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DAVIDSON, N.C.--(BUSINESS WIRE)--$CW--Curtiss-Wright Corporation (NYSE: CW) reports financial results for the second quarter ended June 30, 2026.


Second Quarter 2026 Highlights:
Raised Full-Year 2026 Adjusted Financial Outlook:
"Curtiss-Wright delivered strong second quarter results, highlighted by mid-single digit revenue growth, operating margin expansion in all three segments, mid-teens growth in Adjusted diluted EPS, and better-than-expected free cash flow generation," said Lynn M. Bamford, Chair and CEO of Curtiss-Wright Corporation. "The momentum continues to build in our order book, underscored by record demand for our defense electronics products. Overall, we experienced strong order growth in both our A&D and Commercial markets, as total orders increased 8% year-over-year and resulted in an overall book-to-bill of 1.16x."
"Based on our strong first-half execution and our outlook for the remainder of the year, we are confidently raising our full-year outlook for sales, operating income, operating margin, diluted EPS and free cash flow. Curtiss-Wright remains strategically aligned with many favorable secular trends and embedded growth vectors across our A&D and Commercial markets. Overall, the team is successfully executing on our Pivot to Growth strategy, which will enable us to continue to deliver significant long-term profitable growth for Curtiss-Wright stakeholders."
Second Quarter 2026 Operating Results
(In millions) | Q2-2026 | Q2-2025 | Change | ||||||
Reported |
|
|
| ||||||
Sales | $ | 924 |
| $ | 877 |
|
| 5 | % |
Operating income | $ | 179 |
| $ | 156 |
|
| 14 | % |
Operating margin |
| 19.3 | % |
| 17.8 | % | 150 bps | ||
|
|
|
|
| |||||
Adjusted (1) |
|
|
| ||||||
Sales | $ | 924 |
| $ | 877 |
|
| 5 | % |
Operating income | $ | 179 |
| $ | 160 |
|
| 12 | % |
Operating margin |
| 19.4 | % |
| 18.3 | % | 110 bps | ||
(1) Reconciliations of Reported to Adjusted operating results are available in the Appendix. | |||||||||
Second Quarter 2026 Segment Performance
Aerospace & Industrial
(In millions) | Q2-2026 | Q2-2025 | Change | ||||||
Reported |
|
|
| ||||||
Sales | $ | 268 |
| $ | 239 |
|
| 12 | % |
Operating income | $ | 49 |
| $ | 39 |
|
| 26 | % |
Operating margin |
| 18.3 | % |
| 16.3 | % | 200 bps | ||
|
|
|
|
| |||||
Adjusted (1) |
|
|
| ||||||
Sales | $ | 268 |
| $ | 239 |
|
| 12 | % |
Operating income | $ | 49 |
| $ | 40 |
|
| 25 | % |
Operating margin |
| 18.4 | % |
| 16.6 | % | 180 bps | ||
(1) Note: Reconciliations of Reported to Adjusted operating results are available in the Appendix. | |||||||||
Defense Electronics
(In millions) | Q2-2026 | Q2-2025 | Change | ||||||
Reported |
|
|
| ||||||
Sales | $ | 246 |
| $ | 253 |
|
| (3 | %) |
Operating income | $ | 69 |
| $ | 68 |
|
| 1 | % |
Operating margin |
| 28.0 | % |
| 26.8 | % | 120 bps | ||
|
|
|
|
|
| ||||
Adjusted (1) |
|
|
| ||||||
Sales | $ | 246 |
| $ | 253 |
|
| (3 | %) |
