Executive Summary

Q2 2026 earnings materials are not yet available; Textron’s latest comparable materials are Q2 2025 (reported July 24, 2025). Below is an investor-grade recap of Q2 2025 with full primary-source citations; we will refresh with Q2 2026 once filed and the call transcript posts .
Q2 2025 headline: revenue $3.7B (+5.4% YoY) and adjusted EPS $1.55; GAAP EPS $1.35. Results beat consensus on EPS and revenue; cash flow outlook raised by $100M to $900M–$1.0B, while full-year adjusted EPS guidance maintained at $6.00–$6.20 . EPS/revenue beats vs S&P Global consensus shown in Estimates Context.
Operationally, Bell’s MV-75 (formerly FLRAA) program and stronger Aviation deliveries led growth; Industrial declined on Powersports divestiture, partially offset by restructuring benefits; Systems was stable with lower SG&A .
Key near-term catalysts: continued MV-75 ramp, Aviation production improvements, and higher FY25 manufacturing cash flow guidance; risks include Industrial softness and eAviation losses ahead of the 2026 segment realignment (announced Oct-2025) .

What Went Well and What Went Wrong

What Went Well
- Aviation and Bell growth: “revenue growth in both our commercial aircraft and helicopter businesses, as well as in Bell’s FLRAA program (MV-75)” with improved Aviation operations as production ramped .
- EPS/revenue beat and CF raise: Adjusted EPS $1.55 vs consensus; manufacturing cash flow before pension contributions raised by $100M to $900M–$1.0B for 2025 .
- Backlogs healthy: Bell backlog $6.9B; Systems backlog $2.2B, supporting forward visibility .
What Went Wrong
- Industrial down: Segment revenue declined (divestiture impact and lower Golf products), though profit benefited from Powersports exit and restructuring .
- eAviation still loss-making: $8M revenue with a $16M segment loss; losses continue ahead of 2026 realignment .
- Systems special charges: $8M related to termination of certain U.S. government development programs (severance and contract termination costs) .

Financial Results

Metric	Q2 2024	Q1 2025	Q2 2025	Q2 2025 Consensus	Commentary
Revenue ($B)	$3.5	$3.3	$3.7	$3.646*	+5.4% YoY; beat on revenue
GAAP EPS ($)	$1.35	$1.13	$1.35	—	Flat YoY
Adjusted EPS ($)	$1.54	$1.28	$1.55	$1.448*	Beat vs consensus
Segment Profit ($M)	$343	$280	$346	—	Slightly up YoY
Adjusted EBITDA ($M)	$473	—	$468	$418* (cons EBITDA)	Modest YoY decline; above EBITDA consensus
Mfg. Cash Flow before Pension ($M)	$320	(158)	$336	—	Sequential recovery

Note: Consensus figures marked with * are Values retrieved from S&P Global.

Segment performance (Q2 2025)

Segment	Revenue	Profit (Loss)	YoY Color
Textron Aviation	$1.5B	$80M	Revenue +$42M; deliveries: 49 jets vs 42; 34 turboprops vs 44
Bell	$1.2B	$190M	MV-75 ramp; backlog $6.9B
Textron Systems	$321M	$40M	+$5M profit on lower SG&A; backlog $2.2B
Industrial	$740M (implied by segment discussion)	$54M	Revenue down (Powersports divestiture; lower Golf); profit +$12M on mix/restructuring
eAviation	$8M	($16M)	Losses narrowed slightly YoY
Finance	$15M	$8M	Higher than Q2’24

Select KPIs (Q2 2025)

KPI	Q2 2024	Q2 2025
Aviation jet deliveries (units)	42	49
Aviation turboprop deliveries (units)	44	34
Bell backlog ($B)	—	$6.9
Systems backlog ($B)	—	$2.2

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Adjusted EPS	FY 2025	$6.00–$6.20 (reaffirmed in Q1’25)	$6.00–$6.20	Maintained
GAAP EPS	FY 2025	$5.19–$5.39	$5.19–$5.39	Maintained
Manufacturing cash flow before pension contributions	FY 2025	$800M–$900M (Q1’25)	$900M–$1.0B (raised $100M)	Raised
Net cash from ops (manufacturing group)	FY 2025	$1.2B–$1.3B (Q1’25)	Reiterated qualitatively via CF before pension raise	Maintained

No segment-specific FY25 revenue/margin, OpEx, OI&E, or tax-rate guidance was quantified in the Q2 release beyond the metrics above .

