EX-99.1 2 ex991_cwxq225xearnings.htm EX-99.1
Curtiss-Wright Corporation, Page 1

| Exhibit 99.1

NEWS RELEASE

CURTISS-WRIGHT REPORTS SECOND QUARTER 2025 FINANCIAL RESULTS AND RAISES FULL-YEAR 2025 GUIDANCE
DAVIDSON, N.C. – August 6, 2025 – Curtiss-Wright Corporation (NYSE: CW) reports financial results for the second quarter ended June 30, 2025.
Second Quarter 2025 Highlights:
•Reported sales of $877 million, up 12%, operating income of $156 million, operating margin of 17.8%, and diluted earnings per share (EPS) of $3.19;
•Adjusted operating income of $160 million, up 20%;
•Adjusted operating margin of 18.3%, up 130 basis points;
•Adjusted diluted EPS of $3.23, up 21%;
•New orders of $1.0 billion, reflecting a 1.14x book-to-bill; and
•Free cash flow (FCF) of $117 million.
Raised Full-Year 2025 Adjusted Financial Outlook:
•Sales guidance increased to new range of 9% to 10% growth (previously 8% to 9%), which continues to reflect growth in the majority of Curtiss-Wright's end markets;
•Operating income guidance increased to new range of 15% to 18% growth (previously 13% to 16%);
•Operating margin guidance range increased by 20 basis points to 18.5% to 18.7%, now up 100 to 120 basis points compared with the prior year;
•Diluted EPS guidance increased to new range of $12.70 to $13.00, now up 16% to 19% (previously $12.45 to $12.80, up 14% to 17%);
•FCF guidance range increased to $520 to $535 million, which continues to reflect greater than 105% FCF conversion; and
•Full-year 2025 guidance includes the potential direct impacts from tariffs on our operations as well as mitigating actions.
"Curtiss-Wright delivered a strong second quarter, highlighted by double-digit revenue growth in both our total A&D and Commercial markets, significant operating margin expansion, greater than 20% growth in Adjusted diluted EPS, and better-than-expected free cash flow generation," said Lynn M. Bamford, Chair and CEO of Curtiss-Wright Corporation. "Our results also reflected the benefits of the Company's ongoing restructuring and operational excellence initiatives, and our dedication to making continued investments that drive profitable growth."
"Based on the strong first-half results and our outlook for the remainder of 2025, we have increased our full-year Adjusted guidance for sales, operating income, diluted EPS and free cash flow. We are successfully executing our Pivot to Growth strategy and building strong momentum to compound sustained profitable growth. In addition, we remain extremely well aligned to many favorable secular growth trends a cross our markets, today and well into the future."

Curtiss-Wright Corporation, Page 2
Second Quarter 2025 Operating Results

(In millions) | Q2-2025 | Q2-2024 | Change
Reported |  |  |
Sales | $ | 877 |  | $ | 785 |  | 12 | %
Operating income | $ | 156 |  | $ | 129 |  | 21 | %
Operating margin | 17.8 | % | 16.4 | % | 140 bps
Adjusted (1) |  |  |
Sales | $ | 877 |  | $ | 785 |  | 12 | %
Operating income | $ | 160 |  | $ | 133 |  | 20 | %
Operating margin | 18.3 | % | 17.0 | % | 130 bps

(1)Reconciliations of Reported to Adjusted operating results are available in the Appendix.
•Sales of $877 million increased 12% compared with the prior year period;
•Total A&D market sales increased 12%, while total Commercial market sales increased 10%;
•In our A&D mark ets, stronger than expected growth in the defense markets was driven by higher submarin e revenues in naval defense and increased sales of defense electronics products, as well as higher OEM sales in the commercial aerospace market;
•In our Commercial markets, strong growth in the power & process market was principally driven by the contribution from our Ultra Energy acquisition and higher organic sales of commercial nuclear products, while sales in the general industrial market were flat; and
•Adjusted operating income of $160 million increased 20%, while Adjusted operating margin increased 130 basis points to 18.3%, driven by favorable overhead absorption on higher revenues in all three segments, t he benefits of the Company's restructuring and operational excellence initiatives, favorable mix in the Naval & Power segment, and favorable foreign currency translation, partially offset by higher investment in research and development.

Curtiss-Wright Corporation, Page 3
Second Quarter 2025 Segment Performance
Aerospace & Industrial

(In millions) | Q2-2025 | Q2-2024 | Change
Reported |  |  |
Sales | $ | 239 |  | $ | 233 |  | 3 | %
Operating income | $ | 39 |  | $ | 35 |  | 11 | %
Operating margin | 16.3 | % | 15.1 | % | 120 bps
Adjusted (1) |  |  |
Sales | $ | 239 |  | $ | 233 |  | 3 | %
Operating income | $ | 40 |  | $ | 38 |  | 5 | %
Operating margin | 16.6 | % | 16.2 | % | 40 bps

(1)Note: Reconciliations of Reported to Adjusted operating results are available in the Appendix.
•Sales of $239 million, up $6 million, or 3%;
•Commercial aerospace market revenue growth reflected increased demand and higher OEM sales of sensors pro ducts and surface treatment services on narrowbody and widebody platforms;
•General industrial market revenue was essentially flat, as the benefit of high er sales of industrial vehicle products serving o n-highway vehicle platforms and increased surface treatment services were offset by lower global off-highway and specialty industrial vehicle sales; and
•Adjusted operating income was $40 million, up 5% from the prior year, while adjusted operating margin increased 40 basis points to 16.6%, driven by favorable absorption on higher revenues, the benefits of the Company's restructuring initiatives and favorable foreign currency translation.

