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Curtiss-Wright — Feb 11, 2026 release

Fiscal 2025 fourth-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0001628280-26-007480
Open on SEC.gov ↗
Showing in the filing
Adjusted Operating Income - Naval & Power % Chg vs 2025
“10 - 13%”
Period
FY2026
Measure
Company-defined measure
Source
Guidance table
All guidance in this release · 33
Operating margin expansion for FY2026
“30 to 60 basis points to a range of 18.9% to 19.2%”
Free cash flow generation for FY2026
“strong free cash flow generation”
Quarterly dividend
“$0.24 a share”
Adjusted Total Sales for FY2026
“$3,710 - $3,765”
Adjusted Operating Income for FY2026
“$703 - $722”
Adjusted Operating Income % Chg vs 2025 for FY2026
“8 - 11%”
Operating Income for FY2025
“8 - 11%”
Adjusted Operating Margin for FY2026
“18.9% - 19.2%”
Adjusted Operating Margin % Chg vs 2025 for FY2026
“30 - 60 bps”
Operating Margin for FY2025
“30 - 60 bps”
Adjusted Diluted EPS for FY2026
“$14.70 - $15.15”
Free cash flow for FY2026
“$575 - $595”
Free Cash Flow % Chg vs 2025 for FY2026
“4 - 7%”
Total Aerospace & Defense Sales Growth for FY2026
“5 - 7%”
Adjusted Sales - Naval & Power % Chg vs 2025 for FY2026
“8 - 9%”
Adjusted Operating Income - Aerospace & Indu… for FY2026
“11 - 14%”
Adjusted Operating Income - Naval & Power % … for FY2026
“10 - 13%”
Adjusted Diluted EPS % Chg vs 2025 for FY2026
“11 - 15%”
Adjusted Diluted Shares Outstanding for FY2026
“37.1”
Adjusted Effective Tax Rate for FY2026
“21.5%”
Adjusted Operating Margin - Aerospace & Indu… for FY2026
“90 - 110 bps”
Adjusted Operating Margin - Defense Electron… for FY2026
“0 - 20 bps”
Adjusted Operating Margin - Naval & Power % … for FY2026
“30 - 50 bps”
Aerospace Defense Sales Growth for FY2026
“9 - 11%”
Ground Defense Sales Growth for FY2026
“(4 - 6%)”
Adjusted Operating Income - Defense Electron… for FY2026
“4 - 6%”
Commercial Aerospace Sales Growth for FY2026
“10 - 12%”
Adjusted Sales - Aerospace & Industrial % Ch… for FY2026
“5 - 7%”
Power & Process Sales Growth for FY2026
“12 - 14%”
Total Commercial Sales Growth for FY2026
“7 - 9%”
Adjusted Total Sales % Chg vs 2025 for FY2026
“6 - 8%”
Total Curtiss-Wright Sales Growth for FY2026
“6 - 8%”
Total Sales for FY2025
“6 - 8%”
Exhibit 99.1 · full document
Curtiss-Wright Corporation, Page 1 Exhibit 99.1               NEWS RELEASE CURTISS-WRIGHT REPORTS FOURTH QUARTER AND FULL-YEAR 2025 FINANCIAL RESULTS; FULL-YEAR 2026 OUTLOOK REFLECTS HIGHER SALES, OPERATING MARGIN EXPANSION, DOUBLE-DIGIT EPS GROWTH AND STRONG FREE CASH FLOW Company Delivers Record FY25 Sales, Profitability, EPS, Free Cash Flow and Orders DAVIDSON, N.C. – February 11, 2026 – Curtiss-Wright Corporation (NYSE: CW) reports financial results for the fourth quarter and full-year ended December 31, 2025. Fourth Quarter 2025 Highlights: • Reported sales of $947 million, up 15%, operating income of $182 million, operating margin of 19.2%, and diluted earnings per share (EPS) of $3.69; • Adjusted operating income of $187 million, up 14%; • Adjusted operating margin of 19.7%; • Adjusted diluted EPS of $3.79, up 16%; • Free cash flow (FCF) of $315 million, generating 224% FCF conversion; • Total share repurchases of $140 million; and • New orders of $1.1 billion, up 18%, generating a book-to-bill of 1.2x. Full-Year 2025 Highlights: • Reported sales of $3.5 billion, up 12%, operating income of $634 million, operating margin of 18.1%, and diluted EPS of $12.87; • Adjusted operating income of $651 million, up 19%; • Adjusted operating margin of 18.6%, up 110 basis points; • Adjusted diluted EPS of $13.23, up 21%; • FCF of $554 million, generating 111% FCF conversion; • Total share repurchases of $465 million; • New orders of $4.1 billion, up 