Moog Inc. (MOG) Q3 profit jumps on sales and margin growth

Rhea-AI Filing Summary

Moog Inc. reported strong results for the quarter ended June 27, 2026. Net sales were $1,117 million, up 15% from a year earlier, and net earnings rose to $152 million, a 160% increase. Diluted earnings per share were $4.74 versus $1.83. Gross margin improved to 31.1%, helped by business performance and $30 million of recoveries of previously incurred IEEPA tariffs recorded as a reduction of cost of sales.

All four segments grew, with higher demand in space vehicles, missile controls, military aftermarket, commercial OEM and aftermarket programs, and industrial products including data center cooling pumps. Twelve‑month backlog increased to $3,250 million, up 23% year over year, reflecting broad-based order strength.

For the first nine months of 2026, net sales were $3,269 million and net earnings were $313 million, with diluted EPS of $9.76. Operating cash flow improved sharply to $245 million, driven by higher earnings and increased customer advances. The effective tax rate was (10.6)% in the quarter, primarily due to discrete U.S. research and development tax credits and legal-entity simplification benefits. Moog refinanced its debt by issuing $500 million of 5.50% senior notes due 2034 and redeeming its 4.25% senior notes due 2027, and extended its $1.1 billion revolving credit facility and $250 million term loan to 2031.

Positive

• Net earnings surged to $152 million in Q3 2026 (up 160%), with diluted EPS of $4.74, driven by higher sales, improved gross margin and discrete tax benefits.
• Operating cash flow improved to $245 million for the first nine months of 2026, compared with $32 million a year earlier, strengthening Moog’s internal funding capacity.
• Twelve‑month backlog increased to $3,250 million, a 23% year‑over‑year rise, supported by higher orders across Commercial Aircraft, Military Aircraft, Space and Defense, and Industrial.

Negative

• None.

Key Figures

Net sales Q3 2026: $1,117 million Net earnings Q3 2026: $152 million Diluted EPS Q3 2026: $4.74 +5 more

8 metrics

Net sales Q3 2026 $1,117 million Three months ended June 27, 2026; 15% higher than Q3 2025

Net earnings Q3 2026 $152 million Three months ended June 27, 2026; up from $58 million in Q3 2025

Diluted EPS Q3 2026 $4.74 Three months ended June 27, 2026; previously $1.83

Operating cash flow 9M 2026 $245 million Net cash provided by operating activities for nine months ended June 27, 2026

Twelve-month backlog $3,250 million Backlog as of June 27, 2026; $600 million higher year over year

IEEPA tariff recovery $30 million Recovery of previously incurred tariffs recognized in cost of sales in Q3 and 9M 2026

Effective tax rate Q3 2026 (10.6)% Quarter ended June 27, 2026; impacted by R&D tax credits and simplification benefits

Long-term debt (gross) $919,000 Senior debt gross carrying value at June 27, 2026 in thousands

Key Terms

IEEPA tariffs, Receivables Purchase Agreement, cost-to-cost method, Accumulated Other Comprehensive Income (Loss), +2 more

6 terms

IEEPA tariffs regulatory

"we recognized $30 million for the recovery of previously incurred IEEPA tariffs"

Measures labeled as IEEPA tariffs are trade restrictions or charges imposed under the U.S. International Emergency Economic Powers Act, a law that lets the government respond to national emergencies with economic tools. For investors, these actions are like suddenly adding a toll to certain imports, exports or transactions: they can raise costs, disrupt supply chains, limit market access, and change a company’s revenue or risk profile overnight.

Receivables Purchase Agreement financial

"entered into the Fifth Amendment to the Amended and Restated Receivables Purchase Agreement"

A receivables purchase agreement is a contract where a company sells its outstanding invoices or amounts owed by customers to a buyer in exchange for immediate cash, usually at a discount. Investors care because it improves a company’s short‑term cash flow and can change reported assets, liabilities and risk exposure—like selling IOUs to get money now instead of waiting, which affects liquidity and the firm’s financial picture.

cost-to-cost method financial

"Revenue is recognized over time on contracts using the cost-to-cost method of accounting"

Accumulated Other Comprehensive Income (Loss) financial

"gains or losses are deferred in Shareholders’ Equity as a component of Accumulated Other Comprehensive Income (Loss)"

A balance-sheet line that tracks certain gains and losses that haven’t flowed through the company’s profit-and-loss statement, such as unrealized changes in the value of investments, foreign-currency adjustments, and some pension-related items. Think of it like a storage closet for value swings the company hasn’t ‘realized’ by selling or settling them yet; it changes shareholders’ equity and helps investors see hidden volatility or potential future impacts on book value.

over-time revenue recognition financial

"Revenue is recognized using either the over time or point in time method"

senior notes financial

"we completed the sale of $500,000 aggregate principal amount of 5.50% senior notes"

Senior notes are a type of loan that a company borrows from investors, promising to pay it back with interest. They are called "senior" because in case the company faces financial trouble, these lenders are paid back before others. This makes senior notes safer for investors compared to other types of loans or bonds.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

How did Moog Inc. (MOG) perform financially in Q3 2026?

Moog Inc. reported Q3 2026 net sales of $1,117 million and net earnings of $152 million. Diluted EPS was $4.74, and gross margin improved to 31.1%, reflecting stronger business performance and IEEPA tariff recoveries.

What were Moog Inc. (MOG)’s results for the first nine months of 2026?

For the first nine months of 2026, Moog generated net sales of $3,269 million and net earnings of $313 million. Diluted EPS was $9.76, supported by higher sales across all segments and improved margins compared with the prior-year period.

How did IEEPA tariff refunds affect Moog Inc. (MOG)’s Q3 2026 results?

Moog recognized $30 million of recovery of previously incurred IEEPA tariffs in Q3 2026. This included $10 million of cash refunds and $20 million recorded in prepaid expenses, reducing cost of sales and supporting higher gross margin and earnings.

Why was Moog Inc. (MOG)’s Q3 2026 effective tax rate negative?

The Q3 2026 effective tax rate was (10.6)%, mainly due to discrete U.S. research and development tax credits and benefits from legal entity simplification. Moog recorded an income tax benefit of about $40.6 million, partially offset by $5.7 million of unrecognized tax benefits.

What is Moog Inc. (MOG)’s current backlog and what drove the increase?

Moog reported a twelve‑month backlog of $3,250 million, up $600 million from the prior year. Growth was driven by higher orders for commercial OEM aircraft programs, military aircraft platforms, broad Space and Defense demand, and increased data center cooling pump orders in Industrial.

How strong is Moog Inc. (MOG)’s liquidity and debt position after Q3 2026?

At June 27, 2026, Moog had $68 million in cash and access to $952 million of unused capacity, including $932 million on its revolving credit facility. Long‑term debt (excluding current installments) was $906 million, including $500 million of 5.50% senior notes due 2034.

How did each segment contribute to Moog Inc. (MOG)’s Q3 2026 performance?

All four segments grew in Q3 2026: Space and Defense sales were $336 million, Military Aircraft $245 million, Commercial Aircraft $254 million, and Industrial $282 million. Segment operating margins improved, aided by IEEPA tariff recoveries and strong demand.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 27, 2026

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________  to _________

Commission file number 1-05129

MOOG Inc.

(Exact name of registrant as specified in its charter)

New York

16-0757636

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

400 Jamison Road

East Aurora,

New York

14052-0018

(Address of Principal Executive Offices)

(Zip Code)

(716) 652-2000

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Class A common stock			MOG.A			New York Stock Exchange
Class B common stock			MOG.B			New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒   No  ☐ 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes  ☒   No  ☐ 

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Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer			☒			Accelerated filer			☐
Non-accelerated filer			☐			Smaller reporting company			☐
						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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes  ☐     No  ☒

The number of shares outstanding of each class of common stock as of July 24, 2026 was:

Class A common stock, 28,443,048 shares

Class B common stock, 3,228,121 shares

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QUARTERLY REPORT ON FORM 10-Q

TABLE OF CONTENTS

PART I

FINANCIAL INFORMATION

PAGE

Item 1

Financial Statements (Unaudited):

Consolidated Statements of Earnings

4

Consolidated Statements of Comprehensive Income

5

Consolidated Balance Sheets

6

Consolidated Statements of Shareholders' Equity

7

Consolidated Statements of Cash Flows

9

Notes to Consolidated Financial Statements

10

Item 2

Management’s Discussion and Analysis of Financial Condition and Results of Operations

30

Item 3

Quantitative and Qualitative Disclosures about Market Risk

40

Item 4

Controls and Procedures

40

PART II

OTHER INFORMATION

Item 1A

Risk Factors

42

Item 2

Unregistered Sales of Equity Securities and Use of Proceeds

43

Item 5

Other Information

44

Item 6

Exhibits

45

SIGNATURES

46

Table of Contents

PART I FINANCIAL INFORMATION

Item 1. Financial Statements

Consolidated Statements of Earnings

(Unaudited)

						Three Months Ended												Nine Months Ended
(dollars in thousands, except share and per share data)						June 27, 2026						June 28, 2025						June 27, 2026						June 28, 2025
Net sales						$	1,116,545					$	969,582					$	3,268,838					$	2,811,486
Cost of sales						769,299						696,913						2,339,797						2,034,972
Inventory write-down						—						5,839						—						7,988
Gross profit						347,246						266,830						929,041						768,526
Research and development						33,040						21,906						84,336						69,992
Selling, general and administrative						150,989						139,748						436,272						401,817
Interest						15,778						17,790						48,513						53,586
Asset impairment and fair value adjustment						6,684						3,000						6,684						3,000
Restructuring						2,268						2,850						5,224						9,059
Other						1,063						5,183						555						8,226
Earnings before income taxes						137,424						76,353						347,457						222,846
Income taxes (benefit)						(14,601)						17,867						34,742						52,224
Net earnings						$	152,025					$	58,486					$	312,715					$	170,622
Net earnings per share
Basic						$	4.80					$	1.86					$	9.88					$	5.38
Diluted						$	4.74					$	1.83					$	9.76					$	5.32
Weighted average common shares outstanding
Basic						31,676,950						31,524,999						31,654,223						31,684,945
Diluted						32,075,908						31,896,949						32,038,003						32,082,186
See accompanying Notes to Consolidated Financial Statements.

4

Table of Contents

Consolidated Statements of Comprehensive Income

(Unaudited)

						Three Months Ended												Nine Months Ended
(dollars in thousands)						June 27, 2026						June 28, 2025						June 27, 2026						June 28, 2025
Net earnings						$	152,025					$	58,486					$	312,715					$	170,622
Other comprehensive income (loss) ("OCI"), net of tax:
Foreign currency translation adjustment						(7,289)						53,323						(13,651)						34,726
Retirement liability adjustment						1,827						1,112						5,272						4,987
Change in accumulated gain (loss) on derivatives						(74)						504						(785)						1,166
Other comprehensive income (loss), net of tax						(5,536)						54,939						(9,164)						40,879
Comprehensive income						$	146,489					$	113,425					$	303,551					$	211,501
See accompanying Notes to Consolidated Financial Statements.

5

Table of Contents

Consolidated Balance Sheets

(Unaudited)

(dollars in thousands)						June 27, 2026						September 27, 2025
ASSETS
Current assets
Cash and cash equivalents						$	66,821					$	62,013
Restricted cash						931						200
Receivables, net						662,499						506,768
Unbilled receivables						823,658						744,352
Inventories, net						933,939						914,302
Prepaid expenses and other current assets						115,456						142,345
Total current assets						2,603,304						2,369,980
Property, plant and equipment, net						1,076,240						1,019,906
Operating lease right-of-use assets						54,753						52,799
Goodwill						869,185						842,313
Intangible assets, net						57,627						66,101
Deferred income taxes						31,012						22,459
Other assets						79,059						52,497
Total assets						$	4,771,180					$	4,426,055
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Current installments of long-term debt						$	1,563					$	1,563
Accounts payable						323,625						318,402
Accrued compensation						118,880						106,040
Contract advances and progress billings						486,574						372,988
Accrued liabilities and other						316,462						320,075
Total current liabilities						1,247,104						1,119,068
Long-term debt, excluding current installments						906,426						944,123
Long-term pension and retirement obligations						153,689						157,218
Deferred income taxes						32,241						32,600
Other long-term liabilities						209,825						180,491
Total liabilities						2,549,285						2,433,500
Shareholders’ equity
Common stock - Class A						43,878						43,864
Common stock - Class B						7,402						7,416
Additional paid-in capital						1,244,730						839,328
Retained earnings						3,119,054						2,834,548
Treasury shares						(1,264,428)						(1,209,200)
Stock Employee Compensation Trust						(411,397)						(195,491)
Supplemental Retirement Plan Trust						(350,461)						(170,191)
Accumulated other comprehensive loss						(166,883)						(157,719)
Total shareholders’ equity						2,221,895						1,992,555
Total liabilities and shareholders’ equity						$	4,771,180					$	4,426,055
See accompanying Notes to Consolidated Financial Statements.

