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

Key Terms

free cash flow financial

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

book-to-bill financial

The book-to-bill ratio compares new orders a company has received (bookings) to the products or services it has invoiced or shipped (billings) over the same period. It matters to investors because a ratio above 1 means demand is outpacing fulfillment and the company may grow revenue or build backlog, while a ratio below 1 suggests slowing demand and possible future revenue weakness — think of it as new customer orders versus what the company actually sold.

operating margin financial

Operating margin shows how much profit a company makes from its core business activities after paying for costs like wages and materials. It’s useful because it tells you how efficiently a company is running—higher margins mean it keeps more money from each dollar of sales, which can indicate better management or stronger products.

non-GAAP financial

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

basis points financial

Basis points are a way to measure small changes in interest rates or percentages, where one basis point equals 0.01%. For example, if a loan's interest rate increases by 50 basis points, it's gone up by 0.50%. They help people understand tiny differences in rates that can add up over time, making financial comparisons clearer.

Company Delivers Record FY25 Sales, Profitability, EPS, Free Cash Flow and Orders

DAVIDSON, N.C.--(BUSINESS WIRE)-- Curtiss-Wright Corporation (NYSE: CW) reports financial results for the fourth quarter and full-year ended December 31, 2025.

Fourth Quarter 2025 Highlights:

• Reported sales of $947 million, up 15%, operating income of $182 million, operating margin of 19.2%, and diluted earnings per share (EPS) of $3.69;
• Adjusted operating income of $187 million, up 14%;
• Adjusted operating margin of 19.7%;
• Adjusted diluted EPS of $3.79, up 16%;
• Free cash flow (FCF) of $315 million, generating 224% FCF conversion;
• Total share repurchases of $140 million; and
• New orders of $1.1 billion, up 18%, generating a book-to-bill of 1.2x.

Full-Year 2025 Highlights:

• Reported sales of $3.5 billion, up 12%, operating income of $634 million, operating margin of 18.1%, and diluted EPS of $12.87;
• Adjusted operating income of $651 million, up 19%;
• Adjusted operating margin of 18.6%, up 110 basis points;
• Adjusted diluted EPS of $13.23, up 21%;
• FCF of $554 million, generating 111% FCF conversion;
• Total share repurchases of $465 million;
• New orders of $4.1 billion, up 10%, reflecting solid demand in our Aerospace & Defense (A&D) and Commercial markets, and book-to-bill of 1.2x; and
• Backlog of $4.1 billion, up 18%.

"Curtiss-Wright concluded a record-setting year with a strong fourth quarter financial performance that was highlighted by double-digit organic sales growth, adjusted operating margin of 19.7%, mid-teens growth in adjusted diluted EPS, and record quarterly free cash flow generation," said Lynn M. Bamford, Chair and CEO of Curtiss-Wright Corporation.

"Our full-year 2025 performance reflected the continued momentum that we are generating under our Pivot to Growth strategy. We delivered record-high sales and operating income, 110 basis points in operating margin expansion, and 21% growth in adjusted diluted EPS, as we maintained our commitment to operational excellence and targeted investments across the portfolio. In addition, we achieved record free cash flow of $554 million, which reflected our overall growth in profitability and the team’s relentless focus on reducing working capital. We also experienced strong demand across our A&D and Commercial Nuclear markets, which enabled the team to drive record new orders of $4.1 billion, providing continued confidence in our future top-line growth."

"Looking ahead, our strong backlog entering the year, combined with the alignment of our technologies to favorable secular growth trends, underpins our expectation to deliver total organic sales growth of 6% to 8% and another strong operational performance in 2026. Additionally, we anticipate operating margin expansion of 30 to 60 basis points to a range of 18.9% to 19.2%, diluted EPS growth of 11% to 15%, and strong free cash flow generation, while continuing to increase both R&D and capital investments. This outlook reinforces our confidence in achieving the three-year financial targets that we communicated at our 2024 Investor Day and in our ability to drive long-term shareholder value."

Fourth Quarter 2025 Operating Results

(In millions)	Q4-2025			Q4-2024			Change
Reported
Sales	$	947		$	824		15	%
Operating income	$	182		$	155		17	%
Operating margin		19.2	%		18.8	%	40 bps
Adjusted (1)
Sales	$	947		$	824		15	%
Operating income	$	187		$	163		14	%
Operating margin		19.7	%		19.8	%	(10 bps)

(1)	Reconciliations of Reported to Adjusted operating results are available in the Appendix.