Operating income | $ | 69 |
| $ | 68 |
|
| 1 | % |
Operating margin |
| 28.0 | % |
| 26.8 | % | 120 bps | ||
(1) Note: Reconciliations of Reported to Adjusted operating results are available in the Appendix. | |||||||||
Naval & Power
(In millions) | Q2-2026 | Q2-2025 | Change | ||||||
Reported |
|
|
| ||||||
Sales | $ | 410 |
| $ | 384 |
|
| 7 | % |
Operating income | $ | 71 |
| $ | 60 |
|
| 18 | % |
Operating margin |
| 17.3 | % |
| 15.7 | % | 160 bps | ||
|
|
|
|
| |||||
Adjusted (1) |
|
|
| ||||||
Sales | $ | 410 |
| $ | 384 |
|
| 7 | % |
Operating income | $ | 71 |
| $ | 64 |
|
| 12 | % |
Operating margin |
| 17.3 | % |
| 16.5 | % | 80 bps | ||
(1) Note: Reconciliations of Reported to Adjusted operating results are available in the Appendix. | |||||||||
Free Cash Flow
(In millions) | Q2-2026 | Q2-2025 | Change | ||||||
Net cash provided by operating activities | $ | 181 |
| $ | 137 |
|
| 33 | % |
Net capital expenditures |
| (21 | ) |
| (19 | ) |
| 8 | % |
Free cash flow | $ | 160 |
| $ | 117 |
|
| 37 | % |
New Orders and Backlog
Share Repurchase and Dividends
Full-Year 2026 Guidance
The Company is updating its full-year 2026 Adjusted financial guidance(1) as follows:
($ in millions, except EPS) | 2026 Adjusted Non-GAAP Guidance (Prior) | 2026 Adjusted Non-GAAP Guidance (Current) |
Change vs 2025
|
Total Sales | $3,740 - $3,795 | $3,768 - $3,813 | 8 - 9% |
Operating Income | $712 - $729 | $720 - $736 | 11 - 13% |
Operating Margin | 19.0% - 19.2% | 19.1% - 19.3% | 50 - 70 bps |
Diluted EPS | $14.90 - $15.30 | $15.10 - $15.40 | 14 - 16% |
Free Cash Flow(2) | $580 - $600 | $585 - $605 | 6 - 9% |
(1) | Reconciliations of Reported to Adjusted 2025 operating results and 2026 financial guidance are available in the Appendix, and exclude first-year purchase accounting costs associated with prior-year acquisitions, costs associated with both our FY24 and FY26 Restructuring Programs, and a current-year gain on equity securities held for investment purposes. | |
(2) | 2026 Free Cash Flow guidance includes higher capital expenditures supporting growth and efficiency, reflecting a year-over-year increase of approximately $25 million compared with 2025 results. |
A more detailed breakdown of the Company’s 2026 financial guidance by segment and by market, as well as all reconciliations of Reported GAAP amounts to Adjusted non-GAAP amounts, can be found in the accompanying schedules. Historical financial results are available in the Investor Relations section of Curtiss-Wright’s website.
Conference Call & Webcast Information
The Company will host a conference call to discuss its second quarter 2026 financial results and updates to 2026 guidance at 10:00 a.m. ET on Thursday, August 6, 2026. A live webcast of the call and the accompanying financial presentation, as well as a webcast replay of the call, will be made available by visiting the Investor Relations section of the Company’s website at www.curtisswright.com.
