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
DAVIDSON, N.C.--( BUSINESS WIRE)--Curtiss-Wright Corporation (NYSE: CW) reports financial results for the fourth quarter and full-year ended December 31, 2025.
"Curtiss-Wright's full-year 2025 performance reflected the continued momentum that we are generating under our Pivot to Growth strategy. We remain well positioned to deliver another strong operational performance in 2026," said Lynn M. Bamford, Chair & CEO
Fourth Quarter 2025 Highlights:
Full-Year 2025 Highlights:
"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.
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.
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.
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.
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
%
New Orders and Backlog
Share Repurchase and Dividends
Full-Year 2026 Guidance
The Company's full-year 2026 Adjusted financial guidance (1) is as follows:
($ in millions, except EPS)
2026 Guidance
% Chg vs 2025 Adjusted
Total Sales
$3,710 - $3,765
6 - 8%
Operating Income
$703 - $722
8 - 11%
Operating Margin
18.9% - 19.2%
30 - 60 bps
Diluted EPS
$14.70 - $15.15
11 - 15%
Free Cash Flow (2)
$575 - $595
4 - 7%
(1)
Reconciliations of Reported to Adjusted 2025 operating results and 2026 Adjusted financial guidance are available in the Appendix, and exclude first-year purchase accounting costs in the prior period associated with acquisitions as well as costs associated with both our FY24 and FY26 Restructuring Programs.
(2)
2026 Free Cash Flow guidance includes higher capital expenditures supporting growth and efficiency, reflecting a year-over-year increase of approximately $25 million compared with 2025 results.
**********
A more detailed breakdown of the Company’s 2026 financial guidance by segment and by market, as well as all reconciliations of Reported GAAP amounts to Adjusted non-GAAP amounts, can be found in the accompanying schedules. Historical financial results are available in the Investor Relations section of Curtiss-Wright’s website.
Conference Call & Webcast Information
The Company will host a conference call to discuss fourth quarter and full-year 2025 financial results and expectations for 2026 guidance at 10:00 a.m. ET on Thursday, February 12, 2026. A live webcast of the call and the accompanying financial presentation, as well as a webcast replay of the call, will be made available on the internet by visiting the Investor Relations section of the Company’s website at www.curtisswright.com.
(Tables to Follow)
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)
($'s in thousands, except per share data)
Three Months Ended
Year Ended
December 31,
December 31,
2025
2024
2025
2024
Product sales
$
812,483
$
698,626
$
2,977,233
$
2,639,953
Service sales
134,498
125,687
521,139
481,236
Total net sales
946,981
824,313
3,498,372
3,121,189
Cost of product sales
518,641
437,801
1,910,661
1,690,574
Cost of service sales
72,897
69,082
286,177
277,066
Total cost of sales
591,538
506,883
2,196,838
1,967,640
Gross profit
355,443
317,430
1,301,534
1,153,549
Research and development expenses
25,427
25,781
95,161
91,647
Selling expenses
46,492
36,158
168,740
145,360
General and administrative expenses
100,059
92,405
399,608
373,497
Restructuring expenses
1,707
8,250
4,504
14,448
Operating income
181,758
154,836
633,521
528,597
Interest expense
11,997
11,675
43,148
44,869
Other income, net
7,239
10,034
29,637
38,328
Earnings before income taxes
177,000
153,195
620,010
522,056
Provision for income taxes
(40,002
)
(35,343
)
(135,782
)
(117,078
)
Net earnings
$
136,998
$
117,852
$
484,228
$
404,978
Basic earnings per share
$
3.71
$
3.11
$
12.94
$
10.61
Diluted earnings per share
$
3.69
$
3.09
$
12.87
$
10.55
Dividends per share
$
0.24
$
0.21
$
0.93
$
0.83
Weighted average shares outstanding:
Basic
36,927
37,874
37,417
38,153
Diluted
37,172
38,137
37,631
38,373
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
($'s in thousands, except par value)
December 31,
December 31,
2025
2024
Assets
Current assets:
Cash and cash equivalents
$
371,345
$
385,042
Receivables, net
932,344
835,037
Inventories, net
615,097
541,442
Other current assets
99,688
88,073
Total current assets
2,018,474
1,849,594
