Revenue growth accelerated to 14.9% in 2026Q3, with gross margin expanding to 32.3% from 27.4% year-over-year, driving a 55% increase in operating income.
Moog Inc. (MOG-A) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 | Sep'97 | Sep'96 |
|---|
| Sales/Revenue | 4.32B | 3.86B | 3.61B | 3.32B | 3.04B | 2.85B | 2.88B | 2.9B | 2.71B | 2.5B | 2.41B | 2.53B | 2.65B | 2.61B | 2.47B | 2.33B | 2.11B | 1.85B | 1.9B | 1.56B | 1.31B | 1.05B | 938.85M | 755.49M | 718.96M | 704.38M | 644.01M | 630M | 536.6M | 455.9M | 407.2M |
| Revenue Growth % | 15.58% | 6.97% | 8.72% | 9.31% | 6.48% | -1.13% | -0.69% | 7.2% | 8.49% | 3.55% | -4.5% | -4.64% | 1.46% | 5.7% | 5.96% | 10.24% | 14.35% | -2.82% | 22.11% | 19.26% | 24.27% | 11.98% | 24.27% | 5.08% | 2.07% | 9.37% | 2.22% | 17.41% | 17.7% | 11.96% | 8.79% |
| Cost of Goods Sold | 3.1B | 2.8B | 2.61B | 2.51B | 2.29B | 2.15B | 2.14B | 2.09B | 1.94B | 1.77B | 1.7B | 1.79B | 1.85B | 1.83B | 1.72B | 1.65B | 1.5B | 1.31B | 1.29B | 1.03B | 880.74M | 723.05M | 652.45M | 520.3M | 488.38M | 493.24M | 418.26M | 402.8M | 351.3M | 294.1M | 262.1M |
| COGS % of Revenue | - | 72.61% | 72.38% | 75.57% | 75.45% | 75.55% | 74.22% | 71.91% | 71.47% | 70.71% | 70.5% | 70.83% | 69.88% | 69.97% | 69.82% | 70.85% | 71.02% | 70.94% | 67.98% | 66.03% | 67.41% | 68.77% | 69.49% | 68.87% | 67.93% | 70.02% | 64.95% | 63.94% | 65.47% | 64.51% | 64.37% |
| Gross Profit | 1.22B | 1.06B | 996.92M | 810.96M | 745.51M | 697.39M | 743.7M | 815.83M | 772.99M | 731.52M | 711.58M | 736.7M | 797.58M | 783.75M | 745.3M | 679.48M | 612.61M | 537.3M | 609.21M | 529.25M | 425.75M | 328.29M | 286.4M | 235.19M | 230.59M | 211.14M | 225.75M | 227.2M | 185.3M | 161.8M | 145.1M |
| Gross Margin % | 28.24% | 27.39% | 27.62% | 24.43% | 24.55% | 24.45% | 25.78% | 28.09% | 28.53% | 29.29% | 29.5% | 29.17% | 30.12% | 30.03% | 30.18% | 29.15% | 28.98% | 29.06% | 32.02% | 33.97% | 32.59% | 31.23% | 30.51% | 31.13% | 32.07% | 29.98% | 35.05% | 36.06% | 34.53% | 35.49% | 35.63% |
| Gross Profit Growth % | - | 6.06% | 22.93% | 8.78% | 6.9% | -6.23% | -8.84% | 5.54% | 5.67% | 2.8% | -3.41% | -7.63% | 1.76% | 5.16% | 9.69% | 10.91% | 14.02% | -11.8% | 15.11% | 24.31% | 29.69% | 14.63% | 21.78% | 2% | 9.21% | -6.47% | -0.64% | 22.61% | 14.52% | 11.51% | 12.48% |
| Operating Expenses | 697.49M | 647.64M | 607.66M | 497.69M | 482.82M | 460.88M | 508.81M | 531.11M | 523.95M | 500.79M | 487.3M | 503.77M | 542.95M | 531.29M | 501.45M | 460.35M | 416.01M | 381.19M | 404.54M | 354.78M | 282.54M | 219.45M | 191.11M | 158.86M | 150.32M | 137.14M | 154.41M | 163.9M | 135.6M | 120.5M | 112.6M |
| OpEx % of Revenue | - | 16.78% | 16.84% | 14.99% | 15.9% | 16.16% | 17.64% | 18.28% | 19.34% | 20.05% | 20.2% | 19.95% | 20.5% | 20.35% | 20.31% | 19.75% | 19.68% | 20.62% | 21.26% | 22.77% | 21.63% | 20.87% | 20.36% | 21.03% | 20.91% | 19.47% | 23.98% | 26.02% | 25.27% | 26.43% | 27.65% |
