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TXTTextron

Industrials · Aerospace · NYSE
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The 10-K against last year's

71 changes: 7 added, 8 removed, 56 reworded

10-K Feb 11, 2026 vs Feb 6, 2025
Risk FactorsRedline ↓
12.4%
of the text changed · 7,449 words now
MD&ARedline ↓
27.6%
of the text changed · 5,836 words now
Legal ProceedingsRedline ↓
0.4%
of the text changed · 476 words now
Accounting PoliciesRedline ↓
0.9%
of the text changed · 5,031 words now

10-K 0000217346-26-000006 (2026-02-11) vs 10-K 0000217346-25-000017 (2025-02-06)

The redline

The paragraph that changed most in each section

Marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

Risk Factors 244 words changed in this paragraph; it is 34% similar to last year's version.
To continue to grow our revenues and segment profit, we must successfully develop new products and technologies or modify our existing products and technologies for our current and future markets. Our future performance depends, in part, on our ability to identify emerging technological trends and customer requirements and to develop and maintain competitive products and services. Delays or cost overruns in the development Artificial intelligence technologies have developed rapidly and acceptance of new products or certification of new aircraft and other products occur from time to time and could adversely affect our results of operations. These delays or cost overruns could be caused by unanticipated technological hurdles, production changes to meet customer demands, unanticipated difficulties in obtaining required regulatory certifications of new aircraft or other products, or failure on the part of our suppliers to deliver components as agreed. We also could business may be adversely affected if our research and development efforts are less successful than expected or if these efforts require significantly more funding to achieve our goals than anticipated. In particular, the success of Textron eAviation depends in large part, on our ability to develop and certify new electric and hybrid electric aircraft products in order to achieve our long-term strategy of offering a family of sustainable aircraft for urban air mobility, general aviation, cargo and special mission roles. In addition, new products and technologies could generate unanticipated safety or other concerns resulting in expanded product liability risks, potential product recalls and other regulatory issues that could have an adverse impact on us. Furthermore, because of the lengthy research and development cycle involved in bringing certain of our products to market, we cannot predict the economic conditions that will exist when any new product is complete, and the market for our product offerings does not always develop or continue to expand as we anticipate. successfully

Source: Item 1A, 10-K 0000217346-26-000006 vs Item 1A, 10-K 0000217346-25-000017

MD&A 113 words changed in this paragraph; it is 50% similar to last year's version.
Textron Aviation’s revenues decreased $89 increased $671 million, 2%, 13%, in 2024, 2025, compared with 2023, 2024, reflecting lower higher aircraft revenues of $548 million and higher aftermarket parts and services revenues of $123 million. The increase in aircraft revenues was due to higher volume and mix of $270 million, which was principally a result of the strike discussed below, partially offset by and higher pricing of $181 million. Aircraft revenues decreased $203 million, 6%, pricing. The increase in volume and mix is largely due to lower volume and mix, largely from Citation higher jet and commercial turboprop deliveries, partially offset by volume. The higher pricing. volume and mix also reflects the recovery from the strike that began in the third quarter of 2024 and continued into the fourth quarter of 2024. We delivered 171 Citation jets and 146 commercial turboprops in 2025, compared with 151 Citation jets and 127 commercial turboprops in 2024, compared with 168 Citation jets and 153 commercial turboprops 2024. The increase in 2023. Aftermarket aftermarket parts and services revenues increased $114 million, 6%, was due to higher pricing and volume.

Source: Item 7, 10-K 0000217346-26-000006 vs Item 7, 10-K 0000217346-25-000017

Accounting Policies 41 words changed in this paragraph; it is 75% similar to last year's version.
In 2025, 2024 and 2023, our cumulative catch-up adjustments increased segment profit by $66 million, $31 million and $44 million, respectively, and net income by $50 million, $24 million and $34 million, respectively ($0.12 ($0.28, $0.12 and $0.17 per diluted share, respectively). In 2022, our cumulative catch-up adjustments decreased segment profit by $16 million and net income by $12 million ($0.06 per diluted share). Revenue was Revenues increased by $66 million, $32 million and $42 million in 2025, 2024 and 2023, respectively, and reduced by $25 million in 2022, related to changes in profit booking rates for performance obligations satisfied in prior periods.

