Revenue growth has accelerated to 23.4% in 2026Q2, while gross margins have improved to 29.0% from a 24.3% trough in 2024Q4, suggesting successful management of inflationary pressures.
| 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 | 4B | 3.57B | 3.32B | 2.91B | 2.38B | 2.25B | 2.5B | 2.9B | 2.33B | 2.1B | 2.02B | 2.04B | 2B | 1.94B | 1.87B | 1.71B | 1.46B | 1.43B | 1.26B | 1.04B | 854.51M | 827.73M | 709.8M | 586.68M | 679.99M | 678.79M | 597.38M | 596.9M | 490.5M | 442.2M | 417.3M |
| Revenue Growth % | 19.03% | 7.3% | 14.06% | 22.32% | 6.1% | -10.01% | -13.95% | 24.69% | 10.83% | 3.74% | -0.75% | 1.85% | 3.37% | 3.77% | 8.99% | 17.48% | 1.88% | 13.66% | 20.71% | 21.98% | 3.24% | 16.61% | 20.99% | -13.72% | 0.18% | 13.63% | 0.08% | 21.69% | 10.92% | 5.97% | 9.89% |
| Cost of Goods Sold | 2.86B | 2.61B | 2.45B | 2.24B | 1.86B | 1.69B | 1.86B | 2.19B | 1.72B | 1.53B | 1.48B | 1.45B | 1.43B | 1.38B | 1.3B | 1.2B | 1.02B | 1.03B | 883M | 728.82M | 612.26M | 623.68M | 542.24M | 492.24M | 539.13M | 511.03M | 429.54M | 411.9M | 333.1M | 303M | 281.5M |
| COGS % of Revenue | - | 73.19% | 73.63% | 76.75% | 77.95% | 75.46% | 74.35% | 75.6% | 73.94% | 72.72% | 72.94% | 71.32% | 71.25% | 71.09% | 69.86% | 70% | 70.11% | 71.96% | 70.18% | 69.92% | 71.65% | 75.35% | 76.39% | 83.9% | 79.28% | 75.28% | 71.9% | 69.01% | 67.91% | 68.52% | 67.46% |
| Gross Profit | 1.13B | 956.29M | 876.48M | 677.58M | 525.3M | 551.06M | 640.24M | 707.54M | 606.2M | 572.56M | 547.54M | 584.59M | 575.4M | 559.71M | 562.28M | 513.55M | 435.51M | 401.03M | 375.21M | 313.52M | 242.25M | 204.05M | 167.56M | 94.44M | 140.86M | 167.76M | 167.85M | 185M | 157.4M | 139.2M | 135.8M |
| Gross Margin % | 28.38% | 26.81% | 26.37% | 23.25% | 22.05% | 24.54% | 25.65% | 24.4% | 26.06% | 27.28% | 27.06% | 28.68% | 28.75% | 28.91% | 30.14% | 30% | 29.89% | 28.04% | 29.82% | 30.08% | 28.35% | 24.65% | 23.61% | 16.1% | 20.72% | 24.72% | 28.1% | 30.99% | 32.09% | 31.48% | 32.54% |
| Gross Profit Growth % | - | 9.11% | 29.35% | 28.99% | -4.67% | -13.93% | -9.51% | 16.72% | 5.88% | 4.57% | -6.34% | 1.6% | 2.8% | -0.46% | 9.49% | 17.92% | 8.6% | 6.88% | 19.68% | 29.42% | 18.72% | 21.77% | 77.43% | -32.95% | -16.04% | -0.05% | -9.27% | 17.53% | 13.07% | 2.5% | 29.26% |
| Operating Expenses | 536.86M | 445.1M | 436.41M | 391.24M | 311.21M | 296.75M | 346.68M | 366.79M | 337.91M | 301.71M | 298.49M | 311.61M | 293.34M | 289M | 339.01M | 301.12M | 253.55M | 264.59M | 195.64M | 184.09M | 158.83M | 136.94M | 117.91M | 69.91M | 62.51M | 74.49M | 107.88M | 111M | 105.9M | 95.1M | 93.3M |
| OpEx % of Revenue | - | 12.48% | 13.13% | 13.42% | 13.06% | 13.21% | 13.89% | 12.65% | 14.53% | 14.38% | 14.75% | 15.29% | 14.66% | 14.93% | 18.17% | 17.59% | 17.4% | 18.5% | 15.55% | 17.66% | 18.59% | 16.54% | 16.61% | 11.92% | 9.19% | 10.97% | 18.06% | 18.6% | 21.59% | 21.51% | 22.36% |
