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Item 1. Financial Statements

2025-08-07 compared with 2025-05-08 · 273 added, 162 removed, 604 unchanged (42% of the section changed)

2 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

(In thousands, except per share data) 2025 2024 2025 2024

27 unchanged sentences

(In thousands)

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

2025 2024 2025 2024

Net earnings $ 121,061 $ 99,471 $ 222,398 $ 175,966

3 unchanged sentences

Pension and postretirement adjustments, net of tax (1)

( 590 ) 211 ( 736 ) 758

Other comprehensive income (loss), net of tax 56,170 ( 5,233 ) 75,108 ( 20,265 )

Comprehensive income $ 177,231 $ 94,238 $ 297,506 $ 155,701

(1) The tax benefit/(expense) included in both foreign currency translation adjustments and pension and postretirement adjustments for the three months ended March 31, 2025 and 2024 was immaterial.

(1) The tax benefit/(expense) included in foreign currency translation adjustments and pension and postretirement adjustments for the three and six months ended June 30, 2025 and June 30, 2024 was immaterial.

See notes to condensed consolidated financial statements

2 unchanged sentences

(In thousands, except per share data)

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

Current assets:

26 unchanged sentences

Stockholders’ equity

Common stock, $ 1 par value, 100,000,000 shares authorized as of March 31, 2025 and December 31, 2024;

49,187,378 shares issued as of March 31, 2025 and December 31, 2024;

outstanding shares were 37,726,076 as of March 31, 2025 and 37,650,645 as of December 31, 2024

Common stock, $ 1 par value, 100,000,000 shares authorized as of June 30, 2025 and December 31, 2024;

49,187,378 shares issued as of June 30, 2025 and December 31, 2024;

outstanding shares were 37,673,073 as of June 30, 2025 and 37,650,645 as of December 31, 2024

49,187 49,187

2 unchanged sentences

Accumulated other comprehensive loss ( 168,117 ) ( 243,225 )

Common treasury stock, at cost ( 11,461,302 shares as of March 31, 2025 and 11,536,733 shares as of December 31, 2024)

Common treasury stock, at cost ( 11,514,305 shares as of June 30, 2025 and 11,536,733 shares as of December 31, 2024)

( 1,385,497 ) ( 1,365,176 )

4 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Three Months Ended

Six Months Ended

(In thousands) 2025 2024

1 unchanged sentence

Net earnings $ 222,398 $ 175,966

Adjustments to reconcile net earnings to net cash used for operating activities:

Adjustments to reconcile net earnings to net cash provided by operating activities

Depreciation and amortization 62,128 54,151

10 unchanged sentences

Other current and long-term assets and liabilities ( 13,544 ) 751

Net cash used for operating activities ( 38,765 ) ( 45,633 )

Net cash provided by operating activities 97,820 65,702

Cash flows from investing activities:

1 unchanged sentence

Additions to property, plant, and equipment ( 35,154 ) ( 23,119 )

Proceeds from sale of equity securities 7,919 —

Acquisition of business, net of cash acquired — ( 33,756 )

Additional consideration paid on prior year acquisitions ( 9,619 ) —

1 unchanged sentence

Cash flows from financing activities:

Borrowings under revolving credit facility 78,067 4,879

Payment of revolving credit facility ( 78,067 ) ( 4,879 )

Borrowings under revolving credit facilities 139,025 8,893

Payments of revolving credit facilities ( 139,025 ) ( 8,893 )

Principal payments on debt ( 90,000 ) —

1 unchanged sentence

Proceeds from share-based compensation 5,981 5,472

Dividends paid ( 7,923 ) ( 7,665 )

Other ( 622 ) ( 579 )

8 unchanged sentences

(In thousands)

For the three months ended March 31, 2024

For the six months ended June 30, 2025

Common Stock Additional Paid in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Treasury Stock

1 unchanged sentence

Net earnings — — 222,398 — —

Other comprehensive loss, net of tax — — — ( 15,032 ) —

Other comprehensive income, net of tax — — — 75,108 —

Dividends declared — — ( 16,974 ) — —

5 unchanged sentences

Other — ( 1,070 ) — — 1,069

June 30, 2025 $ 49,187 $ 149,650 $ 4,066,497 $ ( 168,117 ) $ ( 1,385,497 )

For the three months ended June 30, 2025

Common Stock Additional Paid in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Treasury Stock

March 31, 2025 $ 49,187 $ 145,217 $ 3,954,481 $ ( 224,287 ) $ ( 1,365,451 )

For the three months ended March 31, 2025

Net earnings — — 121,061 — —

Other comprehensive income, net of tax — — — 56,170 —

Dividends declared — — ( 9,045 ) — —

Restricted stock — — — — —

Share-based compensation — 5,213 — — —

Repurchase of common stock (1)

— — — — ( 20,825 )

Other — ( 780 ) — — 779

June 30, 2025 $ 49,187 $ 149,650 $ 4,066,497 $ ( 168,117 ) $ ( 1,385,497 )

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In thousands)

For the six months ended June 30, 2024

Common Stock Additional Paid in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Treasury Stock

1 unchanged sentence

Net earnings — — 175,966 — —

Other comprehensive income, net of tax — — — 18,938 —

Other comprehensive loss, net of tax — — — ( 20,265 ) —

Dividends declared — — ( 15,712 ) — —

5 unchanged sentences

Other — ( 2,464 ) — — 2,340

June 30, 2024 $ 49,187 $ 135,574 $ 3,648,005 $ ( 233,488 ) $ ( 1,140,858 )

For the three months ended June 30, 2024

Common Stock Additional Paid in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Treasury Stock

March 31, 2024 $ 49,187 $ 133,166 $ 3,556,572 $ ( 228,255 ) $ ( 1,130,491 )

(1) For the three months ended March 31, 2025 and March 31, 2024, the Corporation repurchased approximately 42,000 and 53,000 shares, respectively, of its common stock.

Net earnings — — 99,471 — —

Other comprehensive loss, net of tax — — — ( 5,233 ) —

Dividends declared — — ( 8,038 ) — —

Restricted stock — — — — —

Share-based compensation — 4,689 — — 82

Repurchase of common stock (1)

— — — — ( 12,606 )

Other — ( 2,281 ) — — 2,157

June 30, 2024 $ 49,187 $ 135,574 $ 3,648,005 $ ( 233,488 ) $ ( 1,140,858 )

See notes to condensed consolidated financial statements

(1) For the three and six months ended June 30, 2025, the Corporation repurchased approximately 60,000 and 102,000 shares of its common stock, respectively.

