Document


(in millions, except per share results)	Three Months Ended								Twelve Months Ended
	Q4 2025			Q4 2024(1)			Deltas		Q4 2025			Q4 2024(1)			Deltas
Net sales	$	1,049		$	919		14%		$	3,861		$	3,609		7%
Operating margin	11.9		%	10.1		%	180 bps		11.6		%	11.2		%	40 bps
Adjusted operating margin	13.7		%	13.5		%	20 bps		13.0		%	12.7		%	30 bps
Diluted net earnings per share	$	2.01		$	1.31		53%		$	7.33		$	6.45		14%
Adjusted diluted net earnings per share	$	2.56		$	2.15		19%		$	8.69		$	7.84		11%
Net cash provided (used) by operating activities	$	241		$	147		$	93	$	273		$	198		$	75
Free cash flow	$	199		$	109		$	90	$	128		$	21		$	107

See the reconciliations of adjusted financial measures to the most directly comparable U.S. GAAP measures included in the financial statements herein for the periods ended September 27, 2025, and September 28, 2024. (1) Amounts have been revised to reflect the correction of immaterial misstatements. See "Revision of Previously Issued Consolidated Financial Statements" section included herein for additional information.

Sales in the fourth quarter of 2025 increased in all of the segments compared to the fourth quarter of 2024, driven by records in Commercial Aircraft, Space and Defense and Military Aircraft. Commercial Aircraft sales increased 27% to $252 million, driven by volume on major production programs and aftermarket associated with strong fleet utilization of the 787 and A350 programs. Space and Defense sales increased 17% to $307 million, reflecting broad-based demand across the defense portfolio, including missile controls and satellite components. Military Aircraft sales increased 10% to $236 million, driven by higher activity associated with the MV-75 program and by incremental pricing, primarily within aftermarket. Industrial sales increased 5% to $253 million as demand for medical devices and data center cooling pumps increased.

Operating margin in the fourth quarter of 2025 increased 180 basis points to 11.9% compared to the fourth quarter of 2024, reflecting stronger performance and lower simplification charges. Industrial operating margin increased 860 basis points to 12.7%, reflecting both higher simplification charges incurred in the prior year, and the resulting current year benefits, partially offset by tariff pressure. Military Aircraft operating margin increased 210 basis points to 14.0%, driven by pricing activities as well as a favorable sales mix. Space and Defense operating margin was 10.2%, essentially flat year over year, as profitable sales growth was largely offset by charges associated with the settlement of a legal dispute. Commercial Aircraft operating margin decreased 400 basis points to 11.4%, primarily due to tariff pressure and an unfavorable sales mix.

Adjusted operating margin in the fourth quarter of 2025 increased 20 basis points to 13.7% compared to the fourth quarter of 2024. Military Aircraft adjusted operating margin increased 210 basis points to 14.1%, driven by pricing activities as well as a favorable sales mix. Space and Defense adjusted operating margin increased 190 basis points to 15.1%, driven by profitable sales growth, partially offset by investments in product development, business capture and operational readiness. Industrial adjusted operating margin increased 70 basis points to 13.9%, as a favorable sales mix and simplification initiatives more than offset tariff pressure. Commercial Aircraft adjusted operating margin decreased 440 basis points to 11.4%, primarily due to tariff pressure and an unfavorable sales mix.

Sales for fiscal 2025 increased 7% compared to fiscal 2024, reflecting record sales in each of the Commercial Aircraft, Space and Defense and Military Aircraft segments. Commercial Aircraft sales increased 15% to $904 million, due to strong aftermarket demand and the ongoing widebody production ramps. Space and Defense sales increased 9% to $1.1 billion, driven by continued broad-based defense demand across the portfolio. Military Aircraft sales increased 9% to $888 million, driven by higher activity for the MV-75 and new production programs. Industrial sales decreased 4% to $956 million, due to divestitures completed at the beginning of the fiscal year.

