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Revenue (Tables)
12 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Derived from Product Sales

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Manufactured products

 

 

81

%

 

 

83

%

 

 

84

%

MRO

 

 

17

%

 

 

15

%

 

 

14

%

Services

 

 

2

%

 

 

2

%

 

 

2

%

Schedule of Revenue Recognition Time

The amount of revenue recognized as point in time or over time follows:

 

 

For the Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

Aerospace

 

 

Industrial

 

 

Consolidated

 

 

Aerospace

 

 

Industrial

 

 

Consolidated

 

 

Aerospace

 

 

Industrial

 

 

Consolidated

 

Point in time

 

$

916,671

 

 

$

712,627

 

 

$

1,629,298

 

 

$

853,728

 

 

$

780,794

 

 

$

1,634,522

 

 

$

748,278

 

 

$

708,458

 

 

$

1,456,736

 

Over time

 

 

1,396,135

 

 

 

541,631

 

 

 

1,937,766

 

 

 

1,174,890

 

 

 

514,837

 

 

 

1,689,727

 

 

 

1,019,825

 

 

 

438,005

 

 

 

1,457,830

 

Total net sales

 

$

2,312,806

 

 

$

1,254,258

 

 

$

3,567,064

 

 

$

2,028,618

 

 

$

1,295,631

 

 

$

3,324,249

 

 

$

1,768,103

 

 

$

1,146,463

 

 

$

2,914,566

 

 

Summary of Amounts Recognized Related to Changes in Estimated Total Lifetime Sales for Material Rights and Costs to Fulfill Contracts With Customers

Amounts recognized related to changes in estimated total lifetime sales for material rights and costs to fulfill contracts with customers follows:

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Revenue

 

$

1,462

 

 

$

17,154

 

 

$

1,460

 

Cost of goods sold

 

 

1,855

 

 

 

15,486

 

 

 

1,736

 

Summary of Amounts Recognized Related to Amortization of Costs to Fulfill Contracts and Contract Liabilities Not Related to Changes in Estimate

Amounts recognized related to amortization of costs to fulfill contracts and contract liabilities, which were not related to changes in estimate, follows:

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Revenue

 

$

4,521

 

 

$

7,230

 

 

$

6,741

 

Cost of goods sold

 

 

3,717

 

 

 

3,112

 

 

 

5,559

 

Schedule of Accounts Receivable

Accounts receivable consisted of the following:

 

 

September 30, 2025

 

 

September 30, 2024

 

Billed receivables

 

 

 

 

 

 

Trade accounts receivable

 

$

477,217

 

 

$

455,831

 

Other (Chinese financial institutions)

 

 

104

 

 

 

1,403

 

Total billed receivables

 

 

477,321

 

 

 

457,234

 

Current unbilled receivables (contract assets)

 

 

363,520

 

 

 

320,570

 

Total accounts receivable

 

 

840,841

 

 

 

777,804

 

Less: Allowance for uncollectible amounts

 

 

(9,725

)

 

 

(7,738

)

Total accounts receivable, net

 

$

831,116

 

 

$

770,066

 

Schedule of Uncollectible Amounts And Change in Expected Allowance for Credit Losses for Trade Accounts Receivable and Unbilled Receivables

The allowance for uncollectible amounts and change in expected credit losses for trade accounts receivable and unbilled receivables (contract assets) consisted of the following:

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Balance, beginning

 

$

7,738

 

 

$

5,847

 

 

$

3,922

 

Changes in estimates

 

 

1,879

 

 

 

3,219

 

 

 

7,211

 

Write-offs

 

 

(347

)

 

 

(586

)

 

 

(5,305

)

Other1

 

 

455

 

 

 

(742

)

 

 

19

 

Balance, ending

 

$

9,725

 

 

$

7,738

 

 

$

5,847

 

(1)
Includes effects of foreign exchange rate changes during the period.
Schedule of Contract Liability

Contract liabilities consisted of the following:

 

 

September 30, 2025

 

 

September 30, 2024

 

 

 

Current

 

 

Noncurrent

 

 

Current

 

 

Noncurrent

 

Deferred revenue from material rights from JV formation

 

$

7,298

 

 

$

229,878

 

 

$

6,580

 

 

$

232,164

 

Deferred revenue from advanced invoicing and/or prepayments from customers

 

 

14,944

 

 

 

2,115

 

 

 

23,706

 

 

 

6,437

 

Liability related to customer supplied inventory

 

 

19,640

 

 

 

 

 

 

20,563

 

 

 

 

Deferred revenue from material rights related to engineering and development funding

 

 

7,353

 

 

 

199,465

 

 

 

5,942

 

 