For the three and six months ended June 30, 2024, the Corporation repurchased approximately 47,000 and 100,000 shares of its common stock, respectively.

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

14 unchanged sentences

Accordingly, the effect of the changes on future periods of contract performance is recognized as if the revised estimate had been the original estimate.

During the three months ended March 31, 2025 and 2024, there were no significant changes in estimated contract costs.

During the three and six months ended June 30, 2025 and 2024, there were no significant changes in estimated contract costs.

In the opinion of management, all adjustments considered necessary for a fair presentation have been reflected in these financial statements.

The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Corporation’s 2024 Annual Report on Form 10-K filed with the SEC.

The results of operations for interim periods are not necessarily indicative of trends or of the operating results for a full year.

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The ASU is effective for annual reporting periods beginning with the year ending December 31, 2025.

Early adoption is permitted.

The Company is currently evaluating the impact of adopting this standard on its Consolidated Financial Statements.

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If a performance obligation does not qualify for over-time revenue recognition, revenue is then recognized at the point-in-time in which control of the distinct good or service is transferred to the customer, typically based upon the terms of delivery.

The following table illustrates the approximate percentage of revenue recognized for performance obligations satisfied over-time versus at a point-in-time for the three months ended March 31, 2025 and 2024:

Three Months Ended

The following table illustrates the approximate percentage of revenue recognized for performance obligations satisfied over-time versus at a point-in-time for the three and six months ended June 30, 2025 and 2024:

Three Months Ended Six Months Ended

June 30, June 30,

2025 2024 2025 2024

Over-time 51 % 50 % 52 % 50 %

2 unchanged sentences

Backlog includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods.

Total backlog was approximately $ 3.7 billion as of March 31, 2025, of which the Corporation expects to recognize approximatel y 90 % as net sales over the next 36 months .

Total backlog was approximately $ 3.9 billion as of June 30, 2025, of which the Corporation expects to recognize approximately 90 % as net sales over the next 36 months .

The remainder will be recognized thereafter.

1 unchanged sentence

The following table presents the Corporation’s total net sales disaggregated by end market and customer type:

Total Net Sales by End Market and Customer Type Three Months Ended

Total Net Sales by End Market and Customer Type Three Months Ended Six Months Ended

June 30, June 30,

(In thousands) 2025 2024 2025 2024

4 unchanged sentences

Commercial Aerospace 103,318 93,316 196,195 183,091

Total Aerospace & Defense customers $ 562,922 $ 490,256

Total Aerospace & Defense $ 608,533 $ 542,206 $ 1,171,455 $ 1,032,463

Power & Process $ 163,473 $ 138,601 $ 306,407 $ 262,639

General Industrial 104,570 103,984 204,359 202,856

Total Commercial customers $ 242,723 $ 222,911

Total Commercial $ 268,043 $ 242,585 $ 510,766 $ 465,495

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

7 unchanged sentences

The Corporation’s contract liabilities primarily consist of customer advances received prior to revenue being earned.

Revenue recognized during the three months ended March 31, 2025 and 2024 included in contract liabilities at the beginning of the respective years was approximately $ 116 million and $ 90 million, respectively.

Revenue recognized during the three and six months ended June 30, 2025 included in the contract liabilities balance as of January 1, 2025 was approximately $ 95 million and $ 211 million, respectively.

Revenue recognized during the three and six months ended June 30, 2024 included in the contract liabilities balance as of January 1, 2024 was approximately $ 71 million and $ 161 million, respectively.

Contract assets and contract liabilities are reported in the "Receivables, net" and "Deferred revenue" lines, respectively, within the Condensed Consolidated Balance Sheet.

8 unchanged sentences

The Corporation will make appropriate adjustments to the purchase price allocation prior to completion of the measurement period, as required.

During the three months ended March 31, 2025 and 2024, the Corporation did not complete any acquisitions.

During the six months ended June 30, 2025, the Corporation did not complete any acquisitions.

During the year ended December 31, 2024, the Corporation acquired two businesses for an aggregate purchase price of $ 235 million.

The Condensed Consolidated Statement of Earnings for the three months ended March 31, 2025 includes $ 19 million of total net sales and $ 5 million of net losses from the Corporation's 2024 acquisitions.

The Condensed Consolidated Statement of Earnings for the six months ended June 30, 2025 includes $ 44 million of total net sales and $ 3 million of net losses from the Corporation's 2024 acquisitions.

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition inclusive of subsequent purchase price adjustments.

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The composition of receivables is as follows:

(In thousands) March 31, 2025 December 31, 2024

(In thousands) June 30, 2025 December 31, 2024

Billed receivables:

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The composition of inventories is as follows:

(In thousands) March 31, 2025 December 31, 2024

(In thousands) June 30, 2025 December 31, 2024

Raw materials $ 293,868 $ 262,365

7 unchanged sentences

Assets acquired and liabilities assumed are recorded at their fair values, and the excess of the purchase price over the amounts assigned is recorded as goodwill.

The changes in the carrying amount of goodwill for the three months ended March 31, 2025 are as follows:

The changes in the carrying amount of goodwill for the six months ended June 30, 2025 are as follows:

(In thousands) Aerospace & Industrial Defense Electronics Naval & Power Consolidated

3 unchanged sentences

Foreign currency translation adjustment 5,722 14,060 12,471 32,253

March 31, 2025 $ 325,314 $ 704,938 $ 643,356 $ 1,673,608

June 30, 2025 $ 329,226 $ 715,779 $ 653,637 $ 1,698,642

(1) Amount includes post-closing purchase price adjustments related to the Corporation's acquisitions of WSC and Ultra Energy.

3 unchanged sentences

The following tables present the cumulative composition of the Corporation’s intangible assets:

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

(In thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net

5 unchanged sentences

(1) Programs include values assigned to major programs of acquired businesses and represent the aggregate value associated with the customer relationships, contracts, technology, and trademarks underlying the associated program.

Total intangible amortization expense for the three months ended March 31, 2025 was $ 18 million, as compared to $ 14 million in the comparable prior year period.

Total intangible amortization expense for the six months ended June 30, 2025 was $ 36 million, as compared to $ 29 million in the comparable prior year period.