| Selling, General & Admin | 588.42M | 553.97M | 494.89M | 469.84M | 448.53M | 412.03M | 397.95M | 404.65M | 393.76M | 356.14M | 339.96M | 371.5M | 403.49M | 396.64M | 385.05M | 353.96M | 313.41M | 281.17M | 294.94M | 252.17M | 213.66M | 175.89M | 161.38M | 128.37M | 117.28M | 110.68M | 101.99M | 100M | 85.4M | 81.4M | 75.7M |
| SG&A % of Revenue | - | 14.35% | 13.71% | 14.15% | 14.77% | 14.45% | 13.8% | 13.93% | 14.53% | 14.26% | 14.09% | 14.71% | 15.24% | 15.2% | 15.59% | 15.19% | 14.82% | 15.21% | 15.5% | 16.18% | 16.35% | 16.73% | 17.19% | 16.99% | 16.31% | 15.71% | 15.84% | 15.87% | 15.92% | 17.85% | 18.59% |
| Research & Development | 108.02M | 93.67M | 112.77M | 27.86M | 34.29M | 48.86M | 110.86M | 126.45M | 130.19M | 144.65M | 147.34M | 132.27M | 139.46M | 134.65M | 116.4M | 106.39M | 102.6M | 100.02M | 109.6M | 102.6M | 68.89M | 43.56M | 29.73M | 30.5M | 33.03M | 26.46M | 21.98M | 33.3M | 27.5M | 17.8M | 17.3M |
| R&D % of Revenue | - | 2.43% | 3.12% | 0.84% | 1.13% | 1.71% | 3.84% | 4.35% | 4.8% | 5.79% | 6.11% | 5.24% | 5.27% | 5.16% | 4.71% | 4.56% | 4.85% | 5.41% | 5.76% | 6.59% | 5.27% | 4.14% | 3.17% | 4.04% | 4.59% | 3.76% | 3.41% | 5.29% | 5.12% | 3.9% | 4.25% |
| Other Operating Expenses | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -173K | 0 | 3.37M | -4.68M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 30.44M | 28M | 19.8M | 23.3M | 19.6M |
| Operating Income | 508.37M | 409.71M | 389.26M | 313.27M | 262.69M | 236.5M | 234.88M | 273.03M | 249.04M | 230.74M | 224.29M | 232.94M | 254.63M | 252.46M | 243.85M | 220.2M | 196.6M | 156.1M | 204.68M | 174.47M | 143.21M | 94.9M | 83.5M | 76.32M | 80.27M | 74M | 71.33M | 63.3M | 49.7M | 41.3M | 32.5M |
| Operating Margin % | 11.77% | 10.61% | 10.79% | 9.44% | 8.65% | 8.29% | 8.14% | 9.4% | 9.19% | 9.24% | 9.3% | 9.22% | 9.61% | 9.67% | 9.87% | 9.45% | 9.3% | 8.44% | 10.76% | 11.2% | 10.96% | 9.03% | 8.89% | 10.1% | 11.16% | 10.51% | 11.08% | 10.05% | 9.26% | 9.06% | 7.98% |
| Operating Income Growth % | - | 5.25% | 24.26% | 19.25% | 11.08% | 0.69% | -13.97% | 9.63% | 7.93% | 2.88% | -3.71% | -8.52% | 0.86% | 3.53% | 10.74% | 12% | 25.94% | -23.73% | 17.31% | 21.83% | 50.9% | 13.65% | 9.4% | -4.91% | 8.46% | 3.74% | 12.69% | 27.36% | 20.34% | 27.08% | 30% |
| EBITDA | 535.81M | 513.44M | 482.37M | 403.5M | 351.08M | 326.66M | 321.86M | 360M | 337.61M | 320.9M | 323.02M | 336.54M | 363.89M | 360.54M | 344.67M | 316.53M | 287.82M | 232.49M | 268.06M | 226.56M | 190.28M | 131.11M | 119.01M | 105.86M | 105.86M | 105.7M | 101.78M | 93.9M | 72.4M | 62.6M | 52.1M |
| EBITDA Margin % | 12.41% | 13.3% | 13.36% | 12.16% | 11.56% | 11.45% | 11.16% | 12.39% | 12.46% | 12.85% | 13.39% | 13.33% | 13.74% | 13.81% | 13.96% | 13.58% | 13.61% | 12.57% | 14.09% | 14.54% | 14.56% | 12.47% | 12.68% | 14.01% | 14.72% | 15.01% | 15.8% | 14.9% | 13.49% | 13.73% | 12.79% |