Property, plant, and equipment, net
382,200
339,118
Goodwill
1,692,490
1,675,718
Other intangible assets, net
532,381
596,831
Operating lease right-of-use assets, net
198,603
169,350
Prepaid pension asset
333,547
299,130
Other assets
63,597
55,963
Total assets
$
5,221,292
$
4,985,704
Liabilities
Current liabilities:
Current portion of long-term and short-term debt
$
200,000
$
90,000
Accounts payable
310,303
247,185
Accrued expenses
242,942
219,054
Deferred revenue
561,452
459,421
Other current liabilities
90,870
80,288
Total current liabilities
1,405,567
1,095,948
Long-term debt
757,884
958,949
Deferred tax liabilities, net
154,002
140,659
Accrued pension and other postretirement benefit costs
71,417
67,413
Long-term operating lease liability
178,466
148,175
Other liabilities
120,382
124,761
Total liabilities
$
2,687,718
$
2,535,905
Stockholders' equity
Common stock, $1 par value
$
49,187
$
49,187
Additional paid in capital
165,014
147,940
Retained earnings
4,310,680
3,861,073
Accumulated other comprehensive loss
(173,812
)
(243,225
)
Less: cost of treasury stock
(1,817,495
)
(1,365,176
)
Total stockholders' equity
2,533,574
2,449,799
Total liabilities and stockholders' equity
$
5,221,292
$
4,985,704
Use and Definitions of Non-GAAP Financial Information (Unaudited)
The Corporation supplements its financial information determined under U.S. generally accepted accounting principles (GAAP) with certain non-GAAP financial information. Curtiss-Wright believes that these Adjusted (non-GAAP) measures provide investors with improved transparency in order to better measure Curtiss-Wright’s ongoing operating and financial performance and provide more relevant comparisons of our key financial metrics to our peers. These non-GAAP measures should not be considered in isolation or as a substitute for the related GAAP measures, and other companies may define such measures differently. Curtiss-Wright encourages investors to review its financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. Reconciliations of “Reported” GAAP amounts to “Adjusted” non-GAAP amounts are furnished within this release.
The following definitions are provided:
Adjusted Sales, Operating Income, Operating Margin, Net Earnings and Diluted EPS
These Adjusted financials are defined as Reported Operating Income, Operating Margin, Net Earnings and Diluted Earnings per Share under GAAP excluding: (i) the impact of first year purchase accounting costs associated with acquisitions, specifically one-time inventory step-up, backlog amortization, deferred revenue adjustments, transaction costs, and gains/losses on equity securities held for investment purposes; and (ii) costs associated with the Company's 2024 Restructuring Program, as applicable.
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED)
($'s in thousands)
Three Months Ended
Three Months Ended
December 31, 2025
December 31, 2024
% Change
As Reported
Adjustments
Adjusted
As Reported
Adjustments
Adjusted
As Reported
Adjusted
Sales:
Aerospace & Industrial
$
262,391
$
—
$
262,391
$
250,917
$
—
$
250,917
5
%
5
%
Defense Electronics
267,276
—
267,276
227,475
—
227,475
17
%
17
%
Naval & Power
417,314
—
417,314
345,921
—
345,921
21
%
21
%
Total sales
$
946,981
$
—
$
946,981
$
824,313
$
—
$
824,313
15
%
15
%
Operating income (expense):
Aerospace & Industrial (2)
$
51,799
$
938
$
52,737
$
47,876
$
5,694
$
53,570
8
%
(2
)%
Defense Electronics (2)
68,777
323
69,100
54,775
587
55,362
26
%
25
%
Naval & Power (1)(2)
71,284
3,539
74,823
65,150
962
66,112
9
%
13
%
Total segments
$
191,860
$
4,800
$
196,660
$
167,801
$
7,243
$
175,044
14
%
12
%
Corporate and other (2)
(10,102
)
12
(10,090
)
(12,965
)
1,414
(11,551
)
22
%
13
%
Total operating income
$
181,758
$
4,812
$
186,570
$
154,836
$
8,657
$
163,493
17
%
14
%
Operating margins:
As Reported
Adjusted
As Reported
Adjusted
As Reported
Adjusted
Aerospace & Industrial
19.7
%
20.1
%
19.1
%
21.3
%
60 bps
(120 bps)
Defense Electronics
25.7
%
25.9
%
24.1
%
24.3
%
160 bps
160 bps
Naval & Power
17.1
%
17.9
%
18.8
%
19.1
%
(170 bps)
(120 bps)
Total Curtiss-Wright
19.2
%
19.7
%
18.8
%
19.8
%
40 bps
(10 bps)
Segment margins
20.3
%
20.8
%
20.4
%
21.2
%
(10 bps)
(40 bps)
(1) Excludes first year purchase accounting adjustments in both the current and prior year periods.