The estimated future amortization expense of intangible assets over the next five years is as follows:

3 unchanged sentences

FAIR VALUE OF FINANCIAL INSTRUMENTS

The estimated fair value amounts were determined by the Corporation using available market information that is primarily based on quoted market prices for the same or similar issuances as of March 31, 2025.

Accordingly, all of the Corporation’s debt is valued as a Level 2 financial instrument.

1 unchanged sentence

Furthermore, the use of different methodologies to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date.

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

(In thousands) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value

21 unchanged sentences

Defined Benefit Pension Plans

The following table is a consolidated disclosure of all domestic and foreign defined pension plans as described in the Corporation’s 2024 Annual Report on Form 10-K filed with the SEC.

The components of net periodic pension cost/(benefit) were as follows:

Three Months Ended

The following table is a consolidated disclosure of all domestic and foreign defined benefit pension plans as described in the Corporation’s 2024 Annual Report on Form 10-K filed with the SEC.

The components of net periodic pension cost for the three and six months ended June 30, 2025 and 2024 were as follows:

Three Months Ended Six Months Ended

June 30, June 30,

(In thousands) 2025 2024 2025 2024

4 unchanged sentences

Amortization of unrecognized actuarial loss 252 266 498 532

Net periodic pension cost/(benefit) $ ( 4,728 ) $ ( 3,420 )

Net periodic pension benefit $ ( 4,728 ) $ ( 3,424 ) $ ( 9,456 ) $ ( 6,844 )

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

NOTES to CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The Corporation did not make any contributions to the Curtiss-Wright Pension Plan during the three months ended March 31, 2025, and does not expect to do so throughout the remainder of the year.

The Corporation did not make any contributions to the Curtiss-Wright Pension Plan during the six months ended June 30, 2025, and does not expect to do so throughout the remainder of the year.

Contributions to the foreign benefit plans are not expected to be material in 2025.

2 unchanged sentences

subsidiaries.

The employer contributions include both employer match and non-elective contribution components up to a maximum employer contribution o f 7 % of eligible compensation.

During the three months ended March 31, 2025 and 2024, the expense relating to the plan was $ 8.5 million and $ 7.6 million, respectively.

The employer contributions include both employer match and non-elective contribution components up to a maximum employer contribution of 7 % of eligible compensation.

During the three and six months ended June 30, 2025, the expense relating to the plan was $ 7.6 million and $ 16.1 million, respectively.

During the three and six months ended June 30, 2024, the expense relating to the plan was $ 6.7 million and $ 14.3 million, respectively.

EARNINGS PER SHARE

1 unchanged sentence

A reconciliation of basic to diluted shares used in the earnings per share calculation is as follows:

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

(In thousands) 2025 2024 2025 2024

2 unchanged sentences

Diluted weighted-average shares outstanding 37,903 38,501 37,871 38,460

For the three months ended March 31, 2024, there were approximately 59,000 shares issuable under equity-based awards that were excluded from the calculation of diluted earnings per share as they were anti-dilutive based on the average stock price during the period.

There were no anti-dilutive shares for the three months ended March 31, 2025.

For the three and six months ended June 30, 2025, there were approximately 16,000 and 8,000 shares, respectively, issuable under equity-based awards that were excluded from the calculation of diluted earnings per share as they were anti-dilutive based on the average stock price during the period.

There were approximately 39,000 and 49,000 anti-dilutive equity-based awards for the three and six months ended June 30, 2024, respectively.

SEGMENT INFORMATION

2 unchanged sentences

Operating results by reportable segment were as follows:

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

(In thousands) 2025 2024 2025 2024

9 unchanged sentences

Total cost of sales $ 546,405 $ 493,272 $ 1,051,639 $ 950,029

Research and development expenses

Aerospace & Industrial $ 6,797 $ 6,309

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

NOTES to CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Research and development expenses

Aerospace & Industrial $ 6,224 $ 6,379 $ 13,021 $ 12,688

Defense Electronics 13,205 12,787 26,207 26,892

16 unchanged sentences

Total other segment items $ 662 $ 1,951 $ 1,915 $ 1,951

Operating income

Operating income (expense)

Aerospace & Industrial $ 39,006 $ 35,246 $ 68,928 $ 62,712

2 unchanged sentences

Total Segment 167,255 139,773 306,489 250,511

Corporate and Eliminations (1)

Corporate and other (1)

( 10,948 ) ( 10,876 ) ( 20,977 ) ( 21,653 )

12 unchanged sentences

Total Consolidated $ 19,381 $ 11,064 $ 35,154 $ 23,119

(1) Corporate and Eliminations includes pension expense, environmental remediation and administrative expenses, legal, and other expenses.

(2) Other segment items includes restructuring expenses associated with the 2024 Restructuring Program.

(1) Includes pension and other postretirement benefit expense, certain environmental costs related to remediation at legacy sites, and certain other expenses.

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

NOTES to CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(2) Other segment items includes restructuring expenses associated with the 2024 Restructuring Program.

Adjustments to reconcile operating income to earnings before income taxes are as follows:

Three Months Ended

(In thousands) 2025 2024

Three Months Ended Six Months Ended

(In thousands) June 30, June 30,

Earnings before taxes:

2025 2024 2025 2024

Total reportable segment operating income $ 167,255 $ 139,773 $ 306,489 $ 250,511

3 unchanged sentences

Earnings before income taxes $ 156,765 $ 126,241 $ 281,857 $ 225,240

(In thousands) March 31, 2025 December 31, 2024

(In thousands) June 30, 2025 December 31, 2024

Segment assets

2 unchanged sentences

Naval & Power 2,005,138 1,927,325

Corporate 422,298 520,691

Corporate and Other 510,238 520,691

Total consolidated $ 5,194,475 $ 4,985,704

5 unchanged sentences

( 43,905 ) 13,898 ( 30,007 )

Amounts reclassified from accumulated other comprehensive loss (1)

Amounts reclassified from accumulated other comprehensive income (1)

Net current period other comprehensive income (loss) ( 43,905 ) 13,903 ( 30,002 )

2 unchanged sentences

75,844 ( 1,111 ) 74,733

Amounts reclassified from accumulated other comprehensive loss (1)

Amounts reclassified from accumulated other comprehensive income (1)

Net current period other comprehensive income (loss) 75,844 ( 736 ) 75,108

March 31, 2025 $ ( 148,109 ) $ ( 76,178 ) $ ( 224,287 )

June 30, 2025 $ ( 91,349 ) $ ( 76,768 ) $ ( 168,117 )

(1) All amounts are after tax.

