Jamie Cook

can you just, you did FARO, you did Kern, just sort of an update on how you're thinking about the M and A pipeline in 2026?

I'm just trying to understand the puts and takes and I guess, level of conservatism in the guide because you're saying FARO adds a couple of pennies

how do we think about the margin trajectory for that business? I guess that's my first question. And my second question, obviously, acquisitions is your specialty

Should we assume the variability of margins narrowed relative to, I think, the 400 bps pegged on each revenue cycle

Was there anything sort of one-time in that growth number

to what degree do you think the Street should continue to expect backlog to grow

to what degree are some of the capacity additions weighing on your sales output and on your margins in 2025

is there a story potentially for Cat where the volatility margins over time should decrease

delays in shipments, I think in the fourth quarter

do we need to raise the margin targets in Power Systems?

Mark, how you're thinking about Engine margins in the fourth quarter and the ability to cover tariff costs

how are you thinking about North America in 2026 and 2027?

your distribution margins, which I'm assuming is getting the benefit of power. Are margins moving structurally higher there

is there any way you can sort of help us quantify the gross or net tariff cost, you know what I mean, that would impact your business

which businesses have the most visibility like where your backlog sits today, and just how you're handling pricing

the margins mark in Power Systems are very good despite sort of what I would call a muted top line forecast

are there any changes in your -- how your terms and conditions or contracts with your customers that if we do get into an environment where tariffs

To what degree do you want to limit production, I guess, in 2026 to set yourself up for a better 2027 in terms of how you're managing things?

just wondering what your thoughts are in terms of implications for tax, for cash flow and just any early indications you're hearing from customers

Your approach as we enter in 2026 in terms of the early order program, whether there'll be any change there in pricing?

your view on Deere's performance, margin performance given where we are in the cycle relative to the 20% sort of mid-cycle target

if there's opportunity for upside, you know, on the top line as some of these initiatives go through

within PT, I think last quarter you noted some improvement in semi. Can you just talk about what you saw specifically in the fourth quarter

can you just give us an update on CBI, the contribution expected for 2026

can you just help us understand, I mean, last quarter, it sounds like you were pretty positive on short-cycle momentum

Do you think that's more Illinois Tool Works Inc. specific, i.e., CBI is getting more traction, or would you know, say it's probably more just industrial markets getting better

mid to high 40s. That's above your 35 to 40% medium-term target on okay organic growth. So I'm just wondering if there's an underappreciated, you know, margin story

can you help me understand outside of automotive where you're seeing the most success?

I think last quarter you had a slide in there on CBI and the contribution to revenue for 2025 supposed to contribute 2.3% to 2.5% of growth

If we shift back more to ICE versus EV, just wondering what the potential headwind could be for the auto business

I'm just wondering if we're missing the margin opportunity potential

do you think there's an opportunity to grow the top line at a quicker rate and perhaps operating profit more so versus the margin

what's driving the margin improvement in I and AF in the back half of the year

your peer, one of your public peers, came out this week talking about their competitive advantage on AI and what that means for margin for them over the longer term

Anything unusual in the margins and how to think about cadence of margins in that segment as in 2026?

how are you thinking about the size PA Consulting as we look to 2026? How are you -- what's your appetite for sort of broader M&A

can you talk to channel inventory—where PACCAR Inc is sitting versus its peers

Should we think of normalized incremental margins at 15% to 20% or above that

to what degree are you concerned, you know, the supply chain cannot ramp if things really do improve

the 12%, you know, gross margin in the fourth quarter like that should be, you know, the trough for margins

what are they saying to you in terms of, like, potential incremental market share

the deliveries pressed in the deliveries exceeded the high end of your expectations. Margins were at the high end

any color on how you're thinking about 2026 better than what the flat

There's been talk that the industry has put through an incremental, I think, 4% to 7% price increase

can you speak specifically what price cost was for truck and for parts in the fourth quarter specifically

is there any reason why we should not believe incremental margins could be in the 40% range

Anything notable on the cadence of orders throughout the quarter or into April

interesting timing may be a complement that it's the first quarter we've seen positive growth in your filtration group business. Wondering that -- what that implies for the acquisition of the Filtr...

it's the first quarter since June of 2023, where you saw positive organic growth across all three technology platforms. So just wondering, do you think that's something specific to Parker-Hannifin,...

the North American margins in the quarter struck me like the strength of the margins. I think it's like one of your highest margin quarters despite a decline in sales

to what degree are you worried that the aftermarket story and the strength in aftermarket is driving the margins that in 2026, I guess that becomes a headwind

is there a reason to believe that incremental margins coming out of this downturn should be better than average because of structural improvements

I'm just wondering if there's parts of the portfolio that aren't meeting financial metrics, where there's an opportunity there

I'm just wondering if additional customers are coming to you now that you sort of dipped your your foot in this.

is this sort of you dipping your toe in power generation and getting more comfortable. To what degree do you think you need to do an acquisition

are you doing anything internally to prepare for potential short-term slowdown in terms of allocating resources or people to other projects

Why wouldn't that create a positive upward momentum on your margins to some degree, even though you might not want to guide there

I don't think you provided an update on Cupertino about how that business is doing versus your expectations for 2025?

if you could frame, you know, the expectations for backlog growth in 2025 and in particular, can you talk to potential synergies or big awards

To what degree do you think we can start to push through higher rental rates. Is the market strong enough that they could absorb that

do you still think the environment is robust enough that CapEx, as we look to 2026, could be, I guess, healthier than what your peers are talking about?

what you're seeing on the M&A front with the H&E deal falling through. Wondering, given the uncertainty in the market, is there opportunities for you guys

Any thoughts on Elo as you're thinking about 2026

the margin divergence between the 2 segments, Asset Intelligence and Tracking, the margins seem to be doing better this year

did you see a change in demand throughout the quarter or going into April? And what are your clients sort of saying customers are saying

Can you just go into a little more detail about what actions you're planning on taking