Curtiss-Wright Corporation, Page 4
Defense Electronics

(In millions) | Q2-2025 | Q2-2024 | Change
Reported |  |  |
Sales | $ | 253 |  | $ | 228 |  | 11 | %
Operating income | $ | 68 |  | $ | 58 |  | 16 | %
Operating margin | 26.8 | % | 25.5 | % | 130 bps
Adjusted (1) |  |  |
Sales | $ | 253 |  | $ | 228 |  | 11 | %
Operating income | $ | 68 |  | $ | 59 |  | 15 | %
Operating margin | 26.8 | % | 25.7 | % | 110 bps

(1)Note: Reconciliations of Reported to Adjusted operating results are available in the Appendix.
•Sales of $253 million, up $25 million, or 11%;
•Higher revenue in the aerospace defense market was principally driven by increased sales of our embedded computing equipment to various international customers while also supporting several domestic unmanned aerial vehicle programs;
•Ground defense market revenue growth reflected higher sales of tactical battlefield communications equipment as well as increased support for U.S. ground vehicle modernization;
•Higher revenue in the commercial aerospace market reflected increased sales of our flight data recorder technology to OEM customers; and
•Adjusted operating income was $68 million, up 15% from the prior year, while adjusted operating margin increased 110 basis points to 26.8%, reflecting favorable absorption on higher defense revenues and the benefits of our operational excellence initiatives.

Curtiss-Wright Corporation, Page 5
Naval & Power

(In millions) | Q2-2025 | Q2-2024 | Change
Reported |  |  |
Sales | $ | 384 |  | $ | 323 |  | 19 | %
Operating income | $ | 60 |  | $ | 46 |  | 31 | %
Operating margin | 15.7 | % | 14.3 | % | 140 bps
Adjusted (1) |  |  |
Sales | $ | 384 |  | $ | 323 |  | 19 | %
Operating income | $ | 64 |  | $ | 47 |  | 36 | %
Operating margin | 16.5 | % | 14.4 | % | 210 bps

(1)Note: Reconciliations of Reported to Adjusted operating results are available in the Appendix.
•Sales of $384 million, up $61 million, or 19%;
•Revenue growth in the naval defense market was principally driven by our strong order book and the timing of revenues on the Columbia-class submarine program, in addition to increased revenues supporting next-generation submarine development and higher sales of aircraft handling systems equipment to international customers;
•Higher power & process market revenues mainly reflected the contribution from our prior year acquisition to our commercial nuclear and process markets, as well as higher organic sales of commercial nuclear products supporting the maintenance of existing operating reactors and the development of next-generation advanced reactors; and
•Ad justed operating income was $64 million, up 36% from the prior year, while adjusted operating margin increased 210 basis points to 16.5%, due to favorable absorption on higher revenues and favorable mix of products, partially offset by higher investment in research and development.

Curtiss-Wright Corporation, Page 6
Free Cash Flow

(In millions) | Q2-2025 | Q2-2024 | Change
Net cash provided by operating activities | $ | 137 |  | $ | 111 |  | 23 | %
Capital expenditures | (19) |  | (11) |  | 75 | %
Free cash flow | $ | 117 |  | $ | 100 |  | 17 | %

•Free cash flow of $117 million increased $17 million, as higher cash earnings and improved working capital were partially offset by higher capi tal investments in all three segments.
New Orders and Backlog
•New orders of $1.0 billion increased slightly compared with the prior year p rincipally reflecting strong demand in our commercial nuclear and commercial aerospace end markets, mainly offset by the timing of orders in naval defense; and
•Backlog of $3.9 billion, up 12% from December 31, 2024, reflecting strong demand across the A&D and Commercial markets.
Share Repurchase and Dividends
•During the second quarter, the Company repurchased 59,501 shares of its common stock for approximately $21 million; and
•The Company declared a quarterly dividend of $0.24 a share, representing a $0.03 or 14% increase from the previous quarter.

Curtiss-Wright Corporation, Page 7
Full-Year 2025 Guidance
The Company is updating its full-year 2025 Adjusted financial guidance(1) as follows:

($ in millions, except EPS) | 2025 Adjusted Non-GAAP Guidance (Prior) | 2025 Adjusted Non-GAAP Guidance (Current) | Change vs 2024 Adjusted (Current)
Total Sales | $3,365 - $3,415 | $3,390 - $3,435 | 9 - 10%
Operating Income | $614 - $632 | $626 - $642 | 15 - 18%
Operating Margin | 18.3% - 18.5% | 18.5% - 18.7% | 100 - 120 bps
Diluted EPS | $12.45 - $12.80 | $12.70 - $13.00 | 16 - 19%
Free Cash Flow(2) | $495 - $515 | $520 - $535 | 8 - 11%

(1)Reconciliations of Reported to Adjusted 2024 operating results and 2025 financial guidance are available in the Appendix and exclude first-year purchase accounting costs associated with prior-year acquisitions and costs associated with the Company's 2024 Restructuring Program.
(2)2025 Free Cash Flow guidance includes higher capital expenditures supporting growth and efficiency (reflecting a $14 to $24 million year-over-year increase compared with 2024 results), the timing of prior year record customer advances and a $15 million current year increase due to a reduction in tax payments driven by the recent signing of the H.R. 1 - "One Big Beautiful Bill Act."
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A more detailed breakdown of the Company’s 2025 financial guidance by segment and by market, as well as all reconciliations of Reported GAAP amounts to Adjusted non-GAAP amounts, can be found in the accompanying schedules. Historical financial results are available in the Investor Relations section of Curtiss-Wright’s website.
Conference Call & Webcast Information
The Company will host a conference call to discuss its second quarter 2025 financial results and updates to 2025 guidance at 10:00 a.m. ET on Thursday, August 7, 2025. A live webcast of the call and the accompanying financial presentation, as well as a webcast replay of the call, will be made available on the internet by visiting the Investor Relations section of the Company’s website at www.curtisswright.com.
(Tables to Follow)

