US Market News
3月前
Moog Inc. Reports Outstanding Second Quarter 2026 Results and Raises Full-Year GuidanceApril 24, 2026 7:55 AM
Business Wire
Moog Inc. (NYSE: MOG.A and MOG.B), a worldwide designer, manufacturer and systems integrator of high-performance precision motion and fluid controls and control systems, today reported fiscal second quarter 2026 results, reflecting robust demand, strengthening operations and continued progress toward the company’s long-term financial objectives.
“Our teams delivered another outstanding quarter. Demand is strong, business is executing well and we are delivering results ahead of guidance,” said Pat Roche, CEO. “We are confident in our ability to deliver for the rest of the year."
(in millions, except per share results)
Three Months Ended
Q2 2026
Q2 2025
Deltas
Net sales
$
1,052
$
934
13
%
Operating margin
13.1
%
11.7
%
140 bps
Adjusted operating margin(1)
13.4
%
12.5
%
90 bps
Diluted net earnings per share
$
2.55
$
1.71
49
%
Adjusted diluted net earnings per share(1)
$
2.64
$
1.88
40
%
Net cash provided (used) by operating activities
$
130
$
40
$
90
Free cash flow(1)
$
98
$
2
$
95
(1) See the reconciliations of adjusted financial measures to the most directly comparable U.S. GAAP measures included in the financial statements herein for the periods ended March 28, 2026, and March 29, 2025.
Quarter Highlights
Net sales increased, reflecting robust growth across all four segments.
Operating margin and adjusted operating margin increased, reflecting profitable sales growth, pricing and operational performance, partially offset by tariff pressure.
Diluted net earnings per share and adjusted diluted net earnings per share, both at record levels, were driven by higher operating margin and higher sales, offset partially by tariff pressure.
Free cash flow improved significantly, driven by strong earnings and working capital management.
Twelve-month backlog increased 33% to a record $3.3 billion, reflecting continued demand across our markets.
Segment Results
Sales in the second quarter of 2026 increased 13% to $1.1 billion. Space and Defense sales increased 16% to $314 million, reflecting broad-based defense demand. Demand was particularly strong for space vehicles and missile controls. Commercial Aircraft sales increased 15% to $247 million, driven by increased volume and pricing on certain major production programs. Military Aircraft sales increased 10% to $235 million, driven by higher activity on the MV-75 program. Industrial sales increased 9% to $256 million, driven by strong demand for data center cooling pumps, as well as favorable foreign currency translation.
Operating margin in the second quarter of 2026 increased 140 basis points to 13.1%, compared to the second quarter of 2025. Military Aircraft operating margin increased 260 basis points to 13.7%, driven by profitable sales growth. Space and Defense operating margin increased 170 basis points to 13.8%, driven by profitable sales growth, partially offset by increased investments for product development, business capture and operational readiness. Industrial operating margin increased 130 basis points to 12.9%, driven by lower charges associated with simplification initiatives and the benefits from business optimization, partially offset by tariff pressure. Commercial Aircraft operating margin increased 10 basis points to 11.9%, driven by pricing benefits, partially offset by tariff pressure.
Adjusted operating margin excludes $3 million and $7 million of charges primarily associated with simplification initiatives in the second quarter of 2026 and 2025, respectively. Industrial adjusted operating margin decreased 20 basis points to 13.2% in the second quarter of 2026 compared with the second quarter of 2025, as tariff pressure offset simplification benefits.
Free Cash Flow Results
Free cash flow for the quarter was $98 million. Strong earnings contributed to cash generation, while working capital remained relatively constant despite strong sales growth. Inventory growth to support higher sales was largely offset by customer advances. Capital expenditures were $32 million, reflecting continued investment to support future growth.
Fiscal 2026 Financial Guidance
“We had an outstanding second quarter and expect an even stronger business performance in the second half of 2026," said Jennifer Walter, CFO. “We're increasing our 2026 guidance for sales and adjusted earnings per share, and reaffirming our guidance for adjusted operating margin and free cash flow conversion.”
FY 2026 Guidance
Current
Previous
Net sales (in billions)
$
4.3
$
4.3
Adjusted operating margin
13.4
%
13.4
%
Adjusted diluted net earnings per share(1)
$
10.60
$
10.20
Free cash flow conversion
60
%
60
%
(1) Adjusted diluted net earnings per share is forecasted to be within range of +/- $0.20.
Conference call information
In conjunction with today’s release, Pat Roche, CEO, and Jennifer Walter, CFO, will host a conference call today beginning at 10:00 a.m. ET, which will be simultaneously broadcast live online. Listeners can access the call and supplemental financial materials at www.moog.com/investors/communications.
Cautionary Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which can be identified by words such as: “may,” “will,” “should,” “believes,” “expects,” “expected,” “intends,” “plans,” “projects,” “approximate,” “estimates,” “predicts,” “potential,” “outlook,” “forecast,” “anticipates,” “presume,” “assume” and other words and terms of similar meaning (including their negative counterparts or other various or comparable terminology). These forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995, are neither historical facts nor guarantees of future performance and are subject to several factors, risks and uncertainties, the impact or occurrence of which could cause actual results to differ materially from the expected results described in the forward-looking statements.
Although it is not possible to create a comprehensive list of all factors that may cause our actual results to differ from the results expressed or implied by our forward-looking statements or that may affect our future results, some of these factors and other risks and uncertainties are described in Item 1A “Risk Factors” of our Annual Report on Form 10-K and in our other periodic filings with the Securities and Exchange Commission (“SEC”) and include, but are not limited to, risks relating to: (i) our operation in highly competitive markets with competitors who may have greater resources than we possess; (ii) our operation in cyclical markets that are sensitive to domestic and foreign economic conditions and events; (iii) current and future geopolitical conditions and events, including wars, armed conflicts, sanctions, trade restrictions and related disruptions to global markets and supply chains; (iv) our heavy dependence on government contracts that may not be fully funded, delayed or terminated; (v) our ability to remediate the material weakness in internal control over financial reporting and maintain effective disclosure controls and procedures; (vi) supply chain constraints and inflationary impacts on prices for raw materials and components used in our products; (vii) failure of our subcontractors or suppliers to perform their contractual obligations; (viii) risks related to information systems interruptions, intrusions, cybersecurity threats or new software implementations; and (ix) our accounting estimates for over-time contracts and any changes we may need to make thereto. You should evaluate all forward-looking statements made in this press release in the context of these risks and uncertainties.