| Selling, General & Admin | 372.85M | 297.53M | 295.74M | 259.14M | 191.43M | 179.66M | 213.55M | 207.68M | 189.63M | 175.19M | 172.32M | 177.12M | 155.34M | 158.75M | 164.51M | 148.9M | 135.88M | 128.68M | 115.4M | 111.3M | 92.01M | 79.86M | 70.95M | 65.04M | 58.77M | 67.44M | 77.46M | 79M | 79.3M | 72.3M | 69.9M |
| SG&A % of Revenue | - | 8.34% | 8.9% | 8.89% | 8.03% | 8% | 8.56% | 7.16% | 8.15% | 8.35% | 8.52% | 8.69% | 7.76% | 8.2% | 8.82% | 8.7% | 9.33% | 9% | 9.17% | 10.68% | 10.77% | 9.65% | 10% | 11.09% | 8.64% | 9.93% | 12.97% | 13.23% | 16.17% | 16.35% | 16.75% |
| Research & Development | 164.01M | 147.57M | 140.68M | 132.09M | 119.78M | 117.09M | 133.13M | 159.11M | 148.28M | 126.52M | 126.17M | 134.49M | 138M | 130.25M | 143.27M | 115.63M | 82.56M | 78.54M | 73.41M | 65.29M | 59.86M | 50M | 40.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 4.14% | 4.23% | 4.53% | 5.03% | 5.21% | 5.33% | 5.49% | 6.38% | 6.03% | 6.24% | 6.6% | 6.9% | 6.73% | 7.68% | 6.76% | 5.67% | 5.49% | 5.83% | 6.26% | 7.01% | 6.04% | 5.64% | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 36.58M | 35.11M | 57.37M | 6.83M | 7.5M | 6.95M | 7.09M | 6.91M | 4.87M | 3.75M | 7.05M | 30.42M | 32M | 26.6M | 22.8M | 23.4M |
| Operating Income | 597.77M | 511.2M | 440.07M | 286.34M | 214.09M | 254.31M | 293.56M | 340.75M | 281.49M | 269.41M | 253.93M | 263.86M | 285.19M | 279.01M | 221.69M | 212.43M | 181.96M | 136.44M | 179.56M | 129.43M | 83.42M | 67.11M | 49.65M | 24.53M | 78.35M | 93.27M | 59.97M | 74M | 51.5M | 44.1M | 42.5M |
| Operating Margin % | 14.95% | 14.33% | 13.24% | 9.82% | 8.98% | 11.32% | 11.76% | 11.75% | 12.1% | 12.84% | 12.55% | 12.95% | 14.25% | 14.41% | 11.88% | 12.41% | 12.49% | 9.54% | 14.27% | 12.42% | 9.76% | 8.11% | 7% | 4.18% | 11.52% | 13.74% | 10.04% | 12.4% | 10.5% | 9.97% | 10.18% |
| Operating Income Growth % | - | 16.16% | 53.69% | 33.75% | -15.82% | -13.37% | -13.85% | 21.05% | 4.48% | 6.09% | -3.76% | -7.48% | 2.22% | 25.86% | 4.36% | 16.75% | 33.36% | -24.02% | 38.74% | 55.15% | 24.32% | 35.15% | 102.4% | -68.69% | -16% | 55.54% | -18.96% | 43.69% | 16.78% | 3.76% | 41.97% |
| EBITDA | 714.55M | 624.47M | 556.24M | 406.09M | 334.72M | 383.83M | 424.72M | 482.76M | 397.62M | 350.32M | 322.97M | 339.1M | 362.55M | 353.24M | 290.31M | 247.43M | 257.58M | 162.56M | 215.01M | 162.35M | 112.44M | 98.64M | 82.42M | 56.95M | 110.44M | 126M | 90.39M | 106M | 78.1M | 66.9M | 65.9M |
| EBITDA Margin % | 17.87% | 17.51% | 16.73% | 13.93% | 14.05% | 17.09% | 17.02% | 16.65% | 17.1% | 16.69% | 15.96% | 16.64% | 18.12% | 18.25% | 15.56% | 14.45% | 17.68% | 11.37% | 17.09% | 15.58% | 13.16% | 11.92% | 11.61% | 9.71% | 16.24% | 18.56% | 15.13% | 17.76% | 15.92% | 15.13% | 15.79% |
| EBITDA Growth % | 30% | 12.27% | 36.98% | 21.32% | -12.8% | -9.63% | -12.02% | 21.41% | 13.5% | 8.47% | -4.76% | -6.47% | 2.63% | 21.68% | 17.33% | -3.94% | 58.45% | -24.4% | 32.44% | 44.39% | 13.99% | 19.69% | 44.71% | -48.43% | -12.36% | 39.41% | -14.73% | 35.72% | 16.74% | 1.52% | 22.67% |