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Consolidated Statements of Shareholders' Equity

(Unaudited)

						Three Months Ended												Nine Months Ended
(dollars in thousands)						June 27, 2026						June 28, 2025						June 27, 2026						June 28, 2025
COMMON STOCK
Beginning and end of period						$	51,280					$	51,280					$	51,280					$	51,280
ADDITIONAL PAID-IN CAPITAL
Beginning of period						1,021,544						750,119						839,328						784,509
Issuance of treasury shares						(136)						3,035						7,203						11,585
Equity-based compensation expense						5,437						3,659						13,478						9,673
Adjustment to market - SECT and SERP						217,885						13,122						384,721						(35,832)
End of period						1,244,730						769,935						1,244,730						769,935
RETAINED EARNINGS
Beginning of period						2,976,532						2,729,980						2,834,548						2,635,950
Net earnings						152,025						58,486						312,715						170,622
Dividends (1)						(9,503)						(9,141)						(28,209)						(27,247)
End of period						3,119,054						2,779,325						3,119,054						2,779,325
TREASURY SHARES AT COST
Beginning of period						(1,252,323)						(1,204,032)						(1,209,200)						(1,082,240)
Class A and B shares issued related to compensation						136						110						6,724						5,673
Class A and B shares purchased						(12,241)						(1,383)						(61,952)						(128,738)
End of period						(1,264,428)						(1,205,305)						(1,264,428)						(1,205,305)
STOCK EMPLOYEE COMPENSATION TRUST ("SECT")
Beginning of period						(279,828)						(162,945)						(195,491)						(194,049)
Issuance of shares						6,082						998						39,864						20,287
Purchase of shares						(16,849)						(3,697)						(51,319)						(18,505)
Adjustment to market						(120,802)						(7,570)						(204,451)						19,053
End of period						(411,397)						(173,214)						(411,397)						(173,214)
SUPPLEMENTAL RETIREMENT PLAN ("SERP") TRUST
Beginning of period						(253,378)						(141,490)						(170,191)						(163,821)
Adjustment to market						(97,083)						(5,552)						(180,270)						16,779
End of period						(350,461)						(147,042)						(350,461)						(147,042)
ACCUMULATED OTHER COMPREHENSIVE LOSS
Beginning of period						(161,347)						(216,872)						(157,719)						(202,812)
Other comprehensive income (loss)						(5,536)						54,939						(9,164)						40,879
End of period						(166,883)						(161,933)						(166,883)						(161,933)
TOTAL SHAREHOLDERS’ EQUITY						$	2,221,895					$	1,913,046					$	2,221,895					$	1,913,046
See accompanying Notes to Consolidated Financial Statements.

(1) Cash dividends were $0.30 and $0.89 per share for the three and nine months ended June 27, 2026 and $0.29 and $0.86 per share for the three and nine months ended June 28, 2025, respectively.

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Consolidated Statements of Shareholders’ Equity, Shares

(Unaudited)

						Three Months Ended												Nine Months Ended
(share data)						June 27, 2026						June 28, 2025						June 27, 2026						June 28, 2025
COMMON STOCK - CLASS A
Beginning of period						43,874,126						43,850,739						43,863,458						43,835,149
Conversion of Class B to Class A						3,964						12,659						14,632						28,249
End of period						43,878,090						43,863,398						43,878,090						43,863,398
COMMON STOCK - CLASS B
Beginning of period						7,405,587						7,428,974						7,416,255						7,444,564
Conversion of Class B to Class A						(3,964)						(12,659)						(14,632)						(28,249)
End of period						7,401,623						7,416,315						7,401,623						7,416,315
TREASURY SHARES - CLASS A COMMON STOCK
Beginning of period						(15,009,894)						(15,136,065)						(15,013,457)						(14,633,512)
Class A shares issued related to compensation						—						—						8,852						12,758
Class A shares purchased						—						—						(5,289)						(515,311)
End of period						(15,009,894)						(15,136,065)						(15,009,894)						(15,136,065)
TREASURY SHARES - CLASS B COMMON STOCK
Beginning of period						(2,821,373)						(2,843,246)						(2,825,989)						(2,861,088)
Class B shares issued related to compensation						31,204						25,156						230,975						169,914
Class B shares purchased						(31,204)						(7,899)						(226,359)						(134,815)
End of period						(2,821,373)						(2,825,989)						(2,821,373)						(2,825,989)
SECT - CLASS A COMMON STOCK
Beginning and end of period						(425,148)						(425,148)						(425,148)						(425,148)
SECT - CLASS B COMMON STOCK
Beginning of period						(512,633)						(525,084)						(526,644)						(548,084)
Issuance of shares						14,931						5,617						149,423						101,649
Purchase of shares						(45,314)						(21,464)						(165,795)						(94,496)
End of period						(543,016)						(540,931)						(543,016)						(540,931)
SERP - CLASS B COMMON STOCK
Beginning and end of period						(826,170)						(826,170)						(826,170)						(826,170)
See accompanying Notes to Consolidated Financial Statements.

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Consolidated Statements of Cash Flows

(Unaudited)

						Nine Months Ended
(dollars in thousands)						June 27, 2026						June 28, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings						$	312,715					$	170,622
Adjustments to reconcile net earnings to net cash provided (used) by operating activities:
Depreciation						79,629						68,252
Amortization						8,152						6,996
Deferred income taxes						(8,521)						(19,642)
Equity-based compensation expense						15,912						12,669
Asset impairment and inventory write-down						6,684						10,988
Other						(705)						3,648
Changes in assets and liabilities providing (using) cash:
Receivables						(159,619)						(105,346)
Unbilled receivables						(67,990)						(37,642)
Inventories						(21,516)						(65,256)
Accounts payable						4,106						(4,201)
Contract advances and progress billings						107,579						9,009
Accrued expenses						25,604						(4,796)
Accrued income taxes						(21,362)						(20,095)
Net pension and post-retirement liabilities						3,821						14,644
Other assets and liabilities						(39,568)						(7,453)
Net cash provided (used) by operating activities						244,921						32,397
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment						(93,692)						(103,041)
Net proceeds from businesses sold						—						13,487
Net proceeds from buildings sold						3,065						—
Other investing transactions						(904)						(2,844)
Net cash provided (used) by investing activities						(91,531)						(92,398)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from revolving lines of credit						1,348,400						957,500
Payments on revolving lines of credit						(1,375,400)						(1,001,500)
Proceeds from long-term debt						—						250,000
Proceeds from senior notes, net of issuance costs						491,443						—
Payments on senior notes						(500,000)						—
Payments on finance lease obligations						(15,716)						(7,128)
Payment of dividends						(28,209)						(27,247)
Proceeds from sale of treasury stock						8,476						10,970
Purchase of outstanding shares for treasury						(62,673)						(127,808)
Proceeds from sale of stock held by SECT						39,864						20,287
Purchase of stock held by SECT						(51,319)						(18,505)
Other financing transactions						(3,171)						(1,600)
Net cash provided (used) by financing activities						(148,305)						54,969
Effect of exchange rate changes on cash						454						(491)
Increase (decrease) in cash, cash equivalents and restricted cash						5,539						(5,523)
Cash, cash equivalents and restricted cash at beginning of period						62,213						64,537
Cash, cash equivalents and restricted cash at end of period						$	67,752					$	59,014
SUPPLEMENTAL CASH FLOW INFORMATION
Treasury shares issued as compensation						$	5,451					$	6,288
Assets acquired through lease financing						62,528						35,657
See accompanying Notes to Consolidated Financial Statements.

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Notes to Consolidated Financial Statements

(Unaudited)

(dollars in thousands, except per share data)

Note 1 - Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared by management in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments consisting of normal recurring adjustments considered necessary for the fair presentation of results for the interim period have been included. The results of operations for the three and nine months ended June 27, 2026 and June 28, 2025 are not necessarily indicative of the results expected for the full year. The accompanying unaudited consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in our Form 10-K for the fiscal year ended September 27, 2025. All references to years in these financial statements are to fiscal years.

Revision of Prior Period Consolidated Financial Statements

As previously disclosed in the 2025 Form 10-K, we revised our prior period financial statements to correct for a misstatement related to the accounting for distinct long-term aftermarket service contracts with customers in the Commercial Aircraft segment, as well as other unrelated immaterial errors. The appropriate revisions to our historical Consolidated Financial Statements and the notes thereto are reflected herein, which include Note 7 - Leases and Note 18 - Segments. See Note 1 and Note 25 to our "Consolidated Financial Statements" in the 2025 Form 10-K for additional information.

Recent Accounting Pronouncements Adopted

There have been no new accounting pronouncements adopted for the nine months ended June 27, 2026.

Recent Accounting Pronouncements Not Yet Adopted

Standard

Description

Financial Statement Effect or Other Significant Matters

ASU no. 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures

This standard expands annual income tax disclosures to require specific categories in the rate reconciliation table to be disclosed using both percentages and reporting currency amounts and requires additional information for reconciling items that meet a quantitative threshold. Additionally, the amendment requires disclosure of income taxes paid by jurisdiction. The provisions of the standard are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied on a prospective basis. Retrospective application is permitted.

The Company has assessed the impact of the disclosure changes and is prepared for adoption within the upcoming 10-K.

Planned date of adoption: FY 2026

ASU no. 2024-03 Income Statement -Reporting Comprehensive Income-Expense Disaggregation Disclosures (Topic 220): Disaggregation of Income Statement Expenses

This standard requires disclosure of specified information about certain costs and expenses at each interim and annual reporting period. This includes disclosure of the amounts of purchases of inventory, employee compensation, depreciation and intangible asset amortization for each relevant expense caption on the income statement, as well as the total amount of selling expenses. Additionally, the amendments require disclosing a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated. The provisions of the standard are effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to all prior periods presented in the financial statements.

We are currently reviewing the guidance and evaluating the impact on our financial statements and related disclosures.

Planned date of adoption: FY 2028

We consider the applicability and impact of all Accounting Standards Updates ("ASUs"). ASUs not listed above were assessed and determined to be either not applicable, or had or are expected to have an immaterial impact on our financial statements and related disclosures.

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Note 2 - Revenue from Contracts with Customers

We recognize revenue from contracts with customers using the five-step model prescribed in ASC 606. The first step is identifying the contract. The identification of a contract with a customer requires an assessment of each party’s rights and obligations regarding the products or services to be transferred, including an evaluation of termination clauses and presently enforceable rights and obligations. Each party’s rights and obligations and the associated terms and conditions are typically determined in purchase orders. For sales that are governed by master supply agreements under which provisions define specific program requirements, purchase orders are issued under these agreements to reflect presently enforceable rights and obligations for the units of products and services being purchased.

The next step is identifying the performance obligations. A performance obligation is a promise to transfer goods or services to a customer that is distinct in the context of the contract, as defined by ASC 606. We identify a performance obligation for each promise in a contract to transfer a distinct good or service to the customer. As part of our assessment, we consider all goods and/or services promised in the contract, regardless of whether they are explicitly stated or implied by customary business practices. The products and services in our contracts are typically not distinct from one another due to their complexity and reliance on each other or, in many cases, we provide a significant integration service. Accordingly, many of our contracts are accounted for as one performance obligation. In limited cases, our contracts have more than one distinct performance obligation, which occurs when we perform activities that are not highly complex or interrelated or involve different product life cycles. Warranties are provided on certain contracts, but do not typically provide for services beyond standard assurances and are therefore not distinct performance obligations under ASC 606.

The third step is determining the transaction price, which represents the amount of consideration we expect to be entitled to receive from a customer in exchange for providing the goods or services. There are times when this consideration is variable, for example a volume discount, and must be estimated. Sales, use, value-added and excise taxes are excluded from the transaction price, where applicable.

The fourth step is allocating the transaction price. The transaction price must be allocated to the performance obligations identified in the contract based on relative standalone selling prices when available, or an estimate for each distinct good or service in the contract when standalone prices are not available. Our contracts with customers generally require payment under normal commercial terms after delivery. Payment terms are typically within 30 to 60 days of delivery. The timing of satisfaction of our performance obligations does not significantly vary from the typical timing of payment.

The final step is the recognition of revenue. We recognize revenue as the performance obligations are satisfied. ASC 606 provides guidance to help determine if we are satisfying the performance obligation at a point in time or over time. In determining when performance obligations are satisfied, we consider factors such as contract terms, payment terms and whether there is an alternative use of the product or service. In essence, we recognize revenue when, or as control of, the promised goods or services transfer to the customer.

Contracts are sometimes modified to account for changes in contract specifications and requirements. When this occurs, we assess the modification as prescribed in ASC 606 and determine whether the modification should be accounted for as part of the existing contract (and revenue cumulatively caught up), whether the modification should be accounted for as the termination of an existing contract and the creation of a new contract, or whether the modification should be accounted for as a new contract. This is determined based on the rights and obligations within the modification as well as the associated transaction price.

