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Analyst
Seth Seifman
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q2 (7 quarters).
- Questions
- 94on tracked calls
- Challenge rate
- 12%11 of 94 questions
- Companies
- 12questioned at least once
- Reporting periods
- 7with 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 94 of 94 questions from 12 companies
GDGeneral Dynamics13 questions · 7 reporting periods · 3 of 13 challenging
Calendar 2026 Q2
When you think about the impact there for GDIT, how quickly do you see that change happening?
Show response
Phebe welcomed the shift and cited agile acquisition interest, but gave no timing for the transition.
is there any way to dimensionalize the growth opportunity outside of the submarine portion of the business?
Show response
Phebe gave qualitative drivers for Bath and NASSCO including spare capacity, but did not size the opportunity.
Calendar 2026 Q1
there's been some customer concerns expressed about Mesquite and the ramp-up there. How should we be thinking about the the risks
Show response
Danny directly addressed concerns, agreement reached with Army on path forward, expects production next year. Characterized the relationship as 'very well aligned.'
the first quarter came in nicely ahead of the expectation for the year on margin rate. The reasons for that, that you mentioned seem to be fairly enduring
Show response
Danny confirmed aerospace margin durability. Expects some mix movement in Q2-Q3 but strong Q4 with highest deliveries. Used the analyst's own word 'durable' to affirm.
Calendar 2025 Q4
if you can update us on your expectations for future submarine contracts? For both Columbia and Virginia
Show response
Novakovic acknowledged both contracts are pending but declined specifics, noting timing is entirely in the government's hands
now that we're through the product transitions, you know, there's some improvement expected in '26 here, but I think the hope is that those margins become more robust
Show response
Danny cited 70bp improvement in 2026 vs 2024 driven by pricing, efficiency gains, lower overheads and R&D costs, but acknowledged tariff headwinds and supply chain cost increase timing mismatches with pricing
Calendar 2025 Q3
it sounds like there's potential for Combat growth to accelerate out of this year. Is that a fair way to think about it?
Show response
Confirmed Combat growth acceleration expected, driven by international vehicle demand and munitions offsetting U.S. Booker cancellation headwind
Can you talk a little bit about where we stand in the replacement cycle for G650
Show response
Confirmed G800 led Q3 orders as G650 replacement, noted 6th G800 and 72nd G700 delivered this week indicating regular delivery cadence
Calendar 2025 Q2
there's a step down in terms of both margin and sales in the second half. And so maybe if you could talk a little bit about what's driving that
Show response
Gilliland attributed caution to significantly lower adjudication activity, Aiken cited Mission Systems encryption product transactional timing uncertainty
in services after a strong couple of years, things seem to have slowed down a little bit here in the first half
Show response
Acknowledged services complexity with mix-driven margins, cited strategy of co-locating service centers near aircraft but declined to provide specific growth algorithm
Calendar 2025 Q1
starting off with the 7% margin kind of slightly higher than what was initially expected for the year
Show response
Attributed Q1 margin uptick to absence of Q4 charge, maintained upper-sixes margin guidance for the year, confirmed any productivity gains reduce risk profile
Calendar 2024 Q4
just in technologies, the year -- what's driving the year-on-year margin pressure?
Show response
Attributed margin pressure to GDIT mix shift as mature programs retire and newer lower-margin programs come online
how much of that is sort of due to supply constraint and the waiting for certification of the G800?
Show response
Confirmed capacity exceeds current delivery plan, cited conservative planning posture reflecting supply chain reality, expressed long-term margin confidence
NOCNorthrop Grumman12 questions · 7 reporting periods · 0 of 12 challenging
Calendar 2026 Q2
Can you talk a little bit more about the returns you have seen on that investment
Show response
Kathy framed investments as capability and capacity that positioned NOC to win and pull forward revenue, but gave no quantified return figures.
the release mentioned some revenue pressure from that program. Is that related to timing
Show response
Kathy confirmed NASA is moving off original Gateway plans; NOC is restructuring the contract, reducing this year's revenue but extending it over a longer period.