(Tables to Follow)
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES | |||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) | |||||||||||||||
($'s in thousands, except per share data) | |||||||||||||||
|
|
|
|
|
|
|
| ||||||||
| Three Months Ended |
| Six Months Ended | ||||||||||||
| June 30, |
| June 30, | ||||||||||||
|
| 2026 |
|
|
| 2025 |
|
|
| 2026 |
|
|
| 2025 |
|
Product sales | $ | 777,167 |
|
| $ | 746,679 |
|
| $ | 1,548,186 |
|
| $ | 1,425,656 |
|
Service sales |
| 146,841 |
|
|
| 129,897 |
|
|
| 289,509 |
|
|
| 256,565 |
|
Total net sales |
| 924,008 |
|
|
| 876,576 |
|
|
| 1,837,695 |
|
|
| 1,682,221 |
|
|
|
|
|
|
|
|
| ||||||||
Cost of product sales |
| 478,529 |
|
|
| 479,253 |
|
|
| 983,044 |
|
|
| 921,343 |
|
Cost of service sales |
| 81,389 |
|
|
| 71,166 |
|
|
| 159,078 |
|
|
| 142,257 |
|
Total cost of sales |
| 559,918 |
|
|
| 550,419 |
|
|
| 1,142,122 |
|
|
| 1,063,600 |
|
|
|
|
|
|
|
|
| ||||||||
Gross profit |
| 364,090 |
|
|
| 326,157 |
|
|
| 695,573 |
|
|
| 618,621 |
|
|
|
|
|
|
|
|
| ||||||||
Research and development expenses |
| 25,140 |
|
|
| 23,308 |
|
|
| 49,322 |
|
|
| 46,327 |
|
Selling expenses |
| 46,012 |
|
|
| 41,764 |
|
|
| 90,558 |
|
|
| 81,689 |
|
General and administrative expenses |
| 113,730 |
|
|
| 104,071 |
|
|
| 216,066 |
|
|
| 203,100 |
|
Restructuring expenses |
| 517 |
|
|
| 707 |
|
|
| 1,427 |
|
|
| 1,993 |
|
|
|
|
|
|
|
|
| ||||||||
Operating income |
| 178,691 |
|
|
| 156,307 |
|
|
| 338,200 |
|
|
| 285,512 |
|
|
|
|
|
|
|
|
| ||||||||
Interest expense |
| 9,926 |
|
|
| 10,524 |
|
|
| 19,867 |
|
|
| 20,667 |
|
Other income, net |
| 25,530 |
|
|
| 10,982 |
|
|
| 33,727 |
|
|
| 17,012 |
|
|
|
|
|
|
|
|
| ||||||||
Earnings before income taxes |
| 194,295 |
|
|
| 156,765 |
|
|
| 352,060 |
|
|
| 281,857 |
|
Provision for income taxes |
| (43,127 | ) |
|
| (35,704 | ) |
|
| (72,706 | ) |
|
| (59,459 | ) |
Net earnings | $ | 151,168 |
|
| $ | 121,061 |
|
| $ | 279,354 |
|
| $ | 222,398 |
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
| ||||||||
Basic earnings per share | $ | 4.09 |
|
| $ | 3.21 |
|
| $ | 7.57 |
|
| $ | 5.90 |
|
Diluted earnings per share | $ | 4.07 |
|
| $ | 3.19 |
|
| $ | 7.53 |
|
| $ | 5.87 |
|
|
|
|
|
|
|
|
| ||||||||
Dividends per share | $ | 0.26 |
|
| $ | 0.24 |
|
| $ | 0.50 |
|
| $ | 0.45 |
|
|
|
|
|
|
|
|
| ||||||||
Weighted-average shares outstanding: |
|
|
|
|
|
|
| ||||||||
Basic |
| 36,939 |
|
|
| 37,692 |
|
|
| 36,914 |
|
|
| 37,682 |
|
Diluted |
| 37,120 |
|
|
| 37,903 |
|
|
| 37,085 |
|
|
| 37,871 |
|
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) | |||||||
($'s in thousands, except par value) | |||||||
|
|
|
| ||||
| June 30, |
| December 31, | ||||
|
| 2026 |
|
|
| 2025 |
|
Assets |
|
|
| ||||
Current assets: |
|
|
| ||||
Cash and cash equivalents | $ | 477,149 |
|
| $ | 371,345 |
|
Receivables, net |
| 997,350 |
|
|
| 932,344 |
|
Inventories, net |
| 668,728 |
|
|
| 615,097 |
|
Other current assets |
| 93,788 |
|
|
| 99,688 |
|
Total current assets |
| 2,237,015 |
|
|
| 2,018,474 |
|
Property, plant, and equipment, net |
| 386,462 |
|
|
| 382,200 |
|
Goodwill |
| 1,686,728 |
|
|
| 1,692,490 |
|
Other intangible assets, net |
| 501,027 |
|
|
| 532,381 |
|
