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could you speak to the free cash flow profile for the rest of the year, particularly if the second quarter can get close to breakeven
Could you just clarify the excess advances in customer considerations, the quantum of those, and then the duration by which they normalize
what is the negative cash flow in 2026 on the 777X in totality or versus this year
can you lay out for us the $2 billion better performance here on free cash flow in the second quarter? How much of that should we translate
I think in January you were expecting deliveries on the 37 in the low 400s and maybe 80 or so on the 787
on the supply chain, and maybe the spirit integration, how key is that to your ability to get to 38 and then get above 38
where does capacity currently fit for large cabin production at this point on an annual basis
is it still contemplating $40 million or north thereof after the Supreme Court and 232 and all the other changes that have taken place
You've previously given medium-term margin expansion sort of color for Aerospace. I was curious if you could maybe update those margin outlook targets
is the Combat growth in '26 absorbing much of any headwind on the Ajax program, if you could size that
how much of this do you think is customers seeing that delivery pace is sort of coming together, realizing that they better get in line
you mentioned margin pressure in 2028 from the G280
are you feeling more confident in seeing a book-to-bill at or above 1x for 2025 at this point?
your confidence that you alluded to in the full year outlook. Is that encompassing your assessment of what you're going to see?
Is there anything you're seeing as it relates to your combat business and their view on the role of the Army
I was expecting a little bit of working capital relief at Aerospace
it seems like those causes are the same as what we talked about in the third quarter
what the strategy is for aeroderivatives and what the upside opportunity could be there for repricing and volume
Are we crossing the root count of profit or breakeven in '26 still
Where and how do you balance capital deployment, share repurchase in particular at this point vis-a-vis your stock price
the pricing assumption through 2028, 2024 to 2028 and the low single-digit assumption there. What would that imply for the go-forward period
is there anything structural going on with respect to the razor/razorblade model and making money maybe on new equipment?
curious, just as you look at that sequential climb to '25, what in the base profit of '24 didn't translate into '25?
I was wondering if you could comment on the reports about the Navy revisiting the carrier design and what, if any, impact that might have
Should we expect the workforce size to start to grow in line with the sales growth or at least a trend in line with the sales growth
You hired 6,600 shipbuilders. I think you got another 500 employees from W International's acquisition. I also think that you finished headcount flat versus the start of the year.
you're benefiting by another $20 million runoff in amortization. Which would imply, you know, an 80 basis point step down in EBITDA margins
the President has recently quoted saying he's going to have an executive order moving aircraft carrier designs back to steam from emails. I'm just curious, what carrier could that cut over into if ...
on the cash flow flatness implied in 2026, maybe just give us a little bit of a color there. Obviously, an assumption that earnings will grow, CapEx, I would have thought maybe steps down a tad.
I was wondering if you could touch on your views of AUKUS and its trajectory. It seems like it may be getting a relook
could you start by talking a little bit about the workforce and how it trended in the first quarter? I think you probably picked up about 500 employees with W International
can you comment on where you are with respect to that and sort of how the performance quality is looking from what you're outsourcing
You're relinquishing some control and quality control in particular. How do you weigh that
how much are you assuming is going to happen in the booking rate versus when those things happen, the margins will progress higher
could you comment on where you are relative to capacity on the gas side
the end market implied growth in your $9 billion, could you share that as well as perhaps you've been running, obviously, well ahead of long-term incrementals
you can comment on the rationalization of products within structures. How meaningful is that? Is it going to be to the margins
did you get much benefit in the quarter from the PCC fire tightness that’s likely been created? And have you closed on any share gain contracts
What is the headcount growth you're thinking about to match that expansion of capacity?
your implied guidance after the first quarter, it implies margins start to step down and certainly incrementals are half of what you're implying for the first quarter
you mentioned $25 billion of orders pending with the Munitions Acceleration Council
Is there a much bigger step up happening in the future to give a smaller step up than what I expected
touch on your outlook for the Golden Dome space-based competitions that you're looking at from HBTSS to space-based Interceptor
how quickly can you get the HBTSS constellation contract under contract? And does that become revenue in '25?
some defense executives have had meetings with the president and sort of made direct appeals as it relates to their solutions
you've got about $150 million of growth in free cash flow in 2025 and then $350 million at the midpoint, placeholder for growth in 2026
I think we talked about R&D and CapEx as a percent of sales. And at the time, you didn't see a need for that to rise materially. But, obviously, that's changed here in the release. I think I unders...
