Curtiss-Wright Reports Second Quarter 2025 Financial Results and Raises Full-Year 2025 Guidance

DAVIDSON, N.C.--(BUSINESS WIRE)-- Curtiss-Wright Corporation (NYSE: CW) reports financial results for the second quarter ended June 30, 2025.

Second Quarter 2025 Highlights:

• Reported sales of $877 million, up 12%, operating income of $156 million, operating margin of 17.8%, and diluted earnings per share (EPS) of $3.19;
• Adjusted operating income of $160 million, up 20%;
• Adjusted operating margin of 18.3%, up 130 basis points;
• Adjusted diluted EPS of $3.23, up 21%;
• New orders of $1.0 billion, reflecting a 1.14x book-to-bill; and
• Free cash flow (FCF) of $117 million.

Raised Full-Year 2025 Adjusted Financial Outlook:

• Sales guidance increased to new range of 9% to 10% growth (previously 8% to 9%), which continues to reflect growth in the majority of Curtiss-Wright's end markets;
• Operating income guidance increased to new range of 15% to 18% growth (previously 13% to 16%);
• Operating margin guidance range increased by 20 basis points to 18.5% to 18.7%, now up 100 to 120 basis points compared with the prior year;
• Diluted EPS guidance increased to new range of $12.70 to $13.00, now up 16% to 19% (previously $12.45 to $12.80, up 14% to 17%);
• FCF guidance range increased to $520 to $535 million, which continues to reflect greater than 105% FCF conversion; and
• Full-year 2025 guidance includes the potential direct impacts from tariffs on our operations as well as mitigating actions.

"Curtiss-Wright delivered a strong second quarter, highlighted by double-digit revenue growth in both our total A&D and Commercial markets, significant operating margin expansion, greater than 20% growth in Adjusted diluted EPS, and better-than-expected free cash flow generation," said Lynn M. Bamford, Chair and CEO of Curtiss-Wright Corporation. "Our results also reflected the benefits of the Company's ongoing restructuring and operational excellence initiatives, and our dedication to making continued investments that drive profitable growth."

"Based on the strong first-half results and our outlook for the remainder of 2025, we have increased our full-year Adjusted guidance for sales, operating income, diluted EPS and free cash flow. We are successfully executing our Pivot to Growth strategy and building strong momentum to compound sustained profitable growth. In addition, we remain extremely well aligned to many favorable secular growth trends across our markets, today and well into the future."

Second Quarter 2025 Operating Results

(In millions)	Q2-2025			Q2-2024			Change
Reported
Sales	$	877		$	785		12	%
Operating income	$	156		$	129		21	%
Operating margin		17.8	%		16.4	%	140 bps
Adjusted (1)
Sales	$	877		$	785		12	%
Operating income	$	160		$	133		20	%
Operating margin		18.3	%		17.0	%	130 bps
(1) Reconciliations of Reported to Adjusted operating results are available in the Appendix.

• Sales of $877 million increased 12% compared with the prior year period;
• Total A&D market sales increased 12%, while total Commercial market sales increased 10%;
• In our A&D markets, stronger than expected growth in the defense markets was driven by higher submarine revenues in naval defense and increased sales of defense electronics products, as well as higher OEM sales in the commercial aerospace market;
• In our Commercial markets, strong growth in the power & process market was principally driven by the contribution from our Ultra Energy acquisition and higher organic sales of commercial nuclear products, while sales in the general industrial market were flat; and
• Adjusted operating income of $160 million increased 20%, while Adjusted operating margin increased 130 basis points to 18.3%, driven by favorable overhead absorption on higher revenues in all three segments, the benefits of the Company's restructuring and operational excellence initiatives, favorable mix in the Naval & Power segment, and favorable foreign currency translation, partially offset by higher investment in research and development.

Second Quarter 2025 Segment Performance

Aerospace & Industrial

(In millions)	Q2-2025			Q2-2024			Change
Reported
Sales	$	239		$	233		3	%
Operating income	$	39		$	35		11	%
Operating margin		16.3	%		15.1	%	120 bps
Adjusted (1)
Sales	$	239		$	233		3	%
Operating income	$	40		$	38		5	%
Operating margin		16.6	%		16.2	%	40 bps
(1) Note: Reconciliations of Reported to Adjusted operating results are available in the Appendix.

