On this page of StockholderLetter.com we present the latest annual shareholder letter from CURTISS WRIGHT CORP — ticker symbol CW. Reading current and past CW letters to shareholders can bring important insights into the investment thesis.
ALL SYSTEMS GO 2025 ANNUAL REPORT
7RS &XUWLVV :ULJKW HPSOR\HHV VKRZQ}KHUH LQ our Portland facility, discuss the status of the Company s high-speed, thermally optimized and}adYanced tactical communications solutions supporting tactical edge processing applications. 0iddle Curtiss-:right maintains a}strong pedigree in Commercial Nuclear with a broad portfolio of products and services that continue to}play an important role in meeting future energy}demand. Bottom: Our sensor technologies support the operation of commercial and military aerospace platforms. Shown here is a quality inspection being performed on a critical component used to}measure wing flap deployment.
DRIVING VALUE CREATION THROUGH TARGETED INVESTMENTS Headquartered in Davidson, N.C., Curtiss-Wright Corporation is a global integrated business that provides highly engineered products, solutions and services mainly to Aerospace & Defense markets, as well as critical technologies in demanding Commercial Nuclear Power, Process and Industrial markets. We leverage a workforce of approximately 9,100 highly skilled employees who develop, design and build what we believe are the best engineered solutions to the markets we serve. Building on the heritage of Glenn Curtiss and the Wright brothers, Curtiss-Wright has a long tradition of providing innovative solutions through trusted customer relationships. DELIVERED RECORD 2025 FINANCIAL PERFORMANCE 12 19 Growth in Total Sales (9%}Organic) 554 M Free Cash Flow (111% Conversion) 21 Growth in Operating Income 4.1 B New Orders (Up 10%) Growth in Diluted}(PS 4.1 B Backlog (Up 18%) Amounts shown reflect Adjusted 2025 results and comparisons to the prior year period. Reconciliations of Reported to Adjusted amounts are furnished at the end of this document and within the Company s earnings press release dated February 11, 2026. Curtiss-Wright | Annual Report 2025 1
TO MY FELLOW SHAREHOLDERS AND EMPLOYEES, C AS WE DRIVE THE EXECUTION OF OUR PIVOT TO GROWTH STRATEGY, WE ARE COMPOUNDING EARNINGS AT A MID-TEENS PACE WHILE REMAINING MEASURED WITH OUR CAPITAL ALLOCATION TO DELIVER TREMENDOUS VALUE FOR ALL OF OUR STAKEHOLDERS. 2 Curtiss-Wright | Annual Report 2025 urtiss-Wright delivered another successful performance in 2025, with exceptional results that reflected the demand and momentum that continues to accelerate across our portfolio. We achieved numerous nancial records, including full-year sales, pro tability, diluted earnings per share, free cash flow, new orders and backlog. Our performance reflected the critical positioning of our technologies across our Aerospace & Defense (A&D) and Commercial markets, our ongoing pursuit of operational and commercial excellence, and our drive for continued ef ciency in cash management. At the same time, we targeted incremental investments across the organization, focusing on talent, systems and processes, research and development (R&D), and operational initiatives, including facility expansions, to support Curtiss-Wright s future growth. As we drive the execution of our Pivot to Growth strategy, we are compounding earnings at a mid-teens pace while remaining measured with our capital allocation to deliver}tremendous value for all of our stakeholders. Record Financial Performance Full-year sales increased 12% overall to a record $3.5 billion, driven by strong organic growth across our A&D and Commercial Nuclear markets, along with contribution from our I&C Solutions acquisition. Adjusted operating income increased 19% to $651 million, resulting in year-over-year margin expansion of 110 basis points to a new high of 18.6%. This improved pro tability reflected solid demand across our portfolio, the success of our operational excellence initiatives, and the savings generated by our restructuring actions. In 2025, we continued to accelerate investments in R&D to support organic growth and maintained our commitment to grow total R&D investments. Adjusted diluted earnings per share ((PS) increased 21% to $13.23, reflecting our strong operational performance, the ef ciency of our capital structure, and record distributions to our shareholders. We generated record free cash flow of $554 million, which reflected free cash flow conversion of 111%, based on the growth in earnings and near-record levels of working capital ef ciency. We achieved these strong results while increasing Capital (xpenditures by nearly 50% yearover-year to invest in growth across all three of our business segments.
