Curtiss-Wright Reports Third Quarter 2025 Financial Results and Raises Full-year 2025 Guidance
DAVIDSON, N.C.--( BUSINESS WIRE)--Curtiss-Wright Corporation (NYSE: CW) reports financial results for the third quarter ended September 30, 2025.
"Curtiss-Wright continued to deliver strong results under our Pivot to Growth strategy. Based on our strong year-to-date performance, we raised our full-year guidance for sales, operating income and diluted EPS," said Lynn M. Bamford, Chair and CEO.
Third Quarter 2025 Highlights:
Raised Full-Year 2025 Adjusted Financial Outlook:
"In the third quarter, Curtiss-Wright continued to deliver strong results under our Pivot to Growth strategy, with higher revenues and growth in operating income across all three segments,” said Lynn M. Bamford, Chair and CEO of Curtiss-Wright Corporation. "We achieved adjusted operating margin of 19.6%, mid-teens growth in diluted EPS and improved free cash flow generation. We also demonstrated solid order growth of 8%, yielding an overall book-to-bill of 1.1x. Based on our strong year-to-date performance, we have raised our full-year guidance for sales, operating income and diluted EPS."
"In addition, we recently expanded our 2025 share repurchase program, targeting a new record in annual share repurchases of more than $450 million. This return of capital to shareholders reflects the Company's confident outlook and demonstrates our commitment to leveraging our strong balance sheet in support of disciplined capital allocation."
Third Quarter 2025 Operating Results
(In millions)
Q3-2025
Q3-2024
Change
Reported
Sales
$
869
$
799
9
%
Operating income
$
166
$
145
15
%
Operating margin
19.1
%
18.1
%
100 bps
Adjusted (1)
Sales
$
869
$
799
9
%
Operating income
$
170
$
149
14
%
Operating margin
19.6
%
18.7
%
90 bps
(1) Reconciliations of Reported to Adjusted operating results are available in the Appendix.
Third Quarter 2025 Segment Performance
Aerospace & Industrial
(In millions)
Q3-2025
Q3-2024
Change
Reported
Sales
$
248
$
229
8
%
Operating income
$
45
$
37
21
%
Operating margin
18.3
%
16.4
%
190 bps
Adjusted (1)
Sales
$
248
$
229
8
%
Operating income
$
46
$
39
17
%
Operating margin
18.6
%
17.2
%
140 bps
(1) Note: Reconciliations of Reported to Adjusted operating results are available in the Appendix.
Defense Electronics
(In millions)
Q3-2025
Q3-2024
Change
Reported
Sales
$
253
$
243
4
%
Operating income
$
74
$
64
16
%
Operating margin
29.2
%
26.2
%
300 bps
Adjusted (1)
Sales
$
253
$
243
4
%
Operating income
$
74
$
64
15
%
Operating margin
29.2
%
26.5
%
270 bps
(1) Note: Reconciliations of Reported to Adjusted operating results are available in the Appendix.
Naval & Power
(In millions)
Q3-2025
Q3-2024
Change
Reported
Sales
$
368
$
327
12
%
Operating income
$
58
$
53
9
%
Operating margin
15.7
%
16.2
%
(50 bps)
Adjusted (1)
Sales
$
368
$
327
12
%
Operating income
$
61
$
54
14
%
Operating margin
16.6
%
16.4
%
20 bps
(1) Note: Reconciliations of Reported to Adjusted operating results are available in the Appendix.
