost for the second half of the year? Any actions you're taking on the cost side

How would you describe your visibility on '26 versus, say, this time last year looking at '25?

does the potential inflation from tariffs on new equipment sales, right, meaning for an OEM raising price, does your customer then look at rental as a better alternative

it seems like the average fleet size growth is going to be 3%. So that one supplies no meaningful help at all from fleet productivity. Is that conservatism