Record Q3 sales and EPS as Moog Inc. (NYSE: MOG.A, MOG.B) raises 2026 guidance
Rhea-AI Filing Summary
Moog Inc. delivered record third quarter 2026 results, with net sales of $1,116,545 thousand, up 15% from a year earlier, and consolidated operating margin expanding to 15.8%. All four segments grew, while net earnings rose to $152,025 thousand and diluted EPS increased to $4.74. Adjusted diluted EPS was $3.72. Free cash flow reached $132,581 thousand, and the twelve‑month backlog increased 23% to $3.3 billion.
Results reflected $30 million of claims related to previously incurred International Emergency Economic Powers Act tariffs and significant income tax benefits, including $35 million of prior‑year U.S. federal R&D credits and an $8 million benefit from legal‑entity simplification. For fiscal 2026, Moog raised guidance to $4.4 billion in net sales, 14.1% adjusted operating margin, and $11.65 adjusted diluted EPS, with free cash flow conversion of 70%. The board also declared a quarterly cash dividend of $0.30 per share, or about $10 million in total.
Positive
- Q3 2026 net sales rose 15% to $1,117 million, with record revenue and significant growth across all four operating segments.
- Diluted EPS reached $4.74, while adjusted diluted EPS increased 60% year over year to $3.72, reflecting stronger profitability.
- Fiscal 2026 guidance was raised to $4.4 billion in net sales, 14.1% adjusted operating margin and $11.65 adjusted diluted EPS, with free cash flow conversion targeted at 70%.
- Twelve‑month backlog increased 23% to $3.3 billion, indicating continued strong demand across Moog’s end markets.
- The Board declared a quarterly dividend of $0.30 per share, representing an estimated $10 million cash return to shareholders.
Negative
- None.
Filing Explained
Moog’s declared 30-cent dividend is scheduled for August 25, 2026, after the August 14 record date, with about 10 million dollars of company cash use.
This Form 8-K reports specified material events and furnishes Moog’s quarter results under Item 2.02; that results information is not treated as filed for Section 18 liability or incorporated by reference.
The company has declared a quarterly dividend of
The dividend is scheduled for
8-K Event Classification
3 items: 2.02, 8.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 8.01
Other Events
Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Net sales Q3 2026: $1,116,545 thousand
Net earnings Q3 2026: $152,025 thousand
Diluted EPS Q3 2026: $4.74
+5 more
8 metrics
Net sales Q3 2026
$1,116,545 thousand
Three months ended June 27, 2026; 15% above Q3 2025
Net earnings Q3 2026
$152,025 thousand
Three months ended June 27, 2026; 160% above prior-year quarter
Diluted EPS Q3 2026
$4.74
Diluted net earnings per share vs $1.83 in Q3 2025
Adjusted diluted EPS Q3 2026
$3.72
Adjusted diluted net earnings per share vs $2.33 in Q3 2025
Operating margin Q3 2026
15.8%
Consolidated operating margin; up 430 bps from Q3 2025
Free cash flow Q3 2026
$132,581 thousand
Three months ended June 27, 2026; up from $92,632 thousand in Q3 2025
Twelve-month backlog
$3.3 billion
Backlog increased 23% on a twelve‑month basis
FY 2026 net sales guidance
$4.4 billion
Current fiscal 2026 net sales outlook, raised from $4.3 billion
Key Terms
International Emergency Economic Powers Act, free cash flow conversion, simplification initiatives, adjusted operating margin, +1 more
5 terms
International Emergency Economic Powers Act regulatory
"claims related to previously incurred International Emergency Economic Powers Act ("IEEPA") tariffs"
A U.S. law that gives the president broad authority to control trade, financial transactions, and assets during a declared national emergency, such as by imposing sanctions, freezing property, or restricting exports and imports. For investors it matters because those powers can suddenly block deals, cut off access to markets or funds, and change the value of companies or securities much like an emergency brake that can stop or reroute economic activity overnight.
free cash flow conversion financial
"Free cash flow conversion is defined as free cash flow divided by adjusted net earnings"
Free cash flow conversion measures how effectively a company turns its reported profits into actual cash that can be used for growth, debt repayment, or dividends. It compares the cash generated after expenses to the company's net income, similar to how a person might compare their savings to their paycheck. High conversion indicates the company is efficient at translating profits into cash, which is important for investors assessing its financial health and flexibility.