Calendar 2026 Q1
Should we assume that higher profitability on the LRIP units and reversal of charges is still a possibility depending on company performance over the next several years
Show response
Green confirmed no meaningful EAC change, increased production costs offset by improved later-phase profitability. Did not directly address whether LRIP charge reversal remains possible.
How should we think about the ability to offset that?
Show response
Green declined to provide 2027-2028 FCF guidance, citing large pending awards and B-21 investment uncertainty. Emphasized cash generation power of the business.
Calendar 2025 Q4
is three let's say, 300 million or so cash and then we think about the dividend. And so probably left with about $2 billion and I think you talked about repaying $05 billion of debt
Show response
Green cited increased CapEx deployment, potential to scale up day-to-day cash position given business growth, and evaluating debt stack including a note with coupon over 7%. Emphasized strong cash conversion cycle.
I think the assumption is that Northrop will continue to be paying dividends, I I assume. Right
Show response
Green confirmed 100% continuing dividends. Annual increase decision by board in May timeframe with Q2 earnings.
Calendar 2025 Q3
if you could talk about the sort of the state of maturity and state of technology on missile readiness satellite or missile warning satellites
Show response
Warden couldn't detail Golden Dome architecture but said Northrop providing high-fidelity operational analysis. Expects more clarity from department in coming months.
At what point does the duration of the shutdown become more of a concern in terms of something that where we might see an impact
Show response
Warden said guidance assumes shutdown resolved by mid-November. Beyond that, funding-on-contract delays and year-end payment risks could impact cash flows.
Calendar 2025 Q2
you've said B-21 was going to grow but probably remain a high single-digit percentage of company sales. Likewise, for Sentinel, it at mid-single-digit
Show response
Warden said B-21 could exceed 10% of revenue pending production agreement. Cash flow outlook update coming after business arrangement clarity. Sentinel won't reach 10% soon.
Calendar 2025 Q1
quantifying the portion of the charge related to the process charge versus the portion related to higher cost. And also would the process charge have been made
Show response
Warden couldn't break out specifics due to classification but confirmed process change is the larger portion. Change wouldn't have been made without production acceleration need.
Calendar 2024 Q4
international had been running about $5 billion of sales. When you think longer term, is there either a dollar number or a percentage
Show response
Warden pointed to 1.4x international book-to-bill and strong pipeline across IBCS, E-2D, and Triton as supporting multi-year double-digit growth.
It seems like there is an effort in this administration to kind of accelerate both tapping into commercial technology and tapping into the capital
Show response
Warden was positive on new entrants, said it sharpens investment focus rather than undermining Northrop's technology differentiation strategy.
HIIHuntington Ingalls Industries11 questions · 7 reporting periods · 2 of 11 challenging
Calendar 2026 Q2
how do we think about the potential to convert earnings into cash
Show response
Stiehle said cash follows margin and they expect a cash conversion of about 1.0 regardless of large awards, given consistent Navy payment terms tied to progress.
Calendar 2026 Q1
it comes on top of the year ago quarter, where I think there were some challenges on performance there as well. So what do you think it will take to kind of gain confidence in the estimates on the ...
Show response
Wilkinson explained that getting back in sequence after late equipment is key to carrier profitability. Team executed 3 super lifts in 10 days on CVN 80 plus another one last night, demonstrating accelerating pace. Focus on structural completion and distributed systems integration.
What's the timeline when you think about when you might see the types of awards to get production going in that area
Show response
Kastner said unmanned revenue won't be material this year but will see material growth over the next couple of years. MUSV program is the near-term opportunity. Well positioned with Odyssey software and man-unmanned teaming expertise.
Calendar 2025 Q4
given the target of having a boat in the water in 2028, should we think about that ramping up rather quickly?
