“As you as you go to 2026, inclusive of tariffs, we're gonna see another 80 basis points of margin expansion at the midpoint.”

In context

“offset. Neil Mitchill: Thanks, Sheila, for the question. So let me start with '25. You're right. We had about 30 basis points of margin expansion there. Would tell you that from a tariff perspective, that was a a 90 basis point drag. So if you were to add that back you know, we saw Collins, I'll call it, organic margins at 17.1%, which was really, really nice to see. Obviously, we're still living with the tariff situation. We do expect to see a bit of a tailwind as we move from 2025 to 2026 on tariffs, probably $75 million lower. And keep in mind, we're picking up an extra quarter of tariff expense in 2026. So the first quarter will be a little bit depressed on the Collins margins. As they pick up an extra quarter. But nonetheless, I'm still seeing real really good margin expansion there. As you as you go to 2026, inclusive of tariffs, we're gonna see another 80 basis points of margin expansion at the midpoint. As I said a couple minutes ago, Collins has a ton of effort going into digitizing the back office, streamlining their footprint, and we're seeing the benefits of that cost reduction activity already come through in these margins. And I think that there are several years of benefits ahead of us as a result of the work they're doing. So we are seeing that improved drop through. Obviously, '26, we've got OE growing about 10%. Those margins are probably consistent with what you'd expect for sort of a defense kind of margin, you know, low double digits. And some really robust aftermarket. About 45% of their growth coming, from the aftermarket business with the kind of drop through that you'd expect in the business at Collins. So well positioned, growing installed base, RPKs are strong, and we'”