Operating lease right-of-use assets, net |
| 212,475 |
|
|
| 198,603 |
|
Prepaid pension asset |
| 347,356 |
|
|
| 333,547 |
|
Other assets |
| 84,603 |
|
|
| 63,597 |
|
Total assets | $ | 5,455,666 |
|
| $ | 5,221,292 |
|
|
|
|
| ||||
Liabilities |
|
|
| ||||
Current liabilities: |
|
|
| ||||
Current portion of long-term and short-term debt | $ | 200,000 |
|
| $ | 200,000 |
|
Accounts payable |
| 285,335 |
|
|
| 310,303 |
|
Accrued expenses |
| 216,537 |
|
|
| 242,942 |
|
Deferred revenue |
| 593,849 |
|
|
| 561,452 |
|
Other current liabilities |
| 100,890 |
|
|
| 90,870 |
|
Total current liabilities |
| 1,396,611 |
|
|
| 1,405,567 |
|
Long-term debt |
| 757,387 |
|
|
| 757,884 |
|
Deferred tax liabilities, net |
| 161,399 |
|
|
| 154,002 |
|
Accrued pension and other postretirement benefit costs |
| 69,192 |
|
|
| 71,417 |
|
Long-term operating lease liability |
| 191,594 |
|
|
| 178,466 |
|
Other liabilities |
| 109,623 |
|
|
| 120,382 |
|
Total liabilities | $ | 2,685,806 |
|
| $ | 2,687,718 |
|
|
|
|
| ||||
Stockholders' equity |
|
|
| ||||
Common stock, $1 par value | $ | 49,187 |
|
| $ | 49,187 |
|
Additional paid in capital |
| 168,981 |
|
|
| 165,014 |
|
Retained earnings |
| 4,571,562 |
|
|
| 4,310,680 |
|
Accumulated other comprehensive loss |
| (189,969 | ) |
|
| (173,812 | ) |
Less: cost of treasury stock |
| (1,829,901 | ) |
|
| (1,817,495 | ) |
Total stockholders' equity | $ | 2,769,860 |
|
| $ | 2,533,574 |
|
|
|
|
| ||||
Total liabilities and stockholders' equity | $ | 5,455,666 |
|
| $ | 5,221,292 |
|
Use and Definitions of Non-GAAP Financial Information (Unaudited)
The Corporation supplements its financial information determined under U.S. generally accepted accounting principles (GAAP) with certain non-GAAP financial information. Curtiss-Wright believes that these Adjusted (non-GAAP) measures provide investors with improved transparency in order to better measure Curtiss-Wright’s ongoing operating and financial performance and provide more relevant comparisons of our key financial metrics to our peers. These non-GAAP measures should not be considered in isolation or as a substitute for the related GAAP measures, and other companies may define such measures differently. Curtiss-Wright encourages investors to review its financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. Reconciliations of “Reported” GAAP amounts to “Adjusted” non-GAAP amounts are furnished within this release.
The following definitions are provided:
Adjusted Sales, Operating Income, Operating Margin, Net Earnings and Diluted EPS
These Adjusted financials are defined as Reported Operating Income, Operating Margin, Net Earnings and Diluted Earnings per Share under GAAP excluding: (i) the impact of first year purchase accounting costs associated with acquisitions, specifically one-time inventory step-up, backlog amortization, deferred revenue adjustments, transaction costs, and gains/losses on equity securities held for investment purposes; (ii) costs associated with the Company's 2026 Restructuring Program in the current period and the Company's 2024 Restructuring Program in the prior period, as applicable; and (iii) a current period gain on equity securities held for investment purposes.