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Revenue is recognized using either the over time or point in time method. The over-time method of revenue recognition is predominantly used in Space and Defense, Military Aircraft and Commercial Aircraft. We use this method for U.S. Government contracts and repair and overhaul arrangements as we are creating or enhancing assets that the customer controls as the assets are being created or enhanced. In addition, many of our large commercial contracts qualify for over-time accounting as our performance does not create an asset with an alternative use and we have an enforceable right to payment for performance completed to date. Our over-time contracts are primarily firm fixed price.

Revenue recognized at the point in time control is transferred to the customer is used most frequently in Industrial. We use this method for commercial contracts in which the asset being created has an alternative use. We determine the point in time control transfers to the customer by weighing the five indicators provided by ASC 606 - the entity has a present right to payment; the customer has legal title; the customer has physical possession; the customer has significant risks and rewards of ownership; and the customer has accepted the asset. When control has transferred to the customer, profit is generated as cost of sales is recorded and as revenue is recognized. Inventory costs include all product manufacturing costs such as direct material, direct labor, other direct costs and indirect overhead cost allocations. Shipping and handling costs are considered costs to fulfill a contract and not considered performance obligations. They are included in cost of sales as incurred.

Revenue is recognized over time on contracts using the cost-to-cost method of accounting as work progresses toward completion as determined by the ratio of cumulative costs incurred to date to estimated total contract costs at completion, multiplied by the total estimated contract revenue, less cumulative revenue recognized in prior periods. We believe that cumulative costs incurred to date as a percentage of estimated total contract costs at completion is an appropriate measure of progress toward satisfaction of performance obligations as this measure most accurately depicts the progress of our work and transfer of control to our customers. Changes in estimates affecting sales, costs and profits are recognized in the period in which the change becomes known using the cumulative catch-up method of accounting, resulting in the cumulative effect of changes reflected in the period. Estimates are reviewed and updated quarterly for substantially all contracts. For the three and nine months ended June 27, 2026 we recognized additional revenue of $16,661 and $43,926 and for the three and nine months ended June 28, 2025 we recognized additional revenue of $4,204 and $15,478 for adjustments made to performance obligations satisfied (or partially satisfied) in previous periods.

Contract costs include only allocable, allowable and reasonable costs which are included in cost of sales when incurred. For applicable U.S. Government contracts, contract costs are determined in accordance with the Federal Acquisition Regulations and the related Cost Accounting Standards. The nature of these costs includes development engineering costs and product manufacturing costs such as direct material, direct labor, other direct costs and indirect overhead costs. Contract profit is recorded as a result of the revenue recognized less costs incurred in any reporting period. Variable consideration and contract modifications, such as performance incentives, penalties, contract claims or change orders are considered in estimating revenues, costs and profits when they can be reliably estimated and realization is considered probable. Revenue recognized on contracts for unresolved claims or unapproved contract change orders was not material for the three and nine months ended June 27, 2026 and June 28, 2025.

As of June 27, 2026, we had contract reserves of $84,173. For contracts with anticipated losses at completion, a provision for the entire amount of the estimated remaining loss is charged against income in the period in which the loss becomes known. Contract losses are determined considering all direct and indirect contract costs, exclusive of any selling, general or administrative cost allocations that are treated as period expenses. Loss reserves are more common on firm fixed-price contracts that involve, to varying degrees, the design and development of new and unique controls or control systems to meet the customers’ specifications. We calculate contract losses at the contract level, versus the performance obligation level. Recall reserves are recorded when additional work is needed on completed products for them to meet contract specifications. Contract-related loss reserves are recorded for the additional work needed on completed and delivered products in order for them to meet contract specifications.

Contract Assets and Liabilities

Unbilled receivables (contract assets) primarily represent revenues recognized for progress towards satisfying performance obligations but for which amounts have not been billed. Unbilled receivables are classified as current assets and in accordance with industry practice, include amounts that may be billed and collected beyond one year due to the long term nature of our contracts.

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Contract advances and progress billings (contract liabilities) relate to payments received from customers in advance of the satisfaction of performance obligations for a contract (contract advances) and when billings are in excess of revenue recognized (progress billings). These amounts are recorded as contract liabilities until such obligations are satisfied, either over-time as costs are incurred or at a point when deliveries are made. We do not consider contract advances and progress billings to be significant financing components as the intent of these payments in advance are for reasons other than providing a significant financing benefit and are customary in our industry.

For contracts recognized using the cost-to-cost method, the amount of unbilled receivables or contract advances and progress billings is determined for each contract to determine the contract asset or contract liability position at the end of each reporting period.

Total contract assets and contract liabilities are as follows:

						June 27, 2026						September 27, 2025
Unbilled receivables						$	823,658					$	744,352
Contract advances and progress billings						486,574						372,988
Net contract assets						$	337,084					$	371,364

The decrease in net contract assets primarily reflects the impact of an increase in contract advances that exceeds the additional unbilled revenues during the period. For the three and nine months ended June 27, 2026, we recognized $48,791 and $262,691 of revenue that was included in the contract liability balance at the beginning of the year.

Remaining Performance Obligations

As of June 27, 2026, the aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied (or partially unsatisfied) was $7,100,000. We expect to recognize approximately 46% of that amount as sales over the next twelve months and the balance thereafter.

Note 3 - Acquisitions and Assets Held for Sale

Acquisitions

On July 1, 2025, we acquired COTSWORKS, Inc., based in Ohio. COTSWORKS designs and manufactures rugged optical components and subsystems for harsh environment applications, primarily serving the commercial, military, aerospace and industrial markets. This operation is included in our Space and Defense segment. The sales and results of COTSWORKS are immaterial in 2026.

Assets Held for Sale

At September 27, 2025, we had classified a business within our Space and Defense segment as held for sale. This resulted in $61,067 in prepaid expenses and other current assets and $15,524 in accrued liabilities and other as being held for sale. Management has subsequently decided to retain the business and as such the classification as held for sale has been reversed in 2026. See Note 8 - Goodwill and Intangible Assets for additional details.

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Note 4 - Receivables

Receivables consist of:

						June 27, 2026						September 27, 2025
Accounts receivable						$	636,354					$	483,872
Government assistance receivables						5,458						5,643
Other						25,157						19,856
Less allowance for credit losses						(4,470)						(2,603)
Receivables, net						$	662,499					$	506,768

On January 27, 2026, Moog Receivables LLC (the "Receivables Subsidiary"), a wholly owned bankruptcy remote special purpose subsidiary of Moog Inc. (the "Company"), as seller, the Company, as master servicer, Truist Bank, as administrative agent (the "Agent") and certain purchasers (collectively, the "Purchasers") entered into the Fifth Amendment to the Amended and Restated Receivables Purchase Agreement (the "RPA"). The RPA was amended to change the administrative agent and extend the maturity to February 20, 2028. The RPA is subject to customary termination events related to transactions of this type.

Under the RPA, the Receivables Subsidiary may sell receivables to the Purchasers in amounts up to a $125,000 limit. The receivables will be sold to the Purchasers in consideration for the Purchasers making payments of cash, which is referred to as "capital" for purposes of the RPA, to the Receivables Subsidiary in accordance with the terms of the RPA. The Receivables Subsidiary may sell receivables to the Purchasers so long as certain conditions are satisfied, including that, at any date of determination, the aggregate capital paid to the Receivables Subsidiary does not exceed a "capital coverage amount," equal to an adjusted net receivables pool balance minus a required reserve. Each Purchaser's share of capital accrues yield at a variable rate plus an applicable margin.

The parties intend that the conveyance of receivables to the Agent, for the ratable benefit of the Purchasers will constitute a purchase and sale of receivables and not a pledge for security. The Receivables Subsidiary has guaranteed to each Purchaser and Agent the prompt payment of sold receivables, and to secure the prompt payment and performance of such guaranteed obligations, the Receivables Subsidiary has granted a security interest to the Agent, for the benefit of the Purchasers, in all assets of the Receivables Subsidiary. The assets of the Receivables Subsidiary are not available to pay our creditors or any affiliate thereof. In our capacity as master servicer under the RPA, we are responsible for administering and collecting receivables and have made customary representations, warranties, covenants and indemnities.

The proceeds of the RPA are classified as operating activities in our Consolidated Statements of Cash Flows. Cash received from collections of sold receivables is used by the Receivables Subsidiary to fund additional purchases of receivables on a revolving basis or to return all or any portion of outstanding capital of the Purchasers. Subsequent collections on the pledged receivables, which have not been sold, will be classified as operating cash flows at the time of collection. Total receivables sold and cash collections under the RPA were $129,282 and $520,978 for the three and nine months ended June 27, 2026. The fair value of the sold receivables approximated book value due to their credit quality and short-term nature, and as a result, no gain or loss on sale of receivables was recorded.

As of June 27, 2026, the amount sold to the Purchasers was $125,000, which was derecognized from the Consolidated Balance Sheets. As collateral against sold receivables, the Receivables Subsidiary maintains a certain level of unsold billed and unbilled receivables, which was $786,935 at June 27, 2026.

The allowance for credit losses is based on our assessment of the collectability of customer accounts. The allowance is determined by considering factors such as historical experience, credit quality, age of the accounts receivable, current economic conditions and reasonable forecasted financial information that may affect a customer’s ability to pay.

14

Note 5 - Inventories

Inventories, net of reserves, consist of:

						June 27, 2026						September 27, 2025
Raw materials and purchased parts						$	528,270					$	301,679
Work in progress						308,664						520,315
Finished goods						97,005						92,308
Inventories, net						$	933,939					$	914,302

Note 6 - Property, Plant and Equipment

Property, plant and equipment consists of:

						June 27, 2026						September 27, 2025
Land						$	33,285					$	33,872
Buildings and improvements						753,271						737,053
Machinery and equipment						1,050,694						981,157
Computer equipment and software						271,922						253,924
Property, plant and equipment, at cost						2,109,172						2,006,006
Less accumulated depreciation and amortization						(1,032,932)						(986,100)
Property, plant and equipment, net						$	1,076,240					$	1,019,906

In the third quarter of 2026, we recorded impairment charges of $5,058 for capitalized software costs that will not be placed in service at our Corporate headquarters and $1,626 for owned assets in conjunction with exiting a product line within our Industrial segment.

15

Note 7 - Leases

We lease certain manufacturing facilities, office space and machinery and equipment globally. At inception, we evaluate whether a contractual arrangement contains a lease. Specifically, we consider whether we control the underlying asset and have the right to obtain substantially all the economic benefits or outputs from the asset. If the contractual arrangement contains a lease, we then determine the classification of the lease, operating or finance, using the classification criteria described in ASC 842. We then determine the term of the lease based on terms and conditions of the contractual arrangement, including whether the options to extend or terminate the lease are reasonably certain to be exercised. We have elected to not separate lease components from non-lease components, such as common area maintenance charges and instead, account for the lease and non-lease components as a single component.

Our lease right-of-use ("ROU") assets represent our right to use an underlying asset for the lease term and our lease liabilities represent our obligation to make lease payments. The ROU assets and lease liabilities for both operating and finance leases are recognized as of the commencement date at the net present value of the fixed minimum lease payments over the term of the lease including expected buyouts, using the discount rate described below. Variable lease payments are recorded in the period in which the obligation for the payment is incurred. Variable lease payments based on an index or rate are initially measured using the index or rate as of the commencement date of the lease and included in the fixed minimum lease payments. For short-term leases that have a term of 12 months or less as of the commencement date, we do not recognize a ROU asset or lease liability on our balance sheet; we recognize expense as the lease payments are made over the lease term.

Operating lease cost is included in Cost of sales and Selling, general and administrative on the Consolidated Statements of Earnings. Finance lease cost is included in Cost of sales, Selling, general and administrative and Interest on the Consolidated Statements of Earnings.

The discount rate used to calculate the present value of our leases is the rate implicit in the lease. If the information necessary to determine the rate implicit in the lease is not available, we use our incremental borrowing rate for collateralized debt, which is determined using our credit rating and other information available as of the lease commencement date.

