# CURTISS WRIGHT CORP (CW)

Informational only - not investment advice.

CIK: 0000026324
SIC: 3590 Misc Industrial & Commercial Machinery & Equipment
SIC breadcrumb: [Manufacturing](/division/D/) > [Industrial And Commercial Machinery And Computer Equipment](/major-group/35/) > [SIC 3590 Misc Industrial & Commercial Machinery & Equipment](/industry/3590/)
Latest 10-K filed: 2026-02-12
SEC page: https://www.sec.gov/edgar/browse/?CIK=26324
Filing source: https://www.sec.gov/Archives/edgar/data/26324/000162828026007587/cw-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-12 · accession 0001628280-26-007587 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000026324.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 3,498,372,000 USD | 2025 | verified |
| Net income | 484,228,000 USD | 2025 | verified |
| Assets | 5,221,292,000 USD | 2025 | verified |
| Free cash flow | 553,710,000 USD | 2025 | computed |
| Net margin | 13.84% | 2025 | computed |
| Operating margin | 18.11% | 2025 | computed |
| Revenue YoY | +12.08% | 2025 | computed |
| ROE | 19.11% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | CW | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 13.8% | 7.7% | 75 | 110 |
| Operating margin | 18.1% | 13.1% | 77 | 104 |
| Revenue growth | 12.1% | 5.8% | 66 | 111 |
| FCF margin | 15.8% | 9.6% | 75 | 103 |
| ROE | 19.1% | 11.7% | 70 | 108 |
| ROA | 9.3% | 5.6% | 80 | 111 |
| Liabilities / equity | 1.06 | 1.10 | 48 | 108 |
| Current ratio | 1.44 | 2.02 | 30 | 110 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 35 Industrial And Commercial Machinery And Computer Equipment, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 3498372000 | USD | 2025 | 2026-02-12 |
| Net income | 484228000 | USD | 2025 | 2026-02-12 |
| Assets | 5221292000 | USD | 2025 | 2026-02-12 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-12. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000026324.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  |  |  |  |  | 2,500,761,000 | 2,557,025,000 | 2,845,373,000 | 3,121,189,000 | 3,498,372,000 |
| Net income | 187,329,000 | 214,891,000 | 275,749,000 | 307,583,000 | 201,392,000 | 262,829,000 | 294,348,000 | 354,509,000 | 404,978,000 | 484,228,000 |
| Operating income | 296,519,000 | 325,120,000 | 373,626,000 | 403,953,000 | 288,848,000 | 377,129,000 | 423,443,000 | 484,602,000 | 528,597,000 | 633,521,000 |
| Gross profit | 734,691,000 | 800,785,000 | 871,261,000 | 898,745,000 | 841,227,000 | 927,802,000 | 954,609,000 | 1,067,178,000 | 1,153,549,000 | 1,301,534,000 |
| Diluted EPS | 4.15 | 4.80 | 6.22 | 7.15 | 4.80 | 6.47 | 7.62 | 9.20 | 10.55 | 12.87 |
| Operating cash flow | 423,197,000 | 388,712,000 | 336,273,000 | 421,404,000 | 261,180,000 | 387,668,000 | 294,776,000 | 448,089,000 | 544,275,000 | 643,402,000 |
| Capital expenditures | 46,776,000 | 52,705,000 | 53,417,000 | 69,752,000 | 47,499,000 | 41,108,000 | 38,217,000 | 44,666,000 | 60,974,000 | 89,692,000 |
| Dividends paid | 23,067,000 | 24,740,000 | 26,328,000 | 28,200,000 | 28,175,000 | 28,660,000 | 28,779,000 | 30,249,000 | 31,656,000 | 34,727,000 |
| Share buybacks | 105,249,000 | 52,127,000 | 198,592,000 | 50,661,000 | 200,018,000 | 343,129,000 | 56,870,000 | 50,141,000 | 250,000,000 | 464,950,000 |
| Assets | 3,037,781,000 | 3,236,321,000 | 3,255,385,000 | 3,764,261,000 | 4,021,334,000 | 4,103,545,000 | 4,448,303,000 | 4,620,969,000 | 4,985,704,000 | 5,221,292,000 |
| Liabilities | 1,746,590,000 | 1,708,521,000 | 1,724,604,000 | 1,989,889,000 | 2,233,760,000 | 2,277,055,000 | 2,467,089,000 | 2,292,556,000 | 2,535,905,000 | 2,687,718,000 |
| Stockholders' equity | 1,291,191,000 | 1,527,800,000 | 1,530,781,000 | 1,774,372,000 | 1,787,574,000 | 1,826,490,000 | 1,981,214,000 | 2,328,413,000 | 2,449,799,000 | 2,533,574,000 |
| Free cash flow | 376,421,000 | 336,007,000 | 282,856,000 | 351,652,000 | 213,681,000 | 346,560,000 | 256,559,000 | 403,423,000 | 483,301,000 | 553,710,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  |  |  |  |  | 10.51% | 11.51% | 12.46% | 12.98% | 13.84% |
| Operating margin |  |  |  |  |  | 15.08% | 16.56% | 17.03% | 16.94% | 18.11% |
| Return on equity | 14.51% | 14.07% | 18.01% | 17.33% | 11.27% | 14.39% | 14.86% | 15.23% | 16.53% | 19.11% |
| Return on assets | 6.17% | 6.64% | 8.47% | 8.17% | 5.01% | 6.40% | 6.62% | 7.67% | 8.12% | 9.27% |
| Liabilities / equity | 1.35 | 1.12 | 1.13 | 1.12 | 1.25 | 1.25 | 1.25 | 0.98 | 1.04 | 1.06 |
| Current ratio | 2.10 | 2.37 | 1.96 | 2.05 | 1.61 | 1.78 | 1.55 | 2.13 | 1.69 | 1.44 |

