01—Abstract
Summary
Summary of the 10-Q filed November 6, 2025. Cited figures are marked; the original filing is the authoritative source.
Curtiss-Wright Corporation reported a strong third quarter and nine-month performance, demonstrating robust revenue growth and improved profitability.
Total net sales increased by 9%a year-over-year for the quarter and 11% for the nine-month period, driven by broad-based strength across its key segments: Aerospace & Industrial, Defense Electronics, and Naval & Power. This top-line growth translated into significant improvements in operating income, which rose by 15% for the quarter and 21% for the nine months, with operating margins expanding due to higher sales, operational efficiencies, and the benefits of restructuring initiatives. The company also saw a healthy increase in new orders, signaling continued demand for its highly engineered products and solutions.
02—Key points
Key Highlights
- Total net sales increased 9% to $869.2 million for Q3 2025 and 11% to $2.55 billion for the nine months ended September 30, 2025, indicating broad market demand.
- Operating income grew by 15% to $166.3 million for Q3 2025 and 21% to $451.8 million for the nine months, demonstrating effective cost management and operational leverage.
- Operating margin improved by 100 basis points to 19.1% in Q3 2025 and 140 basis points to 17.7% for the nine-month period, reflecting enhanced profitability.
- The Naval & Power segment showed particularly strong sales growth of 12% for the quarter and 16% for the nine months, driven by demand in naval defense and commercial power & process markets.
- New orders increased by 8% for the quarter and 7% for the nine months, suggesting a healthy future revenue pipeline across segments.
- The company continued its share repurchase program, buying back approximately 684,000 shares for $325 million in the nine-month period, reflecting confidence in its financial position and commitment to shareholder returns.
- The effective tax rate remained stable at 22.5% for Q3 2025, indicating predictable tax expenses.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in Q3 FY2025, Curtiss Wright Corp kept $0.14.
- Revenue$869.2M100.0%
- Cost of revenue−$541.7M62.3%
- Gross profit$327.5M37.7%
- Operating costs−$161.2M18.5%
- Operating income$166.3M19.1%
- Interest, other & tax−$41.4M4.8%
- Net income$124.8M14.4%
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2025filed November 6, 2025Financial Statements
Q3 FY2025 against Q3 FY2024
| Line item | Q3 FY2025Q3 FY2024 | Change |
|---|---|---|
| Revenue | $869.17M$798.92M | +8.8% |
| Cost of Revenue | $541.70M$500.65M | +8.2% |
| Gross Profit | $327.47M$298.26M | +9.8% |
| R&D Expenses | $23.41M$20.73M | +12.9% |
| Operating Income | $166.25M$144.90M | +14.7% |
| Interest Expense | $10.48M$11.41M | −8.1% |
| Net Income | $124.83M$111.16M | +12.3% |
| EPS (Basic) | $3.34$2.91 | +14.8% |
| EPS (Diluted) | $3.31$2.89 | +14.5% |
| Shares Outstanding (Basic) | 37.43M38.21M | −2.0% |
| Shares Outstanding (Diluted) | 37.66M38.45M | −2.0% |
05—Questions
Frequently Asked Questions
What were the primary drivers of revenue growth in the third quarter?
Revenue growth was primarily driven by increases across all three segments: Aerospace & Industrial, Defense Electronics, and Naval & Power. Specific drivers included higher demand for actuation equipment and surface treatment services in commercial aerospace, increased sales of embedded computing equipment in naval defense, and contributions from recent acquisitions and aftermarket sales in the commercial power & process market.
How did the company's profitability change compared to the previous year?
Profitability significantly improved. Operating income increased by 15% for the third quarter and 21% for the nine months ended September 30, 2025. This was supported by favorable overhead absorption on higher sales, benefits from operational excellence and restructuring initiatives, and favorable product mix. Operating margins expanded in all segments.
What is the outlook for future revenue based on new orders?
The company saw a healthy increase in new orders, rising 8% for the third quarter and 7% for the nine-month period. This indicates continued demand for Curtiss-Wright's products and services, suggesting a positive outlook for future revenue across its key end markets, particularly in naval defense and commercial aerospace.
How is the company managing its capital and shareholder returns?
Curtiss-Wright is actively managing its capital through a significant share repurchase program, having spent $325 million on repurchases in the first nine months of 2025. The company also increased its quarterly dividend to $0.24 per share starting in the second quarter of 2025, demonstrating a commitment to returning value to shareholders.
06—Continue