0001628280-26-049411
SEC filingQ2营收与利润大幅增长，F-35与导弹防御需求驱动，盈利质量显著改善。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Sales | $20,063M | $18,155M | +11% |
| Gross Profit | $2,446M | $734M | +233% |
| Gross Margin | 12.2% | 4.0% | +820 bps |
| Operating Profit | $2,479M | $748M | +231% |
| Operating Margin | 12.4% | 4.1% | +830 bps |
| Net Earnings | $1,836M | $342M | +437% |
| Diluted EPS | $7.94 | $1.46 | +444% |
| Operating Cash Flow | $3,455M | $1,610M | +115% |
| Free Cash Flow | $2,626M | $805M | +226% |
本季度营收增长主要由F-35生产合同量增（+$475M）及2025年reach-forward loss基数效应（Aeronautics classified program +$360M、RMS CMHP/TUHP +$255M）驱动。MFC的PAC-3/THAAD生产爬坡贡献+$560M，Space的FBM/NGI项目贡献+$190M。
利润率大幅改善主要源于2025年同期的高基数损失（Aeronautics $950M、RMS $665M），剔除该影响后，本季度经营利润率仍受益于MFC的profit booking rate调整（+$60M）和Space的+$100M净有利调整。
盈利质量方面，经营现金流$3.5B同比+$1.8B，主要受客户收款时点和Tax Act/Notice带来的税负降低影响。Free cash flow $2.6B，转化率约79%（FCF/Net Income），现金流质量良好。
| 分部 | 营收 | 同比 | 经营利润 | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Aeronautics | $8,112M | +9% | $760M | 9.4% | F-35产量提升、2025年损失基数 |
| Missiles and Fire Control | $4,101M | +19% | $594M | 14.5% | PAC-3/THAAD生产爬坡 |
| Rotary and Mission Systems | $4,354M | +9% | $437M | 10.0% | CMHP/TUHP损失基数、MIC2量增 |
| Space | $3,496M | +6% | $371M | 10.6% | FBM/NGI项目量增 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash and cash equivalents | $3,791M | -$330M |
| Contract assets | $16,038M | +$3,037M |
| Contract liabilities | $12,151M | +$711M |
| Inventories | $4,411M | +$887M |
| Total debt (principal) | $21,700M | -$1,200M |
| Operating Cash Flow | $3,455M | +$1,845M |
| Capital Expenditures | $829M | +$24M |
| Free Cash Flow | $2,626M | +$1,821M |
Contract assets增加$3.0B，主要来自F-35和MFC战术打击导弹项目，反映收入确认快于开票。Inventories增加$887M，其中pre-contract costs $1.9B（classified contracts、F-35、F-16、Sikorsky）。
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