Operating margin for fiscal 2025 increased 40 basis points to 11.6% compared to fiscal 2024, due to stronger financial performance across all of the segments. The increases were partially offset by tariffs, primarily in Commercial Aircraft and Industrial, and by last year's ERC benefit. Industrial operating margin increased 190 basis points to 11.3%, driven by the benefit of simplification initiatives. Military Aircraft operating margin increased 60 basis points to 11.1%, driven by stronger business performance and pricing benefits, partially offset by the gain from the sale of a mature product line. Space and Defense operating margin decreased 70 basis points to 11.8% due to last year's ERC benefit. Commercial Aircraft operating margin decreased 10 basis points to 12.4%, driven by pressure associated with tariffs, offset by the sale of a non-core product line as part of the portfolio shaping activities.

Record adjusted operating margin for fiscal 2025 increased 30 basis points to 13.0% compared to fiscal 2024, reflecting stronger financial performance across all of the segments. Industrial adjusted operating margin increased 80 basis points to 13.5%, due to the benefit from simplification initiatives, partially offset by tariff pressure. Military Aircraft adjusted operating margin increased 40 basis points to 12.3%, driven by stronger business performance and pricing benefits. Space and Defense adjusted operating margin increased 20 basis points to 13.5%, supported by profitable sales growth, partially offset by last year's ERC benefit and this year's investments to support growth. Commercial Aircraft adjusted operating margin decreased 30 basis points to 12.4%, reflecting tariff pressure, partially offset by a non-core product line sale.

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which can be identified by words such as: “may,” “will,” “should,” “believes,” “expects,” “expected,” “intends,” “plans,” “projects,” “approximate,” “estimates,” “predicts,” “potential,” “outlook,” “forecast,” “anticipates,” “presume,” “assume” and other words and terms of similar meaning (including their negative counterparts or other various or comparable terminology). These forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995, are neither historical facts nor guarantees of future performance and are subject to several factors, risks and uncertainties, the impact or occurrence of which could cause actual results to differ materially from the expected results described 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 (“SEC”) and include, but are not limited to, risks relating to: (i) our operation in highly competitive markets with competitors who may have greater resources than we possess; (ii) our operation in cyclical markets that are sensitive to domestic and foreign economic conditions and events; (iii) our heavy dependence on government contracts that may not be fully funded or may be terminated; (iv) supply chain constraints and inflationary impacts on prices for raw materials and components used in our products; (v) failure of our subcontractors or suppliers to perform their contractual obligations; and (vi) our accounting estimations for over-time contracts and any changes we need to make thereto. You should evaluate all forward-looking statements made in this press release in the context of these risks and uncertainties.

While we believe we have identified and discussed in our SEC filings the material risks affecting our business, there may be additional factors, risks and uncertainties not currently known to us or that we currently consider immaterial that may affect the forward-looking statements we make herein. Given these factors, risks and uncertainties, investors should not place undue reliance on forward-looking statements as predictive of future results. Any forward-looking statement speaks only as of the date on which it is made, and we disclaim any obligation to update any forward-looking statement made in this press release, except as required by applicable law.


	Three Months Ended				Twelve Months Ended
	September 27, 2025		September 28, 2024 (1)		September 27, 2025		September 28, 2024 (1)
Net sales	$	1,049,138	$	919,395	$	3,860,624	$	3,608,960
Cost of sales	759,830		657,660		2,794,802		2,589,525
Inventory write-down	486		5,252		8,474		7,027
Gross profit	288,822		256,483		1,057,348		1,012,408
Research and development	23,679		26,021		93,671		112,773
Selling, general and administrative	152,151		126,377		553,968		501,253
Interest	18,489		17,397		72,075		66,330
Asset impairment and fair value adjustment	2,374		15,287		5,374		22,149
Restructuring	956		11,165		10,015		23,788

Gain on sale of buildings	—		(979)		—		(979)