| D&A (Non-Cash Add-back) | 116.78M | 113.28M | 116.17M | 119.74M | 120.63M | 129.52M | 131.16M | 142M | 116.13M | 80.92M | 69.04M | 75.23M | 77.35M | 74.23M | 68.62M | 34.99M | 75.62M | 26.12M | 35.45M | 32.92M | 29.02M | 31.54M | 32.76M | 32.42M | 32.09M | 32.73M | 30.42M | 32M | 26.6M | 22.8M | 23.4M |
| EBIT | 637.05M | 567.1M | 440.07M | 286.34M | 214.09M | 254.31M | 293.56M | 340.75M | 281.49M | 269.41M | 255.03M | 263.86M | 251.62M | 242.03M | 221.69M | 212.97M | 184.26M | 156.1M | 179.56M | 129.43M | 83.42M | 67.11M | 49.65M | 22.26M | 78.35M | 93.27M | 59.97M | 74M | 51.5M | 44.1M | 42.5M |
| Net Interest Income | -40.63M | -41.5M | -41.5M | -45.15M | -32.73M | -32.79M | -34.05M | -42.59M | -38.79M | -33.91M | -24.75M | -24.08M | -22.53M | -26.43M | -25.46M | -24.86M | -28.88M | -32.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 3.21M | 4.19M | 6.46M | 2.75M | 1.81M | 1.5M | 1.76M | 1.41M | 1.67M | 1.73M | 2.02M | 787K | 271K | 273K | 542K | 534K | 509K | 1.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 43.84M | 45.69M | 47.96M | 47.9M | 34.55M | 34.28M | 35.81M | 44M | 40.47M | 35.64M | 26.78M | 24.86M | 22.8M | 26.7M | 26M | 25.4M | 29.39M | 33.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 25.4M | 10.21M | 13.9M | -10.57M | -14.19M | -8.51M | -11.68M | -20.14M | -61.91M | -16.66M | -27.45M | -22.91M | -57.95M | -79.44M | -23.88M | -26.45M | -27.09M | -45.28M | 2.35M | -1.47M | 1.07M | 12M | -362K | -2.32M | -7.67M | -7.32M | 14.22M | -22M | -13.2M | -10.7M | -7.4M |
| Pretax Income | 623.17M | 521.41M | 453.97M | 275.77M | 199.9M | 245.8M | 281.88M | 320.61M | 219.58M | 252.75M | 226.49M | 240.95M | 227.24M | 199.57M | 197.81M | 187.57M | 154.88M | 122.41M | 181.91M | 131.99M | 84.5M | 79.11M | 49.29M | 19.94M | 70.68M | 85.95M | 74.19M | 52M | 38.3M | 33.4M | 35.1M |
| Pretax Margin % | 15.59% | 14.62% | 13.66% | 9.46% | 8.39% | 10.94% | 11.29% | 11.05% | 9.44% | 12.04% | 11.2% | 11.82% | 11.36% | 10.31% | 10.6% | 10.96% | 10.63% | 8.56% | 14.46% | 12.66% | 9.89% | 9.56% | 6.94% | 3.4% | 10.39% | 12.66% | 12.42% | 8.71% | 7.81% | 7.55% | 8.41% |
| Income Tax | 109.37M | 79.3M | 81M | 43.4M | 28.2M | 37.15M | 41.49M | 61.01M | 39.2M | 52.24M | 45.65M | 59.5M | 61.4M | 53.63M | 56.22M | 55.33M | 43.71M | 28.06M | 60.03M | 33.83M | 14.6M | 23.14M | 17.91M | 7.59M | 25.51M | 32.89M | 27.21M | 21.2M | 16.7M | 15.3M | 13M |
| Effective Tax Rate % | 17.55% | 15.21% | 17.84% | 15.74% | 14.11% | 15.11% | 14.72% | 19.03% | 17.85% | 20.67% | 20.15% | 24.69% | 27.02% | 26.87% | 28.42% | 29.5% | 28.22% | 22.92% | 33% | 25.63% | 17.28% | 29.25% | 36.33% | 38.08% | 36.09% | 38.26% | 36.68% | 40.77% | 43.6% | 45.81% | 37.04% |
| Net Income | 513.8M | 442.11M | 372.97M | 232.37M | 171.7M | 208.65M | 240.4M | 259.6M | 180.38M | 200.51M | 180.84M | 181.45M | 165.84M | 145.94M | 141.59M | 132.24M | 110.84M | 94.35M | 121.88M | 98.16M | 69.9M | 55.97M | 31.38M | 12.35M | 42.68M | 53.07M | 46.98M | 30.8M | 21.6M | 11.9M | 22.1M |
