STOCK TITAN

Curtiss-Wright (NYSE: CW) delivers record 2025 growth and sets strong 2026 guidance

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Curtiss-Wright reported record fourth-quarter and full-year 2025 results with strong growth in sales, earnings, and cash flow. For Q4 2025, sales were $947 million, up 15%, and adjusted diluted EPS was $3.79, up 16%. Full-year 2025 sales reached $3.5 billion, up 12%, with adjusted operating income of $651 million, up 19%, and adjusted EPS of $13.23, up 21%. Free cash flow was $554 million, a 15% increase with 111% conversion, while new orders of $4.1 billion and backlog of $4.1 billion each rose 10% and 18%, respectively. The company repurchased $465 million of stock. For 2026, Curtiss-Wright guides to 6%–8% sales growth, adjusted operating margin of 18.9%–19.2%, adjusted EPS of $14.70–$15.15 (up 11%–15%), and free cash flow of $575–$595 million.

Positive

  • Record 2025 results with broad-based growth: Sales rose 12% to $3.5 billion, adjusted operating income increased 19% to $651 million, adjusted EPS grew 21% to $13.23, and free cash flow reached $554 million with 111% conversion, signaling strong operational and financial performance.
  • Robust 2026 guidance: The company projects 6%–8% sales growth, adjusted operating margin of 18.9%–19.2%, adjusted EPS growth of 11%–15% to $14.70–$15.15, and free cash flow of $575–$595 million, supported by an 18% higher backlog of $4.1 billion.

Negative

  • None.

Insights

Record 2025 performance with double-digit EPS growth and solid 2026 outlook.

Curtiss-Wright delivered strong operating momentum in 2025. Sales grew to $3.5 billion, up 12%, while adjusted operating income rose 19% to $651 million. Adjusted diluted EPS increased 21% to $13.23, supported by broad-based growth across Aerospace & Defense and Commercial markets.

Profitability also improved, with adjusted operating margin expanding 110 basis points to 18.6%. Free cash flow reached $554 million with 111% conversion, and new orders of $4.1 billion lifted backlog to $4.1 billion, up 18%, providing good revenue visibility into 2026.

For 2026, management targets 6%–8% sales growth, adjusted operating margin of 18.9%–19.2%, and adjusted EPS of $14.70–$15.15, implying 11%–15% earnings growth. Planned free cash flow of $575–$595 million and continued capital returns, including at least $60 million in share repurchases, indicate an ongoing focus on shareholder returns, assuming execution aligns with this guidance.

0000026324False00000263242026-02-112026-02-11

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 11, 2026
CURTISS-WRIGHT CORPORATION
(Exact Name of Registrant as Specified in Its Charter)
Delaware1-13413-0612970
(State or Other
Jurisdiction of
Incorporation)
(Commission File
Number)
(IRS Employer
Identification No.)
130 Harbour Place Drive, Suite 300
Davidson,North Carolina28036
(Address of principal executive offices)(Zip Code)

Registrant's telephone number, including area code: (704) 869-4600
--------------
Not applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockCWNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.






Section 2 - Financial Information

Item 2.02. Results of Operations and Financial Condition

On Wednesday, February 11, 2026, the Company issued a press release announcing financial results for the fourth quarter and full-year ended December 31, 2025. A webcast conference call will be held on Thursday, February 12, 2026 at 10:00 am ET for management to discuss the Company’s fourth quarter and full-year ended 2025 financial performance as well as expectations for 2026 financial performance. Lynn M. Bamford, Chair and Chief Executive Officer, and K. Christopher Farkas, Executive Vice President and Chief Financial Officer, will host the call. A copy of the press release and the webcast slide presentation are attached hereto as Exhibits 99.1 and 99.2.

The financial press release, access to the webcast, and the financial presentation will be posted in the Investor Relations section on Curtiss-Wright's website at www.curtisswright.com/investor-relations. In addition, the dial-in number for domestic callers is (800) 343-5172, while international callers can dial (203) 518-9856. The conference ID code is CWQ425. For those unable to join the live webcast, a replay will be available within the Investor Relations section on the Company’s website beginning one hour after the call takes place.

The information contained in this Current Report, including Exhibits 99.1 and 99.2, are being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities and Exchange Act of 1934 or otherwise subject to the liabilities of that Section. The information in this report shall not be incorporated by reference into any filing of the registrant with the SEC, whether made before or after the date hereof, regardless of any general incorporation language in such filings.

Item 9.01 Financial Statements and Exhibits

(a) Not applicable.

(b) Not applicable.

(c) Not applicable.

(d) Exhibits.