 

186,008

 

Net contract liabilities

 

$

49,235

 

 

$

431,458

 

 

$

56,791

 

 

$

424,609

 

Schedule of Revenue Recognized Related to Noncash Consideration

The amount of revenue recognized related to noncash consideration received from customers follows:

 

 

For the Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Aerospace

 

$

68,059

 

 

$

61,323

 

 

$

50,329

 

Industrial

 

 

3,089

 

 

 

4,974

 

 

 

1,939

 

Consolidated

 

$

71,148

 

 

$

66,297

 

 

$

52,268

 

Schedule of Disaggregation of Revenue

Revenue by primary market for the Aerospace reportable segment was as follows:

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Commercial OEM

 

$

690,962

 

 

$

738,394

 

 

$

651,275

 

Commercial services

 

 

823,547

 

 

 

640,823

 

 

 

547,625

 

Defense OEM

 

 

561,288

 

 

 

406,810

 

 

 

368,653

 

Defense services

 

 

237,009

 

 

 

242,591

 

 

 

200,550

 

Total Aerospace segment net sales

 

$

2,312,806

 

 

$

2,028,618

 

 

$

1,768,103

 

Revenue by primary market for the Industrial reportable segment was as follows:

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

Power generation

 

$

488,940

 

 

$

443,667

 

 

$

382,536

 

Transportation

 

 

507,376

 

 

 

624,762

 

 

 

527,498

 

Oil and gas

 

 

257,942

 

 

 

227,202

 

 

 

236,429

 

Total Industrial segment net sales

 

$

1,254,258

 

 

$

1,295,631

 

 

$

1,146,463

 

Based on changes in market dynamics, the Company has refined its Industrial end market presentation to better align certain sales within power generation, transportation, and oil and gas. Accordingly, sales for the years ended September 30, 2025 and 2024 have been reclassified for comparability. The reclassification had no impact on total Industrial or the consolidated financial results.

The customers who account for 10% or more of net sales of each of Woodward’s reportable segments are as follows:

 

 

For the Year Ended September 30,

 

 

2025

 

2024

 

2023

Aerospace

 

RTX Corporation, GE Aerospace, The Boeing Company

 

RTX Corporation,
 The Boeing Company

 

RTX Corporation, General Electric Company, The Boeing Company

Industrial

 

Rolls-Royce PLC, Caterpillar Inc., GE Vernova

 

Weichai Power, Rolls-Royce PLC

 

Rolls-Royce PLC, Caterpillar Inc., Weichai Power

Net sales by geographic area, as determined based on the location of the customer, were as follows:

 

 

Year Ended September 30,

 

 

 

2025

 

 

2024

 

 

2023

 

 

 

Aerospace

 

 

Industrial

 

 

Consolidated

 

 

Aerospace

 

 

Industrial

 

 

Consolidated

 

 

Aerospace

 

 

Industrial

 

 

Consolidated

 

United States

 

$

1,585,173

 

 

$

329,108

 

 

$

1,914,281

 

 

$

1,404,223

 

 

$

294,033

 

 

$

1,698,256

 

 

$

1,254,954

 

 

$

283,121

 

 

$

1,538,075

 

Germany

 

 

72,883

 

 

 

202,539

 

 

 

275,422

 

 

 

72,583

 

 

 

196,775

 

 

 

269,358

 

 

 

80,450

 

 

 

193,392

 

 

 

273,842

 

Europe, excluding Germany

 

 

224,302

 

 

 

341,286

 

 

 

565,588

 

 

 

202,421

 

 

 

297,517

 

 

 

499,938

 

 

 

163,222

 

 

 

273,757

 

 

 

436,979

 

China

 

 

148,192

 

 

 

137,678

 

 

 

285,870

 

 

 

96,136

 

 

 

293,908

 

 

 

390,044

 

 

 

56,773

 

 

 

186,713

 

 

 

243,486

 

Asia, excluding China

 

 

61,965

 

 

 

187,240

 

 

 

249,205

 

 

 

59,103

 

 

 

163,603

 

 

 

222,706

 

 

 

37,107

 

 

 

162,922

 

 

 

200,029

 

Other countries

 

 

220,291

 

 

 

56,407

 

 

 

276,698

 

 

 

194,152

 

 

 

49,795

 

 

 

243,947

 

 

 

175,597

 

 

 

46,558

 

 

 

222,155

 

Total net sales

 

$

2,312,806

 

 

$

1,254,258

 

 

$

3,567,064

 

 

$

2,028,618

 

 

$

1,295,631

 

 

$

3,324,249

 

 

$

1,768,103

 

 

$

1,146,463

 

 

$

2,914,566