Woodward (WWD) financial statements
Woodward reported revenue of $3.6B in fiscal 2025, up 6.5% a year over 9 years.
Net income was $442M.
Free cash flow was $340M, and the company returned $173M in net buybacks.
The diluted share count fell 3% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Woodward's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.0B | $2.1B | $2.3B | $2.9B | $2.5B | $2.2B | $2.4B | $2.9B | $3.3B | $3.6B |
| Cost of revenue | $1.5B | $1.5B | $1.7B | $2.2B | $1.9B | $1.7B | $1.9B | $2.2B | $2.4B | $2.6B |
| Gross profit | $539M | $571M | $603M | $708M | $640M | $551M | $525M | $678M | $876M | $956M |
| Research and development | $126M | $127M | $148M | $159M | $133M | $117M | $120M | $132M | $141M | $148M |
| Selling, general and admin | $174M | $177M | $194M | $211M | $218M | $187M | $203M | $270M | $307M | $330M |
| Interest expense | $27M | $36M | $40M | $44M | $36M | $34M | $35M | $48M | $48M | $46M |
| Pre-tax income | $226M | $253M | $220M | $321M | $282M | $246M | $200M | $276M | $454M | $521M |
| Income tax | $46M | $52M | $39M | $61M | $41M | $37M | $28M | $43M | $81M | $79M |
| Net income | $181M | $201M | $180M | $260M | $240M | $209M | $172M | $232M | $373M | $442M |
| EPS (diluted) | $2.85 | $3.16 | $2.82 | $4.02 | $3.74 | $3.18 | $2.71 | $3.78 | $6.01 | $7.19 |
| Diluted shares | 64M | 64M | 64M | 64M | 64M | 66M | 63M | 61M | 62M | 61M |
| Gross margin | 26.6% | 27.2% | 25.9% | 24.4% | 25.7% | 24.5% | 22.0% | 23.2% | 26.4% | 26.8% |
| Net margin | 8.9% | 9.6% | 7.8% | 9.0% | 9.6% | 9.3% | 7.2% | 8.0% | 11.2% | 12.4% |
Balance sheet
Fiscal years, from Woodward's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $81M | $88M | $84M | $99M | $153M | $448M | $108M | $137M | $282M | $327M |
| Receivables | — | — | $423M | $416M | $365M | $322M | $369M | $485M | $457M | $477M |
| Inventory | $462M | $474M | $550M | $517M | $438M | $420M | $514M | $518M | $609M | $655M |
| Total current assets | $944M | $1.0B | $1.1B | $1.3B | $1.2B | $1.5B | $1.3B | $1.5B | $1.7B | $1.9B |
| Property, plant and equipment | $876M | $922M | $1.1B | $1.1B | $997M | $951M | $910M | $913M | $941M | $987M |
| Goodwill | $556M | $557M | $813M | $798M | $808M | $805M | $773M | $791M | $807M | $832M |
| Total assets | $2.6B | $2.8B | $3.8B | $4.0B | $3.9B | $4.1B | $3.8B | $4.0B | $4.4B | $4.6B |
| Total current liabilities | $481M | $427M | $591M | $707M | $392M | $366M | $539M | $617M | $924M | $907M |
| Long-term debt | $577M | $580M | $1.1B | $865M | $737M | $734M | $710M | $646M | $570M | $457M |
| Total liabilities | $1.4B | $1.4B | $2.3B | $2.2B | $1.9B | $1.9B | $1.9B | $1.9B | $2.2B | $2.1B |
| Shareholders' equity | $1.2B | $1.4B | $1.5B | $1.7B | $2.0B | $2.2B | $1.9B | $2.1B | $2.2B | $2.6B |
| Net debt | $496M | $493M | $1.0B | $766M | $685M | $286M | $603M | $584M | $373M | $252M |
Cash flow
Fiscal years, from Woodward's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $435M | $308M | $299M | $391M | $349M | $465M | $194M | $309M | $439M | $471M |
| Capital spending | $176M | $92M | $127M | $99M | $47M | $38M | $53M | $76M | $96M | $131M |
| Free cash flow | $260M | $215M | $172M | $292M | $302M | $427M | $141M | $232M | $343M | $340M |
| Stock-based compensation | $15M | $17M | $18M | $18M | $23M | $21M | $20M | $23M | $33M | $32M |
| Share buybacks (net) | -$126M | -$72M | $0 | -$110M | -$13M | -$33M | -$485M | -$126M | -$391M | -$173M |
| Net borrowing | $179M | — | $400M | — | — | — | — | — | — | — |
| Free cash flow margin | 12.8% | 10.3% | 7.4% | 10.1% | 12.1% | 19.0% | 5.9% | 8.0% | 10.3% | 9.5% |
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Open WWD in InvestinglyQuestions
What was Woodward's revenue in 2025?
$3.6B in fiscal 2025, from its 10-K filing.
How much free cash flow does Woodward generate?
$340M in fiscal 2025 (operating cash flow minus capital spending).
From Woodward's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.