What changed in this filing

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Item 1. Financial Statements

2025-11-06 compared with 2025-08-07 · 225 added, 207 removed, 670 unchanged (39% of the section changed)

2 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

Three Months Ended Six Months Ended

June 30, June 30,

Three Months Ended Nine Months Ended

September 30, September 30,

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

27 unchanged sentences

(In thousands)

Three Months Ended Six Months Ended

June 30, June 30,

Three Months Ended Nine Months Ended

September 30, September 30,

2025 2024 2025 2024

7 unchanged sentences

Comprehensive income $ 107,021 $ 141,220 $ 404,527 $ 296,921

(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.

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

See notes to condensed consolidated financial statements

2 unchanged sentences

(In thousands, except per share data)

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Current assets:

26 unchanged sentences

Stockholders’ equity

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

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

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

outstanding shares were 37,107,195 as of September 30, 2025 and 37,650,645 as of December 31, 2024

49,187 49,187

2 unchanged sentences

Accumulated other comprehensive loss ( 185,928 ) ( 243,225 )

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

Common treasury stock, at cost ( 12,080,183 shares as of September 30, 2025 and 11,536,733 shares as of December 31, 2024)

( 1,676,620 ) ( 1,365,176 )

4 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Six Months Ended

Nine Months Ended

September 30,

(In thousands) 2025 2024

32 unchanged sentences

Effect of exchange-rate changes on cash 13,038 7,078

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

Net increase (decrease) in cash and cash equivalents ( 159,615 ) 36,983

Cash and cash equivalents at beginning of period 385,042 406,867

4 unchanged sentences

(In thousands)

For the six months ended June 30, 2025

For the nine months ended September 30, 2025

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

9 unchanged sentences

Other — ( 1,070 ) — — 1,070

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

For the three months ended June 30, 2025

September 30, 2025 $ 49,187 $ 160,420 $ 4,182,422 $ ( 185,928 ) $ ( 1,676,620 )

For the three months ended September 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 )

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

Net earnings — — 124,832 — —

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

Other comprehensive loss, net of tax — — — ( 17,811 ) —

Dividends declared — — ( 8,907 ) — —

Restricted stock — ( 9 ) — — 9

Employee stock purchase plan — 4,653 — — 1,904

Share-based compensation — 6,126 — — —

2 unchanged sentences

Other — — — — —

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

September 30, 2025 $ 49,187 $ 160,420 $ 4,182,422 $ ( 185,928 ) $ ( 1,676,620 )

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

1 unchanged sentence

(In thousands)

For the six months ended June 30, 2024

For the nine months ended September 30, 2024

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

1 unchanged sentence

Net earnings — — 287,126 — —

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

Other comprehensive income, net of tax — — — 9,795 —

Dividends declared — — ( 23,694 ) — —

5 unchanged sentences

Other — ( 2,492 ) — — 2,342

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

For the three months ended June 30, 2024

September 30, 2024 $ 49,187 $ 144,394 $ 3,751,183 $ ( 203,428 ) $ ( 1,250,917 )

For the three months ended September 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 )

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

Net earnings — — 111,160 — —

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

Other comprehensive income, net of tax — — — 30,060 —

Dividends declared — — ( 7,982 ) — —

Restricted stock — ( 65 ) — — 65

Employee stock purchase plan — 3,230 — — 2,643

Share-based compensation — 5,683 — — 15

2 unchanged sentences

Other — ( 28 ) — — 2

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

September 30, 2024 $ 49,187 $ 144,394 $ 3,751,183 $ ( 203,428 ) $ ( 1,250,917 )

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.

(1) For the three and nine months ended September 30, 2025, the Corporation repurchased approximately 582,000 and 684,000 shares of its common stock, respectively.

For the three and nine months ended September 30, 2024, the Corporation repurchased approximately 356,000 and 455,000 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 and six months ended June 30, 2025 and 2024, there were no significant changes in estimated contract costs.

During the three and nine months ended September 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.

15 unchanged sentences

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

In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40):

Accounting for and Disclosure of Software Costs , which amends certain aspects of the accounting for and disclosure

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

NOTES to CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

of internal-use software costs.

The ASU is effective for annual reporting periods beginning with the year ending December 31, 2028.

Early adoption is permitted.

