A $1.1B defense bet boosts integration—but not EPS until 2028

Net read: strategically constructive, financially mixed versus the standing assumption. There is no reliable transaction-specific consensus to call this a conventional beat or miss. Relative to what investors already knew—continued defense investment and portfolio integration—the filing delivers a larger-than-routine acquisition with delayed EPS benefits, higher leverage, and execution risk. The strategic fit is credible, but the economics do not make this an unambiguous positive.