• Sales of $947 million increased 15% compared with the prior year;
• Total A&D market sales increased 16%, while total Commercial market sales increased 13%;
• In our A&D markets, we experienced mid-teens growth in our defense markets, driven by an acceleration of revenues in ground and naval defense, higher sales of international arresting systems equipment in aerospace defense, and strong OEM sales growth in the commercial aerospace market;
• In our Commercial markets, strong growth in the power & process market reflected the contribution from our prior-year acquisition, higher organic sales of commercial nuclear solutions and strong growth in industrial valve sales in the process market, while sales in the general industrial market were essentially flat; and
• Adjusted operating income of $187 million increased 14%, while Adjusted operating margin of 19.7% was essentially flat compared with the prior-year period, as favorable overhead absorption on higher revenues in all three segments and the benefits of the Company's ongoing operational excellence initiatives were offset by unfavorable mix in both the Aerospace & Industrial and Naval & Power segments.

Fourth Quarter 2025 Segment Performance

Aerospace & Industrial

(In millions)	Q4-2025			Q4-2024			Change
Reported
Sales	$	262		$	251		5	%
Operating income	$	52		$	48		8	%
Operating margin		19.7	%		19.1	%	60 bps
Adjusted (1)
Sales	$	262		$	251		5	%
Operating income	$	53		$	54		(2	%)
Operating margin		20.1	%		21.3	%	(120 bps)

(1)	Reconciliations of Reported to Adjusted operating results are available in the Appendix.

• Sales of $262 million, up $11 million, or 5%;
• Growth in our defense markets was principally driven by higher sales of electromechanical actuation equipment in the ground defense market;
• Commercial aerospace market revenue growth reflected higher OEM sales of sensors products and surface treatment services on both narrowbody and widebody platforms;
• General industrial market revenue was essentially flat, as the benefit of higher sales of industrial vehicle products serving off-highway vehicle platforms was offset by lower sales to global on-highway industrial vehicle manufacturers; and
• Adjusted operating income was $53 million, down 2%, while Adjusted operating margin decreased 120 basis points to 20.1%, as unfavorable mix was partially offset by favorable absorption on higher revenues.

Defense Electronics

(In millions)	Q4-2025			Q4-2024			Change
Reported
Sales	$	267		$	227		17	%
Operating income	$	69		$	55		26	%
Operating margin		25.7	%		24.1	%	160 bps
Adjusted (1)
Sales	$	267		$	227		17	%
Operating income	$	69		$	55		25	%
Operating margin		25.9	%		24.3	%	160 bps

(1)	Reconciliations of Reported to Adjusted operating results are available in the Appendix.

• Sales of $267 million, up $40 million, or 17%;
• Aerospace defense market revenues were essentially flat, as increased sales of embedded computing and flight test instrumentation equipment to various international customers was offset by the timing of revenues on various domestic fighter jet and UAV programs;
• Ground defense market revenues were ahead of our expectations, principally driven by the timing of embedded computing and tactical battlefield communications equipment sales supporting various domestic programs;
• Commercial aerospace market revenue growth reflected increased demand and higher sales of flight data recorder and avionics technology to OEM customers; and
• Adjusted operating income was $69 million, up 25% from the prior year period, while Adjusted operating margin increased 160 basis points to 25.9%, primarily due to favorable absorption on higher revenues and the benefits of the Company's operational excellence initiatives, partially offset by higher investment in research and development.

Naval & Power

(In millions)	Q4-2025			Q4-2024			Change
Reported
Sales	$	417		$	346		21	%
Operating income	$	71		$	65		9	%
Operating margin		17.1	%		18.8	%	(170 bps)
Adjusted (1)
Sales	$	417		$	346		21	%
Operating income	$	75		$	66		13	%
Operating margin		17.9	%		19.1	%	(120 bps)

(1)	Reconciliations of Reported to Adjusted operating results are available in the Appendix.