Healthy demand across our A&D and Commercial markets yielded record new orders of $4.1 billion, up 10% year over year, reflecting nearly 1.2 times bookto-bill overall. We experienced solid underlying growth in orders}across the majority of our markets, with particularly strong demand in our naval defense and commercial nuclear markets. As a result, overall backlog increased 18% in 2025, reaching a record of more than $4 billion while providing greater con dence in our ability to deliver strong, top-line growth in the years ahead. OUR STRONG PERFORMANCE IN 2025, COUPLED WITH OUR SOLID OUTLOOK FOR CONTINUED GROWTH IN 2026, PROVIDES LINE OF SIGHT TO EXCEED THE THREE-YEAR FINANCIAL TARGETS ISSUED AT OUR 2024 INVESTOR DAY. Disciplined Capital Allocation Strategy We continue to follow a disciplined approach to capital allocation to direct resources to the highest and best use of capital to improve shareholder value while generating strong free cash flow. While we did not acquire any businesses this past year, we successfully integrated the two commercial nuclear businesses we acquired in 2024, which helped to expand our global operations and customer base, and enabled us to secure new program wins that will help drive long-term growth in this market. Furthermore, we accelerated distributions to our shareholders by completing a record $465 million in share repurchases and increasing our annual dividend for}the ninth consecutive year. We concluded 2025 with a very healthy balance sheet, including more than $2.7 billion of borrowing capacity, providing exceptional nancial flexibility that will enable us to enhance our portfolio with high-quality acquisitions in support of our Pivot to Growth strategy. Strategically Positioned for Long-Term Growth Our strong performance in 2025, coupled with our solid outlook for continued growth in 2026, provides line of sight to exceed the three-year nancial targets issued at our 2024 Investor Day, which include a minimum of a 5% compound annual growth rate (CAGR) in organic revenue; operating income growth in excess of revenue growth; maintaining top quartile operating margin relative to our peers; an (PS CAGR above 10%; and an average free cash flow conversion rate above 105%. We remain well aligned with the fastest growth vectors in the markets we serve. For example, in Defense, we are well positioned to capitalize on the continued acceleration of global defense spending, based on the accelerated pace of growth in NATO and allied funding, and our strong alignment with U.S. defense priorities. This includes our continued support of the U.S. Navy s most critical shipbuilding programs, our ongoing investments with respect to a broad range of technologies at the tactical edge of the battle eld, and our support for the expected increases in ground vehicle production throughout (urope. In Commercial Aerospace, we expect our strong core positions supporting the ongoing production ramps across the major O(0 platforms to be supplemented by continued advancements in critical flight data recorder, electromechanical actuation and sensor technologies. In Commercial Nuclear, which continues to play an important role in meeting future energy demand, Curtiss-Wright s technologies are primed to support the entire lifecycle, including new build AP1000 reactors to the expected transition from prototypes to production of Small Modular Reactors (SMRs), and in our growing, global support in the aftermarket. In our Process and Industrial markets, we continue to drive innovation and diversi cation of our critical technologies to expand our product offering and build upon our leadership positions. These represent just a few of the many critical growth areas across the Company that have and will continue to drive CurtissWright s success. Finally, I would like to thank our 9,100 hard-working employees for their contributions and dedication to driving Curtiss-Wright to yet another record performance this past year. The future is bright, and I look forward to building on this momentum to deliver long-term pro table growth and continued value creation for all stakeholders. LYNN M. BAMFORD Chair & Chief (xecutive Of cer Curtiss-Wright | Annual Report 2025 3
 • shareholder letter icon 3/26/2026 Letter Continued (Full PDF)
 • stockholder letter icon 4/24/2023 CW Stockholder Letter
 • stockholder letter icon 3/22/2024 CW Stockholder Letter
 • stockholder letter icon 3/27/2025 CW Stockholder Letter
 • stockholder letter icon More "Industrial Machinery & Equipment" Category Stockholder Letters
 • Benford's Law Stocks icon CW Benford's Law Stock Score = 70