Show response
Kastner said it's too early to size the frigate revenue impact. Declined to compare margins to NSC; said blended 9-10% margin target remains the objective.
they have a decent amount of excess cash on the balance sheet by year-end. I know there's understandably a certain amount of reticence about repurchases
Show response
Kastner emphasized shipyard investment as the priority over share repurchases. Noted cash will continue to be lumpy in shipbuilding.
Calendar 2025 Q3
I think you mentioned with regard to the margin rate, if the contract didn't come in Q4, you'd be below the midpoint for the year, which I think would imply kind of a step down in the margin in Q4.
Show response
Stiehle explained the margin sensitivity to contract timing relates to performance and capital incentives in the award. Through Q3, performance has been steady with no stepback concerns. Reiterating full-year guide.
Calendar 2025 Q2
The wage increases that you talked about for Newport News, did those go into productivity assumptions on existing contracts and thus led to some higher booking rates
Show response
Kastner clarified wage-driven productivity improvements are not immediately baked into EAC estimates. Performance improvement must be proven first before booking rate adjustments.
I think you mentioned earlier, Chris, the timing of the contracts -- or maybe Tom, you mentioned the timing of the contracts for Block VI and Build II could affect this year's results.
Show response
Contracts expected this year, possibly Q4. Range of timing outcomes factored into guidance. Impact is primarily through incentives and capital investments rather than cost-to-sales or margin.
Calendar 2025 Q1
is there kind of a sizable cash advance associated with it? And is that part of the cash guidance for Q2
Show response
Contract incentives were already incorporated in full-year and Q2 guidance. FCF guide of $200-300M for Q2 supports the $300-500M annual target with no changes.
how do you think about where that could go and where international partners might actually be able to fit in
Show response
MOU with HD Hyundai is broad, covering commercial and defense shipbuilding best practices. Still in initial talks but positioned to benefit from maritime executive order tailwinds.
Calendar 2024 Q4
what contract awards are you assuming that the company will get this year in the guidance
Show response
Confirmed guidance assumes FY24 two-boat VCS contract plus Block 6 and Columbia Batch 2 negotiations. Limited conversations with new administration who assured shipbuilding is a top priority.
TXTTextron9 questions · 5 reporting periods · 3 of 9 challenging
Calendar 2026 Q2
Is there, I guess, a limit on -- if you don't get the ATR by a certain time, a limit to how much you'd spend?
Show response
CEO gave a hard internal cap tied to the $350 million ATR figure and a roughly 9-week management window to October 1.
Calendar 2025 Q4
How do you think about concurrency risk? With moving straight into LRIP? And, you know, what gives you kind of confidence that we won't see future charges
Show response
Atherton cited 15 years of program history, 200+ hours on demonstrator, and 100% first-pass yield on current fabrication. Digital engineering producing parts exactly as designed, giving high confidence that concurrency risk is wrung out versus older-generation development programs.
even with the CapEx that you're planning for this year, you know, still have some cash to deploy. No debt due this year
Show response
Atherton said cash deployment continues across R&D, MV-75 preparation, and share buybacks. Rosenberg confirmed similar allocation percentages as historically. Comfortable at mid-triple-B credit rating.
Calendar 2025 Q3
When we think about the LRIP units and bringing those forward, are there kind of additional contractual provisions that you can get to protect the company from concurrency risk
Show response
Donnelly said LRIP terms already set and concurrency risk is minimal. By LRIP production, 8 aircraft will have been built (V-280 + 6 EMD + 2 LUT). Extensive ground and component testing provides confidence.
it's a pretty significant uptick in profitability in the fourth quarter and kind of what enables that
Show response
Donnelly attributed expected Q4 margin uptick to strong seasonal volume and improving factory flow performance. Team executing better each quarter.
