Original source text
5 Alternative Energy Stocks Riding the AI Power CrunchCurtiss-Wright NYSE: CW raised its full-year 2026 earnings, revenue and free-cash-flow outlook after reporting second-quarter results that management said exceeded expectations, supported by growth across aerospace and defense and commercial markets, expanding margins and a growing order book.
Second-quarter sales rose 5% from a year earlier to $924 million, while operating income increased 12%, producing 110 basis points of operating-margin expansion. Diluted earnings per share increased 15% year over year, Chair and Chief Executive Officer Lynn Bamford said. The company generated $160 million of free cash flow during the quarter, up 37% from the prior year, with free-cash-flow conversion of 116%.
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Lower Rates Put RV Stocks Back in the Fast Lane“The successful and ongoing execution of our Pivot to Growth strategy has been the key to our quarterly performance,” Bamford said.
Orders Outpace Sales as Defense Electronics Bookings Surge New orders increased 8% in the second quarter, resulting in a book-to-bill ratio above 1.1x. Through the first half, orders rose 12%, exceeding sales growth of 9% and producing a year-to-date book-to-bill ratio above 1.2x, according to the company.
Clearway Energy’s Price Dip: 3 Reasons It’s a Signal to BuyDefense Electronics posted a record order performance, with bookings increasing nearly 50% from a year earlier in the quarter and more than 30% year to date. The segment received awards for Turret Drive Stabilization Systems for international ground vehicles, tactical communications equipment for U.S. military operations, modernization efforts for helicopters, unmanned aerial vehicles and fighter jets, as well as initial Golden Dome orders and development contracts for next-generation programs.
Chief Financial Officer Chris Farkas said the strengthening order book reflects Curtiss-Wright’s alignment with U.S. and international defense spending, as well as momentum in commercial aerospace and industrial markets. He noted that some Defense Electronics orders, including those related to the C-17 program and turret-drive systems, have multiyear characteristics.
Management also said it has seen no indication that prior timing delays in Defense Electronics orders reflect weakening demand. Bamford said the company’s strong first- and second-quarter order activity, along with a strong July and expectations for the third quarter, support the view that the delays were timing-related.
Segment Performance Reflects Aerospace, Naval and Nuclear Strength Aerospace & Industrial sales increased 12% during the quarter. Growth included higher defense sales of actuation and sensor equipment for U.S. and foreign fighter programs, as well as electromagnetic actuation equipment for ground-based mobile launcher systems. Commercial aerospace also benefited from higher original-equipment-manufacturer sales across narrow-body and wide-body platforms.
Operating income in Aerospace & Industrial rose 25%, while margin expanded 180 basis points, driven by higher revenue absorption, favorable business mix and restructuring savings. Those factors were partly offset by continued investment in development programs.
Defense Electronics sales declined 3%, in line with company expectations, as lower tactical communications revenue due to the timing of prior-year orders was partly offset by higher turret-drive revenue for international programs. The segment’s operating margin increased 120 basis points to 28%, reflecting favorable mix and cost containment despite higher research-and-development spending.
Naval & Power sales increased 7%, led by submarine-program production timing, higher naval shipyard aftermarket revenue, and growth in commercial and government nuclear programs. Segment operating income rose 12%, with margin expanding 80 basis points on higher revenue absorption.
Full-Year Guidance Raised Curtiss-Wright now expects 2026 sales to increase 8% to 9%, citing improved expectations in defense and general industrial markets. The company projects operating margin of 19.1% to 19.3%, representing expansion of 50 to 70 basis points, and forecasts diluted EPS of $15.10 to $15.40, or growth of 14% to 16%.
Aerospace & Industrial: Sales are expected to increase 8% to 10%, with operating margin of 18.5% to 18.7%. Defense Electronics: Sales are expected to rise 4% to 6%, with operating margin of 27.5% to 27.7%. Naval & Power: Sales are expected to grow 10% to 11%. Free cash flow: The company raised its outlook to a record $585 million to $605 million, including a nearly 30% year-over-year increase in capital expenditures. Farkas said third-quarter sales are expected to show modest growth from the second quarter, while operating income and margin should be roughly flat sequentially due to revenue timing, less favorable Defense Electronics mix and higher R&D investment. The company expects a record fourth-quarter revenue performance and an operating margin above 20% to finish the year.
Investment Plans Target Naval and Nuclear Opportunities The company announced an $80 million multiyear investment to expand its Cheswick, Pennsylvania, facility to support naval demand and anticipated commercial nuclear awards. The expansion began in 2025 and will be supported by internal capital investments, Maritime Industrial Base funding and state assistance.
