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Curtiss Wright (CW) FY2025 results: revenue $3.5 billion, up 12.1% on the year

Curtiss Wright Corp. (CW) reported revenue of $3.5 billion for fiscal 2025, the year ended 31 December 2025, up 12.1% on the year before. Net income was $484 million, up 19.6%, and diluted earnings per share $12.87. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2026.

Revenue
$3.5 billion
+12.1% on the year
FY2018FY2025
Operating margin
18.1%
16.9% a year earlier
FY2018FY2025
Net income
$484 million
+19.6% on the year
FY2018FY2025
Diluted EPS
$12.87
+22.0% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 11 new.

  • Full-year sales and operating income rose: Full-year reported sales were $3.5 billion, up 12%, with reported operating income of $634 million and reported diluted EPS of $12.87.
  • Adjusted margin and EPS both rose: Adjusted operating margin was 18.6%, up 110 basis points, and adjusted diluted EPS was $13.23, up 21%, compared with $10.90 in the prior year.
  • Fourth-quarter sales rose 15%: Fourth-quarter reported sales were $947 million, up 15%, with reported diluted EPS of $3.69 and adjusted diluted EPS of $3.79, up 16%.
  • Fourth-quarter orders rose 18%: New orders reached $1.1 billion in the fourth quarter, up 18%, principally reflecting commercial nuclear and naval defense demand.
  • Backlog reached $4.1 billion: Backlog of $4.1 billion at year-end was up 18% from December 31, 2024, after full-year new orders of $4.1 billion, up 10%.
Read the Q4 FY2025 earnings call summary

From this 10-K

Curtiss-Wright is a Delaware corporation headquartered in Davidson, North Carolina that makes engineered products and provides services mainly for aerospace and defense markets, and also for commercial nuclear power, process and industrial markets. Its customers include defense prime contractors, commercial aerospace original equipment manufacturers and energy and manufacturing companies. The company traces its history to the Wright Brothers, and states that its products were on the first nuclear naval vessel and used in the first commercial nuclear power plant.

Curtiss Wright Corp., the 10-K for 2025

Curtiss-Wright is a Delaware corporation headquartered in Davidson, North Carolina that makes engineered products and provides services mainly for aerospace and defense markets, and also for commercial nuclear power, process and industrial markets. Its customers include defense prime contractors, commercial aerospace original equipment manufacturers and energy and manufacturing companies. The company traces its history to the Wright Brothers, and states that its products were on the first nuclear naval vessel and used in the first commercial nuclear power plant.

Aerospace & Industrial

This segment sells mainly to commercial aerospace and general industrial markets, and to a lesser extent defense. It makes sensors, controls and electro-mechanical actuation components for commercial and military aircraft. It provides surface technology services such as shot peening, laser peening and engineered coatings. For industrial and specialty vehicles it makes power management electronics, traction inverters, transmission shifters and control systems.

Defense Electronics

This segment sells mainly to government defense customers in aerospace, ground and naval defense, and to a lesser extent commercial aerospace. Its products include commercial off-the-shelf embedded computing modules and processing equipment, data acquisition and flight test instrumentation, integrated subsystems, tactical communications for battlefield network management, and electronic stabilization products. The company states that it has content on more than 400 defense platforms and more than 3,000 programs worldwide, across fighter jets, helicopters, unmanned aerial vehicles, ground combat vehicles, surface ships and submarines. It also sells avionics, flight test equipment and aircraft data recorders to commercial aerospace.

Naval & Power

For the U.S. Navy it supplies naval propulsion and auxiliary equipment, including main coolant pumps, compact motors, generators, steam turbines, valves and secondary propulsion systems, for the Virginia-class and Columbia-class submarine programs and the Ford-class aircraft carrier program. It repairs and maintains ships for the Navy's Atlantic and Pacific fleets through three coastal service centers, and makes aircraft arresting systems such as energy absorbers and retractable hook cable systems. For commercial nuclear power it supplies hardware, valves, fastening systems, containment doors, airlock hatches, simulation equipment and spent fuel management products. Most of its revenue in that market supports the maintenance of reactors across North America, and the company states that it has content on every reactor operating in the U.S., Canada and the United Kingdom. For new plants it supplies reactor coolant pumps and control rod drive mechanisms, most notably for the Westinghouse AP1000 reactor design.

Customers and contracts

The company has hundreds of customers, and no customer accounted for more than 10% of total net sales in 2025, 2024 or 2023. More than half of its sales go to the U.S. Government and foreign government end use. Government contracts can be terminated at the customer's option, and under fixed-price contracts the company usually absorbs the majority of any cost overrun.

Plants and people

Its principal U.S. manufacturing facilities are in Arizona, California, New York, North Carolina, Ohio, Pennsylvania and South Carolina, and outside the U.S. it manufactures in Canada, Mexico and the United Kingdom. At the end of 2025 it had approximately 9,100 employees in more than 20 countries, approximately 6% of them represented by labor unions.

From Curtiss-Wright's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 12 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue3,4983,1212,845+12.1%
Cost of revenue2,1971,9681,778+11.6%
Gross profit1,3021,1541,067+12.8%
Gross margin37.2%37.0%37.5%
Research and development95.291.685.8+3.8%
Operating income634529485+19.8%
Operating margin18.1%16.9%17.0%
Interest expense43.144.951.4-3.8%
Pre-tax income620522463+18.8%
Income tax136117109+16.0%
Effective tax rate21.9%22.4%23.4%
Net income484405355+19.6%
Net margin13.8%13.0%12.5%
Diluted EPS$12.87$10.55$9.20+22.0%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow643544448+18.2%
Capital expenditure89.761.044.7+47.1%
Free cash flow554483403+14.6%
Free cash flow margin15.8%15.5%14.2%
Cash from investing-90.1-283-35.5
Cash from financing-578-271-273
Depreciation and amortisation125108116+15.9%
Share-based compensation21.518.916.8+13.9%
Buybacks46525050.1+86.0%
Dividends paid34.731.730.2+9.7%
Dividend per share$0.93$0.83$0.79+12.0%
Diluted shares, weighted38m38m39m-1.9%
Shares outstanding at period end37m38m38m-2.1%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity2,5342,4502,328+3.4%
Debt9581,0491,050-8.7%
Operating lease liabilities178148119+20.4%
Finance lease liabilities0.05.56.7
Other liabilities1,5511,3331,117+16.4%
Total liabilities and equity5,2214,9864,621+4.7%
Fixed assets382339333+12.7%
Goodwill1,6921,6761,559+1.0%
Intangible assets532597558-10.8%
Cash and equivalents371385407-3.6%
Receivables932835733+11.7%
Inventory615541510+13.6%
Other assets695613522+13.5%
Total assets5,2214,9864,621+4.7%

10-K for the year ended 31 December 2025, filed 12 February 2026: the filing.