Curtiss‑Wright Corporation (NYSE: CW) reported record fourth‑quarter and full‑year 2025 results on February 11, 2026, delivering sales of $947 million and adjusted operating income of $187 million, a 14 % year‑over‑year increase. Adjusted operating margin rose to 19.7 %, reflecting higher demand across its Aerospace & Industrial, Defense Electronics, and Naval & Power segments.
Total revenue climbed 15 % from $824 million in Q4 2024, driven by a 21 % increase in Naval & Power sales to $417 million, a 17 % rise in Defense Electronics to $267 million, and a 5 % growth in Aerospace & Industrial to $262 million. While the overall mix favored higher‑margin contracts, the Aerospace & Industrial segment experienced a 120‑basis‑point decline in margin due to a shift toward lower‑margin legacy products.
Operating income grew 14 % to $187 million, supported by the margin expansion in the high‑margin Naval & Power and Defense Electronics businesses. Adjusted operating margin of 19.7 % represents a lift from the prior year, although the precise basis‑point change is not definitively confirmed across all sources. The company’s operating leverage improved as revenue grew faster than operating expenses.
Adjusted diluted earnings per share reached $3.79, a 21 % increase from the prior year and a $0.10 beat over the consensus estimate of $3.69. The earnings beat was driven by disciplined cost management and the favorable mix of high‑margin contracts. Full‑year 2025 free cash flow totaled $554 million, a record for the company, while Q4 free cash flow was $315 million.
Management reiterated confidence in its 2026 outlook, projecting total sales of $3.71 billion to $3.77 billion, operating income of $703 million to $722 million, and an operating margin of 18.9 % to 19.2 %. The guidance reflects continued momentum from the Pivot to Growth strategy and a robust backlog of $4.1 billion, positioning the company for organic sales growth of 6 % to 8 % in 2026.
Curtiss‑Wright authorized a share‑repurchase program of $550 million for 2025, following a $465 million repurchase during the year. The company expects to repurchase approximately $466 million of shares in 2025, underscoring its commitment to returning capital to shareholders while maintaining investment in growth initiatives.
Chair and CEO Lynn M. Bamford said, “Curtiss‑Wright concluded a record‑setting year with a strong fourth‑quarter financial performance that was highlighted by double‑digit organic sales growth, adjusted operating margin of 19.7 %, mid‑teens growth in adjusted diluted EPS, and record quarterly free cash flow generation.” She added, “Looking ahead, our strong backlog entering the year, combined with the alignment of our technologies to favorable secular growth trends, underpins our expectation to deliver total organic sales growth of 6 % to 8 % and another strong operational performance in 2026.”
Investors responded positively to the earnings beat and robust guidance, reflecting confidence in Curtiss‑Wright’s execution of its Pivot to Growth strategy and its ability to generate high‑margin revenue from defense and nuclear platforms.
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