Free Cash Flow
(In millions)
Q3-2025
Q3-2024
Change
Net cash provided by operating activities
$
193
$
177
9
%
Capital expenditures
(17
)
(15
)
(16
%)
Free cash flow
$
176
$
163
8
%
New Orders and Backlog
Share Repurchase and Dividends
Full-Year 2025 Guidance
The Company is updating its full-year 2025 Adjusted financial guidance (1) as follows:
($ in millions, except EPS)
2025 Adjusted Non-GAAP Guidance (Prior)
2025 Adjusted Non-GAAP Guidance (Current)
Change vs 2024 Adjusted (Current)
Total Sales
$3,390 - $3,435
$3,420 - $3,455
Up 10 - 11%
Operating Income
$626 - $642
$634 - $647
Up 16 - 19%
Operating Margin
18.5% - 18.7%
18.5% - 18.7%
Up 100 - 120 bps
Diluted EPS
$12.70 - $13.00
$12.95 - $13.20
Up 19 - 21%
Free Cash Flow (2)
$520 - $535
$520 - $535
Up 8 - 11%
(1)
Reconciliations of Reported to Adjusted 2024 operating results and 2025 financial guidance are available in the Appendix and exclude first-year purchase accounting costs associated with prior-year acquisitions and costs associated with the Company's 2024 Restructuring Program.
(2)
2025 Free Cash Flow guidance includes higher capital expenditures supporting growth and efficiency (now reflecting a nearly $25 million year-over-year increase compared with 2024 results), the timing of prior-year record customer advances and a $15 million current-year increase due to a reduction in tax payments driven by the recent signing of the H.R. 1 - "One Big Beautiful Bill Act."
**********
A more detailed breakdown of the Company’s 2025 financial guidance by segment and by market, as well as all reconciliations of Reported GAAP amounts to Adjusted non-GAAP amounts, can be found in the accompanying schedules. Historical financial results are available in the Investor Relations section of Curtiss-Wright’s website.
Conference Call & Webcast Information
The Company will host a conference call to discuss its third quarter 2025 financial results and updates to 2025 guidance at 10:00 a.m. ET on Thursday, November 6, 2025. A live webcast of the call and the accompanying financial presentation, as well as a webcast replay of the call, will be made available on the internet by visiting the Investor Relations section of the Company’s website at www.curtisswright.com.
(Tables to Follow)
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)
($'s in thousands, except per share data)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2025
2024
2025
2024
Product sales
$
739,094
$
684,216
$
2,164,750
$
1,941,327
Service sales
130,076
114,702
386,641
355,549
Total net sales
869,170
798,918
2,551,391
2,296,876
Cost of product sales
470,677
434,370
1,392,020
1,252,773
Cost of service sales
71,023
66,285
213,280
207,984
Total cost of sales
541,700
500,655
1,605,300
1,460,757
Gross profit
327,470
298,263
946,091
836,119
Research and development expenses
23,407
20,734
69,734
65,866
Selling expenses
40,559
37,311
122,248
109,202
General and administrative expenses
96,449
92,035
299,549
281,092
Restructuring expenses
804
3,280
2,797
6,198
Operating income
166,251
144,903
451,763
373,761
Interest expense
10,484
11,408
31,151
33,194
Other income, net
5,386
10,126
22,398
28,294
Earnings before income taxes
161,153
143,621
443,010
368,861
Provision for income taxes
(36,321
)
(32,461
)
(95,780
)
(81,735
)
Net earnings
$
124,832
$
111,160
$
347,230
$
287,126
Basic earnings per share
$
3.34
$
2.91
$
9.24
$
7.51
Diluted earnings per share
$
3.31
$
2.89
$
9.19
$
7.47
Dividends per share
$
0.24
$
0.21
$
0.69
$
0.62
Weighted-average shares outstanding:
Basic
37,430
38,208
37,582
38,245
Diluted
37,663
38,451
37,786
38,451
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
($'s in thousands, except par value)
September 30,
December 31,
2025
2024
Assets
Current assets:
Cash and cash equivalents
$
225,427
$
385,042
Receivables, net
976,885
835,037
Inventories, net
636,883
541,442
Other current assets
87,931
88,073
Total current assets
1,927,126
1,849,594
Property, plant, and equipment, net
364,188
339,118
Goodwill
1,692,772
1,675,718
Other intangible assets, net
550,202
596,831
Operating lease right-of-use assets, net
