0000040533-26-000032
SEC filingQ2 营收与利润双位数增长，Aerospace 与 Marine Systems 驱动，现金流大幅改善。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $14,094M | $13,041M | +8.1% |
| Operating Earnings | $1,460M | $1,305M | +11.9% |
| Operating Margin | 10.4% | 10.0% | +40 bps |
| Net Earnings | $1,160M | $1,014M | +14.4% |
| Diluted EPS | $4.24 | $3.74 | +$0.50 |
| Operating Cash Flow (H1) | $4,035M | $1,450M | +$2,585M |
| Free Cash Flow (H1) | $3,598M | $1,110M | +$2,488M |
Q2 营收增长 8.1%，主要由 Aerospace（+15.1%）与 Marine Systems（+10.4%）双位数增长驱动，两者合计贡献增量 $903M，占总增量 86%。Aerospace 受益于 Gulfstream 交付量增加（41 架 vs 38 架）与机型组合改善；Marine Systems 则受 Columbia-class 潜艇建造与 T-AO-205 油轮吞吐量提升推动。
Operating margin 同比提升 40 bps 至 10.4%，主要来自 Aerospace（+130 bps）与 Marine Systems（+40 bps）的运营改善，部分被 Combat Systems（-30 bps）与 Technologies（-20 bps）的 program mix 拖累。合同估计调整（cumulative catch-up）贡献 operating earnings $29M（+$0.08 EPS），属于正常经营波动。
盈利质量显著增强：上半年 Operating Cash Flow $4,035M，同比 +$2,585M，主要受益于营运资本改善（尤其 Combat Systems 与 Aerospace）；Free Cash Flow $3,598M，转化率（FCF/Net Income）达 157%，远高于去年同期的 55%。
| 分部 | 营收 | 同比 | 经营利润 | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Aerospace | $3,525M | +15.1% | $510M | 14.5% | 交付量+机型组合，margin +130 bps |
| Marine Systems | $4,660M | +10.4% | $342M | 7.3% | Columbia-class 与 T-AO-205，margin +40 bps |
| Combat Systems | $2,290M | +0.3% | $318M | 13.9% | U.S. military vehicles 下滑，margin -30 bps |
| Technologies | $3,619M | +4.1% | $339M | 9.4% | C5ISR 增长，margin -20 bps |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & equivalents | $4,333M | +$2,000M vs Dec 31, 2025 |
| Total Debt | $7,516M | -$497M vs Dec 31, 2025 |
| Unbilled receivables | $9,255M | +$875M vs Dec 31, 2025 |
| Customer advances & deposits | $11,034M | +$1,210M vs Dec 31, 2025 |
| Operating Cash Flow (H1) | $4,035M | +$2,585M YoY |
| Capex (H1) | $437M | +$97M YoY |
| Free Cash Flow (H1) | $3,598M | +$2,488M YoY |
| FCF 转化率 (FCF/Net Income) | 157% | +102 pts YoY |
Net Debt = Total Debt $7,516M - Cash $4,333M = $3,183M（计算值，基于披露数据）。
资本配置：上半年回购 $319M（0.9M 股，仅覆盖稀释），剩余授权 5.8M 股（占总股本 2.2%）；股息 $834M，季度每股 $1.59（同比 +6.0%，连续第 29 年增加）；偿还固定利率票据 $500M，无新增发债。
2026 指引：
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| FY26 | Aerospace Revenue | approximately $13.8B | reported |
| FY26 | Aerospace Operating Margin | approximately 14.7% | reported |
| FY26 | Marine Systems Revenue | approximately $18B | reported |
| FY26 | Marine Systems Operating Margin | approximately 7.4% | reported |
| FY26 | Combat Systems Revenue | approximately $9.8B | reported |
| FY26 | Combat Systems Operating Margin | approximately 13.8% | reported |
| FY26 | Technologies Revenue | approximately $14.1B | reported |
| FY26 | Technologies Operating Margin | approximately 9.4% | reported |
关注点：Total backlog $136.5B（环比 +$5.7B），Aerospace book-to-bill 1.5x，defense segments 1.4x；合同估计调整贡献 $0.08 EPS；关税退款时间不确定但整体不重大；以色列供应商延迟影响 mid-cabin 机身交付。