Bamford said Curtiss-Wright has received about $95 million in industrial-base funding to date, compared with $70 million at the end of March. The funding could support increased content and potential second-source opportunities for critical U.S. Navy platforms.
In commercial nuclear, management said it expects mid- to high-teen sales growth in 2026, supported by its order book. Bamford said Curtiss-Wright continues to expect an AP1000 reactor order this year and sees opportunities tied to potential U.S. deployment of Westinghouse AP1000 reactors, as well as international projects.
The company said it plans to provide updated long-term financial targets at its next Investor Day, which is being planned for the second quarter of 2027.
About Curtiss-Wright (NYSE:CW)Curtiss-Wright Corporation NYSE: CW is a diversified, global engineering company that designs, manufactures and services highly engineered products and integrated systems for the aerospace, defense, and industrial markets. Its offerings span a range of electromechanical, motion control and flow control technologies, including flight control and actuation systems, sensors and avionics components, pumps and valves, power conversion and heat exchangers, and platform integration solutions for marine and ground systems.
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Original source text
DAVIDSON, N.C.--(BUSINESS WIRE)--Curtiss-Wright Corporation (NYSE: CW) reports financial results for the second quarter ended June 30, 2026.
"Curtiss-Wright delivered strong Q2 results, highlighted by mid-single digit revenue growth, operating margin expansion in all three segments, mid-teens growth in Adjusted diluted EPS, and better-than-expected FCF generation." Lynn M. Bamford, Chair & CEO
Share Second Quarter 2026 Highlights:
Reported sales of $924 million, up 5%, operating income of $179 million, operating margin of 19.3%, and diluted earnings per share (EPS) of $4.07; Adjusted operating income of $179 million, up 12%; Adjusted operating margin of 19.4%, up 110 basis points; Adjusted diluted EPS of $3.72, up 15%; New orders of $1.1 billion, up 8%, reflecting a 1.16x book-to-bill; and Free cash flow (FCF) of $160 million, generating 116% FCF conversion. Raised Full-Year 2026 Adjusted Financial Outlook:
Sales increased to new range of 8% to 9% growth (previously 7% to 8%), reflecting growth in the majority of Curtiss-Wright's end markets; Operating income increased to new range of 11% to 13% growth (previously 9% to 12%); Operating margin increased to new range of 19.1% to 19.3% (previously 19.0% to 19.2%), representing an increase of 50 to 70 basis points compared with the prior year; Diluted EPS increased to new range of $15.10 to $15.40, now up 14% to 16% (previously $14.90 to $15.30, up 13% to 16%); and FCF increased by $5 million to new range of $585 to $605 million, which continues to reflect greater than 105% FCF conversion. "Curtiss-Wright delivered strong second quarter results, highlighted by mid-single digit revenue growth, operating margin expansion in all three segments, mid-teens growth in Adjusted diluted EPS, and better-than-expected free cash flow generation," said Lynn M. Bamford, Chair and CEO of Curtiss-Wright Corporation. "The momentum continues to build in our order book, underscored by record demand for our defense electronics products. Overall, we experienced strong order growth in both our A&D and Commercial markets, as total orders increased 8% year-over-year and resulted in an overall book-to-bill of 1.16x."
"Based on our strong first-half execution and our outlook for the remainder of the year, we are confidently raising our full-year outlook for sales, operating income, operating margin, diluted EPS and free cash flow. Curtiss-Wright remains strategically aligned with many favorable secular trends and embedded growth vectors across our A&D and Commercial markets. Overall, the team is successfully executing on our Pivot to Growth strategy, which will enable us to continue to deliver significant long-term profitable growth for Curtiss-Wright stakeholders."
Second Quarter 2026 Operating Results
(In millions)
Q2-2026
Q2-2025
Change
Reported
Sales
$
924
$
877
5
%
Operating income
$
179
$
156
14
%
Operating margin
19.3
%
17.8
%
150 bps
Adjusted (1)
Sales
$
924
$
877
5
%
Operating income
$
179
$
160
12
%
Operating margin
19.4
%
18.3
%
110 bps
(1) Reconciliations of Reported to Adjusted operating results are available in the Appendix.
