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- **Q4 Record Performance**: $1 billion sales, 36% order growth, and 20% backlog expansion despite $100M tariffs.
- **FY26 Guidance**: 9% sales growth to $4.2B, 70bp margin expansion, and 15% EPS growth to $10.00.
- **Segment Strengths**: Defense demand up 36%, Commercial Aerospace OE +27%, Industrial data center cooling doubling in 9 months.
- **Cash Flow Focus**: 60% free cash flow target via supply chain optimization and destocking.

**【CEO Summary Section】**
- **Record Q4 Performance**: Achieved $1 billion in quarterly sales, 36% year-over-year increase in orders, and 20% growth in backlog. Overcame $100 million in tariff headwinds while maintaining margin expansion.
- **End Market Strength**: Defense demand driven by U.S., NATO, and Indo-Pacific expansion; Commercial Aerospace benefiting from 787 production ramp-up and aftermarket stability; Industrial growth in data center cooling and medical devices.
- **FY26 Guidance**: 9% sales growth to $4.2 billion, 70bp margin expansion to 13.4%, and 15% EPS growth to $10.00. Free cash flow conversion target of 60%.

**【CFO Financial Commentary】**
- **FY25 Results**: $3.9 billion revenue (+7%), 13.0% adjusted operating margin (+30bps), $8.69 EPS (+11%). Free cash flow near high end of guidance range.
- **Q4 Highlights**: $1 billion sales (+14%), 13.7% margin (+20bps), $2.56 EPS (+19%). Commercial Aircraft segment grew 27% on OE and aftermarket strength.
- **FY26 Financials**: Sales $4.2 billion (+9%), margin 13.4% (+40bps), EPS $10.00 (+15%). Free cash flow conversion to 60%.

**【Q&A Key Highlights】**
- **Cash Flow Strategy**: Pushing out material receipts, destocking, and optimizing supply chain to reduce working capital. FY26 free cash flow target of 60%.
- **Tariff Impact**: Commercial Aircraft segment margin pressured by $100 million tariffs. Industrial and Defense segments less affected.
- **Growth Drivers**: MV-75 program expansion, CCA partnerships (e.g., XQ-58 Valkyrie), and data center cooling demand. Exploring M&A in Defense and Space markets.
- **Customer Advances**: $74 million in Q4, contributing to 2.5x cash flow conversion. Expecting moderate growth in FY26.

Moog Inc. (MOG.A) Q4 2025 Earnings Call Transcript

- **Record Q2 Performance**: $935M revenue, 12.5% operating margin, and $1.92 EPS reflect strong Defense and Commercial aftermarket growth.
- **FY25 Guidance Confirmed**: $3.7B sales, 13.0% margin, $8.20 EPS; tariffs could reduce profit by $10-20M.
- **Tariff Mitigation**: 25% steel/aluminum tariffs offset by USMCA trade optimization and supply chain adjustments.
- **A350 Inventory Headwind**: $100M+ OE inventory pressure expected to resolve in FY26.
- **Defense Growth Drivers**: 6th-gen fighters, Golden Dome, and space avionics (edge computing) fueling long-term opportunities.


**【CEO Summary Section】**
- Q2 2025 revenue reached $935 million, up 6% in Military Aircraft and 4% in Commercial Aircraft, driven by strong aftermarket demand and FLRAA program ramp-up.
- Adjusted operating margin of 12.5% (13.6% ex-employee retention credit), with Industrial margin improving 90bps to 13.4% due to simplification initiatives.
- FY25 guidance maintained at $3.7B sales, 13.0% operating margin, and $8.20 EPS. Tariffs could reduce FY25 operating profit by $10-20M, primarily impacting Commercial and Industrial businesses.
- Defense market outlook remains strong, with FY26 DoD budget expected above $1T and alignment with administration priorities (6th-gen fighters, hypersonics).
- Tariff mitigation strategies include maximizing USMCA trade agreement, optimizing supply chain, and strategic pricing adjustments.

