+Added: Curtiss-Wright Corporation is a Delaware corporation, with its principal executive office in Davidson, North Carolina.
+Added: In this report, unless the context otherwise requires, “Curtiss-Wright”, the “Company”, “we”, “us”, and “our” refer to Curtiss-Wright Corporation and its consolidated subsidiaries.
BUSINESS DESCRIPTION
−Removed: Curtiss-Wright Corporation along with its subsidiaries (we, the Corporation, or the Company) is a global integrated business that provides highly engineered products, solutions, and services mainly to Aerospace & Defense (A&D) markets, as well as critical technologies in demanding commercial power, process, and industrial markets.
−Removed: We expect that the breadth of our portfolio strengthens our competitive positions in core markets, mitigates the impact of business cycles or economic volatility, and allows us to drive growth in new products.
−Removed: We believe we are well positioned in the growing markets in which we operate and seek to grow our critical mass while expanding our global manufacturing capabilities, sales channels and customer relationships.
−Removed: Through One Curtiss-Wright, we continuously leverage the inherent synergies and cross-market technologies that exist throughout our portfolio of defense and commercial applications in support of continued profitable growth.
+Added: Curtiss-Wright Corporation is a global integrated business that provides highly engineered products, solutions, and services mainly to Aerospace & Defense ("A&D") markets, as well as critical technologies in demanding commercial nuclear power, process, and industrial markets.
Curtiss-Wright maintains a unique presence on high-performance platforms and critical applications that require our technical sophistication, and we benefit from decades of engineering expertise and knowledge transfer.
−Removed: Curtiss-Wright has been involved in a number of “firsts” in industry, and since the origin of many of our markets, including commercial aerospace (our history dates back to the Wright Brothers and their historical first manned flight), naval nuclear power (presence on the first nuclear naval vessel), commercial power (our products were in the first commercial nuclear power plant) and defense electronics (use of commercial off-the-shelf (COTS) electronics in military applications).
−Removed: We have built upon those long-standing customer relationships and are deeply embedded in our customers workflows today.
−Removed: We hold competitive positions where we are a leader in the majority of our key defense and commercial end markets through engineering and technological leadership, precision manufacturing, and strong relationships with our customers.
−Removed: As a result, we believe that Curtiss-Wright is well positioned to take advantage of industry growth dynamics and secular trends that align with our strengths in attractive end markets.
+Added: Curtiss-Wright has been involved in numerous “firsts” in the industry, and since the origin of many of our markets, including commercial aerospace (our history dates back to the Wright Brothers and their historical first manned flight), naval nuclear power (presence on the first nuclear naval vessel), commercial power (our products were utilized in the first commercial nuclear power plant), and defense electronics (use of commercial off-the-shelf ("COTS") electronics in military applications).
+Added: Today, we maintain competitive positions in the majority of our key A&D and commercial end markets through engineering and technological leadership, precision manufacturing, and long-standing customer relationships where we are deeply embedded in our customers' workflows.
+Added: We are committed to continuously driving innovation and investment in technologies, while also aligning our core competencies with new applications and evolving market trends.
+Added: Our investments typically target the fastest growth vectors and secular trends that align with our strengths in attractive end markets.
Our portfolio of highly competitive technologies is relied upon to improve safety, operating efficiency, and reliability, while meeting performance requirements in the most demanding environments.
−Removed: Our products are often in must-not-fail safety-critical
−Removed: applications.
+Added: Our products are often in must-not-fail safety-critical applications.
Our ability to provide mission critical, niche products and services on a cost-effective basis is fundamental to our strategy to drive increased value to our customers, which include defense prime contractors, commercial aerospace original equipment manufacturers ("OEMs"), and numerous energy and manufacturing companies.
We compete globally, primarily based on technology and pricing.
−Removed: Curtiss-Wright's Pivot to Growth strategy focuses on maximizing revenue, operating income, and free cash flow growth for our shareholders.
+Added: Our principal domestic manufacturing facilities are located in Arizona, California, New York, North Carolina, Ohio, Pennsylvania, and South Carolina, and internationally in Canada, Mexico, and the United Kingdom.
+Added: Curtiss-Wright's Pivot to Growth strategy focuses on maximizing revenue, operating income, and free cash flow growth to drive continued value creation for its shareholders.
It is built upon a strong foundation of operational and financial excellence where we strive for consistent growth in sales, operating margin, diluted earnings per share, and free cash flow.
