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# Textron CEO Lisa Atherton: 'I Am Open To Something Transformational' As Industrial Spin Proceeds
- URL: https://www.bullished.co/textron-ceo-lisa-atherton-i-am-open-to-something-transformational-as-industrial-spin-07d244f3/
- Published: 2026-10-29T13:13:17.000Z
- Updated: 2026-10-29T14:48:37.000Z
- Description: Atherton says she is keeping the powder dry for a deal as Textron reshapes into a pure-play aerospace and defense company.
- Author: Matteo Parrino
- Tags: Earnings, TXT, Industry: Industrials

Textron CEO Lisa Atherton said on the company's third-quarter earnings call Thursday that she is open to a large acquisition, telling an analyst, "I am open to something transformational." The maker of Cessna and Beechcraft aircraft, Bell helicopters and defense systems [reported $3.8 billion in revenue](https://seekingalpha.com/news/4660012-textron-non-gaap-eps-of-1%5F76-beats-by-0%5F32-revenue-of-3%5F8b-beats-by-30m?ref=bullished.co) and raised its full-year outlook.

## Powder dry for the right asset

Asked whether she wants bolt-ons or something bigger, Atherton said such a deal is what [Textron](https://www.bullished.co/tag/txt/) needs to move forward, but it has to come "at the right point in time" and be "the right asset."

She said she keeps a "game board" of targets and is wary of the multiples and quality of assets on offer, though Textron has a very strong balance sheet. Her search is "across the board," she said, including suppliers it could insource to make a more vertical business, and space-side thermal protective materials that would complement its Wilmington business. "We're keeping our powder dry," she said.

Textron also [returned $239 million](https://markets.ft.com/data/announce/detail?dockey=600-202610290630BIZWIRE%5FUSPRX%5F%5F%5F%5F20261029%5FBW612694-1&ref=bullished.co) to shareholders in the quarter by repurchasing about 2.9 million shares, CFO David Rosenberg said.

## Industrial spin stays on schedule

Atherton said the separation of the industrial segment, which makes Kautex fuel systems, golf cars and utility vehicles, remains on the 12-to-18-month timeline set in April. She declined to detail milestones, saying Textron will announce news as progress is made.

She said the industrial team accepted that the separation was the right answer for Textron and has kept serving customers through it.

## A raised outlook and the MV-75

Adjusted earnings were [$1.76 a share](https://markets.ft.com/data/announce/detail?dockey=600-202610290630BIZWIRE%5FUSPRX%5F%5F%5F%5F20261029%5FBW612694-1&ref=bullished.co), against $1.55 a year earlier. Manufacturing cash flow before pension contributions was $418 million, up from $281 million. Rosenberg said full-year adjusted earnings per share are now expected at $6.55 to $6.65, from $6.40 to $6.60, and manufacturing cash flow at $800 million to $900 million, from $700 million to $800 million. He said lower capital spending, about $100 million, was the biggest driver of the cash flow raise.

Textron Aviation revenue rose 14% to $1.7 billion on 51 jet deliveries. Textron Systems revenue rose 16% to $360 million. Bell revenue fell 9% to $933 million, mainly on lower MV-75 military volume.

Congress approved a $350 million funding request for the MV-75 tiltrotor, and about $300 million was obligated in the quarter. Rosenberg said the expected negative charge on the first low-rate production contract could rise to $110 million to $150 million if the award slips into next year. Atherton said the stopgap funding measure expires December 11.

Atherton said the Army's 2027 budget carries about $2.3 billion for the MV-75, and the stopgap spending measure expires December 11.

Learn

- [How To Read An Earnings Call Transcript: Start With Guidance, Then Find What's Missing →](https://www.bullished.co/learn/how-to-read-an-earnings-call/)  
How to read an earnings call transcript: check guidance first, look for dropped metrics, compare growth with last quarter, and watch hedged wording.

### Sources

- [Textron Non-GAAP EPS of $1.76 beats by $0.32, revenue of $3.8B beats by $30M (TXT:NYSE) | Seeking Alpha](https://seekingalpha.com/news/4660012-textron-non-gaap-eps-of-1%5F76-beats-by-0%5F32-revenue-of-3%5F8b-beats-by-30m?ref=bullished.co) — seekingalpha.com
- [Textron Reports Third Quarter 2026 Results; Raises Full Year Adjusted EPS and Cash Flow Outlook – Company Announcement - FT.com](https://markets.ft.com/data/announce/detail?dockey=600-202610290630BIZWIRE%5FUSPRX%5F%5F%5F%5F20261029%5FBW612694-1&ref=bullished.co) — Financial Times
- [Textron (TXT) Q3 Earnings Beat Estimates](https://finance.yahoo.com/markets/stocks/articles/textron-txt-q3-earnings-beat-104506099.html?.tsrc=rss&ref=bullished.co) — Yahoo Finance
- [Textron: Q3 Earnings Snapshot | wusa9.com](https://www.wusa9.com/article/syndication/associatedpress/textron-q3-earnings-snapshot/616-0eea631f-8e15-4e03-ad14-6be2cc88677a?ref=bullished.co) — Associated Press
- [Textron: Q3 Earnings Snapshot | khou.com](https://www.khou.com/article/syndication/associatedpress/textron-q3-earnings-snapshot/616-0eea631f-8e15-4e03-ad14-6be2cc88677a?ref=bullished.co) — Associated Press

### More on Textron

- [Textron Stock Soars 12%, Adding $1.6 Billion, After Raising Full-Year Profit Outlook](https://www.bullished.co/textron-stock-soars-12-adding-1-6-billion-after-raising-full-year-profit-outlook-baf953c5/)
- [Textron CFO Says MV-75 Charge Would Rise To 110 To 150 If Production Award Slips Into Next Year](https://www.bullished.co/textron-cfo-says-mv-75-charge-would-rise-to-110-to-150-if-production-award-slips-into-next-54c0da06/)
- [Textron Raises 2026 Adjusted EPS Outlook To $6.55-$6.65 And Cash Flow Target To $800 Million-$900 Million](https://www.bullished.co/textron-raises-2026-adjusted-eps-outlook-to-6-55-6-65-and-cash-flow-target-to-800-million-d2beff1d/)

[All Textron (TXT) coverage →](https://www.bullished.co/tag/txt/)