10%, reflecting solid demand in our Aerospace & Defense (A&D) and Commercial markets, and book-to-bill of 1.2x; and • Backlog of $4.1 billion, up 18%. " Curtiss-Wright concluded a record-setting year with a strong fourth quarter financial performance that was hi ghlighted by double-digit organic sales growth, adjusted operating margin of 19.7% , mid-teens growth in adjusted diluted EPS, and record quarterly free cash flow generation ," said Lynn M. Bamford, Chair and CEO of Curtiss-Wright Corporation. "Our full-year 2025 performance reflected the continued momentum that we are generating under our Pivot to Growth strategy. We delivered record-high sales and operating income, 110 basis points in operating margin expansion, and 21% growth in adjusted diluted EPS, as we maintained our commitment to operational excellence and targeted investments across the portfolio. In addition, we achieved record free cash flow of $554 million, which reflected our overall growth in profitability and the team’s relentless focus on reducing working capital. We also experienced strong demand across our A&D and Commercial Nuclear markets, which enabled the team to drive record new orders of $4.1 billion, providing continued confidence in our future top-line growth." Curtiss-Wright Corporation, Page 2 "Looking ahead, our strong backlog entering the year, combined with the alignment of our technologies to favorable secular growth trends, underpins our expectation to deliver total organic sales growth of 6% to 8% and another strong operational performance in 2026. Additionally, we anticipate operating margin expansion of 30 to 60 basis points to a range of 18.9% to 19.2%, diluted EPS growth of 11% to 15%, and strong free cash flow generation, while continuing to increase both R&D and capital investments. This outlook reinforces our confidence in achieving the three-year financial targets that we communicated at our 2024 Investor Day and in our ability to drive long-term shareholder value." Curtiss-Wright Corporation, Page 3 Fourth Quarter 2025 Operating Results (In millions) Q4-2025 Q4-2024 Change Reported Sales $ 947  $ 824  15 % Operating income $ 182  $ 155  17 % Operating margin 19.2 % 18.8 % 40 bps Adjusted (1) Sales $ 947  $ 824  15 % Operating income $ 187  $ 163  14 % Operating margin 19.7 % 19.8 % (10 bps) (1) Reconciliations of Reported to Adjusted operating results are available in the Appendix. • Sales of $947 million increased 15% compared with the prior year; • Total A&D market sales inc reased 16% , w hile total Commercial market sales increased 13%; • In our A&D mark ets, we experienced mid-teens growth in our defense markets, driven by an acceleration of revenues in ground and n aval defense, higher sales of international arresting systems equipment in aerospace defense, and strong OEM sales growth in the commercial aerospace market; • In our Commercial markets, strong growth in the power & process market reflected the contribution from our prior-year acquisition, higher organic sales of commercial nuclear solutions and strong growth in industrial valve sales in the process market, while sales in the general industrial market were essentially flat; and • Adjusted operating income of $187 million increased 14%, while Adjusted operating margin of 19.7% was essentially flat compared with the prior-year period, as favorable overhead absorption on higher revenues in all three segments and t he benefits of the Company's ongoing operational excellence initiatives were offset by unfavorable mix in both the Aerospace & Industrial and Naval & Power segments. Curtiss-Wright Corporation, Page 4 Fourth Quarter 2025 Segment Performance Aerospace & Industrial (In millions) Q4-2025 Q4-2024 Change Reported Sales $ 262  $ 251  5 % Operating income $ 52  $ 48  8 % Operating margin 19.7 % 19.1 % 60 bps Adjusted (1) Sales $ 262  $ 251  5 % Operating income $ 53  $ 54  (2 %) Operating margin 20.1 % 21.3 % (120 bps) (1) Reconciliations of Reported to Adjusted operating results are available in the Appendix. • Sales of $262 million, up $11 million, or 5% ; • Growth in our defense markets was principally driven by higher sales of electromechanical actuation equipment in the ground defense market; • Commercial aerospace market revenue growth reflected higher OEM sales of sensors pro ducts and surface treatment services on both narrowbody and widebody platforms; • General industrial market revenue was essentially flat, as the benefit of high er sales of industrial vehicle products serving off -highway vehicle platforms was offset by lower sales to global on-highway industrial vehicle manufacturers; and • Adjusted operating income was $53 million, down 2% , while Adjusted operating margin decreased 120 basis points to 20.1%, as unfavorable mix was partially offset by favorable absorption on higher revenues. Curtiss-Wright Corporation, Page 5 Defense Electronics (In millions) Q4-2025 Q4-2024 Change Reported Sales $ 267  $ 227  17 % Operating income $ 69  $ 55  26 % Operating margin 25.7 % 24.1 % 160 bps Adjusted (1) Sales $ 267  $ 227  17 % Operating income $ 69  $ 55  25 % Operating margin 25.9 % 24.3 % 160 bps (1) Reconciliations of Reported to Adjusted operating results are available in the Appendix. • Sales of $267 million, up $40 million, or 17%; • Aerospace defense market revenues were essentially flat, as increased sales of embedded computing and flight test instrumentation equipment to various international customers was offset by the timing of revenues on various domestic fighter jet and UAV programs; • Ground defense market revenues were ahead of our expectations, principally driven by the timing of embedded computing and tactical battlefield communications equipment sales supporting various domestic programs; • Commercial aerospace market revenue growth reflected increased demand and higher sales of flight data recorder and avionics technology to OEM customers; and • Adjusted operating income was $69 million, up 25% from the prior year period, while Adjusted oper ating margin increased 160 basis points to 25.9%, primarily due to favorable absorption on higher revenues and the benefits of the Company's operational excellence initiatives, partially offset by higher investment in research and development. Curtiss-Wright Corporation, Page 6 Naval & Power (In millions) Q4-2025 Q4-2024 Change Reported Sales $ 417  $ 346  21 % Operating income $ 71  $ 65  9 % Operating margin 17.1 % 18.8 % (170 bps) Adjusted (1) Sales $ 417  $ 346  21 % Operating income $ 75  $ 66  13 % Operating margin 17.9 % 19.1 % (120 bps) (1) Reconciliations of Reported to Adjusted operating results are available in the Appendix. • Sales of $417 million, up $71 million, or 21%; • Revenue growth in the naval defense market was driven by the timing of production on the Columbia-class and Virginia-class submarine programs, in addition to higher sales of aftermarket fleet services; • Higher revenue in the aerospace defense market reflected the timing of sales of arresting systems equipment principally supporting various international customers; • Higher power & process market revenues mainly reflected the contribution from our I&C Solutions acquisition, as well as higher organic sales of commercial nuclear solutions supporting the development of next-generation advanced reactors and higher industrial valve sales in the process market; and • Adjusted operating income was $75 million, up 13% from the prior year period, while Adjusted