−Removed: We believe that Curtiss-Wright is differentiated because of our strength in the combined portfolio, benefiting from long-term stability in our defense businesses and agility in our commercial businesses.
−Removed: Our strategy is centered on a renewed drive for top-line acceleration through both organic and inorganic sales growth, building on the strengths across our A&D and commercial markets, while deepening and expanding our customer relationships by driving One Curtiss-Wright to our customers.
+Added: We believe that Curtiss-Wright is differentiated by the strength of its combined portfolio, benefiting from long-term stability in our defense businesses and agility in our commercial businesses.
+Added: Our strategy is centered on a renewed drive for top-line acceleration through both organic and inorganic sales growth, building on the strengths within our A&D and commercial markets, while deepening and expanding our customer relationships by continuing to advance the One Curtiss-Wright vision through Commercial Excellence.
+Added: We are well positioned in the markets in which we operate, and aspire to grow our critical mass by expanding our global manufacturing capabilities, sales channels and customer relationships, while also seeking to build upon cross-market opportunities that may exist within our defense and commercial market technologies.
Our Operational Growth Platform accelerates the Pivot to Growth strategy by driving continued opportunities for margin expansion and savings across the portfolio which allows us to maintain steady investments in research and development ("R&D") to fuel both innovation and organic growth.
−Removed: We also utilize a strong and healthy balance sheet to implement a disciplined capital allocation strategy prioritized by acquisitions as well as returns to shareholders through share repurchases and dividends, which will collectively drive long-term shareholder value.
+Added: We also utilize a strong and healthy balance sheet to implement a disciplined capital allocation strategy prioritized by acquisitions as well as returns to shareholders, principally through share repurchases as well as dividends, which will collectively drive long-term shareholder value.
Through the Pivot to Growth strategy, we are building strong momentum to compound sustained profitable growth.
3 unchanged sentences
Aerospace & Industrial, Defense Electronics, and Naval & Power.
−Removed: Our principal domestic manufacturing facilities are located in Arizona, California, New York, North Carolina, Ohio, Pennsylvania, and South Carolina, and internationally in Canada, Mexico, and the United Kingdom.
Aerospace & Industrial
−Removed: Sales in the Aerospace & Industrial segment are primarily generated from the general industrial and commercial aerospace markets and, to a lesser extent, the defense markets.
+Added: Sales in the Aerospace & Industrial segment are primarily generated from the commercial aerospace and general industrial markets and, to a lesser extent, the defense markets.
The businesses in this segment provide a diversified offering of highly engineered products and services including:
−Removed: (i.) industrial and specialty vehicle products, such as power management electronics, traction inverters, transmission shifters, and control systems, (ii.) sensors, controls, and electro-mechanical actuation components used on commercial and military applications, and (iii.) surface technology services, such as shot peening, laser peening, and engineered coatings utilized in both commercial and defense end market applications.
−Removed: In the general industrial market, we have long-standing customer relationships and maintain a broad portfolio of products and services promoting efficiency, safety, reduced emissions, and longevity.
+Added: (i.) sensors, controls, and electro-mechanical actuation components used on commercial and military applications, (ii.) surface technology services, such as shot peening, laser peening, and engineered coatings utilized in both commercial and defense end market applications, and (iii.) industrial and specialty vehicle products, such as power management electronics, traction inverters, transmission shifters, and control systems.
+Added: Across these markets we have long-standing customer relationships and maintain a broad portfolio of products and services promoting efficiency, safety, reduced emissions, and longevity.
+Added: The commercial aerospace business is primarily impacted by OEM production rates of new aircraft, while the defense business is primarily impacted by government funding and spending on new programs, primarily driven by the U.S.
Certain industrial businesses within our Aerospace & Industrial segment are impacted primarily by general economic conditions, which may include consumer consumption or commercial construction rates, as the nature of their products and services primarily support global industrial, commercial vehicles, medical, and transportation industries.
−Removed: The commercial aerospace business is primarily impacted by OEM production rates of new aircraft as well as emerging platforms such as all-electric aircraft, while the defense business is primarily impacted by government funding and spending on new programs, primarily driven by the U.S.
The production and service processes rest primarily within material modification, machining, assembly, and testing and inspection at commercial grade specifications.
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The defense businesses in this segment provide a diversified offering of products including COTS embedded computing board-level modules and processing equipment, data acquisition and flight test instrumentation equipment, integrated subsystems, instrumentation and control systems, tactical communications solutions for battlefield network management, and electronic stabilization products.