• Sales of $239 million, up $6 million, or 3%;
• Commercial aerospace market revenue growth reflected increased demand and higher OEM sales of sensors products and surface treatment services on narrowbody and widebody platforms;
• General industrial market revenue was essentially flat, as the benefit of higher sales of industrial vehicle products serving on-highway vehicle platforms and increased surface treatment services were offset by lower global off-highway and specialty industrial vehicle sales; and
• Adjusted operating income was $40 million, up 5% from the prior year, while adjusted operating margin increased 40 basis points to 16.6%, driven by favorable absorption on higher revenues, the benefits of the Company's restructuring initiatives and favorable foreign currency translation.

Defense Electronics

(In millions)	Q2-2025			Q2-2024			Change
Reported
Sales	$	253		$	228		11	%
Operating income	$	68		$	58		16	%
Operating margin		26.8	%		25.5	%	130 bps
Adjusted (1)
Sales	$	253		$	228		11	%
Operating income	$	68		$	59		15	%
Operating margin		26.8	%		25.7	%	110 bps
(1) Note: Reconciliations of Reported to Adjusted operating results are available in the Appendix.

• Sales of $253 million, up $25 million, or 11%;
• Higher revenue in the aerospace defense market was principally driven by increased sales of our embedded computing equipment to various international customers while also supporting several domestic unmanned aerial vehicle programs;
• Ground defense market revenue growth reflected higher sales of tactical battlefield communications equipment as well as increased support for U.S. ground vehicle modernization;
• Higher revenue in the commercial aerospace market reflected increased sales of our flight data recorder technology to OEM customers; and
• Adjusted operating income was $68 million, up 15% from the prior year, while adjusted operating margin increased 110 basis points to 26.8%, reflecting favorable absorption on higher defense revenues and the benefits of our operational excellence initiatives.

Naval & Power

(In millions)	Q2-2025			Q2-2024			Change
Reported
Sales	$	384		$	323		19	%
Operating income	$	60		$	46		31	%
Operating margin		15.7	%		14.3	%	140 bps
Adjusted (1)
Sales	$	384		$	323		19	%
Operating income	$	64		$	47		36	%
Operating margin		16.5	%		14.4	%	210 bps
(1) Note: Reconciliations of Reported to Adjusted operating results are available in the Appendix.

• Sales of $384 million, up $61 million, or 19%;
• Revenue growth in the naval defense market was principally driven by our strong order book and the timing of revenues on the Columbia-class submarine program, in addition to increased revenues supporting next-generation submarine development and higher sales of aircraft handling systems equipment to international customers;
• Higher power & process market revenues mainly reflected the contribution from our prior year acquisition to our commercial nuclear and process markets, as well as higher organic sales of commercial nuclear products supporting the maintenance of existing operating reactors and the development of next-generation advanced reactors; and
• Adjusted operating income was $64 million, up 36% from the prior year, while adjusted operating margin increased 210 basis points to 16.5%, due to favorable absorption on higher revenues and favorable mix of products, partially offset by higher investment in research and development.

Free Cash Flow

(In millions)	Q2-2025			Q2-2024			Change
Net cash provided by operating activities	$	137		$	111		23	%
Capital expenditures		(19	)		(11	)	75	%
Free cash flow	$	117		$	100		17	%

• Free cash flow of $117 million increased $17 million, as higher cash earnings and improved working capital were partially offset by higher capital investments in all three segments.

New Orders and Backlog

• New orders of $1.0 billion increased slightly compared with the prior year principally reflecting strong demand in our commercial nuclear and commercial aerospace end markets, mainly offset by the timing of orders in naval defense; and
• Backlog of $3.9 billion, up 12% from December 31, 2024, reflecting strong demand across the A&D and Commercial markets.

Share Repurchase and Dividends

• During the second quarter, the Company repurchased 59,501 shares of its common stock for approximately $21 million; and
• The Company declared a quarterly dividend of $0.24 a share, representing a $0.03 or 14% increase from the previous quarter.

