cw-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended March 31, 2026

☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from _________ to _______

Commission File Number 1-134

CURTISS-WRIGHT CORPORATION

(Exact name of Registrant as specified in its charter)


Delaware						13-0612970
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)


130 Harbour Place Drive, Suite 300
Davidson,	North Carolina	28036
(Address of principal executive offices)		(Zip Code)

(704) 869-4600

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	CW	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period of time that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Common Stock, par value $1.00 per share: 36,941,164 shares as of April 30, 2026.

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

TABLE of CONTENTS


PART I – FINANCIAL INFORMATION			PAGE


Item 1.	Financial Statements (Unaudited):

		Condensed Consolidated Statements of Earnings	4

		Condensed Consolidated Statements of Comprehensive Income	5

		Condensed Consolidated Balance Sheets	6

		Condensed Consolidated Statements of Cash Flows	7

		Condensed Consolidated Statements of Stockholders’ Equity	8

		Notes to Condensed Consolidated Financial Statements	9

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		18

Item 3.	Quantitative and Qualitative Disclosures about Market Risk		27

Item 4.	Controls and Procedures		27


PART II – OTHER INFORMATION


Item 1.	Legal Proceedings		28

Item 1A.	Risk Factors		28

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		28

Item 3.	Defaults upon Senior Securities		28

Item 4.	Mine Safety Disclosures		28

Item 5.	Other Information		29

Item 6.	Exhibits		31

Signatures			32

Page 3

PART 1- FINANCIAL INFORMATION

Item 1. Financial Statements

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(UNAUDITED)


	Three Months Ended
	March 31,
(In thousands, except per share data)	2026		2025
Net sales
Product sales	$	771,019	$	678,977
Service sales	142,668		126,668
Total net sales	913,687		805,645
Cost of sales
Cost of product sales	504,515		442,090
Cost of service sales	77,689		71,091
Total cost of sales	582,204		513,181
Gross profit	331,483		292,464
Research and development expenses	24,182		23,019
Selling expenses	44,546		39,925
General and administrative expenses	102,336		99,029
Restructuring expenses	910		1,286
Operating income	159,509		129,205
Interest expense	9,941		10,143
Other income, net	8,197		6,030
Earnings before income taxes	157,765		125,092
Provision for income taxes	(29,579)		(23,755)
Net earnings	$	128,186	$	101,337

Basic earnings per share	$	3.47	$	2.69
Diluted earnings per share	$	3.46	$	2.68

Dividends per share	$	0.24	$	0.21

Weighted-average shares outstanding:
Basic	36,897		37,683
Diluted	37,058		37,851

See notes to condensed consolidated financial statements

Page 4

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)

(In thousands)


	Three Months Ended
	March 31,
	2026		2025
Net earnings	$	128,186	$	101,337
Other comprehensive income (loss)
Foreign currency translation adjustments, net of tax (1)	$	(20,776)	$	19,084
Pension and postretirement adjustments, net of tax (1)	560		(146)
Other comprehensive income (loss), net of tax	(20,216)		18,938
Comprehensive income	$	107,970	$	120,275

(1) The tax benefit/(expense) included in both foreign currency translation adjustments and pension and postretirement adjustments for the three months ended March 31, 2026 and 2025 was immaterial.

See notes to condensed consolidated financial statements

Page 5

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(In thousands, except per share data)