−Removed: The defense businesses within our Defense Electronics segment are impacted primarily by government funding and spending, driven primarily by the U.S.
+Added: These businesses are influenced by government funding and spending, driven primarily by the U.S.
Government, and supplemented by foreign defense spending (e.g.
−Removed: As a supplier of Modular Open Systems Approach (MOSA) based solutions, we are aligned with the best-in-class open standards-based architectures with the industry.
−Removed: As a result, we have varying degrees of platform-level content on fighter jets, helicopters, unmanned aerial vehicles (UAVs), ground combat equipment, tactical vehicles, and nuclear and non-nuclear surface ships and submarines, including a presence on more than 400 platforms and more than 3,000 programs over the past 10 years.
−Removed: Additionally, we provide avionics and electronics, flight test equipment, and aircraft data management solutions to the commercial aerospace market.
−Removed: Our defense businesses supporting government contractors typically utilize more advanced and ruggedized production and service processes compared to our commercial businesses and have more stringent specifications and performance requirements based on their support of key Department of Defense (DoD) priorities such as cyber, security and the net-centric connected battlefield.
+Added: NATO and allied countries).
+Added: As a supplier of Modular Open Systems Approach ("MOSA") based solutions, we are aligned with the best-in-class open standards-based architectures within the industry.
+Added: As a result, we have widespread platform-level content on fighter jets, helicopters, unmanned aerial vehicles ("UAVs"), ground combat equipment, tactical vehicles, and nuclear and non-nuclear surface ships and submarines, including a presence on more than 400 defense platforms and more than 3,000 programs worldwide.
+Added: Additionally, we provide avionics and electronics, flight test equipment, and aircraft data recorder and management solutions to the commercial aerospace market.
+Added: Our defense businesses supporting government contractors typically utilize more advanced and ruggedized production and service processes compared to our commercial businesses and have more stringent specifications and performance requirements based on their support of key Department of War ("DoW") priorities such as cyber, security and the net-centric connected battlefield.
Our businesses also benefit from outsourcing from defense primes (push towards affordability and standard open architecture) as well as our focus on total lifecycle management services and technology refreshes in defense electronics.
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We also provide ship repair and maintenance for the U.S.
−Removed: Navy’s Atlantic and Pacific fleets and naval industrial base through three service centers.
−Removed: The naval defense businesses in this segment are primarily impacted by government funding and spending on shipbuilding programs, primarily driven by the U.S.
−Removed: Government, and supplemented by foreign defense spending, particularly for our aircraft handling equipment.
+Added: Navy’s Atlantic and Pacific fleets and naval industrial base through three coastal service centers.
+Added: The naval defense businesses in this segment are primarily impacted by government funding and spending, primarily driven by the U.S.
+Added: Government on shipbuilding programs, and supplemented by foreign defense spending, particularly for our aircraft handling equipment.
For the aerospace defense market, we provide aircraft arresting systems equipment including energy absorbers, retractable hook cable systems, net-stanchion systems and mobile systems to support fixed land-based arresting systems.
−Removed: For the power & process markets, we provide a diversified offering of products for commercial nuclear power plants and nuclear equipment manufacturers, including hardware, valves, fastening systems, specialized containment doors, airlock hatches, simulation equipment and spent fuel management products supporting the continued performance, safety and modernization of operating reactors worldwide, though the majority of our products today support the maintenance of U.S.
−Removed: nuclear reactors.
−Removed: Outside of the U.S., we principally support operating reactors in Canada and South Korea.
−Removed: In the new build market, we provide Reactor Coolant Pumps (RCPs) and control rod drive mechanisms for commercial nuclear power plants, most notably to support the Generation III+ Westinghouse AP1000 reactor design.
−Removed: We are also actively engaged and pursuing business on numerous advanced Small Modular Reactor (SMR) designs which are anticipated to serve numerous purposes ranging from generating electricity or creating process heat for industrial applications, to powering data centers.
+Added: For the power & process markets, we provide a diversified offering of products for commercial nuclear power plants and nuclear equipment manufacturers, including hardware, valves, fastening systems, specialized containment doors, airlock hatches, simulation equipment and spent fuel management products supporting the continued performance, safety and modernization of operating reactors worldwide.
+Added: The majority of our revenues in this market today support the maintenance of nuclear reactors across North America.
