Curtiss-Wright Reports Third 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 third quarter ended September 30, 2025.

Third Quarter 2025 Highlights:

• Reported sales of $869 million, up 9%, operating income of $166 million, operating margin of 19.1%, and diluted earnings per share (EPS) of $3.31;
• Adjusted operating income of $170 million, up 14%;
• Adjusted operating margin of 19.6%, up 90 basis points;
• Adjusted diluted EPS of $3.40, up 14%;
• New orders of $927 million, up 8%, reflected a 1.1x book-to-bill;
• Backlog of $3.9 billion, up 14% year-to-date; and
• Free cash flow (FCF) of $176 million, generating 137% FCF conversion.

Raised Full-Year 2025 Adjusted Financial Outlook:

• Sales guidance increased to new range of 10% to 11% growth (previously 9% to 10%), which continues to reflect growth in the majority of Curtiss-Wright's end markets;
• Operating income guidance increased to new range of 16% to 19% growth (previously 15% to 18%);
• Operating margin guidance range of 18.5% to 18.7%, up 100 to 120 basis points compared with the prior year;
• Diluted EPS guidance increased to new range of $12.95 to $13.20, now up 19% to 21% (previously $12.70 to $13.00, up 16% to 19%); and
• FCF guidance range of $520 to $535 million, which continues to reflect greater than 105% FCF conversion.

"In the third quarter, Curtiss-Wright continued to deliver strong results under our Pivot to Growth strategy, with higher revenues and growth in operating income across all three segments,” said Lynn M. Bamford, Chair and CEO of Curtiss-Wright Corporation. "We achieved adjusted operating margin of 19.6%, mid-teens growth in diluted EPS and improved free cash flow generation. We also demonstrated solid order growth of 8%, yielding an overall book-to-bill of 1.1x. Based on our strong year-to-date performance, we have raised our full-year guidance for sales, operating income and diluted EPS."

"In addition, we recently expanded our 2025 share repurchase program, targeting a new record in annual share repurchases of more than $450 million. This return of capital to shareholders reflects the Company's confident outlook and demonstrates our commitment to leveraging our strong balance sheet in support of disciplined capital allocation."

Third Quarter 2025 Operating Results

(In millions)	Q3-2025			Q3-2024			Change
Reported
Sales	$	869		$	799		9	%
Operating income	$	166		$	145		15	%
Operating margin		19.1	%		18.1	%	100 bps
Adjusted (1)
Sales	$	869		$	799		9	%
Operating income	$	170		$	149		14	%
Operating margin		19.6	%		18.7	%	90 bps
(1) Reconciliations of Reported to Adjusted operating results are available in the Appendix.

• Sales of $869 million increased 9% compared with the prior year;
• Total A&D market sales increased 9%, while total Commercial market sales increased 8%;
• In our A&D markets, growth was principally driven by higher submarine revenues in naval defense, the timing of tactical communications revenues in ground defense, and higher OEM sales in the commercial aerospace market;
• In our Commercial markets, strong growth in the power & process market was driven by higher organic sales of commercial nuclear solutions and the contribution from our prior-year acquisition, while sales in the general industrial market were flat; and
• Adjusted operating income of $170 million increased 14%, while Adjusted operating margin increased 90 basis points to 19.6%. This performance was driven by favorable overhead absorption on higher revenues in all three segments, the benefits of the Company's ongoing operational excellence initiatives, and favorable mix in the Aerospace & Industrial and Defense Electronics segments, which were partially offset by higher investments in research and development.

Third Quarter 2025 Segment Performance

Aerospace & Industrial

(In millions)	Q3-2025			Q3-2024			Change
Reported
Sales	$	248		$	229		8	%
Operating income	$	45		$	37		21	%
Operating margin		18.3	%		16.4	%	190 bps
Adjusted (1)
Sales	$	248		$	229		8	%
Operating income	$	46		$	39		17	%
Operating margin		18.6	%		17.2	%	140 bps
(1) Note: Reconciliations of Reported to Adjusted operating results are available in the Appendix.

