# EDGAR Filing Document

**Accession Number:** 0000217346
**File Stem:** 0000217346-25-000063
**Filing Date:** 2025-6
**Character Count:** 46743
**Document Hash:** 6d56b25a2638fe7c3939b9dc043bd87e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000217346-25-000063.hdr.sgml**: 20250625

**ACCESSION NUMBER**: 0000217346-25-000063

**CONFORMED SUBMISSION TYPE**: 11-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20241231

**FILED AS OF DATE**: 20250625

**DATE AS OF CHANGE**: 20250625

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TEXTRON INC
- **CENTRAL INDEX KEY:** 0000217346
- **STANDARD INDUSTRIAL CLASSIFICATION:** AIRCRAFT & PARTS [3720]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 050315468
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0103

**FILING VALUES:**
- **FORM TYPE:** 11-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-05480
- **FILM NUMBER:** 251073438

**BUSINESS ADDRESS:**
- **STREET 1:** 40 WESTMINSTER ST
- **CITY:** PROVIDENCE
- **STATE:** RI
- **ZIP:** 02903
- **BUSINESS PHONE:** 4014212800

**MAIL ADDRESS:**
- **STREET 1:** 40 WESTMINSTER ST
- **CITY:** PROVIDENCE
- **STATE:** RI
- **ZIP:** 02903

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMERICAN TEXTRON INC
- **DATE OF NAME CHANGE:** 19710510

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 11-K

FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS AND SIMILAR PLANS PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

(Mark One):

[X]&nbsp;&nbsp;&nbsp;&nbsp;Annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934

For the fiscal year ended December 31, 2024

OR

[ ]&nbsp;&nbsp;&nbsp;&nbsp;Transition report pursuant to Section 15(d) of the Securities Exchange Act of 1934

For the transition period from _______________ to ___________________

Commission File Number 1-5480

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Full title of the plan and the address of the plan, if different from that of the issuer named below:

TEXTRON SAVINGS PLAN

40 Westminster Street

Providence, Rhode Island 02903

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Name of issuer of the securities held pursuant to

the plan and the address of its principal executive

office:

TEXTRON INC.

40 Westminster Street

Providence, Rhode Island 02903

------

REQUIRED INFORMATION

<u>Financial Statements and Exhibits</u>

The following Plan financial statements and schedules prepared in accordance with the financial reporting requirements of the Employee Retirement Income Security Act of 1974 are filed herewith, as permitted by Item 4 of Form 11-K:

Report of Independent Registered Public Accounting Firm

Statements of Net Assets Available for Benefits

Statements of Changes in Net Assets Available for Benefits

Notes to financial statements

Supplemental Schedules:

Schedule H, Line 4a - Schedule of Delinquent Participant Contributions

Schedule H, Line 4i - Schedule of Assets (Held at End of Year)

Exhibits:

<u>[23.1 - Consent of Independent Auditors](a2024tspexh231-eyconsent.htm)</u> 

------

Pursuant to the requirements of the Securities Exchange Act of 1934, Textron Inc., as Plan Administrator, has duly caused this Annual Report on Form 11-K to be signed by the undersigned hereunto duly authorized.

---

| |
|:---|
| TEXTRON INC., as Plan Administrator for <br>&nbsp;&nbsp;&nbsp;&nbsp; the Textron Savings Plan |
| By: /s/ Mark S. Bamford |
| Mark S. Bamford<br>Vice President and Corporate Controller |
| Date: June 25, 2025 |

---

------

Financial Statements and

Supplemental Schedules

Textron Savings Plan

Years Ended December 31, 2024 and 2023

With Report of Independent Auditors

------

**Textron Savings Plan**

**Financial Statements and**

**Supplemental Schedules**

**Years Ended December 31, 2024 and 2023**

**Contents**

---

| | |
|:---|:---|
| <br>[Report of Independent](#i76e60312b9c04fcba6337444f4ac22df_10)[Registered Public Accounting Firm](#i76e60312b9c04fcba6337444f4ac22df_10) | [2](#i76e60312b9c04fcba6337444f4ac22df_10) |
| Audited Financial Statements: |  |
| [Statements of Net Assets Available for Benefits](#i76e60312b9c04fcba6337444f4ac22df_13) | 4 |
| [Statements of Changes in Net Assets Available for Benefits](#i76e60312b9c04fcba6337444f4ac22df_16) | [5](#i76e60312b9c04fcba6337444f4ac22df_16) |
| [Notes to Financial Statements](#i76e60312b9c04fcba6337444f4ac22df_19) | [6](#i76e60312b9c04fcba6337444f4ac22df_19) |
|  Supplemental Schedules: |  |
| [Schedule H, Line 4](#i76e60312b9c04fcba6337444f4ac22df_37)[a](#i76e60312b9c04fcba6337444f4ac22df_37)[, Schedule of](#i76e60312b9c04fcba6337444f4ac22df_37)Delinquent Participant Contributions | [17](#i76e60312b9c04fcba6337444f4ac22df_37) |
| [Schedule H, Line 4i, Schedule of Assets (Held at End of Year)](#i76e60312b9c04fcba6337444f4ac22df_40) | [18](#i76e60312b9c04fcba6337444f4ac22df_40) |