+Added: These businesses also support operating reactors in the U.K.
+Added: and South Korea.
+Added: In the new build market, we provide Reactor Coolant Pumps ("RCP"s) and control rod drive mechanisms for commercial nuclear power plants, most notably to support the Generation III+ Westinghouse AP1000 reactor design.
+Added: We are also actively engaged and pursuing business on the leading advanced Small Modular Reactor ("SMR") designs which are anticipated to serve numerous purposes, ranging from generating electricity or creating process heat for industrial applications, to powering data centers.
In the Process market, we furnish specialized and innovative severe-service valve technologies and services, heat exchanger repair, and piping test and isolation products to the oil and gas, chemical, petrochemical, and industrial markets worldwide.
1 unchanged sentence
nuclear Navy and commercial nuclear market.
−Removed: The businesses in this segment are dependent upon the need for ongoing maintenance, repair and overhaul of existing power plants, as well as the construction of new power plants globally, and typically market and distribute products through regulated or government contracting channels.
+Added: The commercial businesses in this segment are dependent upon the need for ongoing maintenance, repair and overhaul of existing power plants, as well as the construction of new power plants globally, and typically market and distribute products through commercial sales and marketing channels, while the defense businesses typically utilize regulated government contracting channels.
OTHER INFORMATION
1 unchanged sentence
For information regarding sales by geographic region, see Note 17 to the Consolidated Financial Statements contained in Part II, Item 8, of this Annual Report on Form 10-K.
−Removed: In 2024, 2023, and 2022, our foreign operations as a percentage of pre-tax earnings were 38% , 35%, and 39%, respectively, adjusted for the loss on sale of our industrial valves business in Germany in 2022.
+Added: In 2025, 2024, and 2023, our foreign operations as a percentage of pre-tax earnings were 41% , 38%, and 35%, respectively.
Government Sales
3 unchanged sentences
Government business practices, contracts and orders are subject to partial or complete termination at any time at the option of the customer.
−Removed: In the event of a termination for convenience by the government, there
−Removed: generally are provisions for recovery of our allowable incurred costs and a proportionate share of the profit or fee on the work completed, consistent with regulations of the U.S.
+Added: In the event of a termination for convenience by the government, there generally are provisions for recovery of our allowable incurred costs and a proportionate share of the profit or fee on the work completed, consistent with regulations of the U.S.
Fixed-price contracts usually provide that we absorb the majority of any cost overrun.
18 unchanged sentences
Government sales $ 1,647,019 $ 1,496,436 $ 1,314,770
−Removed: We own and license a number of United States and foreign patents and patent applications, which have been obtained or filed over a period of years.
−Removed: We also license intellectual property to and from third parties.
−Removed: Specifically, the U.S.
−Removed: Government receives licenses to our patents that are developed in performance of government contracts, and it may use or authorize others to use the technology covered by such patents for government purposes.
−Removed: Additionally, trade secrets, unpatented research and development, and engineering, some of which have been acquired by the company through business acquisitions, make an important contribution to our business.
−Removed: While our intellectual property rights in the aggregate are important to the operation of our business, we do not consider the success of our business or business segments to be materially dependent upon the timing of expiration or protection of any one or group of patents, patent applications, or patent license agreements under which we now operate.
Executive Officers
8 unchanged sentences
She has been a Director of the Corporation since January 1, 2021.
−Removed: Christopher Farkas Vice President and Chief Financial Officer Vice President and Chief Financial Officer of the Corporation since May 2020.
−Removed: Prior to this, he served as Vice President of Finance from December 2017 and served as Vice President and Corporate Controller of the Corporation from September 2014.
+Added: Christopher Farkas Executive Vice President and Chief Financial Officer Executive Vice President of the Corporation since January 2026 and Chief Financial Officer of the Corporation since May 2020.
+Added: Prior to this, he served as Vice President of the Corporation from May 2020.
+Added: He also served as Vice President of Finance from December 2017 and served as Vice President and Corporate Controller of the Corporation from September 2014.
He also served as Assistant Corporate Controller of the Corporation from May 2009.
−Removed: Freda Vice President and Treasurer Vice President and Treasurer of the Corporation since January 2021.
−Removed: Prior to this, he served as Assistant Corporate Controller of the Corporation from June 2017 and also served as Director of Finance from September 2006.
−Removed: McDonald Vice President, General Counsel, and Corporate Secretary Vice President, General Counsel, and Corporate Secretary of the Corporation since November 2024.