The components of lease expense were as follows:

			Three Months Ended						Nine Months Ended
			June 27, 2026			June 28, 2025			June 27, 2026			June 28, 2025
Operating lease cost			$	5,587		$	8,271		$	23,570		$	24,559
Finance lease cost:
Amortization of right-of-use assets			$	7,530		$	2,792		$	14,456		$	7,816
Interest on lease liabilities			3,041			1,981			7,659			5,512
Total finance lease cost			$	10,571		$	4,773		$	22,115		$	13,328

Supplemental cash flow information related to leases was as follows:

			Nine Months Ended
			June 27, 2026			June 28, 2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flow for operating leases			$	24,417		$	24,999
Operating cash flow for finance leases			7,659			5,512
Financing cash flow for finance leases			15,716			7,128
Assets obtained in exchange for lease obligations:
Operating leases			$	7,824		$	12,292
Finance leases			54,704			23,365

16

Supplemental balance sheet information related to leases was as follows:

			June 27, 2026			September 27, 2025
Operating Leases:
Operating lease right-of-use assets			$	54,753		$	52,799
Accrued liabilities and other			$	13,901		$	11,697
Other long-term liabilities			51,302			52,549
Total operating lease liabilities			$	65,203		$	64,246
Finance Leases:
Property, plant, and equipment, at cost			$	205,297		$	157,533
Accumulated depreciation			(37,361)			(27,186)
Property, plant, and equipment, net			$	167,936		$	130,347
Accrued liabilities and other			$	23,189		$	14,920
Other long-term liabilities			149,163			119,155
Total finance lease liabilities			$	172,352		$	134,075
Weighted average remaining lease term in years:
Operating leases			5.7			6.2
Finance leases			15.0			17.6
Weighted average discount rates:
Operating leases			5.4		%	5.3		%
Finance leases			6.3		%	6.4		%

Maturities of lease liabilities were as follows:

						June 27, 2026
						Operating Leases						Finance Leases
2026						$	4,222					$	8,518
2027						16,497						32,038
2028						13,976						31,722
2029						11,649						31,017
2030						9,000						25,408
Thereafter						20,514						163,512
Total lease payments						75,858						292,215
Less: imputed interest						(10,655)						(119,863)
Total						$	65,203					$	172,352

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Note 8 - Goodwill and Intangible Assets

The changes in the carrying amount of goodwill are as follows:

			Space and Defense			Military Aircraft			Commercial Aircraft			Industrial			Total
Balance at September 27, 2025			$	262,740		$	118,545		$	92,612		$	368,416		$	842,313
Adjustments to prior year acquisitions			(971)			—			—			—			(971)
Reclassification of held for sale			33,000			—			—			—			33,000
Foreign currency translation			(10)			(664)			—			(4,483)			(5,157)
Balance at June 27, 2026			$	294,759		$	117,881		$	92,612		$	363,933		$	869,185

Goodwill in our Space and Defense segment is net of a $4,800 accumulated impairment loss at June 27, 2026. Goodwill in our Medical Devices reporting unit, included in our Industrial segment, is net of a $38,200 accumulated impairment loss at June 27, 2026.

The components of intangible assets are as follows:

												June 27, 2026												September 27, 2025
						Weighted- Average Life (years)						Gross Carrying Amount						Accumulated Amortization						Gross Carrying Amount						Accumulated Amortization
Customer-related						11						$	131,998					$	(104,326)					$	131,967					$	(100,655)
Technology-related						9						78,211						(61,708)						77,172						(57,817)
Program-related						23						39,490						(27,483)						39,799						(26,476)
Marketing-related						8						22,258						(20,839)						21,387						(19,320)
Other						3						1,275						(1,249)						1,376						(1,332)
Intangible assets						12						$	273,232					$	(215,605)					$	271,701					$	(205,600)

All acquired intangible assets other than goodwill are being amortized. Customer-related intangible assets primarily consist of customer relationships. Technology-related intangible assets primarily consist of technology, patents and intellectual property. Program-related intangible assets consist of long-term programs represented by current contracts and probable follow-on work. Marketing-related intangible assets primarily consist of trademarks and trade names.

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Note 9 - Indebtedness

We maintain short-term line of credit facilities with banks throughout the world that are principally demand lines subject to revision by the banks.

Long-term debt consists of:

						June 27, 2026						September 27, 2025
Revolving loan (Credit Facility)						$	164,000					$	195,000
Term loan (Credit Facility)						250,000						250,000
Revolving loan (SECT)						5,000						1,000
Senior notes 5.50%						500,000						—
Senior notes 4.25%						—						500,000
Senior debt						919,000						946,000
Less deferred debt issuance cost						(11,011)						(314)
Less current installments						(1,563)						(1,563)
Long-term debt						$	906,426					$	944,123

On February 26, 2026, we entered into the Eighth Amended and Restated Loan Agreement (the "Credit Facility"), which amended and restated our prior credit agreement and, among other things, extended the maturity date of our revolving loan from October 27, 2027 to February 26, 2031. The revolving loan has aggregate commitments of $1,100,000. The agreement also permits us to request incremental revolving commitments and/or one or more incremental term loan facilities in an aggregate amount of up to $400,000, upon satisfaction of certain conditions. The agreement also includes a $250,000 term loan maturing on February 26, 2031. The term loan amortizes in quarterly installments of $4,688 in 2027, $6,250 in 2028, $10,937 in 2029, $9,375 in 2030, $6,250 in 2031 and the remaining balance on the maturity date of February 26, 2031. Interest on our outstanding revolving loan and term loan borrowings is based on SOFR plus the applicable margin. The revolving loan and term loan are secured by substantially all our U.S. assets and contain various covenants which, among others, specify interest coverage and maximum leverage. As of June 27, 2026, we were in compliance with all covenants.

The SECT has a revolving loan with a borrowing capacity of $25,000. On April 2, 2026, the SECT amended the revolving loan and extended the maturity date from April 24, 2027 to April 24, 2028. Interest is based on SOFR plus an applicable margin. A commitment fee is also charged based on a percentage of the unused amounts available and is not material.

On March 24, 2026, we completed the sale of $500,000 aggregate principal amount of 5.50% senior notes due October 15, 2034. Interest on the senior notes is payable semiannually on April 15 and October 15 of each year, beginning on October 15, 2026. The senior notes are senior unsecured obligations and are guaranteed on a senior unsecured basis by certain subsidiaries that are guarantors under the indenture. The indenture governing the senior notes contains certain restrictive covenants that, subject to important exceptions and limitations, limit our ability and the ability of certain of our subsidiaries to incur certain liens, enter into certain sale and leaseback transactions and consolidate, merge or sell substantially all of our assets. As of June 27, 2026, we were in compliance with all covenants under the indenture.

On March 4, 2026, we issued a notice of redemption to holders of our 4.25% senior notes due on December 15, 2027, to redeem and retire all of the outstanding notes. The notes were redeemed on April 3, 2026 at a redemption price equal to 100.00% of the principal amount thereof, plus accrued and unpaid interest to, but not including, the redemption date, pursuant to an early redemption right. We redeemed the $500,000 aggregate principal amount of the notes using net proceeds available from the issuance of the 5.50% senior notes, together with cash on hand.

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Note 10 - Other Accrued Liabilities

Other accrued liabilities consists of:

						June 27, 2026						September 27, 2025
Employee benefits						$	65,433					$	57,019
Contract reserves						84,173						84,360
Warranty accrual						23,017						23,892
Accrued income taxes						27,964						30,392
Other						115,875						124,412
Other accrued liabilities						$	316,462					$	320,075

In the ordinary course of business, we warrant our products against defects in design, materials and workmanship typically over periods ranging from twelve to sixty months. We determine warranty reserves needed by product line based on historical experience and current facts and circumstances. Activity in the warranty accrual is summarized as follows:

						Three Months Ended												Nine Months Ended
						June 27, 2026						June 28, 2025						June 27, 2026						June 28, 2025
Warranty accrual at beginning of period						$	23,285					$	21,782					$	23,892					$	23,548
Warranties issued during current period						1,538						2,763						3,806						6,317
Adjustments to pre-existing warranties						(1,179)						1,226						(1,983)						549
Reductions for settling warranties						(618)						(2,404)						(2,666)						(6,809)
Foreign currency translation						(9)						378						(32)						140
Warranty accrual at end of period						$	23,017					$	23,745					$	23,017					$	23,745

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Note 11 - Derivative Financial Instruments

We principally use derivative financial instruments to manage foreign exchange risk related to foreign operations and foreign currency transactions. We enter into derivative financial instruments with a number of major financial institutions to minimize counterparty credit risk.

Derivatives designated as hedging instruments

We use foreign currency contracts as cash flow hedges to effectively fix the exchange rates on future payments and revenue. To mitigate exposure in movements between various currencies, including the Philippine peso, we had outstanding foreign currency contracts with notional amounts of $58,440 at June 27, 2026. These contracts mature at various times through April 12, 2028.

Foreign currency contracts are recorded in the Consolidated Balance Sheets at fair value and the related gains or losses are deferred in Shareholders’ Equity as a component of Accumulated Other Comprehensive Income (Loss) ("AOCIL"). These deferred gains and losses are reclassified into the Consolidated Statements of Earnings, as necessary, during the periods in which the related payments or receipts affect earnings. However, to the extent the foreign currency contracts are not perfectly effective in offsetting the change in the value of the payments and revenue being hedged, the ineffective portion of these contracts is recognized in earnings immediately. Ineffectiveness was not material in the first nine months of 2026 or 2025.

Derivatives not designated as hedging instruments

We also have foreign currency exposure on balances, primarily intercompany, that are denominated in a foreign currency and are adjusted to current values using period-end exchange rates. The resulting gains or losses are recorded in the Consolidated Statements of Earnings. To minimize foreign currency exposure, we have foreign currency contracts with notional amounts of $165,247 at June 27, 2026. The foreign currency contracts are recorded in the Consolidated Balance Sheets at fair value and resulting gains or losses are recorded in the Consolidated Statements of Earnings. We recorded the following gains and losses on foreign currency contracts which are included in other income or expense and generally offset the gains or losses from the foreign currency adjustments on the intercompany balances that are also included in other income or expense:

									Three Months Ended												Nine Months Ended
			Statements of Earnings location						June 27, 2026						June 28, 2025						June 27, 2026						June 28, 2025
Net gain (loss)
Foreign currency contracts			Other						$	(2,305)					$	13,048					$	(5,631)					$	4,310

Summary of derivatives

The fair value and classification of derivatives is summarized as follows:

			Balance Sheets location						June 27, 2026						September 27, 2025
Derivatives designated as hedging instruments:
Foreign currency contracts			Other current assets						$	5					$	250
Foreign currency contracts			Other assets						147						39
			Total asset derivatives						$	152					$	289
Foreign currency contracts			Accrued liabilities and other						$	640					$	—
Foreign currency contracts			Other long-term liabilities						168						8
			Total liability derivatives						$	808					$	8
Derivatives not designated as hedging instruments:
Foreign currency contracts			Other current assets						$	7					$	—
Foreign currency contracts			Accrued liabilities and other						$	1,045					$	1,502

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Note 12 - Fair Value

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Depending on the nature of the asset or liability, various techniques and assumptions can be used to estimate fair value. The definition of the fair value hierarchy is as follows:

Level 1 – Quoted prices in active markets for identical assets and liabilities.

Level 2 – Observable inputs other than quoted prices in active markets for similar assets and liabilities.

Level 3 – Inputs for which significant valuation assumptions are unobservable in a market and therefore value is based on the best available data, some of which is internally developed and considers risk premiums that a market participant would require.

Our derivatives are valued using various pricing models or discounted cash flow analyses that incorporate observable market data, such as interest rate yield curves and currency rates, and are classified as Level 2 within the valuation hierarchy.

The following table presents the fair values and classification of our financial assets and liabilities measured on a recurring basis, all of which are classified as Level 2, except for the acquisition contingent consideration, which is classified as Level 3:

						Balance Sheets location						June 27, 2026						September 27, 2025
Foreign currency contracts						Other current assets						$	12					$	250
Foreign currency contracts						Other assets						147						39
						Total assets						$	159					$	289
Foreign currency contracts						Accrued liabilities and other						$	1,685					$	1,502
Foreign currency contracts						Other long-term liabilities						168						8
Acquisition contingent consideration						Accrued liabilities and other						—						473
						Total liabilities						$	1,853					$	1,983

The changes in financial liabilities classified as Level 3 within the fair value hierarchy are as follows:

						Three Months Ended												Nine Months Ended
						June 27, 2026						June 28, 2025						June 27, 2026						June 28, 2025
Balance at beginning of period						$	—					$	873					$	473					$	2,839
Increase in earn out provisions						—						—						—						76
Settlements paid in cash						—						(200)						(473)						(2,242)
Balance at end of period						$	—					$	673					$	—					$	673

Our only financial instrument for which the gross carrying value differs from its fair value is long-term debt. At June 27, 2026, the fair value of long-term debt was $903,493 compared to its gross carrying value of $919,000. The fair value of long-term debt is classified as Level 2 within the fair value hierarchy and was estimated based on quoted market prices.

