CURTISS-WRIGHT REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS AND RAISES FULL-YEAR 2026 GUIDANCE
CURTISS WRIGHT CORP (CW) filed an SEC Form 8-K — Results of Operations and Financial Condition. Curtiss-Wright Corporation, Page 1 Exhibit 99.1 NEWS RELEASE CURTISS-WRIGHT REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS AND RAISES FULL-YEAR 2026 GUIDANCE DAVIDSON, N.C. – November 4, 2026 – Curtiss-Wright Corporation (NYSE: CW) reports financial results for the third quarter en
How this was made
The 30-second read
Why it matters
The raised guidance signals stronger demand in aerospace & defense and commercial markets, likely supporting the stock price in the near term.
Market read
The earnings beat and raised guidance provide fresh, material information that can move CW's share price today.
What to watch
Higher R&D spend and mix shift in defense electronics could pressure margins later in the year.
Curtiss-Wright reports third quarter 2026 financial results and raises full-year 2026 guidance
Third-quarter reported sales increased 10%, adjusted operating income increased 11%, adjusted diluted EPS increased 16%, and the company raised full-year 2026 adjusted sales, operating income, operating margin, diluted EPS and free cash flow guidance.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q3 2026 total net salesGAAP | $952.6M | – | 10 % |
| Q3 2026 product salesGAAP | $817.8M | – | – |
| Q3 2026 service salesGAAP | $134.8M | – | – |
| Q3 2026 total cost of salesGAAP | $581.0M | – | – |
| Q3 2026 gross profitGAAP | $371.6M | – | – |
| Q3 2026 research and development expensesGAAP | $24.11M | – | – |
| Q3 2026 selling expensesGAAP | $48.60M | – | – |
| Q3 2026 general and administrative expensesGAAP | $109.6M | – | – |
| Q3 2026 restructuring expensesGAAP | $1.36M | – | – |
| Q3 2026 operating incomeGAAP | $187.9M | – | 13 % |
| Q3 2026 operating marginGAAP | 19.7 % | – | 60 bps |
| Q3 2026 adjusted operating incomenon-GAAP | $189.3M | – | 11 % |
| Q3 2026 adjusted operating marginnon-GAAP | 19.9 % | – | 30 bps |
| Q3 2026 interest expenseGAAP | $10.32M | – | – |
| Q3 2026 other income, netGAAP | $338K | – | – |
| Q3 2026 earnings before income taxesGAAP | $177.9M | – | – |
| Q3 2026 provision for income taxesGAAP | $39.05M | – | – |
| Q3 2026 net earningsGAAP | $138.9M | – | – |
| Q3 2026 basic earnings per shareGAAP | $ 3.79 | – | – |
| Q3 2026 diluted earnings per shareGAAP | $ 3.77 | – | – |
| Q3 2026 adjusted diluted earnings per sharenon-GAAP | $ 3.94 | – | 16% |
| Q3 2026 net cash provided by operating activitiesGAAP | $180.4M | – | (6 %) |
| Q3 2026 net capital expendituresother | −$23.05M | – | (36 %) |
| Q3 2026 free cash flownon-GAAP | $157.4M | – | (11 %) |
| Q3 2026 free cash flow conversionnon-GAAP | 108 % | – | – |
| Q3 2026 new ordersother | $1.1B | – | 15% |
| Q3 2026 book-to-billother | 1.1x | – | – |
| Q3 2026 backlogother | $4.6B | – | 12% year-to-date |
| Nine months 2026 total net salesGAAP | $2.79B | – | 9 % |
| Nine months 2026 operating incomeGAAP | $526.1M | – | 16 % |
| Nine months 2026 adjusted operating incomenon-GAAP | $528.9M | – | 14 % |
| Nine months 2026 net earningsGAAP | $418.2M | – | – |
| Nine months 2026 diluted earnings per shareGAAP | $ 11.31 | – | – |
| Nine months 2026 adjusted diluted earnings per sharenon-GAAP | $ 11.15 | – | – |
| Nine months 2026 free cash flownon-GAAP | $300.1M | – | – |
