v3.26.1
SEGMENTS
 6 Months Ended
Mar. 28, 2026
Segment Reporting [Abstract]  
SEGMENTS SEGMENTS
The Company’s businesses are organized and managed in three reporting segments: Power & Control, Airframe and Non-aviation. Refer to Note 15, “Segments,” in Part IV, Item 15. Exhibits and Financial Statement Schedules, of our Annual Report on Form 10-K for the fiscal year ended September 30, 2025, filed on November 12, 2025, for further information on the composition of the Company's segments.
The Company’s segments are reported on the same basis used internally by our Chief Operating Decision Maker (“CODM”) for evaluating performance and for allocating resources. The Company’s CODM is collectively the President and Chief Executive Officer and Co-Chief Operating Officers. The primary measurement used internally by our CODM and management to review and assess the operating performance of each segment is EBITDA As Defined. Actual results are compared to plan, forecast and prior year on a monthly basis. The Company defines EBITDA As Defined as earnings before interest, taxes, depreciation and amortization plus certain non-operating items recorded as corporate expenses including non-cash compensation charges incurred in connection with the Company’s stock incentive or deferred compensation plans, foreign currency gains and losses, acquisition-integration costs, acquisition transaction-related expenses, and refinancing costs. Acquisition transaction and integration-related expenses represent costs incurred to integrate acquired businesses into TD Group’s operations; facility relocation costs and other acquisition-related costs; transaction and valuation-related costs for acquisitions comprising deal fees, legal, financial and tax due diligence expenses; amortization expense of inventory step-up recorded in connection with the purchase accounting of acquired businesses.
EBITDA As Defined is not a measurement of financial performance under U.S. GAAP. Although the Company uses EBITDA As Defined to assess the performance of its business and for various other purposes, the use of this non-GAAP financial measure as an analytical tool has limitations, and it should not be considered in isolation or as a substitute for analysis of the Company’s results of operations as reported in accordance with U.S. GAAP.
The accounting policies for each segment are the same as those described in Note 1, “Summary of Significant Accounting Policies,” in Part IV, Item 15. Exhibits and Financial Statement Schedules, of our Annual Report on Form 10-K for the fiscal year ended September 30, 2025, filed on November 12, 2025. Intersegment sales and transfers are recorded at values based on market prices, which creates intercompany profit on intersegment sales or transfers that is eliminated in consolidation. Intersegment sales were immaterial for the periods presented below. Corporate consists of our corporate offices. Corporate expenses consist primarily of compensation, benefits, professional services and other administrative costs incurred by the corporate offices. Corporate assets consist primarily of cash and cash equivalents. Corporate expenses and assets reconcile reportable segment data to the consolidated totals. An immaterial amount of corporate expenses is allocated to the operating segments.
The following table sets forth, for the periods indicated, certain financial information by reportable segment, which includes a reconciliation of EBITDA As Defined to consolidated income from continuing operations before income taxes (in millions):
Thirteen Week Period Ended March 28, 2026
Power & ControlAirframeNon-aviationTotal
Net sales to external customers
Commercial and non-aerospace OEM$278 $325 $603 
Commercial and non-aerospace aftermarket431 408 839 
Defense657 400 1,057 
Non-aviation— — 45 45 
Net sales1,366 1,133 45 2,544 
Less:
Other segment expenses (1)
632 520 26 
Total segment EBITDA As Defined734 613 19 1,366 
Less: Unallocated corporate EBITDA As Defined29 
Depreciation and amortization expense105 
Interest expense-net484 
Acquisition transaction and integration-related expenses19 
Non-cash stock and deferred compensation expense26 
Other, net3 
Income from continuing operations before income taxes$700 
(1)Primarily represents cost of sales, selling expenses, general and administrative expenses, research and development, and miscellaneous income or expense. Excludes depreciation and amortization; non-cash stock and deferred compensation expense; foreign currency transaction gains or losses and acquisition transaction and integration-related expenses.
