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CURTISS WRIGHT CORP

CIK:0000026324|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Net Sales
Net sales	$ 924,008	$ 876,576	$ 1,837,695	$ 1,682,221
Cost of sales
Cost of sales	559,918	550,419	1,142,122	1,063,600
Gross profit	364,090	326,157	695,573	618,621
Research and development expenses	25,140	23,308	49,322	46,327
Selling expenses	46,012	41,764	90,558	81,689
General and administrative expenses	113,730	104,071	216,066	203,100
Restructuring expenses	517	707	1,427	1,993
Operating income	178,691	156,307	338,200	285,512
Interest expense	9,926	10,524	19,867	20,667
Other income, net	25,530	10,982	33,727	17,012
Earnings before income taxes	194,295	156,765	352,060	281,857
Provision for income taxes	(43,127)	(35,704)	(72,706)	(59,459)
Net earnings	$ 151,168	$ 121,061	$ 279,354	$ 222,398
Basic earnings per share (usd per share)	$ 4.09	$ 3.21	$ 7.57	$ 5.90
Diluted earnings per share (usd per share)	4.07	3.19	7.53	5.87
Dividends per share	$ 0.26	$ 0.24	$ 0.50	$ 0.45
Weighted-average shares outstanding:
Basic (shares)	36,939	37,692	36,914	37,682
Diluted (shares)	37,120	37,903	37,085	37,871
Product
Net Sales
Net sales	$ 777,167	$ 746,679	$ 1,548,186	$ 1,425,656
Cost of sales
Cost of sales	478,529	479,253	983,044	921,343
Service
Net Sales
Net sales	146,841	129,897	289,509	256,565
Cost of sales
Cost of sales	$ 81,389	$ 71,166	$ 159,078	$ 142,257

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net earnings	$ 279,354	$ 222,398
Adjustments to reconcile net earnings to net cash provided by operating activities
Depreciation and amortization	56,735	62,128
Loss on sale/disposal of long-lived assets	64	336
Deferred income taxes	6,362	(1,240)
Share-based compensation	14,305	10,484
Non-cash restructuring charges	0	468
Change in operating assets and liabilities, net of businesses acquired:
Receivables, net	(69,660)	(110,541)
Inventories, net	(56,430)	(57,614)
Accounts payable and accrued expenses	(37,387)	(40,083)
Deferred revenue	33,709	35,719
Pension and postretirement liabilities, net	(15,535)	(10,691)
Other current and long-term assets and liabilities	(35,989)	(13,544)
Net cash provided by operating activities	175,528	97,820
Cash flows from investing activities:
Proceeds from sale/disposal of long-lived assets	402	302
Additions to property, plant, and equipment	(41,283)	(35,154)
Grant proceeds for property, plant, and equipment	8,528	0
Proceeds from sale of equity securities	0	7,919
Additional consideration paid on prior year acquisitions	0	(9,619)
Net cash used for investing activities	(32,353)	(36,552)
Cash flows from financing activities:
Borrowings under revolving credit facilities	69,100	139,025
Payments of revolving credit facilities	(69,100)	(139,025)
Principal payments on debt	0	(90,000)
Repurchases of common stock	(29,225)	(35,075)
Proceeds from share-based compensation	6,481	5,981
Dividends paid	(8,868)	(7,923)
Other	0	(622)
Net cash used for financing activities	(31,612)	(127,639)
Effect of exchange-rate changes on cash	(5,759)	12,993
Net increase (decrease) in cash and cash equivalents	105,804	(53,378)
Cash and cash equivalents at beginning of period	371,345	385,042
Cash and cash equivalents at end of period	$ 477,149	$ 331,664

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current Assets:
Cash and cash equivalents	$ 477,149	$ 371,345
Receivables, net	997,350	932,344
Inventories, net	668,728	615,097
Other current assets	93,788	99,688
Total current assets	2,237,015	2,018,474
Property, plant, and equipment, net	386,462	382,200
Goodwill	1,686,728	1,692,490
Other intangible assets, net	501,027	532,381
Operating lease right-of-use assets, net	212,475	198,603
Prepaid pension asset	347,356	333,547
Other assets	84,603	63,597
Total assets	5,455,666	5,221,292
Current liabilities:
Current portion of long-term and short-term debt	200,000	200,000
Accounts payable	285,335	310,303
Accrued expenses	216,537	242,942
Deferred revenue	593,849	561,452
Other current liabilities	100,890	90,870
Total current liabilities	1,396,611	1,405,567
Long-term debt	757,387	757,884
Deferred tax liabilities, net	161,399	154,002
Accrued pension and other postretirement benefit costs	69,192	71,417
Long-term operating lease liability	191,594	178,466
Other liabilities	109,623	120,382
Total liabilities	2,685,806	2,687,718
Contingencies and commitments (Note 12)
Stockholders’ equity
Common stock, $1 par value, 100,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 49,187,378 shares issued as of June 30, 2026 and December 31, 2025; outstanding shares were 36,931,138 as of June 30, 2026 and 36,859,333 as of December 31, 2025	49,187	49,187
Additional paid in capital	168,981	165,014
Retained earnings	4,571,562	4,310,680
Accumulated other comprehensive loss	(189,969)	(173,812)
Common treasury stock, at cost (12,256,240 shares as of June 30, 2026 and 12,328,045 shares as of December 31, 2025)	(1,829,901)	(1,817,495)
Total stockholders’ equity	2,769,860	2,533,574
Total liabilities and stockholders’ equity	$ 5,455,666	$ 5,221,292