| EBITDA Growth % | 6.53% | 6.44% | 19.54% | 14.93% | 7.48% | 1.49% | -10.6% | 6.63% | 5.21% | -0.66% | -4.02% | -7.51% | 0.93% | 4.6% | 8.89% | 9.98% | 23.8% | -13.27% | 18.31% | 19.07% | 45.14% | 10.17% | 12.42% | -0% | 0.16% | 3.85% | 8.39% | 29.7% | 15.65% | 20.15% | 16.55% |
| D&A (Non-Cash Add-back) | 27.44M | 103.73M | 93.11M | 90.23M | 88.39M | 90.16M | 86.97M | 86.97M | 88.57M | 90.17M | 98.73M | 103.61M | 109.26M | 108.07M | 100.82M | 96.33M | 91.22M | 76.38M | 63.38M | 52.09M | 47.08M | 36.21M | 35.51M | 29.54M | 25.6M | 31.69M | 30.44M | 30.6M | 22.7M | 21.3M | 19.6M |
| EBIT | 350.31M | 384.72M | 329.93M | 279.63M | 262.69M | 237.67M | 44.31M | 267.36M | 218.42M | 216.26M | 207.47M | 212.8M | 231.44M | 191.97M | 243.15M | 219.45M | 188.18M | 149.88M | 205.77M | 174.47M | 143.21M | 108.84M | 95.3M | 76.32M | 80.27M | 74M | 71.33M | 63.3M | 49.7M | 41.3M | 32.5M |
| Net Interest Income | -50.47M | -72.08M | -62.11M | -63.58M | -36.76M | -33.89M | -38.9M | -39.27M | -36.24M | -34.55M | -34.6M | -28.97M | -12.51M | -26.96M | -34.31M | -35.67M | -38.74M | -39.32M | -37.74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 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 | 17.73M | 72.08M | 62.11M | 63.58M | 36.76M | 33.89M | 38.9M | 39.27M | 36.24M | 34.55M | 34.6M | 28.97M | 12.51M | 26.96M | 34.31M | 35.67M | 38.74M | 39.32M | 37.74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -71.11M | -97.06M | -121.45M | -97.22M | -59.72M | -32.73M | -229.47M | -57.77M | -71.98M | -49.02M | -51.43M | -49.1M | -35.7M | -87.46M | -35.01M | -35.34M | -43.87M | -45.54M | -36.64M | -30.72M | -23.06M | -13.93M | -11.83M | -18.07M | -27.28M | -31.99M | -32.72M | -26.6M | -19.8M | -21.7M | -16.5M |
| Pretax Income | 437.26M | 312.65M | 267.81M | 216.05M | 202.98M | 203.77M | 5.42M | 233.76M | 183.84M | 181.71M | 172.86M | 183.83M | 218.92M | 165.01M | 208.84M | 183.78M | 149.44M | 110.56M | 168.03M | 143.75M | 120.15M | 94.92M | 83.47M | 58.25M | 52.99M | 42.01M | 38.62M | 36.7M | 29.9M | 19.6M | 16M |
| Pretax Margin % | 10.13% | 8.1% | 7.42% | 6.51% | 6.68% | 7.15% | 0.19% | 8.05% | 6.78% | 7.28% | 7.17% | 7.28% | 8.27% | 6.32% | 8.46% | 7.89% | 7.07% | 5.98% | 8.83% | 9.23% | 9.2% | 9.03% | 8.89% | 7.71% | 7.37% | 5.96% | 6% | 5.83% | 5.57% | 4.3% | 3.93% |
| Income Tax | 60.14M | 77.62M | 60.59M | 45.05M | 47.8M | 46.55M | -3.79M | 54.01M | 87.21M | 41.3M | 49.23M | 51.95M | 60.73M | 44.51M | 56.38M | 47.76M | 41.34M | 25.52M | 48.97M | 42.81M | 38.8M | 30.13M | 26.18M | 15.55M | 15.39M | 14.07M | 13.21M | 12.3M | 10.6M | 6M | 4.8M |
| Effective Tax Rate % | 13.75% | 24.83% | 22.63% | 20.85% | 23.55% | 22.85% | -69.93% | 23.11% | 47.44% | 22.73% | 28.48% | 28.26% | 27.74% | 26.97% | 27% | 25.99% | 27.67% | 23.08% | 29.14% | 29.78% | 32.3% | 31.74% | 31.37% | 26.7% | 29.05% | 33.5% | 34.22% | 33.51% | 35.45% | 30.61% | 30% |
