Curtiss Wright Corp.: Q2 FY2026 earnings call

What management said about Q2 FY2026, from the documents filed with the SEC on 6 August 2026: press release. Guidance figures: 16 raised, 3 kept. The quarter’s numbers.

Key takeaways

Sales rose 5% to $924 million: Reported sales were $924 million, up 5%. A&D sales rose 6% and Commercial sales rose 5%, with growth in both markets. Source
Adjusted diluted EPS rose 15%: Adjusted diluted EPS was $3.72, up 15%. Reported diluted EPS was $4.07, including a $0.36 gain on equity securities that the adjusted measure excludes. Source
Absorption and mix lifted margin: Adjusted operating margin rose 110 basis points, driven by absorption on higher revenues and product mix in Aerospace & Industrial and Defense Electronics. Source
Orders rose 8% to $1.1 billion: New orders reached $1.1 billion, a 1.16x book-to-bill. Management attributed the increase to demand for defense electronics products. Source
Backlog reached $4.5 billion: Backlog was $4.5 billion, up 10% from December 31, 2025, which management attributed to demand across A&D and Commercial markets. Source
Free cash flow reached $160 million: Free cash flow was $160 million, up $43 million, with 116% conversion. Operating cash flow was $181 million and net capital expenditures were $21 million. Source
Guidance raised on five measures: Adjusted guidance was raised for sales, operating income, operating margin, diluted EPS and free cash flow, with new ranges given in the guidance items. Source

“The momentum continues to build in our order book, underscored by record demand for our defense electronics products.”
Lynn M. Bamford, Chair and CEO of Curtiss-Wright Corporation

Guidance

Area	Period	Figure	Against last quarter
Total sales Source	FY2026	$3,768 - $3,813 million; 8% to 9% growth	Raised from $3,740 - $3,795 million; 7% to 8%
Operating income Source	FY2026	$720 - $736 million; 11% to 13% growth	Raised from $712 - $729 million; 9% to 12% growth
Operating margin Source	FY2026	19.1% to 19.3%	Raised from 19.0% to 19.2%
Diluted EPS Source	FY2026	$15.10 to $15.40; up 14% to 16%	Raised from $14.90 to $15.30; up 13% to 16%
Free cash flow Source	FY2026	$585 million to $605 million; 6% to 9% growth	Raised from $580 million to $600 million
Capital expenditures Source	FY2026	Increase of approximately $25 million vs 2025	Kept
Aerospace & Industrial sales Source	FY2026	$1,058 - $1,070 million; 8% to 10% growth	Raised from $1,040 - $1,055 million; 6% to 8% growth
Defense Electronics sales Source	FY2026	$1,055 - $1,075 million; 4% to 6% growth	Kept
Naval & Power sales Source	FY2026	$1,655 - $1,668 million; 10% to 11% growth	Raised from $1,645 - $1,665 million; 9% to 11% growth
Aerospace & Industrial operating income Source	FY2026	$195 - $200 million; 15% to 17% growth	Raised from $192 - $196 million; 13% to 15% growth
Defense Electronics operating income Source	FY2026	$291 - $298 million; 5% to 7% growth	Raised from $288 - $296 million; 4% to 6% growth
Naval & Power operating income Source	FY2026	$278 - $283 million; 14% to 16% growth	Raised from $276 - $281 million; 13% to 15% growth
Aerospace & Industrial operating margin Source	FY2026 adjusted	18.5% to 18.7%	Raised from 18.4% to 18.6%
Defense Electronics operating margin Source	FY2026 adjusted	27.5% to 27.7%	Raised from 27.3% to 27.5%
Naval & Power operating margin Source	FY2026 adjusted	16.8% to 17.0%	Raised from 16.7% to 16.9%
Naval defense sales growth Source	FY2026	7% to 9%	Raised from 6% to 8%
Aerospace defense sales growth Source	FY2026	12% to 14%	Raised from 11% to 13%
General industrial sales growth Source	FY2026	1% to 3%	Raised from Flat
Ground defense sales growth Source	FY2026	(4% to 6%)	Kept

What changed from last quarter

Guidance raised: Full-year 2026 adjusted guidance raised for sales, operating income, operating margin, diluted EPS and free cash flow. Source
Guidance raised: Naval defense sales growth range raised to 7% to 9%, from 6% to 8%. Source
Guidance raised: General industrial sales growth range moved from flat to 1% to 3%. Source
Guidance kept: Defense Electronics sales range unchanged at $1,055 million to $1,075 million, 4% to 6% growth. Source
New: Quarterly dividend raised 8%, from $0.24 to $0.26 a share, in May 2026. Source
New: Adjusted results now also exclude a current-year gain on equity securities held for investment purposes. Source

