Textron

TXT · NYSE · Industrials · Financials, fiscal 2016 to 2025

TXT · Last close · October 26, 2026

$78.11

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%.

Textron Inc. Latest fiscal year ended January 3, 2026 10-K filed February 11, 2026 · 0000217346-26-000006 Updated October 9, 2026

Revenue

$14.8B

8.0%

Net margin

6.2%

0.2 pts

Net income

$921M

11.8%

Free cash flow

$929M

42.9%

Return on equity

12.2%

0.6 pts

Market cap

$13.7B

Oct 26 close

P/E

14.7x

On $5.31 EPS, 4 qtrs

Net margin is net income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

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.

Its biggest risks, as it describes them

Demand for its aircraft is cyclical, and lower demand hurts its results.
Heavy reliance on the U.S. Government, whose defense spending and contract terms can change or end contracts at any time.
Risks and costs in developing new aircraft and technologies, including getting them certified.
Problems at subcontractors or suppliers that could hurt its own performance.
Strikes or other labor disputes, since many of its U.S. employees are union members.

From Textron's annual report on Form 10-K, filed February 11, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 4.2% a year and net income fell 0.5% a year, as buybacks cut the share count by 34%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Textron yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Textron's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

The example scenarios need Textron's net cash, which its filings' structured data doesn't give for its latest year. You can enter your own figure in the calculator.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions Cash and short-term investments minus debt and finance leases at January 3, 2026. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Textron's own revenue growth, as above. Cautious: growth of 2.5% then 2% a year, 2% after year 10, a 10% discount rate. Base: growth of 5% then 4% a year, 2.5% after year 10, a 9% discount rate. Optimistic: growth of 7% then 5% a year, 3% after year 10, a 8% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $78.11
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Textron's earnings per share of $5.31 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 26.7×, the middle of Textron's own P/E today, its peers' median and its sector's median (the Industrials median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 10%, 9% and 8%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to July 4, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Huntington Ingalls Industries, L3Harris, TransDigm Group, Howmet Aerospace.

Earnings growth in the years ahead (% a year) Starts at Textron's revenue growth over the last 3 years, 4.8% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $78.11
Value at this multiple, against the last close: —
Textron's P/E at the last close: 14.7×

Company	Last close	Earnings per share	P/E today
Howmet AerospaceHWM	$194.36	$4.64	41.9×
TransDigm GroupTDG	$1,129.70	$32.98	34.3×
L3HarrisLHX	$260.23	$9.92	26.2×
Huntington Ingalls IndustriesHII	$281.05	$16.78	16.7×
TextronTXT	$78.11	$5.31	14.7×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	2,117	2,035	2,181	1,441	2,025
Debt incl. finance leases	—	—	—	—	—
Net debt (negative means net cash)	—	—	—	—	—
Net debt to EBITDA	—	—	—	—	—
Debt to equity	—	—	—	—	—
Interest coverage	7.2x	—	—	—	—
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $988,594 of Textron shares on the open market, and 6 insiders sold $30.2 million.

Date	Insider	Trade	Shares	Price	Value	Filing
May 6, 2026	Clark R KerryDirector	Sold	2,517	$93.09	$234,308	Form 4
May 1, 2026	Thomas A KennedyDirector	Bought	10,300	$95.98	$988,594	Form 4
Feb 17, 2026	Lupone E RobertEVP, General Counsel & Secy	Sold	28,056	$98.84	$2.8 million	Form 4
Feb 17, 2026	Mark S BamfordVP & Corporate Controller	Sold	19,808	$97.96	$1.9 million	Form 4
Feb 13, 2026	Scott C DonnellyExecutive Chairman, Director	Sold	219,619	$98.41	$21.6 million	Form 4
Feb 13, 2026	Julie G DuffyEVP and CHRO	Sold	19,857	$98.70	$2.0 million	Form 4
Feb 13, 2026	Mark S BamfordVP & Corporate Controller	Sold	9,533	$98.68	$940,716	Form 4
Feb 13, 2026	Lisa M AthertonPresident and CEO, Director	Sold	7,600	$98.68	$749,968	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	—	—	—
Current ratio rose	—	—	—
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	—	—	—
Revenue rose relative to assets	Pass	Fail	Pass
F-score	—	—	—
Accruals ratio	−2.1%	−1.1%	−2.2%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Textron side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Textron	FY25	8.0%	—	6.3%	—	—	—
Huntington Ingalls Industries	FY25	8.2%	5.3%	6.4%	7.3%	1.9x	7	Compare
L3Harris	FY25	2.5%	9.7%	12.3%	5.8%	3.0x	8	Compare
TransDigm Group	FY25	11.2%	47.2%	20.6%	22.5%	5.9x	4	Compare
Howmet Aerospace	FY25	11.1%	24.8%	17.3%	22.4%	1.0x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	13,788	14,198	13,972	13,630	11,651	12,382	12,869	13,683	13,702	14,799
Revenue growth	2.7%	3.0%	−1.6%	−2.5%	−14.5%	6.3%	3.9%	6.3%	0.1%	8.0%
Gross profit	2,451	2,371	2,378	2,224	1,557	—	—	—	—	—
Research and development	677	634	643	647	549	619	601	570	491	521
Operating income	—	—	—	—	—	—	—	—	—	—
Net income	962	307	1,222	815	309	746	861	921	824	921
Diluted EPS (US$)	3.53	1.14	4.83	3.50	1.35	3.30	4.01	4.56	4.33	5.11
Diluted shares (millions)	272	269	253	233	229	226	215	202	190	180
Cash flow
Cash from operations	925	936	1,107	1,014	768	1,598	1,488	1,266	1,014	1,312
Capital expenditure	446	423	369	339	317	375	354	402	364	383
Free cash flow	479	513	738	675	451	1,223	1,134	864	650	929
Dividends paid	22	21	20	18	18	18	17	16	12	18
Share buybacks	241	582	1,783	503	183	921	867	1,168	1,122	822
Acquisitions	186	331	23	2	15	0	202	1	13	1
Stock-based compensation	71	77	35	52	57	138	66	94	66	81
Balance sheet at fiscal year end
Cash and short-term investments	1,298	1,262	1,107	1,357	2,254	2,117	2,035	2,181	1,441	2,025
Debt incl. finance leases	—	—	—	—	—	—	—	—	—	—
Total assets	15,358	15,340	14,264	15,018	15,443	15,827	16,293	16,856	16,838	18,129
Total liabilities	9,784	9,693	9,072	9,500	9,598	9,012	9,180	9,869	9,634	10,254
Shareholders' equity	5,574	5,647	5,192	5,518	5,845	6,815	7,113	6,987	7,204	7,875
Margins and ratios
Gross margin	17.8%	16.7%	17.0%	16.3%	13.4%	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—
Net margin	7.0%	2.2%	8.8%	6.0%	2.6%	6.0%	6.7%	6.7%	6.0%	6.2%
Free cash flow margin	3.5%	3.6%	5.3%	5.0%	3.9%	9.9%	8.8%	6.3%	4.7%	6.3%
Return on capital	—	—	—	—	—	—	—	—	—	—
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%
Net debt to EBITDA	—	—	—	—	—	—	—	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Textron's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Textron.