| Net Income | 377.12M | 235.03M | 207.22M | 171M | 155.18M | 157.22M | 9.21M | 174.55M | 95.24M | 141.28M | 126.75M | 131.88M | 158.2M | 120.5M | 152.46M | 136.02M | 108.09M | 85.05M | 119.07M | 100.94M | 81.35M | 64.79M | 57.29M | 42.7M | 37.6M | 27.94M | 25.4M | 24.4M | 19.3M | 13.6M | 10.7M |
| Net Margin % | 8.73% | 6.09% | 5.74% | 5.15% | 5.11% | 5.51% | 0.32% | 6.01% | 3.52% | 5.66% | 5.25% | 5.22% | 5.97% | 4.62% | 6.17% | 5.84% | 5.11% | 4.6% | 6.26% | 6.48% | 6.23% | 6.16% | 6.1% | 5.65% | 5.23% | 3.97% | 3.94% | 3.87% | 3.6% | 2.98% | 2.63% |
| Net Income Growth % | 78.64% | 13.42% | 21.18% | 10.2% | -1.3% | 1607.98% | -94.73% | 83.27% | -32.59% | 11.47% | -3.9% | -16.63% | 31.29% | -20.97% | 12.09% | 25.84% | 27.1% | -28.57% | 17.96% | 24.08% | 25.55% | 13.1% | 34.18% | 13.55% | 34.58% | 9.99% | 4.1% | 26.42% | 41.91% | 27.1% | 37.18% |
| Net Income (Continuing) | 225.1M | 235.03M | 207.22M | 171M | 155.18M | 157.22M | 9.21M | 174.55M | 95.36M | 140.41M | 123.63M | 131.88M | 158.2M | 120.5M | 152.46M | 136.02M | 108.09M | 85.05M | 119.07M | 100.94M | 81.35M | 64.79M | 57.29M | 42.7M | 37.6M | 27.94M | 25.4M | 24.4M | 19.3M | 13.6M | 11.2M |
| 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 | 5.65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 11.77 | 7.33 | 6.40 | 5.34 | 4.83 | 4.87 | 0.28 | 5.11 | 2.64 | 3.90 | 3.47 | 3.35 | 3.52 | 2.63 | 3.33 | 2.95 | 2.36 | 1.98 | 2.75 | 2.34 | 1.97 | 1.64 | 1.46 | 1.22 | 1.11 | 0.94 | 0.56 | 0.80 | 0.67 | 0.56 | 0.12 |
| EPS Growth % | 78.6% | 14.53% | 19.85% | 10.56% | -0.82% | 1639.29% | -94.52% | 93.56% | -32.31% | 12.39% | 3.58% | -4.83% | 33.84% | -21.02% | 12.88% | 25% | 19.19% | -28% | 17.52% | 18.78% | 20.12% | 12.33% | 19.67% | 9.91% | 18.09% | 67.86% | -30% | 19.4% | 19.64% | 366.67% | -60% |
| EPS (Basic) | - | 7.42 | 6.48 | 5.37 | 4.85 | 4.90 | 0.28 | 5.16 | 2.67 | 3.94 | 3.49 | 3.39 | 3.57 | 2.66 | 3.37 | 2.99 | 2.38 | 2.00 | 2.79 | 2.38 | 2.01 | 1.68 | 1.49 | 1.22 | 1.13 | 0.95 | 0.57 | 0.81 | 0.69 | 0.56 | 0.13 |
| Diluted Shares Outstanding | 32.04M | 32.08M | 32.36M | 32.04M | 32.12M | 32.3M | 33.44M | 35.18M | 36.05M | 36.23M | 36.53M | 39.33M | 44.95M | 45.82M | 45.72M | 46.05M | 45.71M | 42.91M | 43.26M | 43.15M | 41.25M | 39.5M | 39.37M | 35.13M | 33.84M | 29.79M | 30.14M | 30.5M | 28.82M | 24.38M | 24.33M |
| Basic Shares Outstanding | 31.65M | 31.68M | 31.95M | 31.83M | 31.98M | 32.11M | 33.26M | 34.85M | 35.66M | 35.85M | 36.28M | 38.95M | 44.36M | 45.34M | 45.25M | 45.5M | 45.36M | 42.6M | 42.6M | 42.43M | 40.56M | 38.61M | 38.57M | 34.86M | 33.31M | 29.51M | 29.88M | 30.05M | 27.96M | 24.38M | 24.33M |
| Dividend Payout Ratio | - | 15.5% | 17.12% | 19.93% | 21.25% | 20.42% | 273.87% | 19.97% | 18.78% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying MOG-A stock.