• Sales of $248 million, up $19 million, or 8%;
• Growth in our defense markets reflected increased sales of sensors products and surface treatment services supporting various domestic and international fighter jet programs, in addition to higher sales of electromechanical actuation equipment in the ground defense market;
• Commercial aerospace market revenue growth reflected strong demand and higher OEM sales of actuation equipment, sensors products and surface treatment services on narrowbody and widebody platforms;
• General industrial market revenue was flat, as higher sales of surface treatment services were offset by lower global off-highway and specialty industrial vehicle sales; and
• Adjusted operating income was $46 million, up 17% from the prior year, while Adjusted operating margin increased 140 basis points to 18.6%, driven by favorable absorption on higher revenues, the benefits of the Company's restructuring initiatives, and a favorable mix of products.

Defense Electronics

(In millions)	Q3-2025			Q3-2024			Change
Reported
Sales	$	253		$	243		4	%
Operating income	$	74		$	64		16	%
Operating margin		29.2	%		26.2	%	300 bps
Adjusted (1)
Sales	$	253		$	243		4	%
Operating income	$	74		$	64		15	%
Operating margin		29.2	%		26.5	%	270 bps
(1) Note: Reconciliations of Reported to Adjusted operating results are available in the Appendix.

• Sales of $253 million, up $10 million, or 4%;
• Aerospace defense market revenue growth reflected increased sales of embedded computing and flight test instrumentation equipment to various international customers, partially offset by the timing of revenues on various domestic helicopter programs;
• Ground defense market revenues decreased slightly overall but were ahead of our expectations, driven by the timing of tactical battlefield communications equipment sales;
• Higher revenue in the naval defense market reflected increased sales of embedded computing equipment supporting various domestic and international programs;
• Commercial aerospace market revenues reflected increased demand and higher sales of flight data recorder technology to OEM customers; and
• Adjusted operating income was $74 million, up 15% from the prior year, while Adjusted operating margin increased 270 basis points to 29.2%, primarily due to favorable absorption and mix of products 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)	Q3-2025			Q3-2024			Change
Reported
Sales	$	368		$	327		12	%
Operating income	$	58		$	53		9	%
Operating margin		15.7	%		16.2	%	(50 bps)
Adjusted (1)
Sales	$	368		$	327		12	%
Operating income	$	61		$	54		14	%
Operating margin		16.6	%		16.4	%	20 bps
(1) Note: Reconciliations of Reported to Adjusted operating results are available in the Appendix.

• Sales of $368 million, up $41 million, or 12%;
• 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 and aircraft handling systems equipment to international customers;
• Lower revenue in the aerospace defense market reflected the timing of sales of arresting systems equipment supporting various international customers;
• Higher power & process market revenues mainly reflected the contribution from our prior-year acquisition of I&C Solutions (formerly known as Ultra Energy), as well as higher organic sales of commercial nuclear solutions supporting the development of next-generation advanced reactors and the maintenance of existing operating reactors; and
• Adjusted operating income was $61 million, up 14% from the prior year, while Adjusted operating margin increased 20 basis points to 16.6%, as favorable absorption on higher revenues and the benefits of the Company's operational excellence initiatives were partially offset by higher investment in research and development.

Free Cash Flow

(In millions)	Q3-2025			Q3-2024			Change
Net cash provided by operating activities	$	193		$	177		9	%
Capital expenditures		(17	)		(15	)	(16	%)
Free cash flow	$	176		$	163		8	%

• Free cash flow of $176 million increased $13 million as higher cash earnings and lower U.S. tax payments were partially offset by higher working capital.

New Orders and Backlog

• New orders of $927 million increased 8% compared with the prior year and generated an overall book-to-bill of approximately 1.1x, principally driven by continued strong demand in the commercial aerospace and commercial nuclear markets; and
• Backlog of $3.9 billion, up 14% from December 31, 2024, reflecting higher demand in both our A&D and Commercial markets.

