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Segment Information | 6 Months Ended
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Mar. 31, 2026
Segment Reporting [Abstract] |
Segment Information | Note 23. Segment information Woodward’s segments are composed of similar product groupings that serve the same or similar end markets. Based on this approach, Woodward has two reportable segments that are also its operating segments: Aerospace and Industrial, as described below in further detail. Woodward uses segment information internally to manage its business, including the assessment of segment performance and decisions for the allocation of resources between segments. Our Aerospace segment designs, manufactures, and services systems and products for the management of fuel, air, combustion, and motion control. These products include fuel pumps, metering units, actuators, air valves, specialty valves, fuel nozzles, and thrust reverser actuation systems for turbine engines and nacelles, as well as flight deck controls, actuators, servocontrols, motors, and sensors for aircraft. These products are used on commercial and private aircraft and rotorcraft, as well as on military fixed-wing aircraft and rotorcraft, guided weapons, and other defense systems. Our Industrial segment designs, produces, and services systems and products for the management of energy in the form of fuel, air, fluids, gases, motion, combustion, and electricity. These products include actuators, valves, pumps, fuel injection systems, solenoids, ignition systems, control systems, electronics and software, and sensors. Our products are used on industrial gas turbines (including heavy frame, aeroderivative, and small industrial gas turbines), steam turbines, compressors, and reciprocating engines (including low speed, medium speed, and high-speed engines that operate on various fuels, including natural gas, diesel, heavy fuel oil, and new lower carbon alternative fuels in both single and dual-fuel applications). The equipment on which our products are found is used to: generate power; to extract, distribute, and refine energy sources; to mine other commodities; and to convert fuel to work in transportation and freight (both marine and locomotives), mobile, and industrial equipment applications. Nonsegment expenses consist of corporate office expenses, including compensation, benefits, depreciation, restructuring charges, and other administrative costs. The accounting policies of the reportable segments are the same as those of the Company. The Aerospace and Industrial segments maintain separate financial information that is reviewed by the Chief Operating Decision Maker (“CODM”), who is the Company’s Chief Executive Officer. The CODM uses forecast-to-actual variances and year-over-year variances on a monthly basis when assessing segment performance and forecasts in deciding how to allocate resources among the segments. The CODM evaluates the performance of the Company’s segments based on reportable segment operating profit. In connection with that assessment, Woodward generally excludes matters such as certain charges for restructuring, interest income and expense, certain gains and losses from asset dispositions, or other unusual and/or non-operationally related expenses. A summary of consolidated net sales and segment operating profit by segment follows:
| Three Months Ended March 31, 2026 |  |  | Six Months Ended March 31, 2026 |
| Aerospace |  |  | Industrial |  |  | Total |  |  | Aerospace |  |  | Industrial |  |  | Total |
Net sales | $ | 703,321 |  |  | $ | 387,247 |  |  | $ | 1,090,568 |  |  | $ | 1,338,218 |  |  | $ | 748,804 |  |  | $ | 2,087,022 |
Cost of goods sold |  | 506,058 |  |  |  | 268,272 |  |  |  | 774,330 |  |  |  | 959,858 |  |  |  | 518,433 |  |  |  | 1,478,291 |
Selling, general and administrative expenses |  | 27,912 |  |  |  | 39,488 |  |  |  | 67,400 |  |  |  | 56,531 |  |  |  | 70,277 |  |  |  | 126,808 |
Research and development costs |  | 29,416 |  |  |  | 14,906 |  |  |  | 44,322 |  |  |  | 51,434 |  |  |  | 29,178 |  |  |  | 80,612 |
