CURTISS WRIGHT CORP

Listed Company

CWCIK 0000026324NYSELarge AcceleratedMisc Industrial & Commercial Machinery & EquipmentDelawareFY ends Dec 31

Period

FY 2025

Revenue

$3.50B

Net Income

$484.23M

Total Assets

$5.22B

Equity

$2.53B

Shares Out

36.87M

Op. Cash Flow

$643.40M

Business

CURTISS WRIGHT CORP is a global integrated engineering company that designs, manufactures, and services highly engineered products, solutions, and lifecycle support primarily for aerospace and defense and for critical commercial power, process, and industrial markets. It offers products and services including defense electronics and embedded computing, avionics and flight test instrumentation, sensors and actuation components, surface technology services, naval propulsion equipment, pumps, valves, and specialty power and control systems. The company operates through three reportable segments: Aerospace & Industrial, Defense Electronics, and Naval & Power. It sells worldwide to defense prime contractors, government agencies, commercial aerospace OEMs, and industrial customers through regulated government contracting channels and commercial sales and distribution networks, with manufacturing in the U.S., Canada, Mexico, and the U.K.

Summary from filing dated 2025-02-13

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net Sales	3,498	3,121	2,845	2,557	2,501
Cost of sales	2,197	1,968	1,778	1,602	1,573
Gross profit	1,302	1,154	1,067	955	928
Research and development expenses	95	92	86	81	88
Selling expenses	169	145	137	122	117
General and administrative expenses	400	373	360	324	326
Restructuring expenses	5	14	0	0	0
Operating income	634	529	485	423	377
Interest expense	43	45	51	47	—
Other income, net	30	38	30	13	12
Earnings before income taxes	620	522	463	389	349
Provision for income taxes	−136	−117	−109	−95	−86
Net earnings	484	405	355	294	263
Basic earnings per share (usd per share)	12.94	10.61	9.26	7.67	6.5
Diluted earnings per share (usd per share)	12.87	10.55	9.2	7.62	6.47
Dividends per share	0.93	0.83	0.79	0.75	0.71
Basic (shares)	37	38	38	38	40
Diluted (shares)	38	38	39	39	41

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	371	385	407	257	171
Receivables, net	932	835	733	723	647
Inventories, net	615	541	510	483	412
Other current assets	100	88	68	53	67
Total current assets	2,018	1,850	1,717	1,516	1,308
Property, plant, and equipment, net	382	339	333	343	360
Goodwill	1,692	1,676	1,559	1,545	1,463
Other intangible assets, net	532	597	558	621	538
Operating lease right-of-use assets, net	199	169	141	154	144
Prepaid pension asset	334	299	262	223	256
Other assets	64	56	51	48	35
Total assets	5,221	4,986	4,621	4,448	4,104
Current portion of long-term and short-term debt	200	90	0	203	0
Accounts payable	310	247	244	267	212
Accrued expenses	243	219	188	174	148
Deferred revenue	561	459	304	255	260
Other current liabilities	91	80	71	83	103
Total current liabilities	1,406	1,096	807	981	735
Long-term debt	758	959	1,050	1,052	1,051
Deferred tax liabilities, net	154	141	132	123	147
Accrued pension and other postretirement benefit costs	71	67	67	58	91
Long-term operating lease liability	178	148	119	132	127
Other liabilities	120	125	118	108	112
Total liabilities	2,688	2,536	2,293	2,467	2,277
Contingencies and Commitments (Notes 9, 13, and 18)	—	—	—	—	—
Common stock, $1 par value, 100,000,000 shares authorized as of December 31, 2025 and December 31, 2024; 49,187,378 shares issued as of December 31, 2025 and December 31, 2024; outstanding shares were 36,859,333 as of December 31, 2025 and 37,650,645 as of December 31, 2024	49	49	49	49	49
Additional paid in capital	165	148	140	135	127
Retained earnings	4,311	3,861	3,488	3,163	2,909
Accumulated other comprehensive loss	−174	−243	−213	−259	−190
Common treasury stock, at cost (12,328,045 shares as of December 31, 2025 and 11,536,733 shares as of December 31, 2024)	−1,817	−1,365	−1,135	−1,107	−1,068
Total stockholders' equity	2,534	2,450	2,328	1,981	1,826
Total liabilities and stockholders' equity	5,221	4,986	4,621	4,448	4,104

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	125	108	116	112	114
(Gain)/loss on sale/disposal of long-lived assets	362,000	−10,000	−3	−5	−568,000
Deferred income taxes	15	−12	3	−24	−10
Share-based compensation	22	19	17	15	13
Non-cash restructuring charges	468,000	4	0	0	—
Receivables, net	−83	−89	−2	−76	−61
Inventories, net	−63	−35	−22	−63	14
Accounts payable and accrued expenses	74	16	−16	98	18
Deferred revenue	98	144	48	−18	15
Pension and postretirement liabilities, net	−28	−19	−18	−15	−1
Other current and long-term assets and liabilities	−742,000	2	−29	30	−19
Net cash provided by operating activities	643	544	448	295	388
Proceeds from sale/disposal of long-lived assets	1	3	9	10	4
Additions to property, plant, and equipment	−90	−61	−45	−38	−41
Proceeds from sale of equity securities	8	0	0	—	—
Acquisition of businesses, net of cash acquired	0	−226	0	−282	0
Additional consideration paid on prior year acquisitions	−10	0	0	−5	−5
Net cash used for investing activities	−90	−283	−36	−326	−42
Borrowings under revolving credit facilities	475	21	638	1,698	456
Payment of revolving credit facilities	−475	−21	−638	−1,792	−362
Principal payments on debt	−90	0	−203	0	−100
Repurchases of company stock	−465	−250	−50	−57	−343
Proceeds from share-based compensation plans	13	11	11	10	10
Dividends paid	−35	−32	−30	−29	−29
Other	−1	−1	−1	−1	−945,000
Net cash used for financing activities	−578	−271	−273	129	−369
Effect of exchange-rate changes on cash	11	−11	11	−12	−3
Net increase (decrease) in cash and cash equivalents	−14	−22	150	86	−27

Filings

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