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Curtiss-Wright Corporation, Page 1

             
NEWS RELEASE

CURTISS-WRIGHT REPORTS FOURTH QUARTER AND FULL-YEAR 2025 FINANCIAL RESULTS; FULL-YEAR 2026 OUTLOOK REFLECTS HIGHER SALES, OPERATING MARGIN EXPANSION, DOUBLE-DIGIT EPS GROWTH AND STRONG FREE CASH FLOW

Company Delivers Record FY25 Sales, Profitability, EPS, Free Cash Flow and Orders

DAVIDSON, N.C. – February 11, 2026 – Curtiss-Wright Corporation (NYSE: CW) reports financial results for the fourth quarter and full-year ended December 31, 2025.

Fourth Quarter 2025 Highlights:
•Reported sales of $947 million, up 15%, operating income of $182 million, operating margin of 19.2%, and diluted earnings per share (EPS) of $3.69;
•Adjusted operating income of $187 million, up 14%;
•Adjusted operating margin of 19.7%;
•Adjusted diluted EPS of $3.79, up 16%;
•Free cash flow (FCF) of $315 million, generating 224% FCF conversion;
•Total share repurchases of $140 million; and
•New orders of $1.1 billion, up 18%, generating a book-to-bill of 1.2x.

Full-Year 2025 Highlights:
•Reported sales of $3.5 billion, up 12%, operating income of $634 million, operating margin of 18.1%, and diluted EPS of $12.87;
•Adjusted operating income of $651 million, up 19%;
•Adjusted operating margin of 18.6%, up 110 basis points;
•Adjusted diluted EPS of $13.23, up 21%;
•FCF of $554 million, generating 111% FCF conversion;
•Total share repurchases of $465 million;
•New orders of $4.1 billion, up 10%, reflecting solid demand in our Aerospace & Defense (A&D) and Commercial markets, and book-to-bill of 1.2x; and
•Backlog of $4.1 billion, up 18%.

"Curtiss-Wright concluded a record-setting year with a strong fourth quarter financial performance that was highlighted by double-digit organic sales growth, adjusted operating margin of 19.7%, mid-teens growth in adjusted diluted EPS, and record quarterly free cash flow generation," said Lynn M. Bamford, Chair and CEO of Curtiss-Wright Corporation.

"Our full-year 2025 performance reflected the continued momentum that we are generating under our Pivot to Growth strategy. We delivered record-high sales and operating income, 110 basis points in operating margin expansion, and 21% growth in adjusted diluted EPS, as we maintained our commitment to operational excellence and targeted investments across the portfolio. In addition, we achieved record free cash flow of $554 million, which reflected our overall growth in profitability and the team’s relentless focus on reducing working capital. We also experienced strong demand across our A&D and Commercial Nuclear markets, which enabled the team to drive record new orders of $4.1 billion, providing continued confidence in our future top-line growth."


Curtiss-Wright Corporation, Page 2
"Looking ahead, our strong backlog entering the year, combined with the alignment of our technologies to favorable secular growth trends, underpins our expectation to deliver total organic sales growth of 6% to 8% and another strong operational performance in 2026. Additionally, we anticipate operating margin expansion of 30 to 60 basis points to a range of 18.9% to 19.2%, diluted EPS growth of 11% to 15%, and strong free cash flow generation, while continuing to increase both R&D and capital investments. This outlook reinforces our confidence in achieving the three-year financial targets that we communicated at our 2024 Investor Day and in our ability to drive long-term shareholder value."



Curtiss-Wright Corporation, Page 3
Fourth Quarter 2025 Operating Results

(In millions)Q4-2025Q4-2024Change
Reported
Sales$947 $824 15%
Operating income$182 $155 17%
Operating margin19.2%18.8%40 bps
Adjusted (1)
Sales$947 $824 15%
Operating income$187 $163 14%
Operating margin19.7%19.8%(10 bps)
(1)Reconciliations of Reported to Adjusted operating results are available in the Appendix.