Results and growth drivers

Sales rose 5% to $924 million: Reported sales were $924 million, up 5%. A&D sales rose 6% and Commercial sales rose 5%, with growth in both markets. Source
Adjusted diluted EPS rose 15%: Adjusted diluted EPS was $3.72, up 15%. Reported diluted EPS was $4.07, including a $0.36 gain on equity securities that the adjusted measure excludes. Source
Adjusted operating income up 12%: Adjusted operating income was $179 million, up 12%. Reported operating income was $179 million, up 14%, with the $0.5 million difference being restructuring costs. Source
Naval and commercial aerospace drove A&D: Management attributed A&D growth to higher naval defense revenues, higher electromechanical actuation sales and continued OEM growth in commercial aerospace. Source

Segment performance

Aerospace & Industrial sales up 12%: Adjusted operating income was $49 million, up 25%, and adjusted margin rose 180 basis points to 18.4% on higher absorption and product mix. Source
Defense Electronics sales down 3%: Sales were $246 million, with embedded computing sales higher on fighter jet and UAV programs. Adjusted margin was 28.0%, up 120 basis points. Source
Naval & Power sales up 7%: Sales were $410 million, and adjusted operating income rose 12% to $71 million, with adjusted margin up 80 basis points to 17.3% on higher revenue absorption. Source

“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.”
Lynn M. Bamford, Chair and CEO of Curtiss-Wright Corporation

End markets and products

Commercial nuclear lifted power and process: Power & process sales rose 6% to $174 million, on commercial nuclear solutions for advanced reactors and higher government nuclear revenues. Source
Fighter jet programs drove aerospace defense: Aerospace defense sales rose 5% to $176 million, with higher sensors and actuation sales on domestic and international fighter jet programs. Source
Ground defense sales fell 8%: Ground defense sales were $90 million, down 8%. Turret drive, stabilization and radar sales to international customers partly offset the decline. Source
Commercial aerospace OEM sales rose: Commercial aerospace sales were $114 million, up 11%, on higher OEM sales of actuation equipment, sensors and surface treatment services. Source

Margins and costs

Absorption and mix lifted margin: Adjusted operating margin rose 110 basis points, driven by absorption on higher revenues and product mix in Aerospace & Industrial and Defense Electronics. Source
Cost containment lifted Defense Electronics: Defense Electronics margin improved on embedded computing mix and cost containment, which management said more than offset higher research and development spending. Source
Restructuring costs modest: Restructuring expenses were $0.5 million in the quarter, against $0.7 million a year earlier, and are excluded from adjusted results. Source

Demand and order book

Orders rose 8% to $1.1 billion: New orders reached $1.1 billion, a 1.16x book-to-bill. Management attributed the increase to demand for defense electronics products. Source
Commercial and A&D orders broad: Management described A&D order growth in aerospace and ground defense, and continued commercial aerospace demand, alongside Commercial demand in nuclear, process and industrial. Source
Backlog reached $4.5 billion: Backlog was $4.5 billion, up 10% from December 31, 2025, which management attributed to demand across A&D and Commercial markets. Source

Cash flow and capital returns

Free cash flow reached $160 million: Free cash flow was $160 million, up $43 million, with 116% conversion. Operating cash flow was $181 million and net capital expenditures were $21 million. Source
Shares repurchased for $15 million: The company repurchased 20,105 shares in the second quarter, compared with 21,865 shares for about $14 million in the first quarter. Source
Quarterly dividend raised 8%: The board raised the quarterly dividend to $0.26 a share in May 2026, the 10th consecutive year of increases. Source

Full-year guidance raised

Guidance raised on five measures: Adjusted guidance was raised for sales, operating income, operating margin, diluted EPS and free cash flow, with new ranges given in the guidance items. Source
Raise tied to first-half execution: Management tied the raise to first-half execution and its view of the rest of the year. The sales range reflects growth in most end markets. Source
Naval defense range raised: The naval defense sales growth range was raised to 7% to 9%, from 6% to 8%, while the Defense Electronics sales range was unchanged. Source

