8-K
MOOG INC. (MOG-A)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
July 25, 2025
Date of Report (date of earliest event reported)
MOOG Inc.
(Exact name of registrant as specified in its charter)
| NY | 1-05129 | 16-0757636 | |
|---|---|---|---|
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | |
| 400 Jamison Rd | East Aurora, | New York | 14052-0018 |
| (Address of Principal Executive Offices) | (Zip Code) |
(716) 652-2000
(Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Class A common stock | MOG.A | New York Stock Exchange |
| Class B common stock | MOG.B | 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 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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.
o
| Item 2.02 | Results of Operations and Financial Condition |
|---|
On July 25, 2025, Moog Inc. (the “Company”) issued a press release discussing results of operations for the quarter ended June 28, 2025. A copy of the press release is included as exhibit 99.1 of this report.
The information in this report is being furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed to be “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise be subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933, as amended, except as expressly stated by specific reference in such a filing.
| Item 8.01 | Other Events |
|---|
On July 25, 2025, the Company issued a press release announcing that the Company’s Board of Directors declared a quarterly dividend of $0.29 per share on the Company's issued and outstanding shares of Class A common stock and Class B common stock. The dividend will be paid on August 26, 2025 to all shareholders of record as of the close of business on August 8, 2025. A copy of the press release is included as Exhibit 99.2 of this report.
| Item 9.01 | Financial Statements and Exhibits |
|---|
(d)Exhibits.
| 99.1 | Press release dated July 25, 2025, announcing Moog Inc.’s results of operations for the quarter and year ended June 28, 2025. |
|---|---|
| 99.2 | Press release dated July 25, 2025, announcing cash dividend. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| MOOG INC. | |||
|---|---|---|---|
| Dated: | July 25, 2025 | By: | /s/ Nicholas Hart |
| Name: | Nicholas Hart | ||
| Controller |
Document
| Release Date: | July 25, 2025 |
|---|---|
| IMMEDIATE |
Moog Inc. Reports Third Quarter 2025 Results
with both Record Sales and Earnings Per Share
East Aurora, NY -- Moog Inc. (NYSE: MOG.A and MOG.B), a worldwide designer, manufacturer and systems integrator of high-performance precision motion and fluid controls and control systems, today reported fiscal third quarter 2025 net sales of $971 million, diluted earnings per share of $1.87 and adjusted diluted earnings per share of $2.37, all records, reflecting business growth and simplified operations.
| (in millions, except per share results) | Three Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|
| Q3 2025 | Q3 2024 | Deltas | ||||||
| Net sales | $ | 971 | $ | 905 | 7% | |||
| Operating margin | 11.5 | % | 11.6 | % | (10) bps | |||
| Adjusted operating margin | 13.6 | % | 12.3 | % | 130 bps | |||
| Diluted net earnings per share | $ | 1.87 | $ | 1.74 | 7% | |||
| Adjusted diluted net earnings per share | $ | 2.37 | $ | 1.91 | 24% | |||
| Net cash provided (used) by operating activities | $ | 125 | $ | 30 | $ | 95 | ||
| Free cash flow | $ | 93 | $ | (2) | $ | 95 | ||
| See the reconciliations of adjusted financial results and free cash flow to reported results included in the financial statements herein for the periods ended June 28, 2025 and June 29, 2024. |
Quarter Highlights
•Net sales increased to a record level, led by strength in Commercial Aircraft, Space and Defense, and Military Aircraft. Industrial declined due to divestitures completed at the beginning of this fiscal year.
•Operating margin was relatively unchanged as charges for a program termination and charges for simplification initiatives offset stronger operational performance.
•Adjusted operating margin increased due to the benefit from the sale of intellectual property and inventory associated with a non-core product line and a favorable sales mix, partially offset by tariff pressure.
•Diluted net earnings per share increased as strong operational performance was partially offset by higher charges for a program termination and charges for simplification initiatives.
•Adjusted diluted net earnings per share increased reflecting margin expansion and incremental profit from higher sales.
•Free cash flow improved with a conversion greater than 120%.
•Twelve-month backlog was at a record level of $2.7 billion with growth primarily driven by Military Aircraft and Space and Defense.
•Acquired COTSWORKS after quarter-end, strengthening the Space and Defense product portfolio.
