Fourth quarter 2025 delivered $4.17 EPS, $14.4B revenue, $1.1B net earnings; full-year 2025 saw revenue up 10.1% to $52.6B, net earnings up 11.3% to $4.21B, and EPS up 13.4% to $15.45.
All segments posted revenue and operating earnings growth, led by Marine Systems and Aerospace.
Company-wide backlog grew 30% year-over-year, ending 2025 at $118B, with a book-to-bill ratio of 1.5x for the year.
Analyst consensus was exceeded for both the quarter and the year.
Q4 revenue: $14.4B (+7.8% YoY); full-year revenue: $52.6B (+10.1% YoY); net earnings: $1.14B in Q4, $4.21B for the year.
Operating earnings for 2025 increased 11.7% to $5.36B; operating margin improved to 10.2%.
Free cash flow for 2025 was $3.96B, 94% of net earnings.
Year-end cash balance: $2.3B; net debt: $5.68B, down from $7.07B in 2024.
Record backlog of $118B (+30% YoY); total estimated contract value at $179B (+24% YoY).
2026 revenue expected at $54.3B–$54.8B, operating margin at 10.4%, and EPS between $16.10–$16.20.
Aerospace revenue forecasted at $13.6B with 14% margin; Combat Systems at $9.6B–$9.7B revenue, 14.1% margin; Marine at $17.3B–$17.7B revenue, margin up 30 bps; Technologies at $13.8B revenue, 9.2% margin.
Free cash flow conversion targeted at 100% of net income for 2026, despite higher CapEx.
Management expects continued strong demand and robust order activity, supported by record backlogs and new contract awards.
Management highlighted continued investment in capital expenditures, with $1.2B spent in 2025 and plans for increased investment in 2026.
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