13 unchanged sentences

The Corporation enters into standby letters of credit agreements and guarantees with financial institutions and customers primarily relating to guarantees of repayment, future performance on certain contracts to provide products and services, and to secure advance payments from certain international customers.

As of March 31, 2025 and December 31, 2024, there were $ 22 million and $ 21 million of stand-by letters of credit outstanding, respectively.

As of both March 31, 2025 and December 31, 2024, there were $ 15 million of bank guarantees outstanding.

As of June 30, 2025 and December 31, 2024, there were $ 27 million and $ 21 million of stand-by letters of credit outstanding, respectively, and $ 17 million and $ 15 million of bank guarantees outstanding, respectively.

In addition, the Corporation is required to provide the Nuclear Regulatory Commission financial assurance demonstrating its ability to cover the cost of decommissioning its Cheswick, Pennsylvania facility upon closure, though the Corporation does not intend to close this facility.

2 unchanged sentences

In 2024, the Corporation commenced restructuring activities across all of its segments to support its ongoing effort of improving operating efficiency ("2024 Restructuring Program").

These activities, which primarily include workforce reductions, consolidation of facilities, and costs related to legal entity restructuring, are anticipated to be substantially completed by June 30, 2025.

For the three months ended March 31, 2025, these restructuring activities resulted in pre-tax charges of approximately $ 1.3 million.

There were no such comparable charges for the three months ended March 31, 2024.

As of March 31, 2025 and December 31, 2024, the restructuring liability associated with these restructuring activities was $ 1.2 million and $ 3.0 million, respectively.

These activities, which primarily include workforce reductions, consolidation of facilities, and costs related to legal entity restructuring, have been substantially completed as of June 30, 2025.

Fo r the three and six months ended June 30, 2025, these restructuring activities resulted in pre-tax charges of approximately $ 0.7 million and $ 2.0 million respectively, compared to pre-tax charges of approximately $ 4.3 million for the three and six months ended June 30, 2024.

As of June 30, 2025 and December 31, 2024, the restructuring liability associated with these restructuring activities was $ 1.1 million and $ 3.0 million, respectively.

These balances are reported within Other Current Liabilities on the Condensed Consolidated Balance Sheet.

SUBSEQUENT EVENTS

On July 4, 2025, the U.S.

signed into law H.R.1, also known as the One Big Beautiful Bill Act (OBBBA).

The OBBBA extends various expiring tax provisions from the Tax Cuts and Jobs Act (TCJA) and introduces a variety of other substantial tax law changes.

For Curtiss-Wright, the most significant impact relates to the immediate expensing of research and development expenditures, which is expected to reduce total 2025 estimated tax payments by approximately $ 15 million.

The OBBBA is also expected to result in an immaterial increase in the corporate effective tax rate in 2025, primarily due to a lower Foreign Derived Deduction Eligible Income benefit.

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

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RESULTS OF OPERATIONS

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to help the reader understand the results of operations and financial condition of the Corporation for the three months ended March 31, 2025.

The financial information as of March 31, 2025 should be read in conjunction with the financial statements for the year ended December 31, 2024 contained in our Form 10-K filed with the SEC.

The financial information as of June 30, 2025 should be read in conjunction with the financial statements for the year ended December 31, 2024 contained in our Form 10-K.

The MD&A is organized into the following sections:

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Condensed Consolidated Statements of Earnings

Three Months Ended

(In thousands) 2025 2024 % change

Three Months Ended Six Months Ended

June 30, June 30,

(In thousands) 2025 2024 % change 2025 2024 % change

Aerospace & Industrial $ 239,138 $ 233,232 3 % $ 466,384 $ 452,557 3 %

15 unchanged sentences

Components of sales and operating income increase (decrease):

Three Months Ended

Sales Operating Income

Three Months Ended Six Months Ended

June 30, June 30,

2024 2025 vs.

Sales Operating Income Sales Operating Income

Organic 9 % 17 % 10 % 23 %

3 unchanged sentences

Total 12 % 21 % 12 % 25 %

Sales during the three months ended March 31, 2025 increased $92 million, or 13%, to $806 million, compared with the prior year period.

Sales in the second quarter increased $92 million, or 12%, to $877 million, compared with the prior year period.

On a segment basis, sales from the Aerospace & Industrial, Defense Electronics, and Naval & Power segments increased $6 million, $25 million, and $61 million, respectively.

Sales during the six months ended June 30, 2025 increased $184 million, or 12%, to $1,682 million, compared with the prior year period.

On a segment basis, sales from the Aerospace & Industrial, Defense Electronics, and Naval & Power segments increased $14 million, $58 million, and $112 million, respectively.

Changes in sales by segment are discussed in further detail in the results by business segment section below.

Operating income during the three months ended March 31, 2025 increased $29 million, or 29%, to $129 million, compared with the prior year period, and operating margin increased 200 basis points to 16.0% compared with the same period in 2024.

Increases in operating income and operating margin were primarily due to favorable absorption on higher sales across all segments as well as the benefits from our operational excellence initiatives.

Operating income and operating margin in the

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

2 unchanged sentences

FINANCIAL CONDITION and RESULTS OF OPERATIONS, continued

Aerospace & Industrial segment also benefited from favorable foreign currency translation, with operating income and operating margin in the Naval & Power segment benefiting from an unfavorable naval contract adjustment in the prior year period that did not recur in the current period.

No n-segment operating expense during the three months ended March 31, 2025 decreased $1 million, or 7%, to $10 million, primarily due to lower corporate costs.

Interest expense of $10 million was essentially flat against the comparable prior year period.

Other income, net during the three months ended March 31, 2025 decreased $4 million , or 37%, to $6 million, primarily due to lower interest income in the current period and losses on equity securities held for investment purposes that were acquired in conjunction with our Ultra Energy acquisition.

The effective tax rate for the three months ended March 31, 2025 of 19.0% decreased compared to an effective tax rate of 22.7% in the comparable prior year period, primarily due to the tax benefits associated with our legal entity restructuring in the prior year period.

Comprehensive income for the three months ended March 31, 2025 was $120 million, compared to comprehensive income of $61 million in the prior year period.

Operating income in the second quarter increased $27 million, or 21%, to $156 million, and operating margin increased 140 basis points to 17.8% compared with the same period in 2024, due to increases across all segments.