99.1 Press Release dated February 11, 2026

99.2 Presentation shown during investor and securities analyst webcast on February 12, 2026




SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CURTISS-WRIGHT CORPORATION
By: /s/ K. Christopher Farkas
K. Christopher Farkas
Executive Vice President and
Chief Financial Officer
Date: February 12, 2026


Curtiss-Wright Corporation, Page 1

Exhibit 99.1
             
NEWS RELEASE

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

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

DAVIDSON, N.C. – February 11, 2026 – 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."



Curtiss-Wright Corporation, Page 2
"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."




Curtiss-Wright Corporation, Page 3
Fourth Quarter 2025 Operating Results

(In millions)Q4-2025Q4-2024Change
Reported
Sales$947 $824 15%
Operating income$182 $155 17%
Operating margin19.2%18.8%40 bps
Adjusted (1)
Sales$947 $824 15%
Operating income$187 $163 14%
Operating margin19.7%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.





Curtiss-Wright Corporation, Page 4
Fourth Quarter 2025 Segment Performance

Aerospace & Industrial

(In millions)Q4-2025Q4-2024Change
Reported
Sales$262 $251 5%
Operating income$52 $48 8%
Operating margin19.7%19.1%60 bps
Adjusted (1)
Sales$262 $251 5%
Operating income$53 $54 (2%)
Operating margin20.1%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.


Curtiss-Wright Corporation, Page 5
Defense Electronics

(In millions)Q4-2025Q4-2024Change
Reported
Sales$267 $227 17%
Operating income$69 $55 26%
Operating margin25.7%24.1%160 bps
Adjusted (1)
Sales$267 $227 17%
Operating income$69 $55 25%
Operating margin25.9%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.



Curtiss-Wright Corporation, Page 6
Naval & Power

(In millions)Q4-2025Q4-2024Change
Reported
Sales$417 $346 21%
Operating income$71 $65 9%
Operating margin17.1%18.8%(170 bps)
Adjusted (1)
Sales$417 $346 21%
Operating income$75 $66 13%
Operating margin17.9%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.


Curtiss-Wright Corporation, Page 7
Free Cash Flow

(In millions)Q4-2025Q4-2024Change
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.





Curtiss-Wright Corporation, Page 8
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, Page 9
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)
($'s in thousands, except per share data)
Three Months EndedYear Ended
December 31,December 31,
2025202420252024
Product sales$812,483 $698,626 $2,977,233 $2,639,953 
Service sales134,498 125,687 521,139 481,236 
Total net sales946,981 824,313 3,498,372 3,121,189 
Cost of product sales518,641 437,801 1,910,661 1,690,574 
Cost of service sales72,897 69,082 286,177 277,066 
Total cost of sales591,538 506,883 2,196,838 1,967,640 
Gross profit355,443 317,430 1,301,534 1,153,549 
Research and development expenses25,427 25,781 95,161 91,647 
Selling expenses46,492 36,158 168,740 145,360 
General and administrative expenses100,059 92,405 399,608 373,497 
Restructuring expenses1,707 8,250 4,504 14,448 
Operating income181,758 154,836 633,521 528,597 
Interest expense11,997 11,675 43,148 44,869 
Other income, net7,239 10,034 29,637 38,328 
Earnings before income taxes177,000 153,195 620,010 522,056 
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:  
Basic36,927 37,874 37,417 38,153 
Diluted37,172 38,137 37,631 38,373 



Curtiss-Wright Corporation, Page 10
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
($'s in thousands, except par value)
December 31,December 31,
20252024
Assets
Current assets:
Cash and cash equivalents$371,345 $385,042 
Receivables, net932,344 835,037 
Inventories, net615,097 541,442 
Other current assets99,688 88,073 
Total current assets2,018,474 1,849,594 
Property, plant, and equipment, net382,200 339,118 
Goodwill1,692,490 1,675,718 
Other intangible assets, net532,381 596,831 
Operating lease right-of-use assets, net198,603 169,350 
Prepaid pension asset333,547 299,130 
Other assets63,597 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 payable310,303 247,185 
Accrued expenses242,942 219,054 
Deferred revenue561,452 459,421 
Other current liabilities90,870 80,288 
Total current liabilities1,405,567 1,095,948 
Long-term debt757,884 958,949 
Deferred tax liabilities, net154,002 140,659 
Accrued pension and other postretirement benefit costs71,417 67,413 
Long-term operating lease liability178,466 148,175 
Other liabilities120,382 124,761 
Total liabilities$2,687,718 $2,535,905 
Stockholders' equity
Common stock, $1 par value$49,187 $49,187 
Additional paid in capital165,014 147,940 
Retained earnings4,310,680 3,861,073 
Accumulated other comprehensive loss(173,812)(243,225)
Less: cost of treasury stock(1,817,495)(1,365,176)
Total stockholders' equity2,533,574 2,449,799 
Total liabilities and stockholders' equity$5,221,292 $4,985,704 