CW Shareholder/Stockholder Letter Transcript:

ALL SYSTEMS GO
2025 ANNUAL REPORT

7RS  &XUWLVV :ULJKW HPSOR\HHV  VKRZQ}KHUH LQ 
our Portland facility, discuss the status of the
Company   s high-speed, thermally optimized
and}adYanced tactical communications solutions
supporting tactical edge processing applications.
0iddle  Curtiss-:right maintains a}strong
pedigree in Commercial Nuclear with a broad
portfolio of products and services that continue
to}play an important role in meeting future
energy}demand.
Bottom: Our sensor technologies support the
operation of commercial and military aerospace
platforms. Shown here is a quality inspection
being performed on a critical component used
to}measure wing flap deployment.

DRIVING VALUE CREATION
THROUGH TARGETED
INVESTMENTS
Headquartered in Davidson, N.C., Curtiss-Wright Corporation is a
global integrated business that provides highly engineered products,
solutions and services mainly to Aerospace & Defense markets,
as well as critical technologies in demanding Commercial Nuclear
Power, Process and Industrial markets. We leverage a workforce of
approximately 9,100 highly skilled employees who develop, design
and build what we believe are the best engineered solutions to the
markets we serve. Building on the heritage of Glenn Curtiss and
the Wright brothers, Curtiss-Wright has a long tradition of providing
innovative solutions through trusted customer relationships.
DELIVERED RECORD 2025 FINANCIAL PERFORMANCE
12
19

Growth in Total Sales
(9%}Organic)

554 M
Free Cash Flow
(111% Conversion)
21


Growth in
Operating Income

4.1 B
New Orders
(Up 10%)
Growth in
Diluted}(PS

4.1 B
Backlog
(Up 18%)
Amounts shown reflect Adjusted 2025 results and comparisons to the prior year period. Reconciliations of Reported to Adjusted
amounts are furnished at the end of this document and within the Company   s earnings press release dated February 11, 2026.
Curtiss-Wright | Annual Report 2025
1

TO MY FELLOW
SHAREHOLDERS
AND EMPLOYEES,
C
   AS WE DRIVE THE
EXECUTION OF OUR PIVOT TO
GROWTH STRATEGY, WE ARE
COMPOUNDING EARNINGS
AT A MID-TEENS PACE WHILE
REMAINING MEASURED
WITH OUR CAPITAL
ALLOCATION TO DELIVER
TREMENDOUS VALUE FOR ALL
OF OUR STAKEHOLDERS.
2
Curtiss-Wright | Annual Report 2025
urtiss-Wright delivered another successful
performance in 2025, with exceptional results that
reflected the demand and momentum that continues to
accelerate across our portfolio. We achieved numerous
  nancial records, including full-year sales, pro  tability,
diluted earnings per share, free cash flow, new orders
and backlog. Our performance reflected the critical
positioning of our technologies across our Aerospace &
Defense (A&D) and Commercial markets, our ongoing
pursuit of operational and commercial excellence, and
our drive for continued ef  ciency in cash management.
At the same time, we targeted incremental investments
across the organization, focusing on talent, systems
and processes, research and development (R&D), and
operational initiatives, including facility expansions, to
support Curtiss-Wright   s future growth. As we drive
the execution of our Pivot to Growth strategy, we are
compounding earnings at a mid-teens pace while
remaining measured with our capital allocation to
deliver}tremendous value for all of our stakeholders.
Record Financial Performance
Full-year sales increased 12% overall to a record $3.5
billion, driven by strong organic growth across our A&D
and Commercial Nuclear markets, along with contribution
from our I&C Solutions acquisition. Adjusted operating
income increased 19% to $651 million, resulting in
year-over-year margin expansion of 110 basis points
to a new high of 18.6%. This improved pro  tability
reflected solid demand across our portfolio, the success
of our operational excellence initiatives, and the savings
generated by our restructuring actions.
In 2025, we continued to accelerate investments in
R&D to support organic growth and maintained our
commitment to grow total R&D investments. Adjusted
diluted earnings per share ((PS) increased 21% to
$13.23, reflecting our strong operational performance,
the ef  ciency of our capital structure, and record
distributions to our shareholders. We generated record
free cash flow of $554 million, which reflected free
cash flow conversion of 111%, based on the growth
in earnings and near-record levels of working capital
ef  ciency. We achieved these strong results while
increasing Capital (xpenditures by nearly 50% yearover-year to invest in growth across all three of our
business segments.