Other	1,371		6,449		9,597		17,348
Earnings before income taxes	89,802		54,766		312,648		269,746
Income taxes	25,396		12,232		77,620		60,960
Net earnings	$	64,406	$	42,534	$	235,028	$	208,786



Net earnings per share
Basic	$	2.03	$	1.33	$	7.42	$	6.53
Diluted	$	2.01	$	1.31	$	7.33	$	6.45

Weighted average common shares outstanding
Basic	31,666,286		31,988,662		31,680,280		31,954,689
Diluted	32,083,845		32,458,411		32,082,601		32,359,338
(1) Amounts have been revised to reflect the correction of immaterial misstatements. See "Revision of Previously Issued Consolidated Financial Statements" section included herein for additional information.


	Three Months Ended						Twelve Months Ended
	September 27, 2025			September 28, 2024 (1)			September 27, 2025			September 28, 2024 (1)
Net Earnings as Reported	$	64,406		$	42,534		$	235,028		$	208,786
Adjustments to Net Earnings:
Program terminations(2)	(231)			—			7,834			1,992
Simplification initiatives(3)	8,876			28,837			27,080			43,293
Dispute resolution(4)	10,455			—			11,917			—
Investment losses(5)	—			—			3,000			5,294
Acquisition and integration(6)	2,477			(487)			2,958			(487)
Other charges(7)	573			2,889			2,573			3,305
Tax effect of adjustments	(4,385)			(4,117)			(11,705)			(8,339)

Net Earnings as Adjusted	$	82,171		$	69,656		$	278,685		$	253,844

Diluted Net Earnings Per Share
As Reported	$	2.01		$	1.31		$	7.33		$	6.45
As Adjusted	$	2.56		$	2.15		$	8.69		$	7.84

Effective Income Tax Rate
As Reported	28.3		%	22.3		%	24.8		%	22.6		%
As Adjusted(8)	24.1		%	19.0		%	23.5		%	21.4		%
The diluted net earnings per share associated with the adjustments in the table above may not reconcile when totaled due to rounding. (1) As reported amounts have been revised to reflect the correction of immaterial misstatements. See "Revision of Previously Issued Consolidated Financial Statements" section included herein for additional information. (2) Charges include costs related to the termination of significant development, production, or support programs, such as write-off and impairments of inventory and long-lived assets, contract termination costs, and other charges. (3) Charges include costs related to footprint rationalization, portfolio shaping and legal entity re-organization activities, such as facility closure costs, employee severance and retention costs, write-off and impairments of inventory and long-lived assets, and other charges. (4) Charges include costs related to a dispute with a customer. The circumstances giving rise to this matter are unique and outside the ordinary course of business. These charges consist primarily of third-party legal services and related settlement costs. (5) Charges include impairment losses on minority investments. (6) Charges include costs related to acquisition such as amortization of inventory fair value step-up and professional services fees. Charges also include costs related to integrating the businesses, such as employee severance and retention costs, professional services fees, legal entity and facility rationalization costs and other related charges. (7) Other charges include business interruptions from natural causes, litigation matters, and other items that are not part of normal operations. (8) Adjusted effective income tax rate excludes a charge associated with simplifying our legal entity structure.

While management believes that these adjusted financial measures may be useful in evaluating the financial condition and results of operations of the Company, this information should be considered supplemental and is not a substitute for financial information prepared in accordance with GAAP.


	Three Months Ended						Twelve Months Ended
	September 27, 2025			September 28, 2024 (1)			September 27, 2025			September 28, 2024 (1)
Net sales:
Space and Defense	$	307,355		$	262,824		$	1,113,028		$	1,018,148
Military Aircraft	236,205			215,645			888,136			811,566
Commercial Aircraft	252,171			199,242			903,879			788,100
Industrial	253,407			241,684			955,581			991,146
Net sales	$	1,049,138		$	919,395		$	3,860,624		$	3,608,960
Operating profit:
Space and Defense	$	31,216		$	26,554		$	131,137		$	126,885
	10.2		%	10.1		%	11.8		%	12.5		%
Military Aircraft	33,086			25,606			98,757			85,503
	14.0		%	11.9		%	11.1		%	10.5		%
Commercial Aircraft	28,654			30,729			111,793			98,877
	11.4		%	15.4		%	12.4		%	12.5		%
Industrial	32,084			9,992			107,919			93,200
	12.7		%	4.1		%	11.3		%	9.4		%
Total operating profit	125,040			92,881			449,606			404,465
	11.9		%	10.1		%	11.6		%	11.2		%
Deductions from operating profit:
Interest expense	18,490			17,398			72,075			66,330
Equity-based compensation expense	4,039			3,658			16,708			14,959