Sales of $924 million increased 5% compared with the prior year period; Total Aerospace & Defense (A&D) market sales increased 6%, while total Commercial market sales increased 5%; In our A&D markets, we experienced solid growth in the defense markets, principally driven by higher naval defense revenues, overall higher sales of electromechanical actuation equipment and continued strong OEM sales growth in the commercial aerospace market; In our Commercial markets, we experienced solid growth in the power & process market mainly driven by higher sales of commercial nuclear solutions, as well as modest sales growth in the general industrial market reflecting higher sales of industrial vehicle products; and Adjusted operating income of $179 million increased 12%, while Adjusted operating margin increased 110 basis points to 19.4%. This performance was driven by favorable absorption on higher revenues, favorable mix in the Aerospace & Industrial and Defense Electronics segments, and the benefits of the Company's restructuring initiatives, partially offset by higher investment in research and development. Second Quarter 2026 Segment Performance
Aerospace & Industrial
(In millions)
Q2-2026
Q2-2025
Change
Reported
Sales
$
268
$
239
12
%
Operating income
$
49
$
39
26
%
Operating margin
18.3
%
16.3
%
200 bps
Adjusted (1)
Sales
$
268
$
239
12
%
Operating income
$
49
$
40
25
%
Operating margin
18.4
%
16.6
%
180 bps
(1) Note: Reconciliations of Reported to Adjusted operating results are available in the Appendix.
Sales of $268 million, up $29 million, or 12%; Growth in our defense markets reflected increased sales of sensors products and actuation equipment supporting various domestic and international fighter jet programs, in addition to higher sales of electromechanical actuation equipment; Commercial aerospace market revenue growth reflected higher OEM sales of actuation equipment, sensors products and surface treatment services on both narrowbody and widebody platforms; Growth in the general industrial market reflected the benefit of higher sales of industrial vehicle products principally serving off-highway vehicle platforms; and Adjusted operating income was $49 million, up 25% from the prior year, while Adjusted operating margin increased 180 basis points to 18.4%, driven by favorable absorption on higher revenues, mix of products, and the benefits of the Company's restructuring initiatives, partially offset by higher investment in research and development. Defense Electronics
(In millions)
Q2-2026
Q2-2025
Change
Reported
Sales
$
246
$
253
(3
%)
Operating income
$
69
$
68
1
%
Operating margin
28.0
%
26.8
%
120 bps
Adjusted (1)
Sales
$
246
$
253
(3
%)
Operating income
$
69
$
68
1
%
Operating margin
28.0
%
26.8
%
120 bps
(1) Note: Reconciliations of Reported to Adjusted operating results are available in the Appendix.
Sales of $246 million, down $7 million, or 3%; Higher revenue in the aerospace defense market was principally driven by increased sales of embedded computing equipment on various domestic fighter jet and unmanned aerial vehicle (UAV) programs, partially offset by lower sales on various helicopter programs; Lower ground defense market revenues reflected the timing of tactical communications equipment sales, partially offset by higher sales of turret drive stabilization and radar systems equipment to various international customers; and Adjusted operating income was $69 million, up 1% from the prior year, while Adjusted operating margin increased 120 basis points to 28.0%, reflecting favorable mix of embedded computing revenues and the benefits of the Company's cost containment initiatives, which more than offset higher investment in research and development. Naval & Power
(In millions)
Q2-2026
Q2-2025
Change
Reported
Sales
$
410
$
384
7
%
Operating income
$
71
$
60
18
%
Operating margin
17.3
%
15.7
%
160 bps
Adjusted (1)
Sales
$
410
$
384
7
%
Operating income
$
71
$
64
12
%
Operating margin
17.3
%
16.5
%
80 bps
(1) Note: Reconciliations of Reported to Adjusted operating results are available in the Appendix.
