01—Abstract
Summary
Summary of the 10-K filed February 12, 2026. Cited figures are marked; the original filing is the authoritative source.
Curtiss-Wright Corporation's (CW) 2025 Form 10-K highlights a year of robust growth, with total sales increasing by 12% to $3.5 billiona 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 billionb, 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.
02—Key points
Key Highlights
- Total sales increased 12% to $3.5 billion, driven by strong performance across all segments.
- Operating income grew 20% to $634 million, with operating margins improving due to favorable overhead absorption and operational efficiencies.
- Backlog increased 18% to $4.1 billion, indicating sustained demand for the company's products and services.
- Significant 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.
- Defense Electronics segment sales rose 12%, benefiting from increased demand in aerospace defense and ground defense markets.
- Aerospace & Industrial segment sales grew 5%, supported by higher demand for sensors and surface treatment services in commercial aerospace.
- Diluted earnings per share increased to $12.87 from $10.55 in the prior year, demonstrating improved profitability.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2025, Curtiss Wright Corp kept $0.14.
- Revenue$3.50B100.0%
- Cost of revenue−$2.20B62.8%
- Gross profit$1.30B37.2%
- Operating costs−$668.0M19.1%
- Operating income$633.5M18.1%
- Interest, other & tax−$149.3M4.3%
- Net income$484.2M13.8%
Where FY2025 revenue went
$3.50B- Cost of revenue: $2.20B, 63% of revenue
- Other operating costs: $572.9M, 16% of revenue
- Net income: $484.2M, 14% of revenue
- R&D: $95.2M, 2.7% of revenue
- Interest, other & tax: $149.3M, 4.3% of revenue
Kept 14% as net income
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 12, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $3.50B$3.12B | +12.1% |
| Cost of Revenue | $2.20B$1.97B | +11.6% |
| Gross Profit | $1.30B$1.15B | +12.8% |
| R&D Expenses | $95.16M$91.65M | +3.8% |
| Operating Income | $633.52M$528.60M | +19.8% |
| Net Income | $484.23M$404.98M | +19.6% |
| EPS (Basic) | $12.94$10.61 | +22.0% |
| EPS (Diluted) | $12.87$10.55 | +22.0% |
| Shares Outstanding (Basic) | 37.42M38.15M | −1.9% |
| Shares Outstanding (Diluted) | 37.63M38.37M | −1.9% |
05—Questions
Frequently Asked Questions
What were the main drivers of Curtiss-Wright's financial performance in 2025?
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.
How did the company's different business segments perform in 2025?
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.
What is the outlook for Curtiss-Wright's backlog?
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.
How is Curtiss-Wright managing its capital and shareholder returns?
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.
06—Continue