Textron, Inc. (TXT)

Textron reported second-quarter 2026 revenue of $3.8 billion on 28 July 2026, up 3 percent from a year earlier 3. Earnings per share were $1.42, or $1.62 on the company's adjusted basis 3.

Revenue grew in each of the manufacturing segments, which are Textron Aviation, Bell, Textron Systems and Industrial 3. Chief executive Lisa Atherton said the first half brought $500 million more revenue than a year earlier 3.

On 30 April 2026 the company announced it intends to separate its Industrial segment, by a sale or a tax-free separation into a standalone public company 2. It is targeting completion within 12 to 18 months of that announcement 2. The release's headline says the sale process has been initiated 3.

The open question is Bell's MV-75 tiltrotor, the Army's next assault aircraft 2. The Army is seeking $350 million more for the year ending 30 September 2026 2. Bell said it could book a charge of up to about $120 million if that is refused 2.

Textron is a multi-industry company 1. It makes Cessna and Beechcraft aircraft, Bell helicopters, defense systems and industrial products, and it runs a captive finance business that lends to buyers of its aircraft 1.

Revenue was flat in the middle of the decade, at $13,683 million in 2023 and $13,702 million in 2024 1. Gross margin, the share of manufacturing revenue left after the cost of making products, fell from 20.5 percent in 2023 to 18.0 percent in 2024 1.

A strike at Textron Aviation ran from 21 September 2024 to 20 October 2024 1. Special charges, mostly restructuring and asset impairments, fell from $126 million in 2023 to $78 million in 2024 1.

Bell won the contract for the MV-75, then called the Future Long Range Assault Aircraft, in December 2022 1. In the third quarter of 2024 the program moved into its engineering and manufacturing development phase, which changed its revenue from service-related to product-related 1.

Revenue rose 8 percent to $14,799 million in 2025 1. Bell added $703 million, largely from the MV-75 and military sustainment work 1. Textron Aviation added $671 million from aircraft and aftermarket parts and services 1.

Industrial revenue fell $302 million in 2025, largely because Textron sold its Powersports business in April 2025 1. Inflation added $281 million to the cost of sales, and gross margin slipped to 17.8 percent 1.

From 4 January 2026 the company folded its eAviation segment into its other segments 1. Pipistrel, the light-aircraft maker, became part of Textron Aviation 1.

Textron Aviation

Textron Aviation makes and services Cessna and Beechcraft aircraft 1. They include Citation business jets, King Air and Caravan turboprops, military trainers and piston-engine planes 1.

In the second quarter the segment had revenue of $1.5 billion and delivered 40 jets, against 49 a year earlier 3. It delivered 44 commercial turboprops, up from 34, and ended the quarter with a backlog of $8.0 billion 3.

The chief executive said the Ascend jet delivered its first five aircraft to NetJets 3. The segment runs more than 20 of its own service centers 1.

Bell

Bell builds military and commercial helicopters and tiltrotors, aircraft that take off like a helicopter and fly like an airplane 1. Its main U.S. programs are the MV-75 tiltrotor for the Army and the V-22 and H-1 aircraft 1.

Second-quarter revenue was $1.1 billion, up 6 percent, and Bell delivered 36 commercial helicopters against 32 a year earlier 3. Its backlog was $7.5 billion 3.

Textron Systems

Textron Systems makes electronic systems, armored vehicles, unmanned aircraft, the Navy's Ship-to-Shore Connector landing craft and Lycoming piston engines 1. It also runs live military training through ATAC 1.

Second-quarter revenue was $347 million, up 7 percent, on armored vehicles and ATAC training 3. Backlog was $3.3 billion 3.

Industrial

Kautex makes plastic fuel tanks and windscreen-cleaning systems for automakers 1. It is headquartered in Bonn, Germany, and operates over 30 plants in 13 countries 1.

Textron Specialized Vehicles sells E-Z-GO golf cars, utility vehicles, aviation ground support equipment and turf-care machines 1. Second-quarter Industrial revenue was $848 million, up 1 percent 3.

Finance

The Finance segment, Textron Financial Corporation, lends mainly to buyers of new and pre-owned Textron Aviation aircraft and Bell helicopters 1. Its second-quarter revenue was $14 million 3.

Plants, people and rivals

On 3 January 2026 the company operated 57 plants in the U.S. and 45 outside it, and owned 59 of them 1. It employed about 34,000 people, around 80 percent in the U.S. 1.

About 7,700 U.S. employees, 29 percent, are union members, mostly at Bell and Textron Aviation 1. Lisa Atherton is the chief executive 3.

Current problems

Bell exhausted nearly all its 2026 MV-75 funds in mid-July 2026 and has kept working at its own risk 2. It also cut headcount, furloughed staff and reduced supplier spending 2.

Tariffs are the other pressure 1. About 69 percent of 2025 revenue came from the U.S., and the company reports no material adverse effect from tariffs to date 1.

The umbrella, in words

The company names Bell, Cessna, Beechcraft, Pipistrel, Jacobsen, Kautex, Lycoming, E-Z-GO and Textron Systems as its main brands 3. Its segments include numerous separately incorporated subsidiaries 1.

Textron Financial Corporation and its subsidiaries form the Finance group, a borrowing group kept apart from the Manufacturing group 2. The common stock trades on the New York Stock Exchange as TXT, with about 4,500 record holders on 3 January 2026 1.

For 2026 the company expects earnings per share from continuing operations of $5.39 to $5.59, or $6.40 to $6.60 on an adjusted basis 3. It also expects manufacturing cash flow before pension contributions of $700 million to $800 million 3.

That outlook assumes extra 2026 funding for the MV-75 3. Without it, the company said adjusted earnings per share could fall by $0.20 to $0.30 and cash flow by $150 million to $250 million 3.

The company expects the long-lead low-rate initial production phase of the MV-75 contract to be awarded in late 2026 or early 2027 2. It expects a catch-up charge of $60 million to $110 million at that point 2.

The company says the Citation M2 Gen3, CJ3 Gen3 and CJ4 Gen3 jets are expected to enter service in 2027 1. It expects the Beechcraft Denali single-engine turboprop to enter service in 2026 1.

The Industrial separation is targeted for 12 to 18 months after 30 April 2026, and the company said there is no assurance on its timing or structure 2.