•Sales of $947 million increased 15% compared with the prior year;
•Total A&D market sales increased 16%, while total Commercial market sales increased 13%;
•In our A&D markets, we experienced mid-teens growth in our defense markets, driven by an acceleration of revenues in ground and naval defense, higher sales of international arresting systems equipment in aerospace defense, and strong OEM sales growth in the commercial aerospace market;
•In our Commercial markets, strong growth in the power & process market reflected the contribution from our prior-year acquisition, higher organic sales of commercial nuclear solutions and strong growth in industrial valve sales in the process market, while sales in the general industrial market were essentially flat; and
•Adjusted operating income of $187 million increased 14%, while Adjusted operating margin of 19.7% was essentially flat compared with the prior-year period, as favorable overhead absorption on higher revenues in all three segments and the benefits of the Company's ongoing operational excellence initiatives were offset by unfavorable mix in both the Aerospace & Industrial and Naval & Power segments.




Curtiss-Wright Corporation, Page 4
Fourth Quarter 2025 Segment Performance

Aerospace & Industrial

(In millions)Q4-2025Q4-2024Change
Reported
Sales$262 $251 5%
Operating income$52 $48 8%
Operating margin19.7%19.1%60 bps
Adjusted (1)
Sales$262 $251 5%
Operating income$53 $54 (2%)
Operating margin20.1%21.3%(120 bps)
(1)Reconciliations of Reported to Adjusted operating results are available in the Appendix.

•Sales of $262 million, up $11 million, or 5%;
•Growth in our defense markets was principally driven by higher sales of electromechanical actuation equipment in the ground defense market;
•Commercial aerospace market revenue growth reflected higher OEM sales of sensors products and surface treatment services on both narrowbody and widebody platforms;
•General industrial market revenue was essentially flat, as the benefit of higher sales of industrial vehicle products serving off-highway vehicle platforms was offset by lower sales to global on-highway industrial vehicle manufacturers; and
•Adjusted operating income was $53 million, down 2%, while Adjusted operating margin decreased 120 basis points to 20.1%, as unfavorable mix was partially offset by favorable absorption on higher revenues.

Curtiss-Wright Corporation, Page 5
Defense Electronics

(In millions)Q4-2025Q4-2024Change
Reported
Sales$267 $227 17%
Operating income$69 $55 26%
Operating margin25.7%24.1%160 bps
Adjusted (1)
Sales$267 $227 17%
Operating income$69 $55 25%
Operating margin25.9%24.3%160 bps
(1)Reconciliations of Reported to Adjusted operating results are available in the Appendix.

•Sales of $267 million, up $40 million, or 17%;
•Aerospace defense market revenues were essentially flat, as increased sales of embedded computing and flight test instrumentation equipment to various international customers was offset by the timing of revenues on various domestic fighter jet and UAV programs;
•Ground defense market revenues were ahead of our expectations, principally driven by the timing of embedded computing and tactical battlefield communications equipment sales supporting various domestic programs;
•Commercial aerospace market revenue growth reflected increased demand and higher sales of flight data recorder and avionics technology to OEM customers; and
•Adjusted operating income was $69 million, up 25% from the prior year period, while Adjusted operating margin increased 160 basis points to 25.9%, primarily due to favorable absorption on higher revenues and the benefits of the Company's operational excellence initiatives, partially offset by higher investment in research and development.


Curtiss-Wright Corporation, Page 6
Naval & Power

(In millions)Q4-2025Q4-2024Change
Reported
Sales$417 $346 21%
Operating income$71 $65 9%
Operating margin17.1%18.8%(170 bps)
Adjusted (1)
Sales$417 $346 21%
Operating income$75 $66 13%
Operating margin17.9%19.1%(120 bps)
(1)Reconciliations of Reported to Adjusted operating results are available in the Appendix.

•Sales of $417 million, up $71 million, or 21%;
•Revenue growth in the naval defense market was driven by the timing of production on the Columbia-class and Virginia-class submarine programs, in addition to higher sales of aftermarket fleet services;
•Higher revenue in the aerospace defense market reflected the timing of sales of arresting systems equipment principally supporting various international customers;
•Higher power & process market revenues mainly reflected the contribution from our I&C Solutions acquisition, as well as higher organic sales of commercial nuclear solutions supporting the development of next-generation advanced reactors and higher industrial valve sales in the process market; and
•Adjusted operating income was $75 million, up 13% from the prior year period, while Adjusted operating margin decreased 120 basis points to 17.9%, as favorable absorption on higher revenues was partially offset by unfavorable mix of products and higher investment in research and development.

