10-KPeriod: FY2025

CURTISS WRIGHT CORP Annual Report, Year Ended Dec 31, 2025

Filed February 12, 2026For Securities:CW

Summary

Curtiss-Wright Corporation's (CW) 2025 Form 10-K highlights a year of robust growth, with total sales increasing by 12% to $3.5 billion and operating income surging by 20% to $634 million. This strong performance was driven by broad-based strength across its three reportable segments: Aerospace & Industrial, Defense Electronics, and Naval & Power. The company benefited from increased demand in both defense and commercial aerospace markets, with notable growth in naval shipbuilding programs and commercial nuclear power services. Strategically, Curtiss-Wright's "Pivot to Growth" initiative continues to yield positive results, emphasizing top-line acceleration through organic and inorganic growth. The company also demonstrated strong financial discipline, increasing its backlog by 18% to $4.1 billion, a testament to the continued demand for its highly engineered products and solutions. Key financial metrics like diluted EPS also saw significant improvement, reflecting effective operational management and a favorable market environment. The company also actively managed its capital structure, including share repurchases and dividend payments, reinforcing its commitment to shareholder value.

Financial Highlights

52 data points
Beta

Revenue

$3.50B

37.2% Gross Margin

Net Income

$484.23M

13.8% Net Margin

EPS (Diluted)

$12.87

Total Assets

$5.22B

Cash & Equivalents

$371.35M

Free Cash Flow

$553.71M

Financial Statements
Beta
Revenue$3.50B
Cost of Revenue$2.20B
Gross Profit$1.30B
R&D Expenses$95.16M
Operating Income$633.52M
Net Income$484.23M
EPS (Basic)$12.94
EPS (Diluted)$12.87
Shares Outstanding (Basic)37.42M
Shares Outstanding (Diluted)37.63M

Key Highlights

  • 1Total sales increased 12% to $3.5 billion, driven by strong performance across all segments.
  • 2Operating income grew 20% to $634 million, with operating margins improving due to favorable overhead absorption and operational efficiencies.
  • 3Backlog increased 18% to $4.1 billion, indicating sustained demand for the company's products and services.
  • 4Significant growth in the Naval & Power segment (18% sales increase) was fueled by strong demand in naval defense programs like the Columbia-class and Virginia-class submarines.
  • 5Defense Electronics segment sales rose 12%, benefiting from increased demand in aerospace defense and ground defense markets.
  • 6Aerospace & Industrial segment sales grew 5%, supported by higher demand for sensors and surface treatment services in commercial aerospace.
  • 7Diluted earnings per share increased to $12.87 from $10.55 in the prior year, demonstrating improved profitability.

Frequently Asked Questions

Curtiss-Wright's financial performance in 2025 was primarily driven by strong demand across its key end markets, particularly in naval shipbuilding, commercial aerospace, and commercial nuclear power. The company's "Pivot to Growth" strategy, coupled with favorable market conditions and effective operational management, led to a 12% increase in total sales and a 20% increase in operating income.

All three segments showed positive growth. The Naval & Power segment experienced the strongest sales growth at 18%, driven by naval defense programs and commercial nuclear services. Defense Electronics sales increased by 12%, supported by defense market demand, while Aerospace & Industrial sales grew by 5%, benefiting from commercial aerospace demand for sensors and surface treatment.

Curtiss-Wright's backlog significantly increased by 18% to $4.1 billion by the end of 2025. This substantial backlog reflects continued strong customer commitments and provides good visibility into future revenue streams, particularly in the defense sector.

The company actively manages its capital through strategic acquisitions, reinvestment in the business, and returns to shareholders. In 2025, Curtiss-Wright repurchased $465 million of its common stock and paid $35 million in dividends. The company also has a strong liquidity position and unused credit availability, providing flexibility for future capital allocation.