Sales of $410 million, up $26 million, or 7%; Revenue growth in the naval defense market was principally driven by timing of revenues on the Virginia-class submarine program and higher aftermarket revenue supporting naval shipyards; Power & process market revenues primarily reflected higher sales of commercial nuclear solutions supporting next-generation advanced reactors, as these projects continue to transition from development into the initial prototype stage, as well as higher government nuclear revenues; and Adjusted operating income was $71 million, up 12% from the prior year, while adjusted operating margin increased 80 basis points to 17.3%, primarily due to favorable absorption on higher revenues. Free Cash Flow
(In millions)
Q2-2026
Q2-2025
Change
Net cash provided by operating activities
$
181
$
137
33
%
Net capital expenditures
(21
)
(19
)
8
%
Free cash flow
$
160
$
117
37
%
Free cash flow of $160 million increased $43 million, principally driven by higher cash earnings, lower working capital, and lower tax payments. New Orders and Backlog
New orders of $1.1 billion increased 8% compared with the prior year, driven by record demand for our defense electronics products. In our A&D markets, we experienced strong growth in aerospace and ground defense, as well as continued strong demand for commercial aerospace products, while our Commercial markets reflected solid demand for commercial nuclear, process and industrial products; and Backlog of $4.5 billion, up 10% from December 31, 2025, reflecting strong demand across the A&D and Commercial markets. Share Repurchase and Dividends
During the second quarter, the Company repurchased 20,105 shares of its common stock for approximately $15 million; In May 2026, the Company's Board of Directors authorized an 8% increase in the quarterly dividend, from twenty-four cents ($0.24) per share to twenty-six cents ($0.26) per share, which represented the 10th consecutive year that Curtiss-Wright has increased its dividend; and During the second quarter, the Company declared a quarterly dividend of $0.26 a share. Full-Year 2026 Guidance
The Company is updating its full-year 2026 Adjusted financial guidance(1) as follows:
($ in millions, except EPS)
2026 Adjusted Non-GAAP Guidance (Prior)
2026 Adjusted Non-GAAP Guidance (Current)
Change vs 2025
Adjusted (Current)
Total Sales
$3,740 - $3,795
$3,768 - $3,813
8 - 9%
Operating Income
$712 - $729
$720 - $736
11 - 13%
Operating Margin
19.0% - 19.2%
19.1% - 19.3%
50 - 70 bps
Diluted EPS
$14.90 - $15.30
$15.10 - $15.40
14 - 16%
Free Cash Flow(2)
$580 - $600
$585 - $605
6 - 9%
A more detailed breakdown of the Company’s 2026 financial guidance by segment and by market, as well as all reconciliations of Reported GAAP amounts to Adjusted non-GAAP amounts, can be found in the accompanying schedules. Historical financial results are available in the Investor Relations section of Curtiss-Wright’s website.
Conference Call & Webcast Information
The Company will host a conference call to discuss its second quarter 2026 financial results and updates to 2026 guidance at 10:00 a.m. ET on Thursday, August 6, 2026. A live webcast of the call and the accompanying financial presentation, as well as a webcast replay of the call, will be made available by visiting the Investor Relations section of the Company’s website at www.curtisswright.com.
(Tables to Follow)
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)
($'s in thousands, except per share data)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Product sales
$
777,167
$
746,679
$
1,548,186
$
1,425,656
Service sales
146,841
129,897
289,509
256,565
Total net sales
924,008
876,576
1,837,695
1,682,221
Cost of product sales
478,529
479,253
983,044
921,343
Cost of service sales
81,389
71,166
159,078
142,257
Total cost of sales
559,918
550,419
1,142,122
1,063,600
Gross profit
364,090
326,157
695,573
618,621
Research and development expenses
25,140
23,308
49,322
46,327
Selling expenses
46,012
41,764
90,558
81,689
General and administrative expenses
113,730
104,071
216,066
203,100
Restructuring expenses
517
707
1,427
1,993
Operating income
178,691
156,307
338,200
285,512
Interest expense
9,926
10,524
19,867
20,667
Other income, net
25,530
10,982
33,727
17,012
Earnings before income taxes
194,295
156,765
352,060
281,857
Provision for income taxes
(43,127
)
(35,704
)
(72,706
)
(59,459
)
Net earnings
$
151,168
$
121,061
$
279,354
$
222,398
Basic earnings per share
$
4.09
$
3.21
$
7.57
$
5.90
Diluted earnings per share
$
4.07
$
3.19
$
7.53
$
5.87
Dividends per share
$
0.26
$
0.24
$
0.50
$
0.45
Weighted-average shares outstanding:
Basic
36,939
37,692
36,914
37,682
Diluted
37,120
37,903
37,085
37,871
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
($'s in thousands, except par value)
June 30,
December 31,
2026
2025
Assets
Current assets:
Cash and cash equivalents
$
477,149
$
371,345
Receivables, net
997,350
932,344
Inventories, net
668,728
615,097
Other current assets
93,788
99,688
Total current assets
2,237,015
2,018,474
Property, plant, and equipment, net
386,462
382,200
Goodwill
1,686,728
1,692,490
Other intangible assets, net
501,027
532,381
Operating lease right-of-use assets, net
212,475
198,603
Prepaid pension asset
347,356
333,547
Other assets
84,603
63,597
Total assets
$
5,455,666
$
5,221,292
Liabilities
Current liabilities:
Current portion of long-term and short-term debt
$
200,000
$
200,000
Accounts payable
285,335
310,303
Accrued expenses
216,537
242,942
Deferred revenue
593,849
561,452
Other current liabilities
100,890
90,870
Total current liabilities
1,396,611
1,405,567
Long-term debt
757,387
757,884
Deferred tax liabilities, net
161,399
154,002
Accrued pension and other postretirement benefit costs
69,192
71,417
Long-term operating lease liability
191,594
178,466
Other liabilities
109,623
120,382
Total liabilities
$
2,685,806
$
2,687,718
Stockholders' equity
Common stock, $1 par value
$
49,187
$
49,187
Additional paid in capital
168,981
165,014
Retained earnings
4,571,562
4,310,680
Accumulated other comprehensive loss
(189,969
)
(173,812
)
Less: cost of treasury stock
(1,829,901
)
(1,817,495
)
Total stockholders' equity
$
2,769,860
$
2,533,574
Total liabilities and stockholders' equity
$
5,455,666
$
5,221,292
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; (ii) costs associated with the Company's 2026 Restructuring Program in the current period and the Company's 2024 Restructuring Program in the prior period, as applicable; and (iii) a current period gain on equity securities held for investment purposes.