"We have just delivered another quarter of record financial results, reflective of our unrelenting focus on driving improved business performance," said Pat Roche, CEO. "Our teams across the company continue advancing our simplification strategies, and our value proposition to our customers has resulted in strong order intake and a record 12-month backlog. Our employees are driving change and our business is strong, giving us confidence as we look to 2026."
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Segment Results
Sales in the third quarter increased 7% to a record $971 million. Sales growth was led by Commercial Aircraft, which increased 16% on strong aftermarket demand. Space and Defense sales increased 11%, reflecting broad-based demand including satellite components and missile control programs. Military Aircraft sales increased 8%, driven by continued ramp-up on the FLRAA program. Industrial sales declined 4% due to previously completed divestitures.
Operating margin in the third quarter was 11.5%, down 10 basis points from the prior year. Military Aircraft operating margin declined 360 basis points to 8.0%, primarily due to charges tied to the termination of a product development effort, along with a less favorable sales mix and increased research and development investment in future programs. Industrial operating margin declined 20 basis points to 9.6%, reflecting charges related to portfolio shaping, facility rationalization and an investment impairment, as well as pressures from tariffs, and were partially offset by the benefit from simplification initiatives. Partially offsetting these declines was an increase in Commercial Aircraft operating margin of 200 basis points to 14.9%, supported by the benefit from the sale of a non-core product line and by record aftermarket sales, partially offset by pressures from tariffs and OEM customers' production delays. In addition, Space and Defense operating margin increased 70 basis points to 13.3%, driven by profitable sales growth.
Adjusted operating margin excludes charges of $20 million and $6 million in the third quarters of 2025 and 2024, respectively, which primarily relate to simplification initiatives and a program termination. Excluding these charges, total company adjusted operating margin increased 130 basis points from 12.3% to 13.6%. Commercial Aircraft adjusted operating margin increased 180 basis points to 14.9%, supported by the benefit from the sale of a non-core product line and by record aftermarket sales, partially offset by pressures from tariffs and OEM customers' production delays. Industrial adjusted operating margin improved 180 basis points to 13.5%, supported by the benefit of the simplification initiatives, including divestitures completed at the start of the year, partially offset by tariff pressure. Space and Defense adjusted operating margin increased 140 basis points to 14.1%, driven by profitable sales growth. Partially offsetting the increases was a decrease in Military Aircraft adjusted operating margin of 30 basis points to 11.6%, due to a less favorable program sales mix and increased research and development investment.
Free Cash Flow Results
Free cash flow for the quarter was $93 million, driven by strong earnings and cash provided by changes in working capital. Capital expenditures were $33 million.
2025 Financial Guidance
“We are increasing our sales guidance from 90 days ago based on the strength of the business. We are updating our adjusted operating margin guidance to reflect the expected pressures associated with tariffs and the underlying strength in our business. We are also moderating our free cash flow guidance based on working capital needs to support our elevated growth," said Jennifer Walter, CFO. "We’re on track to close out a record year for sales in 2025. Our business is strong, and we’re continuing to expand our operating margin and generate an increasing level of free cash flow."
| Previous | |||||
| Net sales (in billions) | 3.8 | $ | 3.7 | ||
| Operating margin | % | 12.7 | % | ||
| Adjusted operating margin | % | 13.0 | % | ||
| Diluted net earnings per share(2) | 7.44 | $ | 7.89 | ||
| Adjusted diluted net earnings per share(2) | 8.25 | $ | 8.20 | ||
| Free cash flow conversion | 50 | % | |||
| (1) Current guidance now includes the net tariff pressures, while the previous guidance excluded it. (2) Diluted net earnings per share and Adjusted diluted net earnings per share figures are forecasted to be within range of +/- 0.10. |
All values are in US Dollars.
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Conference call information
In conjunction with today’s release, Pat Roche, CEO, and Jennifer Walter, CFO, will host a conference call today beginning at 10:00 a.m. ET, which will be simultaneously broadcast live online. Listeners can access the call and supplemental financial materials at www.moog.com/investors/communications.
Cautionary Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which can be identified by words such as: “may,” “will,” “should,” “believes,” “expects,” “expected,” “intends,” “plans,” “projects,” “approximate,” “estimates,” “predicts,” “potential,” “outlook,” “forecast,” “anticipates,” “presume,” “assume” and other words and terms of similar meaning (including their negative counterparts or other various or comparable terminology). These forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995, are neither historical facts nor guarantees of future performance and are subject to several factors, risks and uncertainties, the impact or occurrence of which could cause actual results to differ materially from the expected results described in the forward-looking statements.