(2) Excludes costs associated with the Company's 2024 Restructuring Program in both the current and prior year periods.
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED)
($'s in thousands)
Year Ended
Year Ended
December 31, 2025
December 31, 2024
% Change
As Reported
Adjustments
Adjusted
As Reported
Adjustments
Adjusted
As Reported
Adjusted
Sales:
Aerospace & Industrial
$
976,760
$
—
$
976,760
$
932,133
$
—
$
932,133
5
%
5
%
Defense Electronics
1,018,610
—
1,018,610
910,706
—
910,706
12
%
12
%
Naval & Power
1,503,002
—
1,503,002
1,278,350
—
1,278,350
18
%
18
%
Total sales
$
3,498,372
$
—
$
3,498,372
$
3,121,189
$
—
$
3,121,189
12
%
12
%
Operating income (expense):
Aerospace & Industrial (2)
$
166,166
$
3,855
$
170,021
$
148,023
$
10,239
$
158,262
12
%
7
%
Defense Electronics (2)
278,016
342
278,358
224,739
1,929
226,668
24
%
23
%
Naval & Power (1)(2)
231,284
13,272
244,556
199,663
2,063
201,726
16
%
21
%
Total segments
$
675,466
$
17,469
$
692,935
$
572,425
$
14,231
$
586,656
18
%
18
%
Corporate and other (2)
(41,945
)
4
(41,941
)
(43,828
)
3,038
(40,790
)
4
%
(3
)%
Total operating income
$
633,521
$
17,473
$
650,994
$
528,597
$
17,269
$
545,866
20
%
19
%
Operating margins:
As Reported
Adjusted
As Reported
Adjusted
As Reported
Adjusted
Aerospace & Industrial
17.0
%
17.4
%
15.9
%
17.0
%
110 bps
40 bps
Defense Electronics
27.3
%
27.3
%
24.7
%
24.9
%
260 bps
240 bps
Naval & Power
15.4
%
16.3
%
15.6
%
15.8
%
(20 bps)
50 bps
Total Curtiss-Wright
18.1
%
18.6
%
16.9
%
17.5
%
120 bps
110 bps
Segment margins
19.3
%
19.8
%
18.3
%
18.8
%
100 bps
100 bps
(1) Excludes first year purchase accounting adjustments in both the current and prior year periods.
(2) Excludes costs associated with the Company's 2024 Restructuring Program in both the current and prior year periods.