simplification initiatives financial
"Adjusted operating margin excludes $7 million of charges for simplification initiatives"
adjusted operating margin financial
"Adjusted operating margin increased due to the claims of previously incurred IEEPA tariffs"
Adjusted operating margin shows how much profit a company makes from its core business activities, after removing unusual or one-time costs and income. It helps investors see the company's true profitability by providing a clearer picture, similar to removing unexpected expenses to understand the regular performance. This metric is useful for comparing companies or tracking performance over time, as it highlights consistent earning power.
non-GAAP financial measures financial
"includes certain financial information that is not presented in accordance with Generally Accepted Accounting Principles"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
Earnings Snapshot
Net sales: $1,117 million · Guidance included
quarter ended June 27, 2026
Net sales
$1,117 million
15% vs Q3 2025
Net earnings
$152 million
160% vs Q3 2025
Diluted EPS
$4.74
159% vs Q3 2025
Adjusted diluted EPS
$3.72
60% vs Q3 2025
Operating margin
15.8%
430 bps vs Q3 2025
Free cash flow
$133 million
$40 million increase vs Q3 2025
Guidance
For fiscal 2026, Moog guides net sales of $4.4 billion, adjusted operating margin of 14.1%, adjusted diluted EPS of $11.65 (within +/- $0.10), and free cash flow conversion of 70%.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How did Moog (MOG) perform financially in its third quarter of 2026?
Moog reported Q3 2026 net sales of $1,116,545 thousand, up 15% year over year, with operating margin expanding to 15.8%. Net earnings were $152,025 thousand, diluted EPS was $4.74, and free cash flow reached $132,581 thousand for the quarter.
What were Moog (MOG)’s Q3 2026 segment sales and margins?
In Q3 2026, Moog’s sales were $336 million in Space and Defense, $245 million in Military Aircraft, $254 million in Commercial Aircraft and $282 million in Industrial. Segment operating margins reached 15.7%, 14.7%, 15.2% and 17.4%, respectively.
What fiscal 2026 guidance did Moog (MOG) provide in this update?
Moog now guides fiscal 2026 net sales of $4.4 billion, up from $4.3 billion previously. It targets 14.1% adjusted operating margin, $11.65 adjusted diluted EPS (within ±$0.10), and 70% free cash flow conversion, all higher than prior guidance levels.
How did tax items impact Moog (MOG)’s Q3 2026 results?
Moog’s Q3 2026 effective tax rate was (10.6)%, reflecting $35 million of prior‑year U.S. federal R&D tax credits and an $8 million benefit from legal‑entity simplification. On an adjusted basis, the effective tax rate for the quarter was 20.7%.
What is Moog (MOG)’s backlog and cash flow position after Q3 2026?
Moog’s twelve‑month backlog increased 23% to $3.3 billion, supporting future revenue. Q3 2026 free cash flow was $132,581 thousand, and nine‑month free cash flow totaled $151,229 thousand, corresponding to a free cash flow conversion of 52% year to date.
What dividend did Moog (MOG) declare in July 2026 and when will it be paid?
Moog’s Board declared a quarterly dividend of $0.30 per share on Class A and Class B stock, a net cash use of about $10 million. It will be paid on August 25, 2026, to shareholders of record as of August 14, 2026.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (date of earliest event reported)
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | |||||||||
(Address of Principal Executive Offices) | (Zip Code) | ||||||||||
(716 ) 652-2000
(Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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.
o
| Item 2.02 | Results of Operations and Financial Condition | ||||
On July 31, 2026, Moog Inc. (the “Company”) issued a press release discussing results of operations for the quarter ended June 27, 2026. A copy of the press release is included as exhibit 99.1 of this report.
The information in this report is being furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed to be “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise be subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933, as amended, except as expressly stated by specific reference in such a filing.
| Item 8.01 | Other Events | ||||
On July 31, 2026, the Company issued a press release announcing that the Company’s Board of Directors declared a quarterly dividend of $0.30 per share on the Company's issued and outstanding shares of Class A common stock and Class B common stock. The dividend will be paid on August 25, 2026 to all shareholders of record as of the close of business on August 14, 2026. A copy of the press release is included as Exhibit 99.2 of this report.
| Item 9.01 | Financial Statements and Exhibits | ||||
(d)Exhibits.
