Slide 1: Q4 2025 Earnings Call Presentation
Q4 2025 Earnings Call Presentation JANUARY 28, 2026 T H E D ATA I N T H I S PAC K AG E S H O U L D B E R E A D I N C O N J U N CT I O N W I T H T H E T E X T R O N E A R N I N G S R E L E A S E A N D A C C O M PA N Y I N G TA B L E S.
Slide 2: Forward-looking Information
Forward-looking Information Certain statements in this package and other oral and written statements made by Textron from time to time are forward-looking statements, including those that discuss strategies, goals, outlook or other non-historical matters; or project revenues, income, returns or othe
Slide 3: Contents
Contents I. Fourth Quarter & Full-Year 2025 Financial Summary (Page 4) II. 2025 Financial Highlights (Page 9) III. 2026 Outlook (Page 18) IV. Recast of 2025 Financial Results for eAviation Segment Reporting Change (Page 26) 3
Slide 4: I. Fourth Quarter & Full-Year 2025 Financial Summary
I. Fourth Quarter & Full-Year 2025 Financial Summary 4
Slide 5: Fourth Quarter and Full-Year 2025 Financial Summary
Fourth Quarter and Full-Year 2025 Financial Summary FOURTH QUARTER FULL-YEAR Q4 2025 Q4 2024 % Change FY 2025 FY 2024 % Change Revenues $ 4.2B $ 3.6B 15.6% $ 14.8B $ 13.7B 8.0% Segment Profit $ 380M $ 283M 34.3% $ 1,363M $ 1,200M 13.6% EPS $ 1.33 $ 0.76 75.0% $ 5.12 $ 4.34 18.0% Adjusted EPS $ 1.73
Slide 6: Fourth Quarter 2025 Segment Results
Fourth Quarter 2025 Segment Results SEGMENT REVENUE SEGMENT PROFIT (1) PROFITABILITY % % Segment Q4 2025 Q4 2024 Change Q4 2025 Q4 2024 Change Q4 2025 Q4 2024 Textron $ 1,749M $ 1,282M 36.4% $ 208M $ 100M 108.0% 11.9% 7.8% Aviation Bell $ 1,257M $ 1,129M 11.3% $ 101M $ 110M (8.2%) 8.0% 9.7% Textron
Slide 7: Q4 2025 Revenue Growth
Q4 2025 Revenue Growth REVENUE DIVESTITURE ORGANIC FX IMPACT ORGANIC GROWTH GROWTH IMPACT GROWTH UN(FAV) BEFORE FX Textron Aviation 36.4% - 36.4% - 36.4% Bell 11.3% - 11.3% - 11.3% Textron Systems 3.9% - 3.9% - 3.9% Industrial (5.5%) 8.5% 3.0% (2.1%) 0.9% Textron eAviation (36.4%) - (36.4%) (18.1%)
Slide 8: Textron Consolidated Net Debt
Textron Consolidated Net Debt ($ AMOUNTS IN MILLIONS) YEAR-END 2025 YEAR-END 2024 Cash $ 2,025 $ 1,441 Finance Group Debt $ 339 $ 341 TXT Manufacturing Group Debt 3,539 3,247 Total Debt $ 3,878 $ 3,588 Net Debt $ 1,853 $ 2,147 Textron Inc. Q4 2025 Earnings Call Presentation: January 28, 2026. Note:
Slide 9: II. 2025 Financial Highlights
II. 2025 Financial Highlights 9
Slide 10: 2025 Full-Year Financial Highlights
2025 Full-Year Financial Highlights CONSOLIDATED KEY HIGHLIGHTS 8% revenue growth REVENUE SEGMENT PROFIT (1) 14% growth in segment profit $14.8B $1.4B 13% revenue growth at Textron Aviation, including 6% growth in aftermarket Acceleration of MV-75 program at Bell ADJ. EPS (1) MANUFACTURING CASH FLOW
Slide 11: Textron Aviation – Full Year Highlights
Textron Aviation – Full Year Highlights ($ AMOUNTS IN MILLIONS) REVENUE SEGMENT PROFIT (1) BACKLOG AFTERMARKET $5,955 $694 $7,845 REVENUE ($M) $7,724 $5,284 $566 $2,033 $1,910 11.7% $7,169 Profit Margin $1,796 10.7% Profit Margin FY24 FY25 FY24 FY25 2023 2024 2025 2023 2024 2025 Revenue up 13% for
Slide 12: Bell – Full Year Highlights
Bell – Full Year Highlights ($ AMOUNTS IN MILLIONS) REVENUE SEGMENT PROFIT (1) BACKLOG $4,282 $370 $363 $7,469 $7,795 $3,579 10.3% Profit Margin 8.5% Profit Margin $4,780 FY24 FY25 FY24 FY25 2023 2024 2025 Revenue up 20% for the full year Military revenue up 28% for the full year (second consecu
