“In aerospace, we expect top-line growth in the high single-digit range organically.”

In context

“cluding Bombardier, with adjusted segment margin expansion of 40 basis points or contraction of 40 basis points excluding Bombardier to 22.5%. Adjusted earnings per share was $9.78, up 12% year over year, or up 7% excluding Bombardier. Finally, free cash flow was $5.1 billion, up 20% or up 7% excluding the impact of the Bombardier agreement, representing a 14% margin. We deployed $10 billion to capital in 2025, including $3.8 billion to repurchase 18 million shares, $2.2 billion to acquisitions, $1 billion to capital expenditures, and $3 billion to dividends. We also repaid $3.8 billion of debt to lower interest expense. All in all, a very strong performance to end the year with plenty of momentum heading into 2026. With that, let's turn to slide eight to discuss our 2026 segment outlook. In aerospace, we expect top-line growth in the high single-digit range organically. We anticipate continued end market strength supported by a resilient supply chain that continues to grow its output. Commercial OE growth should accelerate in 2026 as we move past customer destocking and ramp our shipments alongside increasing production rates, particularly in commercial air transport. Defense and space should maintain its momentum as higher global spending drives substantial orders growth and record backlog. Steady increases in flight hours in air transport and business jet underpin ongoing commercial aftermarket strength, though we expect modest normalization in growth rates from the prior year. Segment margin should expand modestly as volume leverage, better pricing alignment with tariff costs, and tapering acquisition integration costs more than offset mix pressure fr”