Calendar 2025 Q2
I think 2 of the competitions that you've been looking at for decisions this year programs either canceled or under review
Show response
Donnelly said Ship-to-Shore, Sentinel, and other portfolio wins should offset RCV/FTUAS terminations. Army will reprocure tactical UAS differently.
this was probably the highest earnings quarter for industrial in a little while. Is there -- do you feel like there's potentially some upside
Show response
Donnelly said not revising guide but team executing well. Golf cyclical low is predictable and expected. Feeling good about being in range despite revenue loss from divestiture.
Calendar 2024 Q4
I think the guide went up in Q3 to about 10.5% to 11%, I think and came in slightly lower. Was there something that changed in Q4 at Bell
Show response
Donnelly attributed the miss to FLRAA limited user test option exercise, a fixed-price option with poor margins that created program accounting drag.
When we think about the composition of those orders in terms of NetJets versus retail, is that a pretty steady composition
Show response
Donnelly confirmed NetJets ordering is roughly linear month-to-month with some quarterly variability, broadly stable over the year.
BAThe Boeing Company7 questions · 7 reporting periods · 0 of 7 challenging
Calendar 2026 Q2
I think the cash flow trajectory then for the rest of the year implies a pretty strong Q4
Show response
CFO walked through the back-half building blocks and named deliveries as the upside lever, but deferred out-year specifics to the planning cycle.
Calendar 2026 Q1
I'm wondering if we could dig in a little bit deeper there. First on what gives you the confidence in kind of overcoming the supply chain challenges
Show response
Ortberg acknowledged seat certification struggles and engine delivery shortfalls but highlighted 25% rework improvement. Malave noted cost base extension at higher margin is positive for program financial profile.
Calendar 2025 Q4
Maybe you could talk a little bit about how KC-46, to the extent that you see it turning the corner, how is it turning the corner
Show response
Ortberg said charge reflects higher production support costs to assure delivery commitments. Sole source follow-on tanker pricing in the fall. PAC-3 multiyear expected, major CapEx already invested.
Calendar 2025 Q3
You mentioned the recent Capstone review and how we can think about kind of the way you went through the 37, the flow of rate increase is coming on the 87 and what some of the kind of key things yo...
Show response
Ortberg said 787 lacks the inventory buffer that MAX has. Rate 8 to 10 planned next year but seats remain a constraint. Not putting a month on it yet.
Calendar 2025 Q2
if you could talk a little bit about the progression in BCA margins from here, both as the different programs ramp up
Show response
West said Q1 -6.6%, Q2 -5.1%, expect continued improvement each quarter but still negative for 2025. 7/10 certification delay margin impact modest. 2026 will be better; long-term historical margins achievable.
Calendar 2025 Q1
if there's anything you could say to kind of size if we're thinking about the two impacts being kind of the China impact and the cost impact
Show response
West quantified input cost impact at less than $500M annually. China impact could be north of a billion dollars but contemplated in conservative plan. Duty drawback covers most exported aircraft.
Calendar 2024 Q4
I wanted to follow-up on maybe two other items as we think about the cash flow this year
Show response
Management detailed 787 shadow factory closing early 2025, 737 Moses Lake by mid-year. Margin improvement from closures expected in 2026 and beyond.
GEGE Aerospace7 questions · 7 reporting periods · 0 of 7 challenging
Calendar 2026 Q2
any indication that the strength this year is a pull forward of anything
Show response
Culp framed the constraint as supply-side, citing supplier progress and structural installed-base tailwinds.
Calendar 2026 Q1
in addition to Brent prices we have seen a significant increase in the spread for jet fuel. Are there special things we should be thinking about there
Show response
Culp avoided granular fuel assumptions but emphasized conservative assumptions through Labor Day, expecting normalization by year-end. Referenced historical pattern that demand gets pushed out rather than permanently lost.