	March 31, 2026		December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$	343,447	$	371,345
Receivables, net	996,331		932,344
Inventories, net	640,642		615,097
Other current assets	91,247		99,688
Total current assets	2,071,667		2,018,474
Property, plant, and equipment, net	379,454		382,200
Goodwill	1,685,367		1,692,490
Other intangible assets, net	516,051		532,381
Operating lease right-of-use assets, net	210,950		198,603
Prepaid pension asset	340,206		333,547
Other assets	66,386		63,597
Total assets	$	5,270,081	$	5,221,292
Liabilities
Current liabilities:
Current portion of long-term and short-term debt	$	200,000	$	200,000
Accounts payable	277,208		310,303
Accrued expenses	203,226		242,942
Deferred revenue	568,967		561,452
Other current liabilities	110,758		90,870
Total current liabilities	1,360,159		1,405,567
Long-term debt	757,635		757,884
Deferred tax liabilities, net	159,556		154,002
Accrued pension and other postretirement benefit costs	69,211		71,417
Long-term operating lease liability	190,748		178,466
Other liabilities	100,927		120,382
Total liabilities	2,638,236		2,687,718
Contingencies and commitments (Note 12)
Stockholders’ equity
Common stock, $1 par value,100,000,000 shares authorized as of March 31, 2026 and December 31, 2025; 49,187,378 shares issued as of March 31, 2026 and December 31, 2025; outstanding shares were 36,948,116 as of March 31, 2026 and 36,859,333 as of December 31, 2025	49,187		49,187
Additional paid in capital	162,326		165,014
Retained earnings	4,429,993		4,310,680
Accumulated other comprehensive loss	(194,028)		(173,812)
Common treasury stock, at cost (12,239,262 shares as of March 31, 2026 and 12,328,045 shares as of December 31, 2025)	(1,815,633)		(1,817,495)
Total stockholders’ equity	2,631,845		2,533,574
Total liabilities and stockholders’ equity	$	5,270,081	$	5,221,292

See notes to condensed consolidated financial statements

Page 6

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)


	Three Months Ended
	March 31,
(In thousands)	2026		2025
Cash flows from operating activities:
Net earnings	$	128,186	$	101,337
Adjustments to reconcile net earnings to net cash used for operating activities:
Depreciation and amortization	28,365		30,821
Loss on sale/disposal of long-lived assets	11		229
Deferred income taxes	2,515		(2,303)
Share-based compensation	7,185		5,271
Non-cash restructuring charges	—		281
Change in operating assets and liabilities, net of businesses acquired:
Receivables, net	(67,441)		(72,749)
Inventories, net	(28,932)		(34,079)
Accounts payable and accrued expenses	(60,854)		(35,967)
Deferred revenue	8,630		(12,714)
Pension and postretirement liabilities, net	(8,933)		(6,030)
Other current and long-term assets and liabilities	(14,387)		(12,862)
Net cash used for operating activities	(5,655)		(38,765)
Cash flows from investing activities:
Proceeds from sale/disposal of long-lived assets	314		499
Additions to property, plant, and equipment	(11,832)		(15,773)
Additional consideration paid on prior year acquisitions	—		(9,619)
Net cash used for investing activities	(11,518)		(24,893)
Cash flows from financing activities:
Borrowings under revolving credit facility	69,100		78,067
Payment of revolving credit facility	(69,100)		(78,067)
Principal payments on debt	—		(90,000)
Repurchases of common stock	(14,492)		(14,250)
Proceeds from share-based compensation	6,481		5,981
Other	—		(309)
Net cash used for financing activities	(8,011)		(98,578)
Effect of exchange-rate changes on cash	(2,714)		3,653
Net decrease in cash and cash equivalents	(27,898)		(158,583)
Cash and cash equivalents at beginning of period	371,345		385,042
Cash and cash equivalents at end of period	$	343,447	$	226,459
See notes to condensed consolidated financial statements

Page 7

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(UNAUDITED)

(In thousands)


	For the three months ended March 31, 2025
	Common Stock		Additional Paid in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Treasury Stock
December 31, 2024	$	49,187	$	147,940	$	3,861,073	$	(243,225)	$	(1,365,176)
Net earnings	—		—		101,337		—		—
Other comprehensive income, net of tax	—		—		—		18,938		—
Dividends declared	—		—		(7,929)				—
Restricted stock	—		(11,287)		—		—		11,287
Employee stock purchase plan	—		3,657		—		—		2,324
Share-based compensation	—		5,197		—		—		74
Repurchase of common stock (1)	—		—		—		—		(14,250)
Other	—		(290)		—		—		290
March 31, 2025	$	49,187	$	145,217	$	3,954,481	$	(224,287)	$	(1,365,451)