Curtiss-Wright Corporation, Page 11

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, Page 12

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED)
($'s in thousands)
Three Months EndedThree Months Ended
December 31, 2025December 31, 2024% Change
As ReportedAdjustmentsAdjustedAs ReportedAdjustmentsAdjustedAs ReportedAdjusted
Sales:
Aerospace & Industrial $262,391 $— $262,391 $250,917 $— $250,917 %%
Defense Electronics
267,276 — 267,276 227,475 — 227,475 17 %17 %
Naval & Power417,314 — 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 %(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 %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 ReportedAdjustedAs ReportedAdjustedAs ReportedAdjusted
Aerospace & Industrial19.7%20.1%19.1%21.3%60 bps(120 bps)
Defense Electronics25.7%25.9%24.1%24.3%160 bps160 bps
Naval & Power17.1%17.9%18.8%19.1%(170 bps)(120 bps)
Total Curtiss-Wright19.2%19.7%18.8%19.8%40 bps(10 bps)
Segment margins20.3%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, Page 13

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED)
($'s in thousands)
Year EndedYear Ended
December 31, 2025December 31, 2024% Change
As ReportedAdjustmentsAdjustedAs ReportedAdjustmentsAdjustedAs ReportedAdjusted
Sales:
Aerospace & Industrial $976,760 $— $976,760 $932,133 $— $932,133 %%
Defense Electronics1,018,610 — 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 %%
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)(41,941)(43,828)3,038 (40,790)%(3)%
Total operating income$633,521 $17,473 $650,994 $528,597 $17,269 $545,866 20 %19 %
Operating margins:As ReportedAdjustedAs ReportedAdjustedAs ReportedAdjusted
Aerospace & Industrial17.0%17.4%15.9%17.0%110 bps40 bps
Defense Electronics27.3%27.3%24.7%24.9%260 bps240 bps
Naval & Power15.4%16.3%15.6%15.8%(20 bps)50 bps
Total Curtiss-Wright18.1%18.6%16.9%17.5%120 bps110 bps
Segment margins19.3%19.8%18.3%18.8%100 bps100 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, Page 14
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
RECONCILIATION OF AS REPORTED SALES TO ADJUSTED SALES BY END MARKET (UNAUDITED)
($'s in thousands)
Three Months EndedThree Months Ended
December 31, 2025December 31, 2024% Change
As ReportedAdjustmentsAdjusted SalesAs ReportedAdjustmentsAdjusted SalesChange in As Reported SalesChange 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 Defense234,576 — 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 Industrial106,224 — 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 EndedYear Ended
December 31, 2025December 31, 2024% Change
As ReportedAdjustmentsAdjusted SalesAs ReportedAdjustmentsAdjusted SalesChange in As Reported SalesChange 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 Defense941,654 — 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 Industrial412,140 — 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, Page 15



CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
RECONCILIATION OF AS REPORTED TO ADJUSTED DILUTED EARNINGS PER SHARE (UNAUDITED)
Three Months EndedYear Ended
December 31,December 31,
2025202420252024
Diluted earnings per share - As Reported$3.69 $3.09 $12.87 $10.55 
First year purchase accounting adjustments0.06 0.01 0.27 0.04 
Restructuring expenses0.04 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.




Curtiss-Wright Corporation, Page 16
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 & IndustrialDefense ElectronicsNaval & PowerTotal Curtiss-Wright
SalesOperating incomeSalesOperating incomeSalesOperating incomeSalesOperating income
As Reported5%8%17%26%21%9%15%17%
Less: Acquisitions0%0%0%0%(8%)(7%)(3%)(3%)
Restructuring0%(10%)0%0%0%0%0%(4%)
Foreign currency(1%)0%0%0%0%0%(1%)0%
Organic4%(2%)17%26%13%2%11%10%
Year Ended
December 31,
2025 vs. 2024
Aerospace & IndustrialDefense ElectronicsNaval & PowerTotal Curtiss-Wright
SalesOperating incomeSalesOperating incomeSalesOperating incomeSalesOperating income
As Reported5%12%12%24%18%16%12%20%
Less: Acquisitions0%0%0%0%(6%)0%(3%)0%
Restructuring0%(5%)0%(1%)0%0%0%(2%)
Foreign currency(1%)(2%)(1%)(1%)(1%)0%0%(1%)
Organic4%5%11%22%11%16%9%17%





Curtiss-Wright Corporation, Page 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 EndedYear Ended
December 31,December 31,
2025202420252024
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 conversion224%223%111%116%