While we believe we have identified and discussed in our SEC filings the material risks affecting our business, there may be additional factors, risks and uncertainties not currently known to us or that we currently consider immaterial that may affect the forward-looking statements we make herein. Given these factors, risks and uncertainties, investors should not place undue reliance on forward-looking statements as predictive of future results. Any forward-looking statement speaks only as of the date on which it is made, and we disclaim any obligation to update any forward-looking statement made in this press release, except as required by applicable law.
Non-GAAP Financial Measures
The press release also includes certain financial information that is not presented in accordance with Generally Accepted Accounting Principles (“GAAP”), including, but not limited to, “Adjusted Operating Margin,” “Adjusted Diluted Net Earnings Per Share,” “Adjusted Net Earnings,” “Adjusted Effective Tax Rate,” “Free Cash Flow” and “Free Cash Flow Conversion.” While we believe that these non-GAAP financial measures may be useful in evaluating our financial condition and results of operations, this information should be considered supplemental and is not a substitute for financial information prepared in accordance with GAAP. Adjustments to operating profit and margin and net earnings per share have included restructuring charges; acquisition- and integration-related costs; gains or losses on investments; asset impairments; litigation and regulatory matters; discrete tax items; changes in the fair value of contingent consideration; foreign exchange gains or losses; and other non-recurring or non-cash items. Reconciliations of the non-GAAP measures to the most directly comparable GAAP measures can be found in the accompanying materials.
The press release also includes certain forward-looking non-GAAP financial guidance, including, but not limited to, “Adjusted Diluted Net Earnings per Share,” “Adjusted Operating Margin” and “Free Cash Flow Conversion". The Company is unable to provide a reconciliation of such forward-looking non-GAAP guidance to the most directly comparable GAAP measures without unreasonable effort because certain items that are material to the comparable GAAP measures are not available and cannot be estimated with reasonable certainty. These items are dependent on future events that are difficult to predict and outside the Company’s control. These items may include, but are not limited to, restructuring charges; acquisition- and integration-related costs; gains or losses on investments; asset impairments; litigation and regulatory matters; discrete tax items; changes in the fair value of contingent consideration; foreign exchange gains or losses; and other non-recurring or non-cash items. The timing and amount of these items may vary significantly from period to period and could have a material impact on the Company’s GAAP results, including, but not limited to, “Diluted Net Earnings per Share” and “Operating Margin”.
Moog Inc.
CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)
(dollars in thousands, except per share data)
Three Months Ended
Six Months Ended
March 28,
2026
March 29,
2025
March 28,
2026
March 29,
2025
Net sales
$
1,051,947
$
934,022
$
2,152,293
$
1,841,904
Cost of sales
764,392
675,255
1,570,498
1,338,059
Inventory write-down
—
2,149
—
2,149
Gross profit
287,555
256,618
581,795
501,696
Research and development
26,662
24,481
51,296
48,086
Selling, general and administrative
136,324
133,932
285,283
262,069
Interest
15,540
19,548
32,735
35,796
Restructuring
1,505
2,425
2,956
6,209
Other
(1,295
)
4,174
(508
)
3,043
Earnings before income taxes
108,819
72,058
210,033
146,493
Income taxes
26,980
17,448
49,343
34,357
Net earnings
$
81,839
$
54,610
$
160,690
$
112,136
Net earnings per share
Basic
$
2.58
$
1.73
$
5.07
$
3.53
Diluted
$
2.55
$
1.71
$
5.01
$
3.49
Weighted average common shares outstanding
Basic
31,715,560
31,558,372
31,696,403
31,764,917
Diluted
32,102,535
31,942,315
32,072,594
32,174,804
Moog Inc.
RECONCILIATION TO ADJUSTED NET EARNINGS, ADJUSTED DILUTED NET EARNINGS PER SHARE AND ADJUSTED EFFECTIVE TAX RATE (UNAUDITED)
(dollars in thousands)
Three Months Ended
Six Months Ended
March 28,
2026
March 29,
2025
March 28,
2026
March 29,
2025
Net Earnings as Reported
$
81,839
$
54,610
$
160,690
$
112,136
Adjustments to Net Earnings:
Program terminations(1)
—
—
1,324
—
Simplification initiatives(2)
3,303
5,343
5,292
11,399
Acquisition and integration(3)
—
—
3,606
—
Other charges(4)
400
2,000
533
2,000
Tax effect of adjustments
(932
)
(1,801
)
(2,642
)
(3,313
)
Net Earnings as Adjusted
$
84,610
$
60,152
$
168,803
$
122,222
Diluted Net Earnings Per Share
As Reported
$
2.55
$
1.71
$
5.01
$
3.49
As Adjusted
$
2.64
$
1.88
$
5.26
$
3.80
Effective Income Tax Rate
As Reported
24.8
%
24.2
%
23.5
%
23.5
%
As Adjusted
24.8
%
24.2
%
23.5
%
23.6
%
The diluted net earnings per share associated with the adjustments in the table above may not reconcile when totaled due to rounding.
(1) Adjustments include costs related to the termination of significant development, production, or support programs, such as write-off and impairments of inventory and long-lived assets, contract termination costs and other related charges or credits.
(2) Adjustments include costs related to footprint rationalization, portfolio shaping and legal entity re-organization activities, such as facility closure costs, employee severance and retention costs, write-off and impairments of inventory and long-lived assets and other related charges or credits.
(3) Adjustments include acquisition related activity, such as amortization of inventory fair value step-up and professional services fees. Charges also include costs related to integrating the businesses, such as employee severance and retention costs, professional services fees, legal entity and facility rationalization costs and other related charges or credits.
(4) Adjustments include costs associated with business interruptions from natural causes, litigation matters, and other charges or credits that are not part of normal operations.
Moog Inc.
