“Earnings per share is now projected at $29.95 and to $30.65, driven by higher year-to-date profits and a lower effective tax rate.”

In context

“Evan Scott : Thank you, Jim. Good morning, everyone. I'll begin with an overview of our consolidated results, which, as Jim said, we're strong both operationally and financially. I'll then cover our increased full year 2026 guidance before handing it over to Mark to discuss segment-level details. As you can see on Slide 3, the second quarter was record setting for our backlog, which now totals $230 billion, an increase of roughly $64 billion versus second quarter of 2025. We recorded a second quarter book-to-bill ratio of 3.2:1. The backlog increase includes $65 billion of orders realized during the quarter, the largest being the multiyear FAD contract as well as new RADAR awards within RMS and strategic wins in space. This deep book of contracts will fuel our sales growth for years to come, and we saw this top line acceleration begin to show up in the second quarter. We recorded sales of $20.1 billion, a $1.9 billion, 11% increase over the same period last year. This growth was primarily driven by accelerating munition programs in MFC and further supported by all other segments, including strong performance in F-35 production and Aeronautics, the MIC 2 portfolio in RMS and the strategic and missile defense programs in space. The year-over-year comparison also benefits from the absence of unfavorable adjustments we took in the second quarter of 2025. Excluding those adjustments, we grew sales 7% year-over-year. The performance exceeded our sales expectations in the second quarter, giving us confidence in a stronger 2026 trajectory that we'll discuss shortly. The second quarter segment operating margin was 10.8% as profit climbed to $2.2 billion, and earnings per share rose to $7.94, both posting market improvements from the prior year. These gains mostly reflect the absence of unfavorable profit adjustments recorded in the second quarter of 2025. Free cash flow rose by $3 billion, moving from a negative $150 million in the same period in the prior year to a positive $2.9 billion this quarter. The largest contributors include the favorable timing of customer receipts, which accelerated cash inflows and lower tax payments. We restored the temporary dip in free cash flow that resulted from the ERP rollout last quarter, reflecting the effectiveness of the planned recovery we outlined earlier this year. During the quarter, we invested $876 million in capital assets and research and development. This included production capacity upgrades next-generation mission facilities and AI-enabled autonomous manufacturing infrastructure. We also funded new symptom counter UAS solutions, autonomous weapon systems and AI-driven analytics that improve mission planning and real-time decision-making across our portfolio. Building on disciplined capital allocation, sustained cash flow generation and focused R&D, we strengthened our competitive edge. We are poised to convert our financial strength into growth-driven transactions. The upcoming Ultra maritime acquisition made possible by our robust balance sheet and strong cash flows exemplifies how we are leveraging this flexibility to pursue strategic inorganic expansion. The underlying strength of our fundamentals enabled us to fund increased investments to add capacity and meet the demand that Jim outlined earlier Rob returning $796 million to shareholders through dividends in the second quarter, showing that we can invest for growth and deliver tangible shareholder value at the same time. Turning to Slide 4. I'm pleased to report that we are raising our outlook across every key metric. Building on the momentum we generated in Q2, we now expect total sales of $79.75 billion to $ 81.75 billion, representing an 8% year-over-year increase at the midpoint, up from the prior 5% guidance. This uplift is driven primarily by our volume on F-35 production in aero, radars and RMS. Correspondingly, we are increasing our segment operating profit target to now $8.5 billion to $8.7 billion. This revised outlook reinforces 2 important growth dynamics. First, is that our growth is clearly accelerating. Through the first half of this year, we grew sales at mid-single-digit pace year-over-year. Our revised outlook pegs our second half 2026 growth rate in the high single digits and perhaps even the low double digits, a year-over-year increase of between 7% and 12% as compared to the second half of 2025. Secondly, is that this accelerating growth is broad-based. Every segment at Lockemord will grow faster in the back half of 2026 on both the top and bottom lines. MFC is clearly leading the way for our growth, but as we've described, our entire portfolio is accelerating, and we've reinforced that with this higher sales and segment operating profit outlook. Our free cash flow outlook is increasing too. As I began to signal last quarter, we now expect a range of $7 billion to $7.2 billion. This improvement includes the favorable corporate alternative minimum tax IRS guidance we highlighted earlier this year, -- we're also confident that stronger working capital dynamics will improve our cash conversion cycles. We remain dynamic and disciplined in our capital allocation decisions, continually weighing the most value-enhancing approaches for deployment. Earnings per share is now projected at $29.95 and to $30.65, driven by higher year-to-date profits and a lower effective tax rate. We are also updating our capital expenditure guidance to a range of $2 billion to $2.4 billion reflecting efficiencies realized in MFC's munitions buildout. Expanding Munitions capacity as quickly as possible is our top priority, and our teams are relentlessly pursuing the most efficient ways to do so. Our framework agreements and related awards remain cash neutral so these efficiencies are well aligned with our customers' objectives. Now I will turn the call over to Mark, who will cover the segments in more detail.”