Operating income scaled from $100.0 million in 2024Q1 to $160.4 million in 2026Q1, reflecting effective leverage of the firm's fixed-cost base.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 3.61B | 3.5B | 3.12B | 2.85B | 2.56B | 2.5B | 2.39B | 2.49B | 2.41B | 2.27B | 2.11B | 2.21B | 2.24B | 2.12B | 1.82B | 2.02B | 1.85B | 1.81B | 1.83B | 1.59B | 1.28B | 1.13B | 955.04M | 746.07M | 513.28M | 343.17M | 329.57M | 293.3M | 249.4M | 219.4M | 170.5M |
| Revenue Growth % | 12.22% | 12.08% | 9.69% | 11.28% | 2.25% | 4.58% | -3.88% | 3.16% | 6.2% | 7.69% | -4.39% | -1.67% | 5.9% | 16.17% | -9.59% | 8.75% | 2.48% | -1.12% | 14.95% | 24.18% | 13.37% | 18.42% | 28.01% | 45.35% | 49.57% | 4.12% | 12.37% | 17.6% | 13.67% | 28.68% | 10.43% |
| Cost of Goods Sold | 2.27B | 2.2B | 1.97B | 1.78B | 1.6B | 1.57B | 1.55B | 1.59B | 1.54B | 1.47B | 1.37B | 1.42B | 1.47B | 1.38B | 1.21B | 1.36B | 1.25B | 1.21B | 1.21B | 1.07B | 851.08M | 740.42M | 624.54M | 505.15M | 337.19M | 215.35M | 194.26M | 178M | 157.7M | 134.6M | 108.2M |
| COGS % of Revenue | - | 62.8% | 63.04% | 62.49% | 62.67% | 62.9% | 64.82% | 63.88% | 63.88% | 64.74% | 65.16% | 64.49% | 65.38% | 65.26% | 66.41% | 67.43% | 67.31% | 67.09% | 66.34% | 67.11% | 66.38% | 65.47% | 65.39% | 67.71% | 65.69% | 62.75% | 58.94% | 60.69% | 63.23% | 61.35% | 63.46% |
| Gross Profit | 1.34B | 1.3B | 1.15B | 1.07B | 954.61M | 927.8M | 841.23M | 898.75M | 871.26M | 818.6M | 750.48M | 783.25M | 776.52M | 811.09M | 658.74M | 676.12M | 621.75M | 595.53M | 616.08M | 523.62M | 431.08M | 390.51M | 330.5M | 240.92M | 176.09M | 127.82M | 135.32M | 115.3M | 91.7M | 84.8M | 62.3M |
| Gross Margin % | 37.17% | 37.2% | 36.96% | 37.51% | 37.33% | 37.1% | 35.18% | 36.12% | 36.12% | 36.05% | 35.59% | 35.51% | 34.62% | 38.29% | 36.13% | 33.53% | 33.53% | 32.91% | 33.66% | 32.89% | 33.62% | 34.53% | 34.61% | 32.29% | 34.31% | 37.25% | 41.06% | 39.31% | 36.77% | 38.65% | 36.54% |
| Gross Profit Growth % | - | 12.83% | 8.09% | 11.79% | 2.89% | 10.29% | -6.4% | 3.15% | 6.43% | 9.08% | -4.18% | 0.87% | -4.26% | 23.13% | -2.57% | 8.74% | 4.4% | -3.34% | 17.66% | 21.47% | 10.39% | 18.16% | 37.18% | 36.82% | 37.76% | -5.54% | 17.36% | 25.74% | 8.14% | 36.12% | 7.04% |
| Operating Expenses | 673.31M | 663.51M | 624.95M | 582.58M | 531.17M | 550.67M | 552.38M | 494.79M | 497.63M | 475.67M | 438.17M | 472.64M | 494.14M | 498.72M | 431.02M | 470.09M | 439.58M | 426.21M | 419.52M | 344.44M | 290.45M | 252.53M | 219.78M | 151.59M | 114.26M | 80.66M | 83.13M | 64.1M | 55.3M | 54.8M | 46.8M |
| OpEx % of Revenue | - | 18.97% | 20.02% | 20.47% | 20.77% | 22.02% | 23.1% | 19.89% | 20.63% | 20.94% | 20.78% | 21.43% | 22.03% | 23.55% | 23.64% | 23.31% | 23.7% | 23.55% | 22.92% | 21.63% | 22.65% | 22.33% | 23.01% | 20.32% | 22.26% | 23.5% | 25.22% | 21.85% | 22.17% | 24.98% | 27.45% |
| Selling, General & Admin | 576.28M | 568.35M | 518.86M | 496.81M | 445.68M | 443.1M | 412.82M | 422.27M | 433.11M | 418.54M | 383.79M | 411.8M | 426.3M | 508.6M | 437.58M | 409.05M | 387.8M | 371.57M | 369.9M | 296.51M | 251.12M | 214.67M | 185.46M | 131.09M | 102.63M | 79.26M | 65.34M | 48.4M | 44.3M | 40.5M | 34.3M |
