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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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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Loss on Bad Debts

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Loss on Disposal of Assets

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Other Non-Operating Income (Loss)

Net Interest Expense

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Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

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Other Adjustments

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Other Comprehensive Income

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Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

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MOG.B

MOG.B fundamentals

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