Curtiss-Wright (CW) financial statements

Industrials · Aerospace & Defense · Market cap $18.0B

Curtiss-Wright reported revenue of $3.5B in fiscal 2025, up 5.8% a year over 9 years.

Net income was $484M and the operating margin 18.1%, against 14.1% in 2016.

Free cash flow was $554M, and the company returned $35M in dividends and $465M in net buybacks.

The diluted share count fell 16% over the period (buybacks).

Revenue and free cash flow

Fiscal years, $ billions.

012342016201720182019202020212022202320242025RevenueFree cash flow
Embed this chart

Free to use in articles and newsletters with the source line. Paste this HTML:

Income statement

Fiscal years, from Curtiss-Wright's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Revenue$2.1B$2.3B$2.4B$2.5B$2.4B$2.5B$2.6B$2.8B$3.1B$3.5B
Cost of revenue$1.4B$1.5B$1.5B$1.6B$1.6B$1.6B$1.6B$1.8B$2.0B$2.2B
Gross profit$735M$801M$871M$899M$841M$928M$955M$1.1B$1.2B$1.3B
Research and development$59M$61M$65M$73M$75M$88M$81M$86M$92M$95M
Selling, general and admin$379M$414M$433M$422M$413M$443M$446M$497M$519M$568M
Operating income$297M$325M$374M$404M$289M$377M$423M$485M$529M$634M
Interest expense$41M$41M$34M$31M$36M$40M$47M$51M$45M$43M
Pre-tax income$268M$300M$356M$396M$263M$349M$389M$463M$522M$620M
Income tax$79M$85M$80M$89M$62M$86M$95M$109M$117M$136M
Net income$187M$215M$276M$308M$201M$263M$294M$355M$405M$484M
EPS (diluted)$4.15$4.80$6.22$7.15$4.80$6.47$7.62$9.20$10.55$12.87
Diluted shares45M45M44M43M42M41M39M39M38M38M
Gross margin34.8%35.3%36.1%36.1%35.2%37.1%37.3%37.5%37.0%37.2%
Operating margin14.1%14.3%15.5%16.2%12.1%15.1%16.6%17.0%16.9%18.1%
Net margin8.9%9.5%11.4%12.4%8.4%10.5%11.5%12.5%13.0%13.8%

Balance sheet

Fiscal years, from Curtiss-Wright's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Cash and short-term investments$554M$475M$276M$391M$198M$171M$257M$407M$385M$371M
Receivables$463M$495M$594M$632M$589M$647M$723M$733M$835M$932M
Inventory$367M$379M$423M$425M$429M$412M$483M$510M$541M$615M
Total current assets$1.4B$1.4B$1.3B$1.5B$1.3B$1.3B$1.5B$1.7B$1.8B$2.0B
Property, plant and equipment$389M$390M$375M$386M$378M$360M$343M$333M$339M$382M
Goodwill$951M$1.1B$1.1B$1.2B$1.5B$1.5B$1.5B$1.6B$1.7B$1.7B
Total assets$3.0B$3.2B$3.3B$3.8B$4.0B$4.1B$4.4B$4.6B$5.0B$5.2B
Total current liabilities$675M$591M$687M$745M$810M$735M$981M$807M$1.1B$1.4B
Long-term debt$816M$814M$762M$761M$958M$1.1B$1.1B$1.1B$959M$758M
Total liabilities$1.7B$1.7B$1.7B$2.0B$2.2B$2.3B$2.5B$2.3B$2.5B$2.7B
Shareholders' equity$1.3B$1.5B$1.5B$1.8B$1.8B$1.8B$2.0B$2.3B$2.4B$2.5B
Net debt$412M$339M$486M$370M$860M$880M$997M$643M$664M$587M

Cash flow

Fiscal years, from Curtiss-Wright's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Operating cash flow$423M$389M$336M$421M$261M$388M$295M$448M$544M$643M
Capital spending$47M$53M$53M$70M$47M$41M$38M$45M$61M$90M
Free cash flow$376M$336M$283M$352M$214M$347M$257M$403M$483M$554M
Stock-based compensation$9M$12M$14M$14M$14M$13M$15M$17M$19M$22M
Dividends paid$23M$25M$26M$28M$28M$29M$29M$30M$32M$35M
Share buybacks (net)-$105M-$52M-$199M-$51M-$200M-$343M-$57M-$50M-$250M-$465M
Net borrowing$0-$150M-$50M$0——————
Free cash flow margin17.8%14.8%11.7%14.1%8.9%13.9%10.0%14.2%15.5%15.8%
Dividends per share$0.51$0.55$0.59$0.66$0.67$0.71$0.74$0.79$0.82$0.92
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for CW.
Open CW in Investingly

Questions

What was Curtiss-Wright's revenue in 2025?

$3.5B in fiscal 2025, from its 10-K filing.

How much free cash flow does Curtiss-Wright generate?

$554M in fiscal 2025 (operating cash flow minus capital spending).

From Curtiss-Wright's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.