Curtiss-Wright Corporation, Page 7
Free Cash Flow

(In millions)Q4-2025Q4-2024Change
Net cash provided by operating activities$353 $301 17%
Capital expenditures(38)(23)62%
Free cash flow$315 $278 13%

•Free cash flow of $315 million increased $37 million, primarily due to higher cash earnings and improved working capital; and
•Capital expenditures increased approximately $14 million compared with the prior-year period, primarily due to higher growth investments within the Naval & Power segment.

New Orders and Backlog
•New orders of $1.1 billion increased 18% in the fourth quarter, principally reflecting strong demand in our commercial nuclear and naval defense markets;
•Full-year 2025 new orders of $4.1 billion increased 10% and generated an overall book-to-bill of approximately 1.2x, reflecting solid demand within our A&D markets, as well as strong growth for commercial nuclear products within our Commercial markets; and
•Backlog of $4.1 billion increased 18% from December 31, 2024.

Share Repurchase and Dividends
•During the fourth quarter, the Company repurchased approximately 250,000 shares of its common stock for approximately $140 million;
•During full-year 2025, the Company repurchased approximately 934,000 shares for $465 million; and
•The Company also declared a quarterly dividend of $0.24 a share.




Curtiss-Wright Corporation, Page 8
Full-Year 2026 Guidance

The Company's full-year 2026 Adjusted financial guidance(1) is as follows:

($ in millions, except EPS)
2026 Guidance
% Chg vs 2025 Adjusted
Total Sales
$3,710 - $3,765
6 - 8%
Operating Income
$703 - $722
8 - 11%
Operating Margin
18.9% - 19.2%
30 - 60 bps
Diluted EPS
$14.70 - $15.15
11 - 15%
Free Cash Flow(2)
$575 - $595
4 - 7%

(1)Reconciliations of Reported to Adjusted 2025 operating results and 2026 Adjusted financial guidance are available in the Appendix, and exclude first-year purchase accounting costs in the prior period associated with acquisitions as well as costs associated with both our FY24 and FY26 Restructuring Programs.
(2)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.

**********

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 fourth quarter and full-year 2025 financial results and expectations for 2026 guidance at 10:00 a.m. ET on Thursday, February 12, 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 on the internet by visiting the Investor Relations section of the Company’s website at www.curtisswright.com.

(Tables to Follow)

Curtiss-Wright Corporation, Page 9
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)
($'s in thousands, except per share data)
Three Months EndedYear Ended
December 31,December 31,
2025202420252024
Product sales$812,483 $698,626 $2,977,233 $2,639,953 
Service sales134,498 125,687 521,139 481,236 
Total net sales946,981 824,313 3,498,372 3,121,189 
Cost of product sales518,641 437,801 1,910,661 1,690,574 
Cost of service sales72,897 69,082 286,177 277,066 
Total cost of sales591,538 506,883 2,196,838 1,967,640 
Gross profit355,443 317,430 1,301,534 1,153,549 
Research and development expenses25,427 25,781 95,161 91,647 
Selling expenses46,492 36,158 168,740 145,360 
General and administrative expenses100,059 92,405 399,608 373,497 
Restructuring expenses1,707 8,250 4,504 14,448 
Operating income181,758 154,836 633,521 528,597 
Interest expense11,997 11,675 43,148 44,869 
Other income, net7,239 10,034 29,637 38,328 
Earnings before income taxes177,000 153,195 620,010 522,056 
Provision for income taxes(40,002)(35,343)(135,782)(117,078)
Net earnings$136,998 $117,852 $484,228 $404,978 
Basic earnings per share$3.71 $3.11 $12.94 $10.61 
Diluted earnings per share$3.69 $3.09 $12.87 $10.55 
Dividends per share$0.24 $0.21 $0.93 $0.83 
Weighted average shares outstanding:  
Basic36,927 37,874 37,417 38,153 
Diluted37,172 38,137 37,631 38,373 