In the Aerospace & Industrial segment, increases in operating income and operating margin were primarily due to favorable overhead absorption on higher sales, the benefits of the Company's restructuring initiatives, and favorable foreign currency translation.

Operating income and operating margin in the Defense Electronics segment increased primarily due to favorable absorption on higher sales as well as the benefits from our operational excellence initiatives.

In the Naval & Power segment, increases in operating income and operating margin were primarily due to favorable overhead absorption on higher sales as well as favorable product mix.

Operating income during the six months ended June 30, 2025 increased $57 million, or 25%, to $286 million, and operating margin increased 170 basis points to 17.0%, compared with the same period in 2024, due to increases across all segments.

Operating income and operating margin in the Defense Electronics segment increased primarily due to favorable absorption on higher sales, the benefits from our operational excellence initiatives, and favorable mix on defense electronics products.

In the Naval & Power segment, increases in operating income and operating margin were primarily due to favorable overhead absorption on higher sales as well as an unfavorable prior year period naval contract adjustment that did not recur in the current period.

These increases were partially offset by unfavorable product mix and higher investment in research and development.

Non-segment operating expense in the second quarter of $11 million was essentially flat against the comparable prior year period.

Non-segment operating expense during the six months ended June 30, 2025 decreased $1 million, or 3%, to $21 million, primarily due to lower corporate costs.

Interest expense in the second quarter and six months ended June 30, 2025 decreased $1 million, or 6% to $11 million and $1 million, or 5%, to $21 million, respectively, primarily due to lower borrowings under our revolving Credit Agreement (the “Credit Agreement” or “credit facility”).

Other income, net in the second quarter increased $2 million, or 28%, to $11 million, primarily due to primarily due to lower overall pension costs against the comparable prior year period.

Other income, net during the six months ended June 30, 2025 decreased $1 million, or 6%, to $17 million, primarily due to lower interest income in the current period.

The effective tax rate of 22.8% in the second quarter increased compared to an effective tax rate of 21.2% in the prior year period, primarily due to higher provisional tax expense associated with foreign withholding taxes in the current period.

The effective tax rate of 21.1% for the six months ended June 30, 2025 decreased as compared to an effective tax rate of 21.9% in the prior year period, primarily due to the full year estimated benefit of the prior year’s legal entity restructuring, partially offset by higher provisional tax expense associated with foreign withholding taxes in the current period.

Comprehensive income in the second quarter was $177 million, compared to comprehensive income of $94 million in the prior year period.

The change was primarily due to the following:

• Net earnings increased $25 million, primarily due to higher operating income.

• Foreign currency translation adjustments for the three months ended March 31, 2025 resulted in a $19 million comprehensive gain, compared to a $16 million comprehensive loss in the prior period.

The comprehensive gain during the current period was primarily attributed to an increase in the British Pound.

New orders increased $117 million during the three months ended March 31, 2025 from the comparable prior year period, primarily due to an increase in naval defense orders in the Naval & Power segment.

This increase was partially offset by the timing of orders on ground and naval defense equipment in the Defense Electronics segment.

Changes in new orders by segment are discussed in further detail in the "Results by Business Segment" section below.

• Foreign currency translation adjustments in the second quarter resulted in a $57 million comprehensive gain, compared to a $5 million comprehensive loss in the prior year period.

The comprehensive gain during the current period was primarily attributed to increases in the British Pound and Canadian dollar.

• Net earnings increas ed $22 million , primarily due to higher operating income.

Comprehensive income during the six months ended June 30, 2025 was $298 million, compared to comprehensive income of $156 million in the prior year period.

The change was primarily due to the following:

• Foreign currency translation adjustments for the six months ended June 30, 2025 resulted in a $76 million comprehensive gain, compared to a $21 million comprehensive loss in the prior period.

The comprehensive gain during the current period was primarily attributed to increases in the British Pound and Canadian dollar.

• Net earnings increased $46 million, pr imarily due to higher operating income.

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

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FINANCIAL CONDITION and RESULTS OF OPERATIONS, continued

New orders in the second quarter increased $4 million from the comparable prior year period, primarily due to an increase in orders in the Aerospace & Industrial segment for sensors and actuation products as well as surface treatment services within our A&D markets, as well as the timing of orders on naval defense equipment in the Defense Electronics segment.

These increases were partially offset by the timing of naval defense orders in the Naval & Power segment.

New orders during the six months ended June 30, 2025 increased $121 million from the comparable prior year period, primarily due to the timing of naval defense orders in the Naval & Power segment.

New orders also benefited from an increase in orders in the Aerospace & Industrial segment for sensors products and surface treatment services within our A&D markets.

These increases were partially offset by the timing of orders on ground and naval defense equipment in the Defense Electronics segment.

RESULTS BY BUSINESS SEGMENT

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The following tables summarize sales, operating income and margin, and new orders within the Aerospace & Industrial segment.

Three Months Ended

(In thousands) 2025 2024 % change

Three Months Ended Six Months Ended

June 30, June 30,

(In thousands) 2025 2024 % change 2025 2024 % change

Sales $ 239,138 $ 233,232 3% $ 466,384 $ 452,557 3%

Operating income 39,006 35,246 11% 68,928 62,712 10%

Operating margin 13.2 % 12.5 % 70 bps

Operating margin 16.3 % 15.1 % 120 bps 14.8 % 13.9 % 90 bps

New orders $ 243,601 $ 223,349 9% $ 495,076 $ 475,567 4%

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

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MANAGEMENT’S DISCUSSION and ANALYSIS of

FINANCIAL CONDITION and RESULTS OF OPERATIONS, continued

Components of sales and operating income increase (decrease):

Three Months Ended

Sales Operating Income

Three Months Ended Six Months Ended

June 30, June 30,

2024 2025 vs.

Sales Operating Income Sales Operating Income

Organic 2 % 1 % 3 % 4 %

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Total 3 % 11 % 3 % 10 %

Sales in the Aerospace & Industrial segment are primarily generated from the commercial aerospace and general industrial markets, and to a lesser extent the defense and power & process markets.

Sales during the three months ended March 31, 2025 increased $8 million, or 4%, to $227 million from the prior year period.

In the aerospace defense market, sales benefited primarily from higher demand for actuation equipment on the F-35 and other fighter jet programs.

Sale s increases in the commercial aerospace market were primarily due to higher OEM sales of sensors pro ducts and surface treatment services on narrowbody and widebody platforms.