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED)
($'s in thousands)
Three Months Ended
Three Months Ended
June 30, 2026
June 30, 2025
% Change
As Reported
Adjustments
Adjusted
As Reported
Adjustments
Adjusted
As Reported
Adjusted
Sales:
Aerospace & Industrial
$
267,765
$
—
$
267,765
$
239,138
$
—
$
239,138
12
%
12
%
Defense Electronics
245,987
—
245,987
253,011
—
253,011
(3
)%
(3
)%
Naval & Power
410,256
—
410,256
384,427
—
384,427
7
%
7
%
Total sales
$
924,008
$
—
$
924,008
$
876,576
$
—
$
876,576
5
%
5
%
Operating income (expense):
Aerospace & Industrial(2)
$
49,004
$
399
$
49,403
$
39,006
$
582
$
39,588
26
%
25
%
Defense Electronics(2)
68,768
30
68,798
67,833
19
67,852
1
%
1
%
Naval & Power(1)(2)
71,019
88
71,107
60,416
3,134
63,550
18
%
12
%
Total segments
$
188,791
$
517
$
189,308
$
167,255
$
3,735
$
170,990
13
%
11
%
Corporate and other(2)
(10,100
)
—
(10,100
)
(10,948
)
—
(10,948
)
8
%
8
%
Total operating income
$
178,691
$
517
$
179,208
$
156,307
$
3,735
$
160,042
14
%
12
%
Operating margins:
As Reported
Adjusted
As Reported
Adjusted
As Reported
Adjusted
Aerospace & Industrial
18.3
%
18.4
%
16.3
%
16.6
%
200 bps
180 bps
Defense Electronics
28.0
%
28.0
%
26.8
%
26.8
%
120 bps
120 bps
Naval & Power
17.3
%
17.3
%
15.7
%
16.5
%
160 bps
80 bps
Total Curtiss-Wright
19.3
%
19.4
%
17.8
%
18.3
%
150 bps
110 bps
Segment margins
20.4
%
20.5
%
19.1
%
19.5
%
130 bps
100 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
RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED)
($'s in thousands)
Six Months Ended
Six Months Ended
June 30, 2026
June 30, 2025
% Change
As Reported
Adjustments
Adjusted
As Reported
Adjustments
Adjusted
As Reported
Adjusted
Sales:
Aerospace & Industrial
$
522,684
$
—
$
522,684
$
466,384
$
—
$
466,384
12
%
12
%
Defense Electronics
502,275
—
502,275
498,175
—
498,175
1
%
1
%
Naval & Power
812,736
—
812,736
717,662
—
717,662
13
%
13
%
Total sales
$
1,837,695
$
—
$
1,837,695
$
1,682,221
$
—
$
1,682,221
9
%
9
%
Operating income (expense):
Aerospace & Industrial(2)
$
87,502
$
1,102
$
88,604
$
68,928
$
2,346
$
71,274
27
%
24
%
Defense Electronics(2)
140,695
126
140,821
135,282
19
135,301
4
%
4
%
Naval & Power (1)(2)
130,796
199
130,995
102,279
6,202
108,481
28
%
21
%
Total segments
$
358,993
$
1,427
$
360,420
$
306,489
$
8,567
$
315,056
17
%
14
%
Corporate and other(2)
(20,793
)
—
(20,793
)
(20,977
)
(28
)
(21,005
)
1
%
1
%
Total operating income
$
338,200
$
1,427
$
339,627
$
285,512
$
8,539
$
294,051
18
%
15
%
Operating margins:
As Reported
Adjusted
As Reported
Adjusted
As Reported
Adjusted
Aerospace & Industrial
16.7
%
17.0
%
14.8
%
15.3
%
190 bps
170 bps
Defense Electronics
28.0
%
28.0
%
27.2
%
27.2
%
80 bps
80 bps
Naval & Power
16.1
%
16.1
%
14.3
%
15.1
%
180 bps
100 bps
Total Curtiss-Wright
18.4
%
18.5
%
17.0
%
17.5
%
140 bps
100 bps
Segment margins
19.5
%
19.6
%
18.2
%
18.7
%
130 bps
90 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
RECONCILIATION OF AS REPORTED SALES TO ADJUSTED SALES BY END MARKET (UNAUDITED)
($'s in thousands)
Three Months Ended
Three Months Ended
June 30, 2026
June 30, 2025
% Change
Aerospace & Defense markets:
Aerospace Defense
$
176,007
$
167,587
5
%
Ground Defense
90,135
)
97,542
)
(8
%)
Naval Defense
263,058
240,086
10
%
Commercial Aerospace
114,298
103,318
11
%
Total Aerospace & Defense
$
643,498
$
608,533
6
%
Commercial markets:
Power & Process
$
173,688
$