99.1 | Press release dated July 31, 2026, announcing Moog Inc.’s results of operations for the quarter ended June 27, 2026. | ||||
99.2 | Press release dated July 31, 2026, announcing cash dividend. | ||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | ||||
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 hereunto duly authorized.
| MOOG INC. | |||||||||||
| Dated: | July 31, 2026 | By: | /s/ Nicholas Hart | ||||||||
| Name: | Nicholas Hart | ||||||||||
| Controller | |||||||||||
| Release Date: | July 31, 2026 | ||||||||||
| IMMEDIATE | |||||||||||
Moog Inc. Achieves Record Third Quarter 2026 Results Through Operational Excellence and Raises Full-Year Guidance
East Aurora, NY -- Moog Inc. (NYSE: MOG.A and MOG.B), a worldwide designer, manufacturer and systems integrator of high-performance precision motion and fluid controls and control systems, today reported fiscal third quarter 2026 results, reflecting record sales and adjusted earnings per share, expanded operating margin and strong cash generation.
“These third quarter results demonstrate the strength of Moog's portfolio and operational excellence," said Pat Roche, CEO. "We are clear about where we win, disciplined on how we work, selective about where we invest, and able to turn attractive market demand into improved financial performance."
| (in millions, except per share results) | Three Months Ended | ||||||||||
| Q3 2026 | Q3 2025(2) | Deltas | |||||||||
| Net sales | $ | 1,117 | $ | 970 | 15% | ||||||
| Operating margin | 15.8 | % | 11.5 | % | 430 bps | ||||||
Adjusted operating margin(1) | 16.4 | % | 13.6 | % | 280 bps | ||||||
| Net earnings | $ | 152 | $ | 58 | 160% | ||||||
Adjusted net earnings(1) | $ | 119 | $ | 74 | 61% | ||||||
| Diluted net earnings per share | $ | 4.74 | $ | 1.83 | 159% | ||||||
Adjusted diluted net earnings per share(1) | $ | 3.72 | $ | 2.33 | 60% | ||||||
| Net cash provided (used) by operating activities | $ | 160 | $ | 125 | $ | 35 | |||||
Free cash flow(1) | $ | 133 | $ | 93 | $ | 40 | |||||
(1) See the reconciliations of adjusted financial measures to the most directly comparable U.S. GAAP measures included in the financial statements herein for the periods ended June 27, 2026 and June 28, 2025. (2) As previously disclosed, amounts have been revised to reflect the correction of immaterial misstatements. See "Revision of Previously Issued Consolidated Financial Statements" section from our 2025 Form 10-K. | |||||||||||
Quarter Highlights
•Record net sales, reflecting significant growth across all four segments.
•Operating margin benefitted from $30 million of claims related to previously incurred International Emergency Economic Powers Act ("IEEPA") tariffs and the absence of the prior year's program termination and asset impairment charges.
•Adjusted operating margin increased due to the claims of previously incurred IEEPA tariffs, which accounted for 270 basis points of incremental margin, and business performance, partially offset by last year's benefit from a non-core product line sale.
•Diluted net earnings per share was driven by income tax benefits attributable to current and prior fiscal years, the claims of previously incurred IEEPA tariffs and business performance.
•Adjusted diluted net earnings per share was driven by the claims of previously incurred IEEPA tariffs and business performance.
•Free cash flow improved significantly, driven by strong earnings.
•Twelve-month backlog increased 23% to $3.3 billion, reflecting continued demand across our markets.
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Segment Results
Sales in the third quarter of 2026 were $1.1 billion, an increase of 15% compared to the third quarter of 2025. Space and Defense sales increased 17% to $336 million, reflecting broad-based defense demand including demand for missile controls and space vehicles. Military Aircraft sales increased 9% to $245 million, driven by strong aftermarket activity, as well as continued activity on the MV-75 program. Commercial Aircraft sales increased 17% to $254 million, driven by higher volume and pricing on various major production programs, as well as strong aftermarket sales. Industrial sales increased 18% to $282 million, driven by strong demand for data center cooling pumps, as well as for medical devices and energy products.