	For the three months ended March 31, 2026
	Common Stock		Additional Paid in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Treasury Stock
December 31, 2025	$	49,187	$	165,014	$	4,310,680	$	(173,812)	$	(1,817,495)
Net earnings	—		—		128,186		—		—
Other comprehensive loss, net of tax	—		—		—		(20,216)		—
Dividends declared	—		—		(8,873)				—
Restricted stock	—		(13,681)		—		—		13,681
Employee stock purchase plan	—		4,457		—		—		2,024
Share-based compensation	—		7,128		—		—		57
Repurchase of common stock (1)	—		—		—		—		(14,492)
Other	—		(592)		—		—		592
March 31, 2026	$	49,187	$	162,326	$	4,429,993	$	(194,028)	$	(1,815,633)

(1) For the three months ended March 31, 2026 and March 31, 2025, the Corporation repurchased approximately 22,000 and 42,000 shares, respectively, of its common stock.

See notes to condensed consolidated financial statements

Page 8

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

NOTES to CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

1. BASIS OF PRESENTATION

Curtiss-Wright Corporation along with its subsidiaries ("we," the "Corporation," or the "Company") is a global integrated business that provides highly engineered products, solutions, and services mainly to aerospace & defense (A&D) markets, as well as critical technologies in demanding commercial power, process, and industrial markets.

The unaudited condensed consolidated financial statements include the accounts of Curtiss-Wright and its majority-owned subsidiaries. All intercompany transactions and accounts have been eliminated.

The unaudited condensed consolidated financial statements of the Corporation have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in annual financial statements have been condensed or omitted as permitted by such rules and regulations. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary for a fair presentation of these financial statements.

Management is required to make estimates and judgments that affect the reported amount of assets, liabilities, revenue, and expenses and disclosure of contingent assets and liabilities in the accompanying financial statements. Actual results may differ from these estimates. The most significant of these estimates includes the estimate of costs to complete using the over-time revenue recognition accounting method, pension plan and postretirement obligation assumptions, estimates for inventory obsolescence, fair value estimates around assets and assumed liabilities from acquisitions, estimates for the valuation and useful lives of intangible assets, legal reserves, and the estimate of future environmental costs. Changes in estimates of contract sales, costs, and profits are recognized using the cumulative catch-up method of accounting. This method recognizes in the current period the cumulative effect of the changes on current and prior periods. Accordingly, the effect of the changes on future periods of contract performance is recognized as if the revised estimate had been the original estimate. During the three months ended March 31, 2026 and 2025, there were no significant changes in estimated contract costs. In the opinion of management, all adjustments considered necessary for a fair presentation have been reflected in these financial statements.

The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Corporation’s 2025 Annual Report on Form 10-K filed with the SEC. The results of operations for interim periods are not necessarily indicative of trends or of the operating results for a full year.

Recently issued accounting standards adopted

In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities, which provides guidance on the recognition, measurement, and presentation of government grants. The ASU is effective for annual reporting periods beginning with the year ending December 31, 2028, including interim periods within that period. The Company early adopted this standard beginning in the first quarter of 2026 using the modified prospective approach. The adoption did not have a material effect on the Condensed Consolidated Financial Statements.

Recently issued accounting standards to be adopted

In December 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disclosure of disaggregated information about certain income statement line items in the notes to the financial statements. The ASU is effective for annual reporting periods beginning with the year ending December 31, 2027. Early adoption is permitted. The Company is currently evaluating the impact of adopting this standard on its Consolidated Financial Statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Accounting for and Disclosure of Software Costs, which amends certain aspects of the accounting for and disclosure of internal-use software costs. The ASU is effective for annual reporting periods beginning with the year ending December 31, 2028. Early adoption is permitted. The Company is currently evaluating the impact of adopting this standard on its Consolidated Financial Statements.

2. REVENUE

Page 9

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

NOTES to CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The Corporation recognizes revenue when control of a promised good and/or service is transferred to a customer in an amount that reflects the consideration that the Corporation expects to be entitled to in exchange for that good and/or service.

Performance Obligations

The Corporation identifies a performance obligation for each promise in a contract to transfer a distinct good or service to the customer. As part of its assessment, the Corporation considers all goods and/or services promised in the contract, regardless of whether they are explicitly stated or implied by customary business practices. The Corporation’s contracts may contain either a single performance obligation, including the promise to transfer individual goods or services that are not separately distinct within the context of the respective contracts, or multiple performance obligations. For contracts with multiple performance obligations, the Corporation allocates the overall transaction price to each performance obligation using standalone selling prices, where available, or utilizes estimates for each distinct good or service in the contract where standalone prices are not available.

