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Analyst
Matt Akers
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q2 (7 quarters; questions recorded in 5).
- Questions
- 19on tracked calls
- Challenge rate
- 5%1 of 19 questions
- Companies
- 8questioned at least once
- Reporting periods
- 5with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 19 of 19 questions from 8 companies
NOCNorthrop Grumman6 questions · 4 reporting periods · 0 of 6 challenging
Calendar 2026 Q2
I wanted to ask about unmanned demand. We saw the recent order from NATO for Triton
Show response
Kathy welcomed NATO interest in up to 5 Tritons and described a broad-based international pipeline including munitions, IBCS, and E-2D.
Calendar 2026 Q1
Based on what you are seeing and the budget request, do you think that grows faster or slower than the other parts of your business
Show response
Warden expects restricted business to grow more in line with rest of portfolio going forward, as non-restricted areas (munitions, missile defense) are now growing just as fast.
Calendar 2025 Q1
Is that focused on one area of your business? Or, I guess, just anything else you can share?
Show response
Warden identified delays across all four segments: large aircraft in AS, restricted comms in space, restricted MS opportunities, and munitions in DS.
there had been, you know, some instances of contracts maybe taking a little bit longer to get signed during the quarter. Could you give us kind of a quick update
Show response
Warden said contracts haven't been awarded yet but are progressing through review. Expected to start awarding in Q2 and through H2.
Calendar 2024 Q4
I look at the years, I mean '25, much bigger step up than '26, '27. I know the pension starts to be kind of less of a tailwind
Show response
Crews attributed 2025 step-up to CAS tailwinds and lower CapEx, with 2026+ normalizing to business growth and working capital discipline.
I wanted to ask about Sentinel and just if you heard anything new around the program review there. And as you think of kind of the long-term outlook
Show response
Warden confirmed the restructure is within the 18-24 month window. Sentinel expected at mid-single-digit percentage of total 2025 revenue.
RTXRTX Corporation3 questions · 3 reporting periods · 1 of 3 challenging
Calendar 2025 Q4
I just just wanted to ask about debt maturities. A fair amount coming due this year. Just curious what your your plans are to address those.
Show response
Mitchill confirmed $1.1B debt paid in Q4 2025, plans to pay $3.4B in 2026 maturities. Continued progress on deleveraging, balance sheet strong and positioned for investment.
Calendar 2025 Q1
why are you not able to pass-through more of this $850 million, I guess, just either whether it's contract kind of escalation or just aftermarket pricing
Show response
Calio noted mitigation processes are new and could improve over time. Pricing pass-through is balanced against contract terms and market conditions, not a panacea.
Calendar 2024 Q4
Can you touch on pension? It looks like FAS/CAS a little bit of a headwind in '25. Is the thought that that will still sort of lead lower in the out years?
Show response
Mitchill confirmed $0.15 pension headwind in 2025 from de-risking strategy. Plans 104% funded. Income expected to trail off modestly beyond 2025.
GDGeneral Dynamics2 questions · 1 reporting period · 0 of 2 challenging
Calendar 2025 Q4
given some of the pressure we've seen on the industry on buybacks, I guess, you comment on maybe whether we should be a little bit more cautious on assuming that this year
Show response
Novakovic emphasized capital deployment strategy prioritizes business investment to support growing backlog, reaffirmed 25+ year dividend commitment while declining to comment on share repurchases
should we think of this as kind of a multiyear investment that needs to be made? Or is this more something that will kind of revert to more normalized levels in '27 and beyond
Show response
Confirmed elevated CapEx is a multi-year strategy driven by long-term growth embedded in backlog, amounts may vary but the investment posture will persist
LDOSLeidos2 questions · 2 reporting periods · 0 of 2 challenging
Calendar 2026 Q2
Any thoughts on kind of where margins could go in that Health business?
Show response
Bell said the VA is pausing incentives for this year only, expects incentives in the recompete, and that the current regions contract is likely extended into next year; no firm 2027 margin figure given.
Calendar 2024 Q4
maybe some of the disruption around the new administration, some of the DOGE efforts
Show response
Bell directly addressed that disruption has been minimal -- brief 1-2 day pauses in contracting vehicles that quickly resumed. Cage added they have a playbook ready if disruptions persist.
LHXL3Harris2 questions · 2 reporting periods · 0 of 2 challenging
Calendar 2026 Q2
your appetite to continue doing that, given kind of some of the political pressure we've seen on it
Show response
Sharp ranked priorities: invest in the business, then debt paydown (~$1.8B due, leverage 2.3x), then buybacks and the dividend.
