“Gulfstream deliveries will be 160 with a little upside.”

In context

“pping up with income taxes. Our 2025 full-year effective tax rate ended up at 17.5%, consistent with our guidance. Looking ahead to 2026, we expect the tax rate to remain at a similar level. Additionally, our cash taxes should remain around the same level, with both years receiving some benefit from the R&D capitalization recovery. That concludes my remarks. I'll turn it back over to you, Phebe. Phebe Novakovic: Thank you, Kim. So let me provide our operating forecast for 2026 with some color around our outlook for each business group. And then the company-wide roll-up. In 2026, we expect Aerospace revenue to be about $13.6 billion, up around $500 million over 2025. Operating margin is expected to be increased to around 14%. This should result in operating earnings of around $1.9 billion. Gulfstream deliveries will be 160 with a little upside. This is fairly close to 2025. In Combat Systems, we expect revenue in a range of $9.6 to $9.7 billion coupled with an operating margin of 14.1%. Which should lead to improved earnings around $1.36 billion at the midpoint of the revenue range. As I noted earlier, the Marine group has been on a remarkable growth story. It will continue in 2026. Our outlook for this year anticipates revenue in a range of $17.3 billion and $17.7 billion with a 30 basis point improvement at the operating margin line. This should result in operating earnings around $1.3 billion. In Technologies, 2026 revenue is expected to be up to $13.8 billion. Operating margins are expected to decrease around 30 basis points to 9.2%. We continue to see long-term low single-digit growth from the group and continued industry-l”