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
RECONCILIATION OF AS REPORTED SALES TO ADJUSTED SALES BY END MARKET (UNAUDITED)
($'s in thousands)
Three Months Ended
Three Months Ended
December 31, 2025
December 31, 2024
% Change
As Reported
Adjustments
Adjusted Sales
As Reported
Adjustments
Adjusted Sales
Change in As Reported Sales
Change in Adjusted Sales
Aerospace & Defense markets:
Aerospace Defense
$
192,055
$
—
$
192,055
$
171,432
$
—
$
171,432
12
%
12
%
Ground Defense
115,235
—
115,235
84,654
—
84,654
36
%
36
%
Naval Defense
234,576
—
234,576
216,894
—
216,894
8
%
8
%
Commercial Aerospace
120,058
—
120,058
98,318
—
98,318
22
%
22
%
Total Aerospace & Defense
$
661,924
$
—
$
661,924
$
571,298
$
—
$
571,298
16
%
16
%
Commercial markets:
Power & Process
$
178,833
$
—
$
178,833
$
146,772
$
—
$
146,772
22
%
22
%
General Industrial
106,224
—
106,224
106,243
—
106,243
0
%
0
%
Total Commercial
$
285,057
$
—
$
285,057
$
253,015
$
—
$
253,015
13
%
13
%
Total Curtiss-Wright
$
946,981
$
—
$
946,981
$
824,313
$
—
$
824,313
15
%
15
%
Year Ended
Year Ended
December 31, 2025
December 31, 2024
% Change
As Reported
Adjustments
Adjusted Sales
As Reported
Adjustments
Adjusted Sales
Change in As Reported Sales
Change in Adjusted Sales
Aerospace & Defense markets:
Aerospace Defense
$
672,526
$
—
$
672,526
$
616,590
$
—
$
616,590
9
%
9
%
Ground Defense
406,803
—
406,803
353,326
—
353,326
15
%
15
%
Naval Defense
941,654
—
941,654
821,898
—
821,898
15
%
15
%
Commercial Aerospace
430,109
—
430,109
378,086
—
378,086
14
%
14
%
Total Aerospace & Defense
$
2,451,092
$
—
$
2,451,092
$
2,169,900
$
—
$
2,169,900
13
%
13
%
Commercial markets:
Power & Process
$
635,140
$
—
$
635,140
$
540,788
$
—
$
540,788
17
%
17
%
General Industrial
412,140
—
412,140
410,501
—
410,501
0
%
0
%
Total Commercial
$
1,047,280
$
—
$
1,047,280
$
951,289
$
—
$
951,289
10
%
10
%
Total Curtiss-Wright
$
3,498,372
$
—
$
3,498,372
$
3,121,189
$
—
$
3,121,189
12
%
12
%
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
RECONCILIATION OF AS REPORTED TO ADJUSTED DILUTED EARNINGS PER SHARE (UNAUDITED)
Three Months Ended
Year Ended
December 31,
December 31,
2025
2024
2025
2024
Diluted earnings per share - As Reported
$
3.69
$
3.09
$
12.87
$
10.55
First year purchase accounting adjustments
0.06
0.01
0.27
0.04
Restructuring expenses
0.04
0.17
0.09
0.31
Diluted earnings per share - Adjusted (1)
$
3.79
$
3.27
$
13.23
$
10.90
(1) All adjustments are presented net of income taxes.
Organic Sales and Organic Operating Income
The Corporation discloses organic sales and organic operating income because the Corporation believes it provides investors with insight as to the Company’s ongoing business performance. Organic sales and organic operating income are defined as sales and operating income, excluding contributions from acquisitions and results of operations from divested businesses or product lines during the last twelve months, costs associated with the Company's 2024 Restructuring Program, and foreign currency fluctuations.