Non-service pension expense	1,864			3,119			7,719			12,685
Corporate and other expenses, net	10,845			13,940			40,456			40,745
Earnings before income taxes	$	89,802		$	54,766		$	312,648		$	269,746
(1) Amounts have been revised to reflect the correction of immaterial misstatements. See "Revision of Previously Issued Consolidated Financial Statements" section included herein for additional information.


	Three Months Ended						Twelve Months Ended
	September 27, 2025			September 28, 2024 (1)			September 27, 2025			September 28, 2024 (1)
Space and Defense operating profit - as reported	$	31,216		$	26,554		$	131,137		$	126,885
Simplification initiatives	2,092			6,336			4,566			6,336
Dispute resolution	10,455			—			11,917			—

Acquisition integration	2,477			—			2,958			—
Other charges	62			1,889			62			2,305
Space and Defense operating profit - as adjusted	$	46,302		$	34,779		$	150,640		$	135,526
	15.1		%	13.2		%	13.5		%	13.3		%

Military Aircraft operating profit - as reported	$	33,086		$	25,606		$	98,757		$	85,503
Program terminations	(231)			—			7,834			1,992
Simplification initiatives	—			335			591			4,067
Investment losses	—			—			—			5,294

Other charges	449			—			2,449			—
Military Aircraft operating profit - as adjusted	$	33,304		$	25,941		$	109,631		$	96,856
	14.1		%	12.0		%	12.3		%	11.9		%

Commercial Aircraft operating profit - as reported	$	28,654		$	30,729		$	111,793		$	98,877

Simplification initiatives	—			241			—			649
Acquisition integration	—			(487)			—			(487)
Other charges	—			1,000			—			1,000
Commercial Aircraft operating profit - as adjusted	$	28,654		$	31,483		$	111,793		$	100,039
	11.4		%	15.8		%	12.4		%	12.7		%

Industrial operating profit - as reported	$	32,084		$	9,992		$	107,919		$	93,200
Program terminations	—			—			—			—
Simplification initiatives	3,084			21,925			18,223			32,241

Investment losses	—			—			3,000			—

Other charges	62			—			62			—
Industrial operating profit - as adjusted	$	35,230		$	31,917		$	129,204		$	125,441
	13.9		%	13.2		%	13.5		%	12.7		%

Total operating profit - as adjusted	$	143,490		$	124,120		$	501,268		$	457,862
	13.7		%	13.5		%	13.0		%	12.7		%
(1) As reported amounts have been revised to reflect the correction of immaterial misstatements. See "Revision of Previously Issued Consolidated Financial Statements" section included herein for additional information.


	September 27, 2025		September 28, 2024 (1)
ASSETS
Current assets
Cash and cash equivalents	$	62,013	$	61,694
Restricted cash	200		123
Receivables, net	506,768		419,971
Unbilled receivables	744,352		690,572
Inventories, net	914,302		862,541
Prepaid expenses and other current assets	142,345		87,745
Total current assets	2,369,980		2,122,646
Property, plant and equipment, net	1,019,906		928,588
Operating lease right-of-use assets	52,799		52,591
Goodwill	842,313		833,764
Intangible assets, net	66,101		63,479
Deferred income taxes	22,459		23,884
Other assets	52,497		52,695
Total assets	$	4,426,055	$	4,077,647
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities

Current installments of long-term debt	$	1,563	$	—
Accounts payable	318,402		293,888
Accrued compensation	106,040		104,027
Contract advances and progress billings	372,988		302,126

Accrued liabilities and other	320,075		313,373
Total current liabilities	1,119,068		1,013,414
Long-term debt, excluding current installments	944,123		874,139
Long-term pension and retirement obligations	157,218		167,161
Deferred income taxes	32,600		27,652
Other long-term liabilities	180,491		166,464
Total liabilities	2,433,500		2,248,830


Shareholders’ equity
Common stock - Class A	43,864		43,835
Common stock - Class B	7,416		7,445
Additional paid-in capital	839,328		784,509
Retained earnings	2,834,548		2,635,950
Treasury shares	(1,209,200)		(1,082,240)
Stock Employee Compensation Trust	(195,491)		(194,049)
Supplemental Retirement Plan Trust	(170,191)		(163,821)
Accumulated other comprehensive loss	(157,719)		(202,812)
Total shareholders’ equity	1,992,555		1,828,817


Total liabilities and shareholders’ equity	$	4,426,055	$	4,077,647
(1) Amounts have been revised to reflect the correction of immaterial misstatements. See "Revision of Previously Issued Consolidated Financial Statements" section included herein for additional information.


	Twelve Months Ended
	September 27, 2025		September 28, 2024 (1)
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings	$	235,028	$	208,786
Adjustments to reconcile net earnings to net cash provided (used) by operating activities:
Depreciation	94,013		85,878
Amortization	9,715		10,149
Deferred income taxes	(6,545)		(29,651)
Equity-based compensation expense	16,708		14,959


Gain on sale of buildings	—		(979)
Asset impairment and inventory write-down	13,848		29,176

Other	4,432		6,283
Changes in assets and liabilities providing (using) cash:
Receivables	(87,070)		35,962
Unbilled receivables	(64,588)		(50,474)
Inventories	(51,772)		(131,330)
Accounts payable	24,711		26,446
Contract advances and progress billings	81,597		(41,717)
Accrued expenses	3,743		7,900
Accrued income taxes	(20,214)		14,502
Net pension and post retirement liabilities	18,194		11,791
Other assets and liabilities	1,286		181
Net cash provided (used) by operating activities	273,086		197,862
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions of businesses, net of cash acquired	(41,179)		(5,911)
Purchase of property, plant and equipment	(144,731)		(151,995)
Net proceeds from businesses sold	13,487		1,627
Net proceeds from buildings sold	—		1,453
Other investing transactions	(2,833)		(766)
Net cash provided (used) by investing activities	(175,256)		(155,592)
CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from revolving lines of credit	1,229,500		1,038,500
Payments on revolving lines of credit	(1,410,000)		(1,029,500)
Proceeds from long-term debt	250,000		—




Payments on finance lease obligations	(10,159)		(6,037)
Payment of dividends	(36,430)		(35,476)
Proceeds from sale of treasury stock	19,568		15,685
Purchase of outstanding shares for treasury	(142,707)		(36,738)
Proceeds from sale of stock held by SECT	32,664		28,202
Purchase of stock held by SECT	(28,985)		(22,837)



Other financing transactions	(1,742)		—
Net cash provided (used) by financing activities	(98,291)		(48,201)
Effect of exchange rate changes on cash	(1,863)		1,324
Increase (decrease) in cash, cash equivalents and restricted cash	(2,324)		(4,607)
Cash, cash equivalents and restricted cash at beginning of year (2)	64,537		69,144
Cash, cash equivalents and restricted cash at end of period (2)	$	62,213	$	64,537
(1) Amounts have been revised to reflect the correction of immaterial misstatements. See "Revision of Previously Issued Consolidated Financial Statements" section included herein for additional information. (2) Beginning of year cash balance at September 29, 2024 and end of year cash balance at September 28, 2024 includes cash related to assets held for sale of $2,720.