---

------

**Report of Independent Registered Public Accounting Firm**

To the Plan Participants and the Plan Administrator of Textron Savings Plan

**Opinion on the Financial Statements**

We have audited the accompanying statements of net assets available for benefits of Textron Savings Plan (the Plan) as of December 31, 2024 and 2023, and the related statements of changes in net assets available for benefits for the years then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan at December 31, 2024 and 2023, and the changes in its net assets available for benefits for the years then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Supplemental Schedules Required by ERISA**

The accompanying supplemental schedules of assets (held at end of year) as of December 31, 2024, and delinquent participant contributions for the year then ended (referred to as the "supplemental schedules"), have been subjected to audit procedures performed in conjunction with the audit of the Plan's financial statements. The information in the supplemental schedules is the responsibility of the Plan's management. Our audit procedures included determining whether the information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedules. In forming our opinion on the information, we evaluated whether such information, including its form and content, is presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the information is fairly stated, in all material respects, in relation to the financial statements as a whole.

------

/s/ Ernst & Young LLP

We have served as the Plan's auditor since at least 1994, but we are unable to determine the specific year.

Boston, Massachusetts

June 25, 2025

------

**Textron Savings Plan**

**Statements of Net Assets Available for Benefits**

***(In thousands)***

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2024** | 2023 |
| **Assets** |  |  |
| Investments, at fair value | $**5656943** | $5221506 |
| Investment contracts, at contract value | **316398** | 349332 |
| Total investments | $**5973341** | $5570838 |
| Accrued investment income | **282** | 307 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Employer contributions | **67980** | 62847 |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee contributions | **1880** | 1670 |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes receivable from participants | **81832** | 79047 |
| Total receivables | **151692** | 143564 |
| Total assets | **6125315** | 5714709 |
| **Liabilities** |  |  |
| Accrued expenses | **188** | 346 |
| **Net assets available for benefits** | $**6125127** | $5714363 |

---

*See accompanying notes.* 

------

**Textron Savings Plan**

**Statements of Changes in Net Assets Available for Benefits**

***(In thousands)***

---

| | | |
|:---|:---|:---|
| | **Year Ended**<br>**December 31,** | **Year Ended**<br>**December 31,** |
| | **2024** | 2023 |
| **Additions** |  |  |
| Interest and dividends | $**24341** | $29076 |
| Net appreciation in fair value of investments | **602777** | 811753 |
|  | **627118** | 840829 |
| Contributions: |  |  |
| &nbsp;&nbsp;&nbsp;Participants | **221744** | 209638 |
| &nbsp;&nbsp;&nbsp;Employer | **153828** | 146508 |
| &nbsp;&nbsp;&nbsp;Participant rollovers | **14993** | 16288 |
| Total contributions | **390565** | 372434 |
| Total additions | **1017683** | 1213263 |
| **Deductions** |  |  |
| Benefit payments | **605225** | 476600 |
| Administrative and other expenses | **1694** | 2066 |
| Total deductions | **606919** | 478666 |
| Net increase | **410764** | 734597 |
| Net assets available for benefits: |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | **5714363** | 4979766 |
| &nbsp;&nbsp;&nbsp;End of year | $**6125127** | $5714363 |

---

*See accompanying notes.* 

------

**Textron Savings Plan**

**Notes to Financial Statements**

**December 31, 2024**

**1. Description of Plan**

**General**

The Textron Savings Plan (the Plan) covers all eligible employees of Textron Inc. (Textron or the Company), as defined in the Plan. This Plan description includes provisions covering the majority of Plan participants. Participants should refer to the plan document for a more complete description of the Plan's provisions, copies of which may be obtained from the Company. Certain business and bargaining units have other provisions. The Plan invests in the Textron Stock Fund along with Separate Account Contracts, Synthetic Guaranteed Investment Contracts and Common Collective Trust Funds. The Plan also offers a brokerage feature. The portion that invests in the Textron Stock Fund is an employee stock ownership plan. The remainder of the Plan is a profit-sharing and 401(k) plan. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA) and was amended and restated effective January 1, 2019 to reflect statutory, regulatory and other plan changes.