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

The Corporation recognizes revenue when control of a promised good and/or service is transferred to a customer in an amount that reflects the consideration that the Corporation expects to be entitled to in exchange for that good and/or service.

7 unchanged sentences

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 and six months ended June 30, 2025 and 2024:

Three Months Ended Six Months Ended

June 30, June 30,

Three Months Ended Nine Months Ended

September 30, September 30,

2025 2024 2025 2024

3 unchanged sentences

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

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 .

Total backlog was approximately $ 3.9 billion as of September 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 Six Months Ended

June 30, June 30,

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

September 30, September 30,

(In thousands) 2025 2024 2025 2024

5 unchanged sentences

Total Aerospace & Defense $ 617,713 $ 566,140 $ 1,789,168 $ 1,598,602

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

NOTES to CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Power & Process $ 149,900 $ 131,376 $ 456,307 $ 394,016

1 unchanged sentence

Total Commercial $ 251,457 $ 232,778 $ 762,223 $ 698,274

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

NOTES to CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Total $ 869,170 $ 798,918 $ 2,551,391 $ 2,296,876

5 unchanged sentences

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

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.

Revenue recognized during the three and nine months ended September 30, 2025 included in the contract liabilities balance as of January 1, 2025 was approximately $ 65 million and $ 276 million, respectively.

Revenue recognized during the three and nine months ended September 30, 2024 included in the contract liabilities balance as of January 1, 2024 was approximately $ 47 million and $ 207 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 six months ended June 30, 2025, the Corporation did not complete any acquisitions.

During the nine months ended September 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 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.

The Condensed Consolidated Statement of Earnings for the nine months ended September 30, 2025 includes $ 63 million of total net sales and $ 6 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 for both 2024 acquisitions, inclusive of subsequent purchase price adjustments.

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

18 unchanged sentences

The acquired business, which operates within the Naval & Power segment, is a provider of simulation technology that supports the design, commissioning, and reliable operation of commercial nuclear power generation and process plants.

Ultra Nuclear Limited and Weed Instrument Co., Inc.

(Ultra Energy)

On December 31, 2024, the Corporation completed the acquisition of Ultra Energy, a subsidiary of Ultra Electronics, for $ 201 million in cash, net of cash acquired, inclusive of additional consideration paid during the current year period.

I&C Solutions

On December 31, 2024, the Corporation completed the acquisition of I&C Solutions (formerly referenced by the Company as Ultra Energy) for $ 201 million in cash, net of cash acquired, inclusive of additional consideration paid during the current year period.

The acquired business, which operates in the Naval & Power segment, is a designer and manufacturer of reactor protection systems, neutron monitoring systems, radiation monitoring systems, and temperature and pressure sensors.

2 unchanged sentences

Substantially all amounts of unbilled receivables are expected to be billed and collected within one year.

An immaterial amount of unbilled receivables are subject to retainage provisions.

The amount of claims and unapproved change orders within our receivables balances are immaterial.

The composition of receivables is as follows:

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

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

Billed receivables:

11 unchanged sentences

The composition of inventories is as follows:

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

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

Raw materials $ 302,213 $ 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 six months ended June 30, 2025 are as follows:

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

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

3 unchanged sentences

Foreign currency translation adjustment 4,607 12,097 9,679 26,383

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.

September 30, 2025 $ 328,111 $ 713,816 $ 650,845 $ 1,692,772

(1) Amount includes post-closing purchase price adjustments related to the Corporation's acquisitions of WSC and I&C Solutions.

OTHER INTANGIBLE ASSETS, NET

2 unchanged sentences

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

June 30, 2025 December 31, 2024

September 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 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:

Total intangible amortization expense for the nine months ended September 30, 2025 was $ 54 million, as compared to $ 43

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

NOTES to CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

million in the comparable prior year period.

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

(In millions)

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 June 30, 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.

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

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

15 unchanged sentences

100,000 93,996 100,000 89,538

Borrowings under Revolving Credit Agreement due 2027 10,500 10,500 — —

Total debt 968,000 920,927 1,047,500 965,253

5 unchanged sentences

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,

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

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

NOTES to CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Three Months Ended Nine Months Ended

September 30, September 30,

(In thousands) 2025 2024 2025 2024

4 unchanged sentences

Amortization of unrecognized actuarial loss 1,014 104 1,512 636

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 six months ended June 30, 2025, and does not expect to do so throughout the remainder of the year.