Calendar 2025 Q4
how should we think about margin trajectory there with LEAP OE becoming profitable, LEAP aftermarket continuing to become more profitable
Show response
Larry said reaching $10B profit two years early, with opportunity to deliver on $11.5B 2028 target or better. Rahul noted July 2028 guidance implied ~21% margins already achieved in 2025, with CFM56 retirements trending better and LEAP service profitability improving.
Calendar 2025 Q3
when we think about what's driving that, is it all material availability? Is there a part of that, that comes from outfitting LEAP shops
Show response
Rahul cited pent-up demand (2025 worldwide shop visits still below 2019), increasing work scopes (70% of GE90 fleet hasn't had second shop visit), material availability unlock, and LEAP external channel growth. Expects engines coming off wing up double digits in 2026.
Calendar 2025 Q2
I wanted to ask about the trajectory of margin going into next year, given kind of the step down that's implied for the second half
Show response
Rahul said not to index on half-year margins due to corporate expense timing, R&D step-up, and 9X shipment concentration in 2H. Cited LEAP installed base growth, share of cycles up 6 points vs 2023, and mid-single-digit pricing as 2026 growth drivers.
Calendar 2025 Q1
how do you think about those working through the supply chain?
Show response
Larry said firm fixed contracts shift tariff burden to suppliers; GE is sharing duty drawback documentation and will work through arrangements with larger partners.
Calendar 2024 Q4
I wanted to ask about the -- in terms of spares growth, you kind of talked about departures and price
Show response
Rahul quantified external shop visits stepping to 15% in 2025 with 25% of sold visits going to third-party MROs, improving program margins.
Show 6 more companies
LDOSLeidos7 questions · 6 reporting periods · 1 of 7 challenging
Calendar 2026 Q2
how does the bookings environment look through the end of the fiscal year on September 30?
Show response
Bell said customer activity is picking up with $23 billion of proposals awaiting adjudication and expects second-half bookings supported by reconciliation obligations flowing before October 1.
Calendar 2026 Q1
How do you think about the consequences of that for your intelligence and digital business and the potential to grow in that type of environment
Show response
Bell argued IC budgets growing 4-5% annually with significant classified spending on digital infrastructure. AI is a propellant not a disruptor for Leidos, enabling the company to move up the value chain. Digital infrastructure business is the foundation for customer AI adoption, not a vulnerability. Cited nonkinetic effects in recent operations as validation of cyber and intelligence capabilities.
Calendar 2025 Q4
do you could talk a little bit about the the investment areas that you are expecting to put additional CapEx in and the way that that supports and I assume supports some of the ramp in the defense ...
Show response
Bell outlined co-development framework agreements being negotiated with DOD for franchise programs, but emphasized investment spans all growth pillars including FAA and Health. Cage added maritime facility expansion, integrated air defense production capacity, and hypersonics as specific Defense CapEx targets.
much softer growth in the beginning of the year. Kind of how should we think about the early part of the year and which of the segments is seeing that weakness
Show response
Cage confirmed lower first-half, accelerating second-half pattern driven by Golden Dome funding, FAA modernization, and new program ramps. Bell added $7 billion in awards slipped from Q4 into Q1, with $20 billion pending and $49 billion backlog supporting the acceleration.
Calendar 2025 Q3
it looks like this year is probably going to underrun, to some degree, the CapEx forecast that we had back at the beginning of the year
Show response
Bell confirmed majority of production capacity CapEx already invested. Cage attributed underspend to prudent management and delayed customer decisions including Australian airborne ISR program.
Calendar 2025 Q2
how you think about the scale of opportunities, kind of your ability to capture them in the competitive environment and the time frame for capturing them
Show response
Bell quantified OBBB addressable funding: $1-2B FAA, $2-3B autonomous shipbuilding, $2-3B border inspection/surveillance, $4-5B counter UAS and Golden Dome. Cage sized the integrated SES business at roughly $600 million.