| Net Margin % | 12.85% | 12.39% | 11.22% | 7.97% | 7.21% | 9.29% | 9.63% | 8.95% | 7.76% | 9.55% | 8.94% | 8.9% | 8.29% | 7.54% | 7.59% | 7.73% | 7.61% | 6.6% | 9.69% | 9.42% | 8.18% | 6.76% | 4.42% | 2.1% | 6.28% | 7.82% | 7.86% | 5.16% | 4.4% | 2.69% | 5.3% |
| Net Income Growth % | 34.71% | 18.54% | 60.51% | 35.34% | -17.71% | -13.21% | -7.4% | 43.92% | -10.04% | 10.88% | -0.34% | 9.41% | 13.64% | 3.07% | 7.07% | 19.3% | 17.48% | -22.59% | 24.17% | 40.42% | 24.89% | 78.35% | 154.19% | -71.07% | -19.57% | 12.97% | 52.52% | 42.59% | 81.51% | -46.15% | 85.15% |
| Net Income (Continuing) | 513.8M | 442.11M | 372.97M | 232.37M | 171.7M | 208.65M | 240.4M | 259.6M | 180.38M | 200.51M | 180.84M | 181.45M | 165.84M | 145.94M | 141.59M | 132.24M | 111.16M | 94.42M | 121.88M | 98.16M | 69.9M | 55.97M | 31.38M | 12.35M | 45.17M | 53.07M | 46.98M | 30.8M | 21.6M | 18.1M | 22.1M |
| 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) | 8.36 | 7.19 | 6.01 | 3.78 | 2.71 | 3.18 | 3.74 | 4.03 | 2.82 | 3.16 | 2.85 | 2.75 | 2.45 | 2.10 | 2.01 | 1.89 | 1.59 | 1.37 | 1.75 | 1.40 | 1.00 | 0.80 | 0.45 | 0.18 | 0.62 | 0.77 | 0.69 | 0.46 | 0.32 | 0.04 | 0.32 |
| EPS Growth % | 34.89% | 19.63% | 58.99% | 39.48% | -14.78% | -14.97% | -7.2% | 42.91% | -10.76% | 10.88% | 3.64% | 12.24% | 16.67% | 4.48% | 6.35% | 18.87% | 16.06% | -21.71% | 25% | 40% | 25% | 77.78% | 150% | -70.97% | -19.48% | 11.59% | 50% | 43.75% | 633.95% | -86.38% | 88.24% |
| EPS (Basic) | - | 7.42 | 6.21 | 3.88 | 2.79 | 3.30 | 3.86 | 4.19 | 2.93 | 3.27 | 2.92 | 2.81 | 2.50 | 2.13 | 2.06 | 1.92 | 1.62 | 1.39 | 1.80 | 1.44 | 1.01 | 0.82 | 0.46 | 0.18 | 0.63 | 0.78 | 0.70 | 0.46 | 0.32 | 0.04 | 0.32 |
| Diluted Shares Outstanding | 61.46M | 61.46M | 62.08M | 61.48M | 63.25M | 65.56M | 64.21M | 64.5M | 63.88M | 63.51M | 63.56M | 66.06M | 67.78M | 69.6M | 70.31M | 70.14M | 69.86M | 69.1M | 69.56M | 70.36M | 70.38M | 70.28M | 69.39M | 68.33M | 69.46M | 69.37M | 67.91M | 67.75M | 68.27M | 68.75M | 69.42M |
| Basic Shares Outstanding | 59.73M | 59.56M | 60.08M | 59.91M | 61.52M | 63.29M | 62.27M | 61.95M | 61.49M | 61.37M | 61.89M | 64.68M | 66.43M | 68.39M | 68.88M | 68.8M | 68.47M | 67.89M | 67.56M | 68.3M | 68.7M | 68.5M | 67.72M | 67.48M | 67.95M | 67.91M | 67.58M | 67.63M | 68.04M | 68.75M | 69.42M |
| Dividend Payout Ratio | - | 14.7% | 15.63% | 21.96% | 26.2% | 17.27% | 15.67% | 15.05% | 18.85% | 14.83% | 14.71% | 13.58% | 12.82% | 14.98% | 15.08% | 14.05% | 15.41% | 17.26% | 13.02% | 15.02% | 19.66% | 21.19% | 34.52% | 86.72% | 25.14% | 19.83% | 22.29% | 34.09% | 48.61% | 89.92% | 48.87% |
Supply chain production constraints
As reported in recent financial statements, Woodward's revenue growth has accelerated to 23.4% in 2026Q2, signaling a robust recovery in aerospace demand that appears to be outpacing the more cyclical industrial segment, which warrants close monitoring for potential deceleration if global capital expenditure trends soften further.