Sales in the general industrial market were essentially flat, as higher demand for industrial automation equipment was offset by lower sales of industrial vehicle products serving on-and off-highway vehicle platforms.

Operating income during the three months ended March 31, 2025 increased $2 million, or 9%, to $30 million from the prior year period, and operating margin increased 70 basis points to 13.2%, primarily due to favorable overhead absorption on higher sales and favorable foreign currency translation.

These increases were partially offset by current period restructuring costs.

New orders of $251 million were essentially flat against the comparable prior year period.

Sales in the Aerospace & Industrial segment are primarily generated from the general industrial and aerospace & defense markets, and, to a lesser extent, the power & process markets.

Sales in the second quarter increased $6 million, or 3%, to $239 million from the prior year period, primarily due to sales increases of $8 million in the commercial aerospace market from higher demand for OEM sensors products as well as surface treatment services on narrowbody and widebody platforms.

Sales during the six months ended June 30, 2025 increased $14 million , or 3%, to $466 million from the prior year period.

In the commercial aerospace market, sales increased $11 million primarily due to higher OEM sales of sensors products as well as surface treatment services on narrowbody and widebody platforms.

Sales in the aerospace defense market benefited $8 million, primarily from higher demand for actuation equipment on the F-35 and other fighter jet programs.

These increases were partially offset by lower sales in the general industrial market, primarily due to reduced sales of industrial vehicle products to off-highway vehicle platforms.

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

PART I - ITEM 2

MANAGEMENT’S DISCUSSION and ANALYSIS of

FINANCIAL CONDITION and RESULTS OF OPERATIONS, continued

Operating income in the second quarter increased $4 million, or 11%, to $39 million from the comparable prior year period, and operating margin increased 120 basis points to 16.3%.

Operating income during the six months ended June 30, 2025 increased $6 million, o r 10% , to $69 million from the prior year period, and operating margin increased 90 basis points to 14.8%.

Increases in operating income and operating margin in both respective periods were primarily due to favorable overhead absorption on higher sales, the benefits of the Company's restructuring initiatives, and favorable foreign currency translation.

New orders in the second quarter increased $20 million primarily due to an increase in orders for sensors and actuation products and surface treatment services within our A&D markets.

New orders during the six months ended June 30, 2025 increased $20 million primarily due to an increase in orders for sensors products and surface treatment services within our A&D markets.

Defense Electronics

The following tables summarize sales, operating income and margin, and new orders within the Defense Electronics segment.

Three Months Ended

(In thousands) 2025 2024 % change

Three Months Ended Six Months Ended

June 30, June 30,

(In thousands) 2025 2024 % change 2025 2024 % change

Sales $ 253,011 $ 228,461 11% $ 498,175 $ 440,202 13%

Operating income 67,833 58,244 16% 135,282 106,325 27%

Operating margin 27.5 % 22.7 % 480 bps

Operating margin 26.8 % 25.5 % 130 bps 27.2 % 24.2 % 300 bps

New orders $ 233,457 $ 222,390 5% $ 469,268 $ 509,670 (8%)

Components of sales and operating income increase (decrease):

Three Months Ended

Sales Operating Income

Three Months Ended Six Months Ended

June 30, June 30,

2024 2025 vs.

Sales Operating Income Sales Operating Income

Organic 10 % 15 % 13 % 25 %

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Total 11 % 16 % 13 % 27 %

Sales in the Defense Electronics segment are primarily to the defense markets and, to a lesser extent, the commercial aerospace market.

Sales in the second quarter increased $25 million, or 11%, to $253 million from the prior year period.

In the aerospace defense market, sales increased $12 million primarily due to higher demand for embedded computing equipment on various international fighter jet programs as well as domestic unmanned aerial vehicle programs .

Sales in the ground defense market benefited $12 million primarily due to higher demand for tactical battlefield communications equipment as well as increased support for U.S.

ground vehicle modernization.

Sales during the six months ended June 30, 2025 increased $58 million, or 13%, to $498 million from the prior year period.

In the aerospace defense market, sales increased $32 million primarily due to higher demand for embedded computing equipment on various international programs as well as domestic unmanned aerial vehicle programs .

Sales in the ground defense market benefited $16 million primarily due to higher demand for tactical battlefield communications equipment as well as increased support for U.S.

ground vehicle modernization.

In the naval defense market, sales increased $8 million primarily due to higher demand for embedded computing equipment supporting various domestic and international programs.

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

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FINANCIAL CONDITION and RESULTS OF OPERATIONS, continued

Sales in the Defense Electronics segment are primarily to the defense markets and, to a lesser extent, the commercial aerospace market.

Sales during the three months ended March 31, 2025 increased $33 million , or 16%, to $245 million from the prior year period.

Sales in the aerospace defense market benefited $20 million primarily due to higher demand for embedded computing equipment on various helicopter programs.

In the naval defense market, sales increased $10 million primarily due to higher demand for embedded computing equipment supporting various domestic and international programs.

The ground defense market benefited from higher sales supporting U.S.

ground vehicle modernization.

Operating income during the three months ended March 31, 2025 increased $19 million, or 40%, to $67 million, and operating margin increased 480 basis points from the prior year period to 27.5%, primarily due to favorable absorption on higher sales, the benefits from our operational excellence initiatives, and favorable mix on defense electronics products.

New orders during the three months ended March 31, 2025 decreased $51 million from the comparable prior year period, primarily due to the timing of orders on ground and naval defense equipment, including embedded computing and tactical communications products.

Operating income in the second quarter increased $10 million, or 16%, to $68 million compared to the prior year period, and operating margin increased 130 basis points from the prior year period to 26.8%, primarily due to favorable absorption on higher sales as well as the benefits from our operational excellence initiatives.

Operating income during the six months ended June 30, 2025 increased $29 million, or 27%, to $135 million, and operating margin increased 300 basis points from the prior year period to 27.2%, primarily due to favorable absorption on higher sales, the benefits from our operational excellence initiatives, and favorable mix on defense electronics products.

New orders in the second quarter increased $11 million primarily due to the timing of orders on naval defense equipment.

New orders during the six months ended June 30, 2025 decreased $40 million primarily due to the timing of orders on ground and naval defense equipment, including embedded computing and tactical communications products.

Naval & Power

The following tables summarize sales, operating income and margin, and new orders within the Naval & Power segment.