CONSOLIDATED SALES AND OPERATING PROFIT (UNAUDITED)
(dollars in thousands)
Three Months Ended
Six Months Ended
March 28,
2026
March 29,
2025
March 28,
2026
March 29,
2025
Net sales:
Space and Defense
$
313,593
$
270,184
$
637,871
$
517,968
Military Aircraft
235,489
213,849
482,900
427,269
Commercial Aircraft
247,007
215,563
514,850
434,053
Industrial
255,858
234,426
516,672
462,614
Net sales
$
1,051,947
$
934,022
$
2,152,293
$
1,841,904
Operating profit:
Space and Defense
$
43,265
$
32,778
$
86,035
$
61,558
13.8
%
12.1
%
13.5
%
11.9
%
Military Aircraft
32,310
23,716
60,438
47,325
13.7
%
11.1
%
12.5
%
11.1
%
Commercial Aircraft
29,316
25,347
57,730
51,114
11.9
%
11.8
%
11.2
%
11.8
%
Industrial
33,046
27,210
69,180
52,658
12.9
%
11.6
%
13.4
%
11.4
%
Total operating profit
137,937
109,051
273,383
212,655
13.1
%
11.7
%
12.7
%
11.5
%
Deductions from operating profit:
Interest expense
15,540
19,548
32,735
35,796
Equity-based compensation expense
4,770
3,695
9,725
8,020
Non-service pension expense
1,147
1,939
2,277
3,885
Corporate and other expenses, net
7,661
11,811
18,613
18,461
Earnings before income taxes
$
108,819
$
72,058
$
210,033
$
146,493
Moog Inc.
RECONCILIATION TO ADJUSTED OPERATING PROFIT AND MARGINS (UNAUDITED)
(dollars in thousands)
Three Months Ended
Six Months Ended
March 28,
2026
March 29,
2025
March 28,
2026
March 29,
2025
Space and Defense operating profit - as reported
$
43,265
$
32,778
$
86,035
$
61,558
Simplification initiatives
2,636
1,138
3,959
2,068
Acquisition and integration
—
—
3,606
—
Other charges
—
—
133
—
Space and Defense operating profit - as adjusted
$
45,901
$
33,916
$
93,733
$
63,626
14.6
%
12.6
%
14.7
%
12.3
%
Military Aircraft operating profit - as reported
$
32,310
$
23,716
$
60,438
$
47,325
Program terminations
—
—
1,324
—
Simplification initiatives
—
—
—
591
Other charges
—
2,000
—
2,000
Military Aircraft operating profit - as adjusted
$
32,310
$
25,716
$
61,762
$
49,916
13.7
%
12.0
%
12.8
%
11.7
%
Commercial Aircraft operating profit - as reported and adjusted
$
29,316
$
25,347
$
57,730
$
51,114
11.9
%
11.8
%
11.2
%
11.8
%
Industrial operating profit - as reported
$
33,046
$
27,210
$
69,180
$
52,658
Simplification initiatives
667
4,205
1,333
8,740
Industrial operating profit - as adjusted
$
33,713
$
31,415
$
70,513
$
61,398
13.2
%
13.4
%
13.6
%
13.3
%
Total operating profit - as adjusted
$
141,240
$
116,394
$
283,738
$
226,054
13.4
%
12.5
%
13.2
%
12.3
%
Moog Inc.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(dollars in thousands)
March 28,
2026
September 27,
2025
ASSETS
Current assets
Cash and cash equivalents
$
307,553
$
62,013
Restricted cash
679
200
Receivables, net
605,518
506,768
Unbilled receivables
842,157
744,352
Inventories, net
931,804
914,302
Prepaid expenses and other current assets
105,830
142,345
Total current assets
2,793,541
2,369,980
Property, plant and equipment, net
1,060,100
1,019,906
Operating lease right-of-use assets
54,149
52,799
Goodwill
873,510
842,313
Intangible assets, net
60,544
66,101
Deferred income taxes
6,903
22,459
Other assets
53,851
52,497
Total assets
$
4,902,598
$
4,426,055
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Current installments of long-term debt
$
500,000
$
1,563
Accounts payable
328,084
318,402
Accrued compensation
81,968
106,040
Contract advances and progress billings
469,206
372,988
Accrued liabilities and other
286,743
320,075
Total current liabilities
1,666,001
1,119,068
Long-term debt, excluding current installments
739,825
944,123
Long-term pension and retirement obligations
152,791
157,218
Deferred income taxes
45,489
32,600
Other long-term liabilities
196,012
180,491
Total liabilities
2,800,118
2,433,500
Shareholders’ equity
Common stock - Class A
43,874
43,864
Common stock - Class B
7,406
7,416
Additional paid-in capital
1,021,544
839,328
Retained earnings
2,976,532
2,834,548
Treasury shares
(1,252,323
)
(1,209,200
)
Stock Employee Compensation Trust
(279,828
)
(195,491
)
Supplemental Retirement Plan Trust
(253,378
)
(170,191
)
Accumulated other comprehensive loss
(161,347
)
(157,719
)
Total shareholders’ equity
2,102,480
1,992,555
Total liabilities and shareholders’ equity
$
4,902,598
$
4,426,055
Moog Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(dollars in thousands)
Six Months Ended
March 28,
2026
March 29,
2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings
$
160,690
$
112,136
Adjustments to reconcile net earnings to net cash provided (used) by operating activities:
Depreciation
50,184
44,779
Amortization
5,449
4,629
Deferred income taxes
27,607
(12,824
)
Equity-based compensation expense
9,725
8,020
Other
(217
)
2,291
Changes in assets and liabilities providing (using) cash:
Receivables
(101,159
)
(123,555
)
Unbilled receivables
(85,779
)
(31,216
)
Inventories
(14,511
)
(54,040
)
Accounts payable
7,481
1,975
Contract advances and progress billings
88,508
8,501
Accrued expenses
(26,813
)
(29,523
)
Accrued income taxes
(23,972
)
(22,429
)
Net pension and post retirement liabilities
2,005
12,067
Other assets and liabilities
(14,372
)
(13,705
)
Net cash provided (used) by operating activities
84,826
(92,894
)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment
(66,178
)
(70,382
)
Net proceeds from businesses sold
—
13,487
Net proceeds from buildings sold
3,065
—
Other investing transactions
(458
)
(2,062
)
Net cash provided (used) by investing activities
(63,571
)
(58,957
)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from revolving lines of credit
869,400
752,500
Payments on revolving lines of credit
(1,064,400
)
(462,000
)
Proceeds from senior notes, net of issuance costs
492,221
—
Payments on finance lease obligations
(8,013
)
(4,469
)
Payment of dividends
(18,706
)
(18,106
)
Proceeds from sale of treasury stock
8,476
7,825
Purchase of outstanding shares for treasury
(50,431
)
(126,425
)
Proceeds from sale of stock held by SECT
33,782
19,289
Purchase of stock held by SECT
(34,470
)
(14,808
)
Other financing transactions
(3,116
)
(1,457
)
Net cash provided (used) by financing activities
224,743
152,349
Effect of exchange rate changes on cash
21
(2,309
)
Increase (decrease) in cash, cash equivalents and restricted cash
246,019
(1,811
)
Cash, cash equivalents and restricted cash at beginning of year
62,213
64,537
Cash, cash equivalents and restricted cash at end of period
$
308,232
$
62,726
Moog Inc.