| SG&A % of Revenue | - | 16.25% | 16.62% | 17.46% | 17.43% | 17.72% | 17.26% | 16.97% | 17.96% | 18.43% | 18.2% | 18.67% | 19% | 24.01% | 24% | 20.28% | 20.91% | 20.53% | 20.21% | 18.62% | 19.59% | 18.98% | 19.42% | 17.57% | 20% | 23.1% | 19.83% | 16.5% | 17.76% | 18.46% | 20.12% |
| Research & Development | 96.32M | 95.16M | 91.65M | 85.76M | 80.84M | 88.49M | 74.82M | 72.52M | 64.53M | 60.31M | 58.59M | 60.84M | 67.84M | 68.87M | 59.71M | 62.12M | 54.13M | 54.65M | 49.62M | 47.93M | 38.84M | 39.68M | 33.83M | 22.11M | 11.62M | 4.38M | 3.44M | 2.8M | 1.3M | 1.9M | 0 |
| R&D % of Revenue | - | 2.72% | 2.94% | 3.01% | 3.16% | 3.54% | 3.13% | 2.91% | 2.68% | 2.66% | 2.78% | 2.76% | 3.02% | 3.25% | 3.27% | 3.08% | 2.92% | 3.02% | 2.71% | 3.01% | 3.03% | 3.51% | 3.54% | 2.96% | 2.26% | 1.28% | 1.04% | 0.95% | 0.52% | 0.87% | - |
| Other Operating Expenses | 707K | 0 | 14.45M | 0 | 4.65M | 19.09M | 64.74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 486K | -1.82M | 6.04M | -1.61M | 0 | -2.98M | 14.35M | 12.9M | 9.7M | 9.1M | 8.9M |
| Operating Income | 666.44M | 638.02M | 528.6M | 484.6M | 423.44M | 377.13M | 288.85M | 403.95M | 373.63M | 325.12M | 296.52M | 310.62M | 282.37M | 237.12M | 181.39M | 186.85M | 166.69M | 169.32M | 196.56M | 179.18M | 140.63M | 137.98M | 110.72M | 89.33M | 61.83M | 47.16M | 52.19M | 51.2M | 36.4M | 30M | 15.5M |
| Operating Margin % | 18.48% | 18.24% | 16.94% | 17.03% | 16.56% | 15.08% | 12.08% | 16.24% | 15.49% | 14.32% | 14.06% | 14.08% | 12.59% | 11.2% | 9.95% | 9.27% | 8.99% | 9.36% | 10.74% | 11.25% | 10.97% | 12.2% | 11.59% | 11.97% | 12.05% | 13.74% | 15.83% | 17.46% | 14.59% | 13.67% | 9.09% |
| Operating Income Growth % | - | 20.7% | 9.08% | 14.44% | 12.28% | 30.56% | -28.49% | 8.12% | 14.92% | 9.65% | -4.54% | 10% | 19.08% | 30.72% | -2.92% | 12.1% | -1.56% | -13.86% | 9.7% | 27.42% | 1.92% | 24.62% | 23.94% | 44.48% | 31.11% | -9.63% | 1.92% | 40.66% | 21.33% | 93.55% | 4.03% |
| EBITDA | 728.94M | 638.02M | 636.26M | 600.77M | 535.47M | 491.51M | 404.75M | 506.37M | 476.57M | 425.12M | 392.53M | 411.43M | 401.3M | 358.62M | 275.29M | 275.15M | 246.63M | 245.8M | 270.81M | 241.88M | 191.42M | 185.83M | 151.46M | 120.66M | 80.52M | 61.89M | 66.53M | 64.1M | 46.1M | 39.1M | 24.4M |
| EBITDA Margin % | 20.21% | 18.24% | 20.39% | 21.11% | 20.94% | 19.65% | 16.93% | 20.35% | 19.76% | 18.72% | 18.61% | 18.65% | 17.89% | 16.93% | 15.1% | 13.64% | 13.3% | 13.58% | 14.8% | 15.19% | 14.93% | 16.43% | 15.86% | 16.17% | 15.69% | 18.04% | 20.19% | 21.85% | 18.48% | 17.82% | 14.31% |
| EBITDA Growth % | 8.9% | 0.28% | 5.91% | 12.2% | 8.94% | 21.44% | -20.07% | 6.25% | 12.11% | 8.3% | -4.59% | 2.52% | 11.9% | 30.27% | 0.05% | 11.57% | 0.34% | -9.24% | 11.96% | 26.36% | 3.01% | 22.69% | 25.53% | 49.84% | 30.1% | -6.97% | 3.79% | 39.05% | 17.9% | 60.25% | 0% |
| D&A (Non-Cash Add-back) | 62.5M | 0 | 107.67M | 116.17M | 112.03M | 114.38M | 115.9M | 102.41M | 102.95M | 100M | 96.01M | 100.81M | 118.93M | 121.5M | 93.9M | 88.3M | 79.95M | 76.48M | 74.25M | 62.7M | 50.79M | 47.85M | 40.74M | 31.33M | 18.69M | 14.73M | 14.35M | 12.9M | 9.7M | 9.1M | 8.9M |
| EBIT | 682.81M | 638.02M | 566.92M | 514.46M | 436.18M | 389.2M | 298.6M | 427.81M | 390.22M | 341.09M | 309.21M | 311.23M | 282.74M | 238.1M | 181.52M | 187.72M | 167.26M | 170.32M | 198.15M | 179.18M | 140.63M | 137.98M | 110.72M | 89.33M | 61.83M | 47.16M | 52.19M | 51.2M | 36.4M | 30M | 15.5M |
| Net Interest Income | -42.95M | -43.15M | -44.87M | -51.39M | -46.98M | -40.24M | -35.55M | -31.35M | -33.98M | -41.47M | -41.25M | -36.04M | -35.79M | -37.05M | -26.3M | -20.83M | -22.11M | -25.07M | -29.05M | -27.38M | -22.89M | -19.98M | -12.03M | -5.66M | -1.81M | -1.18M | -1.74M | 0 | -500K | 0 | -400K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 42.95M | 43.15M | 44.87M | 51.39M | 46.98M | 40.24M | 35.55M | 31.35M | 33.98M | 41.47M | 41.25M | 36.04M | 35.79M | 37.05M | 26.3M | 20.83M | 22.11M | 25.07M | 29.05M | 27.38M | 22.89M | 19.98M | 12.03M | 5.66M | 1.81M | 1.18M | 1.74M | 0 | 500K | 0 | 400K |
| Other Income/Expense | -13.76M | -18.02M | -6.54M | -21.53M | -34.25M | -28.17M | -25.8M | -7.49M | -17.39M | -25.5M | -28.56M | -35.42M | -35.43M | -36.07M | -26.17M | -19.97M | -21.53M | -24.06M | -27.46M | -25.01M | -23.01M | -19.68M | -11.97M | -5.27M | 9.91M | 55.04M | 13.79M | 12.1M | 11.2M | 11.9M | 8.6M |
| Pretax Income | 652.68M | 620.01M | 522.06M | 463.07M | 389.19M | 348.96M | 263.05M | 396.46M | 356.24M | 299.62M | 267.96M | 275.19M | 246.94M | 197.95M | 135.36M | 184.99M | 158.29M | 145.26M | 169.1M | 154.17M | 117.62M | 118.3M | 98.75M | 84.06M | 71.73M | 102.2M | 65.97M | 63.3M | 47.6M | 41.9M | 24.1M |
| Pretax Margin % | 18.1% | 17.72% | 16.73% | 16.27% | 15.22% | 13.95% | 11% | 15.94% | 14.77% | 13.19% | 12.71% | 12.48% | 11.01% | 9.35% | 7.42% | 9.17% | 8.54% | 8.03% | 9.24% | 9.68% | 9.17% | 10.46% | 10.34% | 11.27% | 13.98% | 29.78% | 20.02% | 21.58% | 19.09% | 19.1% | 14.13% |
| Income Tax | 141.61M | 135.78M | 117.08M | 108.56M | 94.85M | 86.13M | 61.66M | 88.88M | 80.49M | 84.73M | 78.58M | 82.95M | 77M | 59.97M | 43.07M | 54.57M | 51.7M | 50.04M | 59.71M | 49.84M | 37.05M | 43.02M | 33.69M | 31.79M | 26.6M | 39.32M | 24.9M | 24.3M | 18.5M | 14M | 8M |
| Effective Tax Rate % | 21.7% | 21.9% | 22.43% | 23.44% | 24.37% | 24.68% | 23.44% | 22.42% | 22.59% | 28.28% | 29.32% | 30.14% | 31.18% | 30.3% | 31.82% | 29.5% | 32.66% | 34.45% | 35.31% | 32.33% | 31.5% | 36.36% | 34.11% | 37.82% | 37.08% | 38.47% | 37.74% | 38.39% | 38.87% | 33.41% | 33.2% |
| Net Income | 511.08M | 484.23M | 404.98M | 354.51M | 294.35M | 262.83M | 201.39M | 307.58M | 275.75M | 214.89M | 187.33M | 145.46M | 113.34M | 137.98M | 113.84M | 130.42M | 106.6M | 95.22M | 109.39M | 104.33M | 80.57M | 75.28M | 65.07M | 52.27M | 45.14M | 62.88M | 41.07M | 39M | 29.1M | 27.9M | 16.1M |
| Net Margin % | 14.17% | 13.84% | 12.98% | 12.46% | 11.51% | 10.51% | 8.42% | 12.36% | 11.43% | 9.46% | 8.88% | 6.59% | 5.05% | 6.51% | 6.24% | 6.47% | 5.75% | 5.26% | 5.98% | 6.55% | 6.28% | 6.66% | 6.81% | 7.01% | 8.79% | 18.32% | 12.46% | 13.3% | 11.67% | 12.72% | 9.44% |