Curious on the fourth quarter implied margins at Space in the low 8% range Is there anything in particular driving that?
why should investors feel at all comfortable that you've derisked the problem programs, particularly the Aero classified one?
on the Aero side, $400 million of charges taken in the quarter, is that $400 million headwind being absorbed mostly in 2025
was there any net effect in the shutdown on the numbers whether in the p and l or the cash statement in the fourth quarter
In terms of the fourth quarter implied sequential revenue growth, looks like Aero is carrying most of that load. Are there extra working days
you mentioned the opening remarks, but around space-based interceptors that you were testing currently. Are you actually testing on orbit
I think the R&D capitalization reversal you said is a couple hundred million dollar benefit. Is that in addition to the absence of the $250 million headwind
doesn't sound like those orders are under contract yet, and you're looking for another decline year-on-year in the second quarter
There have -- there has been a $4 billion target for 2028. Does the trajectory still align with that $4 billion 2028 target
I don't think I heard F/A-XX. I'm just curious, Kathy or Ken, how are you feeling about the timing and potential for Northrop to be a participant
On the effector side, as a surrogate, LHX laid out this almost 20% CAGR through 2030 for the missiles business. Would that be reflective of the kind of growth you're expecting
could you pull back the covers on the Raytheon segment in terms of the growth rates of maybe some of the larger SDUs
I just want to make sure that's 30% output for GTF and so a pretty steep 4Q MRO output improvement you're looking for there.
are you assuming that revert on August 1 back to the liberation day levels or the new levels or just they continue at pace where they are?
you mentioned that the tariff side didn't assume changes in customer buying behavior or operational disruption. Could you maybe talk about those as elements of watch items
Are we still on track for the $800 million to $1 billion step-down in 2026?
Of the, $210 million EBITDA raise, is about $50 million of that from the PMA acquisitions that have closed?
Just one clarification on the 7.4% overall company organic growth versus the subsectors
that's been running double digits now for the last several years, every quarter
CapEx looks like it's set to double over the last couple of years
on the aftermarket, was there a sequential decline and it's unusual, I think, for your third quarter to see that
Did you, in any way, adjust that for the age of the aircraft that are obviously older now proportionally and out of warranty more proportionately?
this is the second quarter you've reiterated, I think the longest stretch without a raise in a while
was it more on the business shed and helicopter bookings? It almost sounded like you were more confident in what you were seeing at Boeing
In the first quarter margins were expected to be down sequentially. They were, obviously, they were up sequentially
does that mean you've assumed roughly flat Boeing output from you guys year-on-year with some price and then Airbus growth
distribution and aftermarket channel had close to 20% growth in the fourth quarter
can you speak to the market environment for order activity and anything that's changing given the ongoing Middle East conflicts. And then, Lisa, you mentioned repositioning some of your R&D funding...
on the CapEx for '26. Is that spike expected to continue beyond '26
do you think, your limiting function to getting to higher production rates? And where are you in that recovery of supply chain control
on the Aviation side, can you comment on the supply chain and how that's coming along and whether or not that's an impediment to hitting the $6.1 billion rev placeholder within the forecast
great bookings. Is this the point of inflection for growth after a long time of relatively flat revenue
is there any interest given the attention of the administration and the [ Sec Def ] on the smaller drone market for higher levels of investment at Textron
Is there any update you can offer on that certification? It does seem like the FAA maybe is moving along with things
could you give some color as to the larger use of cash and operating cash flow from the other category
it looks like it declined sequentially about in line with your sales. And so maybe, Scott, back to Rob's question or maybe it was Peter's question on the demand
On R&D, I know you started off the year with a $550 million number for R&D, it came in at $490 million. I'm curious to the underrun
How sensitive to this year are the outcomes on those programs for your outlook for systems top line of $1.3 billion