RECONCILIATION OF NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES TO FREE CASH FLOW (UNAUDITED)
(dollars in thousands)
Three Months Ended
Six Months Ended
March 28,
2026
March 29,
2025
March 28,
2026
March 29,
2025
Net cash provided (used) by operating activities
$
129,594
$
40,016
$
84,826
$
(92,894
)
Purchase of property, plant and equipment
(31,798
)
(37,604
)
(66,178
)
(70,382
)
Free cash flow
$
97,796
$
2,412
$
18,648
$
(163,276
)
Adjusted net earnings
$
84,610
$
60,152
$
168,803
$
122,222
Free cash flow conversion
116
%
4
%
11
%
(134
)%
Free cash flow is defined as net cash provided (used) by operating activities, less purchase of property, plant and equipment, less the benefit from the Receivables Purchase Agreement. Free cash flow conversion is defined as free cash flow divided by adjusted net earnings. Free cash flow and free cash flow conversion are not measures determined in accordance with GAAP and may not be comparable with the measures as used by other companies. However, management believes these adjusted financial measures may be useful in evaluating the liquidity, financial condition and results of operations of the Company. This information should be considered supplemental and is not a substitute for financial information prepared in accordance with GAAP.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260424428017/en/
Aaron Astrachan
716.687.4225
Original: Moog Inc. Reports Outstanding Second Quarter 2026 Results and Raises Full-Year Guidance
US Market News
5月前
Why Smart Money Is Chasing This Defense Tech ShiftFebruary 2, 2026 9:25 AM
PR Newswire (US)
Issued on behalf of VisionWave Holdings, Inc.VANCOUVER, BC, Feb. 2, 2026 /PRNewswire/ -- Equity Insider News Commentary – The global defense playbook is being rewritten in real-time. Sovereign security isn't just about hardware anymore; it relies entirely on the AI systems running the show. This shift is funneling massive capital into a specific sector sweet spot. U.S. Defense tech spending is projected to hit $384 billion in fiscal 2026, a massive 71% jump from 2020 levels as funds rush toward advanced digital platforms[1]. This creates a high-conviction setup for the software backbone: Electronic Design Automation (EDA). This market is expected to reach $33.5 billion by 2033, driven by the AI workflows that cut design cycles from months to weeks[2]. This intersection creates asymmetric upside for the physical technology stack, including VisionWave Holdings, Inc. (NASDAQ: VWAV), Leidos (NYSE: LDOS), Moog (NYSE: MOG.A, MOG.B), GE Aerospace (NYSE: GE), and Tenable (NASDAQ: TENB).
The momentum extends beyond the battlefield into mission-critical commercial infrastructure. We are watching the hybrid electric aircraft market aggressively scale, projected to surge to $6.74 billion by 2030 as propulsion innovation becomes mandatory for cost reduction[3]. Simultaneously, the regulatory landscape is locking in these gains. The new NIST Cybersecurity Framework Profile for AI has effectively established automated exposure management as the primary value driver for government contractors navigating the 2026 cycle[4]. These structural tailwinds signal a pivotal moment for the companies building the digital architecture of the next decade.VisionWave Holdings Inc. (NASDAQ: VWAV) just announced a major execution milestone in its joint venture with Boca Jom Ltd., completing the transfer of three comprehensive intellectual property portfolios covering Electronic Design Automation (EDA) tools. These aren't just patents on paper. The transferred IP includes complete system architectures, source code, algorithm definitions, technical diagrams, detailed development methodologies, and structured development roadmaps that management believes will enable the joint venture to move directly into final development, testing, and integration phases.The IP supports three advanced semiconductor design tools addressing critical bottlenecks in chip manufacturing: AstraDRC for automated design rule corrections, VerityLVS for layout verification, and RelianceRV for reliability testing at advanced manufacturing nodes. As chips get smaller and more complex, manually checking designs for errors becomes increasingly impractical. These tools automate workflows that semiconductor companies currently struggle to handle efficiently, potentially accelerating layout closure and reducing costly design mismatches.Simultaneously, VisionWave assembled a specialized team of RF experts to advance its VisionRF platform, a radio-frequency imaging system designed to provide real-time situational awareness through walls and other visual obstructions. The team brings decades of combined experience in RF engineering, antenna design, radar systems, and advanced signal processing. Management is targeting a proof-of-concept demonstration with potential applications spanning emergency response, security, surveillance, reconnaissance, and tactical military operations.This development builds on VisionWave's recent strategic exchange agreement with Israeli tech company SaverOne 2014 Ltd. (NASDAQ: SVRE) in a three-stage deal worth $7.0 million. VisionWave could control roughly 51% of SaverOne on a fully diluted basis if milestones are achieved and shareholders approve. The partnership combines VisionWave's RF sensing and AI analytics with SaverOne's Vulnerable Road User platform to detect concealed threats where traditional optical cameras and LiDAR systems fail.The company also acquired the qSpeed computational acceleration engine, independently valued at $99.6 million, which shrinks computation cycles from minutes to seconds for time-critical threat response systems. U.S. Patent No. 12,499,578 secures enforceable protection for the RF sensing and AI architecture underlying both its Argus counter-drone technology and SkyWeave communications backbone.VisionWave is also expanding into Southern Europe through its Solar Drone Ltd. subsidiary, securing distribution agreements for Italy and Spain covering critical infrastructure maintenance markets. The company plans to deploy up to $10 million in U.S.-based development over the next six to twelve months to accelerate commercialization timelines across its technology platform.CONTINUED… Read this and more news for VisionWave Holdings at:
https://equity-insider.com/2025/09/25/the-ai-defense-technology-developments-on-the-rise-in-2025-26/Leidos (NYSE: LDOS) announced a partnership with OpenAI to deploy artificial intelligence supporting national priorities including boosting government agency efficiency and effectiveness. The companies plan to integrate OpenAI-powered generative and agentic AI into core workflows of customers in strategic markets including digital modernization, health services, national security and infrastructure, and defense as foundations of Leidos' NorthStar 2030 growth strategy."Leidos and OpenAI are harnessing the transformative power of AI to help improve how federal agencies operate," said Ted Tanner, Leidos Chief Technology Officer. "With OpenAI's most powerful models in a secure configuration designed to protect Leidos and customer data, we're working together to enhance productivity and accelerate product development and delivery."In addition to building OpenAI innovation into core operational systems, every Leidos customer will benefit from Leidos' internal automation and accelerated product design and delivery through thousands of Leidos employees leveraging OpenAI's ChatGPT and API Platform daily. Leidos reported annual revenues of approximately $16.7 billion for the fiscal year ended January 3, 2025.Moog (NYSE: MOG.A, MOG.B) reported record fiscal first quarter 2026 results with net sales of $1.1 billion representing 21% growth and adjusted diluted net earnings per share of $2.63 reflecting strong execution and continued progress against long-term financial objectives. Operating margin increased 90 basis points to 12.3% while adjusted operating margin reached 13.0%, both up 90 basis points compared to first quarter 2025."We delivered an outstanding start to fiscal 2026," said Pat Roche, CEO of Moog. "Our customer focus has resulted in exceptionally strong orders that further secures our future growth."Bookings totaled $2.3 billion driven primarily by future growth in Commercial Aircraft and new awards in Space and Defense while twelve-month backlog increased 30% to a record $3.3 billion. Space and Defense sales increased 31% to $324 million driven by broad-based defense demand with particular strength in missile controls and satellite components while Military Aircraft sales increased 16% to $247 million.GE Aerospace (NYSE: GE) successfully demonstrated a narrowbody hybrid electric engine system in ground testing, completing a modified Passport engine demonstration in 2025 at Peebles Test Operation as part of NASA's Turbofan Engine Power Extraction Demonstration project. Testing exceeded NASA's technical performance benchmarks while advancing understanding of hybrid electric engine system integration and controls beyond standalone components."Hybrid electric propulsion is central to how GE Aerospace is redefining the future of flight," said Arjan Hegeman, vice president of future of flight for GE Aerospace. "Our latest milestone successfully demonstrated a narrowbody hybrid electric engine architecture that doesn't require energy storage to operate."The demonstration represents GE Aerospace's first ground test of a commercial hybrid electric engine demonstrator, showcasing power transfer, extraction, and injection capabilities in a high-bypass commercial turbofan engine. GE Aerospace is developing the architecture through the CFM International RISE program, which has completed more than 350 tests and 3,000 endurance cycles targeting more than 20% better fuel burn compared to commercial engines in service today.Tenable (NASDAQ: TENB) announced general availability of Tenable One AI Exposure, unifying AI protection, discovery and usage governance across enterprises including SaaS platforms, cloud services, APIs and agents within the Tenable One Exposure Management Platform. The platform addresses the AI Exposure Gap, a largely invisible form of exposure emerging across applications, infrastructure, identities, agents and data that most security teams are not equipped to manage."Tenable One brings AI exposure out of silos and into a unified operational model for cyber risk where it can be seen, understood and reduced," said Eric Doerr, Chief Product Officer at Tenable. "By connecting the dots between AI risk and the larger business risk, Tenable delivers the visibility and context security leaders need for informed proactive defense."Tenable provides comprehensive exposure management for AI-related risk bringing AI exposure into the unified approach organizations already use to manage cyber risk across attack surfaces. Gartner recently named Tenable the company to beat for AI-Powered Exposure Assessment and a Leader in the first-ever 2025 Gartner Magic Quadrant for Exposure Assessment Platforms, positioned highest for Ability to Execute and furthest right for Completeness of Vision.Article Sources: https://equity-insider.com/2025/09/25/the-ai-defense-technology-developments-on-the-rise-in-2025-26/CONTACT:Equity Insider
info @acblanke1DISCLAIMER: Nothing in this publication should be considered as personalized ?nancial advice. We are not licensed under securities laws to address your particular ?nancial situation. No communication by our employees to you should be deemed as personalized ?nancial advice. Please consult a licensed ?nancial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor quali?ed to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. Equity Insider is owned by Market IQ Media Group, Inc. ("MIQ"). This article is being distributed for MIQ, who has been paid a fee for VisionWave Holdings, Inc. advertising and digital media from the company directly. There may be 3rd parties who may have shares VisionWave Holdings, Inc., and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a con?ict of interest as to our ability to remain objective in our communication regarding the pro?led company. Because of this con?ict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of MIQ owns shares of VisionWave Holdings, Inc. which were purchased in the open market. MIQ reserves the right to buy and sell, and will buy and sell shares of VisionWave Holdings, Inc. at any time thereafter without any further notice. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material, including this article, which is disseminated by MIQ has been approved by VisionWave Holdings, Inc.; this is a paid advertisement, and we own shares of the mentioned company that we will sell, and we also reserve the right to buy shares of the company in the open market, or through other investment vehicles. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless veri?ed by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment. This publication may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations and beliefs and involve risks and uncertainties that could cause actual results to differ materially from those described. Forward-looking statements in this document are subject to risks and uncertainties, including technological, regulatory, market, and geopolitical factors, which may cause actual results to differ materially. VisionWave Holdings, Inc. makes no representations or warranties as to the accuracy of third-party projections or market data cited herein.SOURCES:1. https://www.visualcapitalist.com/sp/gx03-charted-u-s-department-of-defense-technology-spending-2020-vs-2026/
2. https://www.skyquestt.com/report/electronic-design-automation-market
3. https://www.globenewswire.com/news-release/2026/01/19/3221060/0/en/Hybrid-Electric-Aircrafts-Market-Report-2026-6-74-Bn-Opportunities-Trends-Competitive-Landscape-Strategies-and-Forecasts-2020-2025-2025-2030F-2035F.html
4. https://www.crowell.com/en/insights/client-alerts/nist-releases-draft-framework-for-ai-cybersecurity-solicits-public-comment-what-organizations-using-or-deploying-ai-should-knowLogo - https://mma.prnewswire.com/media/2840019/Equity_Insider_Logo.jpg
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Original: Why Smart Money Is Chasing This Defense Tech Shift
US Market News
5月前
Moog Inc. Reports First Quarter 2026 Record Sales and EPS and Raises Full-Year GuidanceJanuary 30, 2026 7:55 AM
Business Wire
Moog Inc. (NYSE: MOG.A and MOG.B), a worldwide designer, manufacturer and systems integrator of high-performance precision motion and fluid controls and control systems, today reported record fiscal first quarter 2026 results, reflecting strong execution and continued progress against the company’s long-term financial objectives.