• Sales of $417 million, up $71 million, or 21%;
• Revenue growth in the naval defense market was driven by the timing of production on the Columbia-class and Virginia-class submarine programs, in addition to higher sales of aftermarket fleet services;
• Higher revenue in the aerospace defense market reflected the timing of sales of arresting systems equipment principally supporting various international customers;
• Higher power & process market revenues mainly reflected the contribution from our I&C Solutions acquisition, as well as higher organic sales of commercial nuclear solutions supporting the development of next-generation advanced reactors and higher industrial valve sales in the process market; and
• Adjusted operating income was $75 million, up 13% from the prior year period, while Adjusted operating margin decreased 120 basis points to 17.9%, as favorable absorption on higher revenues was partially offset by unfavorable mix of products and higher investment in research and development.

Free Cash Flow

(In millions)	Q4-2025			Q4-2024			Change
Net cash provided by operating activities	$	353		$	301		17	%
Capital expenditures		(38	)		(23	)	62	%
Free cash flow	$	315		$	278		13	%

• Free cash flow of $315 million increased $37 million, primarily due to higher cash earnings and improved working capital; and
• Capital expenditures increased approximately $14 million compared with the prior-year period, primarily due to higher growth investments within the Naval & Power segment.

New Orders and Backlog

• New orders of $1.1 billion increased 18% in the fourth quarter, principally reflecting strong demand in our commercial nuclear and naval defense markets;
• Full-year 2025 new orders of $4.1 billion increased 10% and generated an overall book-to-bill of approximately 1.2x, reflecting solid demand within our A&D markets, as well as strong growth for commercial nuclear products within our Commercial markets; and
• Backlog of $4.1 billion increased 18% from December 31, 2024.

Share Repurchase and Dividends

• During the fourth quarter, the Company repurchased approximately 250,000 shares of its common stock for approximately $140 million;
• During full-year 2025, the Company repurchased approximately 934,000 shares for $465 million; and
• The Company also declared a quarterly dividend of $0.24 a share.

Full-Year 2026 Guidance

The Company's full-year 2026 Adjusted financial guidance⁽¹⁾ is as follows:

($ in millions, except EPS)	2026 Guidance	% Chg vs 2025 Adjusted
Total Sales	$3,710 - $3,765	6 - 8%
Operating Income	$703 - $722	8 - 11%
Operating Margin	18.9% - 19.2%	30 - 60 bps
Diluted EPS	$14.70 - $15.15	11 - 15%
Free Cash Flow(2)	$575 - $595	4 - 7%

(1)	Reconciliations of Reported to Adjusted 2025 operating results and 2026 Adjusted financial guidance are available in the Appendix, and exclude first-year purchase accounting costs in the prior period associated with acquisitions as well as costs associated with both our FY24 and FY26 Restructuring Programs.
(2)	2026 Free Cash Flow guidance includes higher capital expenditures supporting growth and efficiency, reflecting a year-over-year increase of approximately $25 million compared with 2025 results.

**********

A more detailed breakdown of the Company’s 2026 financial guidance by segment and by market, as well as all reconciliations of Reported GAAP amounts to Adjusted non-GAAP amounts, can be found in the accompanying schedules. Historical financial results are available in the Investor Relations section of Curtiss-Wright’s website.

Conference Call & Webcast Information

The Company will host a conference call to discuss fourth quarter and full-year 2025 financial results and expectations for 2026 guidance at 10:00 a.m. ET on Thursday, February 12, 2026. A live webcast of the call and the accompanying financial presentation, as well as a webcast replay of the call, will be made available on the internet by visiting the Investor Relations section of the Company’s website at www.curtisswright.com.

(Tables to Follow)