Strategy and workforce

Pivot to Growth strategy in execution: Management said the team is executing on its Pivot to Growth strategy, intended to support long-term growth. Source
Secular trends remain aligned: Management said the company remains aligned with a number of secular trends across its A&D and Commercial markets. Source
Workforce about 9,200 employees: The company reported about 9,200 employees, up from about 9,100 in the first-quarter release. Source

Figures management reported

Figure	Reported
New orders Source	$1.1 billion, up 8%
Book-to-bill Source	1.16x
Backlog Source	$4.5 billion, up 10% from December 31, 2025

Risks management discussed

Demand: Lower sales on various helicopter programs partly offset aerospace defense growth in Defense Electronics. Source

Earlier plans management reported on

On track: Management said the team is executing on the Pivot to Growth strategy, which it said will enable long-term profitable growth. Source
Ahead: Management described free cash flow generation as better than expected in the quarter. Source
Not stated: Management said the free cash flow guidance continues to reflect conversion above 105% of adjusted earnings. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Curtiss-Wright Corporation, Page 1

CURTISS-WRIGHT REPORTS SECOND QUARTER 2026 FINANCIAL RESULTS AND RAISES FULL-YEAR 2026 GUIDANCE

DAVIDSON, N.C. - August 5, 2026 - Curtiss-Wright Corporation (NYSE: CW) reports financial results for the second quarter ended June 30, 2026.

Second Quarter 2026 Highlights:

Reported sales of $924 million, up 5%, operating income of $179 million, operating margin of 19.3%, and diluted earnings per share (EPS) of $4.07;
Adjusted operating income of $179 million, up 12%;
Adjusted operating margin of 19.4%, up 110 basis points;
Adjusted diluted EPS of $3.72, up 15%;
New orders of $1.1 billion, up 8%, reflecting a 1.16x book-to-bill; and
Free cash flow (FCF) of $160 million, generating 116% FCF conversion.

Raised Full-Year 2026 Adjusted Financial Outlook:

Sales increased to new range of 8% to 9% growth (previously 7% to 8%), reflecting growth in the majority of Curtiss-Wright's end markets;
Operating income increased to new range of 11% to 13% growth (previously 9% to 12%);
Operating margin increased to new range of 19.1% to 19.3% (previously 19.0% to 19.2%), representing an increase of 50 to 70 basis points compared with the prior year;
Diluted EPS increased to new range of $15.10 to $15.40, now up 14% to 16% (previously $14.90 to $15.30, up 13% to 16%); and
FCF increased by $5 million to new range of $585 to $605 million, which continues to reflect greater than 105% FCF conversion.

"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."

Curtiss-Wright Corporation, Page 2

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
Sales	$924	$877	5%
Operating income	$179	$160	12%
Operating margin	19.4%	18.3%		110 bps

Reconciliations of Reported to Adjusted operating results are available in the Appendix.

Sales of $924 million increased 5% compared with the prior year period;
Total Aerospace & Defense (A&D) market sales increased 6%, while total Commercial market sales increased 5%;
In our A&D markets, we experienced solid growth in the defense markets, principally driven by higher naval defense revenues, overall higher sales of electromechanical actuation equipment and continued strong OEM sales growth in the commercial aerospace market;
In our Commercial markets, we experienced solid growth in the power & process market mainly driven by higher sales of commercial nuclear solutions, as well as modest sales growth in the general industrial market reflecting higher sales of industrial vehicle products; and
Adjusted operating income of $179 million increased 12%, while Adjusted operating margin increased 110 basis points to 19.4%. This performance was driven by favorable absorption on higher revenues, favorable mix in the Aerospace & Industrial and Defense Electronics segments, and the benefits of the Company's restructuring initiatives, partially offset by higher investment in research and development.

Curtiss-Wright Corporation, Page 3

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
Sales	$268	$239	12%
Operating income	$49	$40	25%
Operating margin	18.4%	16.6%		180 bps

Note: Reconciliations of Reported to Adjusted operating results are available in the Appendix.

Sales of $268 million, up $29 million, or 12%;
Growth in our defense markets reflected increased sales of sensors products and actuation equipment supporting various domestic and international fighter jet programs, in addition to higher sales of electromechanical actuation equipment;
Commercial aerospace market revenue growth reflected higher OEM sales of actuation equipment, sensors products and surface treatment services on both narrowbody and widebody platforms;
Growth in the general industrial market reflected the benefit of higher sales of industrial vehicle products principally serving off-highway vehicle platforms; and
Adjusted operating income was $49 million, up 25% from the prior year, while Adjusted operating margin increased 180 basis points to 18.4%, driven by favorable absorption on higher revenues, mix of products, and the benefits of the Company's restructuring initiatives, partially offset by higher investment in research and development.