## As-reported value updates

6 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/CW/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000026324.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 1.91 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 1.48 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 2.10 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 724,326,000 | 96,778,000 | 2.51 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 785,791,000 | 119,886,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 713,167,000 | 76,495,000 | 1.99 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 784,791,000 | 99,471,000 | 2.58 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 798,918,000 | 111,160,000 | 2.89 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 824,313,000 | 117,852,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 805,645,000 | 101,337,000 | 2.68 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 876,576,000 | 121,061,000 | 3.19 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 869,170,000 | 124,832,000 | 3.31 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 946,981,000 | 136,998,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 913,687,000 | 128,186,000 | 3.46 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 924,008,000 | 151,168,000 | 4.07 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from CW's latest 10-K: [/company/CW/business/](/company/CW/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from CW's latest 10-K: [/company/CW/risk-factors/](/company/CW/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/26324/000162828026054196/cw-20260630.htm

Extracted from Part I Item 2 to the first post-MD&A boundary after HTML sanitization.
Confidence: high
Filing date: 2026-08-06
Report date: 2026-06-30

PART I - ITEM 2

MANAGEMENT’S DISCUSSION and ANALYSIS of

FINANCIAL CONDITION and RESULTS OF OPERATIONS, continued

Operating income in the second quarter increased $1 million, or 1%, to $69 million compared to the prior year period, and operating margin increased 120 basis points from the prior year period to 28.0%, primarily due to favorable product mix and the benefits from our cost containment initiatives. These increases were partially offset by higher investment in research and development.

Operating income during the six months ended June 30, 2026 increased $5 million, or 4%, to $141 million, and operating margin increased 80 basis points from the prior year period to 28.0%, primarily due to favorable product mix and the benefits from our cost containment initiatives. These increases were partially offset by higher investment in research and development.

New orders in the second quarter increased $108 million primarily due to strong demand for ground defense equipment, including turret technologies and tactical communications products.

New orders during the six months ended June 30, 2026 increased $151 million primarily due to the timing of orders on ground and naval defense equipment.

Naval & Power

The following tables summarize sales, operating income and margin, and new orders within the Naval & Power segment.

