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Segments | 12 Months Ended
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Sep. 27, 2025
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] |
Segments | Segments Space and Defense. We manufacture critical defense components and motion-control systems used in defense vehicle platforms, missile systems, naval ships and submarines. We also manufacture high-performance components and systems used for space launch vehicles, satellites and spacecraft vehicles. Military Aircraft. We design, manufacture and integrate primary and secondary flight controls, mission-critical actuation systems, and products for various military fixed-wing aircraft and rotorcraft for both OEM and aftermarket customers. Our military production programs include the F-35 Joint Strike Fighter and we are currently working on the development of the Textron Bell MV-75 and other classified funded development military programs. Aftermarket sales, which represented 23%, 23% and 26% of 2025, 2024 and 2023 sales, respectively, consist of the maintenance, upgrades, spares, repairs and overhauls for military depots and existing fleets. Commercial Aircraft. We design, manufacture and integrate primary and secondary flight-critical control systems and products for various commercial aircraft including widebody, narrowbody, business jets and regional jets for both OEM and aftermarket customers. Our large commercial production programs include the Boeing 787 and the Airbus A350 programs. Our additional production programs include the Boeing 737 MAX, the Airbus A320 and A330, the Embraer E195-E2 and various Gulfstream business jets. Aftermarket sales, which represented 37%, 33% and 34% of 2025, 2024 and 2023 sales, respectively, consist of support for the maintenance, upgrades, spares, repairs and overhauls for aircraft operators worldwide. Industrial. W e provide customized, high-performance motion control components and systems for industrial automation, medical, simulation and test and energy applications. Our offerings include precision components used in heavy machinery, medical devices and components, power generation products, as well as simulation platforms for flight training and material testing applications. Disaggregation of net sales by segment are as follows:
Market Type |  | 2025 |  | 2024 |  | 2023
Net sales: |  |  |  |  |  |
Space |  | $ | 474,517 |  |  | $ | 434,936 |  |  | $ | 407,009 |
Defense |  | 638,511 |  |  | 583,212 |  |  | 540,242 |
Space and Defense |  | 1,113,028 |  |  | 1,018,148 |  |  | 947,251 |
Original Equipment Manufacturers |  | 687,261 |  |  | 624,575 |  |  | 536,562 |
Aftermarket |  | 200,875 |  |  | 186,991 |  |  | 183,770 |
Military Aircraft |  | 888,136 |  |  | 811,566 |  |  | 720,332 |
Original Equipment Manufacturers |  | 572,971 |  |  | 524,699 |  |  | 431,521 |
Aftermarket |  | 330,908 |  |  | 263,401 |  |  | 234,362 |
Commercial Aircraft |  | 903,879 |  |  | 788,100 |  |  | 665,883 |
Energy |  | 141,679 |  |  | 137,854 |  |  | 123,864 |
Industrial Automation |  | 401,697 |  |  | 443,580 |  |  | 485,502 |
Simulation and Test |  | 141,551 |  |  | 155,889 |  |  | 124,980 |
Medical |  | 270,654 |  |  | 253,823 |  |  | 248,378 |