The Corporation’s performance obligations are satisfied either at a point-in-time or on an over-time basis. Typically, over-time revenue recognition is based on the utilization of an input measure used to measure progress, such as costs incurred to date relative to total estimated costs. If a performance obligation does not qualify for over-time revenue recognition, revenue is then recognized at the point-in-time in which control of the distinct good or service is transferred to the customer, typically based upon the terms of delivery.

The following table illustrates the approximate percentage of revenue recognized for performance obligations satisfied over-time versus at a point-in-time for the three months ended March 31, 2026 and 2025:


	Three Months Ended
	March 31,
	2026		2025
Over-time	52	%	53	%
Point-in-time	48	%	47	%

Contract backlog represents the remaining performance obligations that have not yet been recognized as revenue. Backlog includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods. Total backlog was approximately $4.3 billion as of March 31, 2026, of which the Corporation expects to recognize approximately 90% as net sales over the next 36 months. The remainder will be recognized thereafter.

Disaggregation of Revenue

The following table presents the Corporation’s total net sales disaggregated by end market and customer type:


Total Net Sales by End Market and Customer Type	Three Months Ended
	March 31,
(In thousands)	2026		2025
Aerospace & Defense
Aerospace Defense	$	179,439	$	151,722
Ground Defense	101,407		97,237
Naval Defense	250,081		221,086
Commercial Aerospace	110,505		92,877
Total Aerospace & Defense customers	$	641,432	$	562,922

Commercial
Power & Process	$	167,057	$	142,934
General Industrial	105,198		99,789
Total Commercial customers	$	272,255	$	242,723

Page 10

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

NOTES to CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)



Total	$	913,687	$	805,645

Contract Balances

Timing of revenue recognition and cash collection may result in billed receivables, unbilled receivables (contract assets), and deferred revenue (contract liabilities) on the Condensed Consolidated Balance Sheet. The Corporation’s contract assets primarily relate to its rights to consideration for work completed but not billed as of the reporting date. Contract assets are transferred to billed receivables when the rights to consideration become unconditional. This is typical in situations where amounts are billed as work progresses in accordance with agreed-upon contractual terms or upon achievement of contractual milestones. The Corporation’s contract liabilities primarily consist of customer advances received prior to revenue being earned. Revenue recognized during the three months ended March 31, 2026 and 2025 included in contract liabilities at the beginning of the respective years was approximately $170 million and $116 million, respectively. Contract assets and contract liabilities are reported in the "Receivables, net" and "Deferred revenue" lines, respectively, within the Condensed Consolidated Balance Sheet.

3. RECEIVABLES

Receivables primarily include amounts billed to customers, unbilled charges on long-term contracts consisting of amounts recognized as sales but not billed, and other receivables. Substantially all amounts of unbilled receivables are expected to be billed and collected within one year. The amount of claims and unapproved change orders within our receivables balances are immaterial.

The composition of receivables is as follows:


(In thousands)	March 31, 2026		December 31, 2025
Billed receivables:
Trade and other receivables	$	551,031	$	526,320
Unbilled receivables (contract assets):
Recoverable costs and estimated earnings not billed, net of progress payments	451,941		412,410
Total receivables	1,002,972		938,730
Less: Allowance for doubtful accounts	(6,641)		(6,386)
Receivables, net	$	996,331	$	932,344

4. INVENTORIES

Inventoried costs contain amounts relating to long-term contracts and programs with long production cycles, a portion of which will not be realized within one year. Long-term contract inventory includes an immaterial amount of claims or other similar items subject to uncertainty concerning their determination or realization. Inventories are valued at the lower of cost or net realizable value.