The Plan is currently administered under the terms of a Trust Agreement, dated December 1, 2004 and amended from time to time, with Fidelity Management Trust Company (the Trustee or Fidelity). Fidelity also serves as the Plan's recordkeeper.

As of June 25, 2025, the Plan incorporated the following changes reflecting the adoption of provisions required under the SECURE 2.0 Act (Act) of 2022: an increase to the minimum required distributions age for the commencement of distributions, an increase to the mandatory cash-out limit for terminated or retired participants with vested account balances, modified eligibility requirements for long-term part-time employees, an increase to the catch-up contributions limit for employees age 60-63, and modified rules for catch-up contributions for high earners. Certain of these provisions become effective at the commencement of future plan years.

**Investment Options**

Participants may elect to direct their employee contributions to the following funds: Fidelity® Diversified International Commingled Pool, Wellington Core Bond, JPMCB U.S. Active Core Equity Fund CF-F, Wellington SMID Cap Research Equity Portfolio, Vanguard Institutional 500 Index Trust, Vanguard Institutional Small/Mid Cap Index Trust, Vanguard Institutional Total Bond Market Index Trust, Vanguard Institutional Total International Stock Market Index Trust, Textron Stock Fund, Textron Managed Income Fund, State Street Real Asset Non-Lending Series Fund Class C, and Vanguard Target Retirement Trust Plus (with various targeted retirement dates). Participants who are automatically enrolled have their contributions invested in the applicable Vanguard Target Retirement Trust Plus funds based on their age until they change their election.

Also, the Plan offers a self-directed brokerage feature, called Fidelity BrokerageLink, which gives participants expanded investment choices by enabling them to select from numerous investment and individual securities that are not otherwise available under the Plan. The values of investments purchased through the Fidelity BrokerageLink were $410,537,459 and $319,059,502 as of December 31, 2024 and 2023, respectively.

------

**Textron Savings Plan**

**Notes to Financial Statements**

**December 31, 2024**

**Contributions**

Participants of the Plan are entitled to elect to contribute up to 40% of their eligible compensation, within the limits prescribed by Section 401(k) of the Internal Revenue Code (the Code). Certain participants may also contribute amounts representing distributions from other qualified employer retirement plans (participant rollovers). Participants' pre-tax, after-tax, and Roth contributions, which are matched 50% on the first 10% of contributions to a maximum of 5% of eligible compensation by Textron, subject to certain ERISA restrictions and plan limits, are recorded when Textron makes payroll deductions from participants' wages.

Company matching contributions are made in the form of Textron Stock, deposited into the Textron Stock Fund and then allocated to participants' individual accounts. Participants have the ability to subsequently cause the Textron Stock allocated to their account to be sold and then reallocate the proceeds among any of the investment options offered in the Plan with no restrictions.

Eligible employees are subject to automatic enrollment on the 60th day after their date of hire, if they have not specifically elected to be excluded from the Plan. The automatic enrollment is for 3% of eligible compensation per pay period. An employee who is automatically enrolled may elect to change or suspend his/her enrollment in the Plan at any time.

Since 2009, Textron has closed most of its defined benefit pension plans to new participants. When new hires join Textron locations that were formerly defined benefit pension eligible locations, these employees are eligible to receive an additional retirement cash contribution to their Plan account of 2% to 4% (depending on employee status) of their eligible compensation. These discretionary contributions vest in accordance with the vesting schedule below. The contributions are deposited in the participant account by the end of the first quarter of the following plan year. The amount of the discretionary funding paid in 2025 for the 2024 plan year was $67,334,532 and the amount paid in 2024 for the 2023 plan year was $62,278,245. The discretionary contribution is in addition to the matching contribution of 50% on the first 10% up to a maximum of 5%. These contributions are not considered part of the vested balance eligible for participant loans.

Participants who are at least age 50 or who will reach age 50 during the year are allowed to make additional employee pre-tax contributions (catch-up contributions), above the otherwise applicable limits. In accordance with limits under the federal tax laws, catch-up contributions cannot exceed $7,500 in 2024 and 2023. After that, the limit may be adjusted from time to time by the U.S. Internal Revenue Service to reflect inflation. Catch-up contributions are not eligible for Company matching contributions.

Each payroll period, Textron allocates matching contributions to participant accounts based on their contribution levels. Pursuant to the Plan's terms, forfeitures are applied toward employer contributions. At December 31, 2024 and 2023, forfeitures totaled $1,943,359 and $1,728,901, respectively. Forfeitures applied toward employer contributions during the years ended December 31, 2024 and 2023 were $9,394,145 and $7,132,021, respectively.

