Curtiss Wright Corp (CW)

Curtiss-Wright Announces $80 Million Multi-Year Investment to Expand Its Operations in Cheswick, PennsylvaniaJuly 6, 2026 5:00 PM
Business Wire Curtiss-Wright Corporation (NYSE: CW) today announced an $80 million, multi-year investment to expand operations at its Cheswick, Pennsylvania facility, part of the Company’s Naval & Power segment, through a combination of internal capital investments, state support and maritime industrial base funding via the U.S. Department of War budget. Curtiss-Wright’s Cheswick campus, which spans 118 acres, designs, manufactures, and tests advanced solutions for critical naval defense and commercial nuclear markets. As part of these investments, the company will construct two new buildings to expand manufacturing and testing capacity, improve operational efficiency, reduce lead times, and support future growth. The expansion, which began in 2025 and is supported by the Commonwealth of Pennsylvania and Governor Josh Shapiro, is expected to create approximately 150 new jobs over the next three years while retaining more than 860 existing positions. “This expansion strengthens our ability to meet growing customer demand in our naval defense and commercial nuclear end markets, and reinforces our commitment to the workforce and the community to ensure that Curtiss-Wright remains a critical supplier to these industries for the next decade and beyond,” said Lynn M. Bamford, Chair and CEO of Curtiss-Wright Corporation. “Additionally, we are pleased to see the administration’s continued strong funding for naval shipbuilding, including an acceleration in maritime industrial base funding.” “We are grateful for Governor Shapiro and the Commonwealth’s continued partnership, including their support through the PA SITES program,” said David Micha, Sr. Vice President, Curtiss-Wright Electro-Mechanical Systems. Coordinated by the Governor’s BusinessPA team, the company received a funding proposal from the Department of Community and Economic Development (DCED) for a $1,210,000 grant through the PA SITES (Pennsylvania Strategic Investments to Enhance Sites) Program. “My Administration is competing aggressively to win major investments and help drive even more economic growth across the Commonwealth,” said Governor Shapiro. “This expansion is yet another clear example of how our Economic Development Strategy is working and delivered for our Commonwealth. We’ll continue to secure – and win – more projects that create good-paying jobs, strengthen our manufacturing base, and give Pennsylvanians real opportunities to succeed and thrive." “Curtiss-Wright’s decision to expand is great news for Allegheny County and our entire Commonwealth,” said DCED Secretary Rick Siger. “Under Governor Shapiro’s leadership, we’re making strategic investments that are boosting our manufacturing industry, growing companies, and making Pennsylvania a top state for business.” "This project is a prime example of what happens when state leadership and regional execution align seamlessly. Curtiss-Wright is a vital anchor of our nuclear and defense ecosystems, working together with regional leaders like Westinghouse to power next-generation energy solutions,” said Stefani Pashman, CEO of the Allegheny Conference on Community Development. “They play a critical role in the nuclear supply chain and their decision to invest $80 million to expand their operations in Allegheny County ensures our region remains at the forefront of critical national infrastructure. The Allegheny Conference team was proud to partner on this project with Curtiss-Wright and DCED to help navigate the path forward for this expansion. We thank Governor Shapiro and the Commonwealth for providing the vital grant and tax credit support necessary to keep global manufacturing leaders growing in Pennsylvania." Curtiss-Wright’s facility in Cheswick, PA, is a world leader in the design, development, manufacture and qualification of the most advanced, proven and reliable critical function canned motor pumps, motors, generators, control rod drive mechanisms. It has served the commercial nuclear power industry since the first U.S. nuclear power plant was built in Shippingport, PA, and has supported the U.S. nuclear navy since the Nautilus (SSN-571), the first nuclear-powered submarine. 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. This press release contains forward-looking statements made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements, including statements relating to Curtiss-Wright Corporation's expectations of future performance of our products, the continued relationships with existing customers, the continued funding of programs by the U.S. Navy, the successful implementation of our products into naval defense and commercial nuclear programs, the overall success of these programs, and future opportunities associated with these programs, are not considered historical facts and are considered forward-looking statements under the federal securities laws. 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; changes in competitive marketplace and/or customer requirements; a change in US and Foreign government spending; an inability to perform customer contracts at anticipated cost levels; and other factors that generally affect the business of aerospace, defense contracting, marine, electronics and industrial companies. Please refer to the Company's current SEC filings under the Securities Exchange Act of 1934, as amended, for further information. View source version on businesswire.com: https://www.businesswire.com/news/home/20260701336661/en/ Jim Ryan
(704) 869-4621
jim.ryan@curtisswright.com Original: Curtiss-Wright Announces $80 Million Multi-Year Investment to Expand Its Operations in Cheswick, Pennsylvania

Curtiss-Wright to Participate in 2026 NYSE European Investor Conference in LondonJune 10, 2026 4:30 PM
Business Wire Curtiss-Wright Corporation (NYSE: CW) today announced that Lynn M. Bamford, Chair and Chief Executive Officer, and K. Christopher Farkas, Executive Vice President and Chief Financial Officer, will participate in the 2026 NYSE European Investor Conference – In Association with Bank of America in London on Wednesday, June 17, 2026. At the conference, the Company will host 1x1s and group meetings with members of the investment community. There will be no formal presentation or webcast at this event. Please access the latest Investor Briefing presentation in the Investor Relations section of Curtiss-Wright’s website at www.curtisswright.com. 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20260610188098/en/ Jim Ryan
(704) 869-4621
jim.ryan@curtisswright.com Original: Curtiss-Wright to Participate in 2026 NYSE European Investor Conference in London

Curtiss-Wright Announces 10th Consecutive Year of Dividend Increase; Raises Quarterly Dividend by 8% to $0.26 Per ShareMay 14, 2026 8:00 AM
Business Wire Curtiss-Wright Corporation (NYSE: CW) today announced that the Board of Directors has authorized and declared an 8% increase in the quarterly dividend, from twenty-four cents ($0.24) per share to twenty-six cents ($0.26) per share, payable July 6, 2026, to stockholders of record as of June 15, 2026. This increase results in an annualized equivalent dividend rate of $1.04 per share. "This marks the 10th consecutive year that Curtiss-Wright has increased its dividend,” said Lynn M. Bamford, Chair and CEO of Curtiss-Wright Corporation. “We believe in providing consistent returns to our shareholders through ongoing share repurchases and are committed to steadily increasing our dividend in alignment with our long-term sales growth. In addition, under our disciplined capital allocation strategy, we remain dedicated to pursuing strategic acquisitions as an accelerator to organic growth, while also targeting operational investments with the highest returns, to drive long-term shareholder value.” 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20260514894231/en/ Jim Ryan
(704) 869-4621
jim.ryan@curtisswright.com Original: Curtiss-Wright Announces 10th Consecutive Year of Dividend Increase; Raises Quarterly Dividend by 8% to $0.26 Per Share

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

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