Healthy demand across our A&D and Commercial
markets yielded record new orders of $4.1 billion, up
10% year over year, reflecting nearly 1.2 times bookto-bill overall. We experienced solid underlying growth
in orders}across the majority of our markets, with
particularly strong demand in our naval defense and
commercial nuclear markets. As a result, overall backlog
increased 18% in 2025, reaching a record of more than
$4 billion while providing greater con  dence in our ability
to deliver strong, top-line growth in the years ahead.
   OUR STRONG PERFORMANCE
IN 2025, COUPLED WITH
OUR SOLID OUTLOOK FOR
CONTINUED GROWTH IN 2026,
PROVIDES LINE OF SIGHT
TO EXCEED THE THREE-YEAR
FINANCIAL TARGETS ISSUED AT
OUR 2024 INVESTOR DAY.
Disciplined Capital Allocation Strategy
We continue to follow a disciplined approach to capital
allocation to direct resources to the highest and best use
of capital to improve shareholder value while generating
strong free cash flow. While we did not acquire any
businesses this past year, we successfully integrated
the two commercial nuclear businesses we acquired
in 2024, which helped to expand our global operations
and customer base, and enabled us to secure new
program wins that will help drive long-term growth in
this market. Furthermore, we accelerated distributions to
our shareholders by completing a record $465 million in
share repurchases and increasing our annual dividend
for}the ninth consecutive year.
We concluded 2025 with a very healthy balance sheet,
including more than $2.7 billion of borrowing capacity,
providing exceptional   nancial flexibility that will enable
us to enhance our portfolio with high-quality acquisitions
in support of our Pivot to Growth strategy.
Strategically Positioned for
Long-Term Growth
Our strong performance in 2025, coupled with our solid
outlook for continued growth in 2026, provides line of
sight to exceed the three-year   nancial targets issued
at our 2024 Investor Day, which include a minimum of
a 5% compound annual growth rate (CAGR) in organic
revenue; operating income growth in excess of revenue
growth; maintaining top quartile operating margin relative
to our peers; an (PS CAGR above 10%; and an average
free cash flow conversion rate above 105%.
We remain well aligned with the fastest growth vectors in
the markets we serve. For example, in Defense, we are
well positioned to capitalize on the continued acceleration
of global defense spending, based on the accelerated
pace of growth in NATO and allied funding, and our
strong alignment with U.S. defense priorities. This
includes our continued support of the U.S. Navy   s most
critical shipbuilding programs, our ongoing investments
with respect to a broad range of technologies at the
tactical edge of the battle  eld, and our support for
the expected increases in ground vehicle production
throughout (urope. In Commercial Aerospace, we
expect our strong core positions supporting the ongoing
production ramps across the major O(0 platforms to
be supplemented by continued advancements in critical
flight data recorder, electromechanical actuation and
sensor technologies. In Commercial Nuclear, which
continues to play an important role in meeting future
energy demand, Curtiss-Wright   s technologies are
primed to support the entire lifecycle, including new
build AP1000 reactors to the expected transition from
prototypes to production of Small Modular Reactors
(SMRs), and in our growing, global support in the
aftermarket. In our Process and Industrial markets, we
continue to drive innovation and diversi  cation of our
critical technologies to expand our product offering and
build upon our leadership positions. These represent
just a few of the many critical growth areas across the
Company that have and will continue to drive CurtissWright   s success.
Finally, I would like to thank our 9,100 hard-working
employees for their contributions and dedication to
driving Curtiss-Wright to yet another record performance
this past year. The future is bright, and I look forward to
building on this momentum to deliver long-term pro  table
growth and continued value creation for all stakeholders.
LYNN M. BAMFORD
Chair & Chief (xecutive Of  cer
Curtiss-Wright | Annual Report 2025
3


shareholder letter icon 3/26/2026 Letter Continued (Full PDF)
 

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