**Benefits**

In the event a participant ceases to be an employee or becomes totally disabled while employed, all of his or her account, to the extent then vested, shall become distributable. Distributions are in the form of cash, unless Textron stock is requested. An account will be distributed in a single payment if

------

**Textron Savings Plan**

**Notes to Financial Statements**

**December 31, 2024**

the value of the account is less than $5,000 when the account first becomes distributable. If the value of the account is $5,000 or more when the account first becomes distributable, a participant is not required to take a distribution immediately. In-service withdrawals are available in certain limited circumstances, as defined by the Plan. Hardship withdrawals are allowed for participants incurring immediate and heavy financial need, as defined by the plan. A participant is always vested in the portions of his or her account attributable to his or her own contributions and compensation deferrals. The Plan provides for full vesting of a participant's account in the event of his or her termination of employment, other than for cause, within two years after a change in control of Textron.

**Vesting**

Textron's contributions vest based on the length of service in the Plan, as follows:

---

| | |
|:---|:---|
| **Months of Service** | **Vested Percentage** |
| 24 months but less than 36 months | 25% |
| 36 months but less than 48 months | 50% |
| 48 months but less than 60 months | 75% |
| 60 months or more | 100% |

---

**Participant Accounts**

A separate account is maintained for each participant and is increased by (a) the participant's contributions and compensation deferrals, (b) Textron's matching contribution, and any additional discretionary contributions made by Textron, including any retirement supplement contributions and (c) plan income (loss) based on elected investment options, and is charged with an allocation of administrative expenses. Allocations are based on participant earnings or account balances, as defined. The participant is entitled to the vested amount in the account.

**Notes Receivable from Participants**

Active participants, not including directors or executive officers as determined by the plan administrator, are permitted to take up to two loans at a time and may borrow a minimum of $1,000 up to a maximum of the lesser of one-half of their vested balance or $50,000, less the participant's highest outstanding loan balance during the 12-month period preceding the new loan request. The loans are secured by the balance in the participant's account. Interest is charged at a rate of Reuters Prime Rate plus 1%, as of the first business day of the month. A fee is charged to the participant to cover the cost of administration. The loan terms may range from one to five years and are repaid primarily through automatic payroll deductions.

**Plan Termination**

Textron has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. Textron has not expressed any intent to terminate the Plan. In the event of Plan termination, participants will become 100% vested in their accounts.

------

**Textron Savings Plan**

**Notes to Financial Statements**

**December 31, 2024**

**2. Significant Accounting Policies**

**Basis of Accounting**

The financial statements are prepared on the accrual basis of accounting.

**Fair Values of Assets**

In accordance with the provisions of ASC 820, Fair Value Measurement, fair value is measured at the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assumptions that market participants would use in pricing the asset or liability (the "inputs") are prioritized into a three-tier fair value hierarchy. This fair value hierarchy gives the highest priority (Level 1) to quoted prices in active markets for identical assets or liabilities and the lowest priority (Level 3) to unobservable inputs in which little or no market data exists, requiring companies to develop their own assumptions.

Observable inputs that do not meet the criteria of Level 1, which include quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets and liabilities in markets that are not active, are categorized as Level 2. Level 3 inputs are those that reflect Plan estimates about the assumptions market participants would use in pricing the asset or liability, based on the best information available in the circumstances.

------

**Textron Savings Plan**

**Notes to Financial Statements**

**December 31, 2024**

**Assets and Liabilities Recorded at Fair Value on a Recurring Basis** 

The tables below present the assets and liabilities measured at fair value on a recurring basis categorized by the level of inputs used in the valuation of each asset and liability.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| *(In thousands)* | **Level 1** | **Level 2** | **Level 3** | **Not Subject to Leveling** |
| Textron Stock Fund | $1081284 | $— | $— | $— |
| BrokerageLink | 400890 | 9709 |  |  |
| Common Collective Trust Funds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blended Debt and Equity | 2131690 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Domestic Equity | 1735676 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Equity | 166472 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt Securities | 126399 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Domestic Debt held by the Textron Managed Income Fund  |  |  |  | 4823 |
| Total assets | $**5642411** | $**9709** | $**—** | $**4823** |
|  | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** |
| *(In thousands)* | **Level 1** | **Level 2** | **Level 3** | **Not Subject to Leveling** |
| Textron Stock Fund | $1226838 | $— | $— | $— |
| BrokerageLink | 306144 | 12972 |  |  |
| Common Collective Trust Funds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blended Debt and Equity | 1908218 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Domestic Equity | 1459305 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Equity | 168331 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt Securities | 130818 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Domestic Debt held by the Textron Managed Income Fund  |  |  |  | 8880 |
| Total assets | $**5199654** | $**12972** | $**—** | $**8880** |

---

The Textron Stock Fund consists of cash held for stock purchase, in the amount of $23,894 as of December 31, 2024, and Textron stock. Textron stock, is valued at its quoted market price, and is considered a Level 1 investment. BrokerageLink contains both Level 1 and Level 2 investments. Level 1 investments include common stock, mutual funds, corporate and government debt securities, and cash valued at each company's quoted market price. Level 2 investments are certificates of deposit, which are valued by a third-party vendor based on several factors including recent trade activity, size, timing, and yields of comparable bonds.