[[GREPCENT_TABLE]]
[["","Three Months Ended","","Six Months Ended"],["","June 30,","","June 30,"],["(In thousands)","2026","","2025","","% change","","2026","","2025","","% change"],["Sales","$","410,256","","","$","384,427","","","7%","","$","812,736","","","$","717,662","","","13%"],["Operating income","71,019","","","60,416","","","18%","","130,796","","","102,279","","","28%"],["Operating margin","17.3","%","","15.7","%","","160 bps","","16.1","%","","14.3","%","","180 bps"]]
[[/GREPCENT_TABLE]]

Components of sales and operating income increase (decrease):

[[GREPCENT_TABLE]]
[["","Three Months Ended","","Six Months Ended"],["","June 30,","","June 30,"],["","2026 vs. 2025","","2026 vs. 2025"],["","Sales","","Operating Income","","Sales","","Operating Income"],["Organic","7","%","","18","%","","13","%","","28","%"],["Restructuring","\u2014","%","","\u2014","%","","\u2014","%","","\u2014","%"],["Foreign currency","\u2014","%","","\u2014","%","","\u2014","%","","\u2014","%"],["Total","7","%","","18","%","","13","%","","28","%"]]
[[/GREPCENT_TABLE]]

Sales in the Naval & Power segment are primarily to the naval defense and power & process markets, and, to a lesser extent, the aerospace defense market.

Sales in the second quarter increased $26 million, or 7%, to $410 million from the prior year period. In the naval defense market, sales increased $16 million primarily due to the timing of production on the Virginia-class submarine program as well as higher aftermarket sales supporting naval shipyards. Sales in the power & process market increased $10 million primarily due to higher sales of commercial nuclear products supporting next-generation advanced reactors as well as higher government nuclear sales.

Sales during the six months ended June 30, 2026 increased $95 million, or 13%, to $813 million from the prior year period. In the naval defense market, sales increased $51 million primarily due to the timing of production on the Virginia-class submarine program as well as higher aftermarket sales supporting naval shipyards. Sales in the power & process market increased $35 million primarily due to higher commercial nuclear aftermarket sales supporting the maintenance of existing operating reactors,

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CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

PART I - ITEM 2

MANAGEMENT’S DISCUSSION and ANALYSIS of

FINANCIAL CONDITION and RESULTS OF OPERATIONS, continued

higher sales supporting next-generation advanced reactors, as well as higher government nuclear sales. In the aerospace defense market, sales increased $10 million primarily due to higher sales of arresting systems equipment supporting various international customers.

Operating income in the second quarter increased $11 million, or 18%, to $71 million, and operating margin increased 160 basis points from the prior year period to 17.3%, primarily due to favorable overhead absorption on higher sales.

Operating income during the six months ended June 30, 2026 increased $29 million, or 28%, to $131 million, and operating margin increased 180 basis points from the prior year period to 16.1%, primarily due to favorable overhead absorption on higher sales. These increases were partially offset by higher investment in research and development.

New orders in the second quarter decreased $93 million primarily due to the timing of naval defense orders.

New orders during the six months ended June 30, 2026 decreased $8 million primarily due to the timing of naval defense orders. This decrease was partially offset by an increase in orders for commercial nuclear and process products.

SUPPLEMENTARY INFORMATION

The table below depicts sales by end market and customer type, as it helps provide an enhanced understanding of our businesses and the markets in which we operate. The table has been included to supplement the discussion of our consolidated operating results.

