Quarterly and segment-level highlights:
- Revenue (Q4 2024): $3.613B; QoQ: +5.43% (Q3 2024 revenue was $3.427B); YoY: decline approximately 7% versus $3.9B in Q4 2023 as detailed in management commentary.
- Gross Profit: $0.901B; Gross margin 24.9%; QoQ: +83.1%; YoY: +72.9% (reflecting mix and a rebound from strike-related inefficiencies in 2024).
- Operating Income: $0.141B; margin ~3.9%; QoQ: -32.9%; YoY: improvement vs heavily pressurized Q4 2023 results in some segments but overall lower year over year.
- Net Income: $0.141B; Net margin ~3.9%; QoQ: -36.8%; YoY: negative due to the year-ago items and the profit mix across segments.
- EPS (Diluted): $0.76; QoQ: -36.1%; YoY: -26.9% (reflecting the mix and one-time charges in 2024).
- Backlog: Total company backlog $17.9B at year-end 2024, up $4.0B from 2023; Aviation backlog $7.8B; Bell backlog $7.5B; Systems backlog $2.6B.
- Cash flow: Operating cash flow $0.447B; Free cash flow $0.294B; Net change in cash $0.094B; Cash balance $1.441B at period end; Cash conversion and working capital dynamics mitigated by ongoing ramp activities and strategic actions.
- Balance sheet metrics: Total assets $16.856B; Total liabilities $9.869B; Stockholders’ equity $6.987B; Debt $3.874B; Net debt $1.693B; Current ratio 1.764; Quick ratio 0.838.
- 2025 guidance and cadence: Textron targets revenue around $14.7B (up ~7% vs 2024) and adjusted EPS of $6.00–$6.20; Manufacturing cash flow before pension contributions guided at $800–$900M; Capex ~ $425M; R&D ~$500M; average diluted shares ~184M; segment-level guidance highlights Aviation ~ $6.1B in revenue (12–13% margin), Bell ~ $4.0B (8.5–9.5%), Systems ~ $1.3B (12–13%), Industrial ~ $3.2B (4.5–5.5%), eAviation a small loss (~$70M), Finance ~ ~$25M segment profit.
- Management tone: 2024 headwinds (Aviation strike, Industrial softness) are expected to abate in 2025, with an emphasis on productivity, backlog execution, and margin resilience in core platforms while accepting mix-driven margin dilution from FLRAA ramp and increased commercial activity.