Curtiss-Wright Corporation, Page 8

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)
($'s in thousands, except per share data)
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Product sales | $ | 746,679 |  |  | $ | 661,407 |  |  | $ | 1,425,656 |  |  | $ | 1,257,111 |
Service sales | 129,897 |  |  | 123,384 |  |  | 256,565 |  |  | 240,847 |
Total net sales | 876,576 |  |  | 784,791 |  |  | 1,682,221 |  |  | 1,497,958 |
Cost of product sales | 479,253 |  |  | 428,926 |  |  | 921,343 |  |  | 818,403 |
Cost of service sales | 71,166 |  |  | 71,764 |  |  | 142,257 |  |  | 141,699 |
Total cost of sales | 550,419 |  |  | 500,690 |  |  | 1,063,600 |  |  | 960,102 |
Gross profit | 326,157 |  |  | 284,101 |  |  | 618,621 |  |  | 537,856 |
Research and development expenses | 23,308 |  |  | 22,152 |  |  | 46,327 |  |  | 45,132 |
Selling expenses | 41,764 |  |  | 35,126 |  |  | 81,689 |  |  | 71,891 |
General and administrative expenses | 104,071 |  |  | 95,008 |  |  | 203,100 |  |  | 189,057 |
Restructuring expenses | 707 |  |  | 2,918 |  |  | 1,993 |  |  | 2,918 |
Operating income | 156,307 |  |  | 128,897 |  |  | 285,512 |  |  | 228,858 |
Interest expense | 10,524 |  |  | 11,216 |  |  | 20,667 |  |  | 21,786 |
Other income, net | 10,982 |  |  | 8,560 |  |  | 17,012 |  |  | 18,168 |
Earnings before income taxes | 156,765 |  |  | 126,241 |  |  | 281,857 |  |  | 225,240 |
Provision for income taxes | (35,704) |  |  | (26,770) |  |  | (59,459) |  |  | (49,274) |
Net earnings | $ | 121,061 |  |  | $ | 99,471 |  |  | $ | 222,398 |  |  | $ | 175,966 |
Basic earnings per share | $ | 3.21 |  |  | $ | 2.60 |  |  | $ | 5.90 |  |  | $ | 4.60 |
Diluted earnings per share | $ | 3.19 |  |  | $ | 2.58 |  |  | $ | 5.87 |  |  | $ | 4.58 |
Dividends per share | $ | 0.24 |  |  | $ | 0.21 |  |  | $ | 0.45 |  |  | $ | 0.41 |
Weighted-average shares outstanding: |  |  |  |  |  |  |
Basic | 37,692 |  |  | 38,302 |  |  | 37,682 |  |  | 38,273 |
Diluted | 37,903 |  |  | 38,501 |  |  | 37,871 |  |  | 38,460 |

Curtiss-Wright Corporation, Page 9

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
($'s in thousands, except par value)
| June 30, |  | December 31,
| 2025 |  | 2024
Assets |  |  |
Current assets: |  |  |
Cash and cash equivalents | $ | 331,664 |  |  | $ | 385,042 |
Receivables, net | 961,601 |  |  | 835,037 |
Inventories, net | 610,884 |  |  | 541,442 |
Other current assets | 95,571 |  |  | 88,073 |
Total current assets | 1,999,720 |  |  | 1,849,594 |
Property, plant, and equipment, net | 359,683 |  |  | 339,118 |
Goodwill | 1,698,642 |  |  | 1,675,718 |
Other intangible assets, net | 569,566 |  |  | 596,831 |
Operating lease right-of-use assets, net | 192,317 |  |  | 169,350 |
Prepaid pension asset | 314,921 |  |  | 299,130 |
Other assets | 59,626 |  |  | 55,963 |
Total assets | $ | 5,194,475 |  |  | $ | 4,985,704 |
Liabilities |  |  |
Current liabilities: |  |  |
Current portion of long-term and short-term debt | $ | — |  |  | $ | 90,000 |
Accounts payable | 261,070 |  |  | 247,185 |
Accrued expenses | 178,780 |  |  | 219,054 |
Deferred revenue | 500,245 |  |  | 459,421 |
Other current liabilities | 86,431 |  |  | 80,288 |
Total current liabilities | 1,026,526 |  |  | 1,095,948 |
Long-term debt | 958,381 |  |  | 958,949 |
Deferred tax liabilities, net | 144,815 |  |  | 140,659 |
Accrued pension and other postretirement benefit costs | 69,712 |  |  | 67,413 |
Long-term operating lease liability | 171,019 |  |  | 148,175 |
Other liabilities | 112,302 |  |  | 124,761 |
Total liabilities | $ | 2,482,755 |  |  | $ | 2,535,905 |
Stockholders' equity |  |  |
Common stock, $1 par value | $ | 49,187 |  |  | $ | 49,187 |
Additional paid in capital | 149,650 |  |  | 147,940 |
Retained earnings | 4,066,497 |  |  | 3,861,073 |
Accumulated other comprehensive loss | (168,117) |  |  | (243,225) |
Less: cost of treasury stock | (1,385,497) |  |  | (1,365,176) |
Total stockholders' equity | $ | 2,711,720 |  |  | $ | 2,449,799 |
Total liabilities and stockholders' equity | $ | 5,194,475 |  |  | $ | 4,985,704 |