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**Textron Savings Plan**

**Notes to Financial Statements**

**December 31, 2024**

The Common Collective Trust Funds (CCTs) are groups of investments similar to mutual funds in that they provide diversification by holding various equity and debt securities. The fair value of these investments are published at the net asset value per share at each valuation date and they are considered Level 1 investments. Participant transactions (purchases and sales) may occur daily without restrictions.

The investment held by the Textron Managed Income Fund has not been classified in the fair value hierarchy because its estimated fair value is measured using the net asset value practical expedient. The fair value amount presented in the tables are intended to permit reconciliation of the fair value hierarchy to the line items presented in the statements of net assets available for benefits.

The CCT investments have the following objectives for investees:

(a) Blended debt and equity – This category includes securities in a diversified mix of stocks, bonds and short-term investments within one investment option. In general, these funds are age-based and allocate investments between equities and fixed income based on target retirement date. The investment funds provide daily liquidity.

(b) Domestic and international equity – This category includes diversified portfolios invested primarily in the common stock of U.S. and international companies. The objective is to provide capital appreciation and long-term return. The investment funds provide daily liquidity.

(c) Debt Securities – This category includes diversified portfolios invested primarily in U.S. investment grade bonds. The objective is to provide long-term total return. The investment funds provide daily liquidity.

(d) Domestic debt, held in the Textron Managed Income Fund – This category includes investments in diversified fixed income securities designed to provide capital preservation and income. These securities have an associated wrap contract. The Managed Income Fund includes an equity wash restriction on movement to competing funds for 90 days.

**Investment Valuation and Income Recognition**

Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation (depreciation) includes the Plan's gains and losses on investments bought and sold as well as held during the year.

**Separate Account Contracts, and Synthetic Guaranteed Investment Contracts in the Managed Income Fund**

The Textron Managed Income Fund (the Fund) invests in a variety of stable value products, including Separate Account Guaranteed Investment Contracts (ISA GICs) and Security-backed Investment Contracts (Synthetic GICs) in addition to CCTs. The ISA GICs and Synthetic GICs represent fully benefit-responsive investments and, therefore, are reported at contract value. Contract value is the relevant measure for fully benefit-responsive investment contracts, because this is the amount received by participants if they were to initiate permitted transactions under the terms of the Plan. Contract value represents contributions made under the contract, plus interest at the crediting rate payable under such contract less participant withdrawals and administrative expenses.

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**Textron Savings Plan**

**Notes to Financial Statements**

**December 31, 2024**

Participants may ordinarily direct the withdrawal or transfer of all or a portion of their investment at contract value. The issuers guarantee that all qualified participant withdrawals will be at contract value (principal, plus accrued interest). There are currently no reserves against contract values for credit risk of the contract issuers or otherwise. During 2023, the Fund liquidated the ISA GICs. As of December 31, 2024, the Fund holds Synthetic GICs and an immaterial CCT.

Certain events limit the ability of the Plan to transact at contract value with an issuer. In addition to certain Synthetic GIC termination provisions discussed below, such contracts generally provide for withdrawals associated with certain events which are not in the ordinary course of Plan operations. These withdrawals are paid with a market value adjustment applied to the withdrawal, as defined in the investment contract. Each contract issuer specifies the events which may trigger a market value adjustment; however, such events include the following: material amendments to the Fund's structure or administration; changes to the participating plans' competing investment options including the elimination of equity wash provisions; complete or partial termination of the Fund, including a merger with another fund; the failure of the Fund to qualify for exemption from federal income taxes or any required prohibited transaction exemption under ERISA; the redemption of all or a portion of the interests in the Fund held by a participating plan at the direction of the participating plan sponsor, including withdrawals due to the removal of a specifically identifiable group of employees from coverage under the participating plan (such as a group layoff or early retirement incentive program), the closing or sale of a subsidiary, employing unit, or affiliate, the bankruptcy or insolvency of a plan sponsor, the merger of the plan with another plan, or the plan sponsor's establishment of another tax qualified defined contribution plan; any change in law, regulation, ruling, administrative or judicial position, or accounting requirement, applicable to the Fund or participating plans; the delivery of any communication to plan participants designed to influence a participant not to invest in the Fund.

At this time, the Fund does not believe that the occurrence of any such market value event, which would limit the Fund's ability to transact at contract value with participants, is probable.

