“And, quite frankly, into the next couple of years.”

In context

“t path, we should expect to see improvements in margins. So we think those improvements will be durable and steady as you've seen from 2024 to 2025. We'll see continued strength there and increases. Gautam Khanna: Thank you. Phebe Novakovic: We'll take our next question from Scott Deuschle at Deutsche Bank. Scott Deuschle: Good morning. Kim, can you walk us through what drives free cash flow conversion to the 100% range in '26? Despite that big step. Step up in CapEx? Kim Kuryea: Yeah. Sure. So we're really looking at, you know, basically strong operating performance out of the business units. And that's the major driver. Obviously, we are increasing CapEx to a significant extent, but that's factored in. And we, you know, our goal is to be at 100% and that's what we're targeting for 2026. And, quite frankly, into the next couple of years. Scott Deuschle: Okay. Just to clarify, is the Navy offering some working capital support for the Navy CapEx? Kim Kuryea: Not at this point. Scott Deuschle: Okay. Not to our knowledge. Okay. And then, Danny, given the strong orders and demand at Gulfstream, as well as the strength on the production and supply chain side, I guess, wouldn't the delivery growth in 2026 be higher than this 1% increase? Ask another way. What's the limiting factor on delivery growth at Gulfstream? Phebe Novakovic: So well, let me take that on. We have provided you with the deliveries that we are quite comfortable at the moment that we can execute. Final test, delivery tend to be the long poles in the tent. But we are working to expand our completion capacity through increased efficiency and where necessary addit”