Curtiss-Wright Corporation, Page 10
Use and Definitions of Non-GAAP Financial Information (Unaudited)
The Corporation supplements its financial information determined under U.S. generally accepted accounting principles (GAAP) with certain non-GAAP financial information. Curtiss-Wright believes that these Adjusted (non-GAAP) measures provide investors with improved transparency in order to better measure Curtiss-Wright’s ongoing operating and financial performance and better comparisons of our key financial metrics to our peers. These non-GAAP measures should not be considered in isolation or as a substitute for the related GAAP measures, and other companies may define such measures differently. Curtiss-Wright encourages investors to review its financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. Reconciliations of “Reported” GAAP amounts to “Adjusted” non-GAAP amounts are furnished within this release.
The following definitions are provided:
Adjusted Sales, Operating Income, Operating Margin, Net Earnings and Diluted EPS
These Adjusted financials are defined as Reported Operating Income, Operating Margin, Net Earnings and Diluted Earnings per Share under GAAP excluding: (i) the impact of first year purchase accounting costs associated with acquisitions, specifically one-time inventory step-up, backlog amortization, deferred revenue adjustments, transaction costs, and gains/losses on equity securities held for investment purposes; and (ii) costs associated with the Company's 2024 Restructuring Program, as applicable.

Curtiss-Wright Corporation, Page 11

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED)
($'s in thousands)
| Three Months Ended |  | Three Months Ended |  |  |  |
| June 30, 2025 |  | June 30, 2024 |  | % Change
| As Reported |  | Adjustments |  | Adjusted |  | As Reported |  | Adjustments |  | Adjusted |  | As Reported |  | Adjusted
Sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aerospace & Industrial | $ | 239,138 |  |  | $ | — |  |  | $ | 239,138 |  |  | $ | 233,232 |  |  | $ | — |  |  | $ | 233,232 |  |  | 3 | % |  | 3 | %
Defense Electronics | 253,011 |  |  | — |  |  | 253,011 |  |  | 228,461 |  |  | — |  |  | 228,461 |  |  | 11 | % |  | 11 | %
Naval & Power | 384,427 |  |  | — |  |  | 384,427 |  |  | 323,098 |  |  | — |  |  | 323,098 |  |  | 19 | % |  | 19 | %
Total sales | $ | 876,576 |  |  | $ | — |  |  | $ | 876,576 |  |  | $ | 784,791 |  |  | $ | — |  |  | $ | 784,791 |  |  | 12 | % |  | 12 | %
Operating income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aerospace & Industrial(2) | $ | 39,006 |  |  | $ | 582 |  |  | $ | 39,588 |  |  | $ | 35,246 |  |  | $ | 2,619 |  |  | $ | 37,865 |  |  | 11 | % |  | 5 | %
Defense Electronics(2) | 67,833 |  |  | 19 |  |  | 67,852 |  |  | 58,244 |  |  | 523 |  |  | 58,767 |  |  | 16 | % |  | 15 | %
Naval & Power(1)(2) | 60,416 |  |  | 3,134 |  |  | 63,550 |  |  | 46,283 |  |  | 342 |  |  | 46,625 |  |  | 31 | % |  | 36 | %
Total segments | $ | 167,255 |  |  | $ | 3,735 |  |  | $ | 170,990 |  |  | $ | 139,773 |  |  | $ | 3,484 |  |  | $ | 143,257 |  |  | 20 | % |  | 19 | %
Corporate and other(2) | (10,948) |  |  | — |  |  | (10,948) |  |  | (10,876) |  |  | 964 |  |  | (9,912) |  |  | (1) | % |  | (10) | %
Total operating income | $ | 156,307 |  |  | $ | 3,735 |  |  | $ | 160,042 |  |  | $ | 128,897 |  |  | $ | 4,448 |  |  | $ | 133,345 |  |  | 21 | % |  | 20 | %
Operating margins: | As Reported |  |  |  | Adjusted |  | As Reported |  |  |  | Adjusted |  | As Reported |  | Adjusted
Aerospace & Industrial | 16.3 | % |  |  |  | 16.6 | % |  | 15.1 | % |  |  |  | 16.2 | % |  | 120 bps |  | 40 bps
Defense Electronics | 26.8 | % |  |  |  | 26.8 | % |  | 25.5 | % |  |  |  | 25.7 | % |  | 130 bps |  | 110 bps
Naval & Power | 15.7 | % |  |  |  | 16.5 | % |  | 14.3 | % |  |  |  | 14.4 | % |  | 140 bps |  | 210 bps
Total Curtiss-Wright | 17.8 | % |  |  |  | 18.3 | % |  | 16.4 | % |  |  |  | 17.0 | % |  | 140 bps |  | 130 bps
Segment margins | 19.1 | % |  |  |  | 19.5 | % |  | 17.8 | % |  |  |  | 18.3 | % |  | 130 bps |  | 120 bps
(1) Excludes first year purchase accounting adjustments in both the current and prior year periods.
(2) Excludes costs associated with the Company's 2024 Restructuring Program in both the current and prior year periods.