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) ($'s in thousands, except per share data)
	Three Months Ended								Year Ended
	December 31,								December 31,
	2025				2024				2025				2024
Product sales	$	812,483			$	698,626			$	2,977,233			$	2,639,953
Service sales		134,498				125,687				521,139				481,236
Total net sales		946,981				824,313				3,498,372				3,121,189
Cost of product sales		518,641				437,801				1,910,661				1,690,574
Cost of service sales		72,897				69,082				286,177				277,066
Total cost of sales		591,538				506,883				2,196,838				1,967,640
Gross profit		355,443				317,430				1,301,534				1,153,549
Research and development expenses		25,427				25,781				95,161				91,647
Selling expenses		46,492				36,158				168,740				145,360
General and administrative expenses		100,059				92,405				399,608				373,497
Restructuring expenses		1,707				8,250				4,504				14,448
Operating income		181,758				154,836				633,521				528,597
Interest expense		11,997				11,675				43,148				44,869
Other income, net		7,239				10,034				29,637				38,328
Earnings before income taxes		177,000				153,195				620,010				522,056
Provision for income taxes		(40,002	)			(35,343	)			(135,782	)			(117,078	)
Net earnings	$	136,998			$	117,852			$	484,228			$	404,978
Basic earnings per share	$	3.71			$	3.11			$	12.94			$	10.61
Diluted earnings per share	$	3.69			$	3.09			$	12.87			$	10.55
Dividends per share	$	0.24			$	0.21			$	0.93			$	0.83
Weighted average shares outstanding:
Basic		36,927				37,874				37,417				38,153
Diluted		37,172				38,137				37,631				38,373

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED) ($'s in thousands, except par value)
	December 31,				December 31,
	2025				2024
Assets
Current assets:
Cash and cash equivalents	$	371,345			$	385,042
Receivables, net		932,344				835,037
Inventories, net		615,097				541,442
Other current assets		99,688				88,073
Total current assets		2,018,474				1,849,594
Property, plant, and equipment, net		382,200				339,118
Goodwill		1,692,490				1,675,718
Other intangible assets, net		532,381				596,831
Operating lease right-of-use assets, net		198,603				169,350
Prepaid pension asset		333,547				299,130
Other assets		63,597				55,963
Total assets	$	5,221,292			$	4,985,704
Liabilities
Current liabilities:
Current portion of long-term and short-term debt	$	200,000			$	90,000
Accounts payable		310,303				247,185
Accrued expenses		242,942				219,054
Deferred revenue		561,452				459,421
Other current liabilities		90,870				80,288
Total current liabilities		1,405,567				1,095,948
Long-term debt		757,884				958,949
Deferred tax liabilities, net		154,002				140,659
Accrued pension and other postretirement benefit costs		71,417				67,413
Long-term operating lease liability		178,466				148,175
Other liabilities		120,382				124,761
Total liabilities	$	2,687,718			$	2,535,905
Stockholders' equity
Common stock, $1 par value	$	49,187			$	49,187
Additional paid in capital		165,014				147,940
Retained earnings		4,310,680				3,861,073
Accumulated other comprehensive loss		(173,812	)			(243,225	)
Less: cost of treasury stock		(1,817,495	)			(1,365,176	)
Total stockholders' equity		2,533,574				2,449,799
Total liabilities and stockholders' equity	$	5,221,292			$	4,985,704

Use and Definitions of Non-GAAP Financial Information (Unaudited)

The Corporation supplements its financial information determined under U.S. generally accepted accounting principles (GAAP) with certain non-GAAP financial information. Curtiss-Wright believes that these Adjusted (non-GAAP) measures provide investors with improved transparency in order to better measure Curtiss-Wright’s ongoing operating and financial performance and provide more relevant comparisons of our key financial metrics to our peers. These non-GAAP measures should not be considered in isolation or as a substitute for the related GAAP measures, and other companies may define such measures differently. Curtiss-Wright encourages investors to review its financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. Reconciliations of “Reported” GAAP amounts to “Adjusted” non-GAAP amounts are furnished within this release.

The following definitions are provided:

Adjusted Sales, Operating Income, Operating Margin, Net Earnings and Diluted EPS

These Adjusted financials are defined as Reported Operating Income, Operating Margin, Net Earnings and Diluted Earnings per Share under GAAP excluding: (i) the impact of first year purchase accounting costs associated with acquisitions, specifically one-time inventory step-up, backlog amortization, deferred revenue adjustments, transaction costs, and gains/losses on equity securities held for investment purposes; and (ii) costs associated with the Company's 2024 Restructuring Program, as applicable.