Calendar 2025 Q1
now that you've been in the Rocketdyne seat here for a couple of months, just curious your initial impressions
Show response
Bedingfield expressed enthusiasm about AR business, citing solid rocket motor capacity expansion, interceptor programs, and Artemis/RS-25 engine support.
LMTLockheed Martin2 questions · 2 reporting periods · 0 of 2 challenging
Calendar 2026 Q2
Is there scope for that to continue to improve? And should we think about improving into 2027?
Show response
Evan guided to MFC margins in the high-13s to low-14s as the run-rate, with 20-30bps near-term dilution and a goal of higher-than-historic margins longer term.
Calendar 2024 Q4
What exactly is left to get? Kind of the final withhold. How big is that? And are you assuming you get that within 2025
Show response
Jay noted TR-3 mission system work and stability improvements continuing, targeting milestones in 2025 but likely bleeding into 2026. Lot 19 ~$10B order expected second half 2025.
Show 2 more companies
RKLBRocket Lab USA, Inc.1 question · 1 reporting period · 0 of 1 challenging
Calendar 2025 Q1
I guess one on Golden Dome, just if you guys are involved in some of the discussions there?
Show response
Beck said Rocket Lab intends to be a significant Golden Dome player and has limited direct NASA budget exposure.
TDGTransDigm Group1 question · 1 reporting period · 0 of 1 challenging
Calendar 2026 Q1
I wanted to ask about aircraft retirement and how you sort of think of that.
Show response
Mike said retirements remain below the historical average and TransDigm historically sees little USM impact because its product price points sit below part-out targets.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| NOC Northrop Grumman | 6 | 0%none of 6 questions |
| RTX RTX Corporation | 3 | 33%1 of 3 questions |
| GD General Dynamics | 2 | —Rate withheld: fewer than 3 questions |
| LDOS Leidos | 2 | —Rate withheld: fewer than 3 questions |
| LHX L3Harris | 2 | —Rate withheld: fewer than 3 questions |
| LMT Lockheed Martin | 2 | —Rate withheld: fewer than 3 questions |
| RKLB Rocket Lab USA, Inc. | 1 | —Rate withheld: fewer than 3 questions |
| TDG TransDigm Group | 1 | —Rate withheld: fewer than 3 questions |
- NOCNorthrop Grumman · 6 questions0%none of 6 questions
- RTXRTX Corporation · 3 questions33%1 of 3 questions
- GDGeneral Dynamics · 2 questions—rate withheld: under 3 questions
- LDOSLeidos · 2 questions—rate withheld: under 3 questions
- LHXL3Harris · 2 questions—rate withheld: under 3 questions
- LMTLockheed Martin · 2 questions—rate withheld: under 3 questions
- RKLBRocket Lab USA, Inc. · 1 question—rate withheld: under 3 questions
- TDGTransDigm Group · 1 question—rate withheld: under 3 questions
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q4 | 5 | 0%none of 5 questions | 4 |
| 2025 Q1 | 5 | 20%1 of 5 questions | 4 |
| 2025 Q2 | No questions recorded | — | — |
| 2025 Q3 | No questions recorded | — | — |
| 2025 Q4 | 3 | 0%none of 3 questions | 2 |
| 2026 Q1 | 2 | 0%none of 2 questions | 2 |
| 2026 Q2 | 4 | 0%none of 4 questions | 4 |
- 2024 Q45 questions · challenge rate 0% (none of 5 questions) · 4 companies
- 2025 Q15 questions · challenge rate 20% (1 of 5 questions) · 4 companies
- 2025 Q2No questions recorded
- 2025 Q3No questions recorded
- 2025 Q43 questions · challenge rate 0% (none of 3 questions) · 2 companies
- 2026 Q12 questions · challenge rate 0% (none of 2 questions) · 2 companies
- 2026 Q24 questions · challenge rate 0% (none of 4 questions) · 4 companies
Topics
Topics tagged on this analyst’s questions.
- Demand5
- Margin4
- Regulation Policy4
- Revenue Growth4
- Capital Allocation3
- Capex Investment3
- Product Launch2
- Geographic Expansion1
- Competitive Dynamics1
- M&A1
Show all 14 topics
- Trade Tariffs1
- Pricing1
- Guidance Reliability1
- Cost Pressure1