Curtiss Wright Corp 8-K, filed Nov 5, 2026

Curtiss Wright Corp (CW)

8-K 2026-11-05 For: 2026-11-04

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Added on November 05, 2026

About this 8-K

Curtiss Wright Corp filed this 8-K on November 5, 2026, reporting on events of November 4, 2026.

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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Delaware	1-134	13-0612970
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)


130 Harbour Place Drive, Suite 300
Davidson,	North Carolina	28036
(Address of principal executive offices)		(Zip Code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	CW	New York Stock Exchange


Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
	Emerging growth company	☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.		☐


						CURTISS-WRIGHT CORPORATION
						By: /s/ Gary A. Ogilby
						Gary A. Ogilby
						Senior Vice President,
						Interim Chief Financial Officer,
						and Corporate Controller
Date: November 5, 2026


(In millions)	Q3-2026			Q3-2025			Change
Reported
Sales	$	953		$	869		10	%
Operating income	$	188		$	166		13	%
Operating margin	19.7		%	19.1		%	60 bps

Adjusted (1)
Sales	$	953		$	869		10	%
Operating income	$	189		$	170		11	%
Operating margin	19.9		%	19.6		%	30 bps


($ in millions, except EPS)	2026 Adjusted Non-GAAP Guidance (Prior)	2026 Adjusted Non-GAAP Guidance (Current)	Change vs 2025 Adjusted (Current)
Total Sales	$3,768 - $3,813	$3,795 - $3,840	Up 8 - 10%
Operating Income	$720 - $736	$731 - $744	Up 12 - 14%
Operating Margin	19.1% - 19.3%	19.2% - 19.4%	Up 60 - 80 bps
Diluted EPS	$15.10 - $15.40	$15.40 - $15.60	Up 16 - 18%
Free Cash Flow(2)	$585 - $605	$595 - $615	Up 8 - 11%


CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)
($'s in thousands, except per share data)

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2026		2025		2026		2025
Product sales	$	817,793	$	739,094	$	2,365,979	$	2,164,750
Service sales	134,797		130,076		424,306		386,641
Total net sales	952,590		869,170		2,790,285		2,551,391

Cost of product sales	510,811		470,677		1,493,855		1,392,020
Cost of service sales	70,140		71,023		229,218		213,280
Total cost of sales	580,951		541,700		1,723,073		1,605,300

Gross profit	371,639		327,470		1,067,212		946,091

Research and development expenses	24,113		23,407		73,435		69,734
Selling expenses	48,603		40,559		139,161		122,248
General and administrative expenses	109,637		96,449		325,703		299,549
Restructuring expenses	1,364		804		2,791		2,797

Operating income	187,922		166,251		526,122		451,763

Interest expense	10,319		10,484		30,186		31,151
Other income, net	338		5,386		34,065		22,398

Earnings before income taxes	177,941		161,153		530,001		443,010
Provision for income taxes	(39,054)		(36,321)		(111,760)		(95,780)
Net earnings	$	138,887	$	124,832	$	418,241	$	347,230


Basic earnings per share	$	3.79	$	3.34	$	11.36	$	9.24
Diluted earnings per share	$	3.77	$	3.31	$	11.31	$	9.19

Dividends per share	$	0.26	$	0.24	$	0.76	$	0.69

Weighted-average shares outstanding:
Basic	36,688		37,430		36,822		37,582
Diluted	36,850		37,663		36,990		37,786


CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
($'s in thousands, except par value)

	September 30,		December 31,
	2026		2025
Assets
Current assets:
Cash and cash equivalents	$	281,113	$	371,345
Receivables, net	1,049,133		932,344
Inventories, net	715,849		615,097
Other current assets	119,703		99,688
Total current assets	2,165,798		2,018,474
Property, plant, and equipment, net	397,587		382,200
Goodwill	1,685,782		1,692,490
Other intangible assets, net	485,773		532,381
Operating lease right-of-use assets, net	207,687		198,603
Prepaid pension asset	353,863		333,547
Other assets	75,690		63,597
Total assets	$	5,372,180	$	5,221,292

Liabilities
Current liabilities:
Current portion of long-term and short-term debt	$	200,000	$	200,000
Accounts payable	303,528		310,303
Accrued expenses	267,616		242,942
Deferred revenue	643,502		561,452
Other current liabilities	106,078		90,870
Total current liabilities	1,520,724		1,405,567
Long-term debt	757,139		757,884
Deferred tax liabilities, net	163,467		154,002
Accrued pension and other postretirement benefit costs	67,350		71,417
Long-term operating lease liability	187,163		178,466
Other liabilities	116,787		120,382
Total liabilities	$	2,812,630	$	2,687,718

Stockholders' equity
Common stock, $1 par value	$	49,187	$	49,187
Additional paid in capital	183,104		165,014
Retained earnings	4,700,977		4,310,680
Accumulated other comprehensive loss	(190,580)		(173,812)
Less: cost of treasury stock	(2,183,138)		(1,817,495)
Total stockholders' equity	$	2,559,550	$	2,533,574

