TEXTRON INC TXT
Textron Inc. is a multi-industry company that leverages its global network of aircraft, defense, industrial and finance businesses to provide customers with innovative products and services around the world. References to "Textron," the "Company," "we," "our" and "us" in this Annual Report on Form 10-K, unless otherwise indicated, refer to Textron Inc. and its consolidated subsidiaries.
Through 2025, we conducted our business through six operating segments: Textron Aviation, Bell, Textron Systems, Industrial and Textron eAviation, which represent our manufacturing businesses, and Finance, which represents our captive finance business. Our segments include numerous separately incorporated subsidiaries. Effective January 4, 2026, the beginning of our 2026 fiscal year, the business activities of the Textron eAviation segment were realigned within Textron's other operating segments resulting in the elimination of the Textron eAviation segment as a separate reporting segment. For additional information regarding this segment change, see the Textron eAviation Segment section below. We will begin to report under the new segment reporting structure with the filing of our Quarterly Report on Form 10-Q for the first quarter of 2026.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $14.80B | $13.70B | $13.68B | $12.87B | $12.38B | $11.65B | $13.63B | $13.97B | $14.20B | $13.79B |
| Cost of revenue | — | — | — | — | — | $10.09B | $11.41B | $11.59B | $11.83B | $11.34B |
| Gross profit | — | — | — | — | — | $1.56B | $2.22B | $2.38B | $2.37B | $2.45B |
| R&D | $521.0M | $491.0M | $570.0M | $601.0M | $619.0M | $549.0M | $647.0M | $643.0M | $634.0M | $677.0M |
| SG&A | $1.17B | $1.16B | $1.23B | $1.19B | $1.22B | $1.04B | $1.15B | $1.27B | $1.33B | $1.32B |
| Interest expense | $126.0M | $97.0M | $77.0M | $107.0M | $142.0M | $166.0M | $171.0M | $166.0M | $174.0M | $174.0M |
| Pre-tax income | $1.14B | $943.0M | $1.09B | $1.02B | $873.0M | $282.0M | $942.0M | $1.38B | $762.0M | $876.0M |
| Income tax | $214.0M | $118.0M | $165.0M | $154.0M | $126.0M | $27.0M | $127.0M | $162.0M | $456.0M | $33.0M |
| Net income | $921.0M | $824.0M | $921.0M | $861.0M | $746.0M | $309.0M | $815.0M | $1.22B | $307.0M | $962.0M |
| EPS, basic | 5.15 | 4.38 | 4.61 | 4.05 | 3.33 | — | — | 4.88 | 1.15 | 3.55 |
| EPS, diluted | 5.11 | 4.33 | 4.56 | 4.01 | 3.30 | — | — | 4.83 | 1.14 | 3.53 |
| Shares, diluted (wtd. avg.) | $180.3M | $190.3M | $201.8M | $215.0M | $226.5M | $229.0M | $232.7M | $253.2M | $268.8M | $272.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $2.02B | $1.44B | $2.18B | $2.04B | $2.12B | $2.25B | $1.36B | $1.11B | $1.26B | $1.30B |
| Inventory | $4.28B | $4.07B | $3.91B | $3.55B | $3.47B | $3.51B | $4.07B | $3.82B | $4.15B | $4.46B |
| Property, plant and equipment | — | — | $2.48B | $2.52B | $2.54B | $2.52B | $2.53B | $2.62B | $2.72B | $2.58B |
| Other intangibles | $338.0M | $362.0M | $399.0M | $461.0M | $438.0M | $489.0M | $589.0M | $658.0M | $765.0M | $767.0M |
| Total assets | $18.13B | $16.84B | $16.86B | $16.29B | $15.83B | $15.44B | $15.02B | $14.26B | $15.34B | $15.36B |
| Total liabilities | $10.25B | $9.63B | $9.87B | $9.18B | $9.01B | $9.60B | $9.50B | $9.07B | $9.69B | $9.78B |
| Retained earnings | $5.78B | $5.61B | $5.86B | $5.90B | $5.87B | $5.97B | $5.68B | $5.41B | $5.37B | $5.55B |
| Total equity | $7.88B | $7.20B | $6.99B | $7.11B | $6.82B | $5.84B | $5.52B | $5.19B | $5.65B | $5.57B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.31B | $1.01B | $1.27B | $1.49B | $1.60B | $768.0M | $1.01B | $1.11B | $936.0M | $925.0M |
| Depreciation and amortisation | $401.0M | $382.0M | $395.0M | $397.0M | $390.0M | $391.0M | $416.0M | $437.0M | $447.0M | $449.0M |
| Capital expenditure | $383.0M | $364.0M | $402.0M | $354.0M | $375.0M | $317.0M | $339.0M | $369.0M | $423.0M | $446.0M |
| Investing cash flow | -$207.0M | -$284.0M | -$317.0M | -$447.0M | -$281.0M | -$248.0M | -$266.0M | $620.0M | -$645.0M | -$436.0M |
| Financing cash flow | -$543.0M | -$1.45B | -$813.0M | -$1.09B | -$1.45B | $360.0M | -$502.0M | -$1.86B | -$360.0M | -$168.0M |
| Dividends paid | $18.0M | $12.0M | $16.0M | $17.0M | $18.0M | $18.0M | $18.0M | $20.0M | $21.0M | $22.0M |
| Buybacks | $822.0M | $1.12B | $1.17B | $867.0M | $921.0M | $183.0M | $503.0M | $1.78B | $582.0M | $241.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000217346-26-000006.