Textron Inc. Reports $13.7 Billion Revenue and $824 Million Net Income for Fiscal Year 2024

Textron Inc. reported total revenues of $13.7 billion for the fiscal year ending December 28, 2024, a slight increase from $13.68 billion in 2023. The company’s net income for 2024 was $824 million, or $4.38 per share, compared to $921 million, or $4.61 per share, in the previous year. The increase in revenue was primarily driven by a 14% growth in the Bell segment, which saw revenues rise to $3.58 billion, largely due to higher military aircraft and support revenues associated with the Future Long Range Assault Aircraft (FLRAA) program. However, Textron Aviation experienced a revenue decline of $89 million, attributed to a strike that impacted production and delivery schedules.

The company’s operational performance was significantly affected by a labor strike at Textron Aviation, which began on September 21, 2024, and lasted until October 20, 2024, when a new five-year labor contract was ratified. This disruption led to delayed aircraft deliveries and manufacturing inefficiencies, contributing to a 13% decrease in segment profit for Textron Aviation. The Industrial segment also faced challenges, with revenues declining by $326 million due to reduced demand for Textron Specialized Vehicles products. In contrast, Textron Systems reported a revenue increase of $6 million, supported by new contract awards for the Ship-to-Shore Connector program.

Textron's total backlog at the end of 2024 reached $17.9 billion, a 29% increase from $13.9 billion in 2023. This growth was driven by significant contract awards in the Bell segment, particularly related to the FLRAA program, which contributed approximately $3 billion in new contracts. Textron Aviation's backlog also increased by $676 million, reflecting steady customer demand and the introduction of new products. The company employed approximately 34,000 employees globally, with about 80% based in the U.S. The recent labor strike affected around 5,000 employees in the Textron Aviation segment.

In terms of strategic developments, Textron invested $491 million in research and development and $364 million in capital expenditures during 2024. The company also returned $1.1 billion to shareholders through share repurchases, buying back 12.9 million shares. Looking ahead, Textron anticipates continued growth in its backlog and revenue, particularly in the Bell and Textron Systems segments, while addressing challenges in the Industrial segment and the impacts of labor relations on production efficiency. The company remains focused on developing sustainable aviation solutions through its Textron eAviation segment, which is advancing hybrid and electric aircraft technologies.