| Net Income Growth % | 18.9% | 19.57% | 14.24% | 20.44% | 11.99% | 30.51% | -34.52% | 11.54% | 28.32% | 14.71% | 28.78% | 28.34% | -17.86% | 21.2% | -12.71% | 22.35% | 11.95% | -12.95% | 4.85% | 29.49% | 7.03% | 15.7% | 24.49% | 15.8% | -28.22% | 53.09% | 5.32% | 34.02% | 4.3% | 73.29% | -11.54% |
| Net Income (Continuing) | 511.08M | 484.23M | 404.98M | 354.51M | 294.35M | 262.83M | 201.39M | 307.58M | 275.75M | 214.89M | 189.38M | 192.25M | 169.95M | 139.4M | 104.08M | 118.62M | 97.88M | 95.22M | 109.39M | 104.33M | 80.57M | 75.28M | 65.07M | 52.27M | 45.14M | 62.88M | 41.07M | 39M | 29.1M | 27.9M | 16.1M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 13.79 | 12.87 | 10.55 | 9.20 | 7.62 | 6.58 | 4.80 | 7.15 | 6.22 | 4.80 | 4.15 | 3.05 | 2.31 | 2.88 | 2.41 | 2.77 | 2.30 | 2.08 | 2.41 | 2.32 | 1.82 | 1.72 | 1.51 | 1.25 | 1.08 | 1.54 | 1.01 | 0.96 | 0.71 | 0.68 | 0.40 |
| EPS Growth % | 21.53% | 21.99% | 14.67% | 20.73% | 15.81% | 37.08% | -32.87% | 14.95% | 29.58% | 15.66% | 36.07% | 32.03% | -19.79% | 19.5% | -13% | 20.43% | 10.58% | -13.69% | 3.88% | 27.47% | 5.81% | 13.91% | 20.8% | 15.74% | -29.87% | 52.48% | 5.21% | 35.21% | 4.41% | 70% | -11.11% |
| EPS (Basic) | - | 12.94 | 10.61 | 9.26 | 7.67 | 6.61 | 4.83 | 7.20 | 6.28 | 4.86 | 4.22 | 3.12 | 2.36 | 2.94 | 2.44 | 2.81 | 2.33 | 2.10 | 2.45 | 2.35 | 1.84 | 1.74 | 1.54 | 1.26 | 1.11 | 1.56 | 1.02 | 0.97 | 0.71 | 0.69 | 0.40 |
| Diluted Shares Outstanding | 37.06M | 37.63M | 38.37M | 38.53M | 38.65M | 40.6M | 42M | 43.02M | 44.32M | 44.76M | 45.05M | 47.62M | 49.08M | 47.91M | 47.41M | 47.01M | 46.32M | 45.7M | 45.37M | 44.97M | 44.27M | 43.77M | 43.09M | 41.81M | 41.79M | 40.96M | 40.77M | 40.84M | 41.28M | 41.18M | 40.76M |
| Basic Shares Outstanding | 36.9M | 37.42M | 38.15M | 38.28M | 38.39M | 40.42M | 41.74M | 42.74M | 43.89M | 44.18M | 44.39M | 46.62M | 48.02M | 46.99M | 46.74M | 46.37M | 45.82M | 45.24M | 44.72M | 44.39M | 43.79M | 43.26M | 42.39M | 41.32M | 40.85M | 40.24M | 40.07M | 40.41M | 40.84M | 40.73M | 40.5M |
| Dividend Payout Ratio | - | 7.17% | 7.82% | 8.53% | 9.78% | 10.9% | 13.99% | 9.17% | 9.55% | 11.51% | 12.31% | 16.58% | 22.07% | 13.32% | 14.4% | 11.42% | 13.82% | 15.29% | 13.15% | 11.92% | 13.08% | 11.24% | 11.78% | 12.47% | 13.61% | 1.08% | 12.69% | 13.59% | 18.21% | 18.28% | 31.68% |
Defense contract margin compression
According to the provided financial data, Curtiss-Wright achieved a consistent revenue growth trajectory, culminating in a 13.4% year-over-year increase as of 2026Q1, which suggests that the company is successfully capitalizing on its long-cycle defense backlog and recovering commercial aerospace demand across its primary operating segments.
The revenue expansion appears durable, supported by the multi-year nature of naval nuclear and defense electronics contracts. Investors should monitor whether this growth remains organic or if the company is increasingly reliant on inorganic contributions to maintain its current momentum.
As reported in the income statement history, Curtiss-Wright has maintained gross margins consistently within the 36% to 38% range, indicating that the firm possesses significant pricing power derived from its specialized, sole-source status in critical naval and aerospace components compared to broader industrial peers.
