TEXTRON 2025 PROXY STATEMENT 53 Company’s TSR versus Peer Groups’ TSR As shown in the chart below, the Company’s cumulative TSR is correlated with the S&P 500 Industrials index cumulative TSR. It is not as closely aligned with the S&P 500 A&D index cumulative TSR. Because Textron is a multi-industry company with businesses in the aerospace and defense industry as well as other industrial manufacturing businesses, both indices are relevant for comparison, although neither is an ideal peer group. Due to consolidation in the A&D industry, that index reflects the results of only twelve companies, including Textron, making each company’s impact arguably outsized, especially the impact of large companies, given that the returns shown are weighted based on market capitalization. Since the S&P 500 Industrials index includes a greater number of companies than the S&P 500 A&D index, using this index for comparison mitigates the effect of companies with outlying performance. 2020 2022 2021 2023 2024 Textron TSR S&P 500 Industrial TSR S&P 500 A&D TSR TSR in Dollars - 20 40 60 80 100 120 140 160 180 200 Textron TSR versus Peer Groups’ TSR 83.9 108.6 111.1 95.0 134.5 173.7 159.5 127.2 111.5 119.1 181.4 150.2 178.4 174.3 138.2 CAP versus Net Income As shown in the chart below, the Company’s net income increased significantly from 2020 to 2021 and also increased in both periods from 2021 to 2022 and 2022 to 2023. The company’s net income decreased in the period from 2023 to 2024. This measure is somewhat aligned with the calculated CAP for both the PEO and the Non-PEO NEOs, although, the correlation related to Net Income impact is overshadowed by the impact of changes in the Company’s stock price on CAP primarily due to the Company’s use of equity incentives that are tied directly to stock price, as described above. Notably, the Company does not use Net Income to determine compensation levels or long-term incentive plan payouts. - 5 10 15 20 25 30 35 40 45 50 - 100 200 300 400 500 600 700 800 900 1,000 2020 2021 2022 2023 2024 CAP for PEO Avg CAP for Non-PEO NEO Net Income CAP versus Net Income Compensation in Millions Net Income in Millions 3.8 15.8 309 9.4 45.8 746 861 18.7 4.5 28.0 6.0 921 824 15.8 3.8
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