US Market News
2月前
Curtiss-Wright Reports First Quarter 2026 Financial Results and Raises Full-Year 2026 Guidance for Sales, Operating Margin, EPS and Free Cash FlowMay 6, 2026 4:33 PM
Business Wire Curtiss-Wright Corporation (NYSE: CW) today announced its financial results for the first quarter ended March 31, 2026. First Quarter 2026 Highlights: Reported sales of $914 million, up 13%, operating income of $160 million, up 23%, operating margin of 17.5%, and diluted earnings per share (EPS) of $3.46; Adjusted operating income of $160 million, up 20%; Adjusted operating margin of 17.6%, up 100 basis points; Adjusted diluted EPS of $3.48, up 23%; and New orders of $1.2 billion, up 16%, reflecting a 1.3x book-to-bill. Raised Full-Year 2026 Adjusted Financial Outlook: Sales guidance increased to new range of 7% to 8% growth (previously 6% to 8%), which continues to reflect growth in the majority of Curtiss-Wright's end markets; Operating income guidance increased to new range of 9% to 12% growth (previously 8% to 11%); Operating margin guidance range increased to new range of 19.0% to 19.2%, representing an increase of 40 to 60 basis points compared with the prior year; Diluted EPS guidance increased to new range of $14.90 to $15.30, now up 13% to 16% (previously $14.70 to $15.15, or 11% to 15%); and Free cash flow (FCF) guidance range increased by $5 million to $580 million to $600 million, which continues to reflect greater than 105% FCF conversion. "Curtiss-Wright delivered strong first quarter 2026 results, exceeding our overall expectations, highlighted by double-digit sales growth in both our total A&D and Commercial end markets, significant operating margin expansion, 23% growth in adjusted diluted EPS, and better-than-expected free cash flow generation," said Lynn M. Bamford, Chair and CEO of Curtiss-Wright Corporation. "We also achieved strong momentum in orders, up 16% year-over-year, which resulted in a 1.3x book-to-bill, underpinned by heightened demand across our defense, commercial nuclear and industrial markets." "Based upon our overall strong start to the year, we have confidently increased our full-year 2026 guidance ranges for sales, operating income, operating margin, diluted EPS and free cash flow. Additionally, as we successfully execute on our Pivot to Growth strategy, we continue to maintain an efficient balance sheet, with ample liquidity, to support our disciplined capital allocation strategy. Overall, Curtiss-Wright remains strategically aligned with many favorable secular growth trends across our markets and well positioned to deliver long-term profitable growth for our shareholders." First Quarter 2026 Operating Results (In millions) Q1-2026 Q1-2025 Change Reported Sales $ 914 $ 806 13 % Operating income $ 160 $ 129 23 % Operating margin 17.5 % 16.0 % 150 bps Adjusted (1) Sales $ 914 $ 806 13 % Operating income $ 160 $ 134 20 % Operating margin 17.6 % 16.6 % 100 bps (1) Reconciliations of Reported to Adjusted operating results are available in the Appendix. Sales of $914 million, up $108 million, or 13% compared with the prior year; Total Aerospace & Defense (A&D) market sales increased 14%, while total Commercial market sales increased 12%; In our A&D markets, we experienced stronger than expected growth in the defense markets, principally driven by higher submarine revenues in naval defense and overall higher sales of actuation equipment, in addition to continued strong OEM sales growth in the commercial aerospace market; In our Commercial markets, we experienced strong growth in the power & process market driven by higher sales of commercial nuclear solutions, as well as modest sales growth in the general industrial market; and Adjusted operating income of $160 million increased 20%, while Adjusted operating margin increased 100 basis points to 17.6%. This performance was mainly driven by favorable overhead absorption on higher revenues in all three segments, partially offset by unfavorable foreign currency translation. First Quarter 2026 Segment Performance Aerospace & Industrial (In millions) Q1-2026 Q1-2025 Change Reported Sales $ 255 $ 227 12 % Operating income $ 38 $ 30 29 % Operating margin 15.1 % 13.2 % 190 bps Adjusted (1) Sales $ 255 $ 227 12 % Operating income $ 39 $ 32 24 % Operating margin 15.4 % 13.9 % 150 bps (1) Note: Reconciliations of Reported to Adjusted operating results are available in the Appendix. Sales of $255 million, up $28 million, or 12%; Aerospace defense market revenue growth reflected increased year-over-year sales of sensors products and surface treatment services, as well as higher than anticipated sales of actuation equipment, supporting various domestic and international fighter jet programs; Growth in the ground defense market reflected higher sales of electromechanical actuation equipment; Commercial aerospace market revenue growth reflected higher OEM sales of actuation equipment, sensors products and surface treatment services on narrowbody and widebody platforms; Growth in the general industrial market mainly reflected higher sales of industrial vehicle products serving off-highway vehicle platforms; and Adjusted operating income was $39 million, up 24% from the prior year, while Adjusted operating margin increased 150 basis points to 15.4%, driven by favorable absorption on higher revenues and the benefits of the Company's restructuring initiatives, partially offset by unfavorable foreign currency translation. Defense Electronics (In millions) Q1-2026 Q1-2025 Change Reported Sales $ 256 $ 245 5 % Operating income $ 72 $ 67 7 % Operating margin 28.1 % 27.5 % 60 bps Adjusted (1) Sales $ 256 $ 245 5 % Operating income $ 72 $ 67 7 % Operating margin 28.1 % 27.5 % 60 bps (1) Note: Reconciliations of Reported to Adjusted operating results are available in the Appendix. Sales of $256 million, up $11 million, or 5%; Higher revenue in the aerospace defense market was principally driven by increased global sales of embedded computing and avionics equipment, partially offset by the timing of revenues on various helicopter programs; Ground defense market revenues were essentially flat, as the benefit of higher sales of turret drive stabilization and ammunition handling systems equipment to various international customers was offset by the timing of tactical communications equipment sales supporting various domestic programs; Lower revenue in the naval defense market reflected timing of embedded computing equipment sales supporting various domestic and international programs; Commercial aerospace market revenue growth principally reflected higher sales of aerospace instrumentation equipment to OEM customers; and Adjusted operating income was $72 million, up 7% from the prior year, while Adjusted operating margin increased 60 basis points to 28.1%, primarily due to favorable absorption on higher revenues, mix of products, and the benefits of the Company's restructuring initiatives, partially offset by higher investment in research and development and unfavorable foreign currency translation. Naval & Power (In millions) Q1-2026 Q1-2025 Change Reported Sales $ 402 $ 333 21 % Operating income $ 60 $ 42 43 % Operating margin 14.9 % 12.6 % 230 bps Adjusted (1) Sales $ 402 $ 333 21 % Operating income $ 60 $ 45 33 % Operating margin 14.9 % 13.5 % 140 bps (1) Note: Reconciliations of Reported to Adjusted operating results are available in the Appendix. Sales of $402 million, up $69 million, or 21%; Revenue growth in the naval defense market was driven by the timing of production on the Virginia-class and Columbia-class submarine programs, in addition to higher sales of aftermarket fleet services as well as aircraft handling systems equipment to international customers; Higher revenue in the aerospace defense market reflected increased sales of arresting systems equipment supporting international customers; Higher power & process market revenues reflected higher sales of commercial nuclear solutions supporting both the maintenance of existing operating reactors globally, as well as next-generation advanced reactors, as these projects begin to transition from development to the initial prototype stage; and Adjusted operating income was $60 million, up 33% from the prior year, while Adjusted operating margin increased 140 basis points to 14.9%, primarily due to favorable absorption on higher revenues, mix of products, and the benefits of the Company's restructuring initiatives, partially offset by higher investment in research and development. Free Cash Flow (In millions) Q1-2026 Q1-2025 Change Net cash used for operating activities $ (6 ) $ (39 ) 85 % Capital expenditures (12 ) (16 ) 25 % Free cash flow $ (17 ) $ (55 ) 68 % Free cash flow of ($17) million increased $37 million, principally driven by higher cash earnings and improved working capital. New Orders and Backlog New orders of approximately $1.2 billion increased 16% compared with the prior year, principally reflecting strong demand across our naval defense, commercial nuclear and industrial end markets; and Backlog of approximately $4.3 billion, up 5% from December 31, 2025, reflects higher demand across the A&D and Commercial markets. Share Repurchase and Dividends During the first quarter, the Company repurchased 21,865 shares of its common stock for approximately $14 million; and The Company declared a quarterly dividend of $0.24 a share. Full-Year 2026 Guidance The Company is updating its full-year 2026 Adjusted financial guidance(1) as follows: ($ In millions, except EPS) 2026 Adjusted Non-GAAP Guidance (Prior) 2026 Adjusted Non-GAAP Guidance (Current) Change vs 2025 Adjusted (Current) Total Sales $3,710 - $3,765 $3,740 - $3,795 7 - 8% Operating Income $703 - $722 $712 - $729 9 - 12% Operating Margin 18.9% - 19.2% 19.0% - 19.2% 40 - 60 bps Diluted EPS $14.70 - $15.15 $14.90 - $15.30 13 - 16% Free Cash Flow(2) $575 - $595 $580 - $600 5 - 8% (1) Reconciliations of Reported to Adjusted 2025 operating results and 2026 financial guidance are available in the Appendix and exclude first-year purchase accounting costs associated with prior-year acquisitions as well as costs associated with both our FY24 and FY26 Restructuring Programs. (2) 2026 Free Cash Flow guidance includes higher capital expenditures supporting growth and efficiency, reflecting a year-over-year increase of approximately $25 million compared with 2025 results. A more detailed breakdown of the Company’s 2026 financial guidance by segment and by market, as well as all reconciliations of Reported GAAP amounts to Adjusted non-GAAP amounts, can be found in the accompanying schedules. Historical financial results are available in the Investor Relations section of Curtiss-Wright’s website. ********** Conference Call & Webcast Information The Company will host a conference call to discuss its first quarter 2026 financial results and business outlook at 10:00 a.m. ET on Thursday, May 7, 2026. A live webcast of the call and the accompanying financial presentation, as well as a webcast replay of the call, will be made available on the internet by visiting the Investor Relations section of the Company’s website at www.curtisswright.com. (Tables to Follow) CURTISS-WRIGHT CORPORATION and SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) ($'s in thousands, except per share data) Three Months Ended March 31, 2026 2025 Product sales $ 771,019 $ 678,977 Service sales 142,668 126,668 Total net sales 913,687 805,645 Cost of product sales 504,515 442,090 Cost of service sales 77,689 71,091 Total cost of sales 582,204 513,181 Gross profit 331,483 292,464 Research and development expenses 24,182 23,019 Selling expenses 44,546 39,925 General and administrative expenses 102,336 99,029 Restructuring expenses 910 1,286 Operating income 159,509 129,205 Interest expense 9,941 10,143 Other income, net 8,197 6,030 Earnings before income taxes 157,765 125,092 Provision for income taxes (29,579 ) (23,755 ) Net earnings $ 128,186 $ 101,337 Basic earnings per share $ 3.47 $ 2.69 Diluted earnings per share $ 3.46 $ 2.68 Dividends per share $ 0.24 $ 0.21 Weighted average shares outstanding: Basic 36,897 37,683 Diluted 37,058 37,851 CURTISS-WRIGHT CORPORATION and SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) ($'s in thousands, except par value) March 31, December 31, 2026 2025 Assets Current assets: Cash and cash equivalents $ 343,447 $ 371,345 Receivables, net 996,331 932,344 Inventories, net 640,642 615,097 Other current assets 91,247 99,688 Total current assets 2,071,667 2,018,474 Property, plant, and equipment, net 379,454 382,200 Goodwill 1,685,367 1,692,490 Other intangible assets, net 516,051 532,381 Operating lease right-of-use assets, net 210,950 198,603 Prepaid pension asset 340,206 333,547 Other assets 66,386 63,597 Total assets $ 5,270,081 $ 5,221,292 Liabilities Current liabilities: Current portion of long-term and short-term debt $ 200,000 $ 200,000 Accounts payable 277,208 310,303 Accrued expenses 203,226 242,942 Deferred revenue 568,967 561,452 Other current liabilities 110,758 90,870 Total current liabilities 1,360,159 1,405,567 Long-term debt 757,635 757,884 Deferred tax liabilities 159,556 154,002 Accrued pension and other postretirement benefit costs 69,211 71,417 Long-term operating lease liability 190,748 178,466 Other liabilities 100,927 120,382 Total liabilities $ 2,638,236 $ 2,687,718 Stockholders' equity Common stock, $1 par value $ 49,187 $ 49,187 Additional paid in capital 162,326 165,014 Retained earnings 4,429,993 4,310,680 Accumulated other comprehensive loss (194,028 ) (173,812 ) Less: cost of treasury stock (1,815,633 ) (1,817,495 ) Total stockholders' equity $ 2,631,845 $ 2,533,574 Total liabilities and stockholders' equity $ 5,270,081 $ 5,221,292 Use and Definitions of Non-GAAP Financial Information (Unaudited) The Corporation supplements its financial information determined under U.S. generally accepted accounting principles (GAAP) with certain non-GAAP financial information. Curtiss-Wright believes that these Adjusted (non-GAAP) measures provide investors with improved transparency in order to better measure Curtiss-Wright’s ongoing operating and financial performance and provide more relevant comparisons of our key financial metrics to our peers. These non-GAAP measures should not be considered in isolation or as a substitute for the related GAAP measures, and other companies may define such measures differently. Curtiss-Wright encourages investors to review its financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. Reconciliations of “Reported” GAAP amounts to “Adjusted” non-GAAP amounts are furnished within this release. The following