txt-20250329

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 29, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to ______.

Commission File Number 1-5480

Textron Inc.

(Exact name of registrant as specified in its charter)


Delaware						05-0315468
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

40 Westminster Street, Providence, RI						02903
(Address of principal executive offices)						(Zip code)

(401) 421-2800

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol (s)	Name of each exchange on which registered
Common stock, $0.125 par value	TXT	New York Stock Exchange (NYSE)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act (Check one):

Large accelerated filer

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No þ

As of April 11, 2025, there were 180,538,799 shares of common stock outstanding.

Table of Contents

TEXTRON INC.

Index to Form 10-Q

For the Quarterly Period Ended March 29, 2025


		Page
PART I.	FINANCIAL INFORMATION

Item 1.	Financial Statements

	Consolidated Statements of Operations (Unaudited)	3

	Consolidated Statements of Comprehensive Income (Unaudited)	4

	Consolidated Balance Sheets (Unaudited)	5

	Consolidated Statements of Cash Flows (Unaudited)	6

	Notes to the Consolidated Financial Statements (Unaudited)	8

	Note 1. Basis of Presentation	8
	Note 2. Accounts Receivable and Finance Receivables	8
	Note 3. Inventories	10
	Note 4. Accounts Payable and Warranty Liability	10
	Note 5. Leases	10
	Note 6. Debt	11
	Note 7 . Derivative Instruments and Fair Value Measurements	11
	Note 8 . Shareholders’ Equity	12
	Note 9 . Segment Financial Information	14
	Note 10 . Revenues	15
	Note 1 1 . Share-Based Compensation	16
	Note 1 2 . Retirement Plans	18
	Note 1 3 . Special Charges	18
	Note 1 4 . Income Taxes	19
	Note 1 5 . Commitments and Contingencies	19
	Note 1 6 . Subsequent Event	19

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	20

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	28

Item 4.	Controls and Procedures	28

PART II.	OTHER INFORMATION



Item 1A .	Risk Factors	28

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	28

Item 5.	Other Information	29

Item 6.	Exhibits	29

	Signatures	30

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

TEXTRON INC.

Consolidated Statements of Operations (Unaudited)


	Three Months Ended
(In millions, except per share amounts)		March 29, 2025		March 30, 2024
Revenues
Manufacturing product revenues		$	2,771	$	2,432
Manufacturing service revenues		519		688
Finance revenues		16		15
Total revenues		3,306		3,135
Costs, expenses and other
Cost of products sold		2,277		1,925
Cost of services sold		395		545
Research and development costs		132		144
Selling and administrative expense		298		316
Interest expense, net		29		20
Special charges		—		14
Non-service components of pension and postretirement income, net		(66)		(66)

Total costs, expenses and other		3,065		2,898
Income before income taxes		241		237
Income tax expense		34		36


Net income		$	207	$	201
Earnings per share


Basic		$	1.14	$	1.04



Diluted		$	1.13	$	1.03

See Notes to the Consolidated Financial Statements.

Table of Contents

TEXTRON INC.

Consolidated Statements of Comprehensive Income (Unaudited)


	Three Months Ended
(In millions)		March 29, 2025		March 30, 2024
Net income		$	207	$	201
Other comprehensive income (loss), net of tax
Pension and postretirement benefits adjustments, net of reclassifications		—		1
Foreign currency translation adjustments		40		(33)
Deferred losses on hedge contracts, net of reclassifications		(1)		(5)
Other comprehensive income (loss)		39		(37)
Comprehensive income		$	246	$	164

See Notes to the Consolidated Financial Statements.

Table of Contents

TEXTRON INC.

Consolidated Balance Sheets (Unaudited)


(Dollars in millions)	March 29, 2025		December 28, 2024
Assets
Manufacturing group
Cash and equivalents	$	1,194	$

SEC Form 10-Q filed by Textron Inc.