Curtiss-Wright Corporation, Page 18
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)
LowHighLowHigh2026 Chg
vs 2025
Adjusted
Sales:
Aerospace & Industrial$977 $— $977 $1,030 $1,045 $— $1,030 $1,045 5 - 7%
Defense Electronics1,019 — 1,019 1,055 1,075 $— 1,055 1,075 4 - 6%
Naval & Power1,503 — 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 $$170 $186 $190 $$189 $193 11 - 14%
Defense Electronics278 — 278 288 296 — 288 296 4 - 6%
Naval & Power231 13 245 269 275 270 276 10 - 13%
Total segments675 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, net30 — 30 33 34 $— 33 34 
Earnings before income taxes620 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 outstanding37.6 37.6 37.1 37.1 37.1 37.1 
Effective tax rate21.9 %21.9 %21.5 %21.5 %21.5 %21.5 %
Operating margins:
Aerospace & Industrial17.0 %17.4 %18.1 %18.2 %18.3 %18.5 %90 - 110 bps
Defense Electronics27.3 %27.3 %27.3 %27.5 %27.3 %27.5 %0 - 20 bps
Naval & Power15.4 %16.3 %16.6 %16.7 %16.6 %16.8 %30 - 50 bps
Total operating margin18.1 %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, Page 19

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 Defense9 - 11%20%
Ground Defense(4 - 6%)10%
Naval Defense5 - 7%27%
Commercial Aerospace10 - 12%13%
Total Aerospace & Defense5 - 7%70%
Commercial Markets
Power & Process12 - 14%19%
General IndustrialFlat11%
Total Commercial7 - 9%30%
Total Curtiss-Wright Sales6 - 8%100%


Curtiss-Wright Corporation, Page 20
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.

Contact:    Jim Ryan    
(704) 869-4621    
Jim.Ryan@curtisswright.com


1 | January 8, 2026 | Proprietary | © 2025 Curtiss-Wright Q4 2025 - EARNINGS CONFERENCE CALL February 12, 2026 Conference Call Dial-in numbers: (800) 343-5172 (domestic) (203) 518-9856 (international) Conference code: CWQ425


 
2 | February 12, 2026 | Proprietary | © 2026 Curtiss-Wright Please note that the information provided in this presentation is accurate as of the date of the original presentation. The presentation will remain posted on this website from one to twelve months following the initial presentation, but content will not be updated to reflect new information that may become available after the original presentation posting. The presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended ("Securities Act"), Section 21E of the Securities Exchange Act of 1934, as amended ("Exchange Act"), and the Private Securities Litigation Reform Act of 1995. Such forward-looking statements only speak as of the date of this report and Curtiss-Wright Corporation assumes no obligation to update the information included in this report. Such forward-looking statements include, among other things, management's estimates of future performance, revenue and earnings, our management's growth objectives, our management’s ability to integrate our acquisition, and our management's ability to produce consistent operating improvements. These forward-looking statements are based on expectations as of the time the statements were made only, and are subject to a number of risks and uncertainties which could cause us to fail to achieve our then-current financial projections and other expectations, including the impact of a global pandemic or national epidemic. This presentation also includes certain non-GAAP financial measures with reconciliations to GAAP financial measures being made available in the earnings release and this presentation that are posted to our website and furnished with the SEC. We undertake no duty to update this information. More information about potential factors that could affect our business and financial results is included in our filings with the Securities and Exchange Commission, including our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q, including, among other sections, under the captions, "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations," which is on file with the SEC and available at the SEC's website at www.sec.gov. SAFE HARBOR STATEMENT


 
3 | February 12, 2026 | Proprietary | © 2026 Curtiss-Wright Fourth Quarter 2025 Highlights STRONG Q4 & RECORD 2025 PERFORMANCE PROVIDE MOMENTUM INTO 2026 ▪ Sales of $947M, up 15% overall (11% organic) ▪ A&D markets up 16%, exceeding expectations ▪ Commercial markets increased 13% ▪ Operating Income of $187M, up 14% ▪ Strong Operating Margin of 19.7% ▪ Diluted EPS of $3.79, up 16% ▪ Strong FCF of $315M, up 13% ▪ New Orders of $1.1B, up 18%; ~1.2x Book-to-Bill Full Year 2025 Highlights Initial FY2026 Financial Guidance ▪ Sales of $3.5B, up 12% (9% organic) ▪ A&D markets up 13%; Commercial markets up 10% ▪ Operating Income of $651M, up 19% ▪ Operating Margin of 18.6%, up 110 bps YOY ▪ Diluted EPS of $13.23, up 21% ▪ FCF of $554M, up 15%; 111% conversion ▪ New Orders of $4.1B, up 10%; Backlog up 18% ▪ Completed record share repurchases of $465M ▪ Sales up 6% - 8%; Operating Margin ~19% ▪ Diluted EPS growth of 11% - 15% ▪ Strong FCF $575 - 595M; ~105% conversion Note: 2025 financial results and 2026 guidance, and comparisons to prior-year periods, presented on an Adjusted (Non-GAAP) basis