163,473
6
%
General Industrial
106,822
104,570
2
%
Total Commercial
$
280,510
$
268,043
5
%
Total Curtiss-Wright
$
924,008
$
876,576
5
%
Six Months Ended
Six Months Ended
June 30, 2026
June 30, 2025
% Change
Aerospace & Defense markets:
Aerospace Defense
$
355,446
$
319,309
11
%
Ground Defense
191,542
194,779
(2
%)
Naval Defense
513,139
461,172
11
%
Commercial Aerospace
224,803
196,195
15
%
Total Aerospace & Defense
$
1,284,930
$
1,171,455
10
%
Commercial markets:
Power & Process
$
340,745
$
306,407
11
%
General Industrial
212,020
204,359
4
%
Total Commercial
$
552,765
$
510,766
8
%
Total Curtiss-Wright
$
1,837,695
$
1,682,221
9
%
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
RECONCILIATION OF AS REPORTED TO ADJUSTED DILUTED EARNINGS PER SHARE (UNAUDITED)
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Diluted earnings per share - As Reported
$
4.07
$
3.19
$
7.53
$
5.87
First year purchase accounting adjustments
—
0.02
0.13
Gain on equity securities
(0.36
)
—
(0.36
)
—
Restructuring costs
0.01
0.02
0.03
0.05
Diluted earnings per share - Adjusted (1)
$
3.72
$
3.23
$
7.20
$
6.05
(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 2026 Restructuring Program in the current period and the Company's 2024 Restructuring Program in the prior period, and foreign currency fluctuations.
Three Months Ended
June 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
12%
26%
(3%)
1%
7%
18%
5%
14%
Less: Acquisitions
0%
0%
0%
0%
0%
0%
0%
0%
Restructuring
0%
0%
0%
0%
0%
0%
0%
0%
Foreign Currency
0%
1%
0%
0%
0%
0%
0%
1%
Organic
12%
27%
(3%)
1%
7%
18%
5%
15%
Six Months Ended
June 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
12%
27%
1%
4%
13%
28%
9%
18%
Less: Acquisitions
0%
0%
0%
0%
0%
0%
0%
0%
Restructuring
0%
(1%)
0%
0%
0%
0%
0%
0%
Foreign Currency
(1%)
2%
0%
0%
0%
0%
0%
1%
Organic
11%
28%
1%
4%
13%
28%
9%
19%
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 net 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
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Net cash provided by operating activities
$
181,183
$
136,585
$
175,528
$
97,820
Capital expenditures
Capital expenditure additions
(29,451
)
(19,381
)
(41,283
)
(35,154
)
Grant proceeds for capital expenditures
8,528
—
8,528
—
Net capital expenditures
(20,923
)
(19,381
)
(32,755
)
(35,154
)
Free cash flow
$
160,260
$
117,204
$
142,773
$
62,666
Free cash flow conversion
116
%
96
%
53
%
27
%
CURTISS-WRIGHT CORPORATION
2026 Guidance
As of August 5, 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
$
1,058
$
1,070
$
—
$
1,058
$
1,070
8 - 10%
Defense Electronics
1,019
—
1,019
1,055
1,075
—
1,055
1,075
4 - 6%
Naval & Power
1,503
—
1,503
1,655
1,668
—
1,655
1,668
10 - 11%
Total sales
$
3,498
$
—
$
3,498
$
3,768
$
3,813
$
—
$
3,768
$
3,813
8 - 9%
Operating income:
Aerospace & Industrial
$
166
$
4
$
170
$
189
$
194
$
6
$
195
$
200
15 - 17%
Defense Electronics
278
—
278
291
298
—
291
298
5 - 7%
Naval & Power
231
13
245
277
282
1
278
283
14 - 16%
Total segments
$
675
$
17
$
693
$
757
$
774
$
7
$
764
$
780
Corporate and other
(42
)
—
(42
)
(43
)
(44
)
—
(43
)
(44
)
Total operating income
$
634
$
17
$
651
$
714
$
729
$
7
$
720
$
736
11 - 13%
Interest expense
$
(43
)
$
—
$
(43
)
$
(41
)
$
(41
)
$
—
$
(41
)
$
(41
)
Other income, net
30
—
30
51
51
(17
)
34
34
Earnings before income taxes
$
620
$
17
$
638
$
724
$
739
$
(10
)
$
713
$
728
Provision for income taxes
(136