Three Months Ended
December 31,
2025 vs. 2024
Aerospace & Industrial
Defense Electronics
Naval & Power
Total Curtiss-Wright
Sales
Operating income
Sales
Operating income
Sales
Operating income
Sales
Operating income
As Reported
5
%
8
%
17
%
26
%
21
%
9
%
15
%
17
%
Less: Acquisitions
0
%
0
%
0
%
0
%
(8
%)
(7
%)
(3
%)
(3
%)
Restructuring
0
%
(10
%)
0
%
0
%
0
%
0
%
0
%
(4
%)
Foreign currency
(1
%)
0
%
0
%
0
%
0
%
0
%
(1
%)
0
%
Organic
4
%
(2
%)
17
%
26
%
13
%
2
%
11
%
10
%
Year Ended
December 31,
2025 vs. 2024
Aerospace & Industrial
Defense Electronics
Naval & Power
Total Curtiss-Wright
Sales
Operating income
Sales
Operating income
Sales
Operating income
Sales
Operating income
As Reported
5
%
12
%
12
%
24
%
18
%
16
%
12
%
20
%
Less: Acquisitions
0
%
0
%
0
%
0
%
(6
%)
0
%
(3
%)
0
%
Restructuring
0
%
(5
%)
0
%
(1
%)
0
%
0
%
0
%
(2
%)
Foreign currency
(1
%)
(2
%)
(1
%)
(1
%)
(1
%)
0
%
0
%
(1
%)
Organic
4
%
5
%
11
%
22
%
11
%
16
%
9
%
17
%
Free Cash Flow and Free Cash Flow Conversion
The Corporation discloses free cash flow because it measures cash flow available for investing and financing activities. Free cash flow represents cash available to repay outstanding debt, invest in the business, acquire businesses, return capital to shareholders and make other strategic investments. Free cash flow is defined as net cash provided by operating activities less capital expenditures. The Corporation discloses free cash flow conversion because it measures the proportion of net earnings converted into free cash flow and is defined as free cash flow divided by adjusted net earnings.
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
NON-GAAP FINANCIAL DATA (UNAUDITED)
($'s in thousands)
Three Months Ended
Year Ended
December 31,
December 31,
2025
2024
2025
2024
Net cash provided by operating activities
$
352,744
$
301,299
$
643,402
$
544,275
Capital expenditures
(37,638
)
(23,271
)
(89,692
)
(60,974
)
Free cash flow
$
315,106
$
278,028
$
553,710
$
483,301
Free cash flow conversion
224
%
223
%
111
%
116
%
CURTISS-WRIGHT CORPORATION
2026 Guidance
As of February 11, 2026
($'s in millions, except per share data)
2025
Reported
(GAAP)
2025
Adjustments
(Non-GAAP) (1)
2025
Adjusted
(Non-GAAP) (1)
2026
Reported Guidance
(GAAP)
2026
Adjustments
(Non-GAAP) (2)
2026
Adjusted Guidance
(Non-GAAP) (2)
Low
High
Low
High
2026 Chg
vs 2025
Adjusted
Sales:
Aerospace & Industrial
$
977
$
—
$
977
$
1,030
$
1,045
$
—
$
1,030
$
1,045
5 - 7
%
Defense Electronics
1,019
—
1,019
1,055
1,075
$
—
1,055
1,075
4 - 6
%
Naval & Power
1,503
—
1,503
1,625
1,645
$
—
1,625
1,645
8 - 9
%
Total sales
$
3,498
$
—
$
3,498
$
3,710
$
3,765
$
—
$
3,710
$
3,765
6 - 8
%
Operating income:
Aerospace & Industrial
$
166
$
4
$
170
$
186
$
190
$
3
$
189
$
193
11 - 14
%
Defense Electronics
278
—
278
288
296
—
288
296
4 - 6
%
Naval & Power
231
13
245
269
275
1
270
276
10 - 13
%
Total segments
675
17
693
743
761
4
747
766
Corporate and other
(42
)
—
(42
)
(44
)
(44
)
—
(44
)
(44
)
Total operating income
$
634
$
17
$
651
$
699
$
717
$
4
$
703
$
722
8 - 11
%
Interest expense
$
(43
)
$
—
$
(43
)
$
(42
)
$
(41
)
$
—
$
(42
)
$
(41
)
Other income, net
30
—
30
33
34
$
—
33
34
Earnings before income taxes
620
17
638
691
711
$
4
695
715
Provision for income taxes
(136
)
(4
)
(140
)
(148
)
(153
)
(1
)
(149
)
(154
)
Net earnings
$
484
$
14
$
498
$
542
$
559
$
3
$
545
$
562
Diluted earnings per share
$
12.87
$
0.36
$
13.23
$
14.62
$
15.07
$
0.08
$
14.70
$
15.15
11 - 15
%
Diluted shares outstanding
37.6
37.6
37.1
37.1
37.1
37.1
Effective tax rate
21.9
%
21.9
%
21.5
%
21.5
%
21.5
%
21.5
%
Operating margins:
Aerospace & Industrial
17.0
%
17.4
%
18.1
%
18.2
%
18.3
%
18.5
%
90 - 110 bps
Defense Electronics
27.3
%
27.3
%
27.3
%
27.5
%
27.3
%
27.5
%
0 - 20 bps
Naval & Power
15.4
%
16.3
%
16.6
%
16.7
%
16.6
%
16.8
%
30 - 50 bps
Total operating margin
18.1
%
18.6
%
18.8
%
19.0
%
18.9
%
19.2
%
30 - 60 bps
Free cash flow (3)
$
554
$
—
$
554
$
575
$
595
$
—
$
575
$
595
4 - 7
%
Notes: Full year amounts may not add due to rounding.