definitions are provided: Adjusted Sales, Operating Income, Operating Margin, Net Earnings and Diluted EPS These Adjusted financials are defined as Reported Operating Income, Operating Margin, Net Earnings and Diluted Earnings per Share under GAAP excluding: (i) the impact of first year purchase accounting costs associated with acquisitions, specifically one-time inventory step-up, backlog amortization, deferred revenue adjustments, transaction costs, and gains/losses on equity securities held for investment purposes; and (ii) costs associated with the Company's 2026 Restructuring Program in the current period and the Company's 2024 Restructuring Program in the prior period, as applicable. CURTISS-WRIGHT CORPORATION and SUBSIDIARIES RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED) ($'s in thousands) Three Months Ended Three Months Ended March 31, 2026 March 31, 2025 % Change As Reported Adjustments Adjusted As Reported Adjustments Adjusted Reported Adjusted Sales: Aerospace & Industrial $ 254,919 $ — $ 254,919 $ 227,246 $ — $ 227,246 12 % 12 % Defense Electronics 256,288 — 256,288 245,164 — 245,164 5 % 5 % Naval & Power 402,480 — 402,480 333,235 — 333,235 21 % 21 % Total sales $ 913,687 $ — $ 913,687 $ 805,645 $ — $ 805,645 13 % 13 % Operating income (expense): Aerospace & Industrial(2) $ 38,498 $ 703 $ 39,201 $ 29,922 $ 1,764 $ 31,686 29 % 24 % Defense Electronics(2) 71,927 96 72,023 67,449 — 67,449 7 % 7 % Naval & Power (1)(2) 59,777 111 59,888 41,863 3,069 44,932 43 % 33 % Total segments $ 170,202 $ 910 $ 171,112 $ 139,234 $ 4,833 $ 144,067 22 % 19 % Corporate and other(2) (10,693 ) — (10,693 ) (10,029 ) (28 ) (10,057 ) (7 )% (6 )% Total operating income $ 159,509 $ 910 $ 160,419 $ 129,205 $ 4,805 $ 134,010 23 % 20 % Operating margins: As Reported Adjusted As Reported Adjusted Reported Adjusted Aerospace & Industrial 15.1 % 15.4 % 13.2 % 13.9 % 190 bps 150 bps Defense Electronics 28.1 % 28.1 % 27.5 % 27.5 % 60 bps 60 bps Naval & Power 14.9 % 14.9 % 12.6 % 13.5 % 230 bps 140 bps Total Curtiss-Wright 17.5 % 17.6 % 16.0 % 16.6 % 150 bps 100 bps Segment margins 18.6 % 18.7 % 17.3 % 17.9 % 130 bps 80 bps (1) Excludes first year purchase accounting adjustments in the prior year period. (2) Excludes costs associated with the Company's 2026 Restructuring Program in the current period and the Company's 2024 Restructuring Program in the prior period. CURTISS-WRIGHT CORPORATION and SUBSIDIARIES SALES BY END MARKET (UNAUDITED) ($'s in thousands) Three Months Ended Three Months Ended March 31, 2026 March 31, 2025 % Change Aerospace & Defense markets: Aerospace Defense $ 179,439 $ 151,722 18 % Ground Defense 101,407 97,237 4 % Naval Defense 250,081 221,086 13 % Commercial Aerospace 110,505 92,877 19 % Total Aerospace & Defense $ 641,432 $ 562,922 14 % Commercial markets: Power & Process 167,057 142,934 17 % General Industrial 105,198 99,789 5 % Total Commercial $ 272,255 $ 242,723 12 % Total Curtiss-Wright $ 913,687 $ 805,645 13 % CURTISS-WRIGHT CORPORATION and SUBSIDIARIES RECONCILIATION OF AS REPORTED TO ADJUSTED DILUTED EARNINGS PER SHARE (UNAUDITED) Three Months Ended March 31, 2026 2025 Diluted earnings per share - As Reported $ 3.46 $ 2.68 First year purchase accounting adjustments — 0.11 Restructuring expenses 0.02 0.03 Diluted earnings per share - Adjusted (1) $ 3.48 $ 2.82 (1) All adjustments are presented net of income taxes. Organic Sales and Organic Operating Income The Corporation discloses organic sales and organic operating income because the Corporation believes it provides investors with insight as to the Company’s ongoing business performance. Organic sales and organic operating income are defined as sales and operating income, excluding contributions from acquisitions and results of operations from divested businesses or product lines during the last twelve months, costs associated with the Company's 2026 Restructuring Program in the current period and the Company's 2024 Restructuring Program in the prior period, and foreign currency fluctuations. Three Months Ended March 31, 2026 vs. 2025 Aerospace & Industrial Defense Electronics Naval & Power Total Curtiss-Wright Sales Operating income Sales Operating income Sales Operating income Sales Operating income As Reported 12% 29% 5% 7% 21% 43% 13% 23% Less: Acquisitions 0% 0% 0% 0% 0% 0% 0% 0% Restructuring 0% (2%) 0% 0% 0% 0% 0% 0% Foreign Currency (2%) 3% (2%) 1% (1%) 0% (1%) 1% Organic 10% 30% 3% 8% 20% 43% 12% 24% Free Cash Flow and Free Cash Flow Conversion The Corporation discloses free cash flow because it measures cash flow available for investing and financing activities. Free cash flow represents cash available to repay outstanding debt, invest in the business, acquire businesses, return capital to shareholders and make other strategic investments. Free cash flow is defined as net cash provided by operating activities less capital expenditures. The Corporation discloses free cash flow conversion because it measures the proportion of net earnings converted into free cash flow and is defined as free cash flow divided by adjusted net earnings. CURTISS-WRIGHT CORPORATION and SUBSIDIARIES NON-GAAP FINANCIAL DATA (UNAUDITED) ($'s in thousands) Three Months Ended March 31, 2026 2025 Net cash used for operating activities $ (5,655 ) $ (38,765 ) Capital expenditures (11,832 ) (15,773 ) Free cash flow $ (17,487 ) $ (54,538 ) Free cash flow conversion (14 %) (51 %) CURTISS-WRIGHT CORPORATION 2026 Guidance As of May 6, 2026 ($'s in millions, except per share data) 2025 2025 2026 2025 Adjustments Adjusted 2026 Adjustments 2026 Reported (Non- (Non- Reported Guidance (Non- Adjusted Guidance (GAAP) GAAP)(1) GAAP)(1) (GAAP) GAAP)(2) (Non-GAAP)(2) Low High Low High Chg vs 2025 Adjusted Sales: Aerospace & Industrial $ 977 $ — $ 977 $ 1,040 $ 1,055 $ — $ 1,040 $ 1,055 6 - 8 % Defense Electronics 1,019 — 1,019 1,055 1,075 — 1,055 1,075 4 - 6 % Naval & Power 1,503 — 1,503 1,645 1,665 — 1,645 1,665 9 - 11 % Total sales $ 3,498 $ — $ 3,498 $ 3,740 $ 3,795 $ — $ 3,740 $ 3,795 7 - 8 % Operating income: Aerospace & Industrial $ 166 $ 4 $ 170 $ 186 $ 190 $ 6 $ 192 $ 196 13 - 15 % Defense Electronics 278 — 278 288 296 — 288 296 4 - 6 % Naval & Power 231 13 245 275 280 1 276 281 13 - 15 % Total segments $ 675 $ 17 $ 693 $ 749 $ 766 7 $ 756 $ 773 Corporate and other (42 ) — (42 ) (43 ) (44 ) — (43 ) (44 ) Total operating income $ 634 $ 17 $ 651 $ 706 $ 722 $ 7 $ 712 $ 729 9 - 12 % Interest expense $ (43 ) $ — $ (43 ) $ (42 ) $ (41 ) $ — $ (42 ) $ (41 ) Other income, net 30 — 30 33 34 — 33 34 Earnings before income taxes 620 17 638 697 715 7 704 723 Provision for income taxes (136 ) (4 ) (140 ) (149 ) (153 ) (2 ) (151 ) (155 ) Net earnings $ 484 $ 14 $ 498 $ 548 $ 562 $ 5 $ 553 $ 567 Diluted earnings per share $ 12.87 $ 0.36 $ 13.23 $ 14.76 $ 15.16 $ 0.14 $ 14.90 $ 15.30 13 - 16 % Diluted shares outstanding 37.6 37.6 37.1 37.1 37.1 37.1 Effective tax rate 21.9 % 21.9 % 21.5 % 21.5 % 21.5 % 21.5 % Operating margins: Aerospace & Industrial 17.0 % 17.4 % 17.9 % 18.0 % 18.4 % 18.6 % 100 - 120 bps Defense Electronics 27.3 % 27.3 % 27.3 % 27.5 % 27.3 % 27.5 % 0 - 20 bps Naval & Power 15.4 % 16.3 % 16.7 % 16.8 % 16.7 % 16.9 % 40 - 60 bps Total operating margin 18.1 % 18.6 % 18.9 % 19.0 % 19.0 % 19.2 % 40 - 60 bps Free cash flow(3) $ 554 $ — $ 554 $ 580 $ 600 $ — $ 580 $ 600 5 - 8 % Notes: Amounts may not add due to rounding. (1) 2025 Adjusted financials are defined as Reported Operating Income, Operating Margin, Net Income and Diluted EPS under GAAP excluding costs associated with the Company's 2024 Restructuring Program and the impact of first year purchase accounting adjustments. (2) 2026 Adjusted financials are defined as Reported Operating Income, Operating Margin, Net Income and Diluted EPS under GAAP excluding costs associated with the Company's 2026 Restructuring Program. (3) Free Cash Flow is defined as cash flow from operations less capital expenditures. 