Full-Year 2025 Guidance

The Company is updating its full-year 2025 Adjusted financial guidance⁽¹⁾ as follows:

($ in millions, except EPS)	2025 Adjusted Non-GAAP Guidance (Prior)	2025 Adjusted Non-GAAP Guidance (Current)	Change vs 2024 Adjusted (Current)
Total Sales	$3,365 - $3,415	$3,390 - $3,435	9 - 10%
Operating Income	$614 - $632	$626 - $642	15 - 18%
Operating Margin	18.3% - 18.5%	18.5% - 18.7%	100 - 120 bps
Diluted EPS	$12.45 - $12.80	$12.70 - $13.00	16 - 19%
Free Cash Flow(2)	$495 - $515	$520 - $535	8 - 11%

		(1)	Reconciliations of Reported to Adjusted 2024 operating results and 2025 financial guidance are available in the Appendix and exclude first-year purchase accounting costs associated with prior-year acquisitions and costs associated with the Company's 2024 Restructuring Program.
		(2)	2025 Free Cash Flow guidance includes higher capital expenditures supporting growth and efficiency (reflecting a $14 to $24 million year-over-year increase compared with 2024 results), the timing of prior year record customer advances and a $15 million current year increase due to a reduction in tax payments driven by the recent signing of the H.R. 1 - "One Big Beautiful Bill Act."

**********

A more detailed breakdown of the Company’s 2025 financial guidance by segment and by market, as well as all reconciliations of Reported GAAP amounts to Adjusted non-GAAP amounts, can be found in the accompanying schedules. Historical financial results are available in the Investor Relations section of Curtiss-Wright’s website.

Conference Call & Webcast Information

The Company will host a conference call to discuss its second quarter 2025 financial results and updates to 2025 guidance at 10:00 a.m. ET on Thursday, August 7, 2025. A live webcast of the call and the accompanying financial presentation, as well as a webcast replay of the call, will be made available on the internet by visiting the Investor Relations section of the Company’s website at www.curtisswright.com.

(Tables to Follow)

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)
($'s in thousands, except per share data)
	Three Months Ended								Six Months Ended
	June 30,								June 30,
	2025				2024				2025				2024
Product sales	$	746,679			$	661,407			$	1,425,656			$	1,257,111
Service sales		129,897				123,384				256,565				240,847
Total net sales		876,576				784,791				1,682,221				1,497,958
Cost of product sales		479,253				428,926				921,343				818,403
Cost of service sales		71,166				71,764				142,257				141,699
Total cost of sales		550,419				500,690				1,063,600				960,102
Gross profit		326,157				284,101				618,621				537,856
Research and development expenses		23,308				22,152				46,327				45,132
Selling expenses		41,764				35,126				81,689				71,891
General and administrative expenses		104,071				95,008				203,100				189,057
Restructuring expenses		707				2,918				1,993				2,918
Operating income		156,307				128,897				285,512				228,858
Interest expense		10,524				11,216				20,667				21,786
Other income, net		10,982				8,560				17,012				18,168
Earnings before income taxes		156,765				126,241				281,857				225,240
Provision for income taxes		(35,704	)			(26,770	)			(59,459	)			(49,274	)
Net earnings	$	121,061			$	99,471			$	222,398			$	175,966
Basic earnings per share	$	3.21			$	2.60			$	5.90			$	4.60
Diluted earnings per share	$	3.19			$	2.58			$	5.87			$	4.58
Dividends per share	$	0.24			$	0.21			$	0.45			$	0.41
Weighted-average shares outstanding:
Basic		37,692				38,302				37,682				38,273
Diluted		37,903				38,501				37,871				38,460