“We delivered an outstanding start to fiscal 2026,” said Pat Roche, CEO. “Our customer focus has resulted in exceptionally strong orders that further secures our future growth. We remain committed to delivering value to our stakeholders."
(in millions, except per share results)
Three Months Ended
Q1 2026
Q1 2025(2)
Deltas
Net sales
$
1,100
$
908
21
%
Operating margin
12.3
%
11.4
%
90 bps
Adjusted operating margin(1)
13.0
%
12.1
%
90 bps
Diluted net earnings per share
$
2.46
$
1.78
38
%
Adjusted diluted net earnings per share(1)
$
2.63
$
1.92
37
%
Net cash provided (used) by operating activities
$
(45
)
$
(133
)
$
88
Free cash flow(1)
$
(79
)
$
(166
)
$
87
(1) See the reconciliations of adjusted financial measures to the most directly comparable U.S. GAAP measures included in the financial statements herein for the periods ended January 3, 2026, and December 28, 2024.
(2) As previously disclosed, amounts have been revised to reflect the correction of immaterial misstatements. See "Revision of Previously Issued Consolidated Financial Statements" section from our 2025 Form 10-K.
Quarter Highlights
Record net sales in each of our segments.
Operating margin and adjusted operating margin increased, reflecting operational strength, partially offset by tariff pressure.
Record diluted net earnings per share and adjusted diluted net earnings per share, driven by higher operating margin and sales level, offset partially by tariff pressure.
Free cash flow was a use of cash, driven by cash used by trade net working capital.
Bookings totaled $2.3 billion, driven primarily by future growth in Commercial Aircraft and new awards in Space and Defense.
Twelve-month backlog increased 30% to a record $3.3 billion, reflecting continued demand across all of our markets.
Segment Results
Sales in the first quarter of 2026 increased 21% to $1.1 billion. Space and Defense sales increased 31% to $324 million, driven by broad-based defense demand, with particular strength in missile controls and satellite components. Commercial Aircraft sales increased 23% to $268 million, driven by higher volume on major production programs, increased aftermarket activity associated with strong fleet utilization, and pricing. Military Aircraft sales increased 16% to $247 million, driven by a significant V-22 spares order and continued ramp-up activity on the MV-75 program. Industrial sales increased 14% to $261 million, driven by strong demand for data center cooling pumps, other industrial automation products, and enteral feeding and IV sets.
Operating margin in the first quarter of 2026 increased 90 basis points to 12.3%, compared to the first quarter of 2025. Space and Defense operating margin increased 160 basis points to 13.2%, driven by profitable sales growth, partially offset by investments in product development, business capture and charges associated with acquisition activity. Military Aircraft operating margin increased 30 basis points to 11.4%, driven primarily by a favorable sales mix. Commercial Aircraft operating margin decreased 120 basis points to 10.6%, driven by tariff pressure, partially mitigated by increased volume and pricing benefits. Industrial operating margin increased 270 basis points to 13.9%, reflecting benefits from business optimization and sales growth, partially pressured by tariffs.
Adjusted operating margin in the first quarter of 2026 increased 90 basis points to 13.0%, compared to the first quarter of 2025. The only segment with material adjustments in the first quarter of 2026 was Space and Defense, where adjusted operating margin increased 280 basis points to 14.8%, reflecting higher sales and incremental profit, partially offset by investments in product development and business capture.
Free Cash Flow Results
Free cash flow in the first quarter was a use of $79 million, driven primarily by cash used by physical inventories to support growth and the timing of payments, including the normal timing of compensation payments. Capital expenditures totaled $34 million, as the company continued to invest to support future growth.
Fiscal 2026 Financial Guidance
“We've had an incredible start to the year with our strong first quarter financial performance, and we'll continue to build our financial strength in 2026,” said Jennifer Walter, CFO. “We're increasing our 2026 guidance for sales and adjusted earnings per share, and we're affirming our guidance on adjusted operating margin and free cash flow conversion."
FY 2026 Guidance
Current
Previous
Net sales (in billions)
$
4.3
$
4.2
Adjusted operating margin
13.4
%
13.4
%
Adjusted diluted net earnings per share(1)
$
10.20
$
10.00
Free cash flow conversion
60
%
60
%
(1) Adjusted diluted net earnings per share is forecasted to be within range of +/- $0.20.
Conference call information
In conjunction with today’s release, Pat Roche, CEO, and Jennifer Walter, CFO, will host a conference call today beginning at 10:00 a.m. ET, which will be simultaneously broadcast live online. Listeners can access the call and supplemental financial materials at www.moog.com/investors/communications.
Cautionary Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which can be identified by words such as: “may,” “will,” “should,” “believes,” “expects,” “expected,” “intends,” “plans,” “projects,” “approximate,” “estimates,” “predicts,” “potential,” “outlook,” “forecast,” “anticipates,” “presume,” “assume” and other words and terms of similar meaning (including their negative counterparts or other various or comparable terminology). These forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995, are neither historical facts nor guarantees of future performance and are subject to several factors, risks and uncertainties, the impact or occurrence of which could cause actual results to differ materially from the expected results described in the forward-looking statements.
Although it is not possible to create a comprehensive list of all factors that may cause our actual results to differ from the results expressed or implied by our forward-looking statements or that may affect our future results, some of these factors and other risks and uncertainties are described in Item 1A “Risk Factors” of our Annual Report on Form 10-K and in our other periodic filings with the Securities and Exchange Commission (“SEC”) and include, but are not limited to, risks relating to: (i) our operation in highly competitive markets with competitors who may have greater resources than we possess; (ii) our operation in cyclical markets that are sensitive to domestic and foreign economic conditions and events; (iii) our heavy dependence on government contracts that may not be fully funded or may be terminated; (iv) supply chain constraints and inflationary impacts on prices for raw materials and components used in our products; (v) failure of our subcontractors or suppliers to perform their contractual obligations; and (vi) our accounting estimations for over-time contracts and any changes we need to make thereto. You should evaluate all forward-looking statements made in this press release in the context of these risks and uncertainties.