2026 Free Cash Flow guidance includes higher capital expenditures supporting growth and efficiency, reflecting a year-over-year increase of approximately $25 million compared with 2025 results. CURTISS-WRIGHT CORPORATION 2026 Sales Growth Guidance by End Market As of May 6, 2026 2026 % Change vs. 2025 Adjusted Prior Current % Total Sales Aerospace & Defense Markets Aerospace Defense 9 - 11% 11 - 13% 20% Ground Defense (4 - 6%) (4 - 6%) 10% Naval Defense 5 - 7% 6 - 8% 27% Commercial Aerospace 10 - 12% 10 - 12% 13% Total Aerospace & Defense 5 - 7% 6 - 8% 70% Commercial Markets Power & Process 12 - 14% 13 - 15% 19% General Industrial Flat Flat 11% Total Commercial 7 - 9% 8 - 10% 30% Total Curtiss-Wright Sales 6 - 8% 7 - 8% 100% Note: Sales percentages may not add due to rounding. About Curtiss-Wright Corporation Curtiss-Wright Corporation (NYSE:CW) is a global integrated business that provides highly engineered products, solutions and services mainly to Aerospace & Defense markets, as well as critical technologies in demanding Commercial Nuclear Power, Process and Industrial markets. We leverage a workforce of approximately 9,100 highly skilled employees who develop, design and build what we believe are the best engineered solutions to the markets we serve. Building on the heritage of Glenn Curtiss and the Wright brothers, Curtiss-Wright has a long tradition of providing innovative solutions through trusted customer relationships. For more information, visit www.curtisswright.com. Certain statements made in this press release, including statements about future revenue, financial performance guidance, quarterly and annual revenue, net income, operating income growth, future business opportunities, cost saving initiatives, the successful integration of the Company’s acquisitions, and future cash flow from operations, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements present management's expectations, beliefs, plans and objectives regarding future financial performance, and assumptions or judgments concerning such performance. Any discussions contained in this press release, except to the extent that they contain historical facts, are forward-looking and accordingly involve estimates, assumptions, judgments, and uncertainties. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Such risks and uncertainties include but are not limited to: a reduction in anticipated orders; an economic downturn; geopolitical risks; evolving impacts from tariffs between the U.S. and other countries (including implementation of new tariffs and retaliatory measures); changes in the competitive marketplace and/or customer requirements; a change in government spending; an inability to perform customer contracts at anticipated cost levels; and other factors that generally affect the business of aerospace, defense contracting, electronics, marine, and industrial companies. Such factors are detailed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and subsequent reports filed with the Securities and Exchange Commission. This press release and additional information are available at www.curtisswright.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260506697798/en/ Jim Ryan
(704) 869-4621
Jim.Ryan@curtisswright.com Original: Curtiss-Wright Reports First Quarter 2026 Financial Results and Raises Full-Year 2026 Guidance for Sales, Operating Margin, EPS and Free Cash Flow
US Market News
5月前
Curtiss-Wright Reports Fourth Quarter and Full-Year 2025 Financial Results; Full-Year 2026 Outlook Reflects Higher Sales, Operating Margin Expansion, Double-Digit EPS Growth and Strong Free Cash FlowFebruary 11, 2026 4:30 PM
Business Wire
Company Delivers Record FY25 Sales, Profitability, EPS, Free Cash Flow and Orders
Curtiss-Wright Corporation (NYSE: CW) reports financial results for the fourth quarter and full-year ended December 31, 2025.
Fourth Quarter 2025 Highlights:
Reported sales of $947 million, up 15%, operating income of $182 million, operating margin of 19.2%, and diluted earnings per share (EPS) of $3.69;
Adjusted operating income of $187 million, up 14%;
Adjusted operating margin of 19.7%;
Adjusted diluted EPS of $3.79, up 16%;
Free cash flow (FCF) of $315 million, generating 224% FCF conversion;
Total share repurchases of $140 million; and
New orders of $1.1 billion, up 18%, generating a book-to-bill of 1.2x.
Full-Year 2025 Highlights:
Reported sales of $3.5 billion, up 12%, operating income of $634 million, operating margin of 18.1%, and diluted EPS of $12.87;
Adjusted operating income of $651 million, up 19%;
Adjusted operating margin of 18.6%, up 110 basis points;
Adjusted diluted EPS of $13.23, up 21%;
FCF of $554 million, generating 111% FCF conversion;
Total share repurchases of $465 million;
New orders of $4.1 billion, up 10%, reflecting solid demand in our Aerospace & Defense (A&D) and Commercial markets, and book-to-bill of 1.2x; and
Backlog of $4.1 billion, up 18%.
"Curtiss-Wright concluded a record-setting year with a strong fourth quarter financial performance that was highlighted by double-digit organic sales growth, adjusted operating margin of 19.7%, mid-teens growth in adjusted diluted EPS, and record quarterly free cash flow generation," said Lynn M. Bamford, Chair and CEO of Curtiss-Wright Corporation.
"Our full-year 2025 performance reflected the continued momentum that we are generating under our Pivot to Growth strategy. We delivered record-high sales and operating income, 110 basis points in operating margin expansion, and 21% growth in adjusted diluted EPS, as we maintained our commitment to operational excellence and targeted investments across the portfolio. In addition, we achieved record free cash flow of $554 million, which reflected our overall growth in profitability and the team’s relentless focus on reducing working capital. We also experienced strong demand across our A&D and Commercial Nuclear markets, which enabled the team to drive record new orders of $4.1 billion, providing continued confidence in our future top-line growth."
"Looking ahead, our strong backlog entering the year, combined with the alignment of our technologies to favorable secular growth trends, underpins our expectation to deliver total organic sales growth of 6% to 8% and another strong operational performance in 2026. Additionally, we anticipate operating margin expansion of 30 to 60 basis points to a range of 18.9% to 19.2%, diluted EPS growth of 11% to 15%, and strong free cash flow generation, while continuing to increase both R&D and capital investments. This outlook reinforces our confidence in achieving the three-year financial targets that we communicated at our 2024 Investor Day and in our ability to drive long-term shareholder value."