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
($'s in thousands, except par value)
	June 30,				December 31,
	2025				2024
Assets
Current assets:
Cash and cash equivalents	$	331,664			$	385,042
Receivables, net		961,601				835,037
Inventories, net		610,884				541,442
Other current assets		95,571				88,073
Total current assets		1,999,720				1,849,594
Property, plant, and equipment, net		359,683				339,118
Goodwill		1,698,642				1,675,718
Other intangible assets, net		569,566				596,831
Operating lease right-of-use assets, net		192,317				169,350
Prepaid pension asset		314,921				299,130
Other assets		59,626				55,963
Total assets	$	5,194,475			$	4,985,704
Liabilities
Current liabilities:
Current portion of long-term and short-term debt	$	—			$	90,000
Accounts payable		261,070				247,185
Accrued expenses		178,780				219,054
Deferred revenue		500,245				459,421
Other current liabilities		86,431				80,288
Total current liabilities		1,026,526				1,095,948
Long-term debt		958,381				958,949
Deferred tax liabilities, net		144,815				140,659
Accrued pension and other postretirement benefit costs		69,712				67,413
Long-term operating lease liability		171,019				148,175
Other liabilities		112,302				124,761
Total liabilities	$	2,482,755			$	2,535,905
Stockholders' equity
Common stock, $1 par value	$	49,187			$	49,187
Additional paid in capital		149,650				147,940
Retained earnings		4,066,497				3,861,073
Accumulated other comprehensive loss		(168,117	)			(243,225	)
Less: cost of treasury stock		(1,385,497	)			(1,365,176	)
Total stockholders' equity	$	2,711,720			$	2,449,799
Total liabilities and stockholders' equity	$	5,194,475			$	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 better 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
	June 30, 2025											June 30, 2024											% Change
	As Reported				Adjustments			Adjusted				As Reported				Adjustments			Adjusted				As Reported			Adjusted
Sales:
Aerospace & Industrial	$	239,138			$	—		$	239,138			$	233,232			$	—		$	233,232			3	%		3	%
Defense Electronics		253,011				—			253,011				228,461				—			228,461			11	%		11	%
Naval & Power		384,427				—			384,427				323,098				—			323,098			19	%		19	%
Total sales	$	876,576			$	—		$	876,576			$	784,791			$	—		$	784,791			12	%		12	%
Operating income (expense):
Aerospace & Industrial(2)	$	39,006			$	582		$	39,588			$	35,246			$	2,619		$	37,865			11	%		5	%
Defense Electronics(2)		67,833				19			67,852				58,244				523			58,767			16	%		15	%
Naval & Power(1)(2)		60,416				3,134			63,550				46,283				342			46,625			31	%		36	%
Total segments	$	167,255			$	3,735		$	170,990			$	139,773			$	3,484		$	143,257			20	%		19	%
Corporate and other(2)		(10,948	)			—			(10,948	)			(10,876	)			964			(9,912	)		(1	)%		(10	)%
Total operating income	$	156,307			$	3,735		$	160,042			$	128,897			$	4,448		$	133,345			21	%		20	%
Operating margins:	As Reported							Adjusted				As Reported							Adjusted				As Reported			Adjusted
Aerospace & Industrial		16.3	%						16.6	%			15.1	%						16.2	%		120 bps			40 bps
Defense Electronics		26.8	%						26.8	%			25.5	%						25.7	%		130 bps			110 bps
Naval & Power		15.7	%						16.5	%			14.3	%						14.4	%		140 bps			210 bps
Total Curtiss-Wright		17.8	%						18.3	%			16.4	%						17.0	%		140 bps			130 bps
Segment margins		19.1	%						19.5	%			17.8	%						18.3	%		130 bps			120 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)
	Six Months Ended												Six Months Ended
	June 30, 2025												June 30, 2024											% Change
	As Reported				Adjustments				Adjusted				As Reported				Adjustments			Adjusted				As Reported			Adjusted
Sales:
Aerospace & Industrial	$	466,384			$	—			$	466,384			$	452,557			$	—		$	452,557			3	%		3	%
Defense Electronics		498,175				—				498,175				440,202				—			440,202			13	%		13	%
Naval & Power		717,662				—				717,662				605,199				—			605,199			19	%		19	%
Total sales	$	1,682,221			$	—			$	1,682,221			$	1,497,958			$	—		$	1,497,958			12	%		12	%
Operating income (expense):
Aerospace & Industrial(2)	$	68,928			$	2,346			$	71,274			$	62,712			$	2,619		$	65,331			10	%		9	%
Defense Electronics(2)		135,282				19				135,301				106,325				523			106,848			27	%		27	%
Naval & Power (1)(2)		102,279				6,202				108,481				81,474				342			81,816			26	%		33	%
Total segments	$	306,489			$	8,567			$	315,056			$	250,511			$	3,484		$	253,995			22	%		24	%
Corporate and other(2)		(20,977	)			(28	)			(21,005	)			(21,653	)			964			(20,689	)		3	%		(2	)%
Total operating income	$	285,512			$	8,539			$	294,051			$	228,858			$	4,448		$	233,306			25	%		26	%
Operating margins:	As Reported								Adjusted				As Reported							Adjusted				As Reported			Adjusted
Aerospace & Industrial		14.8	%							15.3	%			13.9	%						14.4	%		90 bps			90 bps
Defense Electronics		27.2	%							27.2	%			24.2	%						24.3	%		300 bps			290 bps
Naval & Power		14.3	%							15.1	%			13.5	%						13.5	%		80 bps			160 bps
Total Curtiss-Wright		17.0	%							17.5	%			15.3	%						15.6	%		170 bps			190 bps
Segment margins		18.2	%							18.7	%			16.7	%						17.0	%		150 bps			170 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
		June 30, 2025						June 30, 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		$ 167,587		$ —		$ 167,587		$ 154,104		$ —		$ 154,104		9%	9%
Ground Defense		97,542		—		97,542		84,939		—		84,939		15%	15%
Naval Defense		240,086		—		240,086		209,847		—		209,847		14%	14%
Commercial Aerospace		103,318		—		103,318		93,316		—		93,316		11%	11%
Total Aerospace & Defense		$ 608,533		$ —		$ 608,533		$ 542,206		$ —		$ 542,206		12%	12%
Commercial markets:
Power & Process		$ 163,473		$ —		$ 163,473		$ 138,601		$ —		$ 138,601		18%	18%
General Industrial		104,570		—		104,570		103,984		—		103,984		1%	1%
Total Commercial		$ 268,043		$ —		$ 268,043		$ 242,585		$ —		$ 242,585		10%	10%
Total Curtiss-Wright		$ 876,576		$ —		$ 876,576		$ 784,791		$ —		$ 784,791		12%	12%
		Six Months Ended						Six Months Ended
		June 30, 2025						June 30, 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		$ 319,309		$ —		$ 319,309		$ 286,178		$ —		$ 286,178		12%	12%
Ground Defense		194,779		—		194,779		175,700		—		175,700		11%	11%
Naval Defense		461,172		—		461,172		387,494		—		387,494		19%	19%
Commercial Aerospace		196,195		—		196,195		183,091		—		183,091		7%	7%
Total Aerospace & Defense		$ 1,171,455		$ —		$ 1,171,455		$ 1,032,463		$ —		$ 1,032,463		13%	13%
Commercial markets:
Power & Process		$ 306,407		$ —		$ 306,407		$ 262,639		$ —		$ 262,639		17%	17%
General Industrial		204,359		—		204,359		202,856		—		202,856		1%	1%
Total Commercial		$ 510,766		$ —		$ 510,766		$ 465,495		$ —		$ 465,495		10%	10%
Total Curtiss-Wright		$ 1,682,221		$ —		$ 1,682,221		$ 1,497,958		$ —		$ 1,497,958		12%	12%

