Textron
TXT NYSE Aerospace & Defense Financials FY2016–FY2025
Textron's revenue rose 8.0% to $14.8 billion in fiscal 2025. Its net margin was 6.2%, up from 6.0% a year earlier. Free cash flow was $929 million, up 42.9%. It paid out $840 million in dividends and buybacks, 90% of free cash flow. The diluted share count fell 5.3%.
About these figures. Textron's filings tag debt separately for its manufacturing businesses and its finance arm, with no company-wide total in the SEC's structured data, so debt and debt-based ratios are left blank. Textron's balance sheet splits assets and liabilities into current and long-term only for its manufacturing businesses, so the current and quick ratios are blank. From 2022 Textron's filings label interest expense in their own way, and from 2024 property and equipment, which the SEC's structured data leaves out, so those figures and interest coverage are blank from then.
What Textron does
Textron is a conglomerate that makes aircraft, defense equipment, auto parts and specialty vehicles, and also runs a finance arm. Its 2025 revenue was $14.8 billion. Its customers include business-jet buyers and operators, the U.S. military and other governments, automakers, golf courses and municipalities.
It reported six segments through 2025. Textron Aviation makes Cessna and Beechcraft business jets, turboprops and piston aircraft, and sells parts and service. Bell makes military and commercial helicopters and tiltrotor aircraft, which combine features of helicopters and airplanes. Textron Systems makes defense and unmanned systems, armored vehicles and Lycoming piston engines. The Industrial segment includes Kautex, which makes plastic fuel systems for vehicles, and Specialized Vehicles such as E-Z-GO golf cars. Textron eAviation, which includes the light aircraft maker Pipistrel, is being folded into other segments from 2026. The Finance segment lends mainly to buyers of Textron aircraft and helicopters.
U.S. Government contracts, including foreign military sales through the U.S. government, generated about 27% of 2025 revenue, mostly at Bell and Textron Systems. Textron had about 34,000 employees at the end of 2025, 80% of them in the U.S.
- Legal name
- Textron Inc.
- Fiscal year ends
- January 3, 2026
- Latest annual report
- 10-K · Feb 11, 2026
- Accession · CIK
- 0000217346-26-000006
0000217346
Revenue and margins
Textron had $14.8B of revenue in fiscal 2025, up 8.0% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 4.2% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $929M in fiscal 2025, 6.3% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Textron returned $840M to shareholders in fiscal 2025, 90% of free cash flow. The diluted share count fell 5.3%.
Value Textron yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of — and divides by 180.3M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 14.5x · peers 29.6x · sector 26.0x.
Balance sheet
Cash, debt and the ratios that show how comfortably Textron can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $2.1B | $2.0B | $2.2B | $1.4B | $2.0B |
| Interest coverage | 7.2x | — | — | — | — |