For fiscal year 2025, Moog Inc. (MOG-A) reported total revenue of $3.86B. This represents a 848.1% increase compared to $407.2M in 1996.
Moog Inc. (MOG-A) is profitable, generating $235.0M in net income for the fiscal year ending 2025 with a net profit margin of 6.1%.
Moog Inc. (MOG-A) reported an operating income of $409.7M, resulting in an operating profit margin of 10.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Moog Inc. (MOG-A) generated $1.06B in gross profit for the year, representing a gross profit margin of 27.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Margin sustainability amid cost inflation
Metrics are mathematically derived from official filings.
Revenue Momentum Accelerates Sharply
Moog's revenue growth accelerated to 14.9% in 2026Q3, up from 7.4% a year earlier, according to the latest quarterly report, signaling robust demand across its aerospace and defense segments.
The sequential acceleration from 12.5% in 2026Q2 to 14.9% in 2026Q3, coupled with a 20.9% growth rate in 2026Q1, indicates a sustained upward trajectory. This suggests that the company is benefiting from strong defense spending and commercial aerospace recovery, though the durability of this growth will depend on order backlogs and program ramps.
Gross Margin Expansion Drives Profitability
Gross margin jumped to 32.3% in 2026Q3 from 27.4% in the prior-year quarter, as reported in financial statements, reflecting improved pricing and product mix that outpace cost pressures.
The 490 basis point year-over-year expansion in gross margin is a standout, lifting operating margin to 14.6% from 10.8%. This suggests that Moog is gaining pricing power or benefiting from higher-margin aftermarket sales, though investors should monitor whether this is sustainable given potential input cost volatility.
Operating Leverage Amplifies Earnings
Operating income grew 55% year-over-year in 2026Q3, far outpacing the 14.9% revenue increase, based on reported figures, demonstrating significant operating leverage as SG&A grew only modestly.
SG&A expenses rose just 8.8% year-over-year while gross profit expanded 35.7%, indicating that overhead costs are not scaling proportionally with revenue. This leverage is a key driver of the 154% EPS surge, but it also implies that any revenue deceleration could hit margins harder.
Earnings Quality Boosted by Tax and One-Time Items
Net income in 2026Q3 reached $152.0M, a 154% EPS jump, but the effective tax rate appears unusually low, as per the income statement, warranting scrutiny of non-operating gains.
The net margin of 13.6% is well above the historical range of 4.6-6.4%, and the EPS growth of 154% far exceeds the 14.9% revenue growth. This discrepancy suggests possible one-time tax benefits or other non-operating items that may not recur, so investors should adjust for these to assess underlying earnings power.
COGS Efficiency Drives Margin Gains
COGS as a percentage of revenue fell to 67.7% in 2026Q3 from 72.6% a year earlier, as disclosed in the quarterly report, indicating improved cost management or favorable mix.
The reduction in COGS ratio is the primary driver of gross margin expansion, while R&D spending increased to $33.0M from $21.9M, reflecting investment in future programs. This suggests that Moog is balancing cost discipline with innovation, though the sustainability of the COGS improvement depends on supply chain stability.
Margin Peak May Be Near
The 32.3% gross margin in 2026Q3 is a cyclical high, and with revenue growth decelerating from 20.9% to 14.9%, the risk of margin mean-reversion is elevated, as per the data.
Short-sellers might argue that the exceptional margin expansion is unsustainable, given that historical gross margins have hovered around 26-28%. If input costs rise or mix normalizes, operating leverage could reverse, compressing margins. Additionally, the low tax rate in 2026Q3 may not persist, potentially reducing net income growth.