Fourth Quarter 2025 Operating Results
(In millions)
Q4-2025
Q4-2024
Change
Reported
Sales
$
947
$
824
15
%
Operating income
$
182
$
155
17
%
Operating margin
19.2
%
18.8
%
40 bps
Adjusted (1)
Sales
$
947
$
824
15
%
Operating income
$
187
$
163
14
%
Operating margin
19.7
%
19.8
%
(10 bps)
(1)
Reconciliations of Reported to Adjusted operating results are available in the Appendix.
Sales of $947 million increased 15% compared with the prior year;
Total A&D market sales increased 16%, while total Commercial market sales increased 13%;
In our A&D markets, we experienced mid-teens growth in our defense markets, driven by an acceleration of revenues in ground and naval defense, higher sales of international arresting systems equipment in aerospace defense, and strong OEM sales growth in the commercial aerospace market;
In our Commercial markets, strong growth in the power & process market reflected the contribution from our prior-year acquisition, higher organic sales of commercial nuclear solutions and strong growth in industrial valve sales in the process market, while sales in the general industrial market were essentially flat; and
Adjusted operating income of $187 million increased 14%, while Adjusted operating margin of 19.7% was essentially flat compared with the prior-year period, as favorable overhead absorption on higher revenues in all three segments and the benefits of the Company's ongoing operational excellence initiatives were offset by unfavorable mix in both the Aerospace & Industrial and Naval & Power segments.
Fourth Quarter 2025 Segment Performance
Aerospace & Industrial
(In millions)
Q4-2025
Q4-2024
Change
Reported
Sales
$
262
$
251
5
%
Operating income
$
52
$
48
8
%
Operating margin
19.7
%
19.1
%
60 bps
Adjusted (1)
Sales
$
262
$
251
5
%
Operating income
$
53
$
54
(2
%)
Operating margin
20.1
%
21.3
%
(120 bps)
(1)
Reconciliations of Reported to Adjusted operating results are available in the Appendix.
Sales of $262 million, up $11 million, or 5%;
Growth in our defense markets was principally driven by higher sales of electromechanical actuation equipment in the ground defense market;
Commercial aerospace market revenue growth reflected higher OEM sales of sensors products and surface treatment services on both narrowbody and widebody platforms;
General industrial market revenue was essentially flat, as the benefit of higher sales of industrial vehicle products serving off-highway vehicle platforms was offset by lower sales to global on-highway industrial vehicle manufacturers; and
Adjusted operating income was $53 million, down 2%, while Adjusted operating margin decreased 120 basis points to 20.1%, as unfavorable mix was partially offset by favorable absorption on higher revenues.
Defense Electronics
(In millions)
Q4-2025
Q4-2024
Change
Reported
Sales
$
267
$
227
17
%
Operating income
$
69
$
55
26
%
Operating margin
25.7
%
24.1
%
160 bps
Adjusted (1)
Sales
$
267
$
227
17
%
Operating income
$
69
$
55
25
%
Operating margin
25.9
%
24.3
%
160 bps
(1)
Reconciliations of Reported to Adjusted operating results are available in the Appendix.
Sales of $267 million, up $40 million, or 17%;
Aerospace defense market revenues were essentially flat, as increased sales of embedded computing and flight test instrumentation equipment to various international customers was offset by the timing of revenues on various domestic fighter jet and UAV programs;
Ground defense market revenues were ahead of our expectations, principally driven by the timing of embedded computing and tactical battlefield communications equipment sales supporting various domestic programs;
Commercial aerospace market revenue growth reflected increased demand and higher sales of flight data recorder and avionics technology to OEM customers; and
Adjusted operating income was $69 million, up 25% from the prior year period, while Adjusted operating margin increased 160 basis points to 25.9%, primarily due to favorable absorption on higher revenues and the benefits of the Company's operational excellence initiatives, partially offset by higher investment in research and development.
Naval & Power
(In millions)
Q4-2025
Q4-2024
Change
Reported
Sales
$
417
$
346
21
%
Operating income
$
71
$
65
9
%
Operating margin
17.1
%
18.8
%
(170 bps)
Adjusted (1)
Sales
$
417
$
346
21
%
Operating income
$
75
$
66
13
%
Operating margin
17.9
%
19.1
%
(120 bps)
(1)
Reconciliations of Reported to Adjusted operating results are available in the Appendix.
Sales of $417 million, up $71 million, or 21%;
Revenue growth in the naval defense market was driven by the timing of production on the Columbia-class and Virginia-class submarine programs, in addition to higher sales of aftermarket fleet services;
Higher revenue in the aerospace defense market reflected the timing of sales of arresting systems equipment principally supporting various international customers;
Higher power & process market revenues mainly reflected the contribution from our I&C Solutions acquisition, as well as higher organic sales of commercial nuclear solutions supporting the development of next-generation advanced reactors and higher industrial valve sales in the process market; and
Adjusted operating income was $75 million, up 13% from the prior year period, while Adjusted operating margin decreased 120 basis points to 17.9%, as favorable absorption on higher revenues was partially offset by unfavorable mix of products and higher investment in research and development.
Free Cash Flow
(In millions)
Q4-2025
Q4-2024
Change
Net cash provided by operating activities
$
353
$
301
17
%
Capital expenditures
(38
)
(23
)
62
%
Free cash flow
$
315
$
278
13
%
Free cash flow of $315 million increased $37 million, primarily due to higher cash earnings and improved working capital; and
Capital expenditures increased approximately $14 million compared with the prior-year period, primarily due to higher growth investments within the Naval & Power segment.
New Orders and Backlog
New orders of $1.1 billion increased 18% in the fourth quarter, principally reflecting strong demand in our commercial nuclear and naval defense markets;
Full-year 2025 new orders of $4.1 billion increased 10% and generated an overall book-to-bill of approximately 1.2x, reflecting solid demand within our A&D markets, as well as strong growth for commercial nuclear products within our Commercial markets; and
Backlog of $4.1 billion increased 18% from December 31, 2024.
Share Repurchase and Dividends
During the fourth quarter, the Company repurchased approximately 250,000 shares of its common stock for approximately $140 million;
During full-year 2025, the Company repurchased approximately 934,000 shares for $465 million; and
The Company also declared a quarterly dividend of $0.24 a share.
Full-Year 2026 Guidance
The Company's full-year 2026 Adjusted financial guidance(1) is as follows:
($ in millions, except EPS)
2026 Guidance
% Chg vs 2025 Adjusted
Total Sales
$3,710 - $3,765
6 - 8%
Operating Income
$703 - $722
8 - 11%
Operating Margin
18.9% - 19.2%
30 - 60 bps
Diluted EPS
$14.70 - $15.15
11 - 15%
Free Cash Flow(2)
$575 - $595
4 - 7%
(1)
Reconciliations of Reported to Adjusted 2025 operating results and 2026 Adjusted financial guidance are available in the Appendix, and exclude first-year purchase accounting costs in the prior period associated with acquisitions as well as costs associated with both our FY24 and FY26 Restructuring Programs.
(2)
2026 Free Cash Flow guidance includes higher capital expenditures supporting growth and efficiency, reflecting a year-over-year increase of approximately $25 million compared with 2025 results.
**********
A more detailed breakdown of the Company’s 2026 financial guidance by segment and by market, as well as all reconciliations of Reported GAAP amounts to Adjusted non-GAAP amounts, can be found in the accompanying schedules. Historical financial results are available in the Investor Relations section of Curtiss-Wright’s website.