Share Repurchase and Dividends

• During the third quarter, the Company repurchased 581,775 shares of its common stock for approximately $290 million and remains on track to repurchase a record total of more than $450 million in shares in 2025; and
• The Company declared a quarterly dividend of $0.24 a share.

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	$3,390 - $3,435	$3,420 - $3,455	Up 10 - 11%
Operating Income	$626 - $642	$634 - $647	Up 16 - 19%
Operating Margin	18.5% - 18.7%	18.5% - 18.7%	Up 100 - 120 bps
Diluted EPS	$12.70 - $13.00	$12.95 - $13.20	Up 19 - 21%
Free Cash Flow(2)	$520 - $535	$520 - $535	Up 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 (now reflecting a nearly $25 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 third quarter 2025 financial results and updates to 2025 guidance at 10:00 a.m. ET on Thursday, November 6, 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								Nine Months Ended
	September 30,								September 30,
	2025				2024				2025				2024
Product sales	$	739,094			$	684,216			$	2,164,750			$	1,941,327
Service sales		130,076				114,702				386,641				355,549
Total net sales		869,170				798,918				2,551,391				2,296,876
Cost of product sales		470,677				434,370				1,392,020				1,252,773
Cost of service sales		71,023				66,285				213,280				207,984
Total cost of sales		541,700				500,655				1,605,300				1,460,757
Gross profit		327,470				298,263				946,091				836,119
Research and development expenses		23,407				20,734				69,734				65,866
Selling expenses		40,559				37,311				122,248				109,202
General and administrative expenses		96,449				92,035				299,549				281,092
Restructuring expenses		804				3,280				2,797				6,198
Operating income		166,251				144,903				451,763				373,761
Interest expense		10,484				11,408				31,151				33,194
Other income, net		5,386				10,126				22,398				28,294
Earnings before income taxes		161,153				143,621				443,010				368,861
Provision for income taxes		(36,321	)			(32,461	)			(95,780	)			(81,735	)
Net earnings	$	124,832			$	111,160			$	347,230			$	287,126
Basic earnings per share	$	3.34			$	2.91			$	9.24			$	7.51
Diluted earnings per share	$	3.31			$	2.89			$	9.19			$	7.47
Dividends per share	$	0.24			$	0.21			$	0.69			$	0.62
Weighted-average shares outstanding:
Basic		37,430				38,208				37,582				38,245
Diluted		37,663				38,451				37,786				38,451