Although it is not possible to create a comprehensive list of all factors that may cause our actual results to differ from the results expressed or implied by our forward-looking statements or that may affect our future results, some of these factors and other risks and uncertainties are described in Item 1A “Risk Factors” of our Annual Report on Form 10-K and in our other periodic filings with the Securities and Exchange Commission (“SEC”) and include, but are not limited to, risks relating to: (i) our operation in highly competitive markets with competitors who may have greater resources than we possess; (ii) our operation in cyclical markets that are sensitive to domestic and foreign economic conditions and events; (iii) our heavy dependence on government contracts that may not be fully funded or may be terminated; (iv) supply chain constraints and inflationary impacts on prices for raw materials and components used in our products; (v) failure of our subcontractors or suppliers to perform their contractual obligations; and (vi) our accounting estimations for over-time contracts and any changes we need to make thereto. You should evaluate all forward-looking statements made in this press release in the context of these risks and uncertainties.
While we believe we have identified and discussed in our SEC filings the material risks affecting our business, there may be additional factors, risks and uncertainties not currently known to us or that we currently consider immaterial that may affect the forward-looking statements we make herein. Given these factors, risks and uncertainties, investors should not place undue reliance on forward-looking statements as predictive of future results. Any forward-looking statement speaks only as of the date on which it is made, and we disclaim any obligation to update any forward-looking statement made in this press release, except as required by applicable law.
Contact: Aaron Astrachan
716.687.4225
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| Moog Inc. | ||||||||
|---|---|---|---|---|---|---|---|---|
| CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) | ||||||||
| (dollars in thousands, except per share data) | ||||||||
| Three Months Ended | Nine Months Ended | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| June 28,<br>2025 | June 29,<br>2024 | June 28,<br>2025 | June 29,<br>2024 | |||||
| Net sales | $ | 971,363 | $ | 904,735 | $ | 2,816,518 | $ | 2,691,888 |
| Cost of sales | 699,685 | 651,672 | 2,044,373 | 1,938,673 | ||||
| Inventory write-down | 5,839 | 1,600 | 7,988 | 1,775 | ||||
| Gross profit | 265,839 | 251,463 | 764,157 | 751,440 | ||||
| Research and development | 21,906 | 27,791 | 69,992 | 86,752 | ||||
| Selling, general and administrative | 138,801 | 126,361 | 399,684 | 370,047 | ||||
| Interest | 17,790 | 18,153 | 54,340 | 52,850 | ||||
| Asset impairment | 3,000 | 112 | 3,000 | 6,862 | ||||
| Restructuring | 2,850 | 3,984 | 9,059 | 12,623 | ||||
| Other | 3,510 | 4,157 | 7,942 | 10,041 | ||||
| Earnings before income taxes | 77,982 | 70,905 | 220,140 | 212,265 | ||||
| Income taxes | 18,275 | 14,545 | 51,566 | 48,090 | ||||
| Net earnings | $ | 59,707 | $ | 56,360 | $ | 168,574 | $ | 164,175 |
| Net earnings per share | ||||||||
| Basic | $ | 1.89 | $ | 1.76 | $ | 5.32 | $ | 5.14 |
| Diluted | $ | 1.87 | $ | 1.74 | $ | 5.25 | $ | 5.08 |
| Weighted average common shares outstanding | ||||||||
| Basic | 31,524,999 | 31,960,165 | 31,684,945 | 31,943,365 | ||||
| Diluted | 31,896,949 | 32,409,370 | 32,082,186 | 32,342,700 |
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| Moog Inc. | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| RECONCILIATION TO ADJUSTED NET EARNINGS BEFORE TAXES, INCOMES TAXES, NET EARNINGS AND DILUTED NET EARNINGS PER SHARE (UNAUDITED) | ||||||||||||
| (dollars in thousands) | ||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| June 28,<br>2025 | June 29,<br>2024 | June 28,<br>2025 | June 29,<br>2024 | |||||||||