**【CFO Financial Commentary】**
- Q2 free cash flow of $2M in line with plan; FY25 free cash flow expected at low end of prior range due to A350 OE delays and inventory pressures.
- Capital expenditures of $38M (FY25 guide: $150-160M) supporting long-term growth; share buybacks of $60M in Q2, total $100M YTD.
- Leverage ratio at 2.6x, within target range of 2-3x.
- A350 OE sales guidance reduced due to Airbus ordering patterns, offset by robust aftermarket growth.

**【Q&A Key Highlights】**
- **Tariff Impact**: 25% steel/aluminum tariffs and 10% country tariffs; Commercial (supply chain) and Industrial (Costa Rica medical pumps) most affected. Mitigations include USMCA utilization and repair/re-export administration.
- **A350 Inventory Pressure**: Holding $100M+ in A350 OE inventory due to Airbus delays; expects FY26 recovery. FY25 free cash flow generation concentrated in Q3/Q4 via receivables collections and inventory reduction.
- **Defense Program Opportunities**: 6th-gen fighters, Golden Dome (missile defense), and space avionics (edge computing) driving growth. Missiles (Hellfire, PAC-3) and space vehicles key to counter-drone defense.
- **China Trade Risks**: No direct impact on Moog due to widebody backlog; potential redistribution of orders mitigates risk.
- **787 Production Rate**: Stable at current levels, aligned with Boeing's 5-7/month production plan. Uplift in Moog volumes will follow Boeing's ramp-up.


Moog Inc. (MOG.A) Q2 2025 Earnings Call Transcript

- **Revenue Growth**: 6% YoY to $910M, driven by 15% military aircraft and 14% commercial aircraft sales.
- **Record Bookings**: $450M in space/defense, including $100M Lockheed PAC-3 win.
- **Profit Margin Expansion**: 11.8% adjusted operating margin (up 50bps YoY), 13.0% FY2025 target.
- **Cash Flow Recovery**: Q2 expected to turn positive, FY2025 free cash flow conversion 50-75%.
- **Key Risks**: Industrial headwinds from simplification, 3% FY2025 currency impact.
- **Long-Term Drivers**: CCA program engagement, Boeing 787 ramp, medical pumps growth.


**【CEO Opening Remarks】**
- Q1 FY2025 revenue of $910M, up 6% YoY, driven by strong performance in military aircraft (+15%), commercial aircraft (+14%), and space/defense (+8%).
- Record quarterly bookings of $450M in space/defense, including $100M Lockheed PAC-3 program win.
- Commercial aircraft aftermarket sales surged due to repair activity and spares provisioning.
- Operational resilience demonstrated with Tewkesbury facility recovery within 8 weeks of severe damage.
- FY2025 guidance maintained: $3.7B revenue (+3%), 13.0% adjusted operating margin, $8.20 EPS.

**【CFO Financial Breakdown】**
- Adjusted operating margin 11.8% (up 50bps YoY), driven by pricing, simplification, and higher volume on FLRAA program.
- Space/defense margin expanded 90bps to 11.9% on strong bookings and program mix.
- Industrial sales down 7% YoY due to simplification, but medical pumps business hit record sales.
- Q1 free cash flow use of $165M due to inventory build and receivables, but Q2 expected to show improvement.
- FY2025 free cash flow conversion target 50-75%, with back-half strength from inventory reduction and collections.

**【Q&A Highlights】**
- **CCA Program**: Early-stage engagement with 1-2 CCA platforms, potential for flight control actuation systems.
- **Boeing 787 Production**: Boeing targeting 10/yr rate by FY2026, Moog well-positioned to benefit from OE ramp.
- **Industrial Book-to-Bill**: >1x for first time in 2 years, signaling stabilization in automation business.
- **Medical Pumps Growth**: Competitor challenges drove record sales, expect to retain share long-term.
- **Currency Impact**: 3% FY2025 revenue headwind from weaker EUR/GBP, primarily in industrial segment.


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