 
4 | February 12, 2026 | Proprietary | © 2026 Curtiss-Wright ($ in Millions) Q4’25 Adjusted Q4’24 Adjusted Change Key Performance Drivers Aerospace & Industrial $262 $251 5% ▪ Strong OEM sales growth in Commercial Aerospace (narrowbody and widebody platforms) ▪ Higher EM actuation sales in Ground Defense ▪ Flat General Industrial sales Defense Electronics $267 $227 17% ▪ Timing and acceleration of embedded computing revenues in Ground Defense ▪ Flat Aerospace Defense revenues (growth in dFMS offset by timing on various domestic programs) ▪ Higher OEM sales growth in Commercial Aerospace (avionics and flight data recorders) Naval & Power $417 $346 21% ▪ Stronger than anticipated Naval Defense growth on strength of order book and timing of submarine revenues ▪ Higher Aerospace Defense revenues (international arresting systems equipment) ▪ Power & Process driven by solid organic growth in Commercial Nuclear (SMRs) and Process (valves), plus contribution from the I&C Solutions acquisition Total Sales $947 $824 15% Strong growth driven by A&D and Power & Process markets Aerospace & Industrial Margin $53 20.1% $54 21.3% (2)% (120 bps) ▪ Favorable absorption on higher A&D revenues ▪ Profitability offset by unfavorable mix, including higher investment in customer-funded development programs Defense Electronics Margin $69 25.9% $55 24.3% 25% 160 bps ▪ Favorable absorption on higher A&D revenues and benefits of operational excellence initiatives ▪ Profitability partially offset by higher investment in IR&D Naval & Power Margin $75 17.9% $66 19.1% 13% (120 bps) ▪ Favorable absorption on higher A&D and Power & Process revenues ▪ Profitability offset by unfavorable mix and higher investment in R&D Corporate and Other ($10) ($12) 13% ▪ Lower Corporate spending Total Op. Income CW Margin $187 19.7% $163 19.8% 14% (10 bps) Strong profitability while maintaining consistent investments to support future organic growth FOURTH QUARTER 2025 FINANCIAL REVIEW Note: Amounts may not add due to rounding. dFMS = direct Foreign Military Sales


 
5 | February 12, 2026 | Proprietary | © 2026 Curtiss-Wright 2026 END MARKET SALES GROWTH GUIDANCE (As of February 11, 2026) Notes: Amounts may not add due to rounding. IFPC = U.S. Army’s Indirect Fire Protection Capability missile system; TDSS = turret drive stabilization systems ($ in Millions) 2025 Sales 2026E Growth vs 2025 2026E % Sales Key Drivers of 2026 Performance Aerospace Defense $673 9 - 11% 20% ▪ Alignment to FY26 DoW priorities including aircraft modernization, Golden Dome, etc. ▪ Strong defense electronics growth on dFMS programs (embedded computing and flight data recorders) ▪ Higher sales of international arresting systems equipment Ground Defense $407 (4 - 6%) 10% ▪ Timing of tactical comms (government shutdown, continuing resolution) and ground vehicle revenues ▪ Solid growth in embedded computing, ground-based mobile launcher systems (IFPC), and TDSS Naval Defense $942 5 - 7% 27% ▪ Higher revenue growth on aircraft carrier (CVN-81 production and CVN-75 overhaul) and submarine (Virginia-class production) programs; Higher aircraft handling systems revenues (international programs) Commercial Aerospace $430 10 - 12% 13% ▪ Strong growth in OEM sales driven by ramp-up in production (narrowbody and widebody) ▪ Higher sales of avionics and instrumentation equipment Total Aerospace & Defense $2,451 5 - 7% 70% U.S. and International demand driving overall strong A&D market growth Power & Process $635 12 - 14% 19% ▪ Commercial Nuclear growth driven by strong global aftermarket demand and SMRs transitioning to initial prototype phases; AP1000 order excluded from targets ▪ Solid growth in Process driven by valves and instrumentation solutions, plus higher subsea pump development revenues General Industrial $412 Flat 11% ▪ Solid growth in industrial vehicles backlog provide cautious optimism Total Commercial $1,047 7 - 9% 30% Strong growth led by Commercial Nuclear and Process markets Total Curtiss-Wright $3,498 6 - 8% 100% On track to achieve overall 2024 Investor Day Revenue Target (>5% Organic Revenue CAGR)