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES | ||||||||||||||||||||||||||||
RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED) | ||||||||||||||||||||||||||||
($'s in thousands) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
| Three Months Ended |
| Three Months Ended |
|
|
|
| |||||||||||||||||||||
| June 30, 2026 |
| June 30, 2025 |
| % Change | |||||||||||||||||||||||
| As Reported |
| Adjustments |
| Adjusted |
| As Reported |
| Adjustments |
| Adjusted |
| As Reported |
| Adjusted | |||||||||||||
Sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Aerospace & Industrial | $ | 267,765 |
|
| $ | — |
| $ | 267,765 |
|
| $ | 239,138 |
|
| $ | — |
|
| $ | 239,138 |
|
| 12 | % |
| 12 | % |
Defense Electronics |
| 245,987 |
|
|
| — |
|
| 245,987 |
|
|
| 253,011 |
|
|
| — |
|
|
| 253,011 |
|
| (3 | )% |
| (3 | )% |
Naval & Power |
| 410,256 |
|
|
| — |
|
| 410,256 |
|
|
| 384,427 |
|
|
| — |
|
|
| 384,427 |
|
| 7 | % |
| 7 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total sales | $ | 924,008 |
|
| $ | — |
| $ | 924,008 |
|
| $ | 876,576 |
|
| $ | — |
|
| $ | 876,576 |
|
| 5 | % |
| 5 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Operating income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Aerospace & Industrial(2) | $ | 49,004 |
|
| $ | 399 |
| $ | 49,403 |
|
| $ | 39,006 |
|
| $ | 582 |
|
| $ | 39,588 |
|
| 26 | % |
| 25 | % |
Defense Electronics(2) |
| 68,768 |
|
|
| 30 |
|
| 68,798 |
|
|
| 67,833 |
|
|
| 19 |
|
|
| 67,852 |
|
| 1 | % |
| 1 | % |
Naval & Power(1)(2) |
| 71,019 |
|
|
| 88 |
|
| 71,107 |
|
|
| 60,416 |
|
|
| 3,134 |
|
|
| 63,550 |
|
| 18 | % |
| 12 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total segments | $ | 188,791 |
|
| $ | 517 |
| $ | 189,308 |
|
| $ | 167,255 |
|
| $ | 3,735 |
|
| $ | 170,990 |
|
| 13 | % |
| 11 | % |
Corporate and other(2) |
| (10,100 | ) |
|
| — |
|
| (10,100 | ) |
|
| (10,948 | ) |
|
| — |
|
|
| (10,948 | ) |
| 8 | % |
| 8 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total operating income | $ | 178,691 |
|
| $ | 517 |
| $ | 179,208 |
|
| $ | 156,307 |
|
| $ | 3,735 |
| $ | 160,042 |
|
| 14 | % |
| 12 | % | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Operating margins: | As Reported |
|
|
| Adjusted |
| As Reported |
|
|
| Adjusted |
| As Reported |
| Adjusted | |||||||||||||
Aerospace & Industrial |
| 18.3 | % |
|
|
|
| 18.4 | % |
|
| 16.3 | % |
|
|
|
| 16.6 | % |
| 200 bps |
| 180 bps | |||||
Defense Electronics |
| 28.0 | % |
|
|
|
| 28.0 | % |
|
| 26.8 | % |
|
|
|
| 26.8 | % |
| 120 bps |
| 120 bps | |||||
Naval & Power |
| 17.3 | % |
|
|
|
| 17.3 | % |
|
| 15.7 | % |
|
|
|
| 16.5 | % |
| 160 bps |
| 80 bps | |||||
Total Curtiss-Wright |
| 19.3 | % |
|
|
|
| 19.4 | % |
|
| 17.8 | % |
|
|
|
| 18.3 | % |
| 150 bps |
| 110 bps | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Segment margins |
| 20.4 | % |
|
|
|
| 20.5 | % |
|
| 19.1 | % |
|
|
|
| 19.5 | % |
| 130 bps |