Source: Item 8, Note 1 – Summary of Significant Accounting Policies, 10-K 0000217346-26-000006 vs Item 8, Note 1 – Summary of Significant Accounting Policies, 10-K 0000217346-25-000017

Legal Proceedings 2 words changed in this paragraph; it is 98% similar to last year's version.
In the ordinary course of business, we enter into standby letter of credit agreements and surety bonds with financial institutions to meet various performance and other obligations. These outstanding letter of credit arrangements and surety bonds aggregated to approximately $380 million and $336 million at January 3, 2026 and $338 million at December 28, 2024 and December 30, 2023, 2024, respectively.

Source: Item 3, via Note 17 – Commitments and Contingencies, 10-K 0000217346-26-000006 vs Item 3, via Note 17 – Commitments and Contingencies, 10-K 0000217346-25-000017

Every change, by type

Sentences and paragraphs added, removed or reworded

Sentences and paragraphs of TXT's Risk Factors and MD&A, 10-K 2026-02-11 against 10-K 2025-02-06. Each links to the text at sec.gov.

All 71 Added 7Removed 8Reworded 56Quiet changes 0

Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier (may, could, will, not, significant, material…). A year or date rolling forward is not counted.

The full word listadverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
AddedRisk Factors
To continue to grow our revenues and segment profit, we must successfully develop new products and technologies or modify our existing products and technologies for our current and future markets. Our future performance depends, in part, on our ability to identify emerging technological trends and customer requirements and to develop and maintain competitive products and services. Artificial intelligence technologies have developed rapidly and our business may be adversely affected if we cannot successfully

Read it in 10-K 2026-02-11 at sec.gov ↗

AddedRisk Factors
material adverse effect on our financial position, results of operations or cash flows. See Management's Discussion and Analysis of Financial Condition and Results of Operations for further discussion of the impact of these tariffs.

Read it in 10-K 2026-02-11 at sec.gov ↗

AddedRisk Factors
may develop, and they may otherwise gain industry acceptance in advance of, or instead of, our products. In addition, as we and our competitors develop increasingly sustainable technologies, demand for our existing offerings may decrease or become nonexistent.

Read it in 10-K 2026-02-11 at sec.gov ↗

RemovedRisk Factors
these events could materially increase our costs and expenses and have a material adverse effect on our business, financial condition and results of operations.

Read it in 10-K 2025-02-06 at sec.gov ↗

RewordedRisk Factors
New laws, regulations or procurement requirements or changes to current ones (including, for example, regulations related to cybersecurity) cybersecurity and the recently issued Executive Order relating to underperformance of U.S. defense contracts, investment in defense production capacity and possible limitations on dividends and share buybacks) can significantly increase our costs, thereby reducing our profitability. profitability or otherwise adversely impacting our results of operations, financial condition, or shareholder returns.

Read it in 10-K 2026-02-11 at sec.gov ↗

RewordedRisk Factors
The These threats we face vary include advanced, persistent threats from those common to most industries, to attacks by more advanced and persistent, highly organized adversaries, including cybercrime syndicates, nation state actors, actors and hacktivists, which target us for the national security information in our possession, for our role in developing advanced technology systems or with the goal of committing fraudulent activity.

Read it in 10-K 2026-02-11 at sec.gov ↗

RewordedRisk Factors
Government’s convenience, contractors are generally protected by provisions covering reimbursement for costs incurred on the contracts and profit on those costs but not the anticipated profit that would have been earned had the contract been completed. costs.

Read it in 10-K 2026-02-11 at sec.gov ↗

Show the other 28
RewordedRisk Factors
Our competitors may develop these technologies and products before we do and they may be deemed by our customers to be superior to technologies and products we may develop, and they may otherwise gain industry acceptance in advance of, or instead of, our products.

Read it in 10-K 2026-02-11 at sec.gov ↗

RewordedRisk Factors
From time to time, our Our collective bargaining agreements expire in accordance with their terms and are subject to renegotiation at that time.