185,443
169,350
Prepaid pension asset
321,679
299,130
Other assets
60,622
55,963
Total assets
$
5,102,032
$
4,985,704
Liabilities
Current liabilities:
Current portion of long-term and short-term debt
$
—
$
90,000
Accounts payable
270,333
247,185
Accrued expenses
227,622
219,054
Deferred revenue
503,583
459,421
Other current liabilities
99,675
80,288
Total current liabilities
1,101,213
1,095,948
Long-term debt
968,632
958,949
Deferred tax liabilities, net
145,081
140,659
Accrued pension and other postretirement benefit costs
73,763
67,413
Long-term operating lease liability
164,764
148,175
Other liabilities
119,098
124,761
Total liabilities
$
2,572,551
$
2,535,905
Stockholders' equity
Common stock, $1 par value
$
49,187
$
49,187
Additional paid in capital
160,420
147,940
Retained earnings
4,182,422
3,861,073
Accumulated other comprehensive loss
(185,928
)
(243,225
)
Less: cost of treasury stock
(1,676,620
)
(1,365,176
)
Total stockholders' equity
$
2,529,481
$
2,449,799
Total liabilities and stockholders' equity
$
5,102,032
$
4,985,704
Use and Definitions of Non-GAAP Financial Information (Unaudited)
The Corporation supplements its financial information determined under U.S. generally accepted accounting principles (GAAP) with certain non-GAAP financial information. Curtiss-Wright believes that these Adjusted (non-GAAP) measures provide investors with improved transparency in order to better measure Curtiss-Wright’s ongoing operating and financial performance and provide more relevant comparisons of our key financial metrics to our peers. These non-GAAP measures should not be considered in isolation or as a substitute for the related GAAP measures, and other companies may define such measures differently. Curtiss-Wright encourages investors to review its financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. Reconciliations of “Reported” GAAP amounts to “Adjusted” non-GAAP amounts are furnished within this release.
The following definitions are provided:
Adjusted Sales, Operating Income, Operating Margin, Net Earnings and Diluted EPS
These Adjusted financials are defined as Reported Operating Income, Operating Margin, Net Earnings and Diluted Earnings per Share under GAAP excluding: (i) the impact of first year purchase accounting costs associated with acquisitions, specifically one-time inventory step-up, backlog amortization, deferred revenue adjustments, transaction costs, and gains/losses on equity securities held for investment purposes; and (ii) costs associated with the Company's 2024 Restructuring Program, as applicable.
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED)
($'s in thousands)
Three Months Ended
Three Months Ended
September 30, 2025
September 30, 2024
% Change
As Reported
Adjustments
Adjusted
As Reported
Adjustments
Adjusted
As Reported
Adjusted
Sales:
Aerospace & Industrial
$
247,985
$
—
$
247,985
$
228,659
$
—
$
228,659
8
%
8
%
Defense Electronics
253,159
—
253,159
243,029
—
243,029
4
%
4
%
Naval & Power
368,026
—
368,026
327,230
—
327,230
12
%
12
%
Total sales
$
869,170
$
—
$
869,170
$
798,918
$
—
$
798,918
9
%
9
%
Operating income (expense):
Aerospace & Industrial (2)
$
45,439
$
570
$
46,009
$
37,435
$
1,926
$
39,361
21
%
17
%
Defense Electronics (2)
73,957
—
73,957
$
63,639
819
64,458
16
%
15
%
Naval & Power (1)(2)
57,721
3,532
61,253
53,039
759
53,798
9
%
14
%
Total segments
$
177,117
$
4,102
$
181,219
$
154,113
$
3,504
$
157,617
15
%
15
%
Corporate and other (2)
(10,866
)
20
(10,846
)
(9,210
)
660
(8,550
)
(18
)%
(27
)%
Total operating income
$
166,251
$
4,122
$
170,373
$
144,903
$
4,164
$
149,067
15
%
14
%
Operating margins:
As Reported
Adjusted
As Reported
Adjusted
As Reported
Adjusted
Aerospace & Industrial
18.3
%
18.6
%
16.4
%
17.2
%
190 bps
140 bps
Defense Electronics
29.2
%
29.2
%
26.2
%
26.5
%
300 bps
270 bps
Naval & Power
15.7
%
16.6
%
16.2
%
16.4
%
(50 bps)
20 bps
Total Curtiss-Wright
19.1
%
19.6
%
18.1
%
18.7
%
100 bps
90 bps
Segment margins
20.4
%
20.8
%
19.3
%
19.7
%
110 bps
110 bps
(1) Excludes first year purchase accounting adjustments in both the current and prior year periods.