While we believe we have identified and discussed in our SEC filings the material risks affecting our business, there may be additional factors, risks and uncertainties not currently known to us or that we currently consider immaterial that may affect the forward-looking statements we make herein. Given these factors, risks and uncertainties, investors should not place undue reliance on forward-looking statements as predictive of future results. Any forward-looking statement speaks only as of the date on which it is made, and we disclaim any obligation to update any forward-looking statement made in this press release, except as required by applicable law.
Non-GAAP Financial Measures
The press release also includes certain financial information that is not presented in accordance with Generally Accepted Accounting Principles (“GAAP”), including, but not limited to, “Adjusted Operating Margin,” “Adjusted Diluted Net Earnings Per Share,” “Adjusted EBITDA,” “Free Cash Flow” and “Free Cash Flow Conversion.” While we believe that these non-GAAP financial measures may be useful in evaluating our financial condition and results of operations, this information should be considered supplemental and is not a substitute for financial information prepared in accordance with GAAP. Adjustments to operating profit and margin and net earnings per share have included restructuring charges; acquisition- and integration-related costs; gains or losses on investments; asset impairments; litigation and regulatory matters; discrete tax items; changes in the fair value of contingent consideration; foreign exchange gains or losses; and other non-recurring or non-cash items. Reconciliations of the non-GAAP measures to the most directly comparable GAAP measures can be found in the accompanying materials.
The press release also includes certain forward-looking non-GAAP financial guidance, including, but not limited to, “Adjusted Diluted Net Earnings per Share” and “Adjusted Operating Profit.” The Company is unable to provide a reconciliation of such forward-looking non-GAAP guidance to the most directly comparable GAAP measures without unreasonable effort because certain items that are material to the comparable GAAP measures are not available and cannot be estimated with reasonable certainty. These items are dependent on future events that are difficult to predict and outside the Company’s control. These items may include, but are not limited to, restructuring charges; acquisition- and integration-related costs; gains or losses on investments; asset impairments; litigation and regulatory matters; discrete tax items; changes in the fair value of contingent consideration; foreign exchange gains or losses; and other non-recurring or non-cash items. The timing and amount of these items may vary significantly from period to period and could have a material impact on the Company’s GAAP results, including, but not limited to, “Diluted Net Earnings per Share” and “Operating Profit.”
Moog Inc.
CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)
(dollars in thousands, except per share data)
Three Months Ended
January 3,
December 28,
2026
2024
Net sales
$
1,100,346
$
907,882
Cost of sales
806,106
662,804
Gross profit
294,240
245,078
Research and development
24,634
23,605
Selling, general and administrative
148,959
128,137
Interest
17,195
16,248
Restructuring
1,451
3,784
Other
787
(1,131
)
Earnings before income taxes
101,214
74,435
Income taxes
22,363
16,909
Net earnings
$
78,851
$
57,526
Net earnings per share
Basic
$
2.49
$
1.80
Diluted
$
2.46
$
1.78
Weighted average common shares outstanding
Basic
31,679,982
31,971,462
Diluted
32,045,389
32,407,293
Moog Inc.
RECONCILIATION TO ADJUSTED NET EARNINGS, ADJUSTED DILUTED NET EARNINGS PER SHARE AND ADJUSTED EFFECTIVE TAX RATE (UNAUDITED)
(dollars in thousands)
Three Months Ended
January 3,
December 28,
2026
2024
Net Earnings as Reported
$
78,851
$
57,526
Adjustments to Net Earnings:
Program terminations(1)
1,324
—
Simplification initiatives(2)
1,989
6,056
Acquisition and integration(3)
3,606
—
Other charges(4)
133
—
Tax effect of adjustments
(1,710
)
(1,512
)
Net Earnings as Adjusted
$
84,193
$
62,070
Diluted Net Earnings Per Share
As Reported
$
2.46
$
1.78
As Adjusted
$
2.63
$
1.92
Effective Income Tax Rate
As Reported
22.1
%
22.7
%
As Adjusted
22.2
%
22.9
%
The diluted net earnings per share associated with the adjustments in the table above may not reconcile when totaled due to rounding.
(1) Charges include costs related to the termination of significant development, production, or support programs, such as write-off and impairments of inventory and long-lived assets, contract termination costs, and other charges.
(2) Charges include costs related to footprint rationalization, portfolio shaping and legal entity re-organization activities, such as facility closure costs, employee severance and retention costs, write-off and impairments of inventory and long-lived assets, and other charges.
(3) Charges include acquisition related activity, such as amortization of inventory fair value step-up and professional services fees. Charges also include costs related to integrating the businesses, such as employee severance and retention costs, professional services fees, legal entity and facility rationalization costs and other related charges.
(4) Other charges include business interruptions from natural causes, litigation matters, and other items that are not part of normal operations.
Moog Inc.
CONSOLIDATED SALES AND OPERATING PROFIT (UNAUDITED)
(dollars in thousands)
Three Months Ended
January 3,
December 28,
2026
2024
Net sales:
Space and Defense
$
324,278
$
247,784
Military Aircraft
247,411
213,420
Commercial Aircraft
267,843
218,490
Industrial
260,814
228,188
Net sales
$
1,100,346
$
907,882
Operating profit:
Space and Defense
$
42,770
$
28,780
13.2
%
11.6
%
Military Aircraft
28,128
23,609
11.4
%
11.1
%
Commercial Aircraft
28,414
25,767
10.6
%
11.8
%
Industrial
36,134
25,448
13.9
%
11.2
%
Total operating profit
135,446
103,604
12.3
%
11.4
%
Deductions from operating profit:
Interest expense
17,195
16,248
Equity-based compensation expense
4,955
4,325
Non-service pension expense
1,130
1,946
Corporate and other expenses, net
10,952
6,650
Earnings before income taxes
$
101,214
$
74,435
Moog Inc.