Curtiss-Wright Corporation, Page 12

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
RECONCILIATION OF AS REPORTED TO ADJUSTED (UNAUDITED)
($'s in thousands)
| Six Months Ended |  | Six Months Ended |  |  |  |
| June 30, 2025 |  | June 30, 2024 |  | % Change
| As Reported |  | Adjustments |  | Adjusted |  | As Reported |  | Adjustments |  | Adjusted |  | As Reported |  | Adjusted
Sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aerospace & Industrial | $ | 466,384 |  |  | $ | — |  |  | $ | 466,384 |  |  | $ | 452,557 |  |  | $ | — |  |  | $ | 452,557 |  |  | 3 | % |  | 3 | %
Defense Electronics | 498,175 |  |  | — |  |  | 498,175 |  |  | 440,202 |  |  | — |  |  | 440,202 |  |  | 13 | % |  | 13 | %
Naval & Power | 717,662 |  |  | — |  |  | 717,662 |  |  | 605,199 |  |  | — |  |  | 605,199 |  |  | 19 | % |  | 19 | %
Total sales | $ | 1,682,221 |  |  | $ | — |  |  | $ | 1,682,221 |  |  | $ | 1,497,958 |  |  | $ | — |  |  | $ | 1,497,958 |  |  | 12 | % |  | 12 | %
Operating income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aerospace & Industrial(2) | $ | 68,928 |  |  | $ | 2,346 |  |  | $ | 71,274 |  |  | $ | 62,712 |  |  | $ | 2,619 |  |  | $ | 65,331 |  |  | 10 | % |  | 9 | %
Defense Electronics(2) | 135,282 |  |  | 19 |  |  | 135,301 |  |  | 106,325 |  |  | 523 |  |  | 106,848 |  |  | 27 | % |  | 27 | %
Naval & Power (1)(2) | 102,279 |  |  | 6,202 |  |  | 108,481 |  |  | 81,474 |  |  | 342 |  |  | 81,816 |  |  | 26 | % |  | 33 | %
Total segments | $ | 306,489 |  |  | $ | 8,567 |  |  | $ | 315,056 |  |  | $ | 250,511 |  |  | $ | 3,484 |  |  | $ | 253,995 |  |  | 22 | % |  | 24 | %
Corporate and other(2) | (20,977) |  |  | (28) |  |  | (21,005) |  |  | (21,653) |  |  | 964 |  |  | (20,689) |  |  | 3 | % |  | (2) | %
Total operating income | $ | 285,512 |  |  | $ | 8,539 |  |  | $ | 294,051 |  |  | $ | 228,858 |  |  | $ | 4,448 |  |  | $ | 233,306 |  |  | 25 | % |  | 26 | %
Operating margins: | As Reported |  |  |  | Adjusted |  | As Reported |  |  |  | Adjusted |  | As Reported |  | Adjusted
Aerospace & Industrial | 14.8 | % |  |  |  | 15.3 | % |  | 13.9 | % |  |  |  | 14.4 | % |  | 90 bps |  | 90 bps
Defense Electronics | 27.2 | % |  |  |  | 27.2 | % |  | 24.2 | % |  |  |  | 24.3 | % |  | 300 bps |  | 290 bps
Naval & Power | 14.3 | % |  |  |  | 15.1 | % |  | 13.5 | % |  |  |  | 13.5 | % |  | 80 bps |  | 160 bps
Total Curtiss-Wright | 17.0 | % |  |  |  | 17.5 | % |  | 15.3 | % |  |  |  | 15.6 | % |  | 170 bps |  | 190 bps
Segment margins | 18.2 | % |  |  |  | 18.7 | % |  | 16.7 | % |  |  |  | 17.0 | % |  | 150 bps |  | 170 bps
(1) Excludes first year purchase accounting adjustments in both the current and prior year periods.
(2) Excludes costs associated with the Company's 2024 Restructuring Program in both the current and prior year periods.