Operating margin in the third quarter of 2026 was 15.8%, an increase of 430 basis points compared to the third quarter of 2025. Industrial operating margin increased 770 basis points to 17.4%, primarily driven by tariff refund claims, as well as the absence of last year's impairment charges and the growing data center cooling pump business. Military Aircraft operating margin increased 650 basis points to 14.7%, driven by the absence of the prior year’s 360 basis point charge associated with the termination of a product development effort and business performance. Space and Defense operating margin increased 240 basis points to 15.7%, driven by business performance and, to a lesser extent, the tariff refund. These benefits were partially offset by increased product development, business capture and operational readiness investments. Commercial Aircraft operating margin increased 50 basis points to 15.2%, driven by tariff refund claims and pricing benefits, mostly offset by the absence of the prior year's 300 basis points non-core product line sale and the current quarter's less favorable sales mix.
Adjusted operating margin excludes $7 million of charges for simplification initiatives in the third quarter of 2026, and excludes $20 million of charges for simplification initiatives, as well as a program termination, in the third quarter of 2025. Excluding these items, adjusted operating margin expanded 280 basis points to 16.4% compared to the third quarter of 2025. Industrial adjusted operating margin increased 630 basis points to 19.9% driven by tariff refund claims and the growing data center cooling pump business. Military Aircraft adjusted operating margin increased 290 basis points to 14.7%, driven by business performance and the tariff refund. Within Space and Defense and Commercial Aircraft, adjusted operating margin increased due to the same factors as described above.
Income Tax Expense
The effective tax rates for the third quarter and first three quarters of 2026 were (10.6)% and 10.0%, respectively, compared with 23.4% for both corresponding periods of 2025. During the third quarter of 2026, we recognized income tax benefits related to U.S. federal research credits of $35 million related to prior years. We also recognized a discrete income tax benefit of $8 million related to legal entity simplification initiatives. Adjusted 2026 net earnings and adjusted net earnings per share exclude both the $35 million and $8 million income tax benefits.
Free Cash Flow Results
Free cash flow for the quarter was $133 million. Strong earnings drove cash generation, and working capital remained relatively constant despite strong sales growth. Capital expenditures were $28 million, relatively light compared to recent periods due to timing of capital investments.
Fiscal 2026 Financial Guidance
“This quarter was another one marked with robust financial results," said Jennifer Walter, CFO. "We're increasing our 2026 guidance for all key financial metrics, reflecting our strong operational performance, as well as contributions from the tariff refund and a current year research and development tax credit. Fiscal 2026 is shaping up to be another record year."
| FY 2026 Guidance | ||||||||
| Current | Previous | |||||||
| Net sales (in billions) | $ | 4.4 | $ | 4.3 | ||||
| Adjusted operating margin | 14.1 | % | 13.4 | % | ||||
Adjusted diluted net earnings per share(1) | $ | 11.65 | $ | 10.60 | ||||
| Free cash flow conversion | 70 | % | 60 | % | ||||
(1) Adjusted diluted net earnings per share is forecasted to be within range of +/- $0.10. | ||||||||
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Conference call information
In conjunction with today’s release, Pat Roche, CEO, and Jennifer Walter, CFO, will host a conference call today beginning at 10:00 a.m. ET, which will be simultaneously broadcast live online. Listeners can access the call and supplemental financial materials at www.moog.com/investors/communications.
Cautionary Statement
This press release 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 press release 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 press release, except as required by applicable law.
Non-GAAP Financial Measures
The press release also includes certain financial information that is not presented in accordance with Generally Accepted Accounting Principles (“GAAP”), including, but not limited to, “Adjusted Operating Margin,” “Adjusted Diluted Net Earnings Per Share,” “Adjusted Net Earnings,” “Adjusted Effective Tax Rate,” “Free Cash Flow” and “Free Cash Flow Conversion.” While we believe that these non-GAAP financial measures may be useful in evaluating our financial condition and results of operations, this information should be considered supplemental and is not a substitute for financial information prepared in accordance with GAAP. Adjustments to operating profit and margin and net earnings per share have included restructuring charges; acquisition- and integration-related costs; gains or losses on investments; asset impairments; litigation and regulatory matters; discrete tax items; changes in the fair value of contingent consideration; foreign exchange gains or losses; and other non-recurring or non-cash items. Reconciliations of the non-GAAP measures to the most directly comparable GAAP measures can be found in the accompanying materials.