Industrial |  | 955,581 |  |  | 991,146 |  |  | 982,724 |
Net sales |  | $ | 3,860,624 |  |  | $ | 3,608,960 |  |  | $ | 3,316,190 |
Customer Type |  | 2025 |  | 2024 |  | 2023
Net sales: |  |  |  |  |  |
Commercial |  | $ | 187,528 |  |  | $ | 172,829 |  |  | $ | 112,777 |
U.S. Government (including OEM) |  | 798,956 |  |  | 754,057 |  |  | 778,229 |
Other |  | 126,544 |  |  | 91,262 |  |  | 56,245 |
Space and Defense |  | 1,113,028 |  |  | 1,018,148 |  |  | 947,251 |
U.S. Government (including OEM) |  | 657,813 |  |  | 582,688 |  |  | 505,794 |
Other |  | 230,323 |  |  | 228,878 |  |  | 214,538 |
Military Aircraft |  | 888,136 |  |  | 811,566 |  |  | 720,332 |
Commercial |  | 853,045 |  |  | 751,110 |  |  | 632,878 |
Other |  | 50,834 |  |  | 36,990 |  |  | 33,005 |
Commercial Aircraft |  | 903,879 |  |  | 788,100 |  |  | 665,883 |
Commercial |  | 933,664 |  |  | 971,868 |  |  | 965,867 |
U.S. Government (including OEM) |  | 4,648 |  |  | 10,438 |  |  | 5,204 |
Other |  | 17,269 |  |  | 8,840 |  |  | 11,653 |
Industrial |  | 955,581 |  |  | 991,146 |  |  | 982,724 |
Commercial |  | 1,974,237 |  |  | 1,895,807 |  |  | 1,711,522 |
U.S. Government (including OEM) |  | 1,461,417 |  |  | 1,347,183 |  |  | 1,289,227 |
Other |  | 424,970 |  |  | 365,970 |  |  | 315,441 |
Net sales |  | $ | 3,860,624 |  |  | $ | 3,608,960 |  |  | $ | 3,316,190 |
Revenue Recognition Method |  | 2025 |  | 2024 |  | 2023
Net sales: |  |  |  |  |  |
Over-time |  | $ | 997,351 |  |  | $ | 909,638 |  |  | $ | 883,727 |
Point in time |  | 115,677 |  |  | 108,510 |  |  | 63,524 |
Space and Defense |  | 1,113,028 |  |  | 1,018,148 |  |  | 947,251 |
Over-time |  | 732,837 |  |  | 656,576 |  |  | 602,333 |
Point in time |  | 155,299 |  |  | 154,990 |  |  | 117,999 |
Military Aircraft |  | 888,136 |  |  | 811,566 |  |  | 720,332 |
Over-time |  | 636,760 |  |  | 587,233 |  |  | 497,221 |
Point in time |  | 267,119 |  |  | 200,867 |  |  | 168,662 |
Commercial Aircraft |  | 903,879 |  |  | 788,100 |  |  | 665,883 |
Over-time |  | 114,699 |  |  | 142,425 |  |  | 137,338 |
Point in time |  | 840,882 |  |  | 848,721 |  |  | 845,386 |
Industrial |  | 955,581 |  |  | 991,146 |  |  | 982,724 |
Over-time |  | 2,481,647 |  |  | 2,295,872 |  |  | 2,120,619 |
Point in time |  | 1,378,977 |  |  | 1,313,088 |  |  | 1,195,571 |
Net sales |  | $ | 3,860,624 |  |  | $ | 3,608,960 |  |  | $ | 3,316,190 |
Sales to Boeing were $396,784, $417,275 and $349,961, or 10%, 12% and 11% of sales, in 2025, 2024 and 2023, respectively. Sales arising from U.S. Government prime or sub-contracts, including military sales to Boeing are made primarily from our Military Aircraft and Space and Defense segments and are included in the Customer Type table above. The Company’s Chief Operating Decision Maker (“CODM”) is the President and Chief Executive Officer. The CODM is responsible for allocating resources and assessing performance based on the segment’s operating profit or loss, among other considerations. Segment operating profit is net sales less cost of sales and other operating expenses, excluding interest expense, equity-based compensation, non-service pension expense and other corporate expenses. Cost of sales and other operating expenses are directly attributable to the respective segment or allocated on the basis of sales, headcount or profit. We report results to our CODM under our four segments identified as Space and Defense, Military Aircraft, Commercial Aircraft and Industrial. Disaggregation of operating results by segment and reconciliations to consolidated amounts are as follows:
|  | Fiscal Year Ended
(dollars in thousands) |  | September 27, 2025 |  | September 28, 2024 |  | September 30, 2023
Net sales: |  |  |  |  |  |
Space and Defense |  | $ | 1,113,028 |  |  | $ | 1,018,148 |  |  | $ | 947,251 |
Military Aircraft |  | 888,136 |  |  | 811,566 |  |  | 720,332 |
Commercial Aircraft |  | 903,879 |  |  | 788,100 |  |  | 665,883 |
Industrial |  | 955,581 |  |  | 991,146 |  |  | 982,724 |
Total net sales |  | $ | 3,860,624 |  |  | $ | 3,608,960 |  |  | $ | 3,316,190 |
Cost of sales: |  |  |  |  |  |
Space and Defense |  | $ | 800,982 |  |  | $ | 734,844 |  |  | $ | 718,545 |
Military Aircraft |  | 656,054 |  |  | 604,285 |  |  | 552,268 |
Commercial Aircraft |  | 720,296 |  |  | 617,858 |  |  | 505,884 |
Industrial |  | 617,470 |  |  | 632,538 |  |  | 637,393 |
Total cost of sales |  | $ | 2,794,802 |  |  | $ | 2,589,525 |  |  | $ | 2,414,090 |
Inventory write-down: |  |  |  |  |  |
Space and Defense |  | $ | 939 |  |  | $ | 1,918 |  |  | $ | — |
Military Aircraft |  | 1,625 |  |  | 175 |  |  | 1,616 |
Commercial Aircraft |  | — |  |  | — |  |  | — |
Industrial |  | 5,910 |  |  | 4,934 |  |  | 2,729 |
Total inventory write-down |  | $ | 8,474 |  |  | $ | 7,027 |  |  | $ | 4,345 |
Research and development: |  |  |  |  |  |
Space and Defense |  | $ | 25,511 |  |  | $ | 26,084 |  |  | $ | 16,736 |
Military Aircraft |  | 24,549 |  |  | 23,475 |  |  | 33,941 |
Commercial Aircraft |  | 7,798 |  |  | 11,930 |  |  | 9,485 |
Industrial |  | 35,813 |  |  | 51,284 |  |  | 46,389 |
Total research and development |  | $ | 93,671 |  |  | $ | 112,773 |  |  | $ | 106,551 |
Selling, general and administrative: |  |  |  |  |  |
Space and Defense |  | $ | 152,820 |  |  | $ | 122,568 |  |  | $ | 112,426 |
Military Aircraft |  | 108,902 |  |  | 89,779 |  |  | 70,882 |
Commercial Aircraft |  | 65,605 |  |  | 59,170 |  |  | 65,700 |
Industrial |  | 176,363 |  |  | 182,005 |  |  | 189,511 |
Selling, general and administrative for reportable segments |  | $ | 503,690 |  |  | $ | 453,522 |  |  | $ | 438,519 |
Corporate expenses |  | 33,570 |  |  | 32,772 |  |  | 25,836 |
Equity based compensation expense |  | 16,708 |  |  | 14,959 |  |  | 10,582 |
Total selling, general and administrative |  | $ | 553,968 |  |  | $ | 501,253 |  |  | $ | 474,937 |
Other operating (income) expenses: |  |  |  |  |  |
Space and Defense |  | $ | 1,639 |  |  | $ | 5,849 |  |  | $ | 3,437 |
Military Aircraft |  | (1,751) |  |  | 8,349 |  |  | 1,000 |
Commercial Aircraft |  | (1,613) |  |  | 265 |  |  | (1,223) |
Industrial |  | 12,106 |  |  | 27,185 |  |  | 5,433 |
Total other operating expenses |  | $ | 10,381 |  |  | $ | 41,648 |  |  | $ | 8,647 |
Other segment operating income and expenses include restructuring, asset impairments, fair value adjustments, gains or losses on business disposals, royalty income and miscellaneous income and expenses.