Slide 13: Textron Systems – Full Year Highlights
Textron Systems – Full Year Highlights ($ AMOUNTS IN MILLIONS) REVENUE SEGMENT PROFIT (1) BACKLOG $3,304 $1,241 $1,247 $175 $154 $2,594 14.0% Profit Margin $1,950 12.4% Profit Margin FY24 FY25 FY24 FY25 2023 2024 2025 Strong revenue performance in light of challenging headwinds (Shadow winddown, t
Slide 14: Industrial – Full Year Highlights
Industrial – Full Year Highlights ($ AMOUNTS IN MILLIONS) REVENUE SEGMENT PROFIT (1) $3,515 $3,213 $151 $145 4.3% Profit Margin 4.5% Profit Margin FY24 FY25 FY24 FY25 Ended the year with positive organic growth in the fourth quarter at both Textron Specialized Vehicles and Kautex Streamlined por
Slide 15: eAviation – Full Year Highlights
eAviation – Full Year Highlights ($ AMOUNTS IN MILLIONS) REVENUE SEGMENT PROFIT (1) $33 FY24 FY25 $27 ($63) FY24 FY25 ($76) Realigned business effective at the start of 2026 – Commercial platforms are now part of Textron Aviation – Manned and unmanned platforms for military programs, as well as re
Slide 16: Textron Financial – Full Year Highlights
Textron Financial – Full Year Highlights ($ AMOUNTS IN MILLIONS) REVENUE SEGMENT PROFIT (1) $75 $49 $50 $35 FY24 FY25 FY24 FY25 Strong financial performance Current year results include $17 million in gains on the disposition of non-captive assets Textron Inc. Q4 2025 Earnings Call Presentation:
Slide 17: Significant Investment for Growth
Significant Investment for Growth RESEARCH & CAPITAL EXPENDITURES DEVELOPMENT COSTS ($ AMOUNTS IN MILLIONS) $650 $521 • CONTINUED INVESTMENT $491 $480 IN PRODUCT DEVELOPMENT $364 $383 • ONGOING CAPEX TO SUPPORT THE BUSINESS AND GROWTH OPPORTUNITIES • LONG-TERM INVESTMENT FY24 FY25 FY26E FY24 FY25 FY
Slide 18: III. 2026 Outlook
Ill. 2026 Outlook TEXTRON
Slide 19: 2026 Full-Year Outlook
2026 Full-Year Outlook ~$15.5B $6.40 - $6.60 $700M - $800M Manufacturing Cash Flow Revenue Adjusted EPS (1) Before Pension Contributions of ~$50M(1) Textron Inc. Q4 2025 Earnings Call Presentation: January 28, 2026. (1) Adjusted EPS and Manufacturing Cash Flow before Pension Contributions are non-GA
Slide 20: 2026 Full-Year Outlook – Segment Details
2026 Full-Year Outlook – Segment Details 2026E 2025 REPORTED 2025 RECAST (1) Segment Segment Profitability / Segment Segment Revenue Profitability Revenue (Loss) Revenue Profitability Textron Aviation ~$ 6.5B ~11% - 12% $ 6.0B 11.7% $ 6.0B 11.1% Bell ~$ 4.4B ~8% - 9% $ 4.3B 8.5% $ 4.3B 8.5% Textron
Slide 21: 2026 Full-Year Outlook – Other Items
2026 Full-Year Outlook – Other Items ($ AMOUNTS IN MILLIONS) 2026E 2025 RECAST Corporate Expenses & Other, net (1) ~$ 180 $ 172 Interest Expense, net for Manufacturing Group ~$ 140 $ 108 LIFO Inventory Provision ~$ 200 $ 199 Intangible Asset Amortization ~$ 30 $ 32 Special Charges - $(4) Non-service
Slide 22: 2026 Full-Year Outlook – Other Items
2026 Full-Year Outlook – Other Items ($ AMOUNTS IN MILLIONS) 2026E 2025 REPORTED Research & Development ~$ 480 $ 521 % of Mfg Revenues 3.1% 3.5% CapEx ~$ 650 $ 383 Depreciation ~$ 400 $ 365 Diluted Average Share Count ~175M ~180M Textron Inc. Q4 2025 Earnings Call Presentation: January 28, 2026. 22
Slide 23: 2026 Full-Year Outlook – Adjusted EBITDA
2026 Full-Year Outlook – Adjusted EBITDA ($ AMOUNTS IN MILLIONS) 2026E 2025 REPORTED Income from Continuing Operations Before Income Taxes ~$ 1,200 $ 1,137 Add: Interest Expense, net for Manufacturing group 140 108 Depreciation Expense 400 365 Intangible Asset Amortization 30 32 LIFO Inventory Provi
