Curtiss Wright
CW · NYSEMisc Industrial & Commercial Machinery & Equipment · Fiscal year ends Dec 31
Curtiss Wright reported revenue of $3.5B in the fiscal year ended Dec 2025, up 12.1% from the year before. Operating income was $634M, an operating margin of 18.1%, and net income was $484M. Operating cash flow of $643M less capital expenditure of $90M left free cash flow of $554M. Net debt was $587M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $2.5B | $2.6B | $2.8B | $3.1B | $3.5B |
| Cost of revenue | $1.6B | $1.6B | $1.8B | $2B | $2.2B |
| Gross profit | $928M | $955M | $1.1B | $1.2B | $1.3B |
| Research & development | $88M | $81M | $86M | $92M | $95M |
| Operating income | $377M | $423M | $485M | $529M | $634M |
| Interest expense | $40M | $47M | $51M | $45M | $43M |
| Pre-tax income | $349M | $389M | $463M | $522M | $620M |
| Income tax | $86M | $95M | $109M | $117M | $136M |
| Net income | $263M | $294M | $355M | $405M | $484M |
| Diluted EPS | 6.47 | 7.62 | 9.20 | 10.55 | 12.87 |
| Diluted shares | 41M | 39M | 39M | 38M | 38M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $171M | $257M | $407M | $385M | $371M |
| Receivables | $647M | $723M | $733M | $835M | $932M |
| Inventory | $412M | $483M | $510M | $541M | $615M |
| Current assets | $1.3B | $1.5B | $1.7B | $1.8B | $2B |
| Net PP&E | $360M | $343M | $333M | $339M | $382M |
| Goodwill | $1.5B | $1.5B | $1.6B | $1.7B | $1.7B |
| Total assets | $4.1B | $4.4B | $4.6B | $5B | $5.2B |
| Payables | $212M | $267M | $244M | $247M | $310M |
| Deferred revenue | $260M | $255M | $304M | $459M | $561M |
| Current liabilities | $735M | $981M | $807M | $1.1B | $1.4B |
| Short-term debt | $0 | $203M | $0 | $90M | $200M |
| Long-term debt | $1.1B | $1.1B | $1.1B | $959M | $758M |
| Total liabilities | $2.3B | $2.5B | $2.3B | $2.5B | $2.7B |
| Shareholders' equity | $1.8B | $2B | $2.3B | $2.4B | $2.5B |
| Backlog (remaining obligations) | $2.2B | $2.6B | $2.9B | $3.4B | $4.1B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $388M | $295M | $448M | $544M | $643M |
| Capital expenditure | $41M | $38M | $45M | $61M | $90M |
| Free cash flow | $347M | $257M | $403M | $483M | $554M |
| Depreciation & amortisation | $114M | $112M | $116M | $108M | $125M |
| Stock-based compensation | $13M | $15M | $17M | $19M | $22M |
| Acquisitions | $0 | $282M | $0 | $226M | $0 |
| Share buybacks | $343M | $57M | $50M | $250M | $465M |
| Dividends paid | $29M | $29M | $30M | $32M | $35M |
| Dividend per share | 0.71 | 0.75 | 0.79 | 0.83 | 0.93 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 2.2% | 11.3% | 9.7% | 12.1% |
| Operating income growth (YoY) | – | 12.3% | 14.4% | 9.1% | 19.8% |
| EPS growth (YoY) | – | 17.8% | 20.7% | 14.7% | 22.0% |
| Gross margin | 37.1% | 37.3% | 37.5% | 37.0% | 37.2% |
| Operating margin | 15.1% | 16.6% | 17.0% | 16.9% | 18.1% |
| Net margin | 10.5% | 11.5% | 12.5% | 13.0% | 13.8% |
| Return on equityBlank when equity is negative | 14.4% | 14.9% | 15.2% | 16.5% | 19.1% |
| ROCEEBIT ÷ (assets − current liabilities) | 11.2% | 12.2% | 12.7% | 13.6% | 16.6% |
| Free cash flow margin | 13.9% | 10.0% | 14.2% | 15.5% | 15.8% |
| Cash conversion (CFO ÷ net income) | 1.47x | 1.00x | 1.26x | 1.34x | 1.33x |
| Receivable days | 94 | 103 | 94 | 98 | 97 |
| Inventory days | 96 | 110 | 105 | 100 | 102 |
| Payable days | 49 | 61 | 50 | 46 | 52 |
| Interest cover | 9.37x | 9.01x | 9.43x | 11.8x | 14.7x |
| Debt ÷ equity | 0.58x | 0.63x | 0.45x | 0.43x | 0.38x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $880M | $997M | $643M | $664M | $587M |
| Current ratio | 1.78x | 1.55x | 2.13x | 1.69x | 1.44x |
Recent filings
More in Misc Industrial & Commercial Machinery & Equipment
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.