 
6 | February 12, 2026 | Proprietary | © 2026 Curtiss-Wright 2026 FINANCIAL GUIDANCE (As of February 11, 2026) ($ in Millions) 2025 Adjusted 2026E Adjusted Change vs 2025 Adjusted Key Drivers of 2026 Performance Aerospace & Industrial $977 $1,030 - $1,045 5 - 7% ▪ Strong growth in Commercial Aerospace and higher EM actuation sales in Defense markets ▪ General Industrial sales essentially flat Defense Electronics $1,019 $1,055 - $1,075 4 - 6% ▪ Strong growth in Aerospace Defense (U.S. DoD and dFMS) driven by increased embedded computing revenues, partially offset by timing in Ground Defense (tactical communications) ▪ Commercial Aerospace growth driven by increased sales of avionics equipment Naval & Power $1,503 $1,625 - $1,645 8 - 9% ▪ Power & Process driven by mid-teens growth in Commercial Nuclear (aftermarket, SMRs) and low double-digit growth in Process ▪ Strong Naval Defense growth driven by the acceleration of aircraft carrier and submarine programs; Higher dFMS (aircraft handling systems) Total Sales $3,498 $3,710 - $3,765 6 - 8% Benefiting from strong backlog and alignment to growth vectors in our markets Aerospace & Industrial Margin $170 17.4% $189 - $193 18.3% - 18.5% 11 - 14% 90 - 110 bps ▪ Favorable absorption on higher revenues; benefits of operational excellence initiatives and restructuring savings ▪ Profitability partially offset by higher investments in R&D Defense Electronics Margin $278 27.3% $288 - $296 27.3% - 27.5% 4 - 6% 0 - 20 bps ▪ Favorable absorption on solid growth in A&D revenues and benefit of restructuring savings ▪ Profitability mainly offset by higher investments in IR&D Naval & Power Margin $245 16.3% $270 - $276 16.6% - 16.8% 10 - 13% 30 - 50 bps ▪ Favorable absorption on higher A&D and Power & Process revenues ▪ Profitability partially offset by continued investment in development programs Corporate and Other ($42) ($44) ~5% Total Op. Income CW Margin $651 18.6% $703 - $722 18.9% - 19.2% 8 - 11% 30 - 60 bps Continued focus on operational excellence while investing to support our future growth Notes: Amounts may not add due to rounding.


 
7 | February 12, 2026 | Proprietary | © 2026 Curtiss-Wright 2026 FINANCIAL GUIDANCE (As of February 11, 2026) ($ in Millions, except EPS) 2025 Adjusted 2026E Adjusted Change vs 2025 Adjusted Key Drivers of 2026 Performance Total Sales $3,498 $3,710 - $3,765 6 - 8% Strategically focused on generating profitable growth Total Operating Income $651 $703 - $722 8 - 11% Other Income $30 $33 - $34 ▪ Higher YOY interest income Interest Expense ($43) $(42) - $(41) ▪ $200M 4.24% Sr. Notes due Dec 2026 Tax Rate 21.9% 21.5% ▪ Continued tax optimization Diluted EPS $13.23 $14.70 - $15.15 11 - 15% Targeting EPS growth well in excess of Investor Day target Diluted Shares Outstanding 37.6 37.1 ▪ Benefit of record share repurchases in 2025 ▪ Min. $60M share repurchase in 2026 to offset dilution Free Cash Flow $554 $575 - $595 4 - 7% Continued strong Free Cash Flow generation, incl. Higher Growth CapEx FCF Conversion 111% >105% ▪ FCF conversion in-line with Investor Day target Capital Expenditures $90 $110 - $120 ▪ Accelerated growth investments in 2026; ~30% increase YOY Depreciation & Amortization $114 $115 - $120


 
8 | February 12, 2026 | Proprietary | © 2026 Curtiss-Wright ON TRACK TO EXCEED 2024 - 2026 FINANCIAL TARGETS ▪ Industry tailwinds and targeted growth investments continue to boost organic sales growth ▪ U.S. Defense budgets targeting record level of spending with focus on shipbuilding and aircraft modernization; Benefit of FY26 Appropriations bill and reconciliation funding ▪ NATO and allies raising commitment to invest 5% of GDP per year on Defense ▪ Commercial Nuclear: Pro-nuclear sentiment and desire for reliable clean energy and energy independence rising globally – U.S. administration focused on nuclear energy dominance; Executive Orders increasing momentum for plant restarts, life extensions and likelihood of new U.S. builds (10 new Westinghouse AP1000 reactors) – Small Modular Reactors (SMRs): Leading plant designs will begin to transition to prototype phase – Rapidly expanding need for clean electricity to support increasing number of data centers ▪ Driving margin expansion through operational and commercial excellence initiatives ▪ Record Free Cash Flow supported by efficient working capital management and tax efficiency ▪ Maintaining disciplined and strategic capital allocation strategy 3-YEAR TARGETS1 (2024 – 2026) >5% Organic Revenue CAGR Operating Income Growth > Revenue Growth Top Quartile Margin Performance >10% EPS CAGR >105% FCF Conversion ✓ ~8.5% Org. (9.5% Total) ✓ 13% Op. Income CAGR ✓ ~19% Op. Margin +170 bps since 2023 ✓ ~17% EPS CAGR ✓ 110% Avg. FCF Conversion PROGRESS2 (2024 – 2026E) 1 Targets established at Company’s May 2024 Investor Day 2 Reflects performance period inclusive of midpoint of FY26 financial guidance