(2) Excludes costs associated with the Company's 2024 Restructuring Program in both the current and prior year periods.
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED)
($'s in thousands)
Nine Months Ended
Nine Months Ended
September 30, 2025
September 30, 2024
% Change
As Reported
Adjustments
Adjusted
As Reported
Adjustments
Adjusted
As Reported
Adjusted
Sales:
Aerospace & Industrial
$
714,369
$
—
$
714,369
$
681,216
$
—
$
681,216
5
%
5
%
Defense Electronics
751,334
—
751,334
683,231
—
683,231
10
%
10
%
Naval & Power
1,085,688
—
1,085,688
932,429
—
932,429
16
%
16
%
Total sales
$
2,551,391
$
—
$
2,551,391
$
2,296,876
$
—
$
2,296,876
11
%
11
%
Operating income (expense):
Aerospace & Industrial (2)
$
114,367
$
2,917
$
117,284
$
100,147
$
4,546
$
104,693
14
%
12
%
Defense Electronics (2)
209,239
19
209,258
169,964
1,342
171,306
23
%
22
%
Naval & Power (1)(2)
160,000
9,734
169,734
134,513
1,101
135,614
19
%
25
%
Total segments
$
483,606
$
12,670
$
496,276
$
404,624
$
6,989
$
411,613
20
%
21
%
Corporate and other (2)
(31,843
)
(8
)
(31,851
)
(30,863
)
1,624
(29,239
)
(3
)%
(9
)%
Total operating income
$
451,763
$
12,662
$
464,425
$
373,761
$
8,613
$
382,374
21
%
21
%
Operating margins:
As Reported
Adjusted
As Reported
Adjusted
As Reported
Adjusted
Aerospace & Industrial
16.0
%
16.4
%
14.7
%
15.4
%
130 bps
100 bps
Defense Electronics
27.8
%
27.9
%
24.9
%
25.1
%
290 bps
280 bps
Naval & Power
14.7
%
15.6
%
14.4
%
14.5
%
30 bps
110 bps
Total Curtiss-Wright
17.7
%
18.2
%
16.3
%
16.6
%
140 bps
160 bps
Segment margins
19.0
%
19.5
%
17.6
%
17.9
%
140 bps
160 bps
(1) Excludes first year purchase accounting adjustments in both the current and prior year periods.
(2) Excludes costs associated with the Company's 2024 Restructuring Program in both the current and prior year periods.