Curtiss-Wright Corporation, Page 10
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
($'s in thousands, except par value)
December 31,December 31,
20252024
Assets
Current assets:
Cash and cash equivalents$371,345 $385,042 
Receivables, net932,344 835,037 
Inventories, net615,097 541,442 
Other current assets99,688 88,073 
Total current assets2,018,474 1,849,594 
Property, plant, and equipment, net382,200 339,118 
Goodwill1,692,490 1,675,718 
Other intangible assets, net532,381 596,831 
Operating lease right-of-use assets, net198,603 169,350 
Prepaid pension asset333,547 299,130 
Other assets63,597 55,963 
Total assets$5,221,292 $4,985,704 
Liabilities
Current liabilities:
Current portion of long-term and short-term debt$200,000 $90,000 
Accounts payable310,303 247,185 
Accrued expenses242,942 219,054 
Deferred revenue561,452 459,421 
Other current liabilities90,870 80,288 
Total current liabilities1,405,567 1,095,948 
Long-term debt757,884 958,949 
Deferred tax liabilities, net154,002 140,659 
Accrued pension and other postretirement benefit costs71,417 67,413 
Long-term operating lease liability178,466 148,175 
Other liabilities120,382 124,761 
Total liabilities$2,687,718 $2,535,905 
Stockholders' equity
Common stock, $1 par value$49,187 $49,187 
Additional paid in capital165,014 147,940 
Retained earnings4,310,680 3,861,073 
Accumulated other comprehensive loss(173,812)(243,225)
Less: cost of treasury stock(1,817,495)(1,365,176)
Total stockholders' equity2,533,574 2,449,799 
Total liabilities and stockholders' equity$5,221,292 $4,985,704 


Curtiss-Wright Corporation, Page 11

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, Page 12

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED)
($'s in thousands)
Three Months EndedThree Months Ended
December 31, 2025December 31, 2024% Change
As ReportedAdjustmentsAdjustedAs ReportedAdjustmentsAdjustedAs ReportedAdjusted
Sales:
Aerospace & Industrial $262,391 $— $262,391 $250,917 $— $250,917 5 %5 %
Defense Electronics
267,276 — 267,276 227,475 — 227,475 17 %17 %
Naval & Power417,314 — 417,314 345,921 — 345,921 21 %21 %
Total sales$946,981 $— $946,981 $824,313 $— $824,313 15 %15 %
Operating income (expense):
Aerospace & Industrial(2)
$51,799 $938 $52,737 $47,876 $5,694 $53,570 8 %(2)%
Defense Electronics(2)
68,777 323 69,100 54,775 587 55,362 26 %25 %
Naval & Power(1)(2)
71,284 3,539 74,823 65,150 962 66,112 9 %13 %
                           
Total segments$191,860 $4,800 $196,660 $167,801 $7,243 $175,044 14 %12 %
Corporate and other(2)
(10,102)12 (10,090)(12,965)1,414 (11,551)22 %13 %
Total operating income$181,758 $4,812 $186,570 $154,836 $8,657 $163,493 17 %14 %
Operating margins:As ReportedAdjustedAs ReportedAdjustedAs ReportedAdjusted
Aerospace & Industrial19.7%20.1%19.1%21.3%60 bps(120 bps)
Defense Electronics25.7%25.9%24.1%24.3%160 bps160 bps
Naval & Power17.1%17.9%18.8%19.1%(170 bps)(120 bps)
Total Curtiss-Wright19.2%19.7%18.8%19.8%40 bps(10 bps)
Segment margins20.3%20.8%20.4%21.2%(10 bps)(40 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, Page 13

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED)
($'s in thousands)
Year EndedYear Ended
December 31, 2025December 31, 2024% Change
As ReportedAdjustmentsAdjustedAs ReportedAdjustmentsAdjustedAs ReportedAdjusted
Sales:
Aerospace & Industrial $976,760 $— $976,760 $932,133 $— $932,133 5 %5 %
Defense Electronics1,018,610 — 1,018,610 910,706 — 910,706 12 %12 %
Naval & Power 1,503,002 — 1,503,002 1,278,350 — 1,278,350 18 %18 %
Total sales$3,498,372 $— $3,498,372 $3,121,189 $— $3,121,189 12 %12 %
Operating income (expense):
Aerospace & Industrial(2)
$166,166 $3,855 $170,021 $148,023 $10,239 $158,262 12 %7 %
Defense Electronics(2)
278,016 342 278,358 224,739 1,929 226,668 24 %23 %
Naval & Power (1)(2)
231,284 13,272 244,556 199,663 2,063 201,726 16 %21 %
                           
