Parker-Hannifin delivered a record FY2024 driven by aerospace strength, a transformed portfolio, and meaningful deleveraging. The fourth quarter highlighted ongoing execution across all segments, with Aerospace delivering a new quarterly margin and a backog near record levels. Management underscored the win strategy and responsible portfolio optimization to drive longer-cycle, secular growth and higher margins going into FY2025 and beyond. The company maintains a disciplined approach to capital allocation, targeting 2.0x net debt to adjusted EBITDA while pursuing accretive M&A and opportunistic divestitures when they enhance growth, margins, and cash flow. The FY2025 guide contemplates a moderate top-line expansion (3% midpoint sales growth), robust Aerospace growth (8.5% organic), margin expansion (25.4% adjusted segment margin), and free cash flow >$3B, supported by synergies from Meggitt and ongoing operating improvements.