Calendar 2024 Q4
the extent to which you think about the challenge of getting not just growth but profitable growth when you've got some new competitors
Show response
Bell welcomed new entrants as potential partners while emphasizing Leidos has capabilities now that others would need time and capital to build. Not overly concerned given differentiated positioning.
RTXRTX Corporation7 questions · 7 reporting periods · 0 of 7 challenging
Calendar 2026 Q2
I wanted to ask a little bit about Collins and expected profitability there.
Show response
Mitchill framed Collins at ~17% return on sales with a large 2H step-up (60% volume drop-through, 40% cost reduction), targeting 19%, 20% margins long term.
Calendar 2026 Q1
I wanted to ask about the impact of lower expected air travel growth on the aftermarket businesses at both Collins and Pratt, particularly maybe the short-cycle stuff at Collins
Show response
Calio noted V2500 fleet is young (50% hasn't had second shop visit, 15% not even first) and GTF is most fuel-efficient. Mitchill added out-of-warranty flight hours growing annually. No changes to channel outlooks.
Calendar 2025 Q4
in terms of missile defense and the Golden Dome initiative, you know, we understand that the administration's looking for contractors to step out a little bit more there in in terms of, you know, f...
Show response
Calio positioned RTX for all Golden Dome layers: Patriot, GEMT, Spy six, Coyote plus space capabilities. Identifying long-lead materials and accelerating production readiness. Mitchill confirmed willingness to invest with R&D approaching $3B in 2026.
Calendar 2025 Q3
are we still thinking about 14% growth in GTF deliveries for the year and which implies a very, very strong Q4?
Show response
Mitchill indicated GTF delivery growth now 8-10% for the year (vs 14% prior expectation). Capital priorities: dividend growth, debt paydown to pre-buyback levels, CapEx $2.5-2.7B.
Calendar 2025 Q2
there's been some reports in the press about upgrades at the FAA and the role that RTX might play in that.
Show response
Calio highlighted $12.5B reconciliation funding for FAA modernization as a big opportunity for Collins in radars, tower automation, and aircraft equipage packages.
Calendar 2025 Q1
just kind of the latest indications you're getting in order activity and kind of the shorter cycle areas of Collins aftermarket
Show response
Mitchill confirmed no major customer behavior changes through early April. V2500 at ~800 shop visits on track. Collins aftermarket orders remain intact despite macro uncertainty.
Calendar 2024 Q4
how do you think about production and deliveries back about five or six years ago as we headed into the COVID period, the number of planes that are coming off warranty
Show response
Mitchill detailed growing warranty roll-off tailwind at Collins. V2500 at ~800 shop visits steady in 2025 with 20% of engines pre-first shop visit.
TDGTransDigm Group7 questions · 5 reporting periods · 1 of 7 challenging
Calendar 2026 Q2
how do you think about mix as a component of what we should expect from margin?
Show response
Mike reaffirmed a constant-mix margin improvement target of about 1 to 1.5 points annually, with only a couple tenths of headwind from mix shift as OEM outgrows aftermarket.
Calendar 2025 Q4
Is there -- other than conservatism? Is there anything to be aware of regarding why that margin wouldn't ascend through the year?
Show response
Mike cited conservatism plus commercial OEM mix headwind as factors. Still early in acquisitions with conservative margin assumptions for both Simmonds and Servotronics. Healthy dose of conservatism on margins.
Calendar 2025 Q3
I think you mentioned earlier in the call, $300 million of other small tuck-in M&A
Show response
Mike said tuck-in acquisitions are a mixed bag across different operating units. Some are at XDENT but several are not. Folded in as part of the planning process.
the underlying margin expansion potential in the business is limited by a differential between OE and aftermarket growth rates
Show response
Mike pushed back on the margin limitation thesis. Expects year-over-year margin improvement to continue. OEM outgrowing aftermarket creates a headwind of a couple tenths of a point, not enough to prevent overall margin improvement.
Calendar 2025 Q1
how do you order those risks and the types of capacity cuts they've been talking about in the U.S.?