The composition of inventories is as follows:


(In thousands)	March 31, 2026		December 31, 2025
Raw materials	$	289,576	$	288,353
Work-in-process	140,675		130,522
Finished goods	160,682		146,666
Inventoried costs related to U.S. Government and other long-term contracts, net of progress payments	49,709		49,556
Inventories, net	$	640,642	$	615,097

5. GOODWILL

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CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

NOTES to CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The Corporation accounts for acquisitions by assigning the purchase price to acquired tangible and intangible assets and liabilities assumed. Assets acquired and liabilities assumed are recorded at their fair values, and the excess of the purchase price over the amounts assigned is recorded as goodwill.

The changes in the carrying amount of goodwill for the three months ended March 31, 2026 are as follows:


(In thousands)	Aerospace & Industrial		Defense Electronics		Naval & Power		Consolidated
December 31, 2025	$	328,165	$	714,602	$	649,723	$	1,692,490
Foreign currency translation adjustment	(1,298)		(2,919)		(2,906)		(7,123)
March 31, 2026	$	326,867	$	711,683	$	646,817	$	1,685,367

6. OTHER INTANGIBLE ASSETS, NET

Intangible assets are generally the result of acquisitions and consist primarily of purchased technology and customer related intangibles. Intangible assets are amortized over useful lives that range between 1 to 20 years.

The following tables present the cumulative composition of the Corporation’s intangible assets:


	March 31, 2026						December 31, 2025
(In thousands)	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Technology	$	330,789	$	(226,676)	$	104,113	$	334,997	$	(226,674)	$	108,323
Customer related intangibles	745,182		(425,705)		319,477		748,758		(419,577)		329,181
Programs (1)	144,000		(57,600)		86,400		144,000		(55,800)		88,200
Other intangible assets	54,811		(48,750)		6,061		55,893		(49,216)		6,677
Total	$	1,274,782	$	(758,731)	$	516,051	$	1,283,648	$	(751,267)	$	532,381

(1) Programs include values assigned to major programs of acquired businesses and represent the aggregate value associated with the customer relationships, contracts, technology, and trademarks underlying the associated program.

Total intangible amortization expense for the three months ended March 31, 2026 was $15 million, as compared to $18 million in the comparable prior year period. The estimated future amortization expense of intangible assets over the next five years is as follows:


(In millions)
2026	$	60
2027	$	56
2028	$	51
2029	$	50
2030	$	49

7. FAIR VALUE OF FINANCIAL INSTRUMENTS

Debt

The estimated fair value amounts were determined by the Corporation using available market information that is primarily based on quoted market prices for the same or similar issuances as of March 31, 2026. Accordingly, all of the Corporation’s debt is valued as a Level 2 financial instrument. The fair values described below may not be indicative of net realizable value or reflective of future fair values. Furthermore, the use of different methodologies to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date.

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CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

NOTES to CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)


	March 31, 2026				December 31, 2025
(In thousands)	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
4.24% Senior notes due 2026	200,000		199,495		200,000		199,556
4.05% Senior notes due 2028	67,500		66,550		67,500		66,769
4.11% Senior notes due 2028	90,000		88,339		90,000		88,712
3.10% Senior notes due 2030	150,000		138,360		150,000		138,721
3.20% Senior notes due 2032	150,000		132,627		150,000		132,996
4.49% Senior notes due 2032	200,000		190,139		200,000		191,143
4.64% Senior notes due 2034	100,000		93,641		100,000		94,153
Total debt	957,500		909,151		957,500		912,050
Debt issuance costs, net	(1,075)		(1,075)		(1,125)		(1,125)
Unamortized interest rate swap proceeds	1,210		1,210		1,509		1,509
Total debt, net	$	957,635	$	909,286	$	957,884	$	912,434

8. PENSION PLANS

Defined Benefit Pension Plans

The following table is a consolidated disclosure of all domestic and foreign defined pension plans as described in the Corporation’s 2025 Annual Report on Form 10-K filed with the SEC.

The components of net periodic pension cost/(benefit) were as follows:


	Three Months Ended
	March 31,
(In thousands)	2026		2025
Service cost	$	3,566	$	3,748
Interest cost	8,459		8,959
Expected return on plan assets	(16,984)		(17,673)
Amortization of prior service cost	(25)		(8)
Amortization of unrecognized actuarial loss	467		246
Net periodic pension cost/(benefit)	$	(4,517)	$	(4,728)

The Corporation did not make any contributions to the Curtiss-Wright Pension Plan during the three months ended March 31, 2026, and does not expect to do so throughout the remainder of the year. Contributions to the foreign benefit plans are not expected to be material in 2026.