Three Months Ended

(In thousands) 2025 2024 % change

Three Months Ended Six Months Ended

June 30, June 30,

(In thousands) 2025 2024 % change 2025 2024 % change

Sales $ 384,427 $ 323,098 19% $ 717,662 $ 605,199 19%

Operating income 60,416 46,283 31% 102,279 81,474 26%

Operating margin 12.6 % 12.5 % 10 bps

Operating margin 15.7 % 14.3 % 140 bps 14.3 % 13.5 % 80 bps

New orders $ 522,537 $ 549,677 (5%) $ 1,053,219 $ 911,523 16%

Components of sales and operating income increase (decrease):

Three Months Ended

Sales Operating Income

Three Months Ended Six Months Ended

June 30, June 30,

2024 2025 vs.

Sales Operating Income Sales Operating Income

Organic 12 % 29 % 12 % 27 %

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Sales in the Naval & Power segment are primarily to the naval defense and power & process markets, and, to a lesser extent, the aerospace defense market.

Sales during the three months ended March 31, 2025 increased $51 million, or 18%, to $333 million from the prior year period.

In the naval defense market, sales increased $34 million primarily due to higher demand as well as the timing of sales on the Virginia-class and Columbia-class submarine programs.

Sales in the naval defense market also benefited from higher growth on various next-generation submarine development programs as well as higher demand from international customers for aircraft handling systems equipment.

Sales in the power & process market increased $20 million primarily due to the incremental impact from our WSC and Ultra Energy acquisitions as well as higher commercial nuclear aftermarket sales supporting the

Sales in the second quarter increased $61 million, or 19%, to $384 million from the prior year period.

In the naval defense market, sales increased $35 million primarily due to the timing of sales on the Columbia-class submarine program as well as higher growth on various next-generation submarine development programs.

Sales in the power & process market increased $25 million primarily due to the incremental impact from our Ultra Energy acquisition as well as higher commercial nuclear aftermarket sales supporting the maintenance of existing operating reactors and development of next-generation advanced reactors.

Sales during the six months ended June 30, 2025 increased $112 million, or 19%, to $718 million from the prior year period.

In the naval defense market, sales increased $69 million primarily due to higher demand as well as the timing of sales on the Columbia-class and Virginia-class submarine programs.

Sales in the naval defense market also benefited from higher growth on various next-generation submarine development programs.

Sales in the power & process market increased $46 million primarily due to the incremental impact from our Ultra Energy and WSC acquisitions as well as higher commercial nuclear

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

2 unchanged sentences

FINANCIAL CONDITION and RESULTS OF OPERATIONS, continued

maintenance of existing operating reactors and development of next-generation advanced reactors.

aftermarket sales supporting the maintenance of existing operating reactors and development of next-generation advanced reactors.

These increases were partially offset by the timing of sales of arresting systems equipment in the aerospace defense market.

Operating income during the three months ended March 31, 2025 increased $7 million, or 19%, to $42 million, and operating margin increased 10 basis points from the prior year period to 12.6%, as favorable overhead absorption on higher sales as well as an unfavorable prior year period naval contract adjustment that did not recur in the current period were partially offset by unfavorable mix.

New orders increased $169 million during the three months ended March 31, 2025 from the comparable prior year period, primarily due to an increase in naval defense orders.

Operating income in the second quarter increased $14 million, or 31%, to $60 million, and operating margin increased 140 basis points from the prior year period to 15.7%, primarily due to favorable overhead absorption on higher sales as well as favorable product mix.

These increases were partially offset by higher investment in research and development.

Operating income during the six months ended June 30, 2025 increased $21 million, or 26% , to $102 million, and operating margin increased 80 basis points from the prior year period to 14.3%, primarily due to favorable overhead absorption on higher sales as well as an unfavorable prior year period naval contract adjustment that did not recur in the current period.

These increases were partially offset by unfavorable product mix and higher investment in research and development.

New orders in the second quarter and six months ended June 30, 2025 decreased $27 million and increased $142 million, respectively, primarily due to the timing of naval defense orders as well as an increase in orders for commercial nuclear products.

SUPPLEMENTARY INFORMATION

The table below depicts sales by end market and customer type, as it helps provide an enhanced understanding of our businesses and the markets in which we operate.

The table has been included to supplement the discussion of our operating results.

Net Sales by End Market and Customer Type Three Months Ended

(In thousands) 2025 2024 % change

The table has been included to supplement the discussion of our consolidated operating results.

Total Net Sales by End Market and Customer Type Three Months Ended Six Months Ended

June 30, June 30,

(In thousands) 2025 2024 % change 2025 2024 % change

Aerospace & Defense markets:

10 unchanged sentences

Aerospace & Defense markets

Sales during the three months ended March 31, 2025 increased $73 million, or 15%, to $563 million, primarily due to higher sales across all markets.

Sales in the aerospace defense market increased primarily due to higher demand for embedded computing equipment on various helicopter programs as well as actuation equipment on the F-35 and other fighter jet programs.

The ground defense market benefited primarily from higher sal es supporting U.S.

Sales in the second quarter increased $66 million, or 12%, to $609 million against the comparable prior year period, primarily due to higher sales across all markets.

Sales in the aerospace defense market increased primarily due to higher demand for embedded computing equipment on various international fighter jet programs as well as domestic unmanned aerial vehicle programs .

I n the ground defense market, sales increased primarily due to higher demand for tactical battlefield communications equipment as well as increased support for U.S.

ground vehicle modernization.

Sales increases in the naval defense market were primarily due to higher demand as well as the timing of sales on the Virginia-class and Columbia-class submarine programs as well as higher demand for embedded computing equipment supporting various domestic and international programs.

Sales increases in the naval defense market were primarily due to the timing of sales on the Columbia-class submarine program as well as higher growth on various next-generation submarine development programs .

In the commercial aerospace market, sales increased primarily due to higher OEM sales of sensors products as well as surface treatment services on narrowbody and widebody platforms.

Commercial markets

Sales during the three months ended March 31, 2025 increased $20 million, or 9%, to $243 million.

In the power & process market, sales increased primarily due to the incremental impact from our WSC and Ultra Energy acquisitions as well as higher commercial nuclear aftermarket sales supporting the maintenance of existing operating reactors and development of next-generation advanced reactors.

Sales in the general industrial market were essentially flat.

LIQUIDITY AND CAPITAL RESOURCES

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

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FINANCIAL CONDITION and RESULTS OF OPERATIONS, continued

Sales during the six months ended June 30, 2025 increased $139 million, or 13%, to $1,171 million, primarily due to higher sales across all markets.

