Curtiss-Wright
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Curtiss-Wright (CW) investor relations material

Curtiss-Wright Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary12 Feb, 2026

Executive summary

  • Achieved record financial performance in 2025, with sales of $3.5 billion up 12%, operating income up 19% to $651 million, and diluted EPS up 21% to $13.23, driven by the Pivot to Growth strategy and robust demand across A&D and commercial markets.

  • Fourth quarter sales rose 15% year-over-year to $947 million, with 11% organic growth and contributions from acquisitions.

  • Free cash flow reached $554 million for the year, with a 111% conversion rate.

  • New orders for 2025 totaled $4.1 billion, up 10%, with backlog up 18% to $4.1 billion and a book-to-bill ratio of 1.2x.

  • Robust order intake and backlog growth support a positive outlook for 2026.

Financial highlights

  • Q4 2025 sales reached $947 million, up 15% (11% organic); operating income $187 million, up 14%; diluted EPS $3.79, up 16%.

  • Full-year adjusted operating margin expanded 110 basis points to 18.6%.

  • Record $465 million in share repurchases and increased annual dividend for the ninth consecutive year.

  • Capital expenditures rose nearly 50% in 2025 to support growth.

  • Free cash flow conversion at 111% for 2025; targeted >105% for 2026.

Outlook and guidance

  • 2026 organic sales projected to grow 6%-8% to $3.71–$3.77 billion, with operating margin expansion of 30-60 basis points to 18.9%-19.2%.

  • Diluted EPS expected to rise 11%-15% to $14.70-$15.15.

  • Free cash flow forecasted at $575-$595 million, with a 105%+ conversion rate.

  • Capital expenditures to increase 25-30% to $110-$120 million.

  • Minimum $60 million share repurchase planned for 2026.

Ground Defense 2026 sales decline drivers
AP1000 order exclusion from 2026 guidance
Increased R&D investment strategic rationale
AP1000 order: Revenue ramp and cash flow impact
Defense Electronics: 2026 booking recovery drivers
Working capital: Drivers for record 18% of sales
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Frequently asked questions

Curtiss-Wright Corporation is a diversified manufacturing and engineering company serving global markets. The company operates through three segments: Commercial/Industrial, Defense, and Power, providing products and services such as precision components, industrial valves, actuation systems, and electronics. Curtiss-Wright supports industries including aerospace, defense, energy, and industrial markets, offering solutions for critical applications like flight systems, naval propulsion, and industrial automation. The company is headquartered in Davidson, North Carolina, and its shares are listed on the NYSE.

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