Cost of settlements/curtailments 1,614 — 1,614 —

Total net periodic pension cost $ ( 2,118 ) $ ( 3,684 ) $ ( 11,574 ) $ ( 10,528 )

The Corporation did not make any contributions to the Curtiss-Wright Pension Plan during the nine months ended September 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.

During the three and nine months ended September 30, 2025, the Company recognized settlement charges related to the retirement of a former executive.

The settlement charges represent events that are accounted for under guidance on employers’ accounting for settlements and curtailments of defined benefit pension plans.

Defined Contribution Retirement Plan

2 unchanged sentences

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.

During the three and nine months ended September 30, 2025, the expense relating to the plan was $ 6.3 million and $ 22.4 million, respectively.

During the three and nine months ended September 30, 2024, the expense relating to the plan was $ 5.7 million and $ 20.0 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 Six Months Ended

June 30, June 30,

Three Months Ended Nine Months Ended

September 30, September 30,

(In thousands) 2025 2024 2025 2024

2 unchanged sentences

Diluted weighted-average shares outstanding 37,663 38,451 37,786 38,451

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.

There were approximately 5,000 and 33,000 shares issuable under equity-based awards that were excluded from the calculation of diluted earnings per share for the nine months ended September 30, 2025 and September 30, 2024, respectively, as they were anti-dilutive based on the average stock price during the period.

There were no anti-dilutive equity-based awards for the three months ended September 30, 2025 and September 30, 2024, respectively.

SEGMENT INFORMATION

2 unchanged sentences

Operating results by reportable segment were as follows:

Three Months Ended Six Months Ended

June 30, June 30,

Three Months Ended Nine Months Ended

September 30, September 30,

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

NOTES to CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(In thousands) 2025 2024 2025 2024

9 unchanged sentences

Total cost of sales $ 532,201 $ 496,916 $ 1,583,840 $ 1,446,945

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

NOTES to CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Research and development expenses

28 unchanged sentences

Aerospace & Industrial $ 8,016 $ 7,957 $ 23,648 $ 24,386

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

NOTES to CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Defense Electronics 7,702 7,645 22,910 23,207

9 unchanged sentences

(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 Six Months Ended

(In thousands) June 30, June 30,

Three Months Ended Nine Months Ended

(In thousands) September 30, September 30,

Earnings before taxes:

5 unchanged sentences

Earnings before income taxes $ 161,153 $ 143,621 $ 443,010 $ 368,861

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

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

Segment Assets

6 unchanged sentences

The cumulative balance of each component of accumulated other comprehensive income (AOCI), net of tax, is as follows:

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

NOTES to CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(In thousands) Foreign currency translation adjustments, net Total pension and postretirement adjustments, net Accumulated other comprehensive income (loss)

8 unchanged sentences

Amounts reclassified from accumulated other comprehensive income (1)

— ( 1,146 ) ( 1,146 )

Net current period other comprehensive income (loss) 61,869 ( 4,572 ) 57,297

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

September 30, 2025 $ ( 105,324 ) $ ( 80,604 ) $ ( 185,928 )

(1) All amounts are after tax.

CONTINGENCIES AND COMMITMENTS

From time to time, the Corporation is involved in legal proceedings that are incidental to the operation of its business.

From time to time, the Corporation and its subsidiaries are involved in legal proceedings that are incidental to the operation of our business.

Some of these proceedings allege damages relating to asbestos and environmental exposures, intellectual property matters, copyright infringement, personal injury claims, employment and employee benefit matters, government contract issues, commercial or contractual disputes, and acquisitions or divestitures.

The Corporation continues to defend vigorously against all claims.

Although the ultimate outcome of any legal matter cannot be predicted with certainty, based on present information, including assessment of the merits of the particular claim, as well as current accruals and insurance coverage, the Corporation does not believe that the disposition of any of these matters, individually or in the aggregate, will have a material adverse effect on its condensed consolidated financial condition, results of operations, and cash flows.

Although the ultimate outcome of any legal matter cannot be predicted with certainty, based on present information, including assessment of the merits of the particular claim, as well as current accruals and insurance coverage, the Corporation does not expect that such legal proceedings will have a material adverse impact on its condensed consolidated financial statements.

Legal Proceedings

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

NOTES to CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The Corporation has been named in a number of lawsuits that allege injury from exposure to asbestos.