| Nine months 2026 free cash flow conversionnon-GAAP | 73 % | – | – |
| Cash and cash equivalents at September 30, 2026GAAP | $281.1M | – | – |
| Current portion of long-term and short-term debt at September 30, 2026GAAP | $200M | – | – |
| Long-term debt at September 30, 2026GAAP | $757.1M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Aerospace & IndustrialGrowth reflected increased sales of actuation equipment and sensors products supporting fighter jet programs, higher OEM sales of sensors products and surface treatment services, and higher industrial vehicle product sales. | $282M | – | 14 % |
| Defense ElectronicsGrowth in embedded computing equipment for helicopter and international fighter jet programs and turret drive stabilization systems was partly offset by timing of UAV production and lower avionics equipment sales to OEM customers. | $259M | – | 2 % |
| Naval & PowerGrowth reflected Columbia-class and Virginia-class submarine production timing, aircraft carrier refueling and overhaul aftermarket revenue, arresting systems equipment, commercial nuclear solutions, and government nuclear revenues. | $412M | – | 12 % |
Full-Year 2026 Adjusted Non-GAAP Guidance outlook
- Revenue$3,795 - $3,840
- Tax rate21.5 %
- NoteTotal sales: Up 8 - 10%
- NoteAerospace & Industrial sales: $ 1,075 - $ 1,088; 10 - 11%
- NoteDefense Electronics sales: $ 1,055 - $ 1,075; 4 - 6%
- NoteNaval & Power sales: $ 1,665 - $ 1,678; 11 - 12%
- NoteTotal operating income: $731 - $744; Up 12 - 14%
- NoteAerospace & Industrial adjusted operating income: $199 - $203; 17 - 19%
- NoteDefense Electronics adjusted operating income: $291 - $298; 5 - 7%
- NoteNaval & Power adjusted operating income: $284 - $289; 16 - 18%
- NoteTotal operating margin: 19.2% - 19.4%; Up 60 - 80 bps
- NoteAerospace & Industrial operating margin: 18.5 % - 18.7 %; 110 - 130 bps
- NoteDefense Electronics operating margin: 27.5 % - 27.7 %; 20 - 40 bps
- NoteNaval & Power operating margin: 17.0 % - 17.2 %; 70 - 90 bps
- NoteDiluted EPS: $15.40 - $15.60; Up 16 - 18%
- NoteFree cash flow: $595 - $615; Up 8 - 11%
- NoteFree cash flow conversion: in excess of 105%
- NoteInterest expense: $ (41)
- NoteOther income, net: $ 31 - $ 32
- NoteAerospace Defense sales growth: 14 - 16%
- NoteGround Defense sales growth: (2 - 4%)
- NoteNaval Defense sales growth: 9 - 11%
- NoteCommercial Aerospace sales growth: 10 - 12%
- NotePower & Process sales growth: 13 - 15%
- NoteGeneral Industrial sales growth: 3 - 5%
- NoteTotal Aerospace & Defense sales growth: 8 - 10%
- NoteTotal Commercial sales growth: 8 - 10%
Capital returns
- During the third quarter, the Company repurchased approximately 538,000 shares of its common stock for approximately $352 million.
- The Company remains on track to repurchase a total of $460 million in shares in 2026, in-line with last year's record $466 million buyback program.
- In September 2026, the Board authorized an additional $510 million for future share repurchases, increasing total available authorization to $700 million.
- Entering 2027, the Company expects to have remaining open repurchase authorization of $600 million.
- During the third quarter, the Company declared a quarterly dividend of $0.26 a share.
What drove it
- Total A&D market sales increased 9%, while total Commercial market sales increased 11%.
- Aerospace Defense sales were $ 186,356 ($'s in thousands), up 16 %, and Naval Defense sales were $ 271,523 ($'s in thousands), up 10 %.
