Textron

Textron is a US aerospace, defense and industrial company based in Providence, Rhode Island. Textron Aviation makes Cessna and Beechcraft business jets, turboprops and piston aircraft and sells parts and services. Bell makes military and commercial helicopters and tiltrotor aircraft, including the H-1 helicopters and the MV-75 Cheyenne, the US Army's new long-range assault aircraft. Textron Systems makes armored land vehicles, uncrewed systems and training services.

The Industrial segment includes Kautex, which makes fuel systems for cars, and Textron Specialized Vehicles, which makes E-Z-GO golf carts and other vehicles. A small Finance segment lends to aircraft buyers. Revenues were $3.83 billion in Q2 2026. In April 2026, Textron said that it intends to separate its Industrial segment.

The market prices Textron for slow profit growth and for the risk on its large new military program. Segment profit at Textron Aviation and Bell fell in Q2 2026 because of manufacturing inefficiencies, lower jet deliveries and program mix. The MV-75 Cheyenne is Bell's most important future program, and its funding depends on US budget decisions: Textron's 2026 outlook assumes extra 2026 funding through an Above Threshold Reprogramming request, and without it adjusted EPS could be $0.20 to $0.30 lower and cash flow $150 million to $250 million lower. Investors also value Textron as a conglomerate with a low-margin Industrial segment.

Results are on plan: in Q2 2026, revenues rose to $3.83 billion and adjusted EPS rose to $1.62 from $1.55, and Textron kept its 2026 guidance of adjusted EPS of $6.40 to $6.60. For the gap to close, three things must be true. The MV-75 must get its funding and move through development on schedule. Textron Aviation must turn its $8.0 billion backlog into more deliveries with better margins.

Textron must complete the separation of the Industrial segment, by a sale or a spin-off, within 12 to 18 months of April 2026, as planned. The Q3 2026 report on October 29, 2026, is the next test. The 2027 guidance in January 2027 is the main test. If these checks pass, the gap can close over the next four to six quarters.

The main reason it may not close is a delay or a cut in MV-75 funding.

1. Oct 29, 2026Pending

   Q3 2026 earnings: MV-75 funding and deliveriesResults on track for the $6.40 to $6.60 adjusted EPS guidance with the extra MV-75 funding received pass; a cut to the guidance or a funding delay fails.
2. Jan 2027 · est.Pending

   2026 results, the 2027 guidance and the Industrial separationA 2027 outlook with higher earnings and a clear path to sell or spin off the Industrial segment passes; lower guidance or a stalled separation fails.

Every passed and failed checkpoint across all picks

At July 4, 2026, Textron's manufacturing group had cash and equivalents of $1.44 billion and debt of $3.47 billion, of which $355 million was due within 12 months. Net debt to capital was 20% and debt to capital was 30%, with shareholders' equity of $8.05 billion. Read more

• The MV-75 Cheyenne depends on US Army funding. Textron's 2026 outlook assumes extra funding. Without it, adjusted EPS could be $0.20 to $0.30 lower and cash flow $150 million to $250 million lower.
• Demand for business jets depends on the economy and on corporate profits. Lower orders, or more manufacturing inefficiencies, can lower Textron Aviation's deliveries and margins.
• The separation of the Industrial segment may take longer than planned, or bring a lower price than investors expect.
• Tariffs and supply chain problems can raise costs for aircraft and industrial products.

• September 29, 2026Textron said that it will report Q3 2026 results on October 29, 2026.
• July 28, 2026Textron reported Q2 2026 results. Revenues rose 3% to $3.83 billion. GAAP EPS was $1.42 and adjusted EPS was $1.62, up from $1.55. Textron Aviation delivered 40 jets and 44 turboprops and had a backlog of $8.0 billion. Bell revenues rose 6% to $1.1 billion with higher H-1 and MV-75 volume, and Bell's backlog was $7.5 billion. Textron kept its 2026 guidance and bought back $209 million of shares.
• April 30, 2026Textron said that it intends to separate its Industrial segment, Kautex and Textron Specialized Vehicles, from its aerospace and defense businesses. It will look at a sale or a tax-free spin-off and targets completion within 12 to 18 months.