| Total assets | $15.8B | $16.3B | $16.9B | $16.8B | $18.1B |
| Total liabilities | $9.0B | $9.2B | $9.9B | $9.6B | $10.3B |
| Shareholders' equity | $6.8B | $7.1B | $7.0B | $7.2B | $7.9B |
| Net debt (− = net cash) | — | — | — | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$1.0M
1 insider
Sold, 12 months
$30.2M
6 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| May 6, 2026 | Clark R KerryDirector | Sold | 2,517 | $93.09 | $0.2M | Form 4 |
| May 1, 2026 | Thomas A KennedyDirector | Bought | 10,300 | $95.98 | $1.0M | Form 4 |
| Feb 17, 2026 | Lupone E RobertEVP, General Counsel & Secy | Sold | 28,056 | $98.84 | $2.8M | Form 4 |
| Feb 17, 2026 | Mark S BamfordVP & Corporate Controller | Sold | 19,808 | $97.96 | $1.9M | Form 4 |
| Feb 13, 2026 | Julie G DuffyEVP and CHRO | Sold | 19,857 | $98.70 | $2.0M | Form 4 |
| Feb 13, 2026 | Lisa M AthertonPresident and CEO, Director | Sold | 7,600 | $98.68 | $0.7M | Form 4 |
| Feb 13, 2026 | Mark S BamfordVP & Corporate Controller | Sold | 9,533 | $98.68 | $0.9M | Form 4 |
| Feb 13, 2026 | Scott C DonnellyExecutive Chairman, Director | Sold | 219,619 | $98.41 | $21.6M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | — |
| Current ratio rose | — | — | — |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | ✓ | ✕ | ✓ |
| F-score | — / 9 | — / 9 | — / 9 |
| Accruals ratio | −2.1% | −1.1% | −2.2% |
| Altman Z'' | — | — | — |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Textron TXT | $13.4B | 8.0% | — | 6.3% | — | 14.5x | — | |
| Huntington Ingalls Industries HII | $10.8B | 8.2% | 5.3% | 6.4% | 7.3% | 16.3x | 7 | Compare → |
| L3Harris LHX | $47.6B | 2.5% | 9.7% | 12.3% | 5.8% | 25.6x | 8 | Compare → |
| TransDigm Group TDG | $63.4B | 11.2% | 47.2% | 20.6% | 22.5% | 33.5x | 4 | Compare → |
| Howmet Aerospace HWM | $74.7B | 11.1% | 24.8% | 17.3% | 22.4% | 40.1x | 7 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $13.8B | $14.2B | $14.0B | $13.6B | $11.7B | $12.4B | $12.9B | $13.7B | $13.7B | $14.8B |
| Gross profit | $2.5B | $2.4B | $2.4B | $2.2B | $1.6B | — | — | — | — | — |
| Research and development | $677M | $634M | $643M | $647M | $549M | $619M | $601M | $570M | $491M | $521M |
| Interest expense | $174M | $174M | $166M | $171M | $166M | $142M | — | — | — | — |
| Pretax income | $876M | $762M | $1.4B | $942M | $282M | $873M | $1.0B | $1.1B | $943M | $1.1B |
| Income tax | $33.0M | $456M | $162M | $127M | −$27.0M | $126M | $154M | $165M | $118M | $214M |
| Net income | $962M | $307M | $1.2B | $815M | $309M | $746M | $861M | $921M | $824M | $921M |
| Diluted EPS | $3.53 | $1.14 | $4.83 | $3.50 | $1.35 | $3.30 | $4.01 | $4.56 | $4.33 | $5.11 |
| Diluted shares | 0.27B | 0.27B | 0.25B | 0.23B | 0.23B | 0.23B | 0.22B | 0.20B | 0.19B | 0.18B |
| Cash flow | ||||||||||
| Cash from operations | $925M | $936M | $1.1B | $1.0B | $768M | $1.6B | $1.5B | $1.3B | $1.0B | $1.3B |
| Capital expenditure | $446M | $423M | $369M | $339M | $317M | $375M | $354M | $402M | $364M | $383M |
| Free cash flow | $479M | $513M | $738M | $675M | $451M | $1.2B | $1.1B | $864M | $650M | $929M |