Total segments$675,466 $17,469 $692,935 $572,425 $14,231 $586,656 18 %18 %
Corporate and other(2)
(41,945)4 (41,941)(43,828)3,038 (40,790)4 %(3)%
Total operating income$633,521 $17,473 $650,994 $528,597 $17,269 $545,866 20 %19 %
Operating margins:As ReportedAdjustedAs ReportedAdjustedAs ReportedAdjusted
Aerospace & Industrial17.0%17.4%15.9%17.0%110 bps40 bps
Defense Electronics27.3%27.3%24.7%24.9%260 bps240 bps
Naval & Power15.4%16.3%15.6%15.8%(20 bps)50 bps
Total Curtiss-Wright18.1%18.6%16.9%17.5%120 bps110 bps
Segment margins19.3%19.8%18.3%18.8%100 bps100 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, Page 14
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
RECONCILIATION OF AS REPORTED SALES TO ADJUSTED SALES BY END MARKET (UNAUDITED)
($'s in thousands)
Three Months EndedThree Months Ended
December 31, 2025December 31, 2024% Change
As ReportedAdjustmentsAdjusted SalesAs ReportedAdjustmentsAdjusted SalesChange in As Reported SalesChange in Adjusted Sales
Aerospace & Defense markets:
Aerospace Defense$192,055 $— $192,055 $171,432 $— $171,432 12%12%
Ground Defense
115,235 — 115,235 84,654 — 84,654 36%36%
Naval Defense234,576 — 234,576 216,894 — 216,894 8%8%
Commercial Aerospace
120,058 — 120,058 98,318 — 98,318 22%22%
Total Aerospace & Defense$661,924 $— $661,924 $571,298 $— $571,298 16%16%
Commercial markets:
Power & Process $178,833 $— $178,833 $146,772 $— $146,772 22%22%
General Industrial106,224 — 106,224 106,243 — 106,243 0%0%
Total Commercial$285,057 $— $285,057 $253,015 $— $253,015 13%13%
Total Curtiss-Wright$946,981 $— $946,981 $824,313 $— $824,313 15%15%
Year EndedYear Ended
December 31, 2025December 31, 2024% Change
As ReportedAdjustmentsAdjusted SalesAs ReportedAdjustmentsAdjusted SalesChange in As Reported SalesChange in Adjusted Sales
Aerospace & Defense markets:
Aerospace Defense$672,526 $— $672,526 $616,590 $— $616,590 9%9%
Ground Defense
406,803 — 406,803 353,326 — 353,326 15%15%
Naval Defense941,654 — 941,654 821,898 — 821,898 15%15%
Commercial Aerospace
430,109 — 430,109 378,086 — 378,086 14%14%
Total Aerospace & Defense$2,451,092 $— $2,451,092 $2,169,900 $— $2,169,900 13%13%
Commercial markets:
Power & Process
$635,140 $— $635,140 $540,788 $— $540,788 17%17%
General Industrial412,140 — 412,140 410,501 — 410,501 0%0%
Total Commercial$1,047,280 $— $1,047,280 $951,289 $— $951,289 10%10%
Total Curtiss-Wright$3,498,372 $— $3,498,372 $3,121,189 $— $3,121,189 12%12%

Curtiss-Wright Corporation, Page 15



CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
RECONCILIATION OF AS REPORTED TO ADJUSTED DILUTED EARNINGS PER SHARE (UNAUDITED)
Three Months EndedYear Ended
December 31,December 31,
2025202420252024
Diluted earnings per share - As Reported$3.69 $3.09 $12.87 $10.55 
First year purchase accounting adjustments0.06 0.01 0.27 0.04 
Restructuring expenses0.04 0.17 0.09 0.31 
Diluted earnings per share - Adjusted (1)
$3.79 $3.27 $13.23 $10.90 
(1) All adjustments are presented net of income taxes.