Read it in 10-K 2026-02-11 at sec.gov ↗

RewordedRisk Factors
Government finances its operations through temporary funding measures such as “continuing resolutions” rather than full-year appropriations or if when a government shutdown were to occur occurs and were to continue continues for an extended period of time.

Read it in 10-K 2026-02-11 at sec.gov ↗

RewordedRisk Factors
In particular, the success of the business activities and research and development initiatives begun at Textron eAviation depends in large part, on our ability to develop and certify new electric and hybrid electric aircraft products in order to achieve our long-term strategy of offering a family of sustainable aircraft for urban air mobility, general aviation, cargo and special mission roles.

Read it in 10-K 2026-02-11 at sec.gov ↗

RewordedRisk Factors
In addition, changes in laws or policies governing the terms of foreign trade, and in particular including increased trade restrictions, tariffs or taxes on imports from countries where we manufacture or sell our products or from where we import products or raw materials (either directly or through our suppliers) could adversely impact our competitive position, business operations and or financial results.

Read it in 10-K 2026-02-11 at sec.gov ↗

AddedMD&A
Changes to the United States trade policy have resulted in new or higher tariffs on goods imported from numerous countries, and some countries have imposed retaliatory tariffs on imports from the United States. We are principally a North American manufacturer and 69% of our 2025 revenues were generated in the U.S. Our aircraft products, subassemblies, parts and components manufactured in Canada and Mexico are largely qualified under the rules of the United States-Mexico-Canada Agreement (USMCA) for preferential treatment on tariffs imposed by the U.S. on imports from Canada and Mexico. In addition, our operations outside of North America primarily source materials and components from outside of North America and manufacture products for non-U.S. customers. Many of our businesses also source materials and components from outside of North America. These businesses have been and will continue to be impacted by these imposed U.S. tariffs. In order to mitigate these impacts our businesses have been managing, and will continue to manage, pricing and supply chain optimization strategies. In addition, our aircraft businesses are working through the tariff reconciliation and refund process with the U.S. Government to recover tariff costs that were previously paid related to materials and components that were subsequently determined to be USMCA compliant. To date, we have not experienced a material adverse impact from these tariffs. We will continue to evaluate the ongoing impact of these tariffs and any further developments or changes in global tariff policies on our business and financial position.

Read it in 10-K 2026-02-11 at sec.gov ↗

AddedMD&A
Manufacturing group revenues increased $1.1 billion in 2025, compared with 2024, largely reflecting an increase of $1.4 billion in product revenues. The increase in product revenues in 2025 was partially offset by a decrease of $285 million in service revenues, largely related to the classification of revenues for the MV-75 program, which was service-related prior to the transition of the program to the Engineering and Manufacturing Development phase in the third quarter of 2024 when it became product-related.

Read it in 10-K 2026-02-11 at sec.gov ↗

AddedMD&A
Selling and administrative expense increased $17 million, 1%, in 2025, compared with 2024. The increase included a $21 million impact from inflation, higher share-based compensation expense and lower recoveries at the Finance segment, mostly offset by the impact from the disposition of the Powersports business and a $16 million gain resulting from the early termination of a vendor contract at the Textron Systems segment.

Read it in 10-K 2026-02-11 at sec.gov ↗

AddedMD&A
As the MV-75 program continues to accelerate, we expect that we will be awarded the long-lead Low-Rate Initial Production (LRIP) phase of the contract in late 2026 or early 2027. Upon award of the LRIP option, which is largely fixed price, we expect to record an unfavorable cumulative catch-up program adjustment, reflecting higher costs than originally anticipated from when the program was bid, in the range of $60 million to $110 million. The overall MV-75 program will continue to generate a positive profit margin after the adjustment.

Read it in 10-K 2026-02-11 at sec.gov ↗

RemovedMD&A
In 2024, our operating results were adversely impacted by a strike at the Textron Aviation segment. On September 21, 2024, the International Association of Machinists and Aerospace Workers (IAM) District 70, Local Lodge 774 called a strike against Textron Aviation. On October 20, 2024, an agreement was reached on a new five-year labor contract. As a result, our revenues and profit were unfavorably impacted in the second half of 2024 due to delayed aircraft deliveries and manufacturing inefficiencies associated with the labor disruption and the recovery of operating activities. At the Industrial segment, we experienced lower revenues and profit in 2024, largely resulting from a decline in demand in our end markets for Textron Specialized Vehicles products. We are in the process of conducting a strategic review of our powersports product line, as discussed in Note 15 to the Consolidated Financial Statements on page 62.