| Depreciation and amortization | $449M | $447M | $437M | $416M | $391M | $390M | $397M | $395M | $382M | $401M |
| Stock-based compensation | $71.0M | $77.0M | $35.0M | $52.0M | $57.0M | $138M | $66.0M | $94.0M | $66.0M | $81.0M |
| Acquisitions | $186M | $331M | $23.0M | $2.0M | $15.0M | $0.0M | $202M | $1.0M | $13.0M | $1.0M |
| Share buybacks | $241M | $582M | $1.8B | $503M | $183M | $921M | $867M | $1.2B | $1.1B | $822M |
| Dividends paid | $22.0M | $21.0M | $20.0M | $18.0M | $18.0M | $18.0M | $17.0M | $16.0M | $12.0M | $18.0M |
| Dividends and buybacks | $263M | $603M | $1.8B | $521M | $201M | $939M | $884M | $1.2B | $1.1B | $840M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $1.3B | $1.3B | $1.1B | $1.4B | $2.3B | $2.1B | $2.0B | $2.2B | $1.4B | $2.0B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $42.0M | $40.0M | $0.0M | $0.0M | $23.0M | $97.0M | $100M |
| Inventory | $4.5B | $4.2B | $3.8B | $4.1B | $3.5B | $3.5B | $3.6B | $3.9B | $4.1B | $4.3B |
| Property and equipment, net | $2.6B | $2.7B | $2.6B | $2.5B | $2.5B | $2.5B | $2.5B | $2.5B | — | — |
| Total assets | $15.4B | $15.3B | $14.3B | $15.0B | $15.4B | $15.8B | $16.3B | $16.9B | $16.8B | $18.1B |
| Total liabilities | $9.8B | $9.7B | $9.1B | $9.5B | $9.6B | $9.0B | $9.2B | $9.9B | $9.6B | $10.3B |
| Shareholders' equity | $5.6B | $5.6B | $5.2B | $5.5B | $5.8B | $6.8B | $7.1B | $7.0B | $7.2B | $7.9B |
| Margins | ||||||||||
| Gross margin | 17.8% | 16.7% | 17.0% | 16.3% | 13.4% | — | — | — | — | — |
| EBITDA margin | 10.9% | 9.7% | 14.2% | 11.2% | 7.2% | 11.4% | — | — | — | — |
| Net margin | 7.0% | 2.2% | 8.8% | 6.0% | 2.7% | 6.0% | 6.7% | 6.7% | 6.0% | 6.2% |
| FCF margin | 3.5% | 3.6% | 5.3% | 5.0% | 3.9% | 9.9% | 8.8% | 6.3% | 4.7% | 6.3% |
| Returns | ||||||||||
| Return on equity | 18.3% | 5.5% | 22.6% | 15.2% | 5.4% | 11.8% | 12.4% | 13.1% | 11.6% | 12.2% |
| Return on assets | 6.4% | 2.0% | 8.3% | 5.6% | 2.0% | 4.8% | 5.4% | 5.6% | 4.9% | 5.3% |
| Growth | ||||||||||
| Revenue growth | 2.7% | 3.0% | −1.6% | −2.5% | −14.5% | 6.3% | 3.9% | 6.3% | 0.1% | 8.0% |
| Net income growth | 38.0% | −68.1% | 298.1% | −33.3% | −62.1% | 141.4% | 15.4% | 7.0% | −10.5% | 11.8% |
| EPS growth | 41.2% | −67.7% | 323.7% | −27.5% | −61.4% | 144.4% | 21.5% | 13.7% | −5.0% | 18.0% |
| FCF growth | −28.5% | 7.1% | 43.9% | −8.5% | −33.2% | 171.2% | −7.3% | −23.8% | −24.8% | 42.9% |
| Share count change | −2.3% | −1.3% | −5.8% | −8.1% | −1.6% | −1.1% | −5.1% | −6.1% | −5.7% | −5.3% |
| Financial health | ||||||||||
| Interest coverage | 6.0x | 5.4x | 9.3x | 6.5x | 2.7x | 7.2x | — | — | — | — |
| Capital allocation | ||||||||||
| Capex / revenue | 3.2% | 3.0% | 2.6% | 2.5% | 2.7% | 3.0% | 2.8% | 2.9% | 2.7% | 2.6% |
| Stock comp / revenue | 0.5% | 0.5% | 0.3% | 0.4% | 0.5% | 1.1% | 0.5% | 0.7% | 0.5% | 0.6% |
| Payouts / FCF | 54.9% | 117.5% | 244.3% | 77.2% | 44.6% | 76.8% | 78.0% | 137.0% | 174.5% | 90.4% |
| Quality scores | ||||||||||
| Accruals ratio | 0.3% | −4.1% | 0.8% | −1.4% | −3.0% | −5.5% | −3.9% | −2.1% | −1.1% | −2.2% |
Source: SEC EDGAR XBRL filings (CIK 0000217346). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.