| 100 bps | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
(1) Excludes first year purchase accounting adjustments in the prior year period. | ||||||||||||||||||||||||||||
(2) Excludes costs associated with the Company's 2026 Restructuring Program in the current period and the Company's 2024 Restructuring Program in the prior period. | ||||||||||||||||||||||||||||
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES | ||||||||||||||||||||||||||||
RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED) | ||||||||||||||||||||||||||||
($'s in thousands) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
| Six Months Ended |
| Six Months Ended |
|
|
|
| |||||||||||||||||||||
| June 30, 2026 |
| June 30, 2025 |
| % Change | |||||||||||||||||||||||
| As Reported |
| Adjustments |
| Adjusted |
| As Reported |
| Adjustments |
| Adjusted |
| As Reported |
| Adjusted | |||||||||||||
Sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Aerospace & Industrial | $ | 522,684 |
|
| $ | — |
| $ | 522,684 |
|
| $ | 466,384 |
|
| $ | — |
|
| $ | 466,384 |
|
| 12 | % |
| 12 | % |
Defense Electronics |
| 502,275 |
|
|
| — |
|
| 502,275 |
|
|
| 498,175 |
|
|
| — |
|
|
| 498,175 |
|
| 1 | % |
| 1 | % |
Naval & Power |
| 812,736 |
|
|
| — |
|
| 812,736 |
|
|
| 717,662 |
|
|
| — |
|
|
| 717,662 |
|
| 13 | % |
| 13 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total sales | $ | 1,837,695 |
|
| $ | — |
| $ | 1,837,695 |
|
| $ | 1,682,221 |
|
| $ | — |
|
| $ | 1,682,221 |
|
| 9 | % |
| 9 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Operating income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Aerospace & Industrial(2) | $ | 87,502 |
|
| $ | 1,102 |
| $ | 88,604 |
|
| $ | 68,928 |
|
| $ | 2,346 |
|
| $ | 71,274 |
|
| 27 | % |
| 24 | % |
Defense Electronics(2) |
| 140,695 |
|
|
| 126 |
|
| 140,821 |
|
|
| 135,282 |
|
|
| 19 |
|
|
| 135,301 |
|
| 4 | % |
| 4 | % |
Naval & Power (1)(2) |
| 130,796 |
|
|
| 199 |
|
| 130,995 |
|
|
| 102,279 |
|
|
| 6,202 |
|
|
| 108,481 |
|
| 28 | % |
| 21 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total segments | $ | 358,993 |
|
| $ | 1,427 |
| $ | 360,420 |
|
| $ | 306,489 |
|
| $ | 8,567 |
|
| $ | 315,056 |
|
| 17 | % |
| 14 | % |
Corporate and other(2) |
| (20,793 | ) |
|
| — |
|
| (20,793 | ) |
|
| (20,977 | ) |
|
| (28 | ) |
|
| (21,005 | ) |
| 1 | % |
| 1 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total operating income | $ | 338,200 |
|
| $ | 1,427 |
| $ | 339,627 |
|
| $ | 285,512 |
|
| $ | 8,539 |
|
| $ | 294,051 |
|
| 18 | % |
| 15 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Operating margins: | As Reported |
|
|
| Adjusted |
| As Reported |
|
|
| Adjusted |
| As Reported |
| Adjusted | |||||||||||||
Aerospace & Industrial |
| 16.7 | % |
|
|
|
| 17.0 | % |
|
| 14.8 | % |
|
|
|
| 15.3 | % |
| 190 bps |
| 170 bps | |||||
Defense Electronics |
| 28.0 | % |
|
|
|
| 28.0 | % |
|
| 27.2 | % |
|
|
|
| 27.2 | % |
| 80 bps |
| 80 bps | |||||
Naval & Power |
| 16.1 | % |