operating margin decreased 120 basis points to 17.9%, as favorable absorption on higher revenues was partially offset by unfavorable mix of products and higher investment in research and development . Curtiss-Wright Corporation, Page 7 Free Cash Flow (In millions) Q4-2025 Q4-2024 Change Net cash provided by operating activities $ 353  $ 301  17 % Capital expenditures (38) (23) 62 % Free cash flow $ 315  $ 278  13 % • Free cash flow of $315 million increased $37 million, primarily due to higher cash earnings and improved working capital; and • Capital expenditures increased approximately $14 million compared with the prior-year period, primarily due to higher growth investments within the Naval & Power segment. New Orders and Backlog • New orders of $1.1 billion increased 18% in the fourth quarter, principally reflecting strong demand in our commercial nuclear and naval defense markets; • Full-year 2025 new orders of $4.1 billion increased 10% and generated an overall book-to-bill of approximately 1.2x, reflecting solid demand within our A&D markets, as well as strong growth for commercial nuclear products within our Commercial markets; and • Backlog of $4.1 billion increased 18% from December 31, 2024. Share Repurchase and Dividends • During the fourth quarter, the Company repurchased approximately 250,000 shares of its common stock for approximately $140 million; • During full-year 2025, the Company repurchased approximately 934,000 shares for $465 million; and • The Company also declared a quarterly dividend of $0.24 a share. Curtiss-Wright Corporation, Page 8 Full-Year 2026 Guidance The Company's full-year 2026 Adjusted financial guidance (1) is as follows: ($ in millions, except EPS) 2026 Guidance % Chg vs 2025 Adjusted Total Sales $3,710 - $3,765 6 - 8% Operating Income $703 - $722 8 - 11% Operating Margin 18.9% - 19.2% 30 - 60 bps Diluted EPS $14.70 - $15.15 11 - 15% Free Cash Flow (2) $575 - $595 4 - 7% (1) Reconciliations of Reported to Adjusted 2025 operating results and 2026 Adjusted financial guidance are available in the Appendix, and exclude first-year purchase accounting costs in the prior period associated with acquisitions as well as costs associated with both our FY24 and FY26 Restructuring Programs. (2) 2026 Free Cash Flow guidance includes higher capital expenditures supporting growth and efficiency, reflecting a year-over-year increase of approximately $25 million compared with 2025 results. ********** A more detailed breakdown of the Company’s 2026 financial guidance by segment and by market, as well as all reconciliations of Reported GAAP amounts to Adjusted non-GAAP amounts, can be found in the accompanying schedules. Historical financial results are available in the Investor Relations section of Curtiss-Wright’s website. Conference Call & Webcast Information The Company will host a conference call to discuss fourth quarter and full-year 2025 financial results and expectations for 2026 guidance at 10:00 a.m. ET on Thursday, February 12, 2026. A live webcast of the call and the accompanying financial presentation, as well as a webcast replay of the call, will be made available on the internet by visiting the Investor Relations section of the Company’s website at www.curtisswright.com . (Tables to Follow) Curtiss-Wright Corporation, Page 9 CURTISS-WRIGHT CORPORATION and SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) ($'s in thousands, except per share data) Three Months Ended Year Ended December 31, December 31, 2025 2024 2025 2024 Product sales $ 812,483  $ 698,626  $ 2,977,233  $ 2,639,953  Service sales 134,498  125,687  521,139  481,236  Total net sales 946,981  824,313  3,498,372  3,121,189  Cost of product sales 518,641  437,801  1,910,661  1,690,574  