Sales in the aerospace defense market increased primarily due to higher demand for embedded computing equipment on various international programs as well as domestic unmanned aerial vehicle programs .

Sales in the aerospace defense market also benefited from higher demand for actuation equipment on the F-35 and other fighter jet programs.

Sales in the ground defense market increased primarily due to higher demand for tactical battlefield communications equipment as well as increased support for U.S.

ground vehicle modernization .

Sales increases in the naval defense market were primarily due to higher demand as well as the timing of sales on the Columbia-class and Virginia-class submarine programs.

Sales in the naval defense market also benefited from higher growth on various next-generation submarine development programs as well as higher demand for embedded computing equipment supporting various domestic and international programs.

Sales in the commercial aerospace market primarily benefited from higher OEM demand for sensors products as well as surface treatment services on narrowbody and widebody platforms.

Commercial markets

Sales in the second quarter increased $25 million, or 10%, to $268 million.

Sales in the power & process market increased primarily due to the incremental impact from our Ultra Energy acquisition as well as higher commercial nuclear aftermarket sales supporting the maintenance of existing operating reactors and development of next-generation advanced reactors.

Sales in the general industrial market were essentially flat.

Sales during the six months ended June 30, 2025 increased $45 million, or 10%, to $511 million.

Sales in the power & process market increased primarily due to the incremental impact from our Ultra Energy and WSC acquisitions as well as higher commercial nuclear aftermarket sales supporting the maintenance of existing operating reactors and development of next-generation advanced reactors .

Sales in the general industrial market were essentially flat.

LIQUIDITY AND CAPITAL RESOURCES

Sources and Use of Cash

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In some cases, these payments can exceed the costs incurred on a project.

Condensed Consolidated Statements of Cash Flows Three Months Ended

(In thousands) March 31, 2025 March 31, 2024

Cash provided by (used in):

Condensed Consolidated Statements of Cash Flows Six Months Ended

(In thousands) June 30, 2025 June 30, 2024

Cash provided by (used for):

Operating activities

6 unchanged sentences

Net decrease in cash and cash equivalents (53,378) (24,303)

Net cash used in operating activities decreased $7 million from the prior year period, primarily due to higher cash earnings in the current period.

Net cash used in investing activities increased $13 million from the prior year period, primarily due to additional consideration paid in the current period pertaining to our Ultra Energy acquisition.

Net cash used in financing activities increased $92 million from the prior year period, primarily due to the repayment of our 3.85% Senior Notes in February 2025.

Net cash provided by operating activities increased $32 million from the prior year period, primarily due to higher cash earnings.

Net cash used for investing activities decreased $20 million from the prior year period, primarily due to our acquisition of WSC in the prior year period.

Net cash used for financing activities increased $100 million from the prior year period, primarily due to the repayment of our 3.85% Senior Notes in February 2025.

Refer to the "Financing Activities" section below for further details.

Financing Activities

The Corporation’s debt outstanding had an average interest rate o f 3.8% for both the three months ended March 31, 2025 and 2024.

The Corporation’s average debt outstanding was $1,021 million an d $1,048 million for the three months ended March 31, 2025 and 2024, respectively.

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

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MANAGEMENT’S DISCUSSION and ANALYSIS of

FINANCIAL CONDITION and RESULTS OF OPERATIONS, continued

The Corporation’s debt outstanding had an average intere st rate of 3.8% for both the three and six months ended June 30, 2025, respectively, and 3.8% for both the three and six months ended June 30, 2024, respectively.

The Corporation’s average debt outstanding wa s $960 million and $990 million for the three and six months ended June 30, 2025, respectively, and $1.0 billion for both the t hree and six months ended June 30, 2024, respectively.

Credit Agreement

As of March 31, 2025, the Corporation had approximately $22 million in letters of credit supported by the credit facility.

The unused credit available under the credit facility as of March 31, 2025 was $728 million, which could be borrowed without violating any of our debt covenants.

As of June 30, 2025, the Corporation had approximately $27 million in letters of credit supported by the credit facility.

The unused credit available under the credit facility as of June 30, 2025 was $723 million, which could be borrowed without violating any of our debt covenants.

Repurchase of common stock

For the three months ended March 31, 2025, the Corporation repurchased approximately 42,000 shares of its common stock for $14 million.

For the three months ended March 31, 2024, the Corporation repurchased approximately 53,000 shares of its common stock for $12 million.

For the six months ended June 30, 2025, the Corporation repurchased approximately 102,000 shares of its common stock for $35 million.

For the six months ended June 30, 2024, the Corporation repurchased approximately 100,000 shares of its common stock for $25 million.

Cash Utilization

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We believe that our cash and cash equivalents, cash flow from operations, available borrowings under the credit facility, and ability to raise additional capital through the credit markets are sufficient to meet both the short-term and long-term capital needs of the organization.

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

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MANAGEMENT’S DISCUSSION and ANALYSIS of

FINANCIAL CONDITION and RESULTS OF OPERATIONS, continued

Debt Compliance

As of the date of this report, we were in compliance with all debt agreements and credit facility covenants, including our most restrictive covenant, which is our debt to capitalization limit of 60%.

The debt to capitalization limit is a measure of our indebtedness (as defined in the notes purchase agreement and credit facility) to capitalization, where capitalization equals debt plus equity, and is the same for and applies to all of our debt agreements and credit facility.

As of March 31, 2025, we had the ability to borrow additional debt of approximately $2.8 billion without violating our debt to capitalization covenant.

The debt to capitalization limit is a measure of our indebtedness (as defined per the notes purchase agreement and credit facility) to capitalization, where capitalization equals debt plus equity, and is the same for and applies to all of our debt agreements and credit facility.

As of June 30, 2025, we had the ability to borrow additional debt of $3.0 billion without violating our debt to capitalization covenant.

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

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Securities and Exchange Commission on February 13, 2025, in the Notes to the Consolidated Financial Statements, Note 1, and the Critical Accounting Policies section of Management’s Discussion and Analysis of Financial Condition and Results of Operations.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There have been no material changes in our market risk during the six months ended June 30, 2025.

Information regarding market risk and market risk management policies is more fully described in "Item 7A.

Quantitative and Qualitative Disclosures about Market Risk" of our 2024 Annual Report on Form 10-K.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements