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Leases | 12 Months Ended
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Sep. 30, 2025
Leases [Abstract] |
Leases | Note 5. Leases Lessee arrangements Woodward has entered into operating leases for certain facilities and equipment with terms in excess of one year under agreements that expire at various dates. Some leases require the payment of property taxes, insurance, maintenance costs, or other similar costs in addition to rental payments. Woodward has also entered into finance leases for equipment with terms in excess of one year under agreements that expire at various dates. None of Woodward’s lease agreements contain significant residual value guarantees, restrictions, or covenants. As of September 30, 2025, Woodward has not entered into any lease arrangements that have not yet commenced but would create significant rights and obligations. Woodward does not have any lease transactions between related parties. Lease-related assets and liabilities follows:
|  | Classification on the Consolidated Balance Sheets |  | September 30, 2025 |  |  | September 30, 2024 |
Assets: |  |  |  |  |  |  |  |
Operating lease assets |  | Other assets |  | $ | 25,274 |  |  | $ | 27,135 |
Finance lease assets |  | Property, plant, and equipment, net |  |  | 2,896 |  |  |  | 2,516 |
Total lease assets |  |  |  |  | 28,170 |  |  |  | 29,651 |
Current liabilities: |  |  |  |  |  |  |  |
Operating lease liabilities |  | Accrued liabilities |  |  | 5,465 |  |  |  | 5,029 |
Finance lease liabilities |  | Current portion of long-term debt |  |  | 1,032 |  |  |  | 719 |
Noncurrent liabilities: |  |  |  |  |  |  |  |
Operating lease liabilities |  | Other liabilities |  |  | 20,199 |  |  |  | 22,670 |
Finance lease liabilities |  | L ong-term debt, less current portion |  |  | 1,902 |  |  |  | 2,017 |
Total lease liabilities |  |  |  | $ | 28,598 |  |  | $ | 30,435 |
Supplemental lease-related information was as follows:
|  | September 30, 2025 |  |  | September 30, 2024 |
Weighted average remaining lease term |  |  |  |  |  |
Operating leases |  | 7.3 years |  |  | 8.1 years |
Finance leases |  | 3.0 years |  |  | 3.8 years |
Weighted average discount rate |  |  |  |  |  |
Operating leases |  |  | 4.5 | % |  |  | 4.4 | %
Finance leases |  |  | 5.0 | % |  |  | 4.6 | %
Lease-related expenses were as follows:
|  | Year Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Operating lease expense |  | $ | 7,568 |  |  | $ | 6,804 |  |  | $ | 6,213 |
Amortization of financing lease assets |  |  | 967 |  |  |  | 820 |  |  |  | 914 |
Interest on financing lease liabilities |  |  | 162 |  |  |  | 138 |  |  |  | 157 |
Variable lease expense |  |  | 1,200 |  |  |  | 1,299 |  |  |  | 917 |
Short-term lease expense |  |  | 205 |  |  |  | 164 |  |  |  | 196 |
Total lease expense |  | $ | 10,102 |  |  | $ | 9,225 |  |  | $ | 8,397 |
Lease-related supplemental cash flow information was as follows:
|  | Year Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |  |
Operating cash flows for operating leases |  | $ | 6,044 |  |  | $ | 5,375 |  |  | $ | 5,151 |
Operating cash flows for finance leases |  |  | 162 |  |  |  | 138 |  |  |  | 157 |
Financing cash flows for finance leases |  |  | 971 |  |  |  | 818 |  |  |  | 779 |
Right-of-use assets obtained in exchange for recorded lease obligations: |  |  |  |  |  |  |  |  |
Operating leases |  |  | 6,016 |  |  |  | 6,117 |  |  |  | 2,230 |
Finance leases |  |  | 1,171 |  |  |  | — |  |  |  | 48 |
Maturities of lease liabilities were as follows:
Year Ending September 30: |  | Operating Leases |  |  | Finance Leases |
2026 |  | $ | 6,561 |  |  | $ | 1,146 |
2027 |  |  | 5,435 |  |  |  | 1,143 |
2028 |  |  | 4,554 |  |  |  | 555 |
2029 |  |  | 3,406 |  |  |  | 204 |
2030 |  |  | 2,638 |  |  |  | 89 |
Thereafter |  |  | 7,612 |  |  |  | — |
Total lease payments |  |  | 30,206 |  |  |  | 3,137 |
Less: imputed interest |  |  | (4,542 | ) |  |  | (203 | )
Total lease obligations |  | $ | 25,664 |  |  | $ | 2,934 |
Lessor arrangements Woodward has assessed its manufacturing contracts and concluded that certain of the contracts for the manufacture of customer products met the criteria to be considered a leasing arrangement (“embedded leases”) with Woodward as the lessor. The specific manufacturing contracts that met the criteria were those that utilized Woodward property, plant, and equipment and which is substantially (more than 90%) dedicated to the manufacturing of the product(s) for a single customer. Woodward has dedicated manufacturing lines with three of its customers representing embedded leases, all of which qualified as operating leases with undefined quantities of future customer purchase commitments. Although Woodward expects to allocate some portion of future net sales to these customers to embedded lessor arrangements, it cannot provide expected future undiscounted lease payments from property, plant, and equipment leased to customers as of September 30, 2025. If, in the future, customers reduce purchases of related products from Woodward, the Company believes it will derive additional value from the underlying equipment by repurposing its use to support other customer arrangements. Woodward recognizes revenue from the embedded lessor arrangements based on the value of the underlying dedicated property, plant, and equipment. There are no fixed payments that the customers under the embedded lessor arrangements are obligated to pay. Therefore, all the customer payments under the embedded lessor arrangements are considered variable with the associated leasing revenue recognized when the revenue from underlying product sale related to variable lease payment is recognized. Revenue from contracts with customers that included embedded operating leases, which is included in “Net sales” at the Consolidated Statements of Earnings, was $3,947 for the fiscal year ended September 30, 2025, compared to $5,486 for the fiscal year ended September 30, 2024 and $5,030 for the fiscal year ended September 30, 2023. The carrying amount of property, plant, and equipment leased to others through embedded leasing arrangements, included in “Property, plant, and equipment, net” at the Consolidated Balance Sheets, was as follows:
|  | September 30, 2025 |  |  | September 30, 2024 |
Property, plant, and equipment |  | $ | 41,593 |  |  | $ | 48,495 |
Less accumulated depreciation |  |  | (29,110 | ) |  |  | (32,994 | )
Property, plant, and equipment, net |  | $ | 12,483 |  |  | $ | 15,501 |

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