The press release also includes certain forward-looking non-GAAP financial guidance, including, but not limited to, “Adjusted Diluted Net Earnings per Share,” “Adjusted Operating Margin” and “Free Cash Flow Conversion". The Company is unable to provide a reconciliation of such forward-looking non-GAAP guidance to the most directly comparable GAAP measures without unreasonable effort because certain items that are material to the comparable GAAP measures are not available and cannot be estimated with reasonable certainty. These items are dependent on future events that are difficult to predict and outside the Company’s control. These items may include, but are not limited to, restructuring charges; acquisition- and integration-related costs; gains or losses on investments; asset impairments; litigation and regulatory matters; discrete tax items; changes in the fair value of
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contingent consideration; foreign exchange gains or losses; and other non-recurring or non-cash items. The timing and amount of these items may vary significantly from period to period and could have a material impact on the Company’s GAAP results, including, but not limited to, “Diluted Net Earnings per Share” and “Operating Margin”.
Contact:
Aaron Astrachan
Director, Investor Relations
716.687.4225
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| Moog Inc. | ||
| CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) | ||
| (dollars in thousands, except per share data) | ||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
| 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 | ||||||||||||||||||||||
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| Moog Inc. | ||
| RECONCILIATION TO ADJUSTED NET EARNINGS, ADJUSTED DILUTED NET EARNINGS PER SHARE AND ADJUSTED EFFECTIVE TAX RATE (UNAUDITED) | ||
| (dollars in thousands) | ||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
| June 27, 2026 | June 28, 2025 | June 27, 2026 | June 28, 2025 | |||||||||||||||||||||||
| Net Earnings as Reported | $ | 152,025 | $ | 58,486 | $ | 312,715 | $ | 170,622 | ||||||||||||||||||
| Adjustments to Net Earnings: | ||||||||||||||||||||||||||
Program terminations(1) | — | 8,065 | 1,324 | 8,065 | ||||||||||||||||||||||
Simplification initiatives(2) | 8,239 | 6,805 | 13,531 | 18,204 | ||||||||||||||||||||||
Investment losses(3) | — | 3,000 | — | 3,000 | ||||||||||||||||||||||
Acquisition and integration(4) | — | 481 | 3,606 | 481 | ||||||||||||||||||||||
Other charges(5) | (1,200) | 1,462 | (1,067) | 3,462 | ||||||||||||||||||||||
Corporate charges(6) | 5,938 | — | 6,338 | — | ||||||||||||||||||||||
| Tax effect of above adjustments | (3,133) | (4,007) | (5,775) | (7,320) | ||||||||||||||||||||||
One-time tax benefits(7) | (42,613) | — | (42,613) | — | ||||||||||||||||||||||
| Net Earnings as Adjusted | $ | 119,256 | $ | 74,292 | $ | 288,059 | $ | 196,514 | ||||||||||||||||||
| Diluted Net Earnings Per Share | ||||||||||||||||||||||||||
| As Reported | $ | 4.74 | $ | 1.83 | $ | 9.76 | $ | 5.32 | ||||||||||||||||||
| As Adjusted | $ | 3.72 | $ | 2.33 | $ | 8.99 | $ | 6.13 | ||||||||||||||||||
| Effective Income Tax Rate | ||||||||||||||||||||||||||
| As Reported | (10.6) | % | 23.4 | % | 10.0 | % | 23.4 | % | ||||||||||||||||||
| As Adjusted | 20.7 | % | 22.7 | % | 22.4 | % | 23.3 | % | ||||||||||||||||||
