“Looking at the growth rates by end market, we'd say defense and space is likely to lead, so high single digits maybe creeping in a low double depending on supply chain progress. We then expect OE to be high single digit growth and then still strong performance in aftermarket but continue on that path towards normalization. So call it mid to high single digit growth is the range and all that should blend to high single digit performance for 2026.”

In context

“with our to counter some of these, market conditions. Deane Dray: Thank you. Thank you, Dave. Operator: Thank you. Our next question comes from the line of Sheila Kahyaoglu with Jefferies. Please proceed with your question. Sheila Kahyaoglu: Good morning, guys, and thank you. I'll focus on Aerospace, that's okay. All three end markets grew double digits in 2025. Maybe if you could tell us the rank order of how you're thinking about 2026 end markets and any changes around the medium-term growth trajectories as we for Investor Day in June? Sean Meakim: Thanks, Sheila. Yes, I would say that we were really pleased with the progress the team made on supply chain, really great performance on volume, especially to end the year. So great momentum particularly with the order rates. Going into '26. Looking at the growth rates by end market, we'd say defense and space is likely to lead, so high single digits maybe creeping in a low double depending on supply chain progress. We then expect OE to be high single digit growth and then still strong performance in aftermarket but continue on that path towards normalization. So call it mid to high single digit growth is the range and all that should blend to high single digit performance for 2026. Sheila Kahyaoglu: Got it. Thank you. And then one on, I know a lot has been asked on margins already, but just specifically around incremental investments as we see from the defense contractors. How are you thinking about incremental investments surrounding your portfolio within aerospace and R&D focus areas? Vimal Kapur: Peter, we have been investing if you look at the broader of, you know, investments, we have been investing in supply chain. We have telegraphed earlier. More than a billion dollar investment. Then we have delivered volume growth over 14 quarters now. Digit volume growth, which results into our organic growth. Now in 2025, 2026, overall Honeywell CapEx increases about $250 million. Aero is a large part of it. And it's a good news in my view because Aero needs more volumes”