|
|
|
| 16.1 | % |
|
| 14.3 | % |
|
|
|
| 15.1 | % |
| 180 bps |
| 100 bps | |||||
Total Curtiss-Wright |
| 18.4 | % |
|
|
|
| 18.5 | % |
|
| 17.0 | % |
|
|
|
| 17.5 | % |
| 140 bps |
| 100 bps | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Segment margins |
| 19.5 | % |
|
|
|
| 19.6 | % |
|
| 18.2 | % |
|
|
|
| 18.7 | % |
| 130 bps |
| 90 bps | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
(1) Excludes first year purchase accounting adjustments in the prior year period. | ||||||||||||||||||||||||||||
(2) Excludes costs associated with the Company's 2026 Restructuring Program in the current period and the Company's 2024 Restructuring Program in the prior period. | ||||||||||||||||||||||||||||
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES | ||||||||||||
RECONCILIATION OF AS REPORTED SALES TO ADJUSTED SALES BY END MARKET (UNAUDITED) | ||||||||||||
($'s in thousands) | ||||||||||||
|
|
|
|
|
|
| ||||||
|
| Three Months Ended |
| Three Months Ended |
|
| ||||||
|
| June 30, 2026 |
| June 30, 2025 |
| % Change | ||||||
Aerospace & Defense markets: |
|
|
|
|
|
|
|
| ||||
Aerospace Defense |
| $ | 176,007 |
|
| $ | 167,587 |
|
|
| 5 | % |
Ground Defense |
|
| 90,135 | ) |
|
| 97,542 | ) |
|
| (8 | %) |
Naval Defense |
|
| 263,058 |
|
|
| 240,086 |
|
|
| 10 | % |
Commercial Aerospace |
|
| 114,298 |
|
|
| 103,318 |
|
|
| 11 | % |
Total Aerospace & Defense |
| $ | 643,498 |
|
| $ | 608,533 |
|
|
| 6 | % |
| ||||||||||||
Commercial markets: |
|
|
|
|
|
| ||||||
Power & Process |
| $ | 173,688 |
|
| $ | 163,473 |
|
|
| 6 | % |
General Industrial |
|
| 106,822 |
|
|
| 104,570 |
|
|
| 2 | % |
Total Commercial |
| $ | 280,510 |
|
| $ | 268,043 |
|
|
| 5 | % |
|
|
|
|
|
|
| ||||||
Total Curtiss-Wright |
| $ | 924,008 |
|
| $ | 876,576 |
|
|
| 5 | % |
|
|
|
|
|
|
| ||||||
|
| Six Months Ended |
| Six Months Ended |
|
| ||||||
|
| June 30, 2026 |
| June 30, 2025 |
| % Change | ||||||
Aerospace & Defense markets: |
|
|
|
|
|
| ||||||
Aerospace Defense |
| $ | 355,446 |
|
| $ | 319,309 |
|
|
| 11 | % |
Ground Defense |
|
| 191,542 |
|
|
| 194,779 |
|
|
| (2 | %) |
Naval Defense |
|
| 513,139 |
|
|
| 461,172 |
|
|
| 11 | % |
Commercial Aerospace |
|
| 224,803 |
|
|
| 196,195 |
|
|
| 15 | % |
Total Aerospace & Defense |
| $ | 1,284,930 |
|
| $ | 1,171,455 |
|
|
| 10 | % |
| ||||||||||||
Commercial markets: |
|
|
|
|
|
| ||||||
Power & Process |
| $ | 340,745 |
|
| $ | 306,407 |
|
|
| 11 | % |
General Industrial |
|
| 212,020 |
|
|
| 204,359 |
|
|
| 4 | % |
Total Commercial |
| $ | 552,765 |
|
| $ | 510,766 |
|
|
| 8 | % |
| ||||||||||||
Total Curtiss-Wright |
| $ | 1,837,695 |
|
| $ | 1,682,221 |
|
|
| 9 | % |
|
|
|
|
|
|
| ||||||
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES | |||||||||||||||
RECONCILIATION OF AS REPORTED TO ADJUSTED DILUTED EARNINGS PER SHARE (UNAUDITED) | |||||||||||||||
|
|
|
|
|
|
|
| ||||||||
| Three Months Ended |
| Six Months Ended | ||||||||||||
| June 30, |