)
(4
)
(140
)
(155
)
(158
)
2
(153
)
(156
)
Net earnings
$
484
$
14
$
498
$
569
$
581
$
(8
)
$
560
$
571
Diluted earnings per share
$
12.87
$
0.36
$
13.23
$
15.31
$
15.61
$
(0.21
)
$
15.10
$
15.40
14 - 16%
Diluted shares outstanding
37.6
37.6
37.1
37.1
37.1
37.1
Effective tax rate
21.9
%
21.9
%
21.5
%
21.5
%
21.5
%
21.5
%
Operating margins:
Aerospace & Industrial
17.0
%
17.4
%
17.9
%
18.1
%
18.5
%
18.7
%
110 - 130 bps
Defense Electronics
27.3
%
27.3
%
27.6
%
27.7
%
27.5
%
27.7
%
20 - 40 bps
Naval & Power
15.4
%
16.3
%
16.7
%
16.9
%
16.8
%
17.0
%
50 - 70 bps
Total operating margin
18.1
%
18.6
%
18.9
%
19.1
%
19.1
%
19.3
%
50 - 70 bps
Free cash flow(3)
$
554
$
—
$
554
$
585
$
605
$
—
$
585
$
605
6 - 9%
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 a gain on equity securities held for investment purposes.
(3) Free Cash Flow is defined as cash flow from operations less capital expenditures. 2026 Free Cash Flow guidance includes higher capital expenditures supporting growth and efficiency, reflecting a year-over-year increase of approximately $25 million compared with 2025 results.
CURTISS-WRIGHT CORPORATION
2026 Sales Growth Guidance by End Market
As of August 5, 2026
2026 % Change vs. 2025 Adjusted
Prior
Current
% Total Sales
Aerospace & Defense Markets
Aerospace Defense
11 - 13%
12 - 14%
20%
Ground Defense
(4 - 6%)
(4 - 6%)
10%
Naval Defense
6 - 8%
7 - 9%
27%
Commercial Aerospace
10 - 12%
10 - 12%
13%
Total Aerospace & Defense
6 - 8%
7 - 9%
70%
Commercial Markets
Power & Process
13 - 15%
13 - 15%
19%
General Industrial
Flat
1 - 3%
11%
Total Commercial
8 - 10%
8 - 10%
30%
Total Curtiss-Wright Sales
7 - 8%
8 - 9%
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 9,200 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.
Forward-Looking Statements
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. Such forward-looking statements can be identified by the use of forward-looking terminology such as “anticipates,” “believes,” “continue,” “could,” “estimate,” “expects,” “intend,” “may,” “might,” “outlook,” “potential,” “predict,” “should,” “will,” as well as the negative of any of the foregoing or variations of such terms or comparable terminology, or by discussion of strategy. These statements are not historical facts and present management's estimates, expectations, beliefs, plans and objectives regarding future financial performance, and assumptions or judgments concerning such performance. Such forward-looking statements are not guarantees of future performance and are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied 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 and include, but are not limited to, risks relating 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; supply chain constraints and inflationary impacts on prices for raw materials and components used in our products; failure of our subcontractors or suppliers to perform their contractual obligations; and other factors that generally affect the business of aerospace, defense contracting, electronics, marine, and industrial companies.
Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. These forward-looking statements speak only as of the date they were made, and we assume no obligation to update forward-looking statements to reflect actual results or changes in or additions to the factors affecting such forward-looking statements.