Defined Contribution Retirement Plan

The Company also maintains a defined contribution plan for all non-union employees who are not currently receiving final or career average pay benefits for its U.S. subsidiaries. The employer contributions include both employer match and non-elective contribution components up to a maximum employer contribution of 7% of eligible compensation. The expense relating to the plan was $9 million for both the three months ended March 31, 2026 and 2025.

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CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

NOTES to CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

9. EARNINGS PER SHARE

Diluted earnings per share was computed based on the weighted-average number of shares outstanding plus all potentially dilutive common shares. A reconciliation of basic to diluted shares used in the earnings per share calculation is as follows:


	Three Months Ended
	March 31,
(In thousands)	2026	2025
Basic weighted-average shares outstanding	36,897	37,683
Dilutive effect of deferred stock compensation	161	168
Diluted weighted-average shares outstanding	37,058	37,851

For the three months ended March 31, 2026, there were approximately 29,000 shares issuable under equity-based awards that were excluded from the calculation of diluted earnings per share as they were anti-dilutive based on the average stock price during the period. There were no anti-dilutive shares for the three months ended March 31, 2025.

10. SEGMENT INFORMATION

The Corporation’s segments are composed of similar product groupings that serve the same or similar end markets. Based on this approach, the Corporation has three reportable segments: Aerospace & Industrial, Defense Electronics, and Naval & Power. The Corporation’s measure of segment profit or loss is operating income. Interest expense and income taxes are not reported on an operating segment basis as they are not considered in the segments’ performance evaluation by the Corporation’s chief operating decision-maker, its Chief Executive Officer.

Operating results by reportable segment were as follows:


	Three Months Ended
	March 31,
(In thousands)	2026		2025
Net sales
Aerospace & Industrial	$	254,949	$	227,440
Defense Electronics	257,464		245,719
Naval & Power	402,584		333,356
Less: Intersegment Revenues	(1,310)		(870)
Total net sales	$	913,687	$	805,645

Cost of sales
Aerospace & Industrial	$	169,215	$	147,762
Defense Electronics	126,889		124,713
Naval & Power	275,967		232,759
Total cost of sales	$	572,071	$	505,234

Research and development expenses
Aerospace & Industrial	$	6,830	$	6,797
Defense Electronics	13,739		13,002
Naval & Power	3,066		2,865
Total research and development expenses	$	23,635	$	22,664

Selling expenses
Aerospace & Industrial	$	7,000	$	7,202
Defense Electronics	17,177		15,030
Naval & Power	19,370		16,823

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CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

NOTES to CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)


Total selling expenses	$	43,547	$	39,055

General and administrative expenses
Aerospace & Industrial	$	32,703	$	34,504
Defense Electronics	27,636		25,525
Naval & Power	44,293		39,046
Total general and administrative expenses	$	104,632	$	99,075

Other segment items(2)
Aerospace & Industrial	$	703	$	1,253
Defense Electronics	96		—
Naval & Power	111		—
Total other segment items	$	910	$	1,253

Operating income
Aerospace & Industrial	$	38,498	$	29,922
Defense Electronics	71,927		67,449
Naval & Power	59,777		41,863
Total Segment	170,202		139,234
Corporate and Eliminations (1)	(10,693)		(10,029)
Total Consolidated	$	159,509	$	129,205

Depreciation and amortization expense
Aerospace & Industrial	$	7,999	$	7,672
Defense Electronics	7,730		7,546
Naval & Power	11,842		14,862
Corporate	794		741
Total Consolidated	$	28,365	$	30,821

Capital expenditures
Aerospace & Industrial	$	6,956	$	6,249
Defense Electronics	1,891		3,517
Naval & Power	2,807		5,501
Corporate	178		506
Total Consolidated	$	11,832	$	15,773

(1) Corporate and Eliminations includes pension expense, environmental remediation and administrative expenses, legal, and other expenses.

(2) Other segment items includes restructuring expenses associated with the 2026 Restructuring Program in the current period and 2024 Restructuring Program in the prior period.