(1) 2025 Adjusted financials are defined as Reported Operating Income, Operating Margin, Net Income and Diluted EPS under GAAP excluding costs associated with the Company's 2024 Restructuring Program and the impact of first year purchase accounting adjustments.
(2) 2026 Adjusted financials are defined as Reported Operating Income, Operating Margin, Net Income and Diluted EPS under GAAP excluding costs associated with the Company's 2026 Restructuring Program.
(3) Free Cash Flow is defined as cash flow from operations less capital expenditures. 2026 Free Cash Flow guidance includes higher capital expenditures supporting growth and efficiency, reflecting a year-over-year increase of approximately $25 million compared with 2025 results.
CURTISS-WRIGHT CORPORATION
2026 Sales Growth Guidance by End Market
As of February 11, 2026
2026 % Change vs. 2025 Adjusted
% Total Sales
Aerospace & Defense Markets
Aerospace Defense
9 - 11%
20%
Ground Defense
(4 - 6%)
10%
Naval Defense
5 - 7%
27%
Commercial Aerospace
10 - 12%
13%
Total Aerospace & Defense
5 - 7%
70%
Commercial Markets
Power & Process
12 - 14%
19%
General Industrial
Flat
11%
Total Commercial
7 - 9%
30%
Total Curtiss-Wright Sales
6 - 8%
100%
About Curtiss-Wright Corporation
Curtiss-Wright Corporation (NYSE:CW) is a global integrated business that provides highly engineered products, solutions and services mainly to Aerospace & Defense markets, as well as critical technologies in demanding Commercial Nuclear Power, Process and Industrial markets. We leverage a workforce of approximately 9,100 highly skilled employees who develop, design and build what we believe are the best engineered solutions to the markets we serve. Building on the heritage of Glenn Curtiss and the Wright brothers, Curtiss-Wright has a long tradition of providing innovative solutions through trusted customer relationships. For more information, visit www.curtisswright.com.
Certain statements made in this press release, including statements about future revenue, financial performance guidance, quarterly and annual revenue, net income, operating income growth, future business opportunities, cost saving initiatives, the successful integration of the Company’s acquisitions, and future cash flow from operations, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements present management's expectations, beliefs, plans and objectives regarding future financial performance, and assumptions or judgments concerning such performance. Any discussions contained in this press release, except to the extent that they contain historical facts, are forward-looking and accordingly involve estimates, assumptions, judgments, and uncertainties. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Such risks and uncertainties include but are not limited to: a reduction in anticipated orders; an economic downturn; geopolitical risks; evolving impacts from tariffs between the U.S. and other countries (including implementation of new tariffs and retaliatory measures); changes in the competitive marketplace and/or customer requirements; a change in government spending; an inability to perform customer contracts at anticipated cost levels; and other factors that generally affect the business of aerospace, defense contracting, electronics, marine, and industrial companies. Such factors are detailed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and subsequent reports filed with the Securities and Exchange Commission.
This press release and additional information are available at www.curtisswright.com.