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
MWN-AI** Summary
Curtiss-Wright Corporation (NYSE: CW) has reported a robust financial performance for the fourth quarter and full year of 2025, highlighting significant growth across various metrics. For the fourth quarter, the company achieved sales of $947 million, an increase of 15% year-over-year, and operating income of $182 million, representing an operating margin of 19.2%. The diluted earnings per share (EPS) for the quarter rose to $3.69, marking a 16% increase. Notably, free cash flow showed an impressive conversion rate of 224%, generating $315 million, alongside $140 million spent on share repurchases.
For the full year 2025, Curtiss-Wright reported total sales of $3.5 billion, a 12% rise from 2024. Operating income reached $634 million, with an adjusted EPS of $13.23, up 21%. The total new orders were strong at $4.1 billion, reflecting solid demand across the Aerospace & Defense and Commercial markets, leading to a book-to-bill ratio of 1.2x.
Looking ahead, Curtiss-Wright provided an optimistic outlook for 2026, expecting organic sales growth of 6% to 8% and an operating margin expansion of 30 to 60 basis points, targeting diluted EPS growth of 11% to 15%. The anticipated free cash flow for 2026 is projected to be between $575 million and $595 million, reflecting the company’s ongoing commitment to operational excellence and strategic investments to enhance future growth. CEO Lynn M. Bamford emphasized the confidence in achieving long-term financial targets, supported by a strong backlog and alignment with favorable market trends.
MWN-AI** Analysis
Curtiss-Wright Corporation delivered outstanding financial results for the fourth quarter and full-year 2025, marking a significant milestone in its operational progress. With sales reaching $947 million—up 15%—and a full-year total of $3.5 billion, Curtiss-Wright is solidifying its position within the Aerospace & Defense (A&D) industry while demonstrating robust demand in commercial sectors.
Analyzing their performance, the adjusted operating margin expansion to 19.7% is particularly noteworthy. The mid-teen growth in diluted EPS, reported at $3.79, further showcases strong profitability, signaling effective operational execution. Free cash flow generation of $315 million, reflecting a conversion rate of 224%, enhances the company’s financial flexibility for strategic investments and shareholder returns. This is underlined by a healthy backlog of $4.1 billion, providing a solid foundation for future growth.
Looking ahead to 2026, Curtiss-Wright anticipates further organic sales growth of 6% to 8%, demonstrating its commitment to long-term growth while projecting a diluted EPS increase between 11% and 15%. The intended increase in R&D expenditures suggests a strategic focus on innovation and competitive edge.
For investors, the company appears to be a strong candidate for portfolio consideration, particularly given its resilience amid market fluctuations. The buyback program, which repurchased $140 million in shares, indicates management's confidence in the company's valuation. The anticipated free cash flow of $575 to $595 million serves not only as a buffer against economic challenges but also as a means for potential dividend increases—currently set at $0.24 per share.
Taking all these factors into account, investors should view Curtiss-Wright favorably, given its strong performance metrics and promising outlook for 2026. Keeping a close eye on operational advancements may yield substantial long-term rewards in line with their growth trajectory.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
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 $25 million compared with 2025 results. |
**********
A more detailed breakdown of the Company’s 2026 financial guidance by segment and by market, as well as all reconciliations of Reported GAAP amounts to Adjusted non-GAAP amounts, can be found in the accompanying schedules. Historical financial results are available in the Investor Relations section of Curtiss-Wright’s website.
Conference Call & Webcast Information
The Company will host a conference call to discuss fourth quarter and full-year 2025 financial results and expectations for 2026 guidance at 10:00 a.m. ET on Thursday, February 12, 2026. A live webcast of the call and the accompanying financial presentation, as well as a webcast replay of the call, will be made available on the internet by visiting the Investor Relations section of the Company’s website at www.curtisswright.com .
(Tables to Follow)
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES ($'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 ($'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 ($'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 ($'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 ($'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 | |||||||||||
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 ($'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 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 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
FAQ**
What key factors contributed to the 15% sales growth reported by Curtiss-Wright Corporation (CW) in Q4 2025 and how do they align with industry trends?
Given that CW achieved a free cash flow conversion of 224%, what strategies did Curtiss-Wright Corporation implement to optimize working capital?
How does Curtiss-Wright Corporation (CW) plan to leverage its $4.1 billion backlog for growth in 2026, and what are the anticipated challenges?
What are the implications of Curtiss-Wright Corporation's (CW) projected operating margin expansion for investor confidence and future profit margins?
**MWN-AI FAQ is based on asking OpenAI questions about Curtiss-Wright Corporation (NYSE: CW).
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