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
($'s in thousands, except par value)
	September 30,				December 31,
	2025				2024
Assets
Current assets:
Cash and cash equivalents	$	225,427			$	385,042
Receivables, net		976,885				835,037
Inventories, net		636,883				541,442
Other current assets		87,931				88,073
Total current assets		1,927,126				1,849,594
Property, plant, and equipment, net		364,188				339,118
Goodwill		1,692,772				1,675,718
Other intangible assets, net		550,202				596,831
Operating lease right-of-use assets, net		185,443				169,350
Prepaid pension asset		321,679				299,130
Other assets		60,622				55,963
Total assets	$	5,102,032			$	4,985,704
Liabilities
Current liabilities:
Current portion of long-term and short-term debt	$	—			$	90,000
Accounts payable		270,333				247,185
Accrued expenses		227,622				219,054
Deferred revenue		503,583				459,421
Other current liabilities		99,675				80,288
Total current liabilities		1,101,213				1,095,948
Long-term debt		968,632				958,949
Deferred tax liabilities, net		145,081				140,659
Accrued pension and other postretirement benefit costs		73,763				67,413
Long-term operating lease liability		164,764				148,175
Other liabilities		119,098				124,761
Total liabilities	$	2,572,551			$	2,535,905
Stockholders' equity
Common stock, $1 par value	$	49,187			$	49,187
Additional paid in capital		160,420				147,940
Retained earnings		4,182,422				3,861,073
Accumulated other comprehensive loss		(185,928	)			(243,225	)
Less: cost of treasury stock		(1,676,620	)			(1,365,176	)
Total stockholders' equity	$	2,529,481			$	2,449,799
Total liabilities and stockholders' equity	$	5,102,032			$	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
	September 30, 2025											September 30, 2024											% Change
	As Reported				Adjustments			Adjusted				As Reported				Adjustments			Adjusted				As Reported			Adjusted
Sales:
Aerospace & Industrial	$	247,985			$	—		$	247,985			$	228,659			$	—		$	228,659			8	%		8	%
Defense Electronics		253,159				—			253,159				243,029				—			243,029			4	%		4	%
Naval & Power		368,026				—			368,026				327,230				—			327,230			12	%		12	%
Total sales	$	869,170			$	—		$	869,170			$	798,918			$	—		$	798,918			9	%		9	%
Operating income (expense):
Aerospace & Industrial(2)	$	45,439			$	570		$	46,009			$	37,435			$	1,926		$	39,361			21	%		17	%
Defense Electronics(2)		73,957				—			73,957			$	63,639				819			64,458			16	%		15	%
Naval & Power(1)(2)		57,721				3,532			61,253				53,039				759			53,798			9	%		14	%
Total segments	$	177,117			$	4,102		$	181,219			$	154,113			$	3,504		$	157,617			15	%		15	%
Corporate and other(2)		(10,866	)			20			(10,846	)			(9,210	)			660			(8,550	)		(18	)%		(27	)%
Total operating income	$	166,251			$	4,122		$	170,373			$	144,903			$	4,164		$	149,067			15	%		14	%
Operating margins:	As Reported							Adjusted				As Reported							Adjusted				As Reported			Adjusted
Aerospace & Industrial		18.3	%						18.6	%			16.4	%						17.2	%		190 bps			140 bps
Defense Electronics		29.2	%						29.2	%			26.2	%						26.5	%		300 bps			270 bps
Naval & Power		15.7	%						16.6	%			16.2	%						16.4	%		(50 bps)			20 bps
Total Curtiss-Wright		19.1	%						19.6	%			18.1	%						18.7	%		100 bps			90 bps
Segment margins		20.4	%						20.8	%			19.3	%						19.7	%		110 bps			110 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)
	Nine Months Ended												Nine Months Ended
	September 30, 2025												September 30, 2024											% Change
	As Reported				Adjustments				Adjusted				As Reported				Adjustments			Adjusted				As Reported			Adjusted
Sales:
Aerospace & Industrial	$	714,369			$	—			$	714,369			$	681,216			$	—		$	681,216			5	%		5	%
Defense Electronics		751,334				—				751,334				683,231				—			683,231			10	%		10	%
Naval & Power		1,085,688				—				1,085,688				932,429				—			932,429			16	%		16	%
Total sales	$	2,551,391			$	—			$	2,551,391			$	2,296,876			$	—		$	2,296,876			11	%		11	%
Operating income (expense):
Aerospace & Industrial(2)	$	114,367			$	2,917			$	117,284			$	100,147			$	4,546		$	104,693			14	%		12	%
Defense Electronics(2)		209,239				19				209,258				169,964				1,342			171,306			23	%		22	%
Naval & Power (1)(2)		160,000				9,734				169,734				134,513				1,101			135,614			19	%		25	%
Total segments	$	483,606			$	12,670			$	496,276			$	404,624			$	6,989		$	411,613			20	%		21	%
Corporate and other(2)		(31,843	)			(8	)			(31,851	)			(30,863	)			1,624			(29,239	)		(3	)%		(9	)%
Total operating income	$	451,763			$	12,662			$	464,425			$	373,761			$	8,613		$	382,374			21	%		21	%
Operating margins:	As Reported								Adjusted				As Reported							Adjusted				As Reported			Adjusted
Aerospace & Industrial		16.0	%							16.4	%			14.7	%						15.4	%		130 bps			100 bps
Defense Electronics		27.8	%							27.9	%			24.9	%						25.1	%		290 bps			280 bps
Naval & Power		14.7	%							15.6	%			14.4	%						14.5	%		30 bps			110 bps
Total Curtiss-Wright		17.7	%							18.2	%			16.3	%						16.6	%		140 bps			160 bps
Segment margins		19.0	%							19.5	%			17.6	%						17.9	%		140 bps			160 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
SALES BY END MARKET (UNAUDITED)
($'s in thousands)
		Three Months Ended									Three Months Ended
		September 30, 2025									September 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		$	161,162		$	—		$	161,162		$	158,980		$	—		$	158,980		1	%	1	%
Ground Defense			96,789			—			96,789			92,973			—			92,973		4	%	4	%
Naval Defense			245,906			—			245,906			217,510			—			217,510		13	%	13	%
Commercial Aerospace			113,856			—			113,856			96,677			—			96,677		18	%	18	%
Total Aerospace & Defense		$	617,713		$	—		$	617,713		$	566,140		$	—		$	566,140		9	%	9	%
Commercial markets:
Power & Process		$	149,900		$	—		$	149,900		$	131,376		$	—		$	131,376		14	%	14	%
General Industrial			101,557			—			101,557			101,402			—			101,402		—	%	—	%
Total Commercial		$	251,457		$	—		$	251,457		$	232,778		$	—		$	232,778		8	%	8	%
Total Curtiss-Wright		$	869,170		$	—		$	869,170		$	798,918		$	—		$	798,918		9	%	9	%
		Nine Months Ended									Nine Months Ended
		September 30, 2025									September 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		$	480,471			—		$	480,471		$	445,158		$	—		$	445,158		8	%	8	%
Ground Defense			291,568			—			291,568			268,672			—			268,672		9	%	9	%
Naval Defense			707,078			—			707,078			605,004			—			605,004		17	%	17	%
Commercial Aerospace			310,051			—			310,051			279,768			—			279,768		11	%	11	%
Total Aerospace & Defense		$	1,789,168			—		$	1,789,168		$	1,598,602		$	—		$	1,598,602		12	%	12	%
Commercial markets:
Power & Process		$	456,307			—		$	456,307		$	394,016		$	—		$	394,016		16	%	16	%
General Industrial			305,916			—			305,916			304,258			—			304,258		1	%	1	%
Total Commercial		$	762,223			—		$	762,223		$	698,274		$	—		$	698,274		9	%	9	%
Total Curtiss-Wright		$	2,551,391			—		$	2,551,391		$	2,296,876		$	—		$	2,296,876		11	%	11	%