Show response
Kevin said order book shows no change in aftermarket bookings with continued strength into April. If economic softening emerges, TDG would react quickly on cost structure.
How is this environment that we've seen over the past couple of months sort of affecting that environment, and specifically your thoughts about how you model
Show response
Kevin cited elevated acquisition multiples as the key change. TDG's 20% IRR target and discipline unchanged. Still swinging at everything in aerospace.
Calendar 2024 Q4
Does anything change in your view of the rest of year? Or should we still think that there's no reason why we wouldn't see growth below
Show response
Joel maintained guidance outlook and emphasized aftermarket lumpiness with vast majority of orders booking and shipping same quarter.
LHXL3Harris6 questions · 6 reporting periods · 0 of 6 challenging
Calendar 2026 Q1
I wanted to ask about the communications business and kind of what you learned and what your takeaways were
Show response
CEO provided detailed budget data: Army HMS at $515M in 2027 with 5-year runway, Marines up from $200M to $750M, and NGC2 at $2.8B with 2 contracts already won.
Calendar 2025 Q4
How do you think about the sustainability of that margin going forward?
Show response
Kubasik cited commercial business model and AI adoption as margin upside drivers. Bedingfield noted continued investment in waveforms and SDR technology balanced against 25% margin.
Calendar 2025 Q3
is that a difficult headwind to overcome for 2026?
Show response
Bedingfield noted Q3 positive EACs offset first-half negatives. Core program performance expected to outgrow occasional asset monetization gains.
Calendar 2025 Q2
how should we think about that piece of the portfolio?
Show response
Kubasik sized Mission Networks at ~$1B with growth potential from telecom infrastructure modernization. Newark airport upgrade was a high-profile win with dozens of similar opportunities.
Calendar 2025 Q1
there's some concern over there given the state of relations between the US and some of the European allies
Show response
Kubasik cited $1.1B Netherlands award and orders in Poland, Germany, and Eastern Europe. Crypto, interoperability, and urgency drive demand despite political concerns.
Calendar 2024 Q4
Should we think about the magnitude there being kind of the difference between the guided margin and kind of where things landed?
Show response
Bedingfield confirmed ~$100M negative EACs on classified space programs but noted they expect risk largely behind them in 2025, with early 2026 milestones.
HWMHowmet Aerospace5 questions · 5 reporting periods · 0 of 5 challenging
Calendar 2026 Q2
how far are you towards the utilization of that new capacity? And how do we think about that
Show response
John said newly installed machines are still ramping to full rate with more equipment arriving in H2 2026, but did not quantify a specific utilization level.
Calendar 2026 Q1
in terms of the legacy aftermarket and the potential exposure there to the macro environment
Show response
Plant confirmed CFM56 spares production increasing through 2026-2027 with modest peak in 2028-2029. LEAP spares growing continuously for next 8-10 years. GTF production at full rate with majority going to MRO. Growth expected every year for balance of decade.
Calendar 2025 Q2
if you could talk a little bit about the contribution of F-35 in defense overall this year and how you think about setting up for the future in F-35
Show response
Plant confirmed F-35 spares now exceed OE production, a long-anticipated tipping point. Fleet expansion to ~2,000 aircraft by end of decade supports growing spares stream.
Calendar 2025 Q1
how much does it really matter just in that the structures and fasteners will probably be dictated by build rate and engine
Show response
Plant acknowledged importance of travel demand for longer-term investment decisions while noting years of backlog protection. Cited strength in defense and data center demand as offsets.
Calendar 2024 Q4
Once you've kinda got it performing the way you want it to perform, you know, how do you think about its place in the portfolio?
Show response
Plant said Structures can sustain high-teens margins and potentially reach 20s, earning incremental capital. Noted it won't match Engine margins intrinsically.