Curtiss-Wright Corporation, Page 4

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
Sales	$246	$253	(3%)
Operating income	$69	$68	1%
Operating margin	28.0%	26.8%		120 bps

Note: Reconciliations of Reported to Adjusted operating results are available in the Appendix.

Sales of $246 million, down $7 million, or 3%;
Higher revenue in the aerospace defense market was principally driven by increased sales of embedded computing equipment on various domestic fighter jet and unmanned aerial vehicle (UAV) programs, partially offset by lower sales on various helicopter programs;
Lower ground defense market revenues reflected the timing of tactical communications equipment sales, partially offset by higher sales of turret drive stabilization and radar systems equipment to various international customers; and
Adjusted operating income was $69 million, up 1% from the prior year, while Adjusted operating margin increased 120 basis points to 28.0%, reflecting favorable mix of embedded computing revenues and the benefits of the Company's cost containment initiatives, which more than offset higher investment in research and development.

Curtiss-Wright Corporation, Page 5

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
Sales	$410	$384	7%
Operating income	$71	$64	12%
Operating margin	17.3%	16.5%		80 bps

Note: Reconciliations of Reported to Adjusted operating results are available in the Appendix.

Sales of $410 million, up $26 million, or 7%;
Revenue growth in the naval defense market was principally driven by timing of revenues on the Virginia-class submarine program and higher aftermarket revenue supporting naval shipyards;
Power & process market revenues primarily reflected higher sales of commercial nuclear solutions supporting next-generation advanced reactors, as these projects continue to transition from development into the initial prototype stage, as well as higher government nuclear revenues; and
Adjusted operating income was $71 million, up 12% from the prior year, while adjusted operating margin increased 80 basis points to 17.3%, primarily due to favorable absorption on higher revenues.

Curtiss-Wright Corporation, Page 6

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%

Free cash flow of $160 million increased $43 million, principally driven by higher cash earnings, lower working capital, and lower tax payments.

New Orders and Backlog

New orders of $1.1 billion increased 8% compared with the prior year, driven by record demand for our defense electronics products. In our A&D markets, we experienced strong growth in aerospace and ground defense, as well as continued strong demand for commercial aerospace products, while our Commercial markets reflected solid demand for commercial nuclear, process and industrial products; and
Backlog of $4.5 billion, up 10% from December 31, 2025, reflecting strong demand across the A&D and Commercial markets.

Share Repurchase and Dividends

During the second quarter, the Company repurchased 20,105 shares of its common stock for approximately $15 million;
In May 2026, the Company's Board of Directors authorized an 8% increase in the quarterly dividend, from twenty-four cents ($0.24) per share to twenty-six cents ($0.26) per share, which represented the 10th consecutive year that Curtiss-Wright has increased its dividend; and
During the second quarter, the Company declared a quarterly dividend of $0.26 a share.

Curtiss-Wright Corporation, Page 7

Full-Year 2026 Guidance

The Company is updating its full-year 2026 Adjusted financial guidance as follows:

($ in millions, except EPS)	2026 Adjusted Non-GAAP Guidance (Prior)	2026 Adjusted Non-GAAP Guidance (Current)	Change vs 2025 Adjusted (Current)
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	$580 - $600	$585 - $605	6 - 9%

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.

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, Page 8

	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2026	2025	2026	2025
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)
($'s in thousands, except per share data)
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, Page 9

	June 30,	December 31,
	2026	2025
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
($'s in thousands, except par value)
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

Curtiss-Wright Corporation, Page 10

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, Page 11

	Three Months Ended			Three Months Ended
	June 30, 2026			June 30, 2025			% Change
	As Reported	Adjustments	Adjusted	As Reported	Adjustments	Adjusted	As Reported		Adjusted
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED)
($'s in thousands)
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	$49,004	$399	$49,403	$39,006	$582	$39,588	26%		25%
Defense Electronics	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	(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
Excludes first year purchase accounting adjustments in the prior year period.
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, Page 12