Adjustments to reconcile operating income to earnings before income taxes are as follows:

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CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

NOTES to CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)


	Three Months Ended
	March 31,
(In thousands)	2026		2025
Earnings before taxes:
Total reportable segment operating income	$	170,202	$	139,234
Corporate and Eliminations	(10,693)		(10,029)
Interest expense	9,941		10,143
Other income, net	8,197		6,030
Earnings before income taxes	$	157,765	$	125,092


(In thousands)	March 31, 2026		December 31, 2025
Segment Assets
Aerospace & Industrial	$	1,154,069	$	1,118,986
Defense Electronics	1,516,914		1,557,858
Naval & Power	2,064,052		2,018,076
Corporate	535,046		526,372
Total consolidated	$	5,270,081	$	5,221,292

11. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The cumulative balance of each component of accumulated other comprehensive income (AOCI), net of tax, is as follows:


(In thousands)	Foreign currency translation adjustments, net		Total pension and postretirement adjustments, net		Accumulated other comprehensive income (loss)
December 31, 2024	$	(167,193)	$	(76,032)	$	(243,225)
Other comprehensive income before reclassifications (1)	68,064		4,141		72,205
Amounts reclassified from accumulated other comprehensive loss (1)	—		(2,792)		(2,792)
Net current period other comprehensive income	68,064		1,349		69,413
December 31, 2025	$	(99,129)	$	(74,683)	$	(173,812)
Other comprehensive income (loss) before reclassifications (1)	(20,776)		899		(19,877)
Amounts reclassified from accumulated other comprehensive loss (1)	—		(339)		(339)
Net current period other comprehensive income (loss)	(20,776)		560		(20,216)
March 31, 2026	$	(119,905)	$	(74,123)	$	(194,028)

(1) All amounts are after tax.

12. CONTINGENCIES AND COMMITMENTS

From time to time, the Corporation is involved in legal proceedings that are incidental to the operation of its business. Some of these proceedings allege damages relating to asbestos and environmental exposures, intellectual property matters, copyright infringement, personal injury claims, employment and employee benefit matters, government contract issues, commercial or contractual disputes, and acquisitions or divestitures. The Corporation continues to defend vigorously against all claims. Although the ultimate outcome of any legal matter cannot be predicted with certainty, based on present information, including assessment of the merits of the particular claim, as well as current accruals and insurance coverage, the Corporation does not believe that the disposition of any of these matters, individually or in the aggregate, will have a material adverse effect on its condensed consolidated financial condition, results of operations, and cash flows.

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CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

NOTES to CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Legal Proceedings

The Corporation has been named in a number of lawsuits that allege injury from exposure to asbestos. To date, the Corporation has not been found liable for or paid any material sum of money in settlement in any asbestos-related case. The Corporation believes its minimal use of asbestos in its past operations as well as its acquired businesses’ operations and the relatively non-friable condition of asbestos in its historical products makes it unlikely that it will face material liability in any asbestos litigation, whether individually or in the aggregate. The Corporation maintains insurance coverage and indemnification agreements for these potential liabilities and believes adequate coverage exists to cover any unanticipated asbestos liability.

Letters of Credit and Other Financial Arrangements

The Corporation enters into standby letters of credit agreements and guarantees with financial institutions and customers primarily relating to guarantees of repayment, future performance on certain contracts to provide products and services, and to secure advance payments from certain international customers. As of March 31, 2026 and December 31, 2025, there were $29 million and $25 million of stand-by letters of credit outstanding, respectively. As of March 31, 2026 and December 31, 2025, there were $15 million and $12 million of bank guarantees outstanding, respectively. In addition, the Corporation is required to provide the Nuclear Regulatory Commission financial assurance demonstrating its ability to cover the cost of decommissioning its Cheswick, Pennsylvania facility upon closure, though the Corporation does not intend to close this facility. The Corporation has provided this financial assurance in the form of a $40 million surety bond.

