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Segment Financial Information | 6 Months Ended
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Jun. 28, 2025
Segment Reporting [Abstract] |
Segment Financial Information | Segment Financial Information We operate in, and report financial information for, the following six operating segments: Textron Aviation, Bell, Textron Systems, Industrial, Textron eAviation and Finance. Segment profit for the manufacturing segments excludes the non-service components of pension and postretirement income, net; LIFO inventory provision; intangible asset amortization; interest expense, net for Manufacturing group; certain corporate expenses; gains/losses on major business dispositions; and special charges. The measurement for the Finance segment includes interest income and expense along with intercompany interest income and expense. Our revenues and expenses by segment are provided below:
(In millions) | Textron Aviation | Bell | Textron Systems | Industrial | Textron eAviation | Finance | Total
Three months ended June 28, 2025 |  |  |  |  |  |  |
Revenues | $ | 1,517 |  | $ | 1,016 |  | $ | 321 |  | $ | 839 |  | $ | 8 |  | $ | 15 |  | $ | 3,716 |
Costs and expenses: |  |  |  |  |  |  |
Cost of sales | 1,171 |  | 841 |  | 244 |  | 698 |  | 7 |  | — |  | 2,961 |
Research and development costs | 53 |  | 38 |  | 15 |  | 20 |  | 11 |  | — |  | 137 |
Selling and administrative expense | 113 |  | 57 |  | 22 |  | 67 |  | 6 |  | 2 |  | 267 |
Interest expense, net | — |  | — |  | — |  | — |  | — |  | 5 |  | 5 |
Segment profit (loss) | $ | 180 |  | $ | 80 |  | $ | 40 |  | $ | 54 |  | $ | (16) |  | $ | 8 |  | $ | 346 |
Three months ended June 29, 2024 |  |  |  |  |  |  |
Revenues | $ | 1,475 |  | $ | 794 |  | $ | 323 |  | $ | 914 |  | $ | 9 |  | $ | 12 |  | $ | 3,527 |
Costs and expenses: |  |  |  |  |  |  |
Cost of sales | 1,119 |  | 649 |  | 246 |  | 775 |  | 9 |  | — |  | 2,798 |
Research and development costs | 51 |  | 7 |  | 15 |  | 18 |  | 14 |  | — |  | 105 |
Selling and administrative expense | 110 |  | 56 |  | 27 |  | 79 |  | 4 |  | — |  | 276 |
Interest expense, net | — |  | — |  | — |  | — |  | — |  | 5 |  | 5 |
Segment profit (loss) | $ | 195 |  | $ | 82 |  | $ | 35 |  | $ | 42 |  | $ | (18) |  | $ | 7 |  | $ | 343 |
Six months ended June 28, 2025 |  |  |  |  |  |  |
Revenues | $ | 2,729 |  | $ | 1,999 |  | $ | 617 |  | $ | 1,631 |  | $ | 15 |  | $ | 31 |  | $ | 7,022 |
Costs and expenses: |  |  |  |  |  |  |
Cost of sales | 2,100 |  | 1,644 |  | 463 |  | 1,376 |  | 13 |  | — |  | 5,596 |
Research and development costs | 110 |  | 77 |  | 23 |  | 34 |  | 25 |  | — |  | 269 |
Selling and administrative expense | 212 |  | 108 |  | 51 |  | 137 |  | 10 |  | 4 |  | 522 |
Interest expense, net | — |  | — |  | — |  | — |  | — |  | 9 |  | 9 |
Segment profit (loss) | $ | 307 |  | $ | 170 |  | $ | 80 |  | $ | 84 |  | $ | (33) |  | $ | 18 |  | $ | 626 |