	Six Months Ended			Six Months Ended
	June 30, 2026			June 30, 2025			% Change
	As Reported	Adjustments	Adjusted	As Reported	Adjustments	Adjusted	As Reported		Adjusted
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED)
($'s in thousands)
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	$87,502	$1,102	$88,604	$68,928	$2,346	$71,274	27%		24%
Defense Electronics	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	(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
Excludes first year purchase accounting adjustments in the prior year period.
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, Page 13

	Three Months Ended	Three Months Ended
	June 30, 2026	June 30, 2025	% Change
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
RECONCILIATION OF AS REPORTED SALES TO ADJUSTED SALES BY END MARKET (UNAUDITED)
($'s in thousands)
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, Page 14

	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2026	2025	2026	2025
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
RECONCILIATION OF AS REPORTED TO ADJUSTED DILUTED EARNINGS PER SHARE (UNAUDITED)
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	$3.72	$3.23	$7.20	$6.05
All adjustments are presented net of income taxes.

Curtiss-Wright Corporation, Page 15

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%

Curtiss-Wright Corporation, Page 16

Free Cash Flow and Free Cash Flow Conversion

The Corporation discloses free cash flow because it measures cash flow available for investing and financing activities. Free cash flow represents cash available to repay outstanding debt, invest in the business, acquire businesses, return capital to shareholders and make other strategic investments. Free cash flow is defined as net cash provided by operating activities less net capital expenditures. The Corporation discloses free cash flow conversion because it measures the proportion of net earnings converted into free cash flow and is defined as free cash flow divided by adjusted net earnings.

	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2026	2025	2026	2025
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
NON-GAAP FINANCIAL DATA (UNAUDITED)
($'s in thousands)
Net cash provided by operating activities	$181,183	$136,585	$175,528	$97,820
Capital expenditures
Capital expenditure additions	(29,451)	(19,381)	(41,283)	(35,154)
Grant proceeds for capital expenditures	8,528	-	8,528	-
Net capital expenditures	(20,923)	(19,381)	(32,755)	(35,154)
Free cash flow	$160,260	$117,204	$142,773	$62,666
Free cash flow conversion	116%	96%	53%	27%

Curtiss-Wright Corporation, Page 17

	2025 Reported (GAAP)	2025Adjustments (Non-GAAP)	2025 Adjusted(Non-GAAP)	2026 Reported Guidance (GAAP)		2026 Adjustments (Non-GAAP)	2026Adjusted Guidance(Non-GAAP)
				Low	High		Low	High	Chg vs 2025 Adjusted
CURTISS-WRIGHT CORPORATION
2026 Guidance
As of August 5, 2026
($'s in millions, except per share data)
Sales:
Aerospace & Industrial	$977	$ -	$977	$1,058	$1,070	$ -	$1,058	$1,070	8 - 10%
Defense Electronics	1,019	-	1,019	1,055	1,075	-	1,055	1,075	4 - 6%
Naval & Power	1,503	-	1,503	1,655	1,668	-	1,655	1,668	10 - 11%
Total sales	$3,498	$ -	$3,498	$3,768	$3,813	$ -	$3,768	$3,813	8 - 9%
Operating income:
Aerospace & Industrial	$166	$4	$170	$189	$194	$6	$195	$200	15 - 17%
Defense Electronics	278	-	278	291	298	-	291	298	5 - 7%
Naval & Power	231	13	245	277	282	1	278	283	14 - 16%
Total segments	$675	$17	$693	$757	$774	$7	$764	$780
Corporate and other	(42)	-	(42)	(43)	(44)	-	(43)	(44)
Total operating income	$634	$17	$651	$714	$729	$7	$720	$736	11 - 13%
Interest expense	$(43)	$ -	$(43)	$(41)	$(41)	$ -	$(41)	$(41)
Other income, net	30	-	30	51	51	(17)	34	34
Earnings before income taxes	$620	$17	$638	$724	$739	$(10)	$713	$728
Provision for income taxes	(136)	(4)	(140)	(155)	(158)	2	(153)	(156)
Net earnings	$484	$14	$498	$569	$581	$(8)	$560	$571
Diluted earnings per share	$12.87	$0.36	$13.23	$15.31	$15.61	$(0.21)	$15.10	$15.40	14 - 16%
Diluted shares outstanding	37.6		37.6	37.1	37.1		37.1	37.1
Effective tax rate	21.9%		21.9%	21.5%	21.5%		21.5%	21.5%
Operating margins:
Aerospace & Industrial	17.0%		17.4%	17.9%	18.1%		18.5%	18.7%	110 - 130 bps
Defense Electronics	27.3%		27.3%	27.6%	27.7%		27.5%	27.7%	20 - 40 bps
Naval & Power	15.4%		16.3%	16.7%	16.9%		16.8%	17.0%	50 - 70 bps
Total operating margin	18.1%		18.6%	18.9%	19.1%		19.1%	19.3%	50 - 70 bps
Free cash flow	$554	$ -	$554	$585	$605	$ -	$585	$605	6 - 9%
Notes: Amounts may not add due to rounding.
2025 Adjusted financials are defined as Reported Operating Income, Operating Margin, Net Income and Diluted EPS under GAAP excluding costs associated with the Company's 2024 Restructuring Program and the impact of first year purchase accounting adjustments.
2026 Adjusted financials are defined as Reported Operating Income, Operating Margin, Net Income and Diluted EPS under GAAP excluding costs associated with the Company's 2026 Restructuring Program and a gain on equity securities held for investment purposes.
Free Cash Flow is defined as cash flow from operations less capital expenditures. 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.