Curtiss-Wright Corporation, Page 13

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
RECONCILIATION OF AS REPORTED SALES TO ADJUSTED SALES BY END MARKET (UNAUDITED)
($'s in thousands)
|  | Three Months Ended |  | Three Months Ended |  |  |
|  | June 30, 2025 |  | June 30, 2024 |  | % Change
|  | As Reported |  | Adjustments |  | Adjusted Sales |  | As Reported |  | Adjustments |  | Adjusted Sales |  | Change in As Reported Sales | Change in Adjusted Sales
Aerospace & Defense markets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aerospace Defense |  | $ | 167,587 |  |  | $ | — |  |  | $ | 167,587 |  |  | $ | 154,104 |  |  | $ | — |  |  | $ | 154,104 |  |  | 9 | % | 9 | %
Ground Defense |  | 97,542 |  |  | — |  |  | 97,542 |  |  | 84,939 |  |  | — |  |  | 84,939 |  |  | 15 | % | 15 | %
Naval Defense |  | 240,086 |  |  | — |  |  | 240,086 |  |  | 209,847 |  |  | — |  |  | 209,847 |  |  | 14 | % | 14 | %
Commercial Aerospace |  | 103,318 |  |  | — |  |  | 103,318 |  |  | 93,316 |  |  | — |  |  | 93,316 |  |  | 11 | % | 11 | %
Total Aerospace & Defense |  | $ | 608,533 |  |  | $ | — |  |  | $ | 608,533 |  |  | $ | 542,206 |  |  | $ | — |  |  | $ | 542,206 |  |  | 12 | % | 12 | %
Commercial markets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Power & Process |  | $ | 163,473 |  |  | $ | — |  |  | $ | 163,473 |  |  | $ | 138,601 |  |  | $ | — |  |  | $ | 138,601 |  |  | 18 | % | 18 | %
General Industrial |  | 104,570 |  |  | — |  |  | 104,570 |  |  | 103,984 |  |  | — |  |  | 103,984 |  |  | 1 | % | 1 | %
Total Commercial |  | $ | 268,043 |  |  | $ | — |  |  | $ | 268,043 |  |  | $ | 242,585 |  |  | $ | — |  |  | $ | 242,585 |  |  | 10 | % | 10 | %
Total Curtiss-Wright |  | $ | 876,576 |  |  | $ | — |  |  | $ | 876,576 |  |  | $ | 784,791 |  |  | $ | — |  |  | $ | 784,791 |  |  | 12 | % | 12 | %
|  | Six Months Ended |  | Six Months Ended |  |  |
|  | June 30, 2025 |  | June 30, 2024 |  | % Change
|  | As Reported |  | Adjustments |  | Adjusted Sales |  | As Reported |  | Adjustments |  | Adjusted Sales |  | Change in As Reported Sales | Change in Adjusted Sales
Aerospace & Defense markets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aerospace Defense |  | $ | 319,309 |  |  | $ | — |  |  | $ | 319,309 |  |  | $ | 286,178 |  |  | $ | — |  |  | $ | 286,178 |  |  | 12 | % | 12 | %
Ground Defense |  | 194,779 |  |  | — |  |  | 194,779 |  |  | 175,700 |  |  | — |  |  | 175,700 |  |  | 11 | % | 11 | %
Naval Defense |  | 461,172 |  |  | — |  |  | 461,172 |  |  | 387,494 |  |  | — |  |  | 387,494 |  |  | 19 | % | 19 | %
Commercial Aerospace |  | 196,195 |  |  | — |  |  | 196,195 |  |  | 183,091 |  |  | — |  |  | 183,091 |  |  | 7 | % | 7 | %
Total Aerospace & Defense |  | $ | 1,171,455 |  |  | $ | — |  |  | $ | 1,171,455 |  |  | $ | 1,032,463 |  |  | $ | — |  |  | $ | 1,032,463 |  |  | 13 | % | 13 | %
Commercial markets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Power & Process |  | $ | 306,407 |  |  | $ | — |  |  | $ | 306,407 |  |  | $ | 262,639 |  |  | $ | — |  |  | $ | 262,639 |  |  | 17 | % | 17 | %
General Industrial |  | 204,359 |  |  | — |  |  | 204,359 |  |  | 202,856 |  |  | — |  |  | 202,856 |  |  | 1 | % | 1 | %
Total Commercial |  | $ | 510,766 |  |  | $ | — |  |  | $ | 510,766 |  |  | $ | 465,495 |  |  | $ | — |  |  | $ | 465,495 |  |  | 10 | % | 10 | %
Total Curtiss-Wright |  | $ | 1,682,221 |  |  | $ | — |  |  | $ | 1,682,221 |  |  | $ | 1,497,958 |  |  | $ | — |  |  | $ | 1,497,958 |  |  | 12 | % | 12 | %

Curtiss-Wright Corporation, Page 14

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
RECONCILIATION OF AS REPORTED TO ADJUSTED DILUTED EARNINGS PER SHARE (UNAUDITED)
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Diluted earnings per share - As Reported | $ | 3.19 |  |  | $ | 2.58 |  |  | $ | 5.87 |  |  | $ | 4.58 |
First year purchase accounting adjustments | 0.02 |  |  | — |  |  | 0.13 |  |  | — |
Restructuring costs | 0.02 |  |  | 0.09 |  |  | 0.05 |  |  | 0.09 |
Diluted earnings per share - Adjusted (1) | $ | 3.23 |  |  | $ | 2.67 |  |  | $ | 6.05 |  |  | $ | 4.67 |
(1) All adjustments are presented net of income taxes. |  |  |  |

Curtiss-Wright Corporation, Page 15
Organic Sales and Organic Operating Income
The Corporation discloses organic sales and organic operating income because the Corporation believes it provides investors with insight as to the Company’s ongoing business performance. Organic sales and organic operating income are defined as sales and operating income, excluding contributions from acquisitions and results of operations from divested businesses or product lines during the last twelve months, cost s associated with the Company's 2024 Restructuring Program, and foreign currency fluctuations.

| Three Months Ended
| June 30,
| 2025 vs. 2024
| Aerospace & Industrial |  | Defense Electronics |  | Naval & Power |  | Total Curtiss-Wright
| Sales |  | Operating income |  | Sales |  | Operating income |  | Sales |  | Operating income |  | Sales |  | Operating income
As Reported | 3% |  | 11% |  | 11% |  | 16% |  | 19% |  | 31% |  | 12% |  | 21%
Less: Acquisitions | 0% |  | 0% |  | 0% |  | 0% |  | (7%) |  | (1%) |  | (3%) |  | 0%
Restructuring | 0% |  | (6%) |  | 0% |  | 0% |  | 0% |  | 0% |  | 0% |  | (3%)
Foreign Currency | (1%) |  | (4%) |  | (1%) |  | (1%) |  | 0% |  | (1%) |  | 0% |  | (1%)
Organic | 2% |  | 1% |  | 10% |  | 15% |  | 12% |  | 29% |  | 9% |  | 17%
| Six Months Ended
| June 30,
| 2025 vs. 2024
| Aerospace & Industrial |  | Defense Electronics |  | Naval & Power |  | Total Curtiss-Wright
| Sales |  | Operating income |  | Sales |  | Operating income |  | Sales |  | Operating income |  | Sales |  | Operating income
As Reported | 3% |  | 10% |  | 13% |  | 27% |  | 19% |  | 26% |  | 12% |  | 25%
Less: Acquisitions | 0% |  | 0% |  | 0% |  | 0% |  | (7%) |  | 3% |  | (2%) |  | 1%
Restructuring | 0% |  | (1%) |  | 0% |  | 0% |  | 0% |  | 0% |  | 0% |  | (1%)
Foreign Currency | 0% |  | (5%) |  | 0% |  | (2%) |  | 0% |  | (2%) |  | 0% |  | (2%)
Organic | 3% |  | 4% |  | 13% |  | 25% |  | 12% |  | 27% |  | 10% |  | 23%