Conference Call & Webcast Information
The Company will host a conference call to discuss fourth quarter and full-year 2025 financial results and expectations for 2026 guidance at 10:00 a.m. ET on Thursday, February 12, 2026. A live webcast of the call and the accompanying financial presentation, as well as a webcast replay of the call, will be made available on the internet by visiting the Investor Relations section of the Company’s website at www.curtisswright.com.
(Tables to Follow)
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)
($'s in thousands, except per share data)
Three Months Ended
Year Ended
December 31,
December 31,
2025
2024
2025
2024
Product sales
$
812,483
$
698,626
$
2,977,233
$
2,639,953
Service sales
134,498
125,687
521,139
481,236
Total net sales
946,981
824,313
3,498,372
3,121,189
Cost of product sales
518,641
437,801
1,910,661
1,690,574
Cost of service sales
72,897
69,082
286,177
277,066
Total cost of sales
591,538
506,883
2,196,838
1,967,640
Gross profit
355,443
317,430
1,301,534
1,153,549
Research and development expenses
25,427
25,781
95,161
91,647
Selling expenses
46,492
36,158
168,740
145,360
General and administrative expenses
100,059
92,405
399,608
373,497
Restructuring expenses
1,707
8,250
4,504
14,448
Operating income
181,758
154,836
633,521
528,597
Interest expense
11,997
11,675
43,148
44,869
Other income, net
7,239
10,034
29,637
38,328
Earnings before income taxes
177,000
153,195
620,010
522,056
Provision for income taxes
(40,002
)
(35,343
)
(135,782
)
(117,078
)
Net earnings
$
136,998
$
117,852
$
484,228
$
404,978
Basic earnings per share
$
3.71
$
3.11
$
12.94
$
10.61
Diluted earnings per share
$
3.69
$
3.09
$
12.87
$
10.55
Dividends per share
$
0.24
$
0.21
$
0.93
$
0.83
Weighted average shares outstanding:
Basic
36,927
37,874
37,417
38,153
Diluted
37,172
38,137
37,631
38,373
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
($'s in thousands, except par value)
December 31,
December 31,
2025
2024
Assets
Current assets:
Cash and cash equivalents
$
371,345
$
385,042
Receivables, net
932,344
835,037
Inventories, net
615,097
541,442
Other current assets
99,688
88,073
Total current assets
2,018,474
1,849,594
Property, plant, and equipment, net
382,200
339,118
Goodwill
1,692,490
1,675,718
Other intangible assets, net
532,381
596,831
Operating lease right-of-use assets, net
198,603
169,350
Prepaid pension asset
333,547
299,130
Other assets
63,597
55,963
Total assets
$
5,221,292
$
4,985,704
Liabilities
Current liabilities:
Current portion of long-term and short-term debt
$
200,000
$
90,000
Accounts payable
310,303
247,185
Accrued expenses
242,942
219,054
Deferred revenue
561,452
459,421
Other current liabilities
90,870
80,288
Total current liabilities
1,405,567
1,095,948
Long-term debt
757,884
958,949
Deferred tax liabilities, net
154,002
140,659
Accrued pension and other postretirement benefit costs
71,417
67,413
Long-term operating lease liability
178,466
148,175
Other liabilities
120,382
124,761
Total liabilities
$
2,687,718
$
2,535,905
Stockholders' equity
Common stock, $1 par value
$
49,187
$
49,187
Additional paid in capital
165,014
147,940
Retained earnings
4,310,680
3,861,073
Accumulated other comprehensive loss
(173,812
)
(243,225
)
Less: cost of treasury stock
(1,817,495
)
(1,365,176
)
Total stockholders' equity
2,533,574
2,449,799
Total liabilities and stockholders' equity
$
5,221,292
$
4,985,704
Use and Definitions of Non-GAAP Financial Information (Unaudited)
The Corporation supplements its financial information determined under U.S. generally accepted accounting principles (GAAP) with certain non-GAAP financial information. Curtiss-Wright believes that these Adjusted (non-GAAP) measures provide investors with improved transparency in order to better measure Curtiss-Wright’s ongoing operating and financial performance and provide more relevant comparisons of our key financial metrics to our peers. These non-GAAP measures should not be considered in isolation or as a substitute for the related GAAP measures, and other companies may define such measures differently. Curtiss-Wright encourages investors to review its financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. Reconciliations of “Reported” GAAP amounts to “Adjusted” non-GAAP amounts are furnished within this release.
The following definitions are provided:
Adjusted Sales, Operating Income, Operating Margin, Net Earnings and Diluted EPS
These Adjusted financials are defined as Reported Operating Income, Operating Margin, Net Earnings and Diluted Earnings per Share under GAAP excluding: (i) the impact of first year purchase accounting costs associated with acquisitions, specifically one-time inventory step-up, backlog amortization, deferred revenue adjustments, transaction costs, and gains/losses on equity securities held for investment purposes; and (ii) costs associated with the Company's 2024 Restructuring Program, as applicable.
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED)
($'s in thousands)
Three Months Ended
Three Months Ended
December 31, 2025
December 31, 2024
% Change
As Reported
Adjustments
Adjusted
As Reported
Adjustments
Adjusted
As Reported
Adjusted
Sales:
Aerospace & Industrial
$
262,391
$
—
$
262,391
$
250,917
$
—
$
250,917
5
%
5
%
Defense Electronics
267,276
—
267,276
227,475
—
227,475
17
%
17
%
Naval & Power
417,314
—
417,314
345,921
—
345,921
21
%
21
%
Total sales
$
946,981
$
—
$
946,981
$
824,313
$
—
$
824,313
15
%
15
%
Operating income (expense):
Aerospace & Industrial(2)
$
51,799
$
938
$
52,737
$
47,876
$
5,694
$
53,570
8
%
(2
)%
Defense Electronics(2)
68,777
323
69,100
54,775
587
55,362
26
%
25
%
Naval & Power(1)(2)
71,284
3,539
74,823
65,150
962
66,112
9
%
13
%
Total segments
$
191,860
$
4,800
$
196,660
$
167,801
$
7,243
$
175,044
14
%
12
%
Corporate and other(2)
(10,102
)
12
(10,090
)
(12,965
)
1,414
(11,551
)
22
%
13
%
Total operating income
$
181,758
$
4,812
$
186,570
$
154,836
$
8,657
$
163,493
17
%
14
%
Operating margins:
As Reported
Adjusted
As Reported
Adjusted
As Reported
Adjusted
Aerospace & Industrial
19.7
%
20.1
%
19.1
%
21.3
%
60 bps
(120 bps)
Defense Electronics
25.7
%
25.9
%
24.1
%
24.3
%
160 bps
160 bps
Naval & Power
17.1
%
17.9
%
18.8
%
19.1
%
(170 bps)
(120 bps)
Total Curtiss-Wright
19.2
%
19.7
%
18.8
%
19.8
%
40 bps
(10 bps)
Segment margins
20.3
%
20.8
%
20.4
%
21.2
%
(10 bps)
(40 bps)
(1) Excludes first year purchase accounting adjustments in both the current and prior year periods.
(2) Excludes costs associated with the Company's 2024 Restructuring Program in both the current and prior year periods.