In addition, Synthetic GICs and ISA GICs typically provide for an adjustment to contract value if a security that is part of the underlying assets defaults or otherwise becomes impaired as defined in the wrap contract. In the event of an impairment, generally contract value is decreased by the amortized cost of the impaired security and, if such security is subsequently sold, contract value is increased by the amount of such sales proceeds.

Synthetic GICs generally are evergreen contracts that contain termination provisions. The termination provisions of Synthetic GICs permit the fund's investment manager or issuer to terminate upon notice at any time at market value and provide for automatic termination of the Synthetic GIC if the contract value or market value of the contract equals zero. The issuer is not excused from paying the excess contract value when the market value equals zero. Synthetic GICs that permit the issuer to terminate at market value generally provide that the fund may elect to convert such termination to an Amortization Election, as described below. In addition, if the fund defaults in its obligations or representations under the agreement (including non-compliance with investment guidelines governing the underlying assets, or the issuer's determination that the agreement constitutes a nonexempt prohibited transaction as defined under ERISA) and such default is not cured within any applicable cure period, then the Synthetic GIC may be terminated by the issuer and the fund will receive the market value as of the date of termination. Also, generally, Synthetic GICs permit the issuer or investment manager to elect at any time to convert the wrapped portfolio to a declining duration strategy, whereby the contract would terminate at a date which corresponds to the duration of the underlying fixed income portfolio on the date of the Amortization Election. After the effective

------

**Textron Savings Plan**

**Notes to Financial Statements**

**December 31, 2024**

date of an Amortization Election, the fixed income portfolio must conform to the guidelines agreed upon by the wrap issuer and the investment manager for the Amortization Election period. Such guidelines are intended to result in contract value equaling market value of the wrapped portfolio by such termination date. Synthetic GICs also define certain other termination events that permit the issuer to terminate the contract at market value.

Termination events typically include the following:

(i) termination or replacement of the investment adviser without the issuer's consent, (ii) the Plan or its trust is fully or partially terminated or fails to be exempt from federal income taxation, (iii) the plan merges with another plan, (iv) if a security is sold or subject to a lien other than as permitted under the contract, (v) the contract holder engages in fraud or other action that materially and adversely affects the risk profile of the contract, (vi) if there is any change in law, regulation, ruling, or accounting requirement applicable to the Plan or Fund that could cause substantial withdrawals from the Fund, (vii) performance of the issuer's obligations under the contract becomes illegal, (viii) the bankruptcy of the Fund, Textron Savings Plan Trust or investment advisor, or (ix) the level of impaired securities as defined in the contract exceeds an agreed upon amount of the portfolio.

Total value of each investment contract is as follows:

---

| | | |
|:---|:---|:---|
|  | <br>**December 31,** | <br>**December 31,** |
| *(In thousands)* | **2024** | **2023** |
| Security-backed investment contracts (Synthetic GICs) | $**316398** | $349332 |

---

**Notes Receivable from Participants**

Notes receivable from participants represent participant loans that are recorded at their unpaid principal balance, plus any accrued but unpaid interest. Interest income on notes receivable from participants is recorded when it is earned. Related fees are recorded as administrative expenses and are expensed when they are incurred. If a participant ceases to make loan repayments and the plan administrator deems the participant loan to be a distribution, the participant loan balance is reduced and a benefit payment is recorded.

**Benefit Payments**

Benefit payments are recorded upon payment**.** 

**Administrative Expenses**

Administrative and other fees paid by the Plan are allocated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fees associated with in-service withdrawals, distributions and loans are charged directly to the associated participant account.

------

**Textron Savings Plan**

**Notes to Financial Statements**

**December 31, 2024**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fees with respect to each investment fund are charged against the investment returns of those investment funds and allocated on a pro-rata basis to participants who invest in those investment funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expenses associated with qualified domestic relations orders are charged directly to the related participant account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expenses associated with operating the Plan, such as recordkeeping fees, legal fees, consulting fees, transfer fees, annuity fees, annual reporting fees, claims processing fees, cost of supplies and similar fees, are charged directly or allocated on a per capita basis to the participant accounts.

**Use of Estimates**

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates that affect the amounts reported in the financial statements and accompanying notes and supplemental schedules. Actual results could differ from those estimates.