4 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 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.

As of September 30, 2025 and December 31, 2024, there were $ 26 million and $ 21 million of stand-by letters of credit outstanding, respectively, and $ 11 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, 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 activities, which primarily include workforce reductions, consolidation of facilities, and costs related to legal entity restructuring, have been substantially completed as of September 30, 2025.

Fo r the three and nine months ended September 30, 2025, these restructuring activities resulted in pre-tax charges of approximately $ 0.8 million and $ 2.8 million respectively, compared to pre-tax charges of approximately $ 3.3 million

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

NOTES to CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

and $ 7.6 million for the three and nine months ended September 30, 2024.

As of September 30, 2025 and December 31, 2024, the restructuring liability associated with these restructuring activities was $ 0.4 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

6 unchanged sentences

(a) projections of or statements regarding return on investment, future earnings, interest income, sales, volume, other income, earnings or loss per share, growth prospects, capital structure, liquidity requirements, and other financial terms, (b) statements of plans and objectives of management, (c) statements of future economic performance;

(d) impacts on our business related to ongoing supply chain disruptions, significant inflation, higher interest rates or deflation, labor shortages, U.S.

and foreign trade policies and tariffs or other impositions on imported goods, and measures taken by governments and private industry in response, as well as related to the ongoing conflicts between Russia and Ukraine and Israel and Hamas, and the related sanctions, (e) the effect of laws, rules, regulations, tax reform, new accounting pronouncements, and outstanding litigation on our business and future performance, and (f) statements of assumptions, such as economic conditions underlying other statements.

(d) impacts on our business related to the continued shutdown of the U.S.

government, ongoing supply chain disruptions, significant inflation, higher interest rates or deflation, labor shortages, U.S.

and foreign trade policies and tariffs or other impositions on imported goods, and measures taken by governments and private industry in response, as well as related to the ongoing conflict between Russia and Ukraine, and the related sanctions, (e) the effect of laws, rules, regulations, tax reform, new accounting pronouncements, and outstanding litigation on our business and future performance, and (f) statements of assumptions, such as economic conditions underlying other statements.

Such forward-looking statements can be identified by the use of forward-looking terminology such as “anticipates,” “believes,” “continue,” “could,” “estimate,” “expects,” “intend,” “may,” “might,” “outlook,” “potential,” “predict,” “should,” “will,” as well as the negative of any of the foregoing or variations of such terms or comparable terminology, or by discussion of strategy.

18 unchanged sentences

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 and six month periods ended June 30, 2025.

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 financial information as of September 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:

15 unchanged sentences

Condensed Consolidated Statements of Earnings

Three Months Ended Six Months Ended

June 30, June 30,

Three Months Ended Nine Months Ended

September 30, September 30,

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

16 unchanged sentences

Components of sales and operating income increase (decrease):

Three Months Ended Six Months Ended

June 30, June 30,

Three Months Ended Nine Months Ended

September 30, September 30,

2024 2025 vs.

5 unchanged sentences

Total 9 % 15 % 11 % 21 %

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

Sales in the third quarter increased $70 million, or 9%, to $869 million, compared with the prior year period.

On a segment basis, sales from the Aerospace & Industrial, Defense Electronics, and Naval & Power segments increased $19 million, $10 million, and $41 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.

Sales during the nine months ended September 30, 2025 increased $255 million, or 11%, to $2,551 million, compared with the prior year period.

On a segment basis, sales from the Aerospace & Industrial, Defense Electronics, and Naval & Power segments increased $33 million, $68 million, and $154 million, respectively.

4 unchanged sentences

FINANCIAL CONDITION and RESULTS OF OPERATIONS, continued

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 in the third quarter increased $21 million, or 15%, to $166 million, and operating margin increased 100 basis points to 19.1% 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 as well as the

benefits from our operational excellence initiatives.

In the Naval & Power segment, operating income increased primarily due to favorable overhead absorption on higher sales as well as the benefits from our operational excellence initiatives, while operating margin was negatively impacted primarily by first year purchase accounting costs associated with our acquisition of I&C Solutions.

Operating income during the nine months ended September 30, 2025 increased $78 million , or 21% , to $452 million , and operating margin increased 140 basis points to 17.7%, 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.

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

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

Non-segment operating expense in the third quarter and nine months ended September 30, 2025 increased $2 million, or 18%, to $11 million, and $1 million, or 3%, to $32 million, primarily due to higher corporate costs.