Total liabilities and stockholders' equity	$	5,372,180	$	5,221,292


CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED)
($'s in thousands)

	Three Months Ended								Three Months Ended
	September 30, 2026								September 30, 2025								% Change
	As Reported			Adjustments		Adjusted			As Reported			Adjustments		Adjusted			As Reported		Adjusted
Sales:
Aerospace & Industrial	$	281,750		$	—	$	281,750		$	247,985		$	—	$	247,985		14	%	14	%
Defense Electronics	258,988			—		258,988			253,159			—		253,159			2	%	2	%
Naval & Power	411,852			—		411,852			368,026			—		368,026			12	%	12	%

Total sales	$	952,590		$	—	$	952,590		$	869,170		$	—	$	869,170		10	%	10	%

Operating income (expense):
Aerospace & Industrial(2)	$	53,397		$	1,257	$	54,654		$	45,439		$	570	$	46,009		18	%	19	%
Defense Electronics(2)	69,933			—		69,933			$	73,957		—		73,957			(5	%)	(5	%)
Naval & Power(1)(2)	76,295			107		76,402			57,721			3,532		61,253			32	%	25	%

Total segments	$	199,625		$	1,364	$	200,989		$	177,117		$	4,102	$	181,219		13	%	11	%
Corporate and other(2)	(11,703)			—		(11,703)			(10,866)			20		(10,846)			(8	%)	(8	%)

Total operating income	$	187,922		$	1,364	$	189,286		$	166,251		$	4,122	$	170,373		13	%	11	%

Operating margins:	As Reported					Adjusted			As Reported					Adjusted			As Reported		Adjusted
Aerospace & Industrial	19.0		%			19.4		%	18.3		%			18.6		%	70 bps		80 bps
Defense Electronics	27.0		%			27.0		%	29.2		%			29.2		%	(220 bps)		(220 bps)
Naval & Power	18.5		%			18.6		%	15.7		%			16.6		%	280 bps		200 bps
Total Curtiss-Wright	19.7		%			19.9		%	19.1		%			19.6		%	60 bps		30 bps

Segment margins	21.0		%			21.1		%	20.4		%			20.8		%	60 bps		30 bps

(1) Excludes first year purchase accounting adjustments in the prior year period.
(2) Excludes costs associated with the Company's 2026 Restructuring Program in the current period and the Company's 2024 Restructuring Program in the prior period.


CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
SALES BY END MARKET (UNAUDITED)
($'s in thousands)

	Three Months Ended		Three Months Ended
	September 30, 2026		September 30, 2025		% Change
Aerospace & Defense markets:
Aerospace Defense	$	186,356	$	161,162	16	%
Ground Defense	95,800		96,789		(1	%)
Naval Defense	271,523		245,906		10	%
Commercial Aerospace	120,400		113,856		6	%
Total Aerospace & Defense	$	674,079	$	617,713	9	%

Commercial markets:
Power & Process	$	164,684	$	149,900	10	%
General Industrial	113,827		101,557		12	%
Total Commercial	$	278,511	$	251,457	11	%

Total Curtiss-Wright	$	952,590	$	869,170	10	%

	Nine Months Ended		Nine Months Ended
	September 30, 2026		September 30, 2025		% Change
Aerospace & Defense markets:
Aerospace Defense	$	541,802	$	480,471	13	%
Ground Defense	287,342		291,568		(1	%)
Naval Defense	784,662		707,078		11	%
Commercial Aerospace	345,203		310,051		11	%
Total Aerospace & Defense	$	1,959,009	$	1,789,168	9	%

Commercial markets:
Power & Process	$	505,429	$	456,307	11	%
General Industrial	325,847		305,916		7	%
Total Commercial	$	831,276	$	762,223	9	%

Total Curtiss-Wright	$	2,790,285	$	2,551,391	9	%


	Three Months Ended
	September 30,
	2026 vs. 2025
	Aerospace & Industrial		Defense Electronics		Naval & Power		Total Curtiss-Wright
	Sales	Operating income	Sales	Operating income	Sales	Operating income	Sales	Operating income
As Reported	14%	18%	2%	(5%)	12%	32%	10%	13%
Less: Acquisitions	0%	0%	0%	0%	0%	0%	0%	0%
Restructuring	0%	2%	0%	0%	0%	0%	0%	0%
Foreign Currency	0%	1%	0%	(1%)	0%	0%	0%	1%
Organic	14%	21%	2%	(6%)	12%	32%	10%	14%

	Nine Months Ended
	September 30,
	2026 vs. 2025
	Aerospace & Industrial		Defense Electronics		Naval & Power		Total Curtiss-Wright
	Sales	Operating income	Sales	Operating income	Sales	Operating income	Sales	Operating income
As Reported	13%	23%	1%	1%	13%	29%	9%	16%
Less: Acquisitions	0%	0%	0%	0%	0%	0%	0%	0%
Restructuring	0%	0%	0%	0%	0%	0%	0%	0%
Foreign Currency	(1%)	2%	0%	0%	0%	0%	0%	1%
Organic	12%	25%	1%	1%	13%	29%	9%	17%


CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
NON-GAAP FINANCIAL DATA (UNAUDITED)
($'s in thousands)


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2026			2025			2026			2025
Net cash provided by operating activities	$	180,414		$	192,838		$	355,942		$	290,658
Capital expenditures
Capital expenditure additions	(40,027)			(16,900)			(81,310)			(52,054)
Grant proceeds for capital expenditures	16,980			—			25,508			—
Net capital expenditures	(23,047)			(16,900)			(55,802)			(52,054)
Free cash flow	$	157,367		$	175,938		$	300,140		$	238,604
Free cash flow conversion	108		%	137		%	73		%	67		%


CURTISS-WRIGHT CORPORATION
2026 Guidance
As of November 4, 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			Chg vs 2025 Adjusted
Sales:
Aerospace & Industrial	$	977		$	—	$	977		$	1,075		$	1,088		$	—	$	1,075		$	1,088		10 - 11%
Defense Electronics	1,019			—		1,019			1,055			1,075			—		1,055			1,075			4 - 6%
Naval & Power	1,503			—		1,503			1,665			1,678			—		1,665			1,678			11 - 12%
Total sales	$	3,498		$	—	$	3,498		$	3,795		$	3,840		$	—	$	3,795		$	3,840		8 - 10%

Operating income:
Aerospace & Industrial	$	166		$	4	$	170		$	193		$	197		$	6	$	199		$	203		17 - 19%
Defense Electronics	278			—		278			291			298			—		291			298			5 - 7%
Naval & Power	231			13		245			283			288			1		284			289			16 - 18%
Total segments	$	675		$	17	$	693		$	767		$	783		$	7	$	774		$	789
Corporate and other	(42)			—		(42)			(43)			(45)			—		(43)			(45)
Total operating income	$	634		$	17	$	651		$	724		$	738		$	7	$	731		$	744		12 - 14%

Interest expense	$	(43)		$	—	$	(43)		$	(41)		$	(41)		$	—	$	(41)		$	(41)
Other income, net	30			—		30			41			42			(10)		31			32
Earnings before income taxes	620			17		638			724			739			(3)		721			735
Provision for income taxes	(136)			(4)		(140)			(156)			(159)			1		(155)			(158)
Net earnings	$	484		$	14	$	498		$	568		$	580		$	(2)	$	566		$	577

Diluted earnings per share	$	12.87		$	0.36	$	13.23		$	15.48		$	15.68		$	(0.08)	$	15.40		$	15.60		16 - 18%
Diluted shares outstanding	37.6					37.6			36.9			36.9					36.9			36.9
Effective tax rate	21.9		%			21.9		%	21.5		%	21.5		%			21.5		%	21.5		%

Operating margins:
Aerospace & Industrial	17.0		%			17.4		%	18.0		%	18.1		%			18.5		%	18.7		%	110 - 130 bps
Defense Electronics	27.3		%			27.3		%	27.5		%	27.7		%			27.5		%	27.7		%	20 - 40 bps
Naval & Power	15.4		%			16.3		%	17.0		%	17.2		%			17.0		%	17.2		%	70 - 90 bps
Total operating margin	18.1		%			18.6		%	19.1		%	19.2		%			19.2		%	19.4		%	60 - 80 bps

Free cash flow(3)	$	554		$	—	$	554		$	595		$	615		$	—	$	595		$	615		8 - 11%

Notes: 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 and gains/losses associated with recording equity securities held for investment purposes at fair value.
(3) Free Cash Flow is defined as cash flow from operations less capital expenditures. 2026 Free Cash Flow guidance includes higher year-over-year growth in capital expenditures supporting growth and efficiency, and strong free cash flow conversion in excess of 105%.


CURTISS-WRIGHT CORPORATION
2026 Sales Growth Guidance by End Market
As of November 4, 2026



	2026 % Change vs. 2025 Adjusted

	Prior	Current	% Total Sales
Aerospace & Defense Markets
Aerospace Defense	12 - 14%	14 - 16%	20%
Ground Defense	(4 - 6%)	(2 - 4%)	10%
Naval Defense	7 - 9%	9 - 11%	27%
Commercial Aerospace	10 - 12%	10 - 12%	13%
Total Aerospace & Defense	7 - 9%	8 - 10%	70%

Commercial Markets
Power & Process	13 - 15%	13 - 15%	19%
General Industrial	1 - 3%	3 - 5%	11%
Total Commercial	8 - 10%	8 - 10%	30%

Total Curtiss-Wright Sales	8 - 9%	8 - 10%	100%

Note: Sales percentages may not add due to rounding.


			Exhibit 99.1