**3. Related Party and Party in Interest Transactions**

The Plan holds shares of a fund managed by Fidelity Management Trust Company, the trustee of the plan. At December 31, 2024 and 2023 7,461,405 shares and 8,159,281 shares, respectively, of the Fidelity Fund were held by the Plan, with a fair value of $139,752,123 and $143,032,191, respectively. The Plan also invests in shares of Textron's common stock. At December 31, 2024 and 2023 14,136,280 shares and 15,255,386 shares, respectively, of Textron's common stock were held by the Plan, with a fair value of $1,081,284,041 and $1,226,838,164, respectively. Dividend income recorded by the Plan for Textron's common stock for the years ended December 31, 2024 and 2023 was $1,152,133 and $1,264,347, respectively. These transactions qualify as party-in-interest transactions; however, they are exempt from the prohibited transaction rules under ERISA.

**4. Risks and Uncertainties**

The Plan invests in various investment securities. Investment securities are exposed to various risks, such as interest rate, market and credit risks. Due to the level of risk associated with certain investment securities, it is possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants' account balances and the amounts reported in the statements of net assets available for benefits.

**5. Income Tax Status**

The Plan has received a determination letter from the Internal Revenue Service (IRS) dated November 08, 2021, stating that the Plan is qualified under Section 401(a) of the Internal Revenue Code and, therefore, the related trust is exempt from taxation. Subsequent to the issuance of the determination letter, the Plan was amended. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualified status. The plan administrator has indicated that it will take the necessary steps, if any, to continue operating the Plan in compliance with the Code.

------

**Textron Savings Plan**

**Notes to Financial Statements**

**December 31, 2024**

Accounting principles generally accepted in the United States require plan management to evaluate uncertain tax positions taken by the Plan. The financial statement impact of a tax position is recognized when the position is more likely than not, based on the technical merits, to be sustained upon examination by the IRS. The plan administrator has analyzed the tax positions taken by the Plan, and has concluded that, as of December 31, 2024 and 2023, there are no uncertain positions taken or expected to be taken. The Plan has recognized no interest or penalties related to uncertain tax positions. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.

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Supplemental Schedules

------

Textron Savings Plan

Employer Identification Number 05-0315468

Plan Number 030

Schedule H, Line 4a, Schedule of Delinquent Participant Contributions

Year Ended December 31, 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Participant Contributions Transferred Late to Plan**  | **Total that Constitutes Nonexempt** <br>**Prohibited Transaction** | **Total that Constitutes Nonexempt** <br>**Prohibited Transaction** | **Total that Constitutes Nonexempt** <br>**Prohibited Transaction** | **Total that Constitutes Nonexempt** <br>**Prohibited Transaction** |
| Check here if Late Participant Loan Repayments are included: X | Contributions Not Corrected | Contributions Corrected Outside VFCP<sup>1</sup> | Contributions<br>Pending<br>Correction in VFCP | Total Fully Corrected Under VFCP and PTE 2002-51<sup>2</sup> |
| Participant Contributions | $— | $5699 | $— | $27980 |
| Interest |  | 886 |  | 652 |
| Total | $— | $6585 | $— | $28632 |

---

*Note:* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1.Delinquent participant contributions related to certain pay periods in 2023. The Company has filed a Form 5330 for contributions corrected outside the Voluntary Fiduciary Correction Program (VFCP).*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.Delinquent participant contributions related to certain pay periods in 2022 and 2023. The Company has received a no-action letter under the VFCP.*

------

Textron Savings Plan

Employer Identification Number 05-0315468

Plan Number 030

Schedule H, Line 4i, Schedule of Assets

(Held at End of Year)