Cost of service sales 72,897  69,082  286,177  277,066  Total cost of sales 591,538  506,883  2,196,838  1,967,640  Gross profit 355,443  317,430  1,301,534  1,153,549  Research and development expenses 25,427  25,781  95,161  91,647  Selling expenses 46,492  36,158  168,740  145,360  General and administrative expenses 100,059  92,405  399,608  373,497  Restructuring expenses 1,707  8,250  4,504  14,448  Operating income 181,758  154,836  633,521  528,597  Interest expense 11,997  11,675  43,148  44,869  Other income, net 7,239  10,034  29,637  38,328  Earnings before income taxes 177,000  153,195  620,010  522,056  Provision for income taxes (40,002) (35,343) (135,782) (117,078) Net earnings $ 136,998  $ 117,852  $ 484,228  $ 404,978  Basic earnings per share $ 3.71  $ 3.11  $ 12.94  $ 10.61  Diluted earnings per share $ 3.69  $ 3.09  $ 12.87  $ 10.55  Dividends per share $ 0.24  $ 0.21  $ 0.93  $ 0.83  Weighted average shares outstanding:     Basic 36,927  37,874  37,417  38,153  Diluted 37,172  38,137  37,631  38,373  Curtiss-Wright Corporation, Page 10 CURTISS-WRIGHT CORPORATION and SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED) ($'s in thousands, except par value) December 31, December 31, 2025 2024 Assets Current assets: Cash and cash equivalents $ 371,345  $ 385,042  Receivables, net 932,344  835,037  Inventories, net 615,097  541,442  Other current assets 99,688  88,073  Total current assets 2,018,474  1,849,594  Property, plant, and equipment, net 382,200  339,118  Goodwill 1,692,490  1,675,718  Other intangible assets, net 532,381  596,831  Operating lease right-of-use assets, net 198,603  169,350  Prepaid pension asset 333,547  299,130  Other assets 63,597  55,963  Total assets $ 5,221,292   $ 4,985,704   Liabilities Current liabilities: Current portion of long-term and short-term debt $ 200,000  $ 90,000  Accounts payable 310,303  247,185  Accrued expenses 242,942  219,054  Deferred revenue 561,452  459,421  Other current liabilities 90,870  80,288  Total current liabilities 1,405,567  1,095,948  Long-term debt 757,884  958,949  Deferred tax liabilities, net 154,002  140,659  Accrued pension and other postretirement benefit costs 71,417  67,413  Long-term operating lease liability 178,466  148,175  Other liabilities 120,382  124,761  Total liabilities $ 2,687,718  $ 2,535,905  Stockholders' equity Common stock, $1 par value $ 49,187  $ 49,187  Additional paid in capital 165,014  147,940  Retained earnings 4,310,680  3,861,073  Accumulated other comprehensive loss (173,812) (243,225) Less: cost of treasury stock (1,817,495) (1,365,176) Total stockholders' equity 2,533,574  2,449,799  Total liabilities and stockholders' equity $ 5,221,292   $ 4,985,704   Curtiss-Wright Corporation, Page 11 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; and (ii) costs associated with the Company's 2024 Restructuring Program, as applicable. Curtiss-Wright Corporation, Page 12 CURTISS-WRIGHT CORPORATION and SUBSIDIARIES RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED) ($'s in thousands) Three Months Ended Three Months Ended December 31, 2025 December 31, 2024 % Change As Reported Adjustments Adjusted As Reported Adjustments Adjusted As Reported Adjusted Sales: Aerospace & Industrial $ 262,391  $ —  $ 262,391  $ 250,917  $ —  $ 250,917  5  % 5  % Defense Electronics 267,276  —  267,276  227,475  —  227,475  17  % 17  % Naval & Power 417,314  —  417,314  345,921  —  345,921  21  % 21  % Total sales $ 946,981   $ —   $ 946,981   $ 824,313   $ —   $ 824,313   15   % 15   % Operating income (expense): Aerospace & Industrial (2) $ 51,799  $ 938  $ 52,737  $ 47,876  $ 5,694  $ 53,570  8  % (2) % Defense Electronics (2) 68,777  323  69,100  54,775  587  55,362  26  % 25  % Naval & Power (1)(2) 71,284  3,539  74,823  65,150  962  66,112  9  % 13  %                             Total segments $ 191,860   $ 4,800   $ 196,660   $ 167,801   $ 7,243   $ 175,044   14   % 12   % Corporate and other (2) (10,102) 12  (10,090) (12,965) 1,414  (11,551) 22  % 13  % Total operating income $ 181,758   $ 4,812   $ 186,570   $ 154,836   $ 8,657   $ 163,493   17   % 14   % Operating margins: As Reported Adjusted As Reported Adjusted As Reported Adjusted Aerospace & Industrial 19.7 % 20.1 % 19.1 % 21.3 % 60 bps (120 bps) Defense Electronics 25.7 % 25.9 % 24.1 % 24.3 % 160 bps 160 bps Naval & Power 17.1 % 17.9 % 18.8 % 19.1 % (170 bps) (120 bps) Total Curtiss-Wright 19.2 % 19.7 % 18.8 % 19.8 % 40 bps (10 bps) Segment margins 20.3 % 20.8 % 20.4 % 21.2 % (10 bps) (40 bps) (1) Excludes first year purchase accounting adjustments in both the current and prior year periods. (2) Excludes costs associated with the Company's 2024 Restructuring Program in both the current and prior year periods. Curtiss-Wright Corporation, Page 13 CURTISS-WRIGHT CORPORATION and SUBSIDIARIES RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED) ($'s in thousands) Year Ended Year Ended December 31, 2025 December 31, 2024 % Change As Reported Adjustments Adjusted As Reported Adjustments Adjusted As Reported Adjusted Sales: Aerospace & Industrial $ 976,760  $ —  $ 976,760  $ 932,133  $ —  $ 932,133  5  % 5  % Defense Electronics 1,018,610  —  1,018,610  910,706  —  910,706  12  % 12  % Naval & Power 1,503,002  —  1,503,002  1,278,350  —  1,278,350  18  % 18  % Total sales $ 3,498,372   $ —   $ 3,498,372   $ 3,121,189   $ —   $ 3,121,189   12   % 12   % Operating income (expense): Aerospace & Industrial (2) $ 166,166  $ 3,855  $ 170,021  $ 148,023  $ 10,239  $ 158,262  12  % 7  % Defense Electronics (2) 278,016  342  278,358  224,739  1,929  226,668  24  % 23  % Naval & Power (1)(2) 231,284  13,272  244,556  199,663  2,063  201,726  16  % 21  %                             Total segments $ 675,466   $ 17,469   $ 692,935   $ 572,425   $ 14,231   $ 586,656   18   % 18   % Corporate and other (2) (41,945) 4  (41,941) (43,828) 3,038  (40,790) 4  % (3) % Total operating income $ 633,521   $ 17,473   $ 650,994   $ 528,597   $ 17,269   $ 545,866   20   % 19   % Operating margins: As Reported Adjusted As Reported Adjusted As Reported Adjusted Aerospace & Industrial 17.0 % 17.4 % 15.9 % 17.0 % 110 bps 40 bps Defense Electronics 27.3 % 27.3 % 24.7 % 24.9 % 260 bps 240 bps Naval & Power 15.4 % 16.3 % 15.6 % 15.8 % (20 bps) 50 bps Total Curtiss-Wright 18.1 % 18.6 % 16.9 % 17.5 % 120 bps 110 bps Segment margins 19.3 % 19.8 % 18.3 % 18.8 % 100 bps 100 bps (1) Excludes first year purchase accounting adjustments in both the current and prior year periods. (2) Excludes costs associated with the Company's 2024 Restructuring Program in both the current and prior year periods. Curtiss-Wright Corporation, Page 14 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 December 31, 2025 December 31, 2024 % Change As Reported Adjustments Adjusted Sales As Reported Adjustments Adjusted Sales Change in As Reported Sales Change in Adjusted Sales Aerospace & Defense markets: Aerospace Defense $ 192,055  $ —  $ 192,055  $ 171,432  $ —  $ 171,432  12 % 12 % Ground Defense 115,235  —  115,235  84,654  —  84,654  36 % 36 % Naval Defense 234,576  —  234,576  216,894  —  216,894  8 % 8 % Commercial Aerospace 120,058  —  120,058  98,318  —  98,318  22 % 22 % Total Aerospace & Defense $ 661,924   $ —   $ 661,924   $ 571,298   $ —   $ 571,298   16 % 16 % Commercial markets: Power & Process $ 178,833  $ —  $ 178,833  $ 146,772  $ —  $ 146,772  22 % 22 % General Industrial 106,224  —  106,224  106,243  —  106,243  0 % 0 % Total Commercial $ 