Interest expense in the third quarter and nine months ended September 30, 2025 decreased $1 million, or 8%, to $10 million, and $2 million, or 6%, to $31 million, respectively, primarily due to lower borrowings under our revolving Credit Agreement (the “Credit Agreement” or “credit facility”) as well as the repayment of our $90 million 3.85% Senior Notes in February 2025.

Other income, net in the third quarter and nine months ended September 30, 2025 decreased $5 million, or 47%, to $5 million, and $6 million, or 21%, to $22 million, respectively, primarily due to lower interest income and higher overall pension costs against the comparable prior year periods.

The effective tax rate of 22.5% in the third quarter decreased compared to an effective tax rate of 22.6% in the prior year period, primarily due to the full year estimated benefit of the prior year’s legal entity restructuring in the current period.

The effective tax rate of 21.6% for the nine months ended September 30, 2025 decreased as compared to an effective tax rate of 22.2%, primarily due to the full year estimated benefit of the prior year’s legal entity restructuring in the current period, partially offset by higher provisional tax expense associated with foreign withholding taxes in the current period.

Comprehensive income in the third quarter was $107 million, compared to comprehensive income of $141 million in the prior year period.

The change was primarily due to the following:

• 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.

• Foreign currency translation adjustments in the third quarter resulted in a $14 million comprehensive loss, compared to a $31 million comprehensive gain in the prior year period.

The comprehensive loss during the current period was primarily attributed to decreases in t he British Pound and Canadian dollar.

• Net earnings increas ed $14 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.

Comprehensive income during the nine months ended September 30, 2025 was $405 million, compared to comprehensive income of $297 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.

• Foreign currenc y translation adjustments for the nine months ended September 30, 2025 resulted in a $62 million comprehensive gain, c ompared to a $10 million comprehensive gain in the prior period.

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

• Net earnings increased $60 million, pr imarily due to higher operating income.

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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 in the third quarter increased $67 million from the comparable prior year period, primarily due to the timing of naval defense orders as well as an increase in orders for commercial nuclear products in the Naval & Power segment.

New orders also benefited from 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.

These increases were partially offset by the timing of orders on aerospace and ground defense equipment in the Defense Electronics segment, including embedded computing and tactical communications products.

New orders during the nine months ended September 30, 2025 increased $187 million from the comparable prior year period, primarily due to the timing of naval defense orders as well as an increase in orders for commercial nuclear products 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.

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

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 Six Months Ended

June 30, June 30,

Three Months Ended Nine Months Ended

September 30, September 30,

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

4 unchanged sentences

Components of sales and operating income increase (decrease):

Three Months Ended Six Months Ended

June 30, June 30,

Three Months Ended Nine Months Ended

September 30, September 30,

2024 2025 vs.

5 unchanged sentences

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.

Sales in the third quarter increased $19 million, or 8%, to $248 million from the prior year period.

Sales in the commercial aerospace market benefited $12 million primarily due to higher demand for actuation equipment, sensors products, and surface treatment services on various narrow-body and wide-body platforms.

In the ground defense market, sales increased $8 million primarily due to higher sales of electromechanical actuation ("EM") equipment.

Sales during the nine months ended September 30, 2025 increased $33 million , or 5%, to $714 million from the prior year period.

In the commercial aerospace market, sales increased $23 million primarily due to higher demand for actuation equipment, sensors products, and surface treatment services on various narrow-body and wide-body platform s.

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

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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.

ground defense market increased $11 million primarily due to higher sales of EM equipment.

In the aerospace defense market, sales increased $10 million primarily due to higher demand for actuation equipment and surface treatment services on various fighter jet programs.

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

Operating income in the third quarter increased $8 million, or 21%, to $45 million from the prior year period, and operating margin increased 190 basis points to 18.3%, primarily due to favorable overhead absorption on higher sales, the benefits of the Company's restructuring initiatives, and favorable product mix.

Operating income during the nine months ended September 30, 2025 increased $14 million , o r 14% , to $114 million from the prior year period, and operating margin increased 130 basis points to 16.0%, 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 third quarter increased $29 million primarily due to an increase in orders for sensors and actuation products as well as surface treatment services within our A&D markets.