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Note 13 - Employee Benefit Plans

Pension expense for our defined contribution plans consists of:

						Three Months Ended												Nine Months Ended
						June 27, 2026						June 28, 2025						June 27, 2026						June 28, 2025
U.S. defined contribution plans						$	14,489					$	13,689					$	42,303					$	37,996
Non-U.S. defined contribution plans						3,020						2,762						9,126						7,906
Total expense for defined contribution plans						$	17,509					$	16,451					$	51,429					$	45,902

Net periodic benefit costs for our defined benefit pension plans are as follows:

						Three Months Ended												Nine Months Ended
						June 27, 2026						June 28, 2025						June 27, 2026						June 28, 2025
U.S. Plans
Service cost						$	2,017					$	2,470					$	6,051					$	7,411
Interest cost						6,925						6,725						20,774						20,173
Expected return on plan assets						(8,414)						(7,901)						(25,242)						(23,701)
Amortization of actuarial loss						2,326						2,977						6,979						8,931
Expense for U.S. defined benefit plans						$	2,854					$	4,271					$	8,562					$	12,814
Non-U.S. Plans
Service cost						$	697					$	787					$	2,098					$	2,318
Interest cost						1,436						1,349						4,322						3,943
Expected return on plan assets						(1,052)						(1,067)						(3,171)						(3,129)
Amortization of prior service cost						15						14						45						43
Amortization of actuarial loss						125						197						377						573
Expense for non-U.S. defined benefit plans						$	1,221					$	1,280					$	3,671					$	3,748

Note 14 - Income Taxes

The effective tax rate for the three and nine months ended June 27, 2026 was (10.6)% and 10.0%, respectively. The effective tax rate for the three and nine months ended June 28, 2025 was 23.4% and 23.4%, respectively. The effective tax rates for the three and nine months ended June 27, 2026 are lower than the U.S. federal statutory tax rate of 21%. The Company identified, in the current year, additional expenditures qualifying for U.S. research and development tax credits through an enhanced review of its research activities and related costs. As a result, the Company recorded a discrete income tax benefit of approximately $40,572, offset by an approximate $5,732 reduction representing unrecognized tax benefits related to the additional qualifying expenditures. The benefit reflects improved identification and documentation of qualifying expenditures and does not represent a change in the Company's underlying research and development activities. The Company also recognized a discrete income tax benefit of approximately $7,774 related to legal entity simplification initiatives. The effective tax rates for three and nine months ended June 28, 2025 are different than the U.S. federal statutory tax rate of 21% due to tax on earnings generated outside the U.S. with higher statutory rates and U.S. state income taxes, partially offset by research and development tax credits.

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Note 15 - Accumulated Other Comprehensive Income (Loss)

The changes in AOCIL, net of tax, by component for the nine months ended June 27, 2026 are as follows:

						Accumulated foreign currency translation						Accumulated retirement liability						Accumulated gain (loss) on derivatives						Total
AOCIL at September 27, 2025						$	(74,614)					$	(83,312)					$	207					$	(157,719)
OCI before reclassifications						(13,651)						148						(980)						(14,483)
Amounts reclassified from AOCIL						—						5,124						195						5,319
OCI, net of tax						(13,651)						5,272						(785)						(9,164)
AOCIL at June 27, 2026						$	(88,265)					$	(78,040)					$	(578)					$	(166,883)

Net gains and losses on net investment hedges are recorded in Accumulated foreign currency translation to the extent that the instruments are effective in hedging the designated risk.

The amounts reclassified from AOCIL into earnings are as follows:

												Three Months Ended												Nine Months Ended
						Statements of Earnings location						June 27, 2026						June 28, 2025						June 27, 2026						June 28, 2025
Retirement liability:
Prior service cost												$	15					$	14					$	45					$	43
Actuarial losses												2,212						2,827						6,636						8,461
Reclassification from AOCIL into earnings												2,227						2,841						6,681						8,504
Tax effect												(519)						(655)						(1,557)						(1,963)
Net reclassification from AOCIL into earnings												$	1,708					$	2,186					$	5,124					$	6,541
Derivatives:
Foreign currency contracts						Cost of sales						$	266					$	(349)					$	255					$	(379)
Reclassification from AOCIL into earnings												266						(349)						255						(379)
Tax effect												(63)						82						(60)						89
Net reclassification from AOCIL into earnings												$	203					$	(267)					$	195					$	(290)
Foreign currency translation:
Business dispositions						Other						$	—					$	(39)					$	—					$	10,963
Reclassification from AOCIL into earnings												—						(39)						—						10,963
Tax effect												—						—						—						—
Net reclassification from AOCIL into earnings												$	—					$	(39)					$	—					$	10,963

Reclassification from AOCIL into earnings for the Retirement liability is included in the computation of non-service pension expense, which is included in Other on the Consolidated Statements of Earnings.

The effective portion of amounts deferred in AOCIL are as follows:

						Three Months Ended												Nine Months Ended
						June 27, 2026						June 28, 2025						June 27, 2026						June 28, 2025
Foreign currency contracts						$	(363)					$	1,009					$	(1,283)					$	1,906
Net gain (loss)						(363)						1,009						(1,283)						1,906
Tax effect						86						(238)						303						(450)
Net deferral in AOCIL of derivatives						$	(277)					$	771					$	(980)					$	1,456

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Note 16 - Stock Employee Compensation Trust and Supplemental Retirement Plan Trust

The SECT assists in administering and provides funding for equity-based compensation plans and benefit programs, including the Moog Inc. Retirement Savings Plan ("RSP"), RSP(+) and the Employee Stock Purchase Plan ("ESPP"). The SERP Trust provides funding for benefits under the SERP provisions of the Moog Inc. Plan to Equalize Retirement Income and Supplemental Retirement Income. Both the SECT and the SERP Trust hold Moog shares as investments. The shares in the SECT and SERP Trust are not considered outstanding for purposes of calculating earnings per share. However, in accordance with the trust agreements governing the SECT and SERP Trust, the trustees vote all shares held by the SECT and SERP Trust on all matters submitted to shareholders.

Note 17 - Earnings per Share

Basic and diluted weighted-average shares outstanding are as follows:

						Three Months Ended												Nine Months Ended
						June 27, 2026						June 28, 2025						June 27, 2026						June 28, 2025
Basic weighted-average shares outstanding						31,676,950						31,524,999						31,654,223						31,684,945
Dilutive effect of equity-based awards						398,958						371,950						383,780						397,241
Diluted weighted-average shares outstanding						32,075,908						31,896,949						32,038,003						32,082,186

Note 18 - Segments

Disaggregation of net sales by segment for the three and nine months ended June 27, 2026 and June 28, 2025 are as follows:

						Three Months Ended												Nine Months Ended
Market Type						June 27, 2026						June 28, 2025						June 27, 2026						June 28, 2025
Net sales:
Space						$	127,292					$	118,664					$	377,712					$	348,869
Defense						208,803						169,041						596,254						456,804
Space and Defense						336,095						287,705						973,966						805,673
Original Equipment Manufacturers						181,764						177,110						542,944						508,483
Aftermarket						63,400						47,552						185,120						143,448
Military Aircraft						245,164						224,662						728,064						651,931
Original Equipment Manufacturers						158,538						133,604						492,671						410,329
Aftermarket						95,031						84,051						275,748						241,379
Commercial Aircraft						253,569						217,655						768,419						651,708
Energy						40,116						34,481						107,711						101,699
Industrial Automation						129,728						106,168						369,879						297,345
Simulation and Test						35,893						36,289						104,652						106,598
Medical						75,980						62,622						216,147						196,532
Industrial						281,717						239,560						798,389						702,174
Net sales						$	1,116,545					$	969,582					$	3,268,838					$	2,811,486

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						Three Months Ended												Nine Months Ended
Customer Type						June 27, 2026						June 28, 2025						June 27, 2026						June 28, 2025
Net sales:
Commercial						$	53,395					$	92,046					$	162,448					$	183,155
U.S. Government (including OEM)						226,668						164,443						651,745						538,987
Other						56,032						31,216						159,773						83,531
Space and Defense						336,095						287,705						973,966						805,673
U.S. Government (including OEM)						187,942						165,083						560,342						484,924
Other						57,222						59,579						167,722						167,007
Military Aircraft						245,164						224,662						728,064						651,931
Commercial						230,900						206,780						724,245						621,988
Other						22,669						10,875						44,174						29,720
Commercial Aircraft						253,569						217,655						768,419						651,708
Commercial						278,101						229,089						787,511						685,016
U.S. Government (including OEM)						1,380						2,308						3,087						5,005
Other						2,236						8,163						7,791						12,153
Industrial						281,717						239,560						798,389						702,174
Commercial						562,396						527,915						1,674,204						1,490,159
U.S. Government (including OEM)						415,990						331,834						1,215,174						1,028,916
Other						138,159						109,833						379,460						292,411
Net sales						$	1,116,545					$	969,582					$	3,268,838					$	2,811,486

						Three Months Ended												Nine Months Ended
Revenue Recognition Method						June 27, 2026						June 28, 2025						June 27, 2026						June 28, 2025
Net sales:
Over-time						$	295,356					$	254,222					$	859,072					$	720,254
Point in time						40,739						33,483						114,894						85,419
Space and Defense						336,095						287,705						973,966						805,673
Over-time						212,214						184,720						627,291						542,353
Point in time						32,950						39,942						100,773						109,578
Military Aircraft						245,164						224,662						728,064						651,931
Over-time						182,341						142,789						570,565						458,863
Point in time						71,228						74,866						197,854						192,845
Commercial Aircraft						253,569						217,655						768,419						651,708
Over-time						27,204						27,440						71,831						82,680
Point in time						254,513						212,120						726,558						619,494
Industrial						281,717						239,560						798,389						702,174
Over-time						717,115						609,171						2,128,759						1,804,150
Point in time						399,430						360,411						1,140,079						1,007,336
Net sales						$	1,116,545					$	969,582					$	3,268,838					$	2,811,486

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The Company’s Chief Operating Decision Maker (“CODM”) is the President and Chief Executive Officer. The CODM is responsible for allocating resources and assessing performance based on the segment’s operating profit or loss, among other considerations. Segment operating profit is net sales less cost of sales and other operating expenses, excluding interest expense, equity-based compensation, non-service pension expense and other corporate expenses. Cost of sales and other operating expenses are directly attributable to the respective segment or allocated on the basis of sales, headcount or profit. Long-lived tangible assets and total asset information by segment is not provided to or reviewed by our CODM as it is not used to make strategic decisions, allocate resources, or assess performance.

We report results to our CODM under our four segments identified as Space and Defense, Military Aircraft, Commercial Aircraft and Industrial. Disaggregation of operating results by segment and reconciliations to consolidated amounts are as follows:

						Three Months Ended												Nine Months Ended
(dollars in thousands)						June 27, 2026						June 28, 2025						June 27, 2026						June 28, 2025
Net sales:
Space and Defense						$	336,095					$	287,705					$	973,966					$	805,673
Military Aircraft						245,164						224,662						728,064						651,931
Commercial Aircraft						253,569						217,655						768,419						651,708
Industrial						281,717						239,560						798,389						702,174
Total net sales						$	1,116,545					$	969,582					3,268,838						2,811,486
Cost of sales:
Space and Defense						$	229,334					$	205,751					$	681,545					$	585,030
Military Aircraft						178,235						168,673						538,680						484,223
Commercial Aircraft						188,845						167,370						608,692						514,971
Industrial						172,885						155,119						510,880						450,748
Total cost of sales						$	769,299					$	696,913					$	2,339,797					$	2,034,972
Inventory write-down:
Space and Defense						$	—					$	—					$	—					$	449
Military Aircraft						—						1,857						—						1,857
Commercial Aircraft						—						—						—						—
Industrial						—						3,982						—						5,682
Total inventory write-down						$	—					$	5,839					$	—					$	7,988
Research and development:
Space and Defense						$	12,150					$	6,353					$	29,881					$	17,623
Military Aircraft						7,448						5,439						18,738						18,385
Commercial Aircraft						4,466						1,944						9,007						7,126
Industrial						8,976						8,170						26,710						26,858
Total research and development						$	33,040					$	21,906					$	84,336					$	69,992
Selling, general and administrative:
Space and Defense						$	40,388					$	36,724					$	120,375					$	101,808
Military Aircraft						23,785						30,761						75,637						82,759
Commercial Aircraft						21,649						16,904						55,003						47,774
Industrial						48,843						43,952						141,503						132,645
Corporate expenses						10,137						6,758						27,842						24,162
Equity-based compensation expense						6,187						4,649						15,912						12,669
Total selling, general and administrative						$	150,989					$	139,748					$	436,272					$	401,817
Other operating (income) expenses:
Space and Defense						$	1,493					$	514					$	3,400					$	842
Military Aircraft						(252)						(414)						(1,377)						(964)
Commercial Aircraft						129						(588)						(493)						(1,302)
Industrial						1,901						5,160						1,004						10,406
Total other operating expenses						$	3,271					$	4,672					$	2,534					$	8,982

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						Three Months Ended												Nine Months Ended
						June 27, 2026						June 28, 2025						June 27, 2026						June 28, 2025
Operating profit:
Space and Defense						$	52,730					$	38,363					$	138,765					$	99,921
Military Aircraft						35,948						18,346						96,386						65,671
Commercial Aircraft						38,480						32,025						96,210						83,139
Industrial						49,112						23,177						118,292						75,835
Total operating profit						176,270						111,911						449,653						324,566
Deductions from operating profit:
Interest expense						15,778						17,790						48,513						53,586
Equity-based compensation expense						6,187						4,649						15,912						12,669
Non-service pension expense						1,137						1,970						3,414						5,855
Corporate and other expenses, net						15,744						11,149						34,357						29,610
Earnings before income taxes						$	137,424					$	76,353					$	347,457					$	222,846
Depreciation and amortization:
Space and Defense						$	8,479					$	6,091					$	22,808					$	17,414
Military Aircraft						11,215						8,687						31,165						25,027
Commercial Aircraft						5,266						4,570						14,081						13,746
Industrial						7,131						6,457						19,597						18,933
Corporate						57						35						130						128
Total depreciation and amortization						$	32,148					$	25,840					$	87,781					$	75,248
Capital expenditures:
Space and Defense						$	9,254					$	12,468					$	33,589					$	42,784
Military Aircraft						8,862						7,682						28,568						26,935
Commercial Aircraft						3,164						6,033						15,646						13,588
Industrial						6,180						6,450						15,822						19,667
Corporate						54						26						67						67
Total capital expenditures						$	27,514					$	32,659					$	93,692					$	103,041

Segment results exclude intercompany sales as those activities are eliminated in consolidation and are not considered in assessing the performance of each segment. Other segment operating income and expenses include restructuring, asset impairments, fair value adjustments, gains or losses on business disposals, royalty income and miscellaneous income and expenses.