	Three Months Ended						Twelve Months Ended
	September 27, 2025			September 28, 2024 (1)			September 27, 2025			September 28, 2024 (1)
Net cash provided (used) by operating activities	$	240,689		$	147,462		$	273,086		$	197,862
Purchase of property, plant and equipment	(41,690)			(38,172)			(144,731)			(151,995)

Receivables Purchase Agreement	—			—			—			(25,000)
Free cash flow	$	198,999		$	109,290		$	128,355		$	20,867
Adjusted net earnings	$	82,171		$	69,656		$	278,685		$	253,844
Free cash flow conversion	242		%	157		%	46		%	8		%
(1) Amounts have been revised to reflect the correction of immaterial misstatements. See "Revision of Previously Issued Consolidated Financial Statements" section included herein for additional information.

Free cash flow is defined as net cash provided (used) by operating activities, less purchase of property, plant and equipment, less the benefit from the Receivables Purchase Agreement. Free cash flow conversion is defined as free cash flow divided by adjusted net earnings. Free cash flow and free cash flow conversion are not measures determined in accordance with GAAP and may not be comparable with the measures as used by other companies. However, management believes these adjusted financial measures may be useful in evaluating the liquidity, financial condition and results of operations of the Company. This information should be considered supplemental and is not a substitute for financial information prepared in accordance with GAAP.

We evaluated the nature and magnitude of all identified misstatements to assess the materiality, including quantitative and qualitative considerations, and determined that the misstatements were not material, individually or in aggregate, to any previously issued quarterly or annual consolidated financial statements. However, correcting these misstatements entirely in the current period would have been material to our 2025 financial statements. As a result we have revised our prior period annual consolidated financial statements for 2023 and 2024 and our quarterly consolidated condensed financial statements for 2024 and 2025 to reflect the corrections in the periods in which the misstatements originated.


	Three Months Ended
	September 28, 2024
	As Reported		Revisions		As Revised
Net sales	$	917,272	$	2,123	$	919,395
Cost of sales	666,541		(8,881)		657,660
Inventory write-down	5,252		—		5,252
Gross profit	245,479		11,004		256,483
Research and development	26,021		—		26,021
Selling, general and administrative	124,840		1,537		126,377
Interest	9,262		8,135		17,397
Asset impairment and fair value adjustment	15,287		—		15,287
Restructuring	11,165		—		11,165

Gain on sale of buildings	(979)		—		(979)

Other	4,335		2,114		6,449
Earnings before income taxes	55,548		(782)		54,766
Income taxes	12,503		(271)		12,232
Net earnings	$	43,045	$	(511)	$	42,534

Net earnings per share
Basic	$	1.35	$	(0.02)	$	1.33
Diluted	$	1.33	$	(0.02)	$	1.31


	Twelve Months Ended
	September 28, 2024
	As Reported		Revisions		As Revised
Net sales	$	3,609,160	$	(200)	$	3,608,960
Cost of sales	2,605,214		(15,689)		2,589,525
Inventory write-down	7,027		—		7,027
Gross profit	996,919		15,489		1,012,408
Research and development	112,773		—		112,773
Selling, general and administrative	494,887		6,366		501,253
Interest	62,112		4,218		66,330
Asset impairment and fair value adjustment	22,149		—		22,149
Restructuring	23,788		—		23,788

Gain on sale of buildings	(979)		—		(979)

Other	14,376		2,972		17,348
Earnings before income taxes	267,813		1,933		269,746
Income taxes	60,593		367		60,960
Net earnings	$	207,220	$	1,566	$	208,786

Net earnings per share
Basic	$	6.48	$	0.05	$	6.53
Diluted	$	6.40	$	0.05	$	6.45


	Three Months Ended
	September 28, 2024
	As Reported		Revisions		As Revised
Net sales:
Space and Defense	$	262,824	$	—	$	262,824
Military Aircraft	215,645		—		215,645
Commercial Aircraft	197,119		2,123		199,242
Industrial	241,684		—		241,684
Net sales	$	917,272	$	2,123	$	919,395
Operating profit:
Space and Defense	$	27,179	$	(625)	$	26,554

