Moog (MOG-A) financial statements
Moog reported revenue of $3.9B in fiscal 2025, up 5.4% a year over 9 years.
Net income was $235M and the operating margin 11.6%, against 9.9% in 2016.
Free cash flow was $128M, and the company returned $36M in dividends and $143M in net buybacks.
The diluted share count fell 12% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Moog's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.4B | $2.5B | $2.7B | $2.9B | $2.9B | $2.9B | $3.0B | $3.3B | $3.6B | $3.9B |
| Cost of revenue | $1.7B | $1.8B | $1.9B | $2.1B | $2.1B | $2.1B | $2.2B | $2.4B | $2.6B | $2.8B |
| Gross profit | $712M | $734M | $774M | $816M | $744M | $776M | $821M | $898M | $1.0B | $1.1B |
| Research and development | $147M | $144M | $130M | $126M | $111M | $126M | $110M | $107M | $113M | $94M |
| Selling, general and admin | $340M | $346M | $388M | $405M | $398M | $412M | $449M | $475M | $501M | $554M |
| Operating income | $238M | $259M | $262M | $321M | $216M | $271M | $283M | $344M | $404M | $450M |
| Interest expense | $35M | $35M | $36M | $39M | $39M | $34M | $37M | $60M | $66M | $72M |
| Pre-tax income | $173M | $182M | $182M | $227M | $5M | $204M | $203M | $222M | $270M | $313M |
| Income tax | $49M | $41M | $87M | $52M | -$4M | $47M | $48M | $46M | $61M | $78M |
| Net income | $127M | $141M | $95M | $175M | $9M | $157M | $155M | $175M | $209M | $235M |
| EPS (diluted) | $3.47 | $3.90 | $2.64 | $4.96 | $0.28 | $4.87 | $4.83 | $5.47 | $6.45 | $7.33 |
| Diluted shares | 37M | 36M | 36M | 35M | 33M | 32M | 32M | 32M | 32M | 32M |
| Gross margin | 29.5% | 29.4% | 28.6% | 28.1% | 25.8% | 27.2% | 27.0% | 27.1% | 28.1% | 27.4% |
| Operating margin | 9.9% | 10.4% | 9.7% | 11.1% | 7.5% | 9.5% | 9.3% | 10.4% | 11.2% | 11.6% |
| Net margin | 5.3% | 5.7% | 3.5% | 6.0% | 0.3% | 5.5% | 5.1% | 5.3% | 5.8% | 6.1% |
Balance sheet
Fiscal years, from Moog's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $325M | $368M | $126M | $90M | $85M | $100M | $102M | $69M | $62M | $62M |
| Receivables | $688M | $728M | $794M | $954M | $856M | $946M | $990M | — | — | — |
| Inventory | $479M | $489M | $513M | $535M | $623M | $613M | $588M | $718M | $863M | $914M |
| Total current assets | $1.5B | $1.6B | $1.5B | $1.6B | $1.6B | $1.7B | $1.8B | $1.9B | $2.1B | $2.4B |
| Property, plant and equipment | $522M | $523M | $553M | $587M | $600M | $646M | $689M | $826M | $929M | $1.0B |
| Goodwill | $740M | $774M | $797M | $784M | $822M | $852M | $805M | $821M | $834M | $842M |
| Total assets | $3.0B | $3.1B | $3.0B | $3.1B | $3.2B | $3.4B | $3.4B | $3.8B | $4.1B | $4.4B |
| Total current liabilities | $589M | $629M | $681M | $728M | $711M | $869M | $838M | $958M | $1.0B | $1.1B |
| Long-term debt | $1.0B | $957M | $859M | $833M | $930M | $823M | $837M | $863M | $874M | $944M |
| Total liabilities | $2.0B | $1.9B | $1.7B | $1.8B | $2.0B | $2.0B | $2.0B | $2.2B | $2.2B | $2.4B |
| Shareholders' equity | $988M | $1.2B | $1.2B | $1.3B | $1.2B | $1.4B | $1.4B | $1.6B | $1.8B | $2.0B |
| Net debt | $680M | $589M | $733M | $743M | $846M | $804M | $736M | $794M | $812M | $884M |
Cash flow
Fiscal years, from Moog's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $216M | $218M | $102M | $181M | $279M | $293M | $247M | $140M | $198M | $273M |
| Capital spending | $67M | $76M | $95M | $118M | $88M | $129M | $139M | $177M | $152M | $145M |
| Free cash flow | $149M | $142M | $8M | $63M | $191M | $164M | $107M | -$38M | $46M | $128M |
| Stock-based compensation | $3M | $5M | $6M | $6M | $6M | $7M | $9M | $11M | $15M | $17M |
| Dividends paid | $0 | $0 | $18M | $35M | $25M | $32M | $33M | $34M | $35M | $36M |
| Share buybacks (net) | -$45M | -$9M | -$8M | -$41M | -$232M | -$32M | -$49M | -$29M | -$37M | -$143M |
| Net borrowing | $10M | -$1M | -$7M | -$4M | $0 | $0 | — | — | — | — |
| Free cash flow margin | 6.2% | 5.7% | 0.3% | 2.2% | 6.6% | 5.8% | 3.5% | -1.1% | 1.3% | 3.3% |
| Dividends per share | — | — | $0.50 | $0.99 | $0.75 | $0.99 | $1.03 | $1.06 | $1.10 | $1.14 |
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Open MOG-A in InvestinglyQuestions
What was Moog's revenue in 2025?
$3.9B in fiscal 2025, from its 10-K filing.
How much free cash flow does Moog generate?
$128M in fiscal 2025 (operating cash flow minus capital spending).
From Moog's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.