RECONCILIATION TO ADJUSTED OPERATING PROFIT AND MARGINS (UNAUDITED)
(dollars in thousands)
Three Months Ended
January 3,
December 28,
2026
2024
Space and Defense operating profit - as reported
$
42,770
$
28,780
Simplification initiatives
1,323
930
Acquisition and integration
3,606
—
Other charges
133
—
Space and Defense operating profit - as adjusted
$
47,832
$
29,710
14.8
%
12.0
%
Military Aircraft operating profit - as reported
$
28,128
$
23,609
Program terminations
1,324
—
Simplification initiatives
—
591
Military Aircraft operating profit - as adjusted
$
29,452
$
24,200
11.9
%
11.3
%
Commercial Aircraft operating profit - as reported and adjusted
$
28,414
$
25,767
10.6
%
11.8
%
Industrial operating profit - as reported
$
36,134
$
25,448
Simplification initiatives
666
4,535
Industrial operating profit - as adjusted
$
36,800
$
29,983
14.1
%
13.1
%
Total operating profit - as adjusted
$
142,498
$
109,660
13.0
%
12.1
%
Moog Inc.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(dollars in thousands)
January 3,
September 27,
2026
2025
ASSETS
Current assets
Cash and cash equivalents
$
73,359
$
62,013
Restricted cash
435
200
Receivables, net
554,295
506,768
Unbilled receivables
817,605
744,352
Inventories, net
915,691
914,302
Prepaid expenses and other current assets
88,910
142,345
Total current assets
2,450,295
2,369,980
Property, plant and equipment, net
1,043,003
1,019,906
Operating lease right-of-use assets
57,586
52,799
Goodwill
877,058
842,313
Intangible assets, net
63,558
66,101
Deferred income taxes
6,700
22,459
Other assets
53,693
52,497
Total assets
$
4,551,893
$
4,426,055
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Current installments of long-term debt
$
4,688
$
1,563
Accounts payable
295,203
318,402
Accrued compensation
61,690
106,040
Contract advances and progress billings
410,447
372,988
Accrued liabilities and other
280,606
320,075
Total current liabilities
1,052,634
1,119,068
Long-term debt, excluding current installments
1,052,312
944,123
Long-term pension and retirement obligations
156,083
157,218
Deferred income taxes
33,025
32,600
Other long-term liabilities
192,039
180,491
Total liabilities
2,486,093
2,433,500
Shareholders’ equity
Common stock - Class A
43,864
43,864
Common stock - Class B
7,416
7,416
Additional paid-in capital
920,181
839,328
Retained earnings
2,904,206
2,834,548
Treasury shares
(1,241,614
)
(1,209,200
)
Stock Employee Compensation Trust
(214,872
)
(195,491
)
Supplemental Retirement Plan Trust
(201,585
)
(170,191
)
Accumulated other comprehensive loss
(151,796
)
(157,719
)
Total shareholders’ equity
2,065,800
1,992,555
Total liabilities and shareholders’ equity
$
4,551,893
$
4,426,055
Moog Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(dollars in thousands)
Three Months Ended
January 3,
December 28,
2026
2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings
$
78,851
$
57,526
Adjustments to reconcile net earnings to net cash provided (used) by operating activities:
Depreciation
24,885
22,429
Amortization
2,713
2,323
Deferred income taxes
15,602
(4,261
)
Equity-based compensation expense
4,955
4,325
Other
217
1,401
Changes in assets and liabilities providing (using) cash:
Receivables
(46,404
)
(63,037
)
Unbilled receivables
(60,291
)
(36,140
)
Inventories
7,095
(48,612
)
Accounts payable
(26,583
)
(22,973
)
Contract advances and progress billings
28,114
(4,043
)
Accrued expenses
(54,463
)
(27,301
)
Accrued income taxes
(12,866
)
(6,652
)
Net pension and post retirement liabilities
871
636
Other assets and liabilities
(7,464
)
(8,531
)
Net cash provided (used) by operating activities
(44,768
)
(132,910
)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment
(34,380
)
(32,778
)
Net proceeds from businesses sold
—
13,487
Net proceeds from buildings sold
3,065
—
Other investing transactions
(156
)
169
Net cash provided (used) by investing activities
(31,471
)
(19,122
)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from revolving lines of credit
372,900
426,500
Payments on revolving lines of credit
(261,900
)
(197,000
)
Payments on finance lease obligations
(4,308
)
(2,119
)
Payment of dividends
(9,193
)
(8,961
)
Proceeds from sale of treasury stock
8,090
—
Purchase of outstanding shares for treasury
(37,847
)
(55,692
)
Proceeds from sale of stock held by SECT
27,233
9,665
Purchase of stock held by SECT
(6,914
)
(8,087
)
Other financing transactions
(339
)
(439
)
Net cash provided (used) by financing activities
87,722
163,867
Effect of exchange rate changes on cash
98
(2,564
)
Increase (decrease) in cash, cash equivalents and restricted cash
11,581
9,271
Cash, cash equivalents and restricted cash at beginning of year
62,213
64,537
Cash, cash equivalents and restricted cash at end of period
$
73,794
$
73,808
Moog Inc.
RECONCILIATION OF NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES TO FREE CASH FLOW (UNAUDITED)
(dollars in thousands)
Three Months Ended
January 3,
December 28,
2026
2024
Net cash provided (used) by operating activities
$
(44,768
)
$
(132,910
)
Purchase of property, plant and equipment
(34,380
)
(32,778
)
Free cash flow
$
(79,148
)
$
(165,688
)
Adjusted net earnings
$
84,193
$
62,070
Free cash flow conversion
(94
)%
(267
)%
Free cash flow is defined as net cash provided (used) by operating activities, less purchase of property, plant and equipment, less the benefit from the Receivables Purchase Agreement. Free cash flow conversion is defined as free cash flow divided by adjusted net earnings. Free cash flow and free cash flow conversion are not measures determined in accordance with GAAP and may not be comparable with the measures as used by other companies. However, management believes these adjusted financial measures may be useful in evaluating the liquidity, financial condition and results of operations of the Company. This information should be considered supplemental and is not a substitute for financial information prepared in accordance with GAAP.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260130306022/en/
Aaron Astrachan
716.687.4225
Original: Moog Inc. Reports First Quarter 2026 Record Sales and EPS and Raises Full-Year Guidance
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