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
SALES BY END MARKET (UNAUDITED)
($'s in thousands)
Three Months Ended
Three Months Ended
September 30, 2025
September 30, 2024
% Change
As Reported
Adjustments
Adjusted Sales
As Reported
Adjustments
Adjusted Sales
Change in As Reported Sales
Change in Adjusted Sales
Aerospace & Defense markets:
Aerospace Defense
$
161,162
$
—
$
161,162
$
158,980
$
—
$
158,980
1
%
1
%
Ground Defense
96,789
—
96,789
92,973
—
92,973
4
%
4
%
Naval Defense
245,906
—
245,906
217,510
—
217,510
13
%
13
%
Commercial Aerospace
113,856
—
113,856
96,677
—
96,677
18
%
18
%
Total Aerospace & Defense
$
617,713
$
—
$
617,713
$
566,140
$
—
$
566,140
9
%
9
%
Commercial markets:
Power & Process
$
149,900
$
—
$
149,900
$
131,376
$
—
$
131,376
14
%
14
%
General Industrial
101,557
—
101,557
101,402
—
101,402
—
%
—
%
Total Commercial
$
251,457
$
—
$
251,457
$
232,778
$
—
$
232,778
8
%
8
%
Total Curtiss-Wright
$
869,170
$
—
$
869,170
$
798,918
$
—
$
798,918
9
%
9
%
Nine Months Ended
Nine Months Ended
September 30, 2025
September 30, 2024
% Change
As Reported
Adjustments
Adjusted Sales
As Reported
Adjustments
Adjusted Sales
Change in As Reported Sales
Change in Adjusted Sales
Aerospace & Defense markets:
Aerospace Defense
$
480,471
—
$
480,471
$
445,158
$
—
$
445,158
8
%
8
%
Ground Defense
291,568
—
291,568
268,672
—
268,672
9
%
9
%
Naval Defense
707,078
—
707,078
605,004
—
605,004
17
%
17
%
Commercial Aerospace
310,051
—
310,051
279,768
—
279,768
11
%
11
%
Total Aerospace & Defense
$
1,789,168
—
$
1,789,168
$
1,598,602
$
—
$
1,598,602
12
%
12
%
Commercial markets:
Power & Process
$
456,307
—
$
456,307
$
394,016
$
—
$
394,016
16
%
16
%
General Industrial
305,916
—
305,916
304,258
—
304,258
1
%
1
%
Total Commercial
$
762,223
—
$
762,223
$
698,274
$
—
$
698,274
9
%
9
%
Total Curtiss-Wright
$
2,551,391
—
$
2,551,391
$
2,296,876
$
—
$
2,296,876
11
%
11
%
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
RECONCILIATION OF AS REPORTED TO ADJUSTED DILUTED EARNINGS PER SHARE (UNAUDITED)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2025
2024
2025
2024
Diluted earnings per share - As Reported
$
3.31
$
2.89
$
9.19
$
7.47
First year purchase accounting adjustments
0.07
0.02
0.20
0.02
Restructuring costs
0.02
0.06
0.06
0.15
Diluted earnings per share - Adjusted (1)
$
3.40
$
2.97
$
9.45
$
7.64
(1) All adjustments are presented net of income taxes.
Organic Sales and Organic Operating Income
The Corporation discloses organic sales and organic operating income because the Corporation believes it provides investors with insight as to the Company’s ongoing business performance. Organic sales and organic operating income are defined as sales and operating income, excluding contributions from acquisitions and results of operations from divested businesses or product lines during the last twelve months, costs associated with the Company's 2024 Restructuring Program, and foreign currency fluctuations.