The recent revenue surge suggests that the company is successfully capturing the post-pandemic recovery in flight hours and aftermarket demand. Investors should monitor whether this growth trajectory remains sustainable given the ongoing production bottlenecks at major airframe OEMs that could limit future shipset deliveries.
Based on the latest quarterly data, Woodward achieved a gross margin of 29.0%, reflecting a steady improvement from the 24.3% trough observed in 2024Q4, which suggests that the company is effectively managing inflationary pressures through pricing power and a favorable shift toward higher-margin aftermarket service revenue.
The expansion in gross margins appears to validate the company's strategy of focusing on flight-critical components where switching costs provide significant pricing leverage. However, the sustainability of these margins may be tested if supply chain volatility continues to drive up the cost of specialized aerospace-grade alloys.
According to the income statement, operating income reached $167.5 million in 2026Q2, demonstrating significant operating leverage as the company scales revenue faster than its SG&A and R&D expenses, which suggests that the current cost structure is well-positioned to benefit from further increases in aerospace production volumes.
The ability to maintain operating margins near 15% while simultaneously increasing R&D investment indicates disciplined overhead management. This trend suggests that Woodward is successfully leveraging its fixed cost base, though investors should remain cautious of potential margin compression if volume growth fails to materialize as expected.
While recent performance appears strong, the volatility in stock-based compensation and the reliance on long-term contract accounting, as noted in recent filings, suggest that reported earnings may be subject to non-operating adjustments that could mask underlying operational inefficiencies or future margin compression risks for the firm.
Short-term fluctuations in quarterly earnings, particularly those driven by catch-up adjustments in long-term contracts, warrant further investigation to determine the true quality of net income. Investors should be wary of assuming that current margin levels are permanent, as they may be sensitive to shifts in the mix between lower-margin OEM sales and higher-margin aftermarket services.
Quick answers to the most common questions about buying WWD stock.
For fiscal year 2025, Woodward, Inc. (WWD) reported total revenue of $3.57B. This represents a 754.8% increase compared to $417.3M in 1996.
Woodward, Inc. (WWD) is profitable, generating $442.1M in net income for the fiscal year ending 2025 with a net profit margin of 12.4%.
Woodward, Inc. (WWD) reported an operating income of $511.2M, resulting in an operating profit margin of 14.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Woodward, Inc. (WWD) generated $956.3M in gross profit for the year, representing a gross profit margin of 26.8%. This demonstrates the company's core pricing power and production efficiency.