 
9 | February 12, 2026 | Proprietary | © 2026 Curtiss-Wright Appendix


 
10 | February 12, 2026 | Proprietary | © 2026 Curtiss-Wright 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 the Company’s earnings press release. The following definitions are provided: Adjusted Operating Income, Operating Margin, Net Earnings and Diluted Earnings per Share (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 and 2026 Restructuring Programs, as applicable. 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 and 2026 Restructuring Programs, and foreign currency fluctuations. Free Cash Flow (FCF) 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. NON-GAAP FINANCIAL INFORMATION


 
11 | February 12, 2026 | Proprietary | © 2026 Curtiss-Wright FOURTH QUARTER 2025: END MARKET SALES GROWTH ($ in millions) Q4’25 Q4’24 Change Key Drivers Aerospace Defense $192 $171 12% ▪ Higher sales of arresting systems equipment supporting various international customers Ground Defense $115 $85 36% ▪ Timing and acceleration of embedded computing revenues ▪ Higher sales of tactical communications equipment ▪ Higher sales of EM actuation equipment Naval Defense $235 $217 8% ▪ Timing of production on Columbia-class and Virginia-class submarine programs ▪ Higher sales of aftermarket fleet services Commercial Aerospace $120 $98 22% ▪ Higher OEM sales driven by ramp-up in production on narrowbody and widebody platforms ▪ Increased demand and higher sales of flight data recorder and avionics technology to OEM customers Total A&D Markets $662 $571 16% Power & Process $179 $147 22% ▪ Higher organic sales of commercial nuclear solutions supporting the development of next-generation advanced reactors and higher industrial valve sales in the process market ▪ Contribution from acquisition benefiting commercial nuclear and process markets General Industrial $106 $106 —% ▪ Higher sales of industrial vehicle products serving off-highway vehicle platforms, offset by: ▪ Lower sales to global on-highway industrial vehicle manufacturers Total Commercial Markets $285 $253 13% Total Curtiss-Wright $947 $824 15% Note: Amounts may not add due to rounding.


 
12 | February 12, 2026 | Proprietary | © 2026 Curtiss-Wright FULL YEAR 2025: END MARKET SALES GROWTH ($ in millions) FY’25 FY’24 Change Key Drivers Aerospace Defense $673 $617 9% ▪ Strong defense electronics growth on various C5/ISR programs (U.S. DoD and dFMS) ▪ Higher sales of arresting systems equipment Ground Defense $407 $353 15% ▪ Timing and acceleration of embedded computing revenues on various programs ▪ Solid growth on ground-based mobile launcher systems ▪ Higher sales of ground vehicle modernization equipment Naval Defense $942 $822 15% ▪ Strength of order book and timing of production on Columbia-class and Virginia-class submarine programs ▪ Higher defense electronics revenue growth on various programs; Higher aircraft handling systems (dFMS) Commercial Aerospace $430 $378 14% ▪ Strong demand and higher OEM sales due to ramp-up in production on narrowbody and widebody platforms ▪ Defense electronics growth tied to avionics and flight data recorders Total A&D Markets $2,451 $2,170 13% Power & Process $635 $541 17% ▪ Strong organic growth in Commercial Nuclear driven by SMRs, government nuclear and aftermarket demand ▪ Contribution from acquisition benefiting commercial nuclear and process markets General Industrial $412 $411 —% ▪ Modest growth in industrial automation and surface treatment services, offset by industrial vehicles Total Commercial Markets $1,047 $951 10% Total Curtiss-Wright $3,498 $3,121 12% Note: Amounts may not add due to rounding.