- Commercial Aerospace sales were $ 120,400 ($'s in thousands), up 6 %, Power & Process sales were $ 164,684 ($'s in thousands), up 10 %, and General Industrial sales were $ 113,827 ($'s in thousands), up 12 %.
- Adjusted operating margin expansion was driven by favorable absorption on higher revenues in all three segments and restructuring initiatives, partly offset by unfavorable product mix in Defense Electronics.
- New orders increased 15% compared with the prior year, driven by strong demand across defense markets and continued order growth in commercial aerospace and general industrial end markets.
Concerns
- Defense Electronics adjusted operating income was $ 70 million, down 5% from the prior year, and adjusted operating margin decreased 220 basis points to 27.0%.
- Defense Electronics faced unfavorable product mix and higher investment in research and development; commercial aerospace revenue declined because of timing of avionics equipment sales to OEM customers.
- Q3 free cash flow decreased $19 million as higher capital investments and higher tax payments more than offset higher cash earnings.
- Ground Defense sales were $ 95,800 ($'s in thousands), down (1 %).
What to watch
- Execution toward full-year total sales guidance of $3,795 - $3,840 and adjusted operating income guidance of $731 - $744.
- Whether Defense Electronics can improve from its Q3 adjusted operating margin of 27.0% toward full-year guidance of 27.5 % - 27.7 %.
- Demand and production timing on Columbia-class and Virginia-class submarine programs, fighter jet and helicopter programs, UAV programs, and commercial aerospace OEM programs.
- Conversion to full-year free cash flow guidance of $595 - $615 and free cash flow conversion in excess of 105%.
- Progress toward the planned $460 million of 2026 share repurchases and use of the $700 million available authorization.
Balance sheet and cash flow
- Cash and cash equivalents were $ 281,113 ($'s in thousands) at September 30, 2026, compared with $ 371,345 ($'s in thousands) at December 31, 2025.
- Current portion of long-term and short-term debt was $ 200,000 ($'s in thousands) and long-term debt was $ 757,139 ($'s in thousands) at September 30, 2026.
- Q3 net cash provided by operating activities was $ 180,414 ($'s in thousands), compared with $ 192,838 ($'s in thousands) in Q3 2025.
- Q3 capital expenditure additions were $ (40,027) ($'s in thousands), while grant proceeds for capital expenditures were $ 16,980 ($'s in thousands).
- Q3 free cash flow was $ 157,367 ($'s in thousands), compared with $ 175,938 ($'s in thousands) in Q3 2025.
Analysis
Curtiss-Wright delivered a strong third quarter. Reported sales were $953 million, up 10%, while reported operating income was $188 million, up 13%, and reported operating margin was 19.7%, up 60 bps. Adjusted operating income increased 11% to $189 million, adjusted operating margin increased 30 basis points to 19.9%, and adjusted diluted EPS increased 16% to $3.94. The nine-month results also showed broad progress, with total net sales of $ 2,790,285 ($'s in thousands), reported operating income of $ 526,122 ($'s in thousands), and adjusted operating income of $ 528,913 ($'s in thousands).
Revenue growth was led by Aerospace & Industrial, where sales increased 14%, and Naval & Power, where sales increased 12%. Aerospace & Industrial benefited from fighter jet actuation and sensors, commercial aerospace OEM sensors and surface-treatment services, and industrial vehicle demand. Naval & Power benefited from submarine production timing, aircraft carrier aftermarket work, arresting systems equipment, commercial nuclear solutions, and government nuclear revenue. Defense Electronics grew only 2%, with higher embedded computing and turret-drive stabilization sales partially offset by UAV production timing and lower OEM avionics sales.
The principal margin issue was Defense Electronics. Its adjusted operating income declined 5% to $70 million and adjusted operating margin fell 220 basis points to 27.0%, as unfavorable mix and higher research and development investment more than offset favorable absorption. By contrast, Aerospace & Industrial adjusted margin increased 80 basis points to 19.4%, and Naval & Power adjusted margin increased 200 basis points to 18.6%. Companywide margin expansion reflected favorable absorption on higher revenue and restructuring benefits, partly offset by the Defense Electronics product mix.
Cash generation was lower in the quarter despite higher cash earnings. Free cash flow was $157 million, down $19 million, with higher capital investments and higher tax payments cited as offsets. The company reported $ 281,113 ($'s in thousands) of cash and cash equivalents, $ 200,000 ($'s in thousands) of current debt, and $ 757,139 ($'s in thousands) of long-term debt at September 30, 2026. Capital allocation remained active, with approximately $352 million used to repurchase approximately 538,000 shares, a quarterly dividend of $0.26 a share, and an additional $510 million repurchase authorization.
Management raised every major full-year adjusted financial target. Total sales guidance is now $3,795 - $3,840, adjusted operating income guidance is $731 - $744, adjusted operating margin guidance is 19.2% - 19.4%, adjusted diluted EPS guidance is $15.40 - $15.60, and free cash flow guidance is $595 - $615. The updated outlook calls for improved profitability across all three segments, including Defense Electronics adjusted operating margin of 27.5 % - 27.7 %, making segment mix, research and development investment, and the timing of defense and commercial aerospace programs central execution items for the remainder of 2026.
Management, verbatim
Curtiss-Wright delivered a strong third quarter, highlighted by double-digit growth in both revenue and operating income, and mid-teens growth in adjusted diluted EPS, as we continue to execute on the strength of our product portfolio,
Lynn M. Bamford, Chair and CEO of Curtiss-Wright Corporation
Orders increased 15% year-over-year, primarily driven by continued strong demand in defense electronics and growth across all of our A&D markets, reinforcing our confidence in our ability to deliver consistent and durable future growth. Based on our strong year-to-date performance, we have raised our full-year guidance for all major financial metrics. We now anticipate sales growth of 8% to 10%, along with improved profitability across all three segments, as our Pivot to Growth Strategy continues to build momentum.
Lynn M. Bamford, Chair and CEO of Curtiss-Wright Corporation
We also remain committed to deploying our strong balance sheet to support disciplined and strategic capital allocation. We are on track to deliver near-record share repurchases in 2026 and continue to drive internal investments to support our future growth, which underscores our confidence in the business and our commitment to delivering consistent and superior results for our shareholders.
Lynn M. Bamford, Chair and CEO of Curtiss-Wright Corporation
Not in the filing
stated, not guessed- Q3 2026 gross margin was not reported.
- Q3 2026 effective tax rate was not reported.
- Prior-quarter comparisons were not reported for the presented Q3 2026 metrics.
- Q3 2026 segment operating income and operating margin details are reported in the release but are not separately represented in the segments schema, which only supports segment revenue and revenue growth.
- The filing did not provide a prior earnings release outlook document for formal actual-versus-prior-guidance comparison; vs_prior_guidance is therefore empty.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Curtiss‑Wright Corp (NYSE:CW) filed a Form 8‑K reporting its Q3 2026 financial results and an upward revision to its full‑year guidance.
Ticker impact
Curtiss‑Wright reported Q3 2026 results and raised full‑year 2026 guidance, including higher sales, operating income and EPS forecasts.
upward pressure as investors price in the raised guidance
The company increased its full‑year sales growth outlook to 8‑10% and EPS range to $15.40‑$15.60, indicating improved profitability.
Market effects
Positive outlook for aerospace & defense and industrial segments may lift peers in the sector.
U.S. industrial and defense stocks could see modest gains.
Limited to U.S. markets; no immediate global macro effect.
Counterpoint
If the guidance raise is already priced in, the stock may face a short‑term pullback.
Key entities
- companyCurtiss‑Wright Corp
Industrial manufacturer with aerospace & defense focus.