285,057   $ —   $ 285,057   $ 253,015   $ —   $ 253,015   13 % 13 % Total Curtiss-Wright $ 946,981   $ —   $ 946,981   $ 824,313   $ —   $ 824,313   15 % 15 % Year Ended Year Ended December 31, 2025 December 31, 2024 % Change As Reported Adjustments Adjusted Sales As Reported Adjustments Adjusted Sales Change in As Reported Sales Change in Adjusted Sales Aerospace & Defense markets: Aerospace Defense $ 672,526  $ —  $ 672,526  $ 616,590  $ —  $ 616,590  9 % 9 % Ground Defense 406,803  —  406,803  353,326  —  353,326  15 % 15 % Naval Defense 941,654  —  941,654  821,898  —  821,898  15 % 15 % Commercial Aerospace 430,109  —  430,109  378,086  —  378,086  14 % 14 % Total Aerospace & Defense $ 2,451,092   $ —   $ 2,451,092   $ 2,169,900   $ —   $ 2,169,900   13 % 13 % Commercial markets: Power & Process $ 635,140  $ —  $ 635,140  $ 540,788  $ —  $ 540,788  17 % 17 % General Industrial 412,140  —  412,140  410,501  —  410,501  0 % 0 % Total Commercial $ 1,047,280   $ —   $ 1,047,280   $ 951,289   $ —   $ 951,289   10 % 10 % Total Curtiss-Wright $ 3,498,372   $ —   $ 3,498,372   $ 3,121,189   $ —   $ 3,121,189   12 % 12 % Curtiss-Wright Corporation, Page 15 CURTISS-WRIGHT CORPORATION and SUBSIDIARIES RECONCILIATION OF AS REPORTED TO ADJUSTED DILUTED EARNINGS PER SHARE (UNAUDITED) Three Months Ended Year Ended December 31, December 31, 2025 2024 2025 2024 Diluted earnings per share - As Reported $ 3.69   $ 3.09   $ 12.87   $ 10.55   First year purchase accounting adjustments 0.06  0.01  0.27  0.04  Restructuring expenses 0.04  0.17  0.09  0.31  Diluted earnings per share - Adjusted (1) $ 3.79   $ 3.27   $ 13.23   $ 10.90   (1) All adjustments are presented net of income taxes. Curtiss-Wright Corporation, Page 16 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, cost s associated with the Company's 2024 Restructuring Program, and foreign currency fluctuations. Three Months Ended December 31, 2025 vs. 2024 Aerospace & Industrial Defense Electronics Naval & Power Total Curtiss-Wright Sales Operating income Sales Operating income Sales Operating income Sales Operating income As Reported 5% 8% 17% 26% 21% 9% 15% 17% Less: Acquisitions 0% 0% 0% 0% (8%) (7%) (3%) (3%) Restructuring 0% (10%) 0% 0% 0% 0% 0% (4%) Foreign currency (1%) 0% 0% 0% 0% 0% (1%) 0% Organic 4% (2%) 17% 26% 13% 2% 11% 10% Year Ended December 31, 2025 vs. 2024 Aerospace & Industrial Defense Electronics Naval & Power Total Curtiss-Wright Sales Operating income Sales Operating income Sales Operating income Sales Operating income As Reported 5% 12% 12% 24% 18% 16% 12% 20% Less: Acquisitions 0% 0% 0% 0% (6%) 0% (3%) 0% Restructuring 0% (5%) 0% (1%) 0% 0% 0% (2%) Foreign currency (1%) (2%) (1%) (1%) (1%) 0% 0% (1%) Organic 4% 5% 11% 22% 11% 16% 9% 17% Curtiss-Wright Corporation, Page 17 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 capi tal to shareholders and make other strategic investments. Free cash flow is defined as net cash provided by operating activities less 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. CURTISS-WRIGHT CORPORATION and SUBSIDIARIES NON-GAAP FINANCIAL DATA (UNAUDITED) ($'s in thousands) Three Months Ended Year Ended December 31, December 31, 2025 2024 2025 2024 Net cash provided by operating activities $ 352,744  $ 301,299  $ 643,402  $ 544,275  Capital expenditures (37,638) (23,271) (89,692) (60,974) Free cash flow $ 315,106  $ 278,028  $ 553,710  $ 483,301  Free cash flow conversion 224 % 223 % 111 % 116 % Curtiss-Wright Corporation, Page 18 CURTISS-WRIGHT CORPORATION 2026 Guidance As of February 11, 2026 ($'s in millions, except per share data) 2025 Reported  (GAAP) 2025 Adjustments (Non-GAAP) (1) 2025 Adjusted (Non-GAAP) (1) 2026 Reported Guidance (GAAP) 2026  Adjustments (Non-GAAP) (2) 