A&D Question Bank Questions for the Spring Conference Circuit

Research evidence excerpt

A&D Question Bank Questions for the Spring Conference Circuit

Seth M. Seifman, CFA AC North America Equity Research

(1-212) 622-5597 22 May 2026 J P M O R G A N

seth.m.seifman@jpmorgan.com

war? How are you thinking about the risks to demand? Is there a duration through which

the Strait would need to remain closed in order to see a meaningful impact?

• What are you assuming for global capacity growth in 2026 in your guidance?

• Where is GTF on its path towards improving aftermarket profitability and how can we

think about the potential for GTF hot-section plus upgrades and the Advantage allowing

for better durability and bringing more aircraft back on wing?

• When should we expect a more pronounced decline in AOGs at Pratt?

• What is the time period over which the spare engine ratio at Pratt should normalize?

• Given the ~25% growth Pratt is expecting in PW1100 MRO output in 2026, why

shouldn't aftermarket growth exceed the HSD forecast? Is it mainly macro risk that's

keeping the guidance there?

• What impact, if any, can Spirit’s bankruptcy have on GTF availability for other

customers?

• Why are you confident that you can ramp deliveries to meet the 2026 guide for mid-to-

high single digit growth in engine deliveries after a 6% decline in Q1?

• How much progress has Collins made in setting the Interiors business up for success as

widebody production ramps? Will we see this in results soon?

• Can you walk us through the recent framework agreements between RTX and DoD for

Tomahawk, AMRAAM, SM-3, and SM-6? When might we expect these to turn into

contracts? What does Congress have to do in terms of granting funding and/or

authorization before that can happen?

• Where can Raytheon margin rate go with good performance on these multi-year

contracts?