| June 30, | ||||||||||||
|
| 2026 |
|
|
| 2025 |
|
|
| 2026 |
|
|
| 2025 |
|
Diluted earnings per share - As Reported | $ | 4.07 |
|
| $ | 3.19 |
|
| $ | 7.53 |
|
| $ | 5.87 |
|
First year purchase accounting adjustments |
| — |
|
|
| 0.02 |
|
|
|
| 0.13 | ||||
Gain on equity securities |
| (0.36 | ) |
|
| — |
|
|
| (0.36 | ) |
|
| — |
|
Restructuring costs |
| 0.01 |
|
|
| 0.02 |
|
|
| 0.03 |
|
|
| 0.05 |
|
Diluted earnings per share - Adjusted (1) | $ | 3.72 |
|
| $ | 3.23 |
|
| $ | 7.20 |
|
| $ | 6.05 |
|
|
|
|
|
|
|
|
| ||||||||
(1) All adjustments are presented net of income taxes. | |||||||||||||||
Organic Sales and Organic Operating Income
The Corporation discloses organic sales and organic operating income because the Corporation believes it provides investors with insight as to the Company’s ongoing business performance. Organic sales and organic operating income are defined as sales and operating income, excluding contributions from acquisitions and results of operations from divested businesses or product lines during the last twelve months, costs associated with the Company's 2026 Restructuring Program in the current period and the Company's 2024 Restructuring Program in the prior period, and foreign currency fluctuations.
| Three Months Ended | ||||||||||||||
| June 30, | ||||||||||||||
| 2026 vs. 2025 | ||||||||||||||
| Aerospace & Industrial |
| Defense Electronics |
| Naval & Power |
| Total Curtiss-Wright | ||||||||
| Sales |
| Operating income |
| Sales |
| Operating income |
| Sales |
| Operating income |
| Sales |
| Operating income |
As Reported | 12% |
| 26% |
| (3%) |
| 1% |
| 7% |
| 18% |
| 5% |
| 14% |
Less: Acquisitions | 0% |
| 0% |
| 0% |
| 0% |
| 0% |
| 0% |
| 0% |
| 0% |
Restructuring | 0% |
| 0% |
| 0% |
| 0% |
| 0% |
| 0% |
| 0% |
| 0% |
Foreign Currency | 0% |
| 1% |
| 0% |
| 0% |
| 0% |
| 0% |
| 0% |
| 1% |
Organic | 12% |
| 27% |
| (3%) |
| 1% |
| 7% |
| 18% |
| 5% |
| 15% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Six Months Ended | ||||||||||||||
| June 30, | ||||||||||||||
| 2026 vs. 2025 | ||||||||||||||
| Aerospace & Industrial |
| Defense Electronics |
| Naval & Power |
| Total Curtiss-Wright | ||||||||
| Sales |
| Operating income |
| Sales |
| Operating income |
| Sales |
| Operating income |
| Sales |
| Operating income |
As Reported | 12% |
| 27% |
| 1% |
| 4% |
| 13% |
| 28% |
| 9% |
| 18% |
Less: Acquisitions | 0% |
| 0% |
| 0% |
| 0% |
| 0% |
| 0% |
| 0% |
| 0% |
Restructuring | 0% |
| (1%) |
| 0% |
| 0% |
| 0% |
| 0% |
| 0% |
| 0% |
Foreign Currency | (1%) |
| 2% |
| 0% |
| 0% |
| 0% |
| 0% |
| 0% |
| 1% |
Organic | 11% |
| 28% |
| 1% |
| 4% |
| 13% |
| 28% |
| 9% |
| 19% |
Jim Ryan
(704) 869-4621
Jim.Ryan@curtisswright.com
| Aug-05 | |
| Aug-05 | |
| Jul-24 | |
| Jul-06 | |
| Jun-30 | |
| Jun-22 | |
| Jun-17 | |
| Jun-10 | |
| May-20 | |
| May-14 | |
| May-07 | |
| May-06 | |
| May-06 | |
| Apr-09 | |
| Apr-08 |
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