Military Aircraft	25,535		71		25,606

Commercial Aircraft	21,634		9,095		30,729

Industrial	9,065		927		9,992

Total operating profit	83,413		9,468		92,881


Deductions from operating profit:
Interest expense	9,262		8,136		17,398
Equity-based compensation expense	3,658		—		3,658

Non-service pension expense	3,119		—		3,119
Corporate and other expenses, net	11,826		2,114		13,940
Earnings before income taxes	$	55,548	$	(782)	$	54,766


	Twelve Months Ended
	September 28, 2024
	As Reported		Revisions		As Revised
Net sales:
Space and Defense	$	1,018,148	$	—	$	1,018,148
Military Aircraft	811,566		—		811,566
Commercial Aircraft	788,300		(200)		788,100
Industrial	991,146		—		991,146
Net sales	$	3,609,160	$	(200)	$	3,608,960
Operating profit:
Space and Defense	$	127,354	$	(469)	$	126,885

Military Aircraft	85,858		(355)		85,503

Commercial Aircraft	91,472		7,405		98,877

Industrial	90,657		2,543		93,200

Total operating profit	395,341		9,124		404,465


Deductions from operating profit:
Interest expense	62,112		4,218		66,330
Equity-based compensation expense	14,959		—		14,959

Non-service pension expense	12,685		—		12,685
Corporate and other expenses, net	37,772		2,973		40,745
Earnings before income taxes	$	267,813	$	1,933	$	269,746


	September 28, 2024
	As Reported		Revisions		As Revised
ASSETS
Current assets
Cash and cash equivalents	$	61,694	$	—	$	61,694
Restricted cash	123		—		123
Receivables, net	419,971		—		419,971
Unbilled receivables	709,014		(18,442)		690,572
Inventories, net	863,702		(1,161)		862,541
Prepaid expenses and other current assets	86,245		1,500		87,745
Total current assets	2,140,749		(18,103)		2,122,646
Property, plant and equipment, net	929,357		(769)		928,588
Operating lease right-of-use assets	52,591		—		52,591
Goodwill	833,764		—		833,764
Intangible assets, net	63,479		—		63,479
Deferred income taxes	20,991		2,893		23,884
Other assets	52,695		—		52,695
Total assets	$	4,093,626	$	(15,979)	$	4,077,647
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities

Accounts payable	$	292,988	$	900	$	293,888
Accrued compensation	101,127		2,900		104,027
Contract advances and progress billings	299,732		2,394		302,126
Accrued liabilities and other	305,180		8,193		313,373
Total current liabilities	999,027		14,387		1,013,414
Long-term debt, excluding current installments	874,139		—		874,139
Long-term pension and retirement obligations	167,161		—		167,161
Deferred income taxes	27,738		(86)		27,652
Other long-term liabilities	164,928		1,536		166,464
Total liabilities	2,232,993		15,837		2,248,830
Shareholders’ equity
Common stock - Class A	43,835		—		43,835
Common stock - Class B	7,445		—		7,445
Additional paid-in capital	784,509		—		784,509
Retained earnings	2,668,723		(32,773)		2,635,950
Treasury shares	(1,082,240)		—		(1,082,240)
Stock Employee Compensation Trust	(194,049)		—		(194,049)
Supplemental Retirement Plan Trust	(163,821)		—		(163,821)
Accumulated other comprehensive loss	(203,769)		957		(202,812)
Total shareholders’ equity	1,860,633		(31,816)		1,828,817
Total liabilities and shareholders’ equity	$	4,093,626	$	(15,979)	$	4,077,647