LMTLockheed Martin3 questions · 3 reporting periods · 1 of 3 challenging
Calendar 2026 Q1
Are you signing up and committing to reach these significantly higher production rates in the out years?
Show response
Taiclet detailed risk protections: 7-year clawback mechanisms, inflation-indexed escalators, cash flow neutral approach with advanced payments, and major suppliers funding their own NRE.
Calendar 2025 Q3
given the backlog growth, would there be any reason not to expect mid-single-digit growth next year
Show response
Evan maintained prior trending but noted new opportunities in munitions and Golden Dome that are fluid. Will provide clearer guidance in January.
Calendar 2024 Q4
Should we think that within following this charge, the potential for future charges there has really come down considerably
Show response
Jay explained comprehensive review was performed, most conservative assessment taken, process changes and additional technical resources implemented. Addressed de-risking thoroughly.
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 |
|---|---|---|
| GD General Dynamics | 13 | 23%3 of 13 questions |
| NOC Northrop Grumman | 12 | 0%none of 12 questions |
| HII Huntington Ingalls Industries | 11 | 18%2 of 11 questions |
| TXT Textron | 9 | 33%3 of 9 questions |
| BA The Boeing Company | 7 | 0%none of 7 questions |
| GE GE Aerospace | 7 | 0%none of 7 questions |
| LDOS Leidos | 7 | 14%1 of 7 questions |
| RTX RTX Corporation | 7 | 0%none of 7 questions |
| TDG TransDigm Group | 7 | 14%1 of 7 questions |
| LHX L3Harris | 6 | 0%none of 6 questions |
- GDGeneral Dynamics · 13 questions23%3 of 13 questions
- NOCNorthrop Grumman · 12 questions0%none of 12 questions
- HIIHuntington Ingalls Industries · 11 questions18%2 of 11 questions
- TXTTextron · 9 questions33%3 of 9 questions
- BAThe Boeing Company · 7 questions0%none of 7 questions
- GEGE Aerospace · 7 questions0%none of 7 questions
- LDOSLeidos · 7 questions14%1 of 7 questions
- RTXRTX Corporation · 7 questions0%none of 7 questions
- TDGTransDigm Group · 7 questions14%1 of 7 questions
- LHXL3Harris · 6 questions0%none of 6 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 | 15 | 13%2 of 15 questions | 12 |
| 2025 Q1 | 11 | 0%none of 11 questions | 9 |
| 2025 Q2 | 13 | 23%3 of 13 questions | 10 |
| 2025 Q3 | 15 | 13%2 of 15 questions | 11 |
| 2025 Q4 | 15 | 7%1 of 15 questions | 10 |
| 2026 Q1 | 13 | 23%3 of 13 questions | 10 |
| 2026 Q2 | 12 | 0%none of 12 questions | 10 |
- 2024 Q415 questions · challenge rate 13% (2 of 15 questions) · 12 companies
- 2025 Q111 questions · challenge rate 0% (none of 11 questions) · 9 companies
- 2025 Q213 questions · challenge rate 23% (3 of 13 questions) · 10 companies
- 2025 Q315 questions · challenge rate 13% (2 of 15 questions) · 11 companies
- 2025 Q415 questions · challenge rate 7% (1 of 15 questions) · 10 companies
- 2026 Q113 questions · challenge rate 23% (3 of 13 questions) · 10 companies
- 2026 Q212 questions · challenge rate 0% (none of 12 questions) · 10 companies
Topics
Topics tagged on this analyst’s questions.
- Demand37
- Margin30
- Revenue Growth21
- Capital Allocation14
- Competitive Dynamics10
- Guidance Reliability9
- Capex Investment9
- Supply Chain8
- Macroeconomic8
- Cost Pressure7
Show all 19 topics
- Regulation Policy6
- Product Launch6
- Innovation & R&D4
- Trade Tariffs3
- Geographic Expansion3
- M&A2
- Cloud & AI1
- Labor Market1
- Pricing1