Curtiss-Wright Corporation, Page 16
Free Cash Flow and Free Cash Flow Conversion
The Corporation discloses free cash flow because it measures cash flow available for investing and financing activities. Free cash flow represents cash available to repay outstanding debt, invest in the business, acquire businesses, return capi tal to shareholders and make other strategic investments. Free cash flow is defined as net cash provided by operating activities less capital expenditures. The Corporation discloses free cash flow conversion because it measures the proportion of net earnings converted into free cash flow and is defined as free cash flow divided by adjusted net earnings.

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
NON-GAAP FINANCIAL DATA (UNAUDITED)
($'s in thousands)
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Net cash provided by operating activities | $ | 136,585 |  |  | $ | 111,335 |  |  | $ | 97,820 |  |  | $ | 65,702 |
Capital expenditures | (19,381) |  |  | (11,064) |  |  | (35,154) |  |  | (23,119) |
Free cash flow | $ | 117,204 |  |  | $ | 100,271 |  |  | $ | 62,666 |  |  | $ | 42,583 |
Free cash flow conversion | 96 | % |  | 97 | % |  | 27 | % |  | 24 | %

Curtiss-Wright Corporation, Page 17

CURTISS-WRIGHT CORPORATION
2025 Guidance
As of August 6, 2025
($'s in millions, except per share data)
| 2024 Reported (GAAP) |  | 2024 Adjustments (Non-GAAP)(1) |  | 2024 Adjusted (Non-GAAP)(1) |  | 2025 Reported Guidance (GAAP) |  | 2025 Adjustments (Non-GAAP)(2) |  | 2025 Adjusted Guidance (Non-GAAP)(2)
|  |  |  |  |  |  | Low | High |  |  |  | Low | High |  | 2025 Chg vs 2024 Adjusted
Sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aerospace & Industrial | $ | 932 |  |  | $ | — |  |  | $ | 932 |  |  | $ | 965 |  | $ | 980 |  |  | $ | — |  |  | $ | 965 |  | $ | 980 |  |  | 4 - 5%
Defense Electronics | 911 |  |  | — |  |  | 911 |  |  | 995 |  | 1,010 |  |  | — |  |  | 995 |  | 1,010 |  |  | 9 - 11%
Naval & Power | 1,278 |  |  | — |  |  | 1,278 |  |  | 1,430 |  | 1,445 |  |  | — |  |  | 1,430 |  | 1,445 |  |  | 12 - 13%
Total sales | $ | 3,121 |  |  | $ | — |  |  | $ | 3,121 |  |  | $ | 3,390 |  | $ | 3,435 |  |  | $ | — |  |  | $ | 3,390 |  | $ | 3,435 |  |  | 9 - 10%
Operating income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aerospace & Industrial | $ | 148 |  |  | $ | 10 |  |  | $ | 158 |  |  | $ | 164 |  | $ | 170 |  |  | $ | 3 |  |  | $ | 167 |  | $ | 173 |  |  | 6 - 9%
Defense Electronics | 225 |  |  | 2 |  |  | 227 |  |  | 267 |  | 273 |  |  | — |  |  | 267 |  | 273 |  |  | 18 - 20%
Naval & Power | 200 |  |  | 2 |  |  | 202 |  |  | 220 |  | 226 |  |  | 12 |  |  | 232 |  | 238 |  |  | 15 - 18%
Total segments | $ | 572 |  |  | $ | 15 |  |  | $ | 587 |  |  | $ | 651 |  | $ | 669 |  |  | $ | 15 |  |  | $ | 666 |  | $ | 684 |  |  |
Corporate and other | (44) |  |  | 3 |  |  | (41) |  |  | (40) |  | (42) |  |  | — |  |  | (40) |  | (42) |  |  |
Total operating income | $ | 529 |  |  | $ | 17 |  |  | $ | 546 |  |  | $ | 611 |  | $ | 627 |  |  | $ | 15 |  |  | $ | 626 |  | $ | 642 |  |  | 15 - 18%
Interest expense | $ | (45) |  |  | $ | — |  |  | $ | (45) |  |  | $ | (42) |  | $ | (43) |  |  | $ | — |  |  | $ | (42) |  | $ | (43) |  |  |
Other income, net | 38 |  |  | — |  |  | 38 |  |  | 33 |  | 34 |  |  | — |  |  | 33 |  | 34 |  |  |
Earnings before income taxes | $ | 522 |  |  | $ | 17 |  |  | $ | 539 |  |  | $ | 602 |  | $ | 618 |  |  | $ | 15 |  |  | $ | 618 |  | $ | 632 |  |  |
Provision for income taxes | (117) |  |  | (4) |  |  | (121) |  |  | (133) |  | (136) |  |  | (3) |  |  | (136) |  | (139) |  |  |
Net earnings | $ | 405 |  |  | $ | 13 |  |  | $ | 418 |  |  | $ | 469 |  | $ | 482 |  |  | $ | 12 |  |  | $ | 482 |  | $ | 493 |  |  |
Diluted earnings per share | $ | 10.55 |  |  | $ | 0.35 |  |  | $ | 10.90 |  |  | $ | 12.40 |  | $ | 12.70 |  |  | $ | 0.30 |  |  | $ | 12.70 |  | $ | 13.00 |  |  | 16 - 19%
Diluted shares outstanding | 38.4 |  |  |  |  | 38.4 |  |  | 37.9 |  | 37.9 |  |  |  |  | 37.9 |  | 37.9 |  |  |
Effective tax rate | 22.4 | % |  |  |  | 22.4 | % |  | 22.0 | % | 22.0 | % |  |  |  | 22.0 | % | 22.0 | % |  |
Operating margins: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Aerospace & Industrial | 15.9 | % |  |  |  | 17.0 | % |  | 17.0 | % | 17.3 | % |  |  |  | 17.3 | % | 17.6 | % |  | 30 - 60 bps
Defense Electronics | 24.7 | % |  |  |  | 24.9 | % |  | 26.8 | % | 27.0 | % |  |  |  | 26.8 | % | 27.0 | % |  | 190 - 210 bps
Naval & Power | 15.6 | % |  |  |  | 15.8 | % |  | 15.4 | % | 15.6 | % |  |  |  | 16.3 | % | 16.5 | % |  | 50 - 70 bps
Total operating margin | 16.9 | % |  |  |  | 17.5 | % |  | 18.0 | % | 18.3 | % |  |  |  | 18.5 | % | 18.7 | % |  | 100 - 120 bps
Free cash flow(3) | $ | 483 |  |  | $ | — |  |  | $ | 483 |  |  | $ | 520 |  | $ | 535 |  |  | $ | — |  |  | $ | 520 |  | $ | 535 |  |  | 8 - 11%
Notes: Amounts may not add due to rounding.
(1) 2024 Adjusted financials are defined as Reported Operating Income, Operating Margin, Net Income and Diluted EPS under GAAP excluding costs associated with the Company's 2024 Restructuring Program and the impact of first year purchase accounting adjustments.
(2) 2025 Adjusted financials are defined as Reported Operating Income, Operating Margin, Net Income and Diluted EPS under GAAP excluding costs associated with the Company's 2024 Restructuring Program and the impact of first year purchase accounting adjustments.
(3) Free Cash Flow is defined as cash flow from operations less capital expenditures. 2025 Free Cash Flow guidance includes higher capital expenditures supporting growth and efficiency (reflecting a $14 to $24 million year-over-year increase compared with 2024 results), the timing of prior year record customer advances and a $15 million current year increase due to a reduction in tax payments driven by the recent signing of the H.R. 1 - "One Big Beautiful Bill Act."