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED) ($'s in thousands)
	Three Months Ended											Three Months Ended
	December 31, 2025											December 31, 2024											% Change
	As Reported				Adjustments			Adjusted				As Reported				Adjustments			Adjusted				As Reported			Adjusted
Sales:
Aerospace & Industrial	$	262,391			$	—		$	262,391			$	250,917			$	—		$	250,917			5	%		5	%
Defense Electronics		267,276				—			267,276				227,475				—			227,475			17	%		17	%
Naval & Power		417,314				—			417,314				345,921				—			345,921			21	%		21	%
Total sales	$	946,981			$	—		$	946,981			$	824,313			$	—		$	824,313			15	%		15	%
Operating income (expense):
Aerospace & Industrial(2)	$	51,799			$	938		$	52,737			$	47,876			$	5,694		$	53,570			8	%		(2	)%
Defense Electronics(2)		68,777				323			69,100				54,775				587			55,362			26	%		25	%
Naval & Power(1)(2)		71,284				3,539			74,823				65,150				962			66,112			9	%		13	%
Total segments	$	191,860			$	4,800		$	196,660			$	167,801			$	7,243		$	175,044			14	%		12	%
Corporate and other(2)		(10,102	)			12			(10,090	)			(12,965	)			1,414			(11,551	)		22	%		13	%
Total operating income	$	181,758			$	4,812		$	186,570			$	154,836			$	8,657		$	163,493			17	%		14	%
Operating margins:	As Reported							Adjusted				As Reported							Adjusted				As Reported			Adjusted
Aerospace & Industrial		19.7	%						20.1	%			19.1	%						21.3	%		60 bps			(120 bps)
Defense Electronics		25.7	%						25.9	%			24.1	%						24.3	%		160 bps			160 bps
Naval & Power		17.1	%						17.9	%			18.8	%						19.1	%		(170 bps)			(120 bps)
Total Curtiss-Wright		19.2	%						19.7	%			18.8	%						19.8	%		40 bps			(10 bps)
Segment margins		20.3	%						20.8	%			20.4	%						21.2	%		(10 bps)			(40 bps)
(1) Excludes first year purchase accounting adjustments in both the current and prior year periods.
(2) Excludes costs associated with the Company's 2024 Restructuring Program in both the current and prior year periods.

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED) ($'s in thousands)
	Year Ended											Year Ended
	December 31, 2025											December 31, 2024											% Change
	As Reported				Adjustments			Adjusted				As Reported				Adjustments			Adjusted				As Reported			Adjusted
Sales:
Aerospace & Industrial	$	976,760			$	—		$	976,760			$	932,133			$	—		$	932,133			5	%		5	%
Defense Electronics		1,018,610				—			1,018,610				910,706				—			910,706			12	%		12	%
Naval & Power		1,503,002				—			1,503,002				1,278,350				—			1,278,350			18	%		18	%
Total sales	$	3,498,372			$	—		$	3,498,372			$	3,121,189			$	—		$	3,121,189			12	%		12	%
Operating income (expense):
Aerospace & Industrial(2)	$	166,166			$	3,855		$	170,021			$	148,023			$	10,239		$	158,262			12	%		7	%
Defense Electronics(2)		278,016				342			278,358				224,739				1,929			226,668			24	%		23	%
Naval & Power (1)(2)		231,284				13,272			244,556				199,663				2,063			201,726			16	%		21	%
Total segments	$	675,466			$	17,469		$	692,935			$	572,425			$	14,231		$	586,656			18	%		18	%
Corporate and other(2)		(41,945	)			4			(41,941	)			(43,828	)			3,038			(40,790	)		4	%		(3	)%
Total operating income	$	633,521			$	17,473		$	650,994			$	528,597			$	17,269		$	545,866			20	%		19	%
Operating margins:	As Reported							Adjusted				As Reported							Adjusted				As Reported			Adjusted
Aerospace & Industrial		17.0	%						17.4	%			15.9	%						17.0	%		110 bps			40 bps
Defense Electronics		27.3	%						27.3	%			24.7	%						24.9	%		260 bps			240 bps
Naval & Power		15.4	%						16.3	%			15.6	%						15.8	%		(20 bps)			50 bps
Total Curtiss-Wright		18.1	%						18.6	%			16.9	%						17.5	%		120 bps			110 bps
Segment margins		19.3	%						19.8	%			18.3	%						18.8	%		100 bps			100 bps
(1) Excludes first year purchase accounting adjustments in both the current and prior year periods.
(2) Excludes costs associated with the Company's 2024 Restructuring Program in both the current and prior year periods.