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Note 19 - Related Party Transactions

Our transactions with related parties were not material for the three and nine months ended June 27, 2026.

Note 20 - Commitments and Contingencies

From time to time, we are involved in legal proceedings. We are not a party to any pending legal proceedings which management believes will result in a material adverse effect on our financial condition, results of operations or cash flows.

We are engaged in administrative proceedings with governmental agencies and legal proceedings with governmental agencies and other third parties in the normal course of our business, including litigation under Superfund laws, regarding environmental matters. We believe that adequate reserves have been established for our share of the estimated cost for all currently pending environmental administrative or legal proceedings and do not expect that these environmental matters will have a material adverse effect on our financial condition, results of operations or cash flows.

In the ordinary course of business we could be subject to ongoing claims or disputes from our customers, the ultimate settlement of which could have a material adverse impact on our consolidated results of operations. While the receivables and any loss provisions recorded to date reflect management's best estimate of the projected costs to complete a given project, there is still significant effort required to complete the ultimate deliverable. Future variability in internal cost and future profitability is dependent upon a number of factors including deliveries, performance and government budgetary pressures. The inability to achieve a satisfactory contractual solution, further unplanned delays, additional developmental cost growth or variations in any of the estimates used in the existing contract analysis could lead to further loss provisions. Additional losses could have a material adverse impact on our financial condition, results of operations or cash flows in the period in which the loss may be recognized.

We are contingently liable for $14,697 related to standby letters of credit issued by banks to third parties on our behalf at June 27, 2026.

Note 21 - Subsequent Events

On July 30, 2026, we declared a $0.30 per share quarterly dividend payable on issued and outstanding shares of our Class A and Class B common stock on August 25, 2026, to shareholders of record at the close of business on August 14, 2026.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in the Company’s Annual Report filed on Form 10-K for the fiscal year ended September 27, 2025. In addition, the following should be read in conjunction with our Consolidated Financial Statements and Notes to Consolidated Financial Statements contained herein. All references to years in this Management’s Discussion and Analysis of Financial Condition and Results of Operations are to fiscal years. Amounts may differ due to rounding as dollar and percentage variances are computed based on reported values.

OVERVIEW

We are a worldwide designer, manufacturer and systems integrator of high performance precision motion and fluid control and control systems for a broad range of applications. We primarily operate in the aerospace and defense market, and also operate in the industrial and medical markets.

Within the aerospace and defense market, our products and systems include:

•Defense market - primary and secondary flight controls and components for military aircraft, tactical and strategic missile steering controls, defense ground vehicle systems including turreted weapon systems and various other defense components.

•Commercial aircraft market - primary and secondary flight controls and components for commercial aircraft.

•Space market - satellite avionics, propulsion and positioning controls and components, launcher thrust vector controls and components, as well as integrated space vehicles.

Outside of the aerospace and defense market, our products and systems in the industrial and medical markets span a wide range of applications including:

•Industrial market - various components and systems used in applications including: heavy industrial machinery used for metal forming and pressing, flight simulation motion control systems, energy exploration and generation products, material and automotive structural and fatigue testing systems, as well as liquid cooling pumps used in data centers.

•Medical market - pumps and sets for enteral clinical nutrition and infusion therapy, slip rings used in CT scan medical equipment and various components used in ultrasonic sensors and surgical handpieces.

We operate under four segments, Space and Defense, Military Aircraft, Commercial Aircraft and Industrial. Our principal manufacturing facilities are located in the United States, Philippines, United Kingdom, Germany, Italy, Costa Rica, China, Netherlands, Japan, Canada, India and Lithuania.

Under ASC 606, 64% of revenue was recognized over time for the three months ended June 27, 2026, using the cost-to-cost method of accounting. The over-time method of revenue recognition is predominantly used in Space and Defense, Military Aircraft and Commercial Aircraft. We use this method for U.S. Government contracts and repair and overhaul arrangements as we are creating or enhancing assets that the customer controls. In addition, many of our large commercial contracts qualify for over-time accounting as our performance does not create an asset with an alternative use and we have an enforceable right to payment for performance completed to date.

For the three months ended June 27, 2026, 36% of revenue was recognized at the point in time control transferred to the customer. This method of revenue recognition is used most frequently in Industrial. We use this method for commercial contracts in which the asset being created has an alternative use. We determine the point in time control transfers to the customer by weighing the five indicators provided by ASC 606. When control has transferred to the customer, profit is generated as cost of sales is recorded and as revenue is recognized.

Our products and technologies affect millions of people worldwide. Our solutions preserve national security, ensure safe air transportation, reduce industrial factory emissions and enhance patients' lives, while driving innovation. Moog engineers collaboratively design and manufacture the most advanced motion control products, to the highest quality standards, for use in demanding applications. By building on these core foundational capabilities, we believe we have achieved a leadership position in the high-performance, precision controls market, and are "Shaping the way our world moves™."

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We leverage our engineering expertise and close customer relationships to solve complex technical problems. This approach has allowed us to expand, organically and through acquisitions, our high-performance components business to also offer the design, manufacture and integration of high-performance systems across multiple markets. We continue to expand our content on existing platforms as well, seeking to be the leading precision motion-controls supplier across the niche markets we serve. We are also modernizing operations through productivity-enhancing technologies and targeted talent development to strengthen operational performance.

Our long-term strategies to achieve our financial objectives focus on pricing and simplification initiatives. Our pricing strategy seeks recognition for the value we deliver to our customers across our markets. Our simplification initiatives, guided by 80/20 principles, include:

•shaping our product and business portfolio to invest in growth areas and to divest non-core assets,

•rationalizing our global footprint to meet current and future business volumes,

•focusing our factories to meet the specific needs of each market, and

•investing in automation and technologies to improve operational efficiency.

We aim to improve shareholder value through strategic revenue growth, both organic and acquired, manufacturing and operating efficiencies and utilizing low-cost manufacturing facilities without compromising quality. Historically and over the long-term, our capital deployment strategy has balanced strategic acquisitions, share buybacks and dividend payments to maximize shareholder returns. In the near term, our capital deployment prioritizes investing in our organic growth while opportunistically pursuing acquisitions that complement our business.

Acquisitions and Assets Held for Sale

See Note 3 - Acquisitions and Assets Held for Sale in the Consolidated Financial Statements included in Item 1, Financial Statements of this report for details.

CRITICAL ACCOUNTING POLICIES

On a regular basis, we evaluate the critical accounting policies used to prepare our consolidated financial statements, including revenue recognition on long-term contracts, contract reserves, reserves for inventory valuation and income taxes.

RECENT ACCOUNTING PRONOUNCEMENTS

See Note 1 - Basis of Presentation in the Consolidated Financial Statements included in Item 1, Financial Statements of this report for further information regarding Financial Accounting Standards Board issued ASUs.

U.S. GOVERNMENT TARIFFS AND IEEPA TARIFF REFUND CLAIMS

On February 20, 2026, the U.S. Supreme Court held that tariffs imposed under the International Emergency Economic Powers Act (“IEEPA”) were invalid. Following the ruling and related proceedings before the U.S. Court of International Trade (“CIT”), U.S. Customs and Border Protection (“CBP”) established a process to request refunds of certain tariffs previously paid under IEEPA.

We have paid IEEPA tariffs to the U.S. government and subsequently submitted refund requests to recover those amounts. Based on the following: the U.S. Supreme Court’s ruling, related CIT proceedings, CBP’s refund process, our receipt of $10 million of cash refunds under the initial phase of the refund process, our submission of refund requests for the remaining amounts and our assessment of the recoverability of amounts paid, we have concluded that recovery of previously incurred IEEPA tariffs is probable under a loss recovery accounting model.

During the three and nine months ended June 27, 2026, we recognized $30 million for the recovery of previously incurred IEEPA tariffs. This amount included $10 million of cash refunds received and $20 million recorded in prepaid expenses and other current assets on the Consolidated Balance Sheets as of June 27, 2026. The recovery was recorded as a reduction of cost of sales in the Consolidated Statements of Earnings for the three and nine months ended June 27, 2026.

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CONSOLIDATED RESULTS OF OPERATIONS
			Three Months Ended															Nine Months Ended
(In millions, except per share data)			June 27, 2026			June 28, 2025			$ Variance			% Variance						June 27, 2026			June 28, 2025			$ Variance			% Variance
Net sales			$	1,117		$	970		$	147		15		%				$	3,269		$	2,811		$	457		16		%
Gross margin			31.1		%	27.5		%										28.4		%	27.3		%
Research and development expenses			33			22			11			51		%				84			70			14			20		%
Selling, general and administrative expenses as a percentage of sales			13.5		%	14.4		%										13.3		%	14.3		%
Interest expense			16			18			(2)			(11		%)				49			54			(5)			(9		%)
Asset impairment and fair value adjustment			7			3			4									7			3			4
Restructuring expense			2			3			(1)									5			9			(4)
Other			1			5			(4)									1			8			(8)
Effective tax rate			(10.6)		%	23.4		%										10.0		%	23.4		%
Net earnings			$	152		$	58		$	94		160		%				$	313		$	171		$	142		83		%
Diluted earnings per share			$	4.74		$	1.83		$	2.91		159		%				$	9.76		$	5.32		$	4.44		83		%
Twelve-month backlog																		$	3,250		$	2,650		$	600		23		%

Net sales increased across all our segments in the third quarter and in the first three quarters of 2026 compared to the third quarter and the first three quarters of 2025.

Gross margin increased in the third quarter and first three quarters of 2026 compared to the third quarter and first three quarters of 2025, driven by IEEPA tariff refund claims across all our segments, as well as by business performance.

Research and development expenses increased in the third quarter and first three quarters of 2026 compared to the prior year periods, driven by activities supporting our current and future growth programs in Space and Defense.

Selling, general and administrative expenses as a percentage of sales decreased in the third quarter and first three quarters of 2026 compared to the third quarter and first three quarters of 2025, reflecting the incremental benefit from higher sales volume.

Interest expense decreased in the third quarter of 2026 compared to the third quarter of 2025, driven by lower outstanding debt balances. Interest expense decreased in the first three quarters of 2026 compared to the first three quarters of 2025, driven by lower outstanding debt balances and lower interest rates.

In the third quarter and first three quarters of 2026 and in the third quarter and first three quarters of 2025, we incurred restructuring charges for various simplification activities, primarily within Industrial and Space and Defense.

The effective tax rate was lower in the third quarter and first three quarters of 2026 compared to the third quarter and first three quarters of 2025, driven by our re-evaluation and adjustment of our domestic research and development tax credits. For further information, refer to Note 14 - Income Taxes.

The twelve-month backlog as of June 27, 2026 increased as compared with the twelve-month backlog as of June 28, 2025. Within Commercial Aircraft, we had higher orders for narrowbody and widebody OEM programs. Military Aircraft's twelve-month backlog increased due to higher orders for new and current aircraft. Within Space and Defense, we had higher orders across the entire portfolio of the business, reflecting strong business capture and broad-based growth in both defense and space markets. Industrial's twelve-month backlog increased primarily due to higher demand for data center cooling pumps.

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SEGMENT RESULTS OF OPERATIONS

Operating profit, as presented below, is net sales less cost of sales and other operating expenses, excluding interest expense, equity-based compensation expense, non-service pension expense and other corporate expenses. Cost of sales and other operating expenses are directly identifiable to the respective segment or allocated on the basis of sales, headcount or profit. Operating profit is reconciled to earnings before income taxes in Note 18 - Segments in the Notes to Consolidated Financial Statements included in this report.

Space and Defense

			Three Months Ended															Nine Months Ended
(dollars in millions)			June 27, 2026			June 28, 2025			$ Variance			%  Variance						June 27, 2026			June 28, 2025			$ Variance			%  Variance
Net sales			$	336		$	288		$	48		17		%				$	974		$	806		$	168		21		%
Operating profit			$	53		$	38		$	14		37		%				$	139		$	100		$	39		39		%
Operating margin			15.7		%	13.3		%										14.2		%	12.4		%

Space and Defense net sales increased in the third quarter and first three quarters of 2026 compared to the third quarter and first three quarters of 2025, reflecting broad-based defense demand. Demand was particularly strong for space vehicles and missile controls.