New orders during the nine months ended September 30, 2025 increased $49 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 Six Months Ended

June 30, June 30,

Three Months Ended Nine Months Ended

September 30, September 30,

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

4 unchanged sentences

Components of sales and operating income increase (decrease):

Three Months Ended Six Months Ended

June 30, June 30,

Three Months Ended Nine Months Ended

September 30, September 30,

2024 2025 vs.

5 unchanged sentences

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.

Sales in the third quarter increased $10 million, or 4%, to $253 million from the prior year period.

In the naval defense market, sales increased primarily due to higher sales of embedded computing equipment supporting various domestic and international programs.

Sales in the commercial aerospace market primarily benefited from higher sales of embedded computing equipment on various international programs, partially offset by the timing of revenues on various domestic helicopter programs.

Sales during the nine months ended September 30, 2025 increased $68 million, or 10%, to $751 million from the prior year period.

In the aerospace defense market, sales increased $34 million primarily due to higher sales of embedded computing

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

2 unchanged sentences

FINANCIAL CONDITION and RESULTS OF OPERATIONS, continued

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.

equipment on various international programs as well as domestic unmanned aerial vehicle programs.

Sales in the naval defense market benefited $15 million primarily due to higher sales of embedded computing equipment supporting various domestic and international programs.

Sales in the ground defense market benefited $12 million primarily due to increased support for U.S.

ground vehicle modernization.

In the commercial aerospace market, sales benefited from increased demand and higher sales of our flight data recorder technology to OEM customers.

Operating income in the third quarter increased $10 million, or 16% , to $74 million compared to the prior year period, and operating margin increased 300 basis points from the prior year period to 29.2%, primarily due to favorable absorption on higher sales as well as the benefits from our operational excellence initiatives.

Operating income during the nine months ended September 30, 2025 increased $39 million , or 23% , to $209 million , and operating margin increased 290 basis points from the prior year period to 27.8%, 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 third quarter and nine months ended September 30, 2025 decreased $51 million and $91 million, respectively, primarily due to the timing of orders on aerospace and ground 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 Six Months Ended

June 30, June 30,

Three Months Ended Nine Months Ended

September 30, September 30,

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

4 unchanged sentences

Components of sales and operating income increase (decrease):

Three Months Ended Six Months Ended

June 30, June 30,

Three Months Ended Nine Months Ended

September 30, September 30,

2024 2025 vs.

6 unchanged sentences

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 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

Sales in the third quarter increased $41 million, or 12%, to $368 million from the prior year period.

In the naval defense market, sales increased $23 million primarily due to the timing of production on the Columbia-class and Virginia-class submarine programs as well as higher sales of aftermarket fleet services and aircraft handling systems equipment to international customers.

Sales in the power & process market increased $20 million primarily due to the incremental impact from our I&C Solutions acquisition as well as higher commercial nuclear aftermarket sales supporting the maintenance of existing operating reactors and development of next-generation advanced reactors.

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

2 unchanged sentences

FINANCIAL CONDITION and RESULTS OF OPERATIONS, continued

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 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.

Sales during the nine months ended September 30, 2025 increased $154 million, or 16%, to $1,086 million from the prior year period.

In the naval defense market, sales increased $92 million primarily due to higher demand and the timing of production on the Columbia-class and Virginia-class submarine programs as well as higher sales of aftermarket fleet services and aircraft handling systems equipment to international customers .

Sales in the power & process market increased $66 million primarily due to the incremental impact from our I&C Solutions acquisition as well as higher commercial nuclear aftermarket sales supporting the maintenance of existing operating reactors and development of next-generation advanced reactors.

Operating income in the third quarter increased $5 million , or 9% , to $58 million against the comparable prior year period, primarily due to favorable overhead absorption on higher sales as well as the benefits from our operational excellence initiatives.

These increases were partially offset by higher research and development in the current period.

Operating margin decreased 50 basis points from the prior year period to 15.7%, primarily due to first year purchase accounting costs associated with our acquisition of I&C Solutions as well as higher investment in research and development in the current period.

Operating income during the nine months ended September 30, 2025 increased 25 million, or 19% , to 160 million, and operating margin increased 30 basis points from the prior year period to 14.7%, primarily due to favorable overhead absorption on higher sales, an unfavorable prior year period naval contract adjustment that did not recur in the current period, as well as the benefits from our operational excellence initiatives.

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.