	Twelve Months Ended
	September 28, 2024
	As Reported		Revisions		As Revised
CASH FLOWS FROM OPERATING ACTIVITIES
Net earnings	$	207,220	$	1,566	$	208,786
Adjustments to reconcile net earnings to net cash provided (used) by operating activities:
Depreciation	82,957		2,921		85,878
Amortization	10,149		—		10,149
Deferred income taxes	(31,735)		2,084		(29,651)
Equity-based compensation expense	14,959		—		14,959


Gain on sale of buildings	(979)		—		(979)
Asset impairment and inventory write-down	29,176		—		29,176

Other	6,512		(229)		6,283
Changes in assets and liabilities providing (using) cash:
Receivables	23,262		12,700		35,962
Unbilled receivables	2,856		(53,330)		(50,474)
Inventories	(126,978)		(4,352)		(131,330)
Accounts payable	26,446		—		26,446
Contract advances and progress billings	(84,296)		42,579		(41,717)
Accrued expenses	26,493		(18,593)		7,900
Accrued income taxes	16,219		(1,717)		14,502
Net pension and post retirement liabilities	11,791		—		11,791
Other assets and liabilities	(11,708)		11,889		181
Net cash provided (used) by operating activities	202,344		(4,482)		197,862
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions of businesses, net of cash acquired	(5,911)		—		(5,911)
Purchase of property, plant and equipment	(156,018)		4,023		(151,995)
Net proceeds from businesses sold	1,627		—		1,627
Net proceeds from buildings sold	1,453		—		1,453
Other investing transactions	(766)		—		(766)
Net cash provided (used) by investing activities	(159,615)		4,023		(155,592)
CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from revolving lines of credit	1,038,500		—		1,038,500
Payments on revolving lines of credit	(1,029,500)		—		(1,029,500)





Payments on finance lease obligations	(6,496)		459		(6,037)
Payment of dividends	(35,476)		—		(35,476)
Proceeds from sale of treasury stock	15,685		—		15,685
Purchase of outstanding shares for treasury	(36,738)		—		(36,738)
Proceeds from sale of stock held by SECT	28,202		—		28,202
Purchase of stock held by SECT	(22,837)		—		(22,837)




Net cash provided (used) by financing activities	(48,660)		459		(48,201)
Effect of exchange rate changes on cash	1,324		—		1,324
Increase (decrease) in cash, cash equivalents and restricted cash	(4,607)		—		(4,607)
Cash, cash equivalents and restricted cash at beginning of year (1)	69,144		—		69,144
Cash, cash equivalents and restricted cash at end of period	$	64,537	$	—	$	64,537
(1) Ending cash balance at September 28, 2024 includes cash related to assets held for sale of $2,720.




	FY 2026 Guidance			FY 2025
Net sales (in billions)	$	4.2		$	3.9
Operating margin	13.4		%	11.6		%
Adjusted operating margin	13.4		%	13.0		%
Diluted net earnings per share(1)	$	10.00		$	7.33
Adjusted diluted net earnings per share(1)	$	10.00		$	8.69
Free cash flow conversion	60		%	46		%

(1) Diluted net earnings per share and Adjusted diluted net earnings per share figures are forecasted to be within range of +/- $0.20.


Moog Inc.
CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)
(dollars in thousands, except per share data)


Moog Inc.
RECONCILIATION TO ADJUSTED NET EARNINGS, ADJUSTED DILUTED NET EARNINGS PER SHARE AND ADJUSTED EFFECTIVE TAX RATE (UNAUDITED)
(dollars in thousands)


Moog Inc.
CONSOLIDATED SALES AND OPERATING PROFIT (UNAUDITED)
(dollars in thousands)


Moog Inc.
RECONCILIATION TO ADJUSTED OPERATING PROFIT AND MARGINS (UNAUDITED)
(dollars in thousands)


Moog Inc.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(dollars in thousands)


Moog Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(dollars in thousands)


Moog Inc.
RECONCILIATION OF NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES TO FREE CASH FLOW (UNAUDITED)
(dollars in thousands)


Moog Inc.
REVISION OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS


Release Date:			November 21, 2025
			IMMEDIATE