|  | 2025 |  | 2024 |  | 2023
Operating profit: |  |  |  |  |  |
Space and Defense |  | $ | 131,137 |  |  | $ | 126,885 |  |  | $ | 96,107 |
Military Aircraft |  | 98,757 |  |  | 85,503 |  |  | 60,625 |
Commercial Aircraft |  | 111,793 |  |  | 98,877 |  |  | 86,037 |
Industrial |  | 107,919 |  |  | 93,200 |  |  | 101,269 |
Total operating profit |  | 449,606 |  |  | 404,465 |  |  | 344,038 |
Deductions from operating profit: |  |  |  |  |  |
Interest expense |  | 72,075 |  |  | 66,330 |  |  | 59,838 |
Equity-based compensation expense |  | 16,708 |  |  | 14,959 |  |  | 10,582 |
Pension settlement |  | — |  |  | — |  |  | 12,542 |
Non-service pension expense |  | 7,719 |  |  | 12,685 |  |  | 12,324 |
Corporate and other expenses, net |  | 40,456 |  |  | 40,745 |  |  | 27,232 |
Earnings before income taxes |  | $ | 312,648 |  |  | $ | 269,746 |  |  | $ | 221,520 |
Depreciation and amortization: |  |  |  |  |  |
Space and Defense |  | $ | 24,937 |  |  | $ | 21,895 |  |  | $ | 20,067 |
Military Aircraft |  | 34,424 |  |  | 31,327 |  |  | 30,449 |
Commercial Aircraft |  | 18,780 |  |  | 16,116 |  |  | 12,678 |
Industrial |  | 25,420 |  |  | 26,482 |  |  | 25,897 |
Corporate |  | 167 |  |  | 207 |  |  | 213 |
Total depreciation and amortization |  | $ | 103,728 |  |  | $ | 96,027 |  |  | $ | 89,304 |
Identifiable assets: |  |  |  |  |  |
Space and Defense |  | $ | 1,213,618 |  |  | $ | 1,035,716 |  |  | $ | 1,011,724 |
Military Aircraft |  | 1,041,046 |  |  | 961,056 |  |  | 866,590 |
Commercial Aircraft |  | 1,052,419 |  |  | 953,053 |  |  | 779,949 |
Industrial |  | 1,102,533 |  |  | 1,098,953 |  |  | 1,086,818 |
Corporate |  | 16,439 |  |  | 28,869 |  |  | 23,266 |
Total assets |  | $ | 4,426,055 |  |  | $ | 4,077,647 |  |  | $ | 3,768,347 |
Capital expenditures: |  |  |  |  |  |
Space and Defense |  | $ | 59,162 |  |  | $ | 47,170 |  |  | $ | 66,613 |
Military Aircraft |  | 37,422 |  |  | 52,741 |  |  | 47,699 |
Commercial Aircraft |  | 23,283 |  |  | 28,750 |  |  | 31,887 |
Industrial |  | 24,787 |  |  | 23,290 |  |  | 30,949 |
Corporate |  | 77 |  |  | 44 |  |  | 161 |
Total capital expenditures |  | $ | 144,731 |  |  | $ | 151,995 |  |  | $ | 177,309 |
Sales, based on the customer’s location, and property, plant and equipment by geographic area are as follows:
|  | 2025 |  | 2024 |  | 2023
Net sales: |  |  |  |  |  |
United States |  | $ | 2,432,811 |  |  | $ | 2,319,352 |  |  | $ | 2,153,121 |
Germany |  | 247,354 |  |  | 164,794 |  |  | 203,661 |
Other |  | 1,180,459 |  |  | 1,124,814 |  |  | 959,408 |
Net sales |  | $ | 3,860,624 |  |  | $ | 3,608,960 |  |  | $ | 3,316,190 |
Property, plant and equipment, net: |  |  |  |  |  |
United States |  | $ | 704,707 |  |  | $ | 636,828 |  |  | $ | 546,335 |
United Kingdom |  | 138,168 |  |  | 128,363 |  |  | 126,059 |
Other |  | 177,031 |  |  | 163,397 |  |  | 153,866 |
Property, plant and equipment, net |  | $ | 1,019,906 |  |  | $ | 928,588 |  |  | $ | 826,260 |

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