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.
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%.
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.
The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025
Income statement (profit and loss)
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Revenue | 3,498 | 3,121 | 2,845 | +12.1% | |
| Cost of revenue | 2,197 | 1,968 | 1,778 | +11.6% | |
| Gross profit | 1,302 | 1,154 | 1,067 | +12.8% | |
| Gross margin | 37.2% | 37.0% | 37.5% | ||
| Research and development | 95.2 | 91.6 | 85.8 | +3.8% | |
| Operating income | 634 | 529 | 485 | +19.8% | |
| Operating margin | 18.1% | 16.9% | 17.0% | ||
| Interest expense | 43.1 | 44.9 | 51.4 | -3.8% | |
| Pre-tax income | 620 | 522 | 463 | +18.8% | |
| Income tax | 136 | 117 | 109 | +16.0% | |
| Effective tax rate | 21.9% | 22.4% | 23.4% | ||
| Net income | 484 | 405 | 355 | +19.6% | |
| Net margin | 13.8% | 13.0% | 12.5% | ||
| Diluted EPS | $12.87 | $10.55 | $9.20 | +22.0% |
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Free 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
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Operating cash flow | 643 | 544 | 448 | +18.2% | |
| Capital expenditure | 89.7 | 61.0 | 44.7 | +47.1% | |
| Free cash flow | 554 | 483 | 403 | +14.6% | |
| Free cash flow margin | 15.8% | 15.5% | 14.2% | ||
| Cash from investing | -90.1 | -283 | -35.5 | ||
| Cash from financing | -578 | -271 | -273 | ||
| Depreciation and amortisation | 125 | 108 | 116 | +15.9% | |
| Share-based compensation | 21.5 | 18.9 | 16.8 | +13.9% | |
| Buybacks | 465 | 250 | 50.1 | +86.0% | |
| Dividends paid | 34.7 | 31.7 | 30.2 | +9.7% | |
| Dividend per share | $0.93 | $0.83 | $0.79 | +12.0% | |
| Diluted shares, weighted | 38m | 38m | 39m | -1.9% | |
| Shares outstanding at period end | 37m | 38m | 38m | -2.1% |
Balance sheet
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Shareholders' equity | 2,534 | 2,450 | 2,328 | +3.4% | |
| Debt | 958 | 1,049 | 1,050 | -8.7% | |
| Operating lease liabilities | 178 | 148 | 119 | +20.4% | |
| Finance lease liabilities | 0.0 | 5.5 | 6.7 | ||
| Other liabilities | 1,551 | 1,333 | 1,117 | +16.4% | |
| Total liabilities and equity | 5,221 | 4,986 | 4,621 | +4.7% | |
| Fixed assets | 382 | 339 | 333 | +12.7% | |
| Goodwill | 1,692 | 1,676 | 1,559 | +1.0% | |
| Intangible assets | 532 | 597 | 558 | -10.8% | |
| Cash and equivalents | 371 | 385 | 407 | -3.6% | |
| Receivables | 932 | 835 | 733 | +11.7% | |
| Inventory | 615 | 541 | 510 | +13.6% | |
| Other assets | 695 | 613 | 522 | +13.5% | |
| Total assets | 5,221 | 4,986 | 4,621 | +4.7% |
10-K for the year ended 31 December 2025, filed 12 February 2026: the filing.