| The diluted net earnings per share associated with the adjustments in the table above may not reconcile when totaled due to rounding. (1) Adjustments include costs related to the termination of significant development, production, or support programs, such as write-off and impairment of inventory and long-lived assets, contract termination costs and other related charges or credits. (2) Adjustments include costs related to footprint rationalization, portfolio shaping and legal entity re-organization activities, such as facility closure costs, employee severance and retention costs, write-off and impairment of inventory and long-lived assets and other related charges or credits. (3) Adjustments include impairment losses on minority investments. (4) Adjustments include acquisition related activity, such as amortization of inventory fair value step-up and professional services fees. Charges also include costs related to integrating the business, such as employee severance and retention costs, professional services fees, legal entity and facility rationalization costs and other related charges or credits. (5) Adjustments include costs associated with business interruptions from natural causes, litigation matters and other charges or credits that are not part of normal operations. (6) Adjustments primarily include impairment charges related to long-lived assets used in corporate operations. (7) Adjustments include tax benefits associated with federal R&D tax credits attributable to prior fiscal years and legal-entity simplification initiatives. | ||||||||||||||||||||||||||
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| Moog Inc. | ||
| CONSOLIDATED SALES AND OPERATING PROFIT (UNAUDITED) | ||
| (dollars in thousands) | ||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
| 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 | ||||||||||||||||||||||
| Net sales | $ | 1,116,545 | $ | 969,582 | $ | 3,268,838 | $ | 2,811,486 | ||||||||||||||||||
| Operating profit: | ||||||||||||||||||||||||||
| Space and Defense | $ | 52,730 | $ | 38,363 | $ | 138,765 | $ | 99,921 | ||||||||||||||||||
| 15.7 | % | 13.3 | % | 14.2 | % | 12.4 | % | |||||||||||||||||||
| Military Aircraft | 35,948 | 18,346 | 96,386 | 65,671 | ||||||||||||||||||||||
| 14.7 | % | 8.2 | % | 13.2 | % | 10.1 | % | |||||||||||||||||||
| Commercial Aircraft | 38,480 | 32,025 | 96,210 | 83,139 | ||||||||||||||||||||||
| 15.2 | % | 14.7 | % | 12.5 | % | 12.8 | % | |||||||||||||||||||
| Industrial | 49,112 | 23,177 | 118,292 | 75,835 | ||||||||||||||||||||||
| 17.4 | % | 9.7 | % | 14.8 | % | 10.8 | % | |||||||||||||||||||
| Total operating profit | 176,270 | 111,911 | 449,653 | 324,566 | ||||||||||||||||||||||
| 15.8 | % | 11.5 | % | 13.8 | % | 11.5 | % | |||||||||||||||||||
| 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 | ||||||||||||||||||
Shaping the way our world moves ™
7
| Moog Inc. | ||
| RECONCILIATION TO ADJUSTED OPERATING PROFIT AND MARGINS (UNAUDITED) | ||
| (dollars in thousands) | ||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
| June 27, 2026 | June 28, 2025 | June 27, 2026 | June 28, 2025 | |||||||||||||||||||||||
| Space and Defense operating profit - as reported | $ | 52,730 | $ | 38,363 | $ | 138,765 | $ | 99,921 | ||||||||||||||||||
| Simplification initiatives | 1,402 | 406 | 5,361 | 2,474 | ||||||||||||||||||||||
| Acquisition and integration | — | 481 | 3,606 | 481 | ||||||||||||||||||||||
| Other charges | (1,200) | 1,462 | (1,067) | 1,462 | ||||||||||||||||||||||
| Space and Defense operating profit - as adjusted | $ | 52,932 | $ | 40,712 | $ | 146,665 | $ | 104,338 | ||||||||||||||||||
| 15.7 | % | 14.2 | % | 15.1 | % | 13.0 | % | |||||||||||||||||||
| Military Aircraft operating profit - as reported | $ | 35,948 | $ | 18,346 | $ | 96,386 | $ | 65,671 | ||||||||||||||||||
| Program terminations | — | 8,065 | 1,324 | 8,065 | ||||||||||||||||||||||
| Simplification initiatives | — | — | — | 591 | ||||||||||||||||||||||
| Other charges | — | — | — | 2,000 | ||||||||||||||||||||||
| Military Aircraft operating profit - as adjusted | $ | 35,948 | $ | 26,411 | $ | 97,710 | $ | 76,327 | ||||||||||||||||||
| 14.7 | % | 11.8 | % | 13.4 | % | 11.7 | % | |||||||||||||||||||
| Commercial Aircraft operating profit - as reported and adjusted | $ | 38,480 | $ | 32,025 | $ | 96,210 | $ | 83,139 | ||||||||||||||||||
| 15.2 | % | 14.7 | % | 12.5 | % | 12.8 | % | |||||||||||||||||||