[[GREPCENT_TABLE]]
[["Total Net Sales by End Market and Customer Type","Three Months Ended","","Six Months Ended"],["","June 30,","","June 30,"],["(In thousands)","2026","","2025","","% change","","2026","","2025","","% change"],["Aerospace & Defense markets:"],["Aerospace Defense","$","176,007","","","$","167,587","","","5","%","","$","355,446","","","$","319,309","","","11","%"],["Ground Defense","90,135","","","97,542","","","(8","%)","","191,542","","","194,779","","","(2","%)"],["Naval Defense","263,058","","","240,086","","","10","%","","513,139","","","461,172","","","11","%"],["Commercial Aerospace","114,298","","","103,318","","","11","%","","224,803","","","196,195","","","15","%"],["Total Aerospace & Defense","$","643,498","","","$","608,533","","","6","%","","$","1,284,930","","","$","1,171,455","","","10","%"],["Commercial markets:"],["Power & Process","$","173,688","","","$","163,473","","","6","%","","$","340,745","","","$","306,407","","","11","%"],["General Industrial","106,822","","","104,570","","","2","%","","212,020","","","204,359","","","4","%"],["Total Commercial","$","280,510","","","$","268,043","","","5","%","","$","552,765","","","$","510,766","","","8","%"],["Total Curtiss-Wright","$","924,008","","","$","876,576","","","5","%","","$","1,837,695","","","$","1,682,221","","","9","%"]]
[[/GREPCENT_TABLE]]

Aerospace & Defense markets

Sales in the second quarter increased $35 million, or 6%, to $643 million against the comparable prior year period. Sales in the aerospace defense market increased primarily due to higher demand for sensors products and actuation equipment supporting various domestic and international fighter jet programs as well as higher demand for embedded computing equipment on various domestic fighter jet and UAV programs. Sales increases in the naval defense market were primarily due to the timing of production on the Virginia-class submarine program as well as higher aftermarket sales supporting naval shipyards. In the commercial aerospace market, sales increased primarily due to higher OEM sales of actuation equipment, sensors products, and surface treatment services on narrowbody and widebody platforms. These market increases were partially offset by lower sales in the ground defense market due to the timing of tactical communications equipment sales.

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CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

PART I - ITEM 2

MANAGEMENT’S DISCUSSION and ANALYSIS of

FINANCIAL CONDITION and RESULTS OF OPERATIONS, continued

Sales during the six months ended June 30, 2026 increased $113 million, or 10%, to $1,285 million. Sales in the aerospace defense market increased primarily due to higher demand for sensors products and actuation equipment supporting various international fighter jet programs, higher demand for embedded computing and avionics equipment on various domestic fighter jet and UAV programs, as well as higher sales of arresting systems equipment supporting various international customers. These increases were partially offset by the timing of sales on various helicopter programs. Sales increases in the naval defense market were primarily due to the timing of production on the Virginia-class submarine program, higher aftermarket sales supporting naval shipyards, as well as higher demand for electromechanical actuation equipment. In the commercial aerospace market, sales increased primarily due to higher OEM sales of actuation equipment, sensors products, and surface treatment services on narrowbody and widebody platforms. These market increases were partially offset by lower sales in the ground defense market due to the timing of tactical communications equipment sales.

Commercial markets

Sales in the second quarter increased $12 million, or 5%, to $281 million. In the power & process market, sales increased primarily due to higher sales of commercial nuclear products supporting next-generation advanced reactors as well as higher government nuclear sales. Sales in the general industrial market benefited primarily from higher sales of industrial vehicle products to off-highway vehicle platforms.

Sales during the six months ended June 30, 2026 increased $42 million, or 8%, to $553 million. Sales in the power & process market increased primarily due to higher commercial nuclear aftermarket sales supporting the maintenance of existing operating reactors, higher sales supporting next-generation advanced reactors, as well as higher government nuclear sales. Sales in the general industrial market benefited primarily from higher sales of industrial vehicle products to off-highway vehicle platforms.

LIQUIDITY AND CAPITAL RESOURCES

Sources and Use of Cash

We derive the majority of our operating cash inflow from receipts on the sale of goods and services and cash outflow for the procurement of materials and labor; cash flow is therefore subject to market fluctuations and conditions. Most of our long-term contracts allow for several billing points (progress or milestone) that provide us with cash receipts as costs are incurred throughout the project rather than upon contract completion, thereby reducing working capital requirements. In some cases, these payments can exceed the costs incurred on a project. 