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
RECONCILIATION OF AS REPORTED TO ADJUSTED DILUTED EARNINGS PER SHARE (UNAUDITED)
	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2025			2024			2025			2024
Diluted earnings per share - As Reported	$	3.19		$	2.58		$	5.87		$	4.58
First year purchase accounting adjustments		0.02			—			0.13			—
Restructuring costs		0.02			0.09			0.05			0.09
Diluted earnings per share - Adjusted (1)	$	3.23		$	2.67		$	6.05		$	4.67
(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
	June 30,
	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	3%		11%		11%		16%		19%		31%		12%		21%
Less: Acquisitions	0%		0%		0%		0%		(7%)		(1%)		(3%)		0%
Restructuring	0%		(6%)		0%		0%		0%		0%		0%		(3%)
Foreign Currency	(1%)		(4%)		(1%)		(1%)		0%		(1%)		0%		(1%)
Organic	2%		1%		10%		15%		12%		29%		9%		17%
	Six Months Ended
	June 30,
	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	3%		10%		13%		27%		19%		26%		12%		25%
Less: Acquisitions	0%		0%		0%		0%		(7%)		3%		(2%)		1%
Restructuring	0%		(1%)		0%		0%		0%		0%		0%		(1%)
Foreign Currency	0%		(5%)		0%		(2%)		0%		(2%)		0%		(2%)
Organic	3%		4%		13%		25%		12%		27%		10%		23%

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								Six Months Ended
	June 30,								June 30,
	2025				2024				2025				2024
Net cash provided by operating activities	$	136,585			$	111,335			$	97,820			$	65,702
Capital expenditures		(19,381	)			(11,064	)			(35,154	)			(23,119	)
Free cash flow	$	117,204			$	100,271			$	62,666			$	42,583
Free cash flow conversion		96	%			97	%			27	%			24	%