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED)
($'s in thousands)
Year Ended
Year Ended
December 31, 2025
December 31, 2024
% Change
As Reported
Adjustments
Adjusted
As Reported
Adjustments
Adjusted
As Reported
Adjusted
Sales:
Aerospace & Industrial
$
976,760
$
—
$
976,760
$
932,133
$
—
$
932,133
5
%
5
%
Defense Electronics
1,018,610
—
1,018,610
910,706
—
910,706
12
%
12
%
Naval & Power
1,503,002
—
1,503,002
1,278,350
—
1,278,350
18
%
18
%
Total sales
$
3,498,372
$
—
$
3,498,372
$
3,121,189
$
—
$
3,121,189
12
%
12
%
Operating income (expense):
Aerospace & Industrial(2)
$
166,166
$
3,855
$
170,021
$
148,023
$
10,239
$
158,262
12
%
7
%
Defense Electronics(2)
278,016
342
278,358
224,739
1,929
226,668
24
%
23
%
Naval & Power (1)(2)
231,284
13,272
244,556
199,663
2,063
201,726
16
%
21
%
Total segments
$
675,466
$
17,469
$
692,935
$
572,425
$
14,231
$
586,656
18
%
18
%
Corporate and other(2)
(41,945
)
4
(41,941
)
(43,828
)
3,038
(40,790
)
4
%
(3
)%
Total operating income
$
633,521
$
17,473
$
650,994
$
528,597
$
17,269
$
545,866
20
%
19
%
Operating margins:
As Reported
Adjusted
As Reported
Adjusted
As Reported
Adjusted
Aerospace & Industrial
17.0
%
17.4
%
15.9
%
17.0
%
110 bps
40 bps
Defense Electronics
27.3
%
27.3
%
24.7
%
24.9
%
260 bps
240 bps
Naval & Power
15.4
%
16.3
%
15.6
%
15.8
%
(20 bps)
50 bps
Total Curtiss-Wright
18.1
%
18.6
%
16.9
%
17.5
%
120 bps
110 bps
Segment margins
19.3
%
19.8
%
18.3
%
18.8
%
100 bps
100 bps
(1) Excludes first year purchase accounting adjustments in both the current and prior year periods.
(2) Excludes costs associated with the Company's 2024 Restructuring Program in both the current and prior year periods.
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
RECONCILIATION OF AS REPORTED SALES TO ADJUSTED SALES BY END MARKET (UNAUDITED)
($'s in thousands)
Three Months Ended
Three Months Ended
December 31, 2025
December 31, 2024
% Change
As Reported
Adjustments
Adjusted Sales
As Reported
Adjustments
Adjusted Sales
Change in As Reported Sales
Change in Adjusted Sales
Aerospace & Defense markets:
Aerospace Defense
$
192,055
$
—
$
192,055
$
171,432
$
—
$
171,432
12
%
12
%
Ground Defense
115,235
—
115,235
84,654
—
84,654
36
%
36
%
Naval Defense
234,576
—
234,576
216,894
—
216,894
8
%
8
%
Commercial Aerospace
120,058
—
120,058
98,318
—
98,318
22
%
22
%
Total Aerospace & Defense
$
661,924
$
—
$
661,924
$
571,298
$
—
$
571,298
16
%
16
%
Commercial markets:
Power & Process
$
178,833
$
—
$
178,833
$
146,772
$
—
$
146,772
22
%
22
%
General Industrial
106,224
—
106,224
106,243
—
106,243
0
%
0
%
Total Commercial
$
285,057
$
—
$
285,057
$
253,015
$
—
$
253,015
13
%
13
%
Total Curtiss-Wright
$
946,981
$
—
$
946,981
$
824,313
$
—
$
824,313
15
%
15
%
Year Ended
Year Ended
December 31, 2025
December 31, 2024
% Change
As Reported
Adjustments
Adjusted Sales
As Reported
Adjustments
Adjusted Sales
Change in As Reported Sales
Change in Adjusted Sales
Aerospace & Defense markets:
Aerospace Defense
$
672,526
$
—
$
672,526
$
616,590
$
—
$
616,590
9
%
9
%
Ground Defense
406,803
—
406,803
353,326
—
353,326
15
%
15
%
Naval Defense
941,654
—
941,654
821,898
—
821,898
15
%
15
%
Commercial Aerospace
430,109
—
430,109
378,086
—
378,086
14
%
14
%
Total Aerospace & Defense
$
2,451,092
$
—
$
2,451,092
$
2,169,900
$
—
$
2,169,900
13
%
13
%
Commercial markets:
Power & Process
$
635,140
$
—
$
635,140
$
540,788
$
—
$
540,788
17
%
17
%
General Industrial
412,140
—
412,140
410,501
—
410,501
0
%
0
%
Total Commercial
$
1,047,280
$
—
$
1,047,280
$
951,289
$
—
$
951,289
10
%
10
%
Total Curtiss-Wright
$
3,498,372
$
—
$
3,498,372
$
3,121,189
$
—
$
3,121,189
12
%
12
%
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
RECONCILIATION OF AS REPORTED TO ADJUSTED DILUTED EARNINGS PER SHARE (UNAUDITED)
Three Months Ended
Year Ended
December 31,
December 31,
2025
2024
2025
2024
Diluted earnings per share - As Reported
$
3.69
$
3.09
$
12.87
$
10.55
First year purchase accounting adjustments
0.06
0.01
0.27
0.04
Restructuring expenses
0.04
0.17
0.09
0.31
Diluted earnings per share - Adjusted (1)
$
3.79
$
3.27
$
13.23
$
10.90
(1) All adjustments are presented net of income taxes.
Organic Sales and Organic Operating Income
The Corporation discloses organic sales and organic operating income because the Corporation believes it provides investors with insight as to the Company’s ongoing business performance. Organic sales and organic operating income are defined as sales and operating income, excluding contributions from acquisitions and results of operations from divested businesses or product lines during the last twelve months, costs associated with the Company's 2024 Restructuring Program, and foreign currency fluctuations.
Three Months Ended
December 31,
2025 vs. 2024
Aerospace & Industrial
Defense Electronics
Naval & Power
Total Curtiss-Wright
Sales
Operating income
Sales
Operating income
Sales
Operating income
Sales
Operating income
As Reported
5
%
8
%
17
%
26
%
21
%
9
%
15
%
17
%
Less: Acquisitions
0
%
0
%
0
%
0
%
(8
%)
(7
%)
(3
%)
(3
%)
Restructuring
0
%
(10
%)
0
%
0
%
0
%
0
%
0
%
(4
%)
Foreign currency
(1
%)
0
%
0
%
0
%
0
%
0
%
(1
%)
0
%
Organic
4
%
(2
%)
17
%
26
%
13
%
2
%
11
%
10
%
Year Ended
December 31,
2025 vs. 2024
Aerospace & Industrial
Defense Electronics
Naval & Power
Total Curtiss-Wright
Sales
Operating income
Sales
Operating income
Sales
Operating income
Sales
Operating income
As Reported
5
%
12
%
12
%
24
%
18
%
16
%
12
%
20
%
Less: Acquisitions
0
%
0
%
0
%
0
%
(6
%)
0
%
(3
%)
0
%
Restructuring
0
%
(5
%)
0
%
(1
%)
0
%
0
%
0
%
(2
%)
Foreign currency
(1
%)
(2
%)
(1
%)
(1
%)
(1
%)
0
%
0
%
(1
%)
Organic
4
%
5
%
11
%
22
%
11
%
16
%
9
%
17
%
Free Cash Flow and Free Cash Flow Conversion
The Corporation discloses free cash flow because it measures cash flow available for investing and financing activities. Free cash flow represents cash available to repay outstanding debt, invest in the business, acquire businesses, return capital to shareholders and make other strategic investments. Free cash flow is defined as net cash provided by operating activities less capital expenditures. The Corporation discloses free cash flow conversion because it measures the proportion of net earnings converted into free cash flow and is defined as free cash flow divided by adjusted net earnings.