[[GREPCENT_TABLE]]
[["Condensed Consolidated Statements of Cash Flows","Six Months Ended"],["(In thousands)","June 30, 2026","","June 30, 2025"],["Cash provided by (used for):"],["Operating activities","$","175,528","","","$","97,820"],["Investing activities","(32,353)","","","(36,552)"],["Financing activities","(31,612)","","","(127,639)"],["Effect of exchange-rate changes on cash","(5,759)","","","12,993"],["Net increase (decrease) in cash and cash equivalents","$","105,804","","","$","(53,378)"]]
[[/GREPCENT_TABLE]]

Net cash provided by operating activities increased $78 million from the prior year period, primarily due to higher cash earnings and improved working capital in the current period.

Net cash used for investing activities decreased $4 million from the prior year period, primarily due to lower capital expenditures during the current period.

Net cash used for financing activities decreased $96 million from the prior year period, primarily due to the repayment of our 3.85% Senior Notes in February 2025. Refer to the "Financing Activities" section below for further details.

Financing Activities

Debt

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CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

PART I - ITEM 2

MANAGEMENT’S DISCUSSION and ANALYSIS of

FINANCIAL CONDITION and RESULTS OF OPERATIONS, continued

The Corporation’s debt outstanding had an average interest rate of 3.8% for both the three and six months ended June 30, 2026, respectively, and 3.8% for both the three and six months ended June 30, 2

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/26324/000162828026007587/cw-20251231.htm
Complete FY 2025 MD&A: /company/CW/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-12
Report date: 2025-12-31

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Our Management’s Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") begins with an overview of our company, followed by economic and industry-wide factors impacting our company and the markets we serve, a discussion of the overall results of operations, and finally a more detailed discussion of those results within each of our reportable segments.

COMPANY ORGANIZATION

Curtiss-Wright Corporation is a global integrated business that provides highly engineered products, solutions, and services mainly to A&D markets, as well as critical technologies in demanding commercial nuclear power, process, and industrial markets. We maintain competitive positions in the majority of our key A&D and commercial end markets through engineering and technological leadership, consistent investments in research and development, precision manufacturing, and long-standing relationships. We continue to leverage our teams’ collaborative efforts and the strength of our combined portfolio, while also seeking to build upon cross-market opportunities that may exist within our defense and commercial market technologies.

Market Analysis and Economic Factors

Curtiss-Wright’s end market strategy is to grow leading market positions through the development of highly engineered products and services to deliver long-term profitable growth. We are well positioned on high performance platforms and benefit

28

from decades of engineering expertise and knowledge transfer. We are committed to investing in technologies and aligning our core competencies with new applications and evolving market trends.

The Company’s global portfolio spans across the defense, commercial aerospace, commercial nuclear power & process, and general industrial markets. Our end market diversification provides opportunities to drive growth in new products and markets through ongoing innovation and collaboration across the portfolio. It also helps mitigate the impact of volatility caused by industry and economic cycles.

Economic Factors Impacting Our Markets

Many of Curtiss-Wright’s commercial businesses are driven in large part by global economic growth, primarily led by operations in the U.S., Canada, Europe, and China, and as measured by real gross domestic product ("GDP"). Our major geographical markets have seen economic growth rates weaken considerably over the past few years, due in large part to heightened macro uncertainty including rising inflation and the implementation of tariffs. In 2024, U.S. and Global GDP both grew 2.8%. In 2025, U.S. GDP is expected to grow approximately 2.2% according to various forecasts, despite a slightly less impactful headwind of rising inflation resulting from interest rate reductions. In 2026, based on a range of forecasts, growth in the U.S. economy is expected to slightly exceed 2025 levels despite continued economic uncertainty, as economists expect the U.S. Federal Reserve to implement further easing on interest rates to control inflation.

In the global environment, which is influenced by international trade, economic conditions, as well as geopolitical and tariff uncertainty, global GDP is expected to grow approximately 2.9% in 2025, decrease to 2.7% in 2026, and remain well below 3% for the foreseeable future.