2026 Adjusted Guidance (Non-GAAP) (2) Low High Low High 2026 Chg vs 2025 Adjusted Sales: Aerospace & Industrial $ 977  $ —  $ 977  $ 1,030  $ 1,045  $ —  $ 1,030  $ 1,045  5 - 7% Defense Electronics 1,019  —  1,019  1,055  1,075  $ —  1,055  1,075  4 - 6% Naval & Power 1,503  —  1,503  1,625  1,645  $ —  1,625  1,645  8 - 9% Total sales $ 3,498   $ —   $ 3,498   $ 3,710   $ 3,765   $ —   $ 3,710   $ 3,765   6 - 8% Operating income: Aerospace & Industrial $ 166  $ 4  $ 170  $ 186  $ 190  $ 3  $ 189  $ 193  11 - 14% Defense Electronics 278  —  278  288  296  —  288  296  4 - 6% Naval & Power 231  13  245  269  275  1  270  276  10 - 13% Total segments 675   17   693   743   761   4   747   766   Corporate and other (42) —  (42) (44) (44) —  (44) (44) Total operating income $ 634   $ 17   $ 651   $ 699   $ 717   $ 4   $ 703   $ 722   8 - 11% Interest expense $ (43) $ —  $ (43) $ (42) $ (41) $ —  $ (42) $ (41) Other income, net 30  —  30  33  34  $ —  33  34  Earnings before income taxes 620   17   638   691   711   $ 4   695   715   Provision for income taxes (136) (4) (140) (148) (153) (1) (149) (154) Net earnings $ 484   $ 14   $ 498   $ 542   $ 559   $ 3   $ 545   $ 562   Diluted earnings per share $ 12.87   $ 0.36   $ 13.23   $ 14.62   $ 15.07   $ 0.08   $ 14.70   $ 15.15   11 - 15% 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  % 18.1  % 18.2  % 18.3  % 18.5  % 90 - 110 bps Defense Electronics 27.3  % 27.3  % 27.3  % 27.5  % 27.3  % 27.5  % 0 - 20 bps Naval & Power 15.4  % 16.3  % 16.6  % 16.7  % 16.6  % 16.8  % 30 - 50 bps Total operating margin 18.1   % 18.6   % 18.8   % 19.0   % 18.9   % 19.2   % 30 - 60 bps Free cash flow (3) $ 554   $— $ 554   $ 575   $ 595   $— $ 575   $ 595   4 - 7% Notes: Full year amounts may not add due to rounding. (1) 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. (2) 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. (3) 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 19 CURTISS-WRIGHT CORPORATION 2026 Sales Growth Guidance by End Market As of February 11, 2026 2026 % Change vs. 2025 Adjusted % Total Sales Aerospace & Defense Markets Aerospace Defense 9 - 11% 20% Ground Defense (4 - 6%) 10% Naval Defense 5 - 7% 27% Commercial Aerospace 10 - 12% 13% Total Aerospace & Defense 5 - 7% 70% Commercial Markets Power & Process 12 - 14% 19% General Industrial Flat 11% Total Commercial 7 - 9% 30% Total Curtiss-Wright Sales 6 - 8% 100% Curtiss-Wright Corporation, Page 20 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 9,100 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 . ### 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. These statements present management's expectations, beliefs, plans and objectives regarding future financial performance, and assumptions or judgments concerning such performance. Any discussions contained in this press release, except to the extent that they contain historical facts, are forward-looking and accordingly involve estimates, assumptions, judgments, and uncertainties. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Such risks and uncertainties include but are not limited 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; and other factors that generally affect the business of aerospace, defense contracting, electronics, marine, and industrial companies. Such factors are detailed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and subsequent reports filed with the Securities and Exchange Commission. This press release and additional information are available at www.curtisswright.com . Contact:     Jim Ryan     (704) 869-4621     Jim.Ryan@curtisswright.com
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other guidance in this release
Text is the filed exhibit, verbatim.