| As Reported: | ||||||||||||
| Earnings before income taxes | $ | 77,982 | $ | 70,905 | $ | 220,140 | $ | 212,265 | ||||
| Income taxes | 18,275 | 14,545 | 51,566 | 48,090 | ||||||||
| Effective income tax rate | 23.4 | % | 20.5 | % | 23.4 | % | 22.7 | % | ||||
| Net earnings | 59,707 | 56,360 | 168,574 | 164,175 | ||||||||
| Diluted net earnings per share | $ | 1.87 | $ | 1.74 | $ | 5.25 | $ | 5.08 | ||||
| Program Terminations1 | ||||||||||||
| Earnings before income taxes | $ | 8,065 | $ | — | $ | 8,065 | $ | 1,992 | ||||
| Income taxes | 1,903 | — | 1,903 | 470 | ||||||||
| Net earnings | 6,162 | — | 6,162 | 1,522 | ||||||||
| Diluted net earnings per share | $ | 0.19 | $ | — | $ | 0.19 | $ | 0.05 | ||||
| Simplification Initiatives2 | ||||||||||||
| Earnings before income taxes | $ | 6,805 | $ | 5,818 | $ | 18,204 | $ | 14,457 | ||||
| Income taxes | 1,647 | 1,502 | 4,487 | 3,654 | ||||||||
| Net earnings | 5,158 | 4,316 | 13,717 | 10,803 | ||||||||
| Diluted net earnings per share | $ | 0.16 | $ | 0.13 | $ | 0.43 | $ | 0.33 | ||||
| Investment Losses3 | ||||||||||||
| Earnings before income taxes | $ | 3,000 | $ | — | $ | 3,000 | $ | 5,294 | ||||
| Income taxes | — | (1,249) | — | — | ||||||||
| Net earnings | 3,000 | 1,249 | 3,000 | 5,294 | ||||||||
| Diluted net earnings per share | $ | 0.09 | $ | 0.04 | $ | 0.09 | $ | 0.16 | ||||
| Acquisition and Integration4 | ||||||||||||
| Earnings before income taxes | $ | 481 | $ | — | $ | 481 | $ | — | ||||
| Income taxes | 113 | — | 113 | — | ||||||||
| Net earnings | 368 | — | 368 | — | ||||||||
| Diluted net earnings per share | $ | 0.01 | $ | — | $ | 0.01 | $ | — | ||||
| Other Charges5 | ||||||||||||
| Earnings before income taxes | $ | 1,462 | $ | 111 | $ | 3,462 | $ | 415 | ||||
| Income taxes | 344 | 26 | 817 | 98 | ||||||||
| Net earnings | 1,118 | 85 | 2,645 | 317 | ||||||||
| Diluted net earnings per share | $ | 0.04 | $ | — | $ | 0.08 | $ | 0.01 | ||||
| As Adjusted: | ||||||||||||
| Earnings before income taxes | $ | 97,795 | $ | 76,834 | $ | 253,352 | $ | 234,423 | ||||
| Income taxes | 22,282 | 14,824 | 58,886 | 52,312 | ||||||||
| Effective income tax rate | 22.8 | % | 19.3 | % | 23.2 | % | 22.3 | % | ||||
| Net earnings | 75,513 | 62,010 | 194,466 | 182,111 | ||||||||
| Diluted net earnings per share | $ | 2.37 | $ | 1.91 | $ | 6.06 | $ | 5.63 | ||||
| The diluted net earnings per share associated with the adjustments in the table above may not reconcile when totaled due to rounding.<br>1 Charges include costs related to the termination of significant development, production, or support programs, such as write-off and impairments or inventory and long-lived assets, contract termination costs, and other charges. <br>2 Charges include costs related to footprint rationalization, portfolio shaping and legal entity re-organization activities, such as facility closure costs, employee severance and retention costs, write-off and impairments of inventory and long-lived assets, and other charges.<br>3 Charges include impairment losses on minority investments.<br>4 Charges include costs related to acquisition such as amortization of inventory fair value step-up and professional services fees. Charges also include costs related to integrating the businesses, such as employee severance and retention costs, professional services fees, legal entity and facility rationalization costs and other related charges. <br>5 Other charges include business interruptions from natural causes, litigation matters, and other items that are not part of normal operations. |
While management believes that these adjusted financial measures may be useful in evaluating the financial condition and results of operations of the Company, this information should be considered supplemental and is not a substitute for financial information prepared in accordance with GAAP.