Curtiss-Wright Corporation, Page 18

CURTISS-WRIGHT CORPORATION
2025 Sales Growth Guidance by End Market
As of August 6, 2025
| 2025 % Change vs. 2024 Adjusted |  |
| Prior |  | Current |  | % Total Sales
Aerospace & Defense Markets |  |  |  |  |
Aerospace Defense | 6 - 8% |  | 7 - 9% |  | 19%
Ground Defense | 6 - 8% |  | 6 - 8% |  | 11%
Naval Defense | 5 - 7% |  | 7 - 9% |  | 26%
Commercial Aerospace | 13 - 15% |  | 13 - 15% |  | 13%
Total Aerospace & Defense | 7 - 9% |  | 8 - 10% |  | 69%
Commercial Markets |  |  |  |  |
Power & Process | 16- 18% |  | 16- 18% |  | 19%
General Industrial | Flat |  | Flat |  | 12%
Total Commercial | 9 - 11% |  | 9 - 11% |  | 31%
Total Curtiss-Wright Sales | 8 - 9% |  | 9 - 10% |  | 100%
Note: Sales percentages may not add due to rounding. |  |  |  |

Curtiss-Wright Corporation, Page 19
About Curtiss-Wright Corporation
Curtiss-Wright Corporation (NYSE:CW) 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 9,000 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. For more information, visit www.curtisswright.com.
###
Certain statements made in this press release, including statements about future revenue, financial performance guidance, quarterly and annual revenue, net income, operating income growth, future business opportunities, cost saving initiatives, the successful integration of the Company’s acquisitions, and future cash flow from operations, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements present management's expectations, beliefs, plans and objectives regarding future financial performance, and assumptions or judgments concerning such performance. Any discussions contained in this press release, except to the extent that they contain historical facts, are forward-looking and accordingly involve estimates, assumptions, judgments, and uncertainties. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Such risks and uncertainties include but are not limited to: a reduction in anticipated orders; an economic downturn; geopolitical risks; evolving impacts from tariffs between the U.S. and other countries (including implementation of new tariffs and retaliatory measures); changes in the competitive marketplace and/or customer requirements; a change in government spending; an inability to perform customer contracts at anticipated cost levels; and other factors that generally affect the business of aerospace, defense contracting, electronics, marine, and industrial companies. Such factors are detailed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and subsequent reports filed with the Securities and Exchange Commission.
This press release and additional information are available at www.curtisswright.com.
Contact: Jim Ryan
(704) 869-4621
Jim.Ryan@curtisswright.com