Textron — Apr 24, 2025 release

Three Months Ended March 29, 2025 March 30, 2024 Net income - GAAP $ 207   $ 201   Add: LIFO inventory provision, net of tax 22  15  Intangible asset amortization, net of tax 6  6  Special charges, net of tax —  11  Adjusted net income - Non-GAAP $ 235   $ 233   Diluted earnings per share: Net income - GAAP $ 1.13   $ 1.03   Add: LIFO inventory provision, net of tax 0.12  0.08  Intangible asset amortization, net of tax 0.03  0.03  Special charges, net of tax —  0.06  Adjusted net income - Non-GAAP $ 1.28   $ 1.20   2025 Outlook Diluted EPS Net income - GAAP $ 955   $ 990   $ 5.19   $ 5.39   Add: LIFO inventory provision, net of tax 125 0.68 Intangible asset amortization, net of tax 25 0.13 Adjusted net income - Non-GAAP $ 1,105   — $ 1,140   $ 6.00   — $ 6.20   TEXTRON INC. Non-GAAP Financial Measures and Outlook (Continued) (Dollars in millions, except per share amounts) Manufacturing Cash Flow Before Pension Contributions and Outlook Manufacturing cash flow before pension contributions adjusts net cash from operating activities (GAAP) for the following: • Deducts capital expenditures and includes proceeds from insurance recoveries and the sale of property, plant and equipment to arrive at the net capital investment required to support ongoing manufacturing operations; • Excludes dividends received from Textron Financial Corporation (TFC) and capital contributions to TFC provided under the Support Agreement and debt agreements as these cash flows are not representative of manufacturing operations; • Adds back pension contributions as we consider our pension obligations to be debt-like liabilities. Additionally, these contributions can fluctuate significantly from period to period and we believe that they are not representative of cash used by our manufacturing