 
13 | February 12, 2026 | Proprietary | © 2026 Curtiss-Wright 70% $2.45B 30% $1.05B Industrial Vehicles Process Industrial Automation and Services ~35% Total 2025 CW End Markets $3.498B General IndustrialNaval Commercial Aerospace Power & Process Aerospace & Defense Markets Commercial Markets 27% 19% 12% ~90% ~10% Embedded computing, sensors, actuation, arresting systems 60% Narrowbody / 40% Widebody Linked to Boeing/Airbus production Aerospace OEM Pumps / Valves / Steam Turbines (Nuclear naval propulsion) Ground 12% 18% 12% Tactical communications, Turret drive stabilization systems, EM Actuation Principally Repair and Overhaul AM ~35% ~65% Severe-service valves and subsea pump applications ~65% Electromechanical actuation and Surface Treatment Services Aftermarket (Operating Reactors) & New Build (AP1000, SMRs) On/Off-Highway Commercial and Specialty Vehicles Commercial Nuclear 2025 END MARKET SALES WATERFALL Note: Amounts shown for % of Total Sales may not add due to rounding. § Power & Process market sales concentrated in Naval & Power segment § General Industrial sales concentrated in Aerospace & Industrial segment FY’25 Overall UP 12% (9% Org.) A&D Markets UP 13% Comm’l Markets UP 10% Commercial Nuclear 90% Domestic & Int’l Aftermarket + Govt. Nuclear 10% New Build Gen III / Gen IV (Advanced SMRs)


 
14 | February 12, 2026 | Proprietary | © 2026 Curtiss-Wright 70% $2.60B 30% $1.13B Industrial Vehicles Tactical communications, Turret drive stabilization systems, EM Actuation Principally Repair and Overhaul AM ~35% ~65% Severe-service valves and subsea pump applications ~65% Electromechanical actuation and Surface Treatment Services Aftermarket (Operating Reactors) & New Build (AP1000, SMRs) On/Off-Highway Commercial and Specialty Vehicles Naval Commercial Aerospace Power & Process 27% 20% 10% ~88% ~12% Embedded computing, sensors, actuation, arresting systems 60% Narrowbody / 40% Widebody Linked to Boeing/Airbus production Aerospace OEM Pumps / Valves / Steam Turbines (Nuclear naval propulsion) Process Industrial Automation and Services ~35% Total 2026 CW End Markets $3.710 - 3.765B General Industrial Aerospace & Defense Markets Commercial Markets Ground 13% 19% 11% Commercial Nuclear 2026E END MARKET SALES WATERFALL (as of February 11, 2026) FY’26 Guidance: Overall UP 6 - 8% A&D Markets UP 5 - 7% Comm’l Markets UP 7 - 9% Note: Amounts shown for % of Total Sales may not add due to rounding. § Power & Process market sales concentrated in Naval & Power segment § General Industrial sales concentrated in Aerospace & Industrial segment Commercial Nuclear 88% Domestic & Int’l Aftermarket + Govt. Nuclear 12% New Build Gen III / Gen IV (Advanced SMRs)


 

FAQ

How did Curtiss-Wright (CW) perform financially in full-year 2025?

Curtiss-Wright delivered record 2025 results with sales of $3.5 billion, up 12%. Adjusted operating income reached $651 million, up 19%, and adjusted diluted EPS was $13.23, up 21%. Free cash flow totaled $554 million with 111% conversion, highlighting strong cash generation.

What were Curtiss-Wright’s (CW) key fourth-quarter 2025 results?

In Q4 2025, Curtiss-Wright reported $947 million in sales, a 15% increase. Adjusted operating income was $187 million, up 14%, with an adjusted operating margin of 19.7%. Adjusted diluted EPS came in at $3.79, up 16%, supported by strong Aerospace & Defense and Commercial markets.

What guidance did Curtiss-Wright (CW) provide for 2026?

For 2026, Curtiss-Wright expects total sales of $3.71–$3.765 billion, representing 6%–8% growth. Adjusted operating income is guided to $703–$722 million with margins of 18.9%–19.2%. Adjusted diluted EPS is forecast at $14.70–$15.15, implying 11%–15% growth, and free cash flow of $575–$595 million.

How strong are Curtiss-Wright’s (CW) orders and backlog entering 2026?

Curtiss-Wright reported $4.1 billion in new orders for 2025, up 10%, producing a book-to-bill of about 1.2x. Year-end backlog also reached $4.1 billion, up 18% from December 31, 2024. This elevated backlog supports the company’s 2026 growth outlook across core end markets.

What were Curtiss-Wright’s (CW) 2025 segment and end-market growth trends?

In 2025, total Aerospace & Defense sales rose 13% to $2.45 billion, while Commercial markets grew 10% to $1.05 billion. Naval Defense and Ground Defense each grew 15%, Commercial Aerospace increased 14%, and Power & Process advanced 17%, reflecting broad demand strength.

How much capital did Curtiss-Wright (CW) return to shareholders in 2025?

Curtiss-Wright repurchased approximately 934,000 shares of common stock for $465 million during 2025 and paid quarterly dividends of $0.24 per share in Q4. The company also plans at least $60 million of share repurchases in 2026 to offset dilution.

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