This press release and additional information are available at www.curtisswright.com.
|
Original source text
Posted by Defense World Staff on Jul 19th, 2026
Bessemer Group Inc. grew its stake in shares of Curtiss-Wright Corporation (NYSE:CW – Free Report) by 3.9% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 40,109 shares of the aerospace company’s stock after purchasing an additional 1,522 shares during the quarter. Bessemer Group Inc. owned about 0.11% of Curtiss-Wright worth $27,318,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently made changes to their positions in CW. Cary Street Partners Investment Advisory LLC bought a new position in shares of Curtiss-Wright in the fourth quarter valued at $31,000. Larson Financial Group LLC raised its position in Curtiss-Wright by 53.8% during the third quarter. Larson Financial Group LLC now owns 60 shares of the aerospace company’s stock worth $33,000 after acquiring an additional 21 shares in the last quarter. Transamerica Financial Advisors LLC raised its position in Curtiss-Wright by 25.9% during the fourth quarter. Transamerica Financial Advisors LLC now owns 73 shares of the aerospace company’s stock worth $40,000 after acquiring an additional 15 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in Curtiss-Wright in the fourth quarter valued at $42,000. Finally, Elyxium Wealth LLC bought a new position in shares of Curtiss-Wright in the 4th quarter valued at about $43,000. Institutional investors own 82.71% of the company’s stock.
Curtiss-Wright Trading Down 1.0% CW stock opened at $708.83 on Friday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.52 and a quick ratio of 1.05. The company has a fifty day moving average price of $746.21 and a two-hundred day moving average price of $700.32. Curtiss-Wright Corporation has a one year low of $463.00 and a one year high of $808.16. The stock has a market cap of $26.18 billion, a price-to-earnings ratio of 51.93, a price-to-earnings-growth ratio of 3.24 and a beta of 0.86.
Curtiss-Wright (NYSE:CW – Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The aerospace company reported $3.48 earnings per share for the quarter, beating the consensus estimate of $3.32 by $0.16. The company had revenue of $913.69 million for the quarter, compared to analyst estimates of $863.83 million. Curtiss-Wright had a net margin of 14.17% and a return on equity of 20.00%. The company’s revenue was up 13.4% on a year-over-year basis. During the same period in the prior year, the firm earned $2.82 earnings per share. Equities analysts anticipate that Curtiss-Wright Corporation will post 15.23 EPS for the current year.
Curtiss-Wright Dividend Announcement The business also recently declared a quarterly dividend, which was paid on Monday, July 6th. Shareholders of record on Monday, June 15th were issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 0.1%. The ex-dividend date of this dividend was Monday, June 15th. Curtiss-Wright’s dividend payout ratio is currently 7.62%.
Analyst Ratings Changes Several research analysts have recently weighed in on the stock. Stifel Nicolaus set a $724.00 price objective on shares of Curtiss-Wright in a research note on Friday, May 8th. Citigroup raised their target price on shares of Curtiss-Wright from $775.00 to $793.00 and gave the company a “neutral” rating in a research note on Wednesday, July 1st. Weiss Ratings cut Curtiss-Wright from a “buy (b)” rating to a “buy (b-)” rating in a report on Thursday, July 2nd. Morgan Stanley reissued an “overweight” rating and set a $860.00 price target on shares of Curtiss-Wright in a research report on Wednesday. Finally, Robert W. Baird set a $870.00 price objective on Curtiss-Wright in a research note on Friday, May 8th. Three investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, Curtiss-Wright currently has a consensus rating of “Moderate Buy” and a consensus price target of $766.33.
Check Out Our Latest Research Report on Curtiss-Wright
Insider Buying and Selling at Curtiss-Wright In other news, CEO Lynn M. Bamford sold 2,500 shares of the stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $721.72, for a total transaction of $1,804,300.00. Following the transaction, the chief executive officer owned 48,134 shares in the company, valued at approximately $34,739,270.48. This trade represents a 4.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Gary A. Ogilby sold 399 shares of Curtiss-Wright stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $721.95, for a total value of $288,058.05. Following the sale, the vice president directly owned 2,172 shares of the company’s stock, valued at approximately $1,568,075.40. The trade was a 15.52% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 3,119 shares of company stock valued at $2,257,998 in the last three months. 0.51% of the stock is currently owned by company insiders.
Curtiss-Wright Company Profile (Free Report)
Curtiss-Wright Corporation (NYSE: CW) is a diversified, global engineering company that designs, manufactures and services highly engineered products and integrated systems for the aerospace, defense, and industrial markets. Its offerings span a range of electromechanical, motion control and flow control technologies, including flight control and actuation systems, sensors and avionics components, pumps and valves, power conversion and heat exchangers, and platform integration solutions for marine and ground systems.
Featured Articles Five stocks we like better than Curtiss-Wright Netflix May Be Cheap Enough to Tempt Buyers After Earnings Drop Delta vs. United: Which Airline Is Better Built for Higher Fuel Costs? The Market Sold Alcoa After Earnings—But It May Be Missing the Real Story Why Intuitive Surgical’s Strong Quarter Still Spooked Investors Want to see what other hedge funds are holding CW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Curtiss-Wright Corporation (NYSE:CW – Free Report).
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