Read it in 10-K 2025-02-06 at sec.gov ↗

RemovedMD&A
At our Bell segment, the ramp up of the FLRAA program contributed to a 14% growth in its revenues for the year. In August, the U.S. Army announced approval of Milestone B for the FLRAA program, establishing it as a program of record and transitioning it to the Engineering and Manufacturing Development phase. In the second half of the year, Bell was awarded contracts totaling approximately $3.0 billion for this phase of the program that contributed to a total company backlog increase of $4.0 billion, 29%, to $17.9 billion at the end of 2024. This backlog increase included growth of $676 million at the Textron Aviation segment, reflecting steady customer demand supported by new products, and $644 million at the Textron Systems segment, which included new contract awards for the Ship-to-Shore Connector program.

Read it in 10-K 2025-02-06 at sec.gov ↗

RemovedMD&A
In November 2023, the Financial Accounting Standards Board issued Accounting Standard Update (ASU) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires a public entity to disclose, on an annual and interim basis, significant segment expenses and other segment items that are regularly provided to the Chief Operating Decision Maker. The new standard is effective for fiscal years beginning after December 15, 2023. We adopted ASU 2023-07 in the fourth quarter of 2024 and have recast management’s discussion and analysis of the results of operations of our company to include a discussion of the additional expense categories. In connection with the adoption of this standard, research and development costs previously included within Cost of products sold are now reported on a separate line in our Consolidated Statements of Operations. Prior period amounts have been recast to conform to the new presentation.

Read it in 10-K 2025-02-06 at sec.gov ↗

RemovedMD&A
Consolidated gross margin as a percentage of Manufacturing revenues decreased 250 basis points in 2024, compared with 2023, primarily due to lower gross margin at the Bell segment, largely due to the mix of contracts discussed above, and at the Textron Aviation segment, reflecting the mix of aircraft sold and manufacturing inefficiencies, largely due to the strike. In addition, higher LIFO inventory provision and the inventory valuation charge noted above accounted for 80 basis points of the decrease.

Read it in 10-K 2025-02-06 at sec.gov ↗

RemovedMD&A
On September 21, 2024, the IAM District 70, Local Lodge 774 called a strike against Textron Aviation. The strike impacted approximately 5,000 of Textron Aviation’s employees at the manufacturing, parts and distribution and service center facilities in Wichita. On October 20, 2024, Textron Aviation and the IAM reached an agreement on a new five-year labor contract. The strike had a significant adverse impact on Textron Aviation’s ability to meet its production and delivery schedules in the third quarter and continuing into the fourth quarter of 2024. As a result, our revenues and profit were unfavorably impacted in the second half of 2024 by delayed aircraft deliveries and manufacturing inefficiencies associated with the labor disruption and the recovery of operating activities.

Read it in 10-K 2025-02-06 at sec.gov ↗

RemovedMD&A
Bell’s military aircraft and support programs include a development contract for the U.S. Army's FLRAA program, as well as production, upgrade, and support contracts for the V-22 tiltrotor aircraft and H-1 helicopters. The FLRAA program represents an increasing portion of Bell’s revenues as development activities have ramped. In August 2024, the U.S. Army announced approval of Milestone B for the FLRAA program, establishing it as a program of record and transitioning it to the Engineering and Manufacturing Development phase. In the second half of 2024, Bell was awarded contracts totaling approximately $3.0 billion for this phase of the program.

Read it in 10-K 2025-02-06 at sec.gov ↗

RewordedMD&A
Research The higher research and development costs decreased $79 million, 14%, in 2024, compared with 2023, included an increase of $56 million at Bell, largely reflecting lower costs in 2024 due to the winddown wind down of the Future Attack Reconnaissance Aircraft Program at the Bell segment, program, partially offset by a $17 decrease of $21 million increase at the Textron eAviation segment, largely due to a reduction in costs on certain development efforts on hybrid and electric propulsion aircraft. projects.