Curtiss-Wright Corporation, Page 18

	2026 % Change vs. 2025 Adjusted
	Prior	Current	% Total Sales
CURTISS-WRIGHT CORPORATION
2026 Sales Growth Guidance by End Market
As of August 5, 2026
Aerospace & Defense Markets
Aerospace Defense	11 - 13%	12 - 14%	20%
Ground Defense	(4 - 6%)	(4 - 6%)	10%
Naval Defense	6 - 8%	7 - 9%	27%
Commercial Aerospace	10 - 12%	10 - 12%	13%
Total Aerospace & Defense	6 - 8%	7 - 9%	70%
Commercial Markets
Power & Process	13 - 15%	13 - 15%	19%
General Industrial	Flat	1 - 3%	11%
Total Commercial	8 - 10%	8 - 10%	30%
Total Curtiss-Wright Sales	7 - 8%	8 - 9%	100%
Note: Sales percentages may not add due to rounding.

Curtiss-Wright Corporation, Page 19

About Curtiss-Wright Corporation

Curtiss-Wright Corporation (NYSE:CW) is a global integrated business that provides highly engineered products, solutions and services mainly to Aerospace & Defense markets, as well as critical technologies in demanding Commercial Nuclear Power, Process and Industrial markets. We leverage a workforce of approximately 9,200 highly skilled employees who develop, design and build what we believe are the best engineered solutions to the markets we serve. Building on the heritage of Glenn Curtiss and the Wright brothers, Curtiss-Wright has a long tradition of providing innovative solutions through trusted customer relationships. For more information, visit www.curtisswright.com.

Forward-Looking Statements

Forward-looking statements notice

Certain statements made in this press release, including statements about future revenue, financial performance guidance, quarterly and annual revenue, net income, operating income growth, future business opportunities, cost saving initiatives, the successful integration of the Company’s acquisitions, and future cash flow from operations, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements can be identified by the use of forward-looking terminology such as “anticipates,” “believes,” “continue,” “could,” “estimate,” “expects,” “intend,” “may,” “might,” “outlook,” “potential,” “predict,” “should,” “will,” as well as the negative of any of the foregoing or variations of such terms or comparable terminology, or by discussion of strategy. These statements are not historical facts and present management's estimates, expectations, beliefs, plans and objectives regarding future financial performance, and assumptions or judgments concerning such performance. Such forward-looking statements are not guarantees of future performance and are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements.

Forward-looking statements notice

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 and include, but are not limited to, risks relating to: a reduction in anticipated orders; an economic downturn; geopolitical risks; evolving impacts from tariffs between the U.S. and other countries (including implementation of new tariffs and retaliatory measures); changes in the competitive marketplace and/or customer requirements; a change in government spending; an inability to perform customer contracts at anticipated cost levels; supply chain constraints and inflationary impacts on prices for raw materials and components used in our products; failure of our subcontractors or suppliers to perform their contractual obligations; and other factors that generally affect the business of aerospace, defense contracting, electronics, marine, and industrial companies.

Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. These forward-looking statements speak only as of the date they were made, and we assume no obligation to update forward-looking statements to reflect actual results or changes in or additions to the factors affecting such forward-looking statements.

This press release and additional information are available at www.curtisswright.com.

Contact: Jim Ryan

(704) 869-4621

Jim.Ryan@curtisswright.com