Curtiss-Wright Corporation, Page 16
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
December 31,
2025 vs. 2024
Aerospace & IndustrialDefense ElectronicsNaval & PowerTotal Curtiss-Wright
SalesOperating incomeSalesOperating incomeSalesOperating incomeSalesOperating income
As Reported5%8%17%26%21%9%15%17%
Less: Acquisitions0%0%0%0%(8%)(7%)(3%)(3%)
Restructuring0%(10%)0%0%0%0%0%(4%)
Foreign currency(1%)0%0%0%0%0%(1%)0%
Organic4%(2%)17%26%13%2%11%10%
Year Ended
December 31,
2025 vs. 2024
Aerospace & IndustrialDefense ElectronicsNaval & PowerTotal Curtiss-Wright
SalesOperating incomeSalesOperating incomeSalesOperating incomeSalesOperating income
As Reported5%12%12%24%18%16%12%20%
Less: Acquisitions0%0%0%0%(6%)0%(3%)0%
Restructuring0%(5%)0%(1%)0%0%0%(2%)
Foreign currency(1%)(2%)(1%)(1%)(1%)0%0%(1%)
Organic4%5%11%22%11%16%9%17%




Curtiss-Wright Corporation, Page 17
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 EndedYear Ended
December 31,December 31,
2025202420252024
Net cash provided by operating activities$352,744 $301,299 $643,402 $544,275 
Capital expenditures(37,638)(23,271)(89,692)(60,974)
Free cash flow$315,106 $278,028 $553,710 $483,301 
Free cash flow conversion224%223%111%116%




Curtiss-Wright Corporation, Page 18
CURTISS-WRIGHT CORPORATION
2026 Guidance
As of February 11, 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)
LowHighLowHigh2026 Chg
vs 2025
Adjusted
Sales:
Aerospace & Industrial$977 $— $977 $1,030 $1,045 $— $1,030 $1,045 5 - 7%
Defense Electronics1,019 — 1,019 1,055 1,075 $— 1,055 1,075 4 - 6%
Naval & Power1,503 — 1,503 1,625 1,645 $— 1,625 1,645 8 - 9%
Total sales$3,498 $— $3,498 $3,710 $3,765 $— $3,710 $3,765 6 - 8%
Operating income:
Aerospace & Industrial$166 $4 $170 $186 $190 $3 $189 $193 11 - 14%
Defense Electronics278 — 278 288 296 — 288 296 4 - 6%
Naval & Power231 13 245 269 275 1 270 276 10 - 13%
Total segments675 17 693 743 761 4 747 766 
Corporate and other(42)— (42)(44)(44)— (44)(44)
Total operating income$634 $17 $651 $699 $717 $4 $703 $722 8 - 11%
Interest expense$(43)$— $(43)$(42)$(41)$— $(42)$(41)
Other income, net30 — 30 33 34 $— 33 34 
Earnings before income taxes620 17 638 691 711 $4 695 715 
Provision for income taxes(136)(4)(140)(148)(153)(1)(149)(154)
Net earnings$484 $14 $498 $542 $559 $3 $545 $562 
Diluted earnings per share$12.87 $0.36 $13.23 $14.62 $15.07 $0.08 $14.70 $15.15 11 - 15%
Diluted shares outstanding37.6 37.6 37.1 37.1 37.1 37.1 
Effective tax rate21.9 %21.9 %21.5 %21.5 %21.5 %21.5 %
Operating margins:
Aerospace & Industrial17.0 %17.4 %18.1 %18.2 %18.3 %18.5 %90 - 110 bps
Defense Electronics27.3 %27.3 %27.3 %27.5 %27.3 %27.5 %0 - 20 bps
Naval & Power15.4 %16.3 %16.6 %16.7 %16.6 %16.8 %30 - 50 bps
Total operating margin18.1 %18.6 %18.8 %19.0 %18.9 %19.2 %30 - 60 bps
Free cash flow(3)
$554 $—$554 $575 $595 $—$575 $595 4 - 7%
Notes: Full year 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.
(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, Page 19

CURTISS-WRIGHT CORPORATION
2026 Sales Growth Guidance by End Market
As of February 11, 2026
2026 % Change vs. 2025 Adjusted% Total Sales
Aerospace & Defense Markets
Aerospace Defense9 - 11%20%
Ground Defense(4 - 6%)10%
Naval Defense5 - 7%27%
Commercial Aerospace10 - 12%13%
Total Aerospace & Defense5 - 7%70%
Commercial Markets
Power & Process12 - 14%19%
General IndustrialFlat11%
Total Commercial7 - 9%30%
Total Curtiss-Wright Sales6 - 8%100%

Curtiss-Wright Corporation, Page 20
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 9,100 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.

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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, 2025, and subsequent reports filed with the Securities and Exchange Commission.

This press release and additional information are available at www.curtisswright.com.

Contact:    Jim Ryan    
(704) 869-4621    
Jim.Ryan@curtisswright.com