New orders in the third quarter and nine months ended September 30, 2025 increased $88 million and $230 million, respectively, primarily due to the timing of naval defense orders as well as an increase in orders for commercial nuclear products.

SUPPLEMENTARY INFORMATION

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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,

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

September 30, September 30,

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

11 unchanged sentences

Aerospace & Defense markets

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 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.

Sales in the third quarter increased $52 million, or 9%, to $618 million against the comparable prior year period, primarily due to higher sales in the naval defense and commercial aerospace markets.

Sales in the naval defense market increased primarily

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

2 unchanged sentences

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.

due to the timing of production on the Columbia-class and Virginia-class submarine programs as well as higher sales of aftermarket fleet services and aircraft handling systems equipment to international customers.

Sales in the naval defense market also benefitted from higher sales of embedded computing equipment supporting various domestic and international programs .

In the commercial aerospace market, sales increased primarily due to higher demand for actuation equipment, sensors products, and surface treatment services on various narrow-body and wide-body platforms as well as higher sales of our flight data recorder technology to OEM customers.

Sales during the nine months ended September 30, 2025 increased $191 million, or 12%, to $1,789 million, primarily due to higher sales across all markets.

Sales in the aerospace defense market increased primarily due to higher sales of 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 various fighter jet programs .

Sales in the ground defense market increased primarily due to higher sales of electromechanical actuation 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.

Sales increases in the naval defense market were primarily due to higher demand as well as the timing of production on the Columbia-class and Virginia-class submarine programs as well as higher sales of aftermarket fleet services and aircraft handling systems equipment to international customers.

Sales in the naval defense market also benefited from 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 and surface treatment services on narrowbody and widebody platforms as well as increased demand and higher sales of our flight data recorder technology to OEM customers.

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 third quarter increased $19 million, or 8%, to $251 million against the comparable prior year period.

Sales in the power & process market increased primarily due to the incremental impact from our I&C Solutions 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 during the nine months ended September 30, 2025 increased $64 million, or 9%, to $762 million.

Sales in the power & process market increased primarily due to the incremental impact from our I&C Solutions 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.

5 unchanged sentences

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

Condensed Consolidated Statements of Cash Flows Six Months Ended

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

Condensed Consolidated Statements of Cash Flows Nine Months Ended

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

Cash provided by (used for):

6 unchanged sentences

Effect of exchange-rate changes on cash 13,038 7,078

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

Net increase (decrease) in cash and cash equivalents (159,615) 36,983

Net cash provided by operating activities increased $48 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

This increase was partially offset by higher working capital.

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

2 unchanged sentences

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.

Net cash used for investing activities decreased $17 million from the prior year period, primarily due to our acquisition of WSC in the prior year period.

This decrease was partially offset by higher capital expenditures in the Aerospace & Industrial and Naval & Power segments during the current period.

Net cash used for financing activities increased $267 million from the prior year period, primarily due to higher repurchases of common stock during the current period as well as the repayment of our $90 million 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 of 3.8% for both the three and nine months ended September 30, 2025, respectively, and 3.8% for both the three and nine months ended September 30, 2024, respectively.

The Corporation’s average debt outstanding was $982 million and $988 million for the three and nine months ended September 30, 2025, respectively, and $1.0 billion for both the three and nine months ended September 30, 2024, respectively.

Credit Agreement

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.

As of September 30, 2025, the Corporation had approximately $10 million of outstanding borrowings under the Credit Agreement and $26 million in letters of credit supported by the Credit Agreement.

The unused credit available under the Credit Agreement as of September 30, 2025 was $714 million, which could be borrowed without violating any of our debt covenants.

Repurchase of common stock

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.

During the nine months ended September 30, 2025, the Corporation repurchased approximately 684,000 shares of its common stock for $325 million.

During the nine months ended September 30, 2024, the Corporation repurchased approximately 455,000 shares of its common stock for $138 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.

The Corporation made dividend payments of $17 million and $16 million during the nine months ended September 30, 2025 and September 30, 2024, respectively.

Additionally, beginning in the second quarter of 2025, the Corporation increased its quarterly dividend to $0.24 per share.

Debt Compliance

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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.

As of September 30, 2025, we had the ability to borrow additional debt of $2.7 billion without violating our debt to capitalization covenant.

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

10 unchanged sentences

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.

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

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

1 unchanged sentence

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