Operating margin increased in the third quarter and first three quarters of 2026 compared to the third quarter and first three quarters of 2025, driven by business performance and IEEPA tariff refund claims. These increases were partially offset by increased costs for product development, business capture and operational readiness.

Military Aircraft

			Three Months Ended															Nine Months Ended
(dollars in millions)			June 27, 2026			June 28, 2025			$  Variance			% Variance						June 27, 2026			June 28, 2025			$ Variance			%  Variance
Net sales			$	245		$	225		$	21		9		%				$	728		$	652		$	76		12		%
Operating profit			$	36		$	18		$	18		96		%				$	96		$	66		$	31		47		%
Operating margin			14.7		%	8.2		%										13.2		%	10.1		%

Military Aircraft net sales increased in the third quarter and first three quarters of 2026 compared to the third quarter and first three quarters of 2025.

In the third quarter of 2026 compared to the third quarter of 2025, military aftermarket sales increased $16 million, driven by higher repair activity and new contract awards. Military OEM sales increased $5 million, driven by higher activity on the MV-75 program.

In the first three quarters of 2026 compared to the first three quarters of 2025, military aftermarket sales increased $42 million, driven by a significant V-22 spares order in the first quarter of 2026 and higher repair activity and new contract awards. Military OEM sales increased $34 million, driven by higher activity on the MV-75 program.

Operating margin increased in the third quarter and first three quarters of 2026 compared to the third quarter and first three quarters of 2025, driven by the absence of the prior year’s $8 million charge associated with the termination of a product development effort and business performance. In addition, we benefitted from the IEEPA tariff refund claims.

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Commercial Aircraft

			Three Months Ended															Nine Months Ended
(dollars in millions)			June 27, 2026			June 28, 2025			$  Variance			% Variance						June 27, 2026			June 28, 2025			$ Variance			%  Variance
Net sales			$	254		$	218		$	36		17		%				$	768		$	652		$	117		18		%
Operating profit			$	38		$	32		$	6		20		%				$	96		$	83		$	13		16		%
Operating margin			15.2		%	14.7		%										12.5		%	12.8		%

Commercial Aircraft net sales increased in the third quarter and first three quarters of 2026 compared to the third quarter and first three quarters of 2025.

In the third quarter of 2026 compared to the third quarter of 2025, commercial OEM sales increased $25 million, driven by increased volume and pricing on certain production programs. Commercial aftermarket sales increased $11 million, driven by higher repair activity.

In the first three quarters of 2026 compared to the first three quarters of 2025, commercial OEM sales increased $82 million, driven by increased volume and pricing on certain production programs. Commercial aftermarket sales increased $34 million, driven by higher repair activity.

Operating margin increased in the third quarter of 2026 compared to the third quarter of 2025, driven by IEEPA tariff refund claims, partially offset by the benefit of the sale of a non-core product line that occurred in the third quarter of 2025 and an unfavorable sales mix.

Operating margin decreased in the first three quarters of 2026 compared to the first three quarters of 2025, driven by the benefit of the sale of a non-core product line that occurred in the third quarter of 2025 and an unfavorable sales mix. These were partially offset by IEEPA tariff refund claims.

Industrial

			Three Months Ended															Nine Months Ended
(dollars in millions)			June 27, 2026			June 28, 2025			$ Variance			%  Variance						June 27, 2026			June 28, 2025			$  Variance			%  Variance
Net sales			$	282		$	240		$	42		18		%				$	798		$	702		$	96		14		%
Operating profit			$	49		$	23		$	26		112		%				$	118		$	76		$	42		56		%
Operating margin			17.4		%	9.7		%										14.8		%	10.8		%

Industrial net sales increased in the third quarter and first three quarters of 2026 compared to the third quarter and first three quarters of 2025, driven by strong demand for data center cooling pumps and higher demand for our medical device products and our energy products, as well as a favorable impact of foreign currency translation.

Operating margin increased in the third quarter of 2026 compared to the third quarter of 2025, driven by IEEPA tariff refund claims, an asset impairment recorded in the third quarter of 2025 and the growing data center cooling pump business.

Operating margin increased in the first three quarters of 2026 compared to the first three quarters of 2025, driven by IEEPA tariff refund claims, lower charges related to simplification initiatives, an asset impairment recorded in the third quarter of 2025 and the growing data center cooling pump business.

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LIQUIDITY AND CAPITAL RESOURCES

Consolidated Statements of Cash Flows

			Nine Months Ended
(dollars in millions)			June 27, 2026			June 28, 2025			$ Variance
Net cash provided (used) by:
Operating activities			$	245		$	32		$	213
Investing activities			(92)			(92)			1
Financing activities			(148)			55			(203)

Operating activities

Net cash provided by operating activities was $245 million and $32 million in the first three quarters of 2026 and 2025, respectively. The year-over-year improvement was primarily driven by higher net earnings and increased customer advances on multiple Commercial Aircraft, Space and Defense and Military Aircraft programs. Also, lower cash outflow for inventory drove the year-over-year improvement. The Commercial Aircraft inventory balance decreased, primarily due to delayed material receipts during the first three quarters of 2026. These were partially offset by accounts receivable, unbilled receivables and other assets and liabilities. Accounts receivable used more cash, driven by the timing of collections. Unbilled receivables also used more cash, driven by timing. Other assets and liabilities reflect the tariff refund receivables.

Investing activities

Net cash used by investing activities in the first three quarters of 2026 included capital expenditures of $94 million.

Net cash used by investing activities in the first three quarters of 2025 included $103 million of capital expenditures and $13 million of proceeds from the sales of businesses.

Financing activities

Net cash used by financing activities in the first three quarters of 2026 included $27 million of net payments on our revolving credit facilities. In March 2026, we issued $500 million of 5.50% senior notes due 2034 and used the net proceeds of $491 million, together with cash on hand, to redeem all $500 million of our 4.25% senior notes due 2027 in April 2026. We also amended and restated our Credit Facility, extending the maturities of the $1.1 billion revolving loan and the $250 million term loan to February 2031. In addition, we made dividend payments of $28 million.

Net cash provided by financing activities in the first three quarters of 2025 included $44 million of net payments on our revolving credit facilities. In addition, on May 30, 2025, we amended and restated our loan agreement to include a $250 million term loan, with a maturity date of October 2027. Financing activities also included $100 million for shares under the authorized repurchase program and $27 million of cash dividends.

General

Cash flows from our operations, together with our various financing arrangements, fund on-going activities, debt service requirements, organic growth, acquisition opportunities and the ability to return capital to shareholders. We believe these sources of funding will be sufficient to meet our cash requirements for the next 12 months and for the foreseeable future thereafter.

At June 27, 2026, our cash balances were $68 million, the majority of which is held outside of the U.S. by foreign operations. We regularly assess our cash needs, including repatriation of foreign earnings which may be subject to regulatory approvals and withholding taxes, where applicable by law.

Financing Arrangements

In addition to operations, our capital resources include bank credit facilities and an accounts receivable financing program to fund our short and long-term capital requirements. We continuously evaluate various forms of financing to improve our liquidity and position ourselves for future opportunities, which, from time to time, may result in selling debt and equity securities to fund acquisitions or take advantage of favorable market conditions.

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We are generally not required to obtain the consent of lenders of the Credit Facility before raising significant additional debt financing; however, certain limitations and conditions may apply that would require consent to be obtained. We have demonstrated our ability to secure consents to access debt markets. We have also been successful in accessing equity markets from time to time. We believe that we will be able to obtain additional debt or equity financing as needed.

In the normal course of business, we are exposed to interest rate risk from our long-term debt. To manage these risks, we may enter into derivative instruments such as interest rate swaps which are used to adjust the proportion of total debt that is subject to variable and fixed interest rates.

On February 26, 2026, we entered into the Eighth Amended and Restated Loan Agreement (the "Credit Facility"), which amended and restated our prior credit agreement and, among other things, extended the maturity date of our revolving loan from October 27, 2027 to February 26, 2031. The revolving loan has aggregate commitments of $1.1 billion. The agreement also permits us to request incremental revolving commitments and/or one or more incremental term loan facilities in an aggregate amount of up to $400 million, upon satisfaction of certain conditions. The weighted-average interest rate on the outstanding revolving loan borrowings was 4.88% and is based on SOFR plus the applicable margin, which was 1.25% at June 27, 2026. The agreement also includes a $250 million term loan maturing on February 26, 2031. The term loan amortizes in quarterly installments of $5 million in 2027, $6 million in 2028, $11 million in 2029, $9 million in 2030, $6 million in 2031 and the remaining balance on the maturity date of February 26, 2031. The interest rate on the term loan borrowings was 4.93% and is based on SOFR plus the applicable margin, which was 1.25% at June 27, 2026. As of June 27, 2026, we were in compliance with all covenants.

The agreement for the revolving loan and term loan contains various covenants. The minimum for the interest coverage ratio, defined as the ratio of EBITDA to interest expense for the most recent four quarters, is 3.0. The maximum for the leverage ratio, defined as the ratio of net debt to EBITDA for the most recent four quarters, is 4.0. EBITDA is defined in the loan agreement as (i) the sum of net income, interest expense, income taxes, depreciation expense, amortization expense, other non-cash items reducing consolidated net income, non-cash equity-based compensation expenses, unusual or extraordinary non-recurring cash expenses and other synergies related to transactions minus (ii) other non-cash items increasing consolidated net income.

The SECT has a revolving loan with a borrowing capacity of $25 million, maturing on April 24, 2028. Interest was 5.76% as of June 27, 2026 and is based on SOFR plus a margin of 2.13%.

On March 24, 2026, we completed the sale of $500 million aggregate principal amount of 5.50% senior notes due October 15, 2034. Interest on the senior notes is payable semiannually on April 15 and October 15 of each year, beginning on October 15, 2026. The senior notes are senior unsecured obligations and are guaranteed on a senior unsecured basis by certain subsidiaries that are guarantors under the indenture. The indenture governing the senior notes contains certain restrictive covenants that, subject to important exceptions and limitations, limit our ability and the ability of certain of our subsidiaries to incur certain liens, enter into certain sale and leaseback transactions and consolidate, merge or sell substantially all of our assets. As of June 27, 2026, we were in compliance with all covenants under the indenture.

On March 4, 2026, we issued a notice of redemption to holders of our 4.25% senior notes due on December 15, 2027, to redeem and retire all of the outstanding notes. The notes were redeemed on April 3, 2026 at a redemption price equal to 100.00% of the principal amount thereof, plus accrued and unpaid interest to, but not including, the redemption date, pursuant to an early redemption right. We redeemed the $500 million aggregate principal amount of the notes using net proceeds available from the issuance of the 5.50% senior notes, together with cash on hand.

At June 27, 2026, we had $952 million of unused capacity, including $932 million from the revolving loan after considering standby letters of credit and other limitations.

Our Receivables Purchase Agreement, which matures on February 20, 2028, allows the Receivables Subsidiary to sell receivables to the Purchasers in amounts up to a $125 million limit so long as certain conditions are satisfied. The receivables are sold to the Purchasers in consideration for the Purchasers making payments of cash. Each Purchaser’s share of capital accrues yield at a variable rate plus an applicable margin, which totaled 4.64% as of June 27, 2026.

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We are in compliance with all covenants under each of our financing arrangements. See Note 4 - Receivables and Note 9 – Indebtedness.

Dividends and Common Stock

We believe we can create long term value for our shareholders by continuing to invest in our business through both capital expenditures as well as investments in new market opportunities. We will also continue exploring opportunities to make strategic acquisitions and return capital to shareholders.

We are currently paying quarterly cash dividends on our Class A and Class B common stock and expect to continue to do so for the foreseeable future. See the Consolidated Statement of Shareholders' Equity and Cash Flows, of Part I, Item 1, Financial Information, of this report for additional details.

The Board of Directors authorized a share repurchase program that permits repurchases for both Class A and Class B common stock, and allows us to buy up to an aggregate 3 million common shares. There are approximately 1.7 million common shares remaining under this authorization. See the Consolidated Statement of Shareholders' Equity and Cash Flows, of Part I, Item 1, Financial Information and Part II, Item 2, Unregistered Sales of Equity Securities and Use of Proceeds, of this report for additional details.

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Off Balance Sheet Arrangements

We do not have any material off balance sheet arrangements that have or are reasonably likely to have a material future effect on our financial condition, results of operations or cash flows.

Contractual Obligations and Commercial Commitments

Our contractual obligations and commercial commitments have not changed materially from the disclosures in our Annual Report on Form 10-K for the year ended September 27, 2025. See Note 7 - Leases, Note 9 - Indebtedness, Note 13 - Employee Benefit Plans and Note 20 - Commitments and Contingencies, of Part I, Item 1, Financial Information, of this report for additional details.

ECONOMIC CONDITIONS AND MARKET TRENDS

We operate primarily within the aerospace and defense market and also in the industrial and medical markets. A common factor throughout our markets is the continuing demand for technologically advanced products.