Other segment items 1 |  | (18,140 | ) |  |  | (1,140 | ) |  |  | (19,280 | ) |  |  | (36,075 | ) |  |  | (1,799 | ) |  |  | (37,874 | )
Reportable segment operating profit | $ | 158,075 |  |  | $ | 65,721 |  |  | $ | 223,796 |  |  | $ | 306,470 |  |  | $ | 132,715 |  |  | $ | 439,185 |
| Three Months Ended March 31, 2025 |  |  | Six Months Ended March 31, 2025 |
| Aerospace |  |  | Industrial |  |  | Total |  |  | Aerospace |  |  | Industrial |  |  | Total |
Net sales | $ | 561,729 |  |  | $ | 321,900 |  |  | $ | 883,629 |  |  | $ | 1,055,611 |  |  | $ | 600,743 |  |  | $ | 1,656,354 |
Cost of goods sold |  | 407,063 |  |  |  | 235,704 |  |  |  | 642,767 |  |  |  | 782,815 |  |  |  | 442,623 |  |  |  | 1,225,438 |
Selling, general and administrative expenses |  | 22,490 |  |  |  | 26,813 |  |  |  | 49,303 |  |  |  | 40,965 |  |  |  | 47,917 |  |  |  | 88,882 |
Research and development costs |  | 21,223 |  |  |  | 14,372 |  |  |  | 35,595 |  |  |  | 38,851 |  |  |  | 25,638 |  |  |  | 64,489 |
Other segment items 1 |  | (13,663 | ) |  |  | (956 | ) |  |  | (14,619 | ) |  |  | (26,361 | ) |  |  | (1,599 | ) |  |  | (27,960 | )
Reportable segment operating profit | $ | 124,616 |  |  | $ | 45,967 |  |  | $ | 170,583 |  |  | $ | 219,341 |  |  | $ | 86,164 |  |  | $ | 305,505 |
(1) Other segment items mainly includes our equity interest in the earnings of the JV, other components of net periodic pension and other postretirement benefit, excluding service cost and interest expense, and net gain/loss on sales of assets and businesses. A summary of consolidated earnings before income taxes was as follows:
|  | Three Months Ended March 31, |  |  | Six Months Ended March 31, |
|  | 2026 |  |  | 2025 |  |  | 2026 |  |  | 2025 |
Reportable segment operating profit |  | $ | 223,796 |  |  | $ | 170,583 |  |  | $ | 439,185 |  |  | $ | 305,505 |
Nonsegment expenses |  |  | (45,049 | ) |  |  | (26,752 | ) |  |  | (81,644 | ) |  |  | (48,856 | )
Interest expense, net |  |  | (11,320 | ) |  |  | (10,868 | ) |  |  | (20,963 | ) |  |  | (21,832 | )
Consolidated earnings before income taxes |  | $ | 167,427 |  |  | $ | 132,963 |  |  | $ | 336,578 |  |  | $ | 234,817 |
Segment assets consist of accounts receivable, inventories, property, plant, and equipment, net, goodwill, and other intangibles, net. A summary of consolidated total assets was as follows:
|  | March 31, 2026 |  |  | September 30, 2025 |
Segment assets: |  |  |  |  |  |
Aerospace |  | $ | 2,276,086 |  |  | $ | 2,110,805 |
Industrial |  |  | 1,506,784 |  |  |  | 1,501,503 |
Unallocated corporate property, plant, and equipment, net |  |  | 122,023 |  |  |  | 120,502 |
Other unallocated assets |  |  | 1,064,219 |  |  |  | 897,333 |
Consolidated total assets |  | $ | 4,969,112 |  |  | $ | 4,630,143 |
A summary of consolidated capital expenditures was as follows:
|  | Six Months Ended March 31, |
|  | 2026 |  |  | 2025 |
Segment capital expenditures: |  |  |  |  |  |
Aerospace |  | $ | 67,742 |  |  | $ | 19,047 |
Industrial |  |  | 19,515 |  |  |  | 11,871 |
Unallocated corporate amounts |  |  | 9,013 |  |  |  | 21,072 |
Consolidated capital expenditures |  | $ | 96,270 |  |  | $ | 51,990 |
A summary of consolidated depreciation and amortization was as follows:
|  | Three Months Ended March 31, |  |  | Six Months Ended March 31, |
|  | 2026 |  |  | 2025 |  |  | 2026 |  |  | 2025 |
Segment depreciation and amortization: |  |  |  |  |  |  |  |  |  |  |  |
Aerospace |  | $ | 13,232 |  |  | $ | 12,607 |  |  | $ | 26,297 |  |  | $ | 25,341 |
Industrial |  |  | 13,127 |  |  |  | 11,979 |  |  |  | 25,909 |  |  |  | 24,115 |
Unallocated corporate amounts |  |  | 3,547 |  |  |  | 2,980 |  |  |  | 6,738 |  |  |  | 5,986 |
Consolidated depreciation and amortization |  | $ | 29,906 |  |  | $ | 27,566 |  |  | $ | 58,944 |  |  | $ | 55,442 |

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- Definition The entire disclosure for reporting segments including data and tables. 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