TEXTRON INC — Director's Dealing 2003

Jul 29, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TEXTRON INC (TXT)
CIK: 0000217346
Period of Report: 2003-07-25

Reporting Person: CAMPBELL LEWIS B (Director, Chairman, President and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-07-25	Common Stock	M	80468	$28.3125	Acquired	313019	Direct
2003-07-25	Common Stock	S	13800	$43.45	Disposed	299219	Direct
2003-07-25	Common Stock	S	400	$43.53	Disposed	298819	Direct
2003-07-25	Common Stock	S	54200	$43.55	Disposed	244619	Direct
2003-07-25	Common Stock	S	10700	$43.56	Disposed	233919	Direct
2003-07-25	Common Stock	S	1368	$43.58	Disposed	232551	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-07-25	Employee Stock Option (right to buy)	$28.3125	M	80468	Disposed	2003-12-14	Common Stock (80468)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	6967.392	Indirect

Footnotes

F1: Includes 21,931 shares acquired pursuant to a dividend reinvestment feature of the Textron 1999 Long-Term Incentive Plan, as of June 30, 2003.

F2: Shares held on behalf of Reporting Person by the Textron Savings Plan (TSP), as of June 30, 2003.

F3: Issued pursuant to the Textron 1999 Long-Term Incentive Plan.