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES RECONCILIATION OF AS REPORTED SALES TO ADJUSTED SALES BY END MARKET (UNAUDITED) ($'s in thousands)
		Three Months Ended									Three Months Ended
		December 31, 2025									December 31, 2024									% Change
		As Reported			Adjustments			Adjusted Sales			As Reported			Adjustments			Adjusted Sales			Change in As Reported Sales		Change in Adjusted Sales
Aerospace & Defense markets:
Aerospace Defense		$	192,055		$	—		$	192,055		$	171,432		$	—		$	171,432		12	%	12	%
Ground Defense			115,235			—			115,235			84,654			—			84,654		36	%	36	%
Naval Defense			234,576			—			234,576			216,894			—			216,894		8	%	8	%
Commercial Aerospace			120,058			—			120,058			98,318			—			98,318		22	%	22	%
Total Aerospace & Defense		$	661,924		$	—		$	661,924		$	571,298		$	—		$	571,298		16	%	16	%
Commercial markets:
Power & Process		$	178,833		$	—		$	178,833		$	146,772		$	—		$	146,772		22	%	22	%
General Industrial			106,224			—			106,224			106,243			—			106,243		0	%	0	%
Total Commercial		$	285,057		$	—		$	285,057		$	253,015		$	—		$	253,015		13	%	13	%
Total Curtiss-Wright		$	946,981		$	—		$	946,981		$	824,313		$	—		$	824,313		15	%	15	%
		Year Ended									Year Ended
		December 31, 2025									December 31, 2024									% Change
		As Reported			Adjustments			Adjusted Sales			As Reported			Adjustments			Adjusted Sales			Change in As Reported Sales		Change in Adjusted Sales
Aerospace & Defense markets:
Aerospace Defense		$	672,526		$	—		$	672,526		$	616,590		$	—		$	616,590		9	%	9	%
Ground Defense			406,803			—			406,803			353,326			—			353,326		15	%	15	%
Naval Defense			941,654			—			941,654			821,898			—			821,898		15	%	15	%
Commercial Aerospace			430,109			—			430,109			378,086			—			378,086		14	%	14	%
Total Aerospace & Defense		$	2,451,092		$	—		$	2,451,092		$	2,169,900		$	—		$	2,169,900		13	%	13	%
Commercial markets:
Power & Process		$	635,140		$	—		$	635,140		$	540,788		$	—		$	540,788		17	%	17	%
General Industrial			412,140			—			412,140			410,501			—			410,501		0	%	0	%
Total Commercial		$	1,047,280		$	—		$	1,047,280		$	951,289		$	—		$	951,289		10	%	10	%
Total Curtiss-Wright		$	3,498,372		$	—		$	3,498,372		$	3,121,189		$	—		$	3,121,189		12	%	12	%

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES RECONCILIATION OF AS REPORTED TO ADJUSTED DILUTED EARNINGS PER SHARE (UNAUDITED)
	Three Months Ended						Year Ended
	December 31,						December 31,
	2025			2024			2025			2024
Diluted earnings per share - As Reported	$	3.69		$	3.09		$	12.87		$	10.55
First year purchase accounting adjustments		0.06			0.01			0.27			0.04
Restructuring expenses		0.04			0.17			0.09			0.31
Diluted earnings per share - Adjusted (1)	$	3.79		$	3.27		$	13.23		$	10.90
(1) All adjustments are presented net of income taxes.

Organic Sales and Organic Operating Income

The Corporation discloses organic sales and organic operating income because the Corporation believes it provides investors with insight as to the Company’s ongoing business performance. Organic sales and organic operating income are defined as sales and operating income, excluding contributions from acquisitions and results of operations from divested businesses or product lines during the last twelve months, costs associated with the Company's 2024 Restructuring Program, and foreign currency fluctuations.