December 31, 2024

*(In thousands)*

---

| | | |
|:---|:---|:---|
| **Identity of Issue** | **Description of Investments, Including Rate of Interest or Number of Shares/Units** | <br>**Current**<br>**Value** |
| <br>Textron Stock Fund\* | 14136 | $**1081284** |
| Common Collective Trust Funds (outside of Textron Managed Income Fund): |  |  |
| &nbsp;&nbsp;&nbsp;Fidelity® Diversified International Commingled Pool\* | 7461 | 139752 |
| &nbsp;&nbsp;&nbsp;Wellington Core Bond | 10626 | 95844 |
| &nbsp;&nbsp;&nbsp;JPMCB U.S. Active Core Equity Fund CF-C | 5275 | 495191 |
| &nbsp;&nbsp;&nbsp;Wellington SMID Cap Research Equity Portfolio | 13666 | 271544 |
| &nbsp;&nbsp;&nbsp;Vanguard Institutional Small/Mid Cap Index Trust | 276 | 52991 |
| &nbsp;&nbsp;&nbsp;Vanguard Institutional Total Bond Market Index Trust | 285 | 30556 |
| &nbsp;&nbsp;&nbsp;Vanguard Institutional Total International Stock Market Index Trust | 203 | 26720 |
| &nbsp;&nbsp;&nbsp;Vanguard Institutional 500 Index Trust | 3569 | 915949 |
| &nbsp;&nbsp;&nbsp;Vanguard Target Retirement Income Trust Plus | 1055 | 59158 |
| &nbsp;&nbsp;&nbsp;Vanguard Target Retirement 2020 Trust Plus | 1129 | 83236 |
| &nbsp;&nbsp;&nbsp;Vanguard Target Retirement 2025 Trust Plus | 3002 | 244358 |
| &nbsp;&nbsp;&nbsp;Vanguard Target Retirement 2030 Trust Plus | 3909 | 345519 |
| &nbsp;&nbsp;&nbsp;Vanguard Target Retirement 2035 Trust Plus | 3426 | 328333 |
| &nbsp;&nbsp;&nbsp;Vanguard Target Retirement 2040 Trust Plus | 3142 | 321916 |
| &nbsp;&nbsp;&nbsp;Vanguard Target Retirement 2045 Trust Plus | 2176 | 232947 |
| &nbsp;&nbsp;&nbsp;Vanguard Target Retirement 2050 Trust Plus | 1800 | 195766 |
| &nbsp;&nbsp;&nbsp;Vanguard Target Retirement 2055 Trust Plus | 1455 | 157983 |
| &nbsp;&nbsp;&nbsp;Vanguard Target Retirement 2060 Trust Plus | 1613 | 105474 |
| &nbsp;&nbsp;&nbsp;Vanguard Target Retirement 2065 Trust Plus | 1105 | 44636 |
| &nbsp;&nbsp;&nbsp;Vanguard Target Retirement 2070 Trust Plus | 84 | 2060 |
| &nbsp;&nbsp;&nbsp;State Street Real Asset Non-Lending Series Fund Class C | 601 | 10303 |
| Total Common Collective Trust Funds (outside Textron Managed Income Fund) |  | $**4160236** |

---

*\*Indicates party-in-interest to the Plan*

------

&nbsp;&nbsp;&nbsp;&nbsp;

Textron Savings Plan

Employer Identification Number 05-0315468

Plan Number 030

Schedule H, Line 4i, Schedule of Assets

(Held at End of Year) (continued)

December 31, 2024

*(In thousands)*

---

| | | |
|:---|:---|:---|
| **Identity of Issue** | **Description of Investments, Including Rate of Interest or Number of Shares/Units** | <br>**Current**<br>**Value** |
| Security-backed (Synthetic) Investment Contracts (in Managed Income Fund): |  |  |
| &nbsp;&nbsp;&nbsp;Galliard Intermediate Core Fund L\* | 3689 | $53270 |
| &nbsp;&nbsp;&nbsp;Galliard SA Intermediate Core Fund E\* | 1474 | 41355 |
| &nbsp;&nbsp;&nbsp;Galliard SA Intermediate Core Fund J\* | 2398 | 39896 |
| &nbsp;&nbsp;&nbsp;Galliard SA Intermediate Core Fund C\* | 1291 | 38861 |
| &nbsp;&nbsp;&nbsp;Galliard Short Core Fund F\* | 7630 | 126854 |
| Total Security-backed (Synthetic) Investment Contracts Fund at Fair Market Value (in Managed Income Fund): |  | $300236 |
| &nbsp;&nbsp;&nbsp;Adjustment to bring Security-backed (Synthetic) Investment Contracts Fund to Contract Value: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Tower Life Insurance Company\* | 3.47% | 4048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Life Insurance Company\* | 3.35% | 4081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prudential Insurance Company of America\* | 3.34% | 3999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya Retirement Insurance and Annuity Company\* | 3.39% | 4034 |
| &nbsp;&nbsp;&nbsp;Total Adjustment to bring Security-backed (Synthetic) Investment Contracts Fund to Contract Value: |  | $16162 |
| Total Security-backed (Synthetic) Investment Contracts Fund at Contract<br>Value (in Managed Income Fund): |  | $**316398** |
| Common Collective Trust Funds (in Managed Income Fund): |  |  |
| &nbsp;&nbsp;&nbsp;Wells Fargo/BlackRock Short Term Investment Fund\* | 4.56% | $**4823** |
| Self-directed brokerage accounts\* |  | $**410600** |
| Notes receivable from participants\* |  | $**81832** |
|  |  | $**6055173** |

---

*\*Indicates party-in-interest to the Plan*

*Note: Cost information has not been provided, because all investments are participant directed.*

## Exhibit 23.1

**Exhibit 23.1**

Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference in the Registration Statement (Form S-8 No. 333-240117) pertaining to the Textron Savings Plan of Textron Inc. of our report dated June 25, 2025, with respect to the financial statements and supplemental schedules of the Textron Savings Plan included in this Annual Report (Form 11-K) for the year ended December 31, 2024.

/s/ Ernst & Young LLP

Boston, Massachusetts

June 25, 2025

<br>