These margins suggest a high-value engineering model that effectively insulates the company from the commoditization risks seen in lower-tier defense suppliers. The stability of these figures implies that management is successfully managing input cost volatility, likely through contractual pass-through mechanisms.
Based on the quarterly income statements, operating income has demonstrated a clear upward trend, scaling from $100.0 million in 2024Q1 to $160.4 million in 2026Q1, which suggests that the company is effectively leveraging its fixed-cost base as revenue expands across its specialized defense and industrial segments.
The ability to grow operating income faster than revenue in several periods indicates disciplined overhead management and successful integration of technical capabilities. This operating leverage appears to be a key driver of the company's ability to expand net margins despite the capital-intensive nature of its operations.
Analysis of the reported figures reveals that net income growth has largely tracked operating performance, with stock-based compensation remaining a relatively minor component of the cost structure, suggesting that the reported EPS of 3.46 in 2026Q1 is of high quality and not overly reliant on accounting adjustments.
The absence of significant non-operating distortions suggests that the bottom line is driven by core operational execution rather than financial engineering. Investors should continue to monitor the impact of potential 'Estimate at Completion' adjustments, which remain a standard, albeit lumpy, feature of long-cycle defense accounting.
While the company displays strong profitability, a critical review of the data suggests that the 2025Q4 peak in operating margin of 19.4% may be difficult to sustain, as potential supply chain fragility and rising labor costs could exert downward pressure on future profitability metrics.
Short-term fluctuations in quarterly margins warrant investigation into whether these are merely timing differences in contract recognition or early signs of structural margin compression. The reliance on sole-source contracts provides a moat, but it also limits the company's ability to aggressively raise prices in response to inflationary pressures.
Quick answers to the most common questions about buying CW stock.
For fiscal year 2025, Curtiss-Wright Corporation (CW) reported total revenue of $3.50B. This represents a 1951.8% increase compared to $170.5M in 1996.
Curtiss-Wright Corporation (CW) is profitable, generating $484.2M in net income for the fiscal year ending 2025 with a net profit margin of 13.8%.
Curtiss-Wright Corporation (CW) reported an operating income of $638.0M, resulting in an operating profit margin of 18.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Curtiss-Wright Corporation (CW) generated $1.30B in gross profit for the year, representing a gross profit margin of 37.2%. This demonstrates the company's core pricing power and production efficiency.