Three Months Ended
September 30,
2025 vs. 2024
Aerospace & Industrial
Defense Electronics
Naval & Power
Total Curtiss-Wright
Sales
Operating income
Sales
Operating income
Sales
Operating income
Sales
Operating income
As Reported
8
%
21
%
4
%
16
%
12
%
9
%
9
%
15
%
Less: Acquisitions
0
%
0
%
0
%
0
%
(4
%)
7
%
(3
%)
2
%
Restructuring
0
%
(3
%)
0
%
(1
%)
0
%
0
%
0
%
(2
%)
Foreign Currency
0
%
(1
%)
0
%
0
%
0
%
0
%
0
%
0
%
Organic
8
%
17
%
4
%
15
%
8
%
16
%
6
%
15
%
Nine Months Ended
September 30,
2025 vs. 2024
Aerospace & Industrial
Defense Electronics
Naval & Power
Total Curtiss-Wright
Sales
Operating income
Sales
Operating income
Sales
Operating income
Sales
Operating income
As Reported
5
%
14
%
10
%
23
%
16
%
19
%
11
%
21
%
Less: Acquisitions
0
%
0
%
0
%
0
%
(6
%)
4
%
(2
%)
1
%
Restructuring
0
%
(2
%)
0
%
(1
%)
0
%
0
%
0
%
(1
%)
Foreign Currency
(1
%)
(3
%)
0
%
(1
%)
0
%
0
%
(1
%)
(1
%)
Organic
4
%
9
%
10
%
21
%
10
%
23
%
8
%
20
%
Free Cash Flow and Free Cash Flow Conversion
The Corporation discloses free cash flow because it measures cash flow available for investing and financing activities. Free cash flow represents cash available to repay outstanding debt, invest in the business, acquire businesses, return capital to shareholders and make other strategic investments. Free cash flow is defined as net cash provided by operating activities less capital expenditures. The Corporation discloses free cash flow conversion because it measures the proportion of net earnings converted into free cash flow and is defined as free cash flow divided by adjusted net earnings.
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
NON-GAAP FINANCIAL DATA (UNAUDITED)
($'s in thousands)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2025
2024
2025
2024
Net cash provided by operating activities
$
192,838
$
177,274
$
290,658
$
242,976
Capital expenditures
(16,900
)
(14,584
)
(52,054
)
(37,703
)
Free cash flow
$
175,938
$
162,690
$
238,604
$
205,273
Free cash flow conversion
137
%
142
%
67
%
70
%
CURTISS-WRIGHT CORPORATION
2025 Guidance
As of November 5, 2025
($'s in millions, except per share data)
2024
Reported
(GAAP)
2024
Adjustments
(Non-GAAP) (1)
2024
Adjusted
(Non-GAAP) (1)
2025
Reported Guidance
(GAAP)
2025
Adjustments
(Non-GAAP) (2)
2025
Adjusted Guidance
(Non-GAAP) (2)
Low
High
Low
High
2025 Chg
vs 2024
Adjusted
Sales:
Aerospace & Industrial
$
932
$
—
$
932
$
970
$
980
$
—
$
970
$
980
4 - 5
%
Defense Electronics
911
—
911
1,000
1,010
—
1,000
1,010
10 - 11
%
Naval & Power
1,278
—
1,278
1,450
1,465
—
1,450
1,465
13 - 15
%
Total sales
$
3,121
$
—
$
3,121
$
3,420
$
3,455
$
—
$
3,420
$
3,455
10 - 11
%
Operating income:
Aerospace & Industrial
$
148
$
10
$
158
$
165
$
170
$
3
$
168
$
173
6 - 9
%
Defense Electronics
225
2
227
271
276
—
271
276
19 - 22
%
Naval & Power
200
2
202
222
227
14
236
241
17 - 20
%
Total segments
$
572
$
15
$
587
$
658
$
673
$
17
$
675
$
690
Corporate and other
(44
)
3
(41
)
(41
)
(43
)
—
(41
)
(43
)
Total operating income
$
529
$
17
$
546
$
617
$
630
$
17
$
634
$
647
16 - 19
%
Interest expense
$
(45
)
$
—
$
(45
)
$
(42
)
$
(43
)
$
—
$
(42
)
$
(43
)
Other income, net
38
—
38
29
30
—
29
30
Earnings before income taxes
522
17
539
604
617
17
621
635
Provision for income taxes
(117
)
(4
)
(121
)
(131
)
(135
)
(4
)
(135
)
(139
)
Net earnings
$
405
$
13
$
418
$
473
$
482
$
13
$
486
$
496
Diluted earnings per share
$
10.55
$
0.35
$
10.90
$
12.60
$
12.85
$
0.35
$
12.95
$
13.20
19 - 21
%
Diluted shares outstanding
38.4
38.4
37.6
37.6
37.6
37.6
Effective tax rate
22.4
%
22.4
%
21.8
%
22.0
%
21.8
%
22.0
%
Operating margins:
Aerospace & Industrial
15.9
%
17.0
%
17.0
%
17.3
%
17.3
%
17.6
%
30 - 60 bps
Defense Electronics
24.7
%
24.9
%
27.1
%
27.3
%
27.1
%
27.3
%
220 - 240 bps
Naval & Power
15.6
%
15.8
%
15.3
%
15.5
%
16.3
%
16.5
%
50 - 70 bps
Total operating margin
16.9
%
17.5
%
18.0
%
18.2
%
18.5
%
18.7
%
100 - 120 bps
Free cash flow (3)
$
483
$
—
$
483
$
520
$
535
$
—
$
520
$
535
8 - 11
%
Notes: Full year amounts may not add due to rounding. Full-year 2025 guidance includes the potential impacts from tariffs on the Company's operations as well as mitigating actions.