Twenty-Six Week Period Ended March 28, 2026
Power & ControlAirframeNon-aviationTotal
Net sales to external customers
Commercial and non-aerospace OEM$524 $613 $1,137 
Commercial and non-aerospace aftermarket802 769 1,571 
Defense1,264 771 2,035 
Non-aviation— — 85 85 
Net sales2,590 2,153 85 4,828 
Less:
Other segment expenses (1)
1,201 990 50 
Total segment EBITDA As Defined1,389 1,163 35 2,587 
Less: Unallocated corporate EBITDA As Defined53 
Depreciation and amortization expense205 
Interest expense-net959 
Acquisition transaction and integration-related expenses31 
Non-cash stock and deferred compensation expense53 
Other, net14 
Income from continuing operations before income taxes$1,272 
(1)Primarily represents cost of sales, selling expenses, general and administrative expenses, research and development, and miscellaneous income or expense. Excludes depreciation and amortization; non-cash stock and deferred compensation expense; foreign currency transaction gains or losses; acquisition transaction and integration-related expenses and payroll withholding taxes related to dividend equivalent payments.
Thirteen Week Period Ended March 29, 2025
Power & ControlAirframeNon-aviationTotal
Net sales to external customers
Commercial and non-aerospace OEM$232 $305 $537 
Commercial and non-aerospace aftermarket343 356 699 
Defense533 341 874 
Non-aviation— — 40 40 
Net sales1,108 1,002 40 $2,150 
Less:
Other segment expenses (1)
472 473 24 
Total segment EBITDA As Defined636 529 16 1,181 
Less: Unallocated corporate EBITDA As Defined19 
Depreciation and amortization expense89 
Interest expense-net378 
Acquisition transaction and integration-related expenses9 
Non-cash stock and deferred compensation expense48 
Other, net16 
Income from continuing operations before income taxes$622 
(1)Primarily represents cost of sales, selling expenses, general and administrative expenses, research and development, and miscellaneous income or expense. Excludes depreciation and amortization; non-cash stock and deferred compensation expense; foreign currency transaction gains or losses and acquisition transaction and integration-related expenses.
Twenty-Six Week Period Ended March 29, 2025
Power & ControlAirframeNon-aviationTotal
Net sales to external customers
Commercial and non-aerospace OEM$426 $583 $1,009 
Commercial and non-aerospace aftermarket681 690 1,371 
Defense1,027 676 1,703 
Non-aviation— — 73 73 
Net sales2,134 1,949 73 $4,156 
Less:
Other segment expenses (1)
912 904 45 
Total segment EBITDA As Defined1,222 1,045 28 2,295 
Less: Unallocated corporate EBITDA As Defined71 
Depreciation and amortization expense179 
Interest expense-net756 
Acquisition transaction and integration-related expenses22 
Non-cash stock and deferred compensation expense73 
Other, net(47)
Income from continuing operations before income taxes$1,241 
(1)Primarily represents cost of sales, selling expenses, general and administrative expenses, research and development, and miscellaneous income or expense. Excludes depreciation and amortization; non-cash stock and deferred compensation expense; foreign currency transaction gains or losses; acquisition transaction and integration-related expenses and payroll withholding taxes related to dividend equivalent payments.
The following table presents capital expenditures and depreciation and amortization by segment (in millions):
Thirteen Week Periods Ended Twenty-Six Week Periods Ended
March 28, 2026March 29, 2025March 28, 2026March 29, 2025
Capital expenditures
Power & Control$36 $29 $66 $49 
Airframe35 25 59 46 
Non-aviation— 2 6 3 
$71 $56 $131 $98 
Depreciation and amortization
Power & Control56 43 109 86 
Airframe47 44 93 90 
Non-aviation2 2 3 3 
$105 $89 $205 $179 
The following table presents total assets by segment (in millions):
March 28, 2026September 30, 2025
Total assets
Power & Control$11,171 $9,859 
Airframe10,434 10,267 
Non-aviation205 202 
Corporate (1)
3,632 2,581 
$25,442 $22,909 
(1)Corporate consists of our corporate offices and does not constitute an operating segment. These amounts are included to reconcile to total consolidated assets.