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
NON-GAAP FINANCIAL DATA (UNAUDITED)
($'s in thousands)
Three Months Ended
Year Ended
December 31,
December 31,
2025
2024
2025
2024
Net cash provided by operating activities
$
352,744
$
301,299
$
643,402
$
544,275
Capital expenditures
(37,638
)
(23,271
)
(89,692
)
(60,974
)
Free cash flow
$
315,106
$
278,028
$
553,710
$
483,301
Free cash flow conversion
224
%
223
%
111
%
116
%
CURTISS-WRIGHT CORPORATION
2026 Guidance
As of February 11, 2026
($'s in millions, except per share data)
2025
Reported
(GAAP)
2025
Adjustments
(Non-GAAP)(1)
2025
Adjusted
(Non-GAAP)(1)
2026
Reported Guidance
(GAAP)
2026
Adjustments
(Non-GAAP)(2)
2026
Adjusted Guidance
(Non-GAAP)(2)
Low
High
Low
High
2026 Chg
vs 2025
Adjusted
Sales:
Aerospace & Industrial
$
977
$
—
$
977
$
1,030
$
1,045
$
—
$
1,030
$
1,045
5 - 7
%
Defense Electronics
1,019
—
1,019
1,055
1,075
$
—
1,055
1,075
4 - 6
%
Naval & Power
1,503
—
1,503
1,625
1,645
$
—
1,625
1,645
8 - 9
%
Total sales
$
3,498
$
—
$
3,498
$
3,710
$
3,765
$
—
$
3,710
$
3,765
6 - 8
%
Operating income:
Aerospace & Industrial
$
166
$
4
$
170
$
186
$
190
$
3
$
189
$
193
11 - 14
%
Defense Electronics
278
—
278
288
296
—
288
296
4 - 6
%
Naval & Power
231
13
245
269
275
1
270
276
10 - 13
%
Total segments
675
17
693
743
761
4
747
766
Corporate and other
(42
)
—
(42
)
(44
)
(44
)
—
(44
)
(44
)
Total operating income
$
634
$
17
$
651
$
699
$
717
$
4
$
703
$
722
8 - 11
%
Interest expense
$
(43
)
$
—
$
(43
)
$
(42
)
$
(41
)
$
—
$
(42
)
$
(41
)
Other income, net
30
—
30
33
34
$
—
33
34
Earnings before income taxes
620
17
638
691
711
$
4
695
715
Provision for income taxes
(136
)
(4
)
(140
)
(148
)
(153
)
(1
)
(149
)
(154
)
Net earnings
$
484
$
14
$
498
$
542
$
559
$
3
$
545
$
562
Diluted earnings per share
$
12.87
$
0.36
$
13.23
$
14.62
$
15.07
$
0.08
$
14.70
$
15.15
11 - 15
%
Diluted shares outstanding
37.6
37.6
37.1
37.1
37.1
37.1
Effective tax rate
21.9
%
21.9
%
21.5
%
21.5
%
21.5
%
21.5
%
Operating margins:
Aerospace & Industrial
17.0
%
17.4
%
18.1
%
18.2
%
18.3
%
18.5
%
90 - 110 bps
Defense Electronics
27.3
%
27.3
%
27.3
%
27.5
%
27.3
%
27.5
%
0 - 20 bps
Naval & Power
15.4
%
16.3
%
16.6
%
16.7
%
16.6
%
16.8
%
30 - 50 bps
Total operating margin
18.1
%
18.6
%
18.8
%
19.0
%
18.9
%
19.2
%
30 - 60 bps
Free cash flow(3)
$
554
$
—
$
554
$
575
$
595
$
—
$
575
$
595
4 - 7
%
Notes: Full year amounts may not add due to rounding.
(1) 2025 Adjusted financials are defined as Reported Operating Income, Operating Margin, Net Income and Diluted EPS under GAAP excluding costs associated with the Company's 2024 Restructuring Program and the impact of first year purchase accounting adjustments.
(2) 2026 Adjusted financials are defined as Reported Operating Income, Operating Margin, Net Income and Diluted EPS under GAAP excluding costs associated with the Company's 2026 Restructuring Program.
(3) Free Cash Flow is defined as cash flow from operations less capital expenditures. 2026 Free Cash Flow guidance includes higher capital expenditures supporting growth and efficiency, reflecting a year-over-year increase of approximately $25 million compared with 2025 results.
CURTISS-WRIGHT CORPORATION
2026 Sales Growth Guidance by End Market
As of February 11, 2026
2026 % Change vs. 2025 Adjusted
% Total Sales
Aerospace & Defense Markets
Aerospace Defense
9 - 11%
20%
Ground Defense
(4 - 6%)
10%
Naval Defense
5 - 7%
27%
Commercial Aerospace
10 - 12%
13%
Total Aerospace & Defense
5 - 7%
70%
Commercial Markets
Power & Process
12 - 14%
19%
General Industrial
Flat
11%
Total Commercial
7 - 9%
30%
Total Curtiss-Wright Sales
6 - 8%
100%
About Curtiss-Wright Corporation
Curtiss-Wright Corporation (NYSE:CW) is a global integrated business that provides highly engineered products, solutions and services mainly to Aerospace & Defense markets, as well as critical technologies in demanding Commercial Nuclear Power, Process and Industrial markets. We leverage a workforce of approximately 9,100 highly skilled employees who develop, design and build what we believe are the best engineered solutions to the markets we serve. Building on the heritage of Glenn Curtiss and the Wright brothers, Curtiss-Wright has a long tradition of providing innovative solutions through trusted customer relationships. For more information, visit www.curtisswright.com.
Certain statements made in this press release, including statements about future revenue, financial performance guidance, quarterly and annual revenue, net income, operating income growth, future business opportunities, cost saving initiatives, the successful integration of the Company’s acquisitions, and future cash flow from operations, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements present management's expectations, beliefs, plans and objectives regarding future financial performance, and assumptions or judgments concerning such performance. Any discussions contained in this press release, except to the extent that they contain historical facts, are forward-looking and accordingly involve estimates, assumptions, judgments, and uncertainties. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Such risks and uncertainties include but are not limited to: a reduction in anticipated orders; an economic downturn; geopolitical risks; evolving impacts from tariffs between the U.S. and other countries (including implementation of new tariffs and retaliatory measures); changes in the competitive marketplace and/or customer requirements; a change in government spending; an inability to perform customer contracts at anticipated cost levels; and other factors that generally affect the business of aerospace, defense contracting, electronics, marine, and industrial companies. Such factors are detailed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and subsequent reports filed with the Securities and Exchange Commission.
This press release and additional information are available at www.curtisswright.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260211009664/en/
Jim Ryan
(704) 869-4621
Jim.Ryan@curtisswright.com
Original: Curtiss-Wright Reports Fourth Quarter and Full-Year 2025 Financial Results; Full-Year 2026 Outlook Reflects Higher Sales, Operating Margin Expansion, Double-Digit EPS Growth and Strong Free Cash Flow
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