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
RECONCILIATION OF AS REPORTED TO ADJUSTED DILUTED EARNINGS PER SHARE (UNAUDITED)
	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2025			2024			2025			2024
Diluted earnings per share - As Reported	$	3.31		$	2.89		$	9.19		$	7.47
First year purchase accounting adjustments		0.07			0.02			0.20			0.02
Restructuring costs		0.02			0.06			0.06			0.15
Diluted earnings per share - Adjusted (1)	$	3.40		$	2.97		$	9.45		$	7.64
(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
	September 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	8	%		21	%		4	%		16	%		12	%		9	%		9	%		15	%
Less: Acquisitions	0	%		0	%		0	%		0	%		(4	%)		7	%		(3	%)		2	%
Restructuring	0	%		(3	%)		0	%		(1	%)		0	%		0	%		0	%		(2	%)
Foreign Currency	0	%		(1	%)		0	%		0	%		0	%		0	%		0	%		0	%
Organic	8	%		17	%		4	%		15	%		8	%		16	%		6	%		15	%
	Nine Months Ended
	September 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	5	%		14	%		10	%		23	%		16	%		19	%		11	%		21	%
Less: Acquisitions	0	%		0	%		0	%		0	%		(6	%)		4	%		(2	%)		1	%
Restructuring	0	%		(2	%)		0	%		(1	%)		0	%		0	%		0	%		(1	%)
Foreign Currency	(1	%)		(3	%)		0	%		(1	%)		0	%		0	%		(1	%)		(1	%)
Organic	4	%		9	%		10	%		21	%		10	%		23	%		8	%		20	%