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| Moog Inc. | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| CONSOLIDATED SALES AND OPERATING PROFIT (UNAUDITED) | ||||||||||||
| (dollars in thousands) | ||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| June 28,<br>2025 | June 29,<br>2024 | June 28,<br>2025 | June 29,<br>2024 | |||||||||
| Net sales: | ||||||||||||
| Space and Defense | $ | 287,705 | $ | 258,409 | $ | 805,673 | $ | 755,324 | ||||
| Military Aircraft | 224,662 | 207,177 | 651,931 | 595,921 | ||||||||
| Commercial Aircraft | 219,436 | 189,365 | 656,740 | 591,181 | ||||||||
| Industrial | 239,560 | 249,784 | 702,174 | 749,462 | ||||||||
| Net sales | $ | 971,363 | $ | 904,735 | $ | 2,816,518 | $ | 2,691,888 | ||||
| Operating profit: | ||||||||||||
| Space and Defense | $ | 38,261 | $ | 32,635 | $ | 99,581 | $ | 100,175 | ||||
| 13.3 | % | 12.6 | % | 12.4 | % | 13.3 | % | |||||
| Military Aircraft | 17,994 | 23,965 | 64,632 | 60,323 | ||||||||
| 8.0 | % | 11.6 | % | 9.9 | % | 10.1 | % | |||||
| Commercial Aircraft | 32,623 | 24,367 | 82,418 | 69,838 | ||||||||
| 14.9 | % | 12.9 | % | 12.5 | % | 11.8 | % | |||||
| Industrial | 22,989 | 24,413 | 75,700 | 81,592 | ||||||||
| 9.6 | % | 9.8 | % | 10.8 | % | 10.9 | % | |||||
| Total operating profit | 111,867 | 105,380 | 322,331 | 311,928 | ||||||||
| 11.5 | % | 11.6 | % | 11.4 | % | 11.6 | % | |||||
| Deductions from operating profit: | ||||||||||||
| Interest expense | 17,790 | 18,153 | 54,340 | 52,850 | ||||||||
| Equity-based compensation expense | 4,649 | 4,089 | 12,669 | 11,301 | ||||||||
| Non-service pension expense | 1,970 | 3,188 | 5,855 | 9,566 | ||||||||
| Corporate and other expenses, net | 9,476 | 9,045 | 29,327 | 25,946 | ||||||||
| Earnings before income taxes | $ | 77,982 | $ | 70,905 | $ | 220,140 | $ | 212,265 |
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| Moog Inc. | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| RECONCILIATION TO ADJUSTED OPERATING PROFIT AND MARGINS (UNAUDITED) | ||||||||||||
| (dollars in thousands) | ||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| June 28,<br>2025 | June 29,<br>2024 | June 28,<br>2025 | June 29,<br>2024 | |||||||||
| Space and Defense operating profit - as reported | $ | 38,261 | $ | 32,635 | $ | 99,581 | $ | 100,175 | ||||
| Simplification Initiatives | 406 | — | 2,474 | — | ||||||||
| Acquisition Integration | 481 | — | 481 | — | ||||||||
| Other charges | 1,462 | 112 | 1,462 | 416 | ||||||||
| Space and Defense operating profit - as adjusted | $ | 40,610 | $ | 32,747 | $ | 103,998 | $ | 100,591 | ||||
| 14.1 | % | 12.7 | % | 12.9 | % | 13.3 | % | |||||
| Military Aircraft operating profit - as reported | $ | 17,994 | $ | 23,965 | $ | 64,632 | $ | 60,323 | ||||
| Program terminations | 8,065 | — | 8,065 | 1,992 | ||||||||
| Simplification Initiatives | — | 609 | 591 | 3,732 | ||||||||
| Investment losses | — | — | — | 5,294 | ||||||||
| Other charges | — | — | 2,000 | — | ||||||||
| Military Aircraft operating profit - as adjusted | $ | 26,059 | $ | 24,574 | $ | 75,288 | $ | 71,341 | ||||
| 11.6 | % | 11.9 | % | 11.5 | % | 12.0 | % | |||||
| Commercial Aircraft operating profit - as reported | $ | 32,623 | $ | 24,367 | $ | 82,418 | $ | 69,838 | ||||
| Simplification Initiatives | — | 408 | — | 408 | ||||||||
| Commercial Aircraft operating profit - as adjusted | $ | 32,623 | $ | 24,775 | $ | 82,418 | $ | 70,246 | ||||
| 14.9 | % | 13.1 | % | 12.5 | % | 11.9 | % | |||||
| Industrial operating profit - as reported | $ | 22,989 | $ | 24,413 | $ | 75,700 | $ | 81,592 | ||||
| Simplification Initiatives | 6,399 | 4,800 | 15,139 | 10,316 | ||||||||
| Investment losses | 3,000 | — | 3,000 | — | ||||||||
| Industrial operating profit - as adjusted | $ | 32,388 | $ | 29,213 | $ | 93,839 | $ | 91,908 | ||||
| 13.5 | % | 11.7 | % | 13.4 | % | 12.3 | % | |||||
| Total operating profit - as adjusted | $ | 131,680 | $ | 111,309 | $ | 355,543 | $ | 334,086 | ||||
| 13.6 | % | 12.3 | % | 12.6 | % | 12.4 | % |
While management believes that these adjusted financial measures may be useful in evaluating the financial condition and results of operations of the Company, this information should be considered supplemental and is not a substitute for financial information prepared in accordance with GAAP.