Our aerospace and defense businesses currently represent 76% of our 2026 sales. Our defense market, which currently represents 52% of our 2026 sales, is directly affected by defense funding levels and product demand, which have recently increased. Our commercial aircraft market, which currently represents 24% of our 2026 sales, aligns with our customers' plans. Within our various industrial and medical markets, which collectively represented 24% of our 2026 sales, our customers are affected by a broad range of factors.

Aerospace and Defense

Within aerospace and defense, we serve three end markets: defense, commercial aircraft and space.

The defense market is dependent on military spending for development and production programs. We have a growing development program order book for future generation aircraft and turret programs, and we strive to embed our technologies within these high-performance military programs of the future, including the Textron Bell MV-75 Cheyenne II. Aircraft production programs are typically long-term in nature, offering predictable capacity needs and future revenues. We maintain positions on numerous high priority programs, including the Lockheed Martin F-35 Lightning II. The large installed base of our products leads to attractive aftermarket sales and service opportunities. The tactical and strategic missile, missile defense and defense vehicle controls markets are dependent on many of the same market conditions as military aircraft, including missile stockpile levels, overall military spending and program funding levels. At times when there are perceived threats to national security, U.S. and international defense spending can increase; at other times, defense spending can decrease. Future levels of defense spending have increased in the near-term given the current global tensions, and are subject to governmental approvals.

The commercial OEM aircraft market depends on a number of factors, including both the increasing global demand for air travel and increasing fuel prices. Both factors contributed to the demand for new, more fuel-efficient aircraft with lower operating costs that led to large production backlogs for Boeing and Airbus. Boeing and Airbus are producing widebody aircraft at rates to support their projected demand while working through their current supply-chain constraints. Any adjustments to their production rates affect the timing of the demand for our flight control systems.

The commercial aftermarket is driven by usage and the age of the existing aircraft fleet for passenger and cargo aircraft, which drives the need for maintenance and repairs. We have seen higher demand levels for our maintenance services and spare parts due to the increased number of flight hours across existing fleets.

The space market is comprised of three customer markets: civil, U.S. defense and commercial space. The civil market, namely NASA, is driven by investment for exploration activities. The U.S. defense market is driven by government-authorized levels of defense spending, including funding for defense-related satellite and space vehicle technologies. Levels of U.S. defense spending could increase as there is growing emphasis on space as the next frontier of potential future conflicts. The commercial space market is driven by demand for small satellites, which increases the demand for increased launch vehicle capacity. Our launch vehicle and satellite components and systems will continue to benefit from increased investments in each of these markets.

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Industrial

The industrial market consists of industrial automation products, simulation and test products and energy generation and exploration products.

The industrial market we serve with our industrial automation products is influenced by several factors including capital investment levels, the pace of product and technology innovation, economic conditions and cost-reduction efforts. A portion of our industrial automation customers serve the automotive market as well as the data center cooling market.

Our simulation and test market mainly includes flight simulation products which are largely affected by the same factors as our commercial aircraft market. Demand for our flight simulation systems will match the airline training market and the change in domestic and foreign flight hours.

Our energy generation and exploration products operate in a market that is influenced by changing oil and natural gas prices, global urbanization and the resulting change in supply and demand for global energy. Drivers for global energy growth include investments in power generation infrastructure and exploration of new oil and gas resources.

Medical

The medical market consists of medical devices and medical component products. The medical market we serve, in general, is influenced by economic conditions, regulatory environments, hospital and outpatient clinic spending on equipment, population demographics, medical advances, patient demands and the need for precision control components and systems. Advances in medical technology and treatments have resulted in the greater need for medical services, which drive the demand for our medical devices and medical component offerings.

Foreign Currencies

We are affected by the movement of foreign currencies compared to the U.S. dollar. About one-sixth of our 2025 sales were denominated in foreign currencies. During the first nine months of 2026, average foreign currency rates generally strengthened against the U.S. dollar to the comparable 2025 period. The translation of the results of our foreign subsidiaries into U.S. dollars increased sales by $28 million compared to the same period one year ago.

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Cautionary Statement

Information included or incorporated by reference in this report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which can be identified by words such as: “may,” “will,” “should,” “believes,” “expects,” “expected,” “intends,” “plans,” “projects,” “approximate,” “estimates,” “predicts,” “potential,” “outlook,” “forecast,” “anticipates,” “presume,” “assume” and other words and terms of similar meaning (including their negative counterparts or other various or comparable terminology). These forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995, are neither historical facts nor guarantees of future performance and are subject to several factors, risks and uncertainties, the impact or occurrence of which could cause actual results to differ materially from the expected results described in the forward-looking statements.

Although it is not possible to create a comprehensive list of all factors that may cause our actual results to differ from the results expressed or implied by our forward-looking statements or that may affect our future results, some of these factors and other risks and uncertainties are described in Item 1A “Risk Factors” of our Annual Report on Form 10-K and in our other periodic filings with the Securities and Exchange Commission (“SEC”) and include, but are not limited to, risks relating to: (i) our operation in highly competitive markets with competitors who may have greater resources than we possess; (ii) our operation in cyclical markets that are sensitive to domestic and foreign economic conditions and events; (iii) current and future geopolitical conditions and events, including wars, armed conflicts, sanctions, trade restrictions and related disruptions to global markets and supply chains; (iv) our heavy dependence on government contracts that may not be fully funded, delayed or terminated; (v) our ability to remediate the material weakness in internal control over financial reporting and maintain effective disclosure controls and procedures; (vi) supply chain constraints and inflationary impacts on prices for raw materials and components used in our products; (vii) failure of our subcontractors or suppliers to perform their contractual obligations; (viii) risks related to information systems interruptions, intrusions, cybersecurity threats or new software implementations; and (ix) our accounting estimates for over-time contracts and any changes we may need to make thereto. You should evaluate all forward-looking statements made in this report in the context of these risks and uncertainties.

While we believe we have identified and discussed in our SEC filings the material risks affecting our business, there may be additional factors, risks and uncertainties not currently known to us or that we currently consider immaterial that may affect the forward-looking statements we make herein. Given these factors, risks and uncertainties, investors should not place undue reliance on forward-looking statements as predictive of future results. Any forward-looking statement speaks only as of the date on which it is made, and we disclaim any obligation to update any forward-looking statement made in this report, except as required by applicable law.

Item 3. Quantitative and Qualitative Disclosures about Market Risk.

Refer to the Company’s Annual Report on Form 10-K for the year ended September 27, 2025 for a complete discussion of our market risk. There have been no material changes in the current year regarding this market risk information.

Item 4. Controls and Procedures.

(a)Disclosure Controls and Procedures. The Company’s management, with the participation of our Chief Executive Officer (our principal executive officer) and Chief Financial Officer (our principal financial officer), has evaluated the effectiveness of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) or 15d-15(e) under the Securities Exchange Act of 1934 (“Exchange Act”) and as required by paragraph (b) of Rules 13a-15 or 15d-15 under the Exchange Act), as of the end of the period covered by this report. Based on this evaluation, our principal executive officer and principal financial officer have concluded that, due to the material weakness described below, the Company’s disclosure controls and procedures are not effective as of June 27, 2026 to provide reasonable assurance that information required to be disclosed in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and that such information is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures.

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As reported in Part II, Item 9A. "Controls and Procedures" in our Annual Report on Form 10-K for the fiscal year ended September 27, 2025, the Company previously identified a material weakness in the design and operation of its controls over distinct long-term aftermarket service revenue contracts in the Company’s Commercial Aircraft segment. Specifically, management did not have adequate controls to address the completeness and accuracy of key inputs utilized in recognizing revenue and contract reserves for these contracts. This material weakness continues to exist as of June 27, 2026.

In response to the material weakness, the Company’s management, with oversight of the Audit Committee of the Board of Directors, has continued to design and implement internal control measures to improve its internal control over financial reporting and remediate the material weakness identified above. The Company's internal control remediation efforts include the following:

i.Design and implement targeted controls that address the completeness and accuracy of the inputs used in recognizing revenue and contract reserves for the group of contracts described in the material weakness identified above.

ii.Enhance the design of certain policies and controls relating to access rights, data control, and change management in our information technology applications associated with the key reports used for these long-term aftermarket service contracts.

iii.Develop and implement additional training programs for relevant personnel addressing controls around the completeness and accuracy of key inputs and management review controls around accuracy and reasonableness of financial information used in the long-term aftermarket service revenue process.

iv.Evaluate the talent and skill set of individuals involved in key management review control procedures for these contracts.

During the period, management implemented certain interim validation procedures, continued enhancements to reports and related information technology controls, provided targeted training to relevant personnel and strengthened internal controls oversight.

While management continues to make progress with these remediation efforts, the material weakness will not be considered remediated until the related controls have been fully implemented, have operated for a sufficient period of time, and management has concluded, through testing, that such controls are designed and operating effectively to address the risk of material misstatement.

(b)Changes in Internal Control over Financial Reporting. There have been no changes during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II OTHER INFORMATION

Item 1A. Risk Factors.

Refer to the Company’s Annual Report on Form 10-K for the year ended September 27, 2025 for a complete discussion of our risk factors. There have been no material changes in the current year regarding our risk factors.

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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

(c)The following table summarizes our purchases of our common stock for the quarter ended June 27, 2026.

Period						(a) Total Number of Shares Purchased (1) (2)(3)						(b) Average Price Paid Per Share (4)						(c) Total number of Shares Purchased as Part of Publicly Announced  Plans or Programs (3)						(d) Maximum Number (or Approx. Dollar Value) of Shares that May Yet Be Purchased Under Plans or Programs (3)
March 29, 2026 - April 30, 2026						10,757						$	318.99					—						1,660,107
May 1, 2026 - May 31, 2026						11,432						337.93						—						1,660,107
June 1, 2026 - June 27, 2026						54,329						401.20						—						1,660,107
Total						76,518						$	380.19					—						1,660,107

(1)Reflects purchases by the SECT of shares of Class B common stock from the RSP and from equity-based compensation award recipients and ESPP participants under right of first refusal terms at average prices as follows: 10,757 shares at $318.99 in April, 5,288 shares at $328.43 in May and 29,269 shares at $399.10 in June.

(2)In connection with the exercise of equity-based compensation awards, we accept delivery of shares to pay for the exercise price and withhold shares for tax withholding obligations at average prices as follows: In May, we accepted delivery of 6,144 Class B shares at $346.10. In June, we accepted delivery of 10,129 Class B shares at $398.15. In connection with the issuance of equity-based awards and shares to the ESPP, we purchased 14,931 Class B shares at $407.37 in June.

(3)The Board of Directors has authorized a share repurchase program that permits the purchase of up to 3 million common shares of Class A or Class B common stock in open market or privately negotiated transactions at the discretion of management. No shares were purchased under the program for the quarter ended June 27, 2026.

(4)Excludes 1% excise tax accrued pursuant to the Inflation Reduction Act of 2022.

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Item 5. Other Information.

During the quarter ended June 27, 2026, one of the Company's directors adopted a "Rule 10b5-1 trading arrangement," as that term is defined in Item 408 of Regulation S-K, that is intended to satisfy the affirmative defense conditions of Securities Exchange Act Rule 10b5-1(c). The following table provides the required details regarding this arrangement:

Name

Title

Trading Arrangement Adoption Date

Duration of Trading Arrangement

Aggregate Number of Securities to be Sold under the Trading Arrangement

John Scannell

Director

May 12, 2026

Beginning on August 11, 2026 and continuing until the earlier of July 30, 2027 or such earlier date if all transactions under the trading arrangement are completed.

Up to an aggregate of 12,000 shares of Class A Common Stock

Other than as disclosed above, during the quarter ended June 27, 2026, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K.

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Item 6. Exhibits.

(a)

Exhibits

4.1

Supplemental indenture between Moog Inc., Moog European Holdings LLC and Truist Bank as trustee, dated May 20, 2026.

31.1

Certification of Chief Executive Officer pursuant to Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2

Certification of Chief Financial Officer pursuant to Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1

Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101

Interactive Data files (submitted electronically herewith)

(101.INS)

XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

(101.SCH)

XBRL Taxonomy Extension Schema Document

(101.CAL)

XBRL Taxonomy Extension Calculation Linkbase Document

(101.DEF)

XBRL Taxonomy Extension Definition Linkbase Document

(101.LAB)

XBRL Taxonomy Extension Label Linkbase Document

(101.PRE)

XBRL Taxonomy Extension Presentation Linkbase Document

104

Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document and are contained within Exhibit 101.

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SIGNATURES

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 thereunto duly authorized.

Moog Inc.

(Registrant)

Date:

July 31, 2026

By

/s/ Pat Roche

Pat Roche

Chief Executive Officer (Principal Executive Officer)

Date:

July 31, 2026

By

/s/ Jennifer Walter

Jennifer Walter

Chief Financial Officer (Principal Financial Officer)

Date:

July 31, 2026

By

/s/ Nicholas Hart

Nicholas Hart

Controller (Principal Accounting Officer)

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