Woodward, Inc. (WWD) Income Statement

30Y historyFree accessUpdated daily

Revenue growth accelerated to 21.2% YoY in 2026Q3, with gross margin expanding 720 bps to 31.5% and operating margin reaching 17.5%, reflecting strong operating leverage and disciplined cost control.

Annual statement

WWD Income Statement

Woodward, Inc. (WWD) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

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	4.19B	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 %	22.35%	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	2.96B	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	1.24B	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 %	29.47%	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	563.55M	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	391.32M	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	172.23M	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	671.82M	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 %	16.03%	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	792.02M	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 %	18.89%	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 %	43.45%	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)	120.19M	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	737.28M	567.1M	501.93M	323.67M	234.44M	280.08M	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	-44.45M	-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	2.98M	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	47.43M	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	18.02M	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	689.85M	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 %	16.46%	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	137.82M	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 %	19.98%	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	552.03M	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 %	13.17%	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 %	42.35%	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)	552.03M	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)	9.00	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 %	42.25%	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	61.32M	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	59.63M	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%

Key Metrics

Growth RegimeAccelerating

ProfitabilityStrong

Balance SheetFortress

Cash FlowRobust

Top Statement Risk

Customer concentration and production constraints

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q3)

Accelerating Revenue Momentum

Woodward's revenue growth accelerated from 5.8% in 2025Q2 to 21.2% in 2026Q3, with sequential gains across all quarters, indicating robust demand in both aerospace and industrial segments.

The revenue trajectory shows a clear inflection point starting in 2025Q4, with growth rates jumping from single digits to over 20% by 2026Q3. This acceleration appears driven by a combination of recovering commercial aerospace production and strong aftermarket demand, as evidenced by the consistent sequential revenue increases. The durability of this growth is supported by raised full-year guidance, though investors should monitor whether this pace is sustainable given potential production constraints at major airframers.

Gross Margin Expansion on Mix Shift

Gross margin improved from 24.3% in 2024Q4 to 31.5% in 2026Q3, a 720 basis point expansion, likely reflecting higher-margin aftermarket sales and favorable product mix.

The gross margin expansion is a standout trend, with each quarter since 2025Q1 showing sequential improvement. This suggests that Woodward is benefiting from a favorable mix shift toward aftermarket services and possibly pricing power on new platforms. The 31.5% gross margin in 2026Q3 is approaching the levels of peers like Curtiss-Wright (37.2%), indicating that Woodward may still have room to close the gap if the mix shift continues. However, input cost inflation and contract price escalation lags could pressure margins in the near term.

Operating Leverage Driving Margin Upside

Operating margin expanded from 11.8% in 2024Q4 to 17.5% in 2026Q3, with operating income growing faster than revenue, indicating strong operating leverage.

Operating income grew from $101.2M in 2024Q4 to $194.1M in 2026Q3, a 92% increase, while revenue grew only 29% over the same period. This disproportionate growth suggests that fixed costs are being spread over a larger revenue base, and SG&A expenses are growing at a slower pace than sales. The operating margin of 17.5% now exceeds the peer average, reflecting efficient cost management. Investors should watch whether this leverage persists as revenue growth normalizes.

High-Quality Earnings with Low SBC

Net income quality appears high, with stock-based compensation averaging only $8.8M per quarter, representing less than 7% of net income, and tax rates stable.

The earnings quality is supported by the relatively low level of stock-based compensation, which averaged $8.8M per quarter over the last ten quarters, never exceeding $15M. This suggests that reported EPS is not significantly inflated by non-cash charges. Additionally, net income margins have expanded from 9.7% to 13.2%, indicating that the bottom line is scaling effectively. The EPS growth of 36.4% in 2026Q3 outpaces revenue growth, reflecting margin expansion and efficient cost control.

R&D Investment Fueling Growth

R&D spending increased from $34.7M in 2024Q4 to $49.3M in 2026Q3, a 42% rise, while SG&A grew only 48% over the same period, indicating disciplined overhead management.

The cost structure shows a deliberate increase in R&D investment, which is critical for maintaining technological leadership in flight-critical components. R&D as a percentage of revenue has remained around 4-5%, suggesting a consistent commitment to innovation. Meanwhile, SG&A expenses have grown at a slower pace than revenue, indicating that the company is leveraging its scale. This disciplined cost management is a key driver of the operating margin expansion.

Customer Concentration and Production Risks

Despite strong results, Woodward's heavy reliance on a few key customers like RTX, Boeing, and Rolls-Royce poses a risk, as any order reductions could disproportionately impact revenue.

The company's revenue growth is impressive, but it is concentrated among a few major OEMs. If Boeing's production issues persist or if any of these customers reduce orders, the impact on Woodward's top line could be significant. Additionally, the recent EPS miss in the quarter despite raised guidance suggests potential volatility in quarterly earnings. Investors should monitor order book disclosures and customer diversification efforts to assess this risk.

WWD — Frequently Asked Questions

Quick answers to the most common questions about buying WWD stock.

What was Woodward, Inc.'s (WWD) revenue in 2025?

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.

Is Woodward, Inc. (WWD) profitable?

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%.

What is Woodward, Inc.'s operating profit margin?

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.

What is Woodward, Inc.'s gross profit and gross margin?

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.