CURTISS-WRIGHT CORPORATION
2025 Guidance
As of August 6, 2025
($'s in millions, except per share data)
	2024 Reported (GAAP)				2024 Adjustments (Non-GAAP)(1)				2024 Adjusted (Non-GAAP)(1)				2025 Reported Guidance (GAAP)							2025 Adjustments (Non-GAAP)(2)				2025 Adjusted Guidance (Non-GAAP)(2)
													Low			High								Low			High				2025 Chg vs 2024 Adjusted
Sales:
Aerospace & Industrial	$	932			$	—			$	932			$	965		$	980			$	—			$	965		$	980			4 - 5	%
Defense Electronics		911				—				911				995			1,010				—				995			1,010			9 - 11	%
Naval & Power		1,278				—				1,278				1,430			1,445				—				1,430			1,445			12 - 13	%
Total sales	$	3,121			$	—			$	3,121			$	3,390		$	3,435			$	—			$	3,390		$	3,435			9 - 10	%
Operating income:
Aerospace & Industrial	$	148			$	10			$	158			$	164		$	170			$	3			$	167		$	173			6 - 9	%
Defense Electronics		225				2				227				267			273				—				267			273			18 - 20	%
Naval & Power		200				2				202				220			226				12				232			238			15 - 18	%
Total segments	$	572			$	15			$	587			$	651		$	669			$	15			$	666		$	684
Corporate and other		(44	)			3				(41	)			(40	)		(42	)			—				(40	)		(42	)
Total operating income	$	529			$	17			$	546			$	611		$	627			$	15			$	626		$	642			15 - 18	%
Interest expense	$	(45	)		$	—			$	(45	)		$	(42	)	$	(43	)		$	—			$	(42	)	$	(43	)
Other income, net		38				—				38				33			34				—				33			34
Earnings before income taxes	$	522			$	17			$	539			$	602		$	618			$	15			$	618		$	632
Provision for income taxes		(117	)			(4	)			(121	)			(133	)		(136	)			(3	)			(136	)		(139	)
Net earnings	$	405			$	13			$	418			$	469		$	482			$	12			$	482		$	493
Diluted earnings per share	$	10.55			$	0.35			$	10.90			$	12.40		$	12.70			$	0.30			$	12.70		$	13.00			16 - 19	%
Diluted shares outstanding		38.4								38.4				37.9			37.9								37.9			37.9
Effective tax rate		22.4	%							22.4	%			22.0	%		22.0	%							22.0	%		22.0	%
Operating margins:
Aerospace & Industrial		15.9	%							17.0	%			17.0	%		17.3	%							17.3	%		17.6	%		30 - 60 bps
Defense Electronics		24.7	%							24.9	%			26.8	%		27.0	%							26.8	%		27.0	%		190 - 210 bps
Naval & Power		15.6	%							15.8	%			15.4	%		15.6	%							16.3	%		16.5	%		50 - 70 bps
Total operating margin		16.9	%							17.5	%			18.0	%		18.3	%							18.5	%		18.7	%		100 - 120 bps
Free cash flow(3)	$	483			$	—			$	483			$	520		$	535			$	—			$	520		$	535			8 - 11	%
Notes: Amounts may not add due to rounding.
(1) 2024 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) 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.
(3) Free Cash Flow is defined as cash flow from operations less capital expenditures. 2025 Free Cash Flow guidance includes higher capital expenditures supporting growth and efficiency (reflecting a $14 to $24 million year-over-year increase compared with 2024 results), the timing of prior year record customer advances and a $15 million current year increase due to a reduction in tax payments driven by the recent signing of the H.R. 1 - "One Big Beautiful Bill Act."

CURTISS-WRIGHT CORPORATION
2025 Sales Growth Guidance by End Market
As of August 6, 2025
	2025 % Change vs. 2024 Adjusted
	Prior		Current		% Total Sales
Aerospace & Defense Markets
Aerospace Defense	6 - 8%		7 - 9%		19%
Ground Defense	6 - 8%		6 - 8%		11%
Naval Defense	5 - 7%		7 - 9%		26%
Commercial Aerospace	13 - 15%		13 - 15%		13%
Total Aerospace & Defense	7 - 9%		8 - 10%		69%
Commercial Markets
Power & Process	16- 18%		16- 18%		19%
General Industrial	Flat		Flat		12%
Total Commercial	9 - 11%		9 - 11%		31%
Total Curtiss-Wright Sales	8 - 9%		9 - 10%		100%
Note: Sales percentages may not add due to rounding.

About Curtiss-Wright Corporation

Curtiss-Wright Corporation (NYSE:CW) is a global integrated business that provides highly engineered products, solutions and services mainly to Aerospace & Defense markets, as well as critical technologies in demanding Commercial Nuclear Power, Process and Industrial markets. We leverage a workforce of approximately 9,000 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, 2024, 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/20250806191450/en/

Jim Ryan

(704) 869-4621

Jim.Ryan@curtisswright.com

Source: Curtiss-Wright Corporation