	Three Months Ended
	December 31,
	2025 vs. 2024
	Aerospace & Industrial						Defense Electronics						Naval & Power						Total Curtiss-Wright
	Sales			Operating income			Sales			Operating income			Sales			Operating income			Sales			Operating income
As Reported	5	%		8	%		17	%		26	%		21	%		9	%		15	%		17	%
Less: Acquisitions	0	%		0	%		0	%		0	%		(8	%)		(7	%)		(3	%)		(3	%)
Restructuring	0	%		(10	%)		0	%		0	%		0	%		0	%		0	%		(4	%)
Foreign currency	(1	%)		0	%		0	%		0	%		0	%		0	%		(1	%)		0	%
Organic	4	%		(2	%)		17	%		26	%		13	%		2	%		11	%		10	%
	Year Ended
	December 31,
	2025 vs. 2024
	Aerospace & Industrial						Defense Electronics						Naval & Power						Total Curtiss-Wright
	Sales			Operating income			Sales			Operating income			Sales			Operating income			Sales			Operating income
As Reported	5	%		12	%		12	%		24	%		18	%		16	%		12	%		20	%
Less: Acquisitions	0	%		0	%		0	%		0	%		(6	%)		0	%		(3	%)		0	%
Restructuring	0	%		(5	%)		0	%		(1	%)		0	%		0	%		0	%		(2	%)
Foreign currency	(1	%)		(2	%)		(1	%)		(1	%)		(1	%)		0	%		0	%		(1	%)
Organic	4	%		5	%		11	%		22	%		11	%		16	%		9	%		17	%

Free Cash Flow and Free Cash Flow Conversion

The Corporation discloses free cash flow because it measures cash flow available for investing and financing activities. Free cash flow represents cash available to repay outstanding debt, invest in the business, acquire businesses, return capital to shareholders and make other strategic investments. Free cash flow is defined as net cash provided by operating activities less capital expenditures. The Corporation discloses free cash flow conversion because it measures the proportion of net earnings converted into free cash flow and is defined as free cash flow divided by adjusted net earnings.

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES NON-GAAP FINANCIAL DATA (UNAUDITED) ($'s in thousands)
	Three Months Ended								Year Ended
	December 31,								December 31,
	2025				2024				2025				2024
Net cash provided by operating activities	$	352,744			$	301,299			$	643,402			$	544,275
Capital expenditures		(37,638	)			(23,271	)			(89,692	)			(60,974	)
Free cash flow	$	315,106			$	278,028			$	553,710			$	483,301
Free cash flow conversion		224	%			223	%			111	%			116	%

CURTISS-WRIGHT CORPORATION 2026 Guidance As of February 11, 2026 ($'s in millions, except per share data)
	2025 Reported (GAAP)				2025 Adjustments (Non-GAAP)(1)				2025 Adjusted (Non-GAAP)(1)				2026 Reported Guidance (GAAP)							2026 Adjustments (Non-GAAP)(2)				2026 Adjusted Guidance (Non-GAAP)(2)
													Low			High								Low			High				2026 Chg vs 2025 Adjusted
Sales:
Aerospace & Industrial	$	977			$	—			$	977			$	1,030		$	1,045			$	—			$	1,030		$	1,045			5 - 7	%
Defense Electronics		1,019				—				1,019				1,055			1,075			$	—				1,055			1,075			4 - 6	%
Naval & Power		1,503				—				1,503				1,625			1,645			$	—				1,625			1,645			8 - 9	%
Total sales	$	3,498			$	—			$	3,498			$	3,710		$	3,765			$	—			$	3,710		$	3,765			6 - 8	%
Operating income:
Aerospace & Industrial	$	166			$	4			$	170			$	186		$	190			$	3			$	189		$	193			11 - 14	%
Defense Electronics		278				—				278				288			296				—				288			296			4 - 6	%
Naval & Power		231				13				245				269			275				1				270			276			10 - 13	%
Total segments		675				17				693				743			761				4				747			766
Corporate and other		(42	)			—				(42	)			(44	)		(44	)			—				(44	)		(44	)
Total operating income	$	634			$	17			$	651			$	699		$	717			$	4			$	703		$	722			8 - 11	%
Interest expense	$	(43	)		$	—			$	(43	)		$	(42	)	$	(41	)		$	—			$	(42	)	$	(41	)
Other income, net		30				—				30				33			34			$	—				33			34
Earnings before income taxes		620				17				638				691			711			$	4				695			715
Provision for income taxes		(136	)			(4	)			(140	)			(148	)		(153	)			(1	)			(149	)		(154	)
Net earnings	$	484			$	14			$	498			$	542		$	559			$	3			$	545		$	562
Diluted earnings per share	$	12.87			$	0.36			$	13.23			$	14.62		$	15.07			$	0.08			$	14.70		$	15.15			11 - 15	%
Diluted shares outstanding		37.6								37.6				37.1			37.1								37.1			37.1
Effective tax rate		21.9	%							21.9	%			21.5	%		21.5	%							21.5	%		21.5	%
Operating margins:
Aerospace & Industrial		17.0	%							17.4	%			18.1	%		18.2	%							18.3	%		18.5	%		90 - 110 bps
Defense Electronics		27.3	%							27.3	%			27.3	%		27.5	%							27.3	%		27.5	%		0 - 20 bps
Naval & Power		15.4	%							16.3	%			16.6	%		16.7	%							16.6	%		16.8	%		30 - 50 bps
Total operating margin		18.1	%							18.6	%			18.8	%		19.0	%							18.9	%		19.2	%		30 - 60 bps
Free cash flow(3)	$	554			$	—			$	554			$	575		$	595			$	—			$	575		$	595			4 - 7	%
Notes: Full year amounts may not add due to rounding.
(1) 2025 Adjusted financials are defined as Reported Operating Income, Operating Margin, Net Income and Diluted EPS under GAAP excluding costs associated with the Company's 2024 Restructuring Program and the impact of first year purchase accounting adjustments.
(2) 2026 Adjusted financials are defined as Reported Operating Income, Operating Margin, Net Income and Diluted EPS under GAAP excluding costs associated with the Company's 2026 Restructuring Program.
(3) Free Cash Flow is defined as cash flow from operations less capital expenditures. 2026 Free Cash Flow guidance includes higher capital expenditures supporting growth and efficiency, reflecting a year-over-year increase of approximately $25 million compared with 2025 results.