Read it in 10-K 2026-02-11 at sec.gov ↗

RewordedMD&A
The Finance group’s cash flows from investing activities primarily included finance receivable originations of $241 million and $130 million, respectively, and collections on finance receivables totaling $208 million and $133 million in 2025 and $169 million in 2024 and 2023, respectively, partially offset by finance receivable originations of $130 million and $160 million, 2024, respectively.

Read it in 10-K 2026-02-11 at sec.gov ↗

RewordedMD&A
The decrease of $252 $298 million increase in cash flows was largely due to higher earnings, lower net income tax payments and changes in working capital and lower earnings, partially offset by $161 million in lower net tax payments. capital.

Read it in 10-K 2026-02-11 at sec.gov ↗

RewordedMD&A
Bell’s military aircraft and support programs revenues increased $347 $570 million, 20%, 28%, in 2024, 2025, compared with 2023, 2024, primarily due to higher volume on the FLRAA program, partially offset by lower volume on the V-22 program. MV-75 program and military sustainment programs.

Read it in 10-K 2026-02-11 at sec.gov ↗

RewordedMD&A
Textron Systems’ Bell's backlog increased $644 $326 million, 33%, 4%, in 2024, 2025, compared with 2023, reflecting 2024, due to orders in excess of revenues recognized and deliveries, which included new contract awards for the Ship-to-Shore Connector program. deliveries.

Read it in 10-K 2026-02-11 at sec.gov ↗

RewordedMD&A
(Dollars in millions) January 3, December 28, December 30, 2026 2024 2023 Manufacturing group Cash and equivalents $ 1,940 $ 1,386 $ 2,121 Debt 3,539 3,247 3,526 Shareholders’ equity 7,875 7,204 6,987 Capital (debt plus shareholders’ equity) 11,414 10,451 10,513 Net debt (net of cash and equivalents) to capital 17% 21% 17% Debt to capital 31% 34% 31% Finance group Cash and equivalents $ 85 $ 55 $ 60 Debt 339 341 348

Read it in 10-K 2026-02-11 at sec.gov ↗

RewordedMD&A
In 2023, cash Cash flows used by in financing activities in 2025 included $1.2 billion $822 million of cash paid to repurchase an aggregate of 16.2 10.7 million shares of our common stock, stock and $707 million of payments on long-term debt, partially offset by $348 $991 million of net proceeds from the issuance of long-term debt.

Read it in 10-K 2026-02-11 at sec.gov ↗

RewordedMD&A
Industrial's cost of sales decreased $228 $260 million, 7%, 9%, in 2024 2025 compared with 2023, primarily 2024, principally reflecting the impact of from the disposition and lower volume and mix. mix, partially offset by higher inflation of $44 million.

Read it in 10-K 2026-02-11 at sec.gov ↗

RewordedMD&A
Aircraft The increase in aircraft revenues decreased $203 million, 6%, was due to lower higher volume and mix, largely from Citation jet mix and commercial turboprop deliveries, partially offset by higher pricing.

Read it in 10-K 2026-02-11 at sec.gov ↗

RewordedMD&A
We delivered 171 Citation jets and 146 commercial turboprops in 2025, compared with 151 Citation jets and 127 commercial turboprops in 2024, compared with 168 Citation jets and 153 commercial turboprops in 2023. 2024.

Read it in 10-K 2026-02-11 at sec.gov ↗

RewordedMD&A
Bell's Textron Aviation’s cost of sales increased $507 $535 million, 21%, 13%, in 2024, 2025, compared with 2023, primarily due to the 2024, largely reflecting higher volume and mix discussed above. and inflation of $167 million.

Read it in 10-K 2026-02-11 at sec.gov ↗

RewordedMD&A
Cash In 2024, cash flows used by in financing activities in 2024 included $1.1 billion of cash paid to repurchase an aggregate of 12.9 million shares of our common stock under the 2023 share repurchase plan described below and $361 million of payments on long-term debt of $361 million. debt.

Read it in 10-K 2026-02-11 at sec.gov ↗

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