Defense

Curtiss-Wright maintains a strong presence across the naval, aerospace, and ground defense markets, which collectively represent approximately 58% of our annual net sales. Curtiss Wright provides vast platform and program diversity, where we support over 400 platforms and 3,000 programs worldwide. Our portfolio of products and services supports critical high-performance programs and platforms serving all branches of the U.S. military, in addition to a strong and growing international defense presence. The most significant portion of our defense revenues is comprised of long-term programs and primarily fixed-price contracts driven mainly by U.S. DoW budgets and funding levels. We have strong alignment to U.S. military priorities and long-term visibility on high priority platforms, most particularly shipbuilding. As a supplier of COTS and COTS+ solutions, we continue to demonstrate that defense electronics technology will enhance our ability to design and develop future generations of advanced systems and products for high performance applications.

Curtiss-Wright is well-positioned to grow in strong U.S. defense budget environments. In more challenging budget years, or those impacted by funding delays, the Company is well-insulated from specific program funding decisions due to the breadth of our portfolio, which consists of unique, sole-source positions and larger, multi-year opportunities that provide continued stability. We also endeavor to capitalize on work typically outsourced from defense primes when budgets are more fiscally restrained. As a result, the Company has historically demonstrated solid growth in this market, particularly when including acquisitions, and has exceeded the average growth rate of the base U.S. defense budget over the past 20 years through various cycles and administrations. Our performance is supported by a strong backlog, especially in naval defense.

In the naval defense market, we expect continued funding for U.S. shipbuilding programs, which have received strong bipartisan support from Congress, in addition to supplemental maritime industrial base funding to support facility expansion and technology modernization initiatives. Of note, we are recognizing significant production revenues on the Ford class aircraft carrier, Columbia class and Virginia class submarines, and numerous surface ship platforms, as well as development revenues on the future generation SSN(X) submarine. We have a long legacy of providing products that support nuclear propulsion systems on naval vessels. In addition, through our service centers, we are a provider of ship repair and maintenance for the U.S. Navy’s Atlantic and Pacific fleets. In the aerospace defense market, we expect to benefit from increased funding levels supporting the global market for manned and unmanned military aircraft, particularly Command, Control, Computers, Communications, Cyber, Intelligence, Surveillance, and Reconnaissance ("C5ISR"), electronic warfare, encryption, unmanned systems, and communications programs. We also design and manufacture high-technology data acquisition and comprehensive flight test instrumentation systems, as well as critical aircraft arresting systems equipment. In the ground defense market, we are a supplier of advanced tactical communications solutions for battlefield network management, including COTS-based rugged, small form factor communications systems and integrated network communications management software. We are also well positioned with our electronics stabilization systems equipment supporting ground combat and tactical vehicles, particularly in the international ground defense market. Through continued innovation as well as incremental research and development

29

investments, Curtiss-Wright maintains strong alignment with numerous high growth U.S. military priorities, modernization efforts and emerging technological trends, including security, cyber, hypersonics, and the net-centric connected battlefield. In addition, as a leading supplier of MOSA-based solutions, Curtiss-Wright remains well aligned with the best-in-class open standards-based architectures within the industry, and the critical mandates supporting major defense acquisition programs.

The U.S. government began its FY2025 fiscal year on October 1, 2024 under a continuing resolution ("CR"), which eventually led to a historic full-year CR with a base budget of approximately $840 billion, up slightly year-over-year, and a fully discretionary budget of approximately $895 billion. In addition to the longest shutdown in modern history, the government began its FY2026 fiscal year on October 1, 2025 under a CR to allow for more time to negotiate a full-year funding deal. The FY2026 Defense Appropriations Act was officially passed in February 2026, with base levels consistent with FY25 budget funding. In addition, the President’s FY2026 Budget Request included $150 billion in overall funding approved by Congress under the OBBBA, $113 billion of which is anticipated to support FY2026. This funding has the potential to drive more than 13% topline growth over the FY2025 enacted budget to a discretionary defense budget approaching $1 trillion. Key priorities include naval shipbuilding, with a focus on improving the maritime industrial base, tactical battlefield communications and networking, vehicle modernization, tactical aircraft modernization, and Golden Dome, all of which are anticipated to receive strong funding and provide numerous growth opportunities for Curtiss-Wright in 2026 and beyond.