Earnings Call Themes & Trends

Topic	Previous Mentions (Q1 2025)	Current Period (Q2 2025)	Trend
Aviation production/operations	“Operations continued to improve…ramping production”	Continued operational improvement highlighted; higher jet deliveries	Improving
Bell MV-75 (FLRAA) program	Strong growth; program activity cited	Revenue growth and backlog supported by MV-75 acceleration	Positive ramp
Industrial portfolio actions	Powersports sale completed in Q1’25	Lower revenue from divestiture; profit aided by restructuring/exit	Mixed; portfolio streamlined
Systems program dynamics	Shadow program cancellation impact (Q1)	Lower SG&A lifts profit; $8M special charges for program terminations	Stable; charges absorbed
eAviation trajectory	Modest revenue; segment loss	Continued loss; announced 2026 realignment later in 2025	Reorg ahead
Cash generation	Q1 CF use; guidance $800–$900M (pre-raise)	Q2 CF improved; FY CF before pension raised to $900M–$1.0B	Improving

Management Commentary

Prepared remarks emphasis: “In the quarter, we saw revenue growth in both our commercial aircraft and helicopter businesses, as well as in Bell’s FLRAA program, now known as the MV-75… At Textron Aviation, operations continued to improve as production ramped.” — Scott C. Donnelly, Chairman & CEO .
Cash and capital returns: Manufacturing cash flow before pension contributions was $336M; $214M returned via buybacks in Q2; FY25 CF before pension contributions raised by $100M .
Program cadence: Commentary on accelerating EMD (engineering & manufacturing development) and visibility into 2026 as MV-75 progresses appeared in the call Q&A .

Q&A Highlights

MV-75/EMD cadence: Management described accelerating EMD activity in 2025 with further acceleration expected in 2026 as the first aircraft moves toward test readiness, reinforcing revenue visibility in Bell .
Aviation ramp: Continued production/operations improvement and higher jet deliveries discussed as drivers of mix and margin considerations at Aviation .
Industrial restructuring/divestiture: Profit tailwinds from portfolio actions and cost reductions offset volume declines; focus on sustaining efficiency gains post-Powersports exit .

Estimates Context

Actuals vs S&P Global consensus (Q2 2025)

Metric	Consensus	Actual	Surprise
EPS ($)	1.448*	1.55	+0.10
Revenue ($B)	3.646*	3.716	+0.070
EBITDA ($M)	418*	431	+13

Additional context: Target Price Consensus Mean $92.46* (as of Q2 2025 snapshot). Values retrieved from S&P Global.

Key Takeaways for Investors

Bell and Aviation remain the core growth engines; MV-75 acceleration and stronger Aviation deliveries underpin multi-quarter visibility despite Industrial headwinds .
Q2 delivered a clean revenue/EPS beat and a $100M raise to FY25 manufacturing cash flow guidance—positive for cash return capacity and de-leveraging flexibility .
Watch Industrial’s organic demand (Golf) post-divestiture; restructuring benefits supported profit in Q2 but volume normalization is key for sustained margin health .
eAviation’s ongoing losses are a drag near term; the announced 2026 realignment should streamline reporting and leverage Aviation/Systems capabilities for better execution and customer access .
Backlog strength (Bell $6.9B; Systems $2.2B) supports 2H25/2026 revenue cadence; monitor EMD milestones and test readiness in 2026 for MV-75 .
For Q2 2026 recap: Once materials are filed (8‑K 2.02, call transcript, and press releases), we will update tables for YoY, sequential, and estimate comparisons and highlight any changes in guidance and tone.

Sources: Q2 2025 earnings release and tables, Q2 2025 earnings presentation, Q1 2025 earnings release (for sequential/trend context), SEC 8‑K on 2026 segment realignment, and Q2 2025 call transcript excerpts .

TEXTRON INC (TXT)·Q2 2026 Earnings Summary