Slide 24: 2026 Full-Year Outlook – Pension
2026 Full-Year Outlook – Pension 2026E 2025 REPORTED Discount Rates – U.S. Plans 5.65% 5.80% Assumed Long-Term Rate of Return 7.25% 7.25% Service Pension Cost/(Income) (1) ~$ 75M $ 74M Non-Service Pension Cost/(Income) ~(280M) (266M) Total Pension Cost/(Income) ~$ (205M) $ (192M) Pension Contributio
Slide 25: Non-GAAP Financial Measures
Non-GAAP Financial Measures We supplement the reporting of our financial information determined under U.S. generally accepted accounting principles (GAAP) with certain non-GAAP financial measures. These non-GAAP financial measures exclude certain significant items that may not be indicative of, or a
Slide 26: IV. Recast of 2025 Financial Results for eAviation Segment Reporting Change
IV. Recast of 2025 Financial Results for eAviation Segment Reporting Change 26
Slide 27: 2026 Segment Reporting Change
2026 Segment Reporting Change Effective January 4, 2026, the beginning of our fiscal year, the business activities of the Textron eAviation segment were realigned within other Textron reporting segments resulting in the elimination of the Textron eAviation segment as a separate reporting segment.
Slide 28: Full Year 2025 Reported To Recast Reconciliation – Revenues
Full Year 2025 Reported To Recast Reconciliation – Revenues ($ AMOUNTS IN MILLIONS) TEXTRON REPORTED eAVIATION RECAST REVENUES ADJUSTMENT (1) REVENUES Textron Aviation $ 5,955 $ 16 $ 5,971 Bell 4,282 - 4,282 Textron Systems 1,247 11 1,258 Industrial 3,213 - 3,213 Textron eAviation 27 (27) - Manufact
Slide 29: Full Year 2025 Reported To Recast Reconciliation – Segment Profit
Full Year 2025 Reported to Recast Reconciliation – Segment Profit ($ AMOUNTS IN MILLIONS) REPORTED TEXTRON RECAST RECAST SEGMENT eAVIATION SEGMENT SEGMENT PROFIT (1) ADJUSTMENT (2) PROFIT PROFIT MARGIN Textron Aviation $ 694 $ (30) $ 664 11.1% Bell 363 - 363 8.5% Textron Systems 175 (10) 165 13.1% I
Slide 30: Full Year 2025 Reported to Recast Reconciliation
Full Year 2025 Reported to Recast Reconciliation ($ AMOUNTS IN MILLIONS) TEXTRON eAVIATION 2025 REPORTED ADJUSTMENT 2025 RECAST Segment Profit $ 1,363 $ 23 $ 1,386 Corporate Expenses (149) (23) (172) Interest Expense (108) - (108) LIFO Inventory Provision (199) - (199) Intangible Asset Amortization
Slide 31: Segment Profit Recast by Quarter – Textron Aviation
Segment Profit Recast by Quarter – Textron Aviation ($ AMOUNTS IN MILLIONS) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Reported Adjustments Recast Reported Adjustments Recast Reported Adjustments Recast Reported Adjustments Recast Revenues $ 1,212 $4 $ 1,216 $ 1,517 $5 $ 1,522 $ 1,477 $2 $ 1,479 $ 1,749 $5 $ 1
Slide 32: Segment Profit Recast by Quarter – Textron Systems
Segment Profit Recast by Quarter – Textron Systems ($ AMOUNTS IN MILLIONS) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Reported Adjustments Recast Reported Adjustments Recast Reported Adjustments Recast Reported Adjustments Recast Revenues $ 296 $3 $ 299 $ 321 $3 $ 324 $ 307 $3 $ 310 $ 323 $2 $ 325 Cost of Sale
Slide 33: 2025 Corporate Expenses Recast by Quarter
2025 Corporate Expenses Recast by Quarter ($ AMOUNTS IN MILLIONS) Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Reported Corporate Expenses & Other $(43) $(36) $(26) $(44) $(149) Textron eAviation Adjustment (10) (6) (3) (4) (23) Recast Corporate Expenses & Other (1) $(53) $(42) $(29) $(48) $(172) Textron