CURTISS-WRIGHT CORPORATION 2026 Sales Growth Guidance by End Market As of February 11, 2026
	2026 % Change vs. 2025 Adjusted		% Total Sales
Aerospace & Defense Markets
Aerospace Defense	9 - 11%		20%
Ground Defense	(4 - 6%)		10%
Naval Defense	5 - 7%		27%
Commercial Aerospace	10 - 12%		13%
Total Aerospace & Defense	5 - 7%		70%
Commercial Markets
Power & Process	12 - 14%		19%
General Industrial	Flat		11%
Total Commercial	7 - 9%		30%
Total Curtiss-Wright Sales	6 - 8%		100%

About Curtiss-Wright Corporation

Curtiss-Wright Corporation (NYSE:CW) is a global integrated business that provides highly engineered products, solutions and services mainly to Aerospace & Defense markets, as well as critical technologies in demanding Commercial Nuclear Power, Process and Industrial markets. We leverage a workforce of approximately 9,100 highly skilled employees who develop, design and build what we believe are the best engineered solutions to the markets we serve. Building on the heritage of Glenn Curtiss and the Wright brothers, Curtiss-Wright has a long tradition of providing innovative solutions through trusted customer relationships. For more information, visit www.curtisswright.com.

Certain statements made in this press release, including statements about future revenue, financial performance guidance, quarterly and annual revenue, net income, operating income growth, future business opportunities, cost saving initiatives, the successful integration of the Company’s acquisitions, and future cash flow from operations, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements present management's expectations, beliefs, plans and objectives regarding future financial performance, and assumptions or judgments concerning such performance. Any discussions contained in this press release, except to the extent that they contain historical facts, are forward-looking and accordingly involve estimates, assumptions, judgments, and uncertainties. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Such risks and uncertainties include but are not limited to: a reduction in anticipated orders; an economic downturn; geopolitical risks; evolving impacts from tariffs between the U.S. and other countries (including implementation of new tariffs and retaliatory measures); changes in the competitive marketplace and/or customer requirements; a change in government spending; an inability to perform customer contracts at anticipated cost levels; and other factors that generally affect the business of aerospace, defense contracting, electronics, marine, and industrial companies. Such factors are detailed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and subsequent reports filed with the Securities and Exchange Commission.

This press release and additional information are available at www.curtisswright.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260211009664/en/

Jim Ryan

(704) 869-4621

Jim.Ryan@curtisswright.com

Source: Curtiss-Wright Corporation