<div id="readability-page-1"><div>Curtiss-Wright Corporation, a diversified industrial company operating in the Aerospace &amp; Defense and commercial nuclear power sectors, has released its 2025 10-K report. The report highlights significant financial growth, robust business performance across its segments, strategic initiatives aimed at long-term growth, and the challenges and risks the company faces in its competitive markets. Financial Highlights <ul><li>Total Net Sales: $3,498 million, reflecting a 12% increase from the prior year, driven by higher sales across all segments.</li><li>Gross Profit: $1,302 million, up from $1,154 million in 2024, indicating improved cost management and higher sales volume.</li><li>Operating Income: $634 million, a 20% increase from the previous year, with operating margin improving by 120 basis points due to favorable overhead absorption and restructuring benefits.</li><li>Net Earnings: $484 million, representing a 20% increase over 2024, supported by higher operating income and a slight decrease in interest expense.</li><li>Diluted Earnings Per Share: $12.87, up from $10.55 in 2024, reflecting strong earnings growth and share repurchase activity.</li></ul> Business Highlights <ul><li>Business Segments: Curtiss-Wright operates through three reportable segments: Aerospace &amp; Industrial, Defense Electronics, and Naval &amp; Power. Each segment serves distinct markets with specialized products and services, contributing to the company's diversified portfolio.</li><li>Aerospace &amp; Industrial Segment: This segment primarily serves the commercial aerospace and general industrial markets, with a focus on sensors, controls, and electro-mechanical actuation components. Sales in this segment increased by 5% due to higher demand for sensors and surface treatment services.</li><li>Defense Electronics Segment: Focused on defense markets, this segment provides COTS embedded computing, data acquisition, and tactical communications solutions. Sales increased by 12%, driven by higher sales of embedded computing equipment for domestic and international defense programs.</li><li>Naval &amp; Power Segment: This segment serves naval defense and power &amp; process markets, with significant contributions from the Columbia-class and Virginia-class submarine programs. Sales increased by 18%, supported by higher demand for naval propulsion and auxiliary equipment.</li><li>Geographical Performance: The company has a strong presence in the U.S., Canada, Europe, and China. Foreign operations contributed 41% to pre-tax earnings in 2025, reflecting the company's global reach and market diversification.</li><li>New Orders and Backlog: New orders increased by 10% to $4.05 billion, with significant contributions from naval defense orders and commercial nuclear products. The backlog grew by 18%, indicating strong future demand across segments.</li><li>Future Outlook: Curtiss-Wright is well-positioned to capitalize on growth opportunities in defense and commercial markets, with a focus on innovation and expanding global manufacturing capabilities. The company anticipates continued growth in naval shipbuilding and commercial aerospace production.</li><li>Operational Strategy: The Pivot to Growth strategy emphasizes maximizing revenue, operating income, and free cash flow through organic and inorganic growth, operational excellence, and strategic investments in R&amp;D.</li><li>Human Capital and Culture: Curtiss-Wright emphasizes a strong company culture, inclusive workforce, and talent development programs to attract and retain skilled employees, aligning with its operational goals and business strategy.</li></ul> Strategic Initiatives <ul><li>Strategic Acquisitions: Curtiss-Wright has focused on strategic acquisitions to enhance its portfolio, particularly in the Naval &amp; Power segment, with the acquisition of I&amp;C Solutions in 2024.</li><li>Research and Development: The company is investing in R&amp;D to align with high-growth U.S. military priorities and emerging technological trends, such as security, cyber, and hypersonics. Additionally, the company is advancing subsea pumping development initiatives to meet the demand for reliable systems in deep-sea drilling.</li><li>Capital Management: In 2025, Curtiss-Wright repurchased approximately 934,000 shares of its common stock for $465 million, reflecting a significant increase from the previous year. The company also made dividend payments totaling $35 million, up from $32 million in 2024. The company repaid $90 million of its 2013 Notes and maintained a strong liquidity position with $725 million available under its credit agreement. Capital expenditures increased to $90 million, primarily in the Aerospace &amp; Industrial and Naval &amp; Power segments.</li><li>Future Outlook: Curtiss-Wright plans to continue its focus on strategic acquisitions and capital investments, with projected capital expenditures of $110 million to $120 million in 2026. The company aims to leverage its strong cash flow and available credit to support these initiatives. Additionally, the company anticipates continued growth in its defense and commercial markets, driven by ongoing innovation and collaboration across its portfolio. The company is also exploring opportunities to expand its presence in the commercial nuclear power market, supported by strong government backing and industry demand.</li></ul> Challenges and Risks <ul><li>Cybersecurity Risks: The company is increasingly dependent on its information systems, which are vulnerable to cyber threats. Despite security measures, there is a risk of unauthorized access and data breaches, which could disrupt operations and damage reputation.</li><li>Supply Chain Risks: The company relies on suppliers and subcontractors for raw materials and components. Supply chain disruptions, such as those caused by geopolitical events or economic conditions, could adversely affect production and financial performance.</li><li>Regulatory Risks: Compliance with U.S. Government procurement rules and international regulations is critical. Non-compliance could result in fines, penalties, or debarment from government contracts.</li><li>Market Risks: A significant portion of revenue is derived from U.S. defense programs, which are subject to budgetary constraints and political pressures. Changes in defense spending could impact revenues.</li><li>Environmental and Climate Change Risks: Increasing regulations related to climate change and environmental protection could impose additional costs and operational restrictions.</li><li>Economic and Political Risks: Global economic conditions, including inflation, currency fluctuations, and geopolitical tensions, could impact the company's operations and financial results.</li><li>Management Strategies: To address these risks, Curtiss-Wright is investing in cybersecurity measures, diversifying suppliers, strengthening internal controls, expanding into new markets, and implementing ESG practices.</li></ul>SEC Filing: CURTISS WRIGHT CORP [ CW ] - 10-K - Feb. 12, 2026</div></div>

Curtiss-Wright Corporation has released its 2025 10-K report, showcasing significant financial growth with total net sales of $3,498 million, a 12% increase from the previous year. Key highlights include a 20% rise in operating income to $634 million and diluted earnings per share of $12.87. The company operates in three segments: Aerospace & Industrial, Defense Electronics, and Naval & Power, with strong performance across all areas. Strategic initiatives focus on acquisitions, R&D investments, and capital management, while challenges include cybersecurity and supply chain risks.

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CURTISS WRIGHT CORP SEC 10-K Report