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CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

PART I- ITEM 2

MANAGEMENT’S DISCUSSION and ANALYSIS of

FINANCIAL CONDITION and RESULTS OF OPERATIONS

FORWARD-LOOKING STATEMENTS

Except for historical information, this Quarterly Report on Form 10-Q may be deemed to contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include, but are not limited to: (a) projections of or statements regarding return on investment, future earnings, interest income, sales, volume, other income, earnings or loss per share, growth prospects, capital structure, liquidity requirements, and other financial terms, (b) statements of plans and objectives of management, (c) statements of future economic performance; (d) impacts on our business related to another shutdown of the U.S. government, ongoing supply chain disruptions, significant inflation, higher interest rates or deflation, labor shortages, U.S. and foreign trade policies and tariffs or other impositions on imported goods, and measures taken by governments and private industry in response, as well as related to the ongoing conflict between Russia and Ukraine and the war/conflict in the Middle East, and the related sanctions, (e) the effect of laws, rules, regulations, tax reform, new accounting pronouncements, and outstanding litigation on our business and future performance, and (f) statements of assumptions, such as economic conditions underlying other statements. Such forward-looking statements can be identified by the use of forward-looking terminology such as “anticipates,” “believes,” “continue,” “could,” “estimate,” “expects,” “intend,” “may,” “might,” “outlook,” “potential,” “predict,” “should,” “will,” as well as the negative of any of the foregoing or variations of such terms or comparable terminology, or by discussion of strategy. No assurance may be given that the future results described by the forward-looking statements will be achieved. While we believe these forward-looking statements are reasonable, they are only predictions and are subject to known and unknown risks, uncertainties, and other factors, many of which are beyond our control, which could cause actual results, performance, or achievement to differ materially from anticipated future results, performance, or achievement expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, those described in “Item 1A. Risk Factors” of our 2025 Annual Report on Form 10-K filed with the SEC, and elsewhere in that report, those described in this Quarterly Report on Form 10-Q, and those described from time to time in our future reports filed with the Securities and Exchange Commission and other written or oral statements made or released by us. Such forward-looking statements in this Quarterly Report on Form 10-Q include, without limitation, those contained in Item 1. Financial Statements (including the Notes to Condensed Consolidated Financial Statements) and Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.

Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. These forward-looking statements speak only as of the date they were made, and we assume no obligation to update forward-looking statements to reflect actual results or changes in or additions to the factors affecting such forward-looking statements.

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CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

PART I - ITEM 2

MANAGEMENT’S DISCUSSION and ANALYSIS of

FINANCIAL CONDITION and RESULTS OF OPERATIONS, continued

COMPANY ORGANIZATION

Curtiss-Wright Corporation is a global integrated business that provides highly engineered products, solutions, and services mainly to A&D markets, as well as critical technologies in demanding commercial power, process, and industrial markets. We report our operations through our Aerospace & Industrial, Defense Electronics, and Naval & Power segments. We operate across a diversified array of niche markets through engineering and technological leadership, precision manufacturing, and strong relationships with our customers. Approximately 70% of our 2026 revenues are expected to be generated from A&D-related markets.

RESULTS OF OPERATIONS

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to help the reader understand the results of operations and financial condition of the Corporation for the three months ended March 31, 2026. The financial information as of March 31, 2026 should be read in conjunction with the financial statements for the year ended December 31, 2025 contained in our Form 10-K filed with the SEC.

The MD&A is organized into the following sections: Condensed Consolidated Statements of Earnings, Results by Business Segment, and Liquidity and Capital Resources. Our discussion will be focused on the overall results of operations followed by a more detailed discussion of those results within each of our reportable segments.

Our three reportable segments are generally concentrated in a few end markets; however, each may have sales across several end markets. An end market is defined as an area of demand for products and services. The sales for the relevant markets will be discussed throughout the MD&A.

Analytical Definitions

Throughout management’s discussion and analysis of financial condition and results of operations, the terms “incremental” and “organic” are used to explain changes from period to period. The term “incremental” is used to highlight the impact acquisitions and divestitures had on the current year results. The results of operations for acquisitions are incremental for the first twelve months from the date of acquisition. The definition of “organic” excludes the effects of costs associated with our 2026 Restructuring Program in the current period and 2024 Restructuring Program in the prior period, and foreign currency translation.

SEC Form 10-Q filed by Curtiss-Wright Corporation