(1) 2024 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) 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.
(3) Free Cash Flow is defined as cash flow from operations less capital expenditures. 2025 Free Cash Flow guidance includes higher capital expenditures supporting growth and efficiency, now reflecting a nearly $25 million year-over-year increase compared with 2024 results.
CURTISS-WRIGHT CORPORATION
2025 Sales Growth Guidance by End Market
As of November 5, 2025
2025 % Change vs. 2024 Adjusted
Prior
Current
% Total Sales
Aerospace & Defense Markets
Aerospace Defense
7 - 9
%
7 - 9
%
19
%
Ground Defense
6 - 8
%
7 - 9
%
11
%
Naval Defense
7 - 9
%
9 - 11
%
26
%
Commercial Aerospace
13 - 15
%
13 - 15
%
13
%
Total Aerospace & Defense
8 - 10
%
10 - 11
%
69
%
Commercial Markets
Power & Process
16 - 18
%
16 - 18
%
19
%
General Industrial
Flat
Flat
12
%
Total Commercial
9 - 11
%
9 - 11
%
31
%
Total Curtiss-Wright Sales
9 - 10
%
10 - 11
%
100
%
Note: Sales percentages may not add due to rounding.
About Curtiss-Wright Corporation
Curtiss-Wright Corporation (NYSE:CW) is a global integrated business that provides highly engineered products, solutions and services mainly to Aerospace & Defense markets, as well as critical technologies in demanding Commercial Nuclear Power, Process and Industrial markets. We leverage a workforce of approximately 9,000 highly skilled employees who develop, design and build what we believe are the best engineered solutions to the markets we serve. Building on the heritage of Glenn Curtiss and the Wright brothers, Curtiss-Wright has a long tradition of providing innovative solutions through trusted customer relationships. For more information, visit www.curtisswright.com.
Certain statements made in this press release, including statements about future revenue, financial performance guidance, quarterly and annual revenue, net income, operating income growth, future business opportunities, cost saving initiatives, the successful integration of the Company’s acquisitions, and future cash flow from operations, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements present management's expectations, beliefs, plans and objectives regarding future financial performance, and assumptions or judgments concerning such performance. Any discussions contained in this press release, except to the extent that they contain historical facts, are forward-looking and accordingly involve estimates, assumptions, judgments, and uncertainties. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Such risks and uncertainties include but are not limited to: a reduction in anticipated orders; an economic downturn; geopolitical risks; evolving impacts from tariffs between the U.S. and other countries (including implementation of new tariffs and retaliatory measures); changes in the competitive marketplace and/or customer requirements; a change in government spending; an inability to perform customer contracts at anticipated cost levels; and other factors that generally affect the business of aerospace, defense contracting, electronics, marine, and industrial companies. Such factors are detailed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and subsequent reports filed with the Securities and Exchange Commission.
This press release and additional information are available at www.curtisswright.com.