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								Nine Months Ended
	September 30,								September 30,
	2025				2024				2025				2024
Net cash provided by operating activities	$	192,838			$	177,274			$	290,658			$	242,976
Capital expenditures		(16,900	)			(14,584	)			(52,054	)			(37,703	)
Free cash flow	$	175,938			$	162,690			$	238,604			$	205,273
Free cash flow conversion		137	%			142	%			67	%			70	%

CURTISS-WRIGHT CORPORATION
2025 Guidance
As of November 5, 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			$	970		$	980			$	—			$	970		$	980			4 - 5	%
Defense Electronics		911				—				911				1,000			1,010				—				1,000			1,010			10 - 11	%
Naval & Power		1,278				—				1,278				1,450			1,465				—				1,450			1,465			13 - 15	%
Total sales	$	3,121			$	—			$	3,121			$	3,420		$	3,455			$	—			$	3,420		$	3,455			10 - 11	%
Operating income:
Aerospace & Industrial	$	148			$	10			$	158			$	165		$	170			$	3			$	168		$	173			6 - 9	%
Defense Electronics		225				2				227				271			276				—				271			276			19 - 22	%
Naval & Power		200				2				202				222			227				14				236			241			17 - 20	%
Total segments	$	572			$	15			$	587			$	658		$	673			$	17			$	675		$	690
Corporate and other		(44	)			3				(41	)			(41	)		(43	)			—				(41	)		(43	)
Total operating income	$	529			$	17			$	546			$	617		$	630			$	17			$	634		$	647			16 - 19	%
Interest expense	$	(45	)		$	—			$	(45	)		$	(42	)	$	(43	)		$	—			$	(42	)	$	(43	)
Other income, net		38				—				38				29			30				—				29			30
Earnings before income taxes		522				17				539				604			617				17				621			635
Provision for income taxes		(117	)			(4	)			(121	)			(131	)		(135	)			(4	)			(135	)		(139	)
Net earnings	$	405			$	13			$	418			$	473		$	482			$	13			$	486		$	496
Diluted earnings per share	$	10.55			$	0.35			$	10.90			$	12.60		$	12.85			$	0.35			$	12.95		$	13.20			19 - 21	%
Diluted shares outstanding		38.4								38.4				37.6			37.6								37.6			37.6
Effective tax rate		22.4	%							22.4	%			21.8	%		22.0	%							21.8	%		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	%			27.1	%		27.3	%							27.1	%		27.3	%		220 - 240 bps
Naval & Power		15.6	%							15.8	%			15.3	%		15.5	%							16.3	%		16.5	%		50 - 70 bps
Total operating margin		16.9	%							17.5	%			18.0	%		18.2	%							18.5	%		18.7	%		100 - 120 bps
Free cash flow(3)	$	483			$	—			$	483			$	520		$	535			$	—			$	520		$	535			8 - 11	%
Notes: Full year amounts may not add due to rounding. Full-year 2025 guidance includes the potential impacts from tariffs on the Company's operations as well as mitigating actions.
(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, now reflecting a nearly $25 million year-over-year increase compared with 2024 results.

CURTISS-WRIGHT CORPORATION
2025 Sales Growth Guidance by End Market
As of November 5, 2025
	2025 % Change vs. 2024 Adjusted
	Prior			Current			% Total Sales
Aerospace & Defense Markets
Aerospace Defense	7 - 9	%		7 - 9	%		19	%
Ground Defense	6 - 8	%		7 - 9	%		11	%
Naval Defense	7 - 9	%		9 - 11	%		26	%
Commercial Aerospace	13 - 15	%		13 - 15	%		13	%
Total Aerospace & Defense	8 - 10	%		10 - 11	%		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	9 - 10	%		10 - 11	%		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/20251105713019/en/

Jim Ryan

(704) 869-4621

Jim.Ryan@curtisswright.com

Source: Curtiss-Wright Corporation