Six months ended June 29, 2024 |  |  |  |  |  |  |
Revenues | $ | 2,663 |  | $ | 1,521 |  | $ | 629 |  | $ | 1,806 |  | $ | 16 |  | $ | 27 |  | $ | 6,662 |
Costs and expenses: |  |  |  |  |  |  |
Cost of sales | 2,010 |  | 1,214 |  | 468 |  | 1,533 |  | 15 |  | — |  | 5,240 |
Research and development costs | 103 |  | 46 |  | 33 |  | 38 |  | 29 |  | — |  | 249 |
Selling and administrative expense | 212 |  | 99 |  | 55 |  | 164 |  | 8 |  | (8) |  | 530 |
Interest expense, net | — |  | — |  | — |  | — |  | — |  | 10 |  | 10 |
Segment profit (loss) | $ | 338 |  | $ | 162 |  | $ | 73 |  | $ | 71 |  | $ | (36) |  | $ | 25 |  | $ | 633 |
A reconciliation of segment profit to Income from continuing operations before income taxes is presented below:
| Three Months Ended | Six Months Ended
(In millions) | June 28, 2025 | June 29, 2024 | June 28, 2025 | June 29, 2024
Segment profit | $ | 346 |  | $ | 343 |  | $ | 626 |  | $ | 633 |
Unallocated amounts: |  |  |  |
Corporate expenses and other, net | (36) |  | (17) |  | (79) |  | (79) |
Interest expense, net for Manufacturing group | (26) |  | (20) |  | (51) |  | (35) |
LIFO inventory provision | (38) |  | (27) |  | (67) |  | (47) |
Intangible asset amortization | (8) |  | (9) |  | (16) |  | (17) |
Special charges | (4) |  | (13) |  | (4) |  | (27) |
Non-service components of pension and postretirement income, net | 67 |  | 66 |  | 133 |  | 132 |
Income from continuing operations before income taxes | $ | 301 |  | $ | 323 |  | $ | 542 |  | $ | 560 |
Other information by segment is provided below:
| Capital Expenditures | Depreciation and Amortization
| Three Months Ended | Six Months Ended | Three Months Ended | Six Months Ended
(In millions) | June 28, 2025 | June 29, 2024 | June 28, 2025 | June 29, 2024 | June 28, 2025 | June 29, 2024 | June 28, 2025 | June 29, 2024
Textron Aviation | $ | 37 |  | $ | 34 |  | $ | 62 |  | $ | 61 |  | $ | 40 |  | $ | 37 |  | $ | 77 |  | $ | 73 |
Bell | 18 |  | 18 |  | 33 |  | 37 |  | 28 |  | 20 |  | 50 |  | 39 |
Textron Systems | 8 |  | 7 |  | 13 |  | 15 |  | 12 |  | 12 |  | 24 |  | 23 |
Industrial | 15 |  | 14 |  | 25 |  | 25 |  | 17 |  | 17 |  | 34 |  | 35 |
Textron eAviation | — |  | 1 |  | 1 |  | 2 |  | 2 |  | 2 |  | 4 |  | 4 |
Corporate | — |  | — |  | — |  | — |  | 1 |  | 2 |  | 3 |  | 4 |
Total | $ | 78 |  | $ | 74 |  | $ | 134 |  | $ | 140 |  | $ | 100 |  | $ | 90 |  | $ | 192 |  | $ | 178 |
Our assets by segment are summarized below:
(In millions) |  |  |  |  |  | June 28, 2025 | December 28, 2024
Textron Aviation |  |  |  |  |  | $ | 4,823 |  | $ | 4,624 |
Bell |  |  |  |  |  | 3,062 |  | 2,992 |
Textron Systems |  |  |  |  |  | 2,044 |  | 2,036 |
Industrial |  |  |  |  |  | 2,391 |  | 2,378 |
Textron eAviation |  |  |  |  |  | 317 |  | 286 |
Finance |  |  |  |  |  | 684 |  | 680 |
Corporate |  |  |  |  |  | 3,755 |  | 3,842 |
Total assets |  |  |  |  |  | $ | 17,076 |  | $ | 16,838 |

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