Curtiss-Wright (CW) Q4 2025 earnings summary

Executive summary

• Achieved record financial performance in 2025, with sales of $3.5 billion (up 12%), double-digit growth in operating income and EPS, and strong momentum entering 2026, driven by the Pivot to Growth strategy and robust demand across A&D and commercial nuclear markets.

• Q4 2025 sales reached $947 million, up 15% year-over-year, with 11% organic growth and contributions from acquisitions.

• Free cash flow for 2025 was $554 million, up 15%, with a 111% conversion rate.

• New orders for 2025 totaled $4.1 billion, up 10%, with backlog up 18% to over $4 billion and a book-to-bill ratio of 1.2x.

• Record share repurchases of $465 million and annual dividend increases reflect strong capital return to shareholders.

Financial highlights

• Q4 2025 sales: $947 million (+15% YoY); organic growth 11%; Q4 operating income up 14% to $187 million; operating margin 19.7%.

• Full-year 2025 sales $3.5 billion, up 12% (9% organic); operating income $651 million, up 19%; diluted EPS $13.23, up 21%.

• Free cash flow for 2025 was $554 million, up 15%, with 111% conversion; Q4 free cash flow $315 million, up 13%.

• Full-year margin expansion of 110 bps to 18.6%.

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

Outlook and guidance

• 2026 organic sales growth projected at 6–8%, with total sales expected at $3.71–$3.77 billion.

• Operating income expected to outpace sales, with margin expansion of 30–60 bps to 18.9–19.2%.

• Diluted EPS expected to grow 11–15% in 2026, to $14.70–$15.15.

• Free cash flow projected at $575–$595 million with >105% conversion; capital expenditures to rise ~30% in 2026.

• Minimum $60 million share repurchase planned for 2026.