Looking ahead, the DoW has yet to release a future year defense plan ("FYDP") through FY30, which is typically meant to cover longer-term spending priorities aimed at improving the defense industrial base and national security, modernization, and countering China as the “pacing challenge” in the global environment. However, there have been initial discussions about additional reconciliation funding for FY27.

We also see continued strong growth in non-U.S. military spending, supported by a renewed, global focus from NATO and allied countries in light of Russia’s invasion of Ukraine, as well as the continued threat from China. NATO’s Secretary outlined a ten-year commitment to ramp up NATO allies’ investment to 5.0% of GDP per year on defense (previously 2.0%), with a goal to reach 3.5% of GDP spent on core (or hard) military spending and 1.5% of GDP for critical infrastructure, cybersecurity, and other defense measures. Today, Curtiss-Wright’s total direct foreign military sales represent approximately 10% of the Corporation’s total revenues. International markets also represent a growing portion of overall sales for defense prime contractors, creating additional growth opportunities for Curtiss-Wright.

Commercial Aerospace

Curtiss-Wright derives revenue from the global commercial aerospace market, principally to the commercial jet market, and to a lesser extent the regional jet, business jet, and commercial helicopter markets. Our primary focus is OEM products and services for commercial jets, which represent approximately 90% of our sales in this market and are highly dependent on new aircraft production from our primary customers, Boeing and Airbus. We have significant content on the majority of the commercial aircraft programs, where our business is more leveraged to narrowbody (~60%) than widebody (~40%) commercial aircraft. We provide critical equipment supporting these platforms, including actuation, high-temperature and high accuracy sensors, flight controls, and other sophisticated electronics, as well as surface treatment services such as shot and laser peening, and specialty coatings utilized on highly stressed components of turbine engine fan blades and aircraft structures. Curtiss-Wright’s exposure continues to grow on Airbus platforms as we expand the reach of our electromechanical actuation business and pursue opportunities to provide high temperature sensors used in the hottest sections of the engine. Additionally, the Company has expanded its offering of flight data recorder technology to support the FAA's 25-hour safety mandates.

Despite economic uncertainty, global air travel reached record levels in 2025 and has steadily grown since the 2020 pandemic. The key drivers in the commercial aerospace market are passenger travel and freight logistics, along with the demand for and delivery of new aircraft to replace the existing, aging fleet. The prolonged production up-cycle experienced in the prior decade was driven by increases in production by Boeing and

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/CW/mda/fy2025/
All MD&A years: /company/CW/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/CW/mda/fy2024/): filed 2025-02-13; accession 0000026324-25-000015 (https://www.sec.gov/Archives/edgar/data/26324/000002632425000015/cw-20241231.htm)
- [FY 2023 MD&A](/company/CW/mda/fy2023/): filed 2024-02-20; accession 0000026324-24-000004 (https://www.sec.gov/Archives/edgar/data/26324/000002632424000004/cw-20231231.htm)
- [FY 2022 MD&A](/company/CW/mda/fy2022/): filed 2023-02-22; accession 0000026324-23-000005 (https://www.sec.gov/Archives/edgar/data/26324/000002632423000005/cw-20221231.htm)
- [FY 2021 MD&A](/company/CW/mda/fy2021/): filed 2022-02-24; accession 0000026324-22-000004 (https://www.sec.gov/Archives/edgar/data/26324/000002632422000004/cw-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 3590 Misc Industrial & Commercial Machinery & Equipment) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/CW.md · JSON record: /company/CW.json · verified financials: /company/CW/financials.json / /company/CW/financials.csv · machine TOC for the whole site: /llms.txt