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| Moog Inc. | ||||
|---|---|---|---|---|
| CONSOLIDATED BALANCE SHEETS (UNAUDITED) | ||||
| (dollars in thousands) | ||||
| June 28,<br>2025 | September 28,<br>2024 | |||
| --- | --- | --- | --- | --- |
| ASSETS | ||||
| Current assets | ||||
| Cash and cash equivalents | $ | 58,191 | $ | 61,694 |
| Restricted cash | 823 | 123 | ||
| Receivables, net | 529,753 | 419,971 | ||
| Unbilled receivables | 734,976 | 709,014 | ||
| Inventories, net | 924,682 | 863,702 | ||
| Prepaid expenses and other current assets | 153,479 | 86,245 | ||
| Total current assets | 2,401,904 | 2,140,749 | ||
| Property, plant and equipment, net | 988,125 | 929,357 | ||
| Operating lease right-of-use assets | 52,877 | 52,591 | ||
| Goodwill | 802,089 | 833,764 | ||
| Intangible assets, net | 57,182 | 63,479 | ||
| Deferred income taxes | 37,701 | 20,991 | ||
| Other assets | 56,696 | 52,695 | ||
| Total assets | $ | 4,396,574 | $ | 4,093,626 |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||
| Current liabilities | ||||
| Accounts payable | $ | 289,160 | $ | 292,988 |
| Accrued compensation | 98,292 | 101,127 | ||
| Contract advances and progress billings | 298,648 | 299,732 | ||
| Accrued liabilities and other | 302,514 | 305,180 | ||
| Total current liabilities | 988,614 | 999,027 | ||
| Long-term debt, excluding current installments | 1,081,674 | 874,139 | ||
| Long-term pension and retirement obligations | 177,688 | 167,161 | ||
| Deferred income taxes | 27,664 | 27,738 | ||
| Other long-term liabilities | 177,233 | 164,928 | ||
| Total liabilities | 2,452,873 | 2,232,993 | ||
| Shareholders’ equity | ||||
| Common stock - Class A | 43,864 | 43,835 | ||
| Common stock - Class B | 7,416 | 7,445 | ||
| Additional paid-in capital | 769,935 | 784,509 | ||
| Retained earnings | 2,810,050 | 2,668,723 | ||
| Treasury shares | (1,205,305) | (1,082,240) | ||
| Stock Employee Compensation Trust | (173,214) | (194,049) | ||
| Supplemental Retirement Plan Trust | (147,042) | (163,821) | ||
| Accumulated other comprehensive loss | (162,003) | (203,769) | ||
| Total shareholders’ equity | 1,943,701 | 1,860,633 | ||
| Total liabilities and shareholders’ equity | $ | 4,396,574 | $ | 4,093,626 |
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| Moog Inc. | |||
|---|---|---|---|
| CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | |||
| (dollars in thousands) | |||
| --- | --- | --- | --- |
| June 29,<br>2024 | |||
| CASH FLOWS FROM OPERATING ACTIVITIES | |||
| Net earnings | 168,574 | $ | 164,175 |
| Adjustments to reconcile net earnings to net cash provided (used) by operating activities: | |||
| Depreciation | 64,302 | ||
| Amortization | 7,677 | ||
| Deferred income taxes | (26,483) | ||
| Equity-based compensation expense | 11,301 | ||
| Asset impairment and inventory write-down | 8,637 | ||
| Other | 5,374 | ||
| Changes in assets and liabilities providing (using) cash: | |||
| Receivables | (18,677) | ||
| Unbilled receivables | (57,723) | ||
| Inventories | (105,629) | ||
| Accounts payable | 918 | ||
| Contract advances and progress billings | (26,882) | ||
| Accrued expenses | 36,928 | ||
| Accrued income taxes | 9,832 | ||
| Net pension and post retirement liabilities | 8,783 | ||
| Other assets and liabilities | (35,978) | ||
| Net cash provided (used) by operating activities | 46,555 | ||
| CASH FLOWS FROM INVESTING ACTIVITIES | |||
| Acquisitions of businesses, net of cash acquired | (5,911) | ||
| Purchase of property, plant and equipment | (109,616) | ||
| Net proceeds from businesses sold | 1,627 | ||
| Other investing transactions | (646) | ||
| Net cash provided (used) by investing activities | (114,546) | ||
| CASH FLOWS FROM FINANCING ACTIVITIES | |||