| Industrial operating profit - as reported | $ | 49,112 | $ | 23,177 | $ | 118,292 | $ | 75,835 | ||||||||||||||||||
| Simplification initiatives | 6,837 | 6,399 | 8,170 | 15,139 | ||||||||||||||||||||||
| Investment losses | — | 3,000 | — | 3,000 | ||||||||||||||||||||||
| Industrial operating profit - as adjusted | $ | 55,949 | $ | 32,576 | $ | 126,462 | $ | 93,974 | ||||||||||||||||||
| 19.9 | % | 13.6 | % | 15.8 | % | 13.4 | % | |||||||||||||||||||
| Total operating profit - as adjusted | $ | 183,309 | $ | 131,724 | $ | 467,047 | $ | 357,778 | ||||||||||||||||||
| 16.4 | % | 13.6 | % | 14.3 | % | 12.7 | % | |||||||||||||||||||
Shaping the way our world moves ™
8
| Moog Inc. | ||
| 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 | ||||||||||
Shaping the way our world moves ™
9
| Moog Inc. | ||
| CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | ||
| (dollars in thousands) | ||
| Nine Months Ended | ||||||||||||||
| 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 year | 62,213 | 64,537 | ||||||||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 67,752 | $ | 59,014 | ||||||||||
Shaping the way our world moves ™
10
| Moog Inc. | ||
| RECONCILIATION OF NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES TO FREE CASH FLOW (UNAUDITED) | ||
| (dollars in thousands) | ||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
| June 27, 2026 | June 28, 2025 | June 27, 2026 | June 28, 2025 | |||||||||||||||||||||||
| Net cash provided (used) by operating activities | $ | 160,095 | $ | 125,291 | $ | 244,921 | $ | 32,397 | ||||||||||||||||||
| Purchase of property, plant and equipment | (27,514) | (32,659) | (93,692) | (103,041) | ||||||||||||||||||||||
| Free cash flow | $ | 132,581 | $ | 92,632 | $ | 151,229 | $ | (70,644) | ||||||||||||||||||
| Adjusted net earnings | $ | 119,256 | $ | 74,292 | $ | 288,059 | $ | 196,514 | ||||||||||||||||||
| Free cash flow conversion | 111 | % | 125 | % | 52 | % | (36) | % | ||||||||||||||||||
Free cash flow is defined as net cash provided (used) by operating activities less the purchase of property, plant and equipment. Free cash flow conversion is defined as free cash flow divided by adjusted net earnings. Free cash flow and free cash flow conversion are not measures determined in accordance with GAAP and may not be comparable with the measures as used by other companies. However, management believes these adjusted financial measures may be useful in evaluating the liquidity, financial condition and results of operations of the Company. This information should be considered supplemental and is not a substitute for financial information prepared in accordance with GAAP.
Shaping the way our world moves ™
11
| Release Date: | July 31, 2026 | ||||||||||
| IMMEDIATE | |||||||||||
Moog Inc. Announces Cash Dividend
East Aurora, NY – The Board of Directors of Moog Inc. (NYSE: MOG.A and MOG.B) declared a quarterly dividend of $0.30 per share on the Company’s issued and outstanding shares of Class A and Class B common stock. The dividend will be paid on August 25, 2026, to all shareholders of record as of the close of business on August 14, 2026.
The dividend represents a net use of cash of approximately $10 million. Future declarations of quarterly dividends are subject to the determination and discretion of Moog’s Board of Directors.
About Moog Inc.
Moog is a worldwide designer, manufacturer, and systems integrator of high-performance precision motion and fluid controls and control systems. Moog’s high-performance systems control military and commercial aircraft, satellites, and space vehicles, launch vehicles, defense systems, missiles, automated industrial machinery, marine, and medical equipment. Additional information about the Company can be found at www.moog.com.
Contact:
Aaron Astrachan
Director, Investor Relations
716.687.4225
Shaping the way our world moves ™