| Proceeds from revolving lines of credit | 784,500 | ||
| Payments on revolving lines of credit | (691,000) | ||
| Proceeds from long-term debt | — | ||
| Payments on finance lease obligations | (4,468) | ||
| Payment of dividends | (26,521) | ||
| Proceeds from sale of treasury stock | 7,579 | ||
| Purchase of outstanding shares for treasury | (21,832) | ||
| Proceeds from sale of stock held by SECT | 16,670 | ||
| Purchase of stock held by SECT | (14,296) | ||
| Other financing transactions | — | ||
| Net cash provided (used) by financing activities | 50,632 | ||
| Effect of exchange rate changes on cash | (267) | ||
| Increase (decrease) in cash, cash equivalents and restricted cash | (17,626) | ||
| Cash, cash equivalents and restricted cash at beginning of year (1) | 69,144 | ||
| Cash, cash equivalents and restricted cash at end of period | 59,014 | $ | 51,518 |
| (1) Beginning of year cash balance at September 29, 2024 includes cash related to assets held for sale of 2,720. |
All values are in US Dollars.
Shaping the way our world moves ™
9
| Moog Inc. | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| RECONCILIATION OF NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES TO FREE CASH FLOW (UNAUDITED) | ||||||||||||
| (dollars in thousands) | ||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| June 28,<br>2025 | June 29,<br>2024 | June 28,<br>2025 | June 29,<br>2024 | |||||||||
| Net cash provided (used) by operating activities | $ | 125,325 | $ | 30,166 | $ | 32,463 | $ | 46,555 | ||||
| Purchase of property, plant and equipment | (32,659) | (32,086) | (103,041) | (109,616) | ||||||||
| Receivables Purchase Agreement | — | — | — | (25,000) | ||||||||
| Free cash flow | $ | 92,666 | $ | (1,920) | $ | (70,578) | $ | (88,061) | ||||
| Adjusted net earnings | $ | 75,513 | $ | 62,010 | $ | 194,466 | $ | 182,111 | ||||
| Free cash flow conversion | 123 | % | (3) | % | (36) | % | (48) | % |
Free cash flow is defined as net cash provided (used) by operating activities, less purchase of property, plant and equipment, less the benefit from the Receivables Purchase Agreement. Free cash flow conversion is defined as free cash flow divided by adjusted net earnings. Free cash flow and free cash flow conversion are not measures determined in accordance with GAAP and may not be comparable with the measures as used by other companies. However, management believes these adjusted financial measures may be useful in evaluating the liquidity, financial condition and results of operations of the Company. This information should be considered supplemental and is not a substitute for financial information prepared in accordance with GAAP.
Shaping the way our world moves ™
10
Document
| Release Date: | July 25, 2025 |
|---|---|
| IMMEDIATE |
Moog Inc. Announces Cash Dividend
East Aurora, NY – The Board of Directors of Moog Inc. (NYSE: MOG.A and MOG.B) declared a quarterly dividend of $0.29 per share on the Company’s issued and outstanding shares of Class A and Class B common stock. The dividend will be paid on August 26, 2025 to all shareholders of record as of the close of business on August 8, 2025.
The dividend represents a net use of cash of approximately $9 million. Future declarations of quarterly dividends are subject to the determination and discretion of Moog’s Board of Directors.
About Moog Inc.
Moog Inc. is a worldwide designer, manufacturer, and integrator of precision control components and systems. Moog’s high-performance systems control military and commercial aircraft, satellites, space vehicles, launch vehicles, defense systems, missiles, automated industrial machinery, marine and medical equipment. Additional information about the company can be found at www.moog.com.
Contact: Aaron Astrachan
716.687.4225
Shaping the way our world moves ™