−Removed: Prior to this, he served as Deputy General Counsel from May 2024, and he served as Associate General Counsel of the Corporation from May 1999 to May 2024.
−Removed: Ogilby Vice President and Corporate Controller Vice President and Corporate Controller of the Corporation since May 2020.
−Removed: Prior to this, he served as Vice President of Finance and Administration of the Company’s Surface Technologies division from November 2016.
+Added: Freda Senior Vice President and Treasurer Senior Vice President of the Corporation since January 2026 and Treasurer of the Corporation since January 2021.
+Added: Prior to this, he served as Vice President of the Corporation from January 2021.
+Added: He also served as Assistant Corporate Controller of the Corporation from June 2017 and also served as Director of Finance from September 2006.
+Added: McDonald Executive Vice President, General Counsel, and Corporate Secretary Executive Vice President of the Corporation since January 2026 and General Counsel and Corporate Secretary of the Corporation since November 2024.
+Added: Prior to this, he served as Vice President of the Corporation from November 2024.
+Added: He also served as Deputy General Counsel from May 2024 and he served as Associate General Counsel of the Corporation from May 1999 to May 2024.
+Added: Ogilby Senior Vice President and Corporate Controller Senior Vice President of the Corporation since January 2026 and Corporate Controller of the Corporation since May 2020.
+Added: Prior to this, he served as Vice President of the Corporation from May 2020.
+Added: He also served as Vice President of Finance and Administration of the Company’s Surface Technologies division from November 2016.
He also served as Assistant Corporate Controller of the Corporation from 2014.
−Removed: Rayment Vice President and Chief Operating Officer Vice President and Chief Operating Officer of the Corporation since April 1, 2021.
−Removed: Prior to this, he served as President of the Aerospace & Industrial segment (f/k/a Commercial/Industrial) of the Corporation from January 2020.
+Added: Rayment Executive Vice President and Chief Operating Officer Executive Vice President of the Corporation since January 2026 and Chief Operating Officer of the Corporation since April 1, 2021.
+Added: Prior to this, he served as Vice President of the Corporation from April 1, 2021.
+Added: He also served as President of the Aerospace & Industrial segment (f/k/a Commercial/Industrial) of the Corporation from January 2020.
He has held various leadership positions in the Corporation since 2004.
−Removed: Watts Vice President of Strategy and Corporate Development Vice President of Strategy and Corporate Development of the Corporation since May 2022.
−Removed: Prior to this, he served as Vice President of Strategy and Communications of the Corporation from April 2015, and as Director and Vice President of Business Development for the Corporation’s former Controls division from October 2006.
+Added: Watts Executive Vice President and Chief Growth Officer
+Added: Executive Vice President and Chief Growth Officer of the Corporation since January 2026.
+Added: Prior to this, he served as Vice President of Strategy and Corporate Development of the Corporation from May 2022.
+Added: He also served as Vice President of Strategy and Communications of the Corporation from April 2015, and as Director and Vice President of Business Development for the Corporation’s former Controls division from October 2006.
Available information
3 unchanged sentences
Human Capital
−Removed: At the end of 2024, we had approximately 8,800 employees in more than 20 countries, 6% of which are represented by labor unions and covered by collective bargaining agreements.
+Added: At the end of 2025, we had approximately 9,100 employees in more than 20 countries, approximately 6% of which are represented by labor unions and covered by collective bargaining agreements.
Set forth below are some of the key aspects of Curtiss-Wright’s human capital strategy:
1 unchanged sentence
Our success as an organization is ultimately dependent upon the success of our employees.
−Removed: As a result, we have made significant investments in order to attract, develop, and retain talented personnel, inclusive of competitive pay, equity-based compensation, benefits, training, and professional development opportunities.
+Added: As a result, we have made significant investments in order to attract, develop, and retain talented personnel, inclusive of competitive pay, benefits, training, and professional development opportunities.
Notable programs offered include the following:
−Removed: • Employer 401(k) matching contributions;
+Added: • Employer retirement plan matching contributions;
• Employee Stock Purchase Plan;
19 unchanged sentences
The Code mandates full compliance with applicable laws and regulations and helps to preserve the integrity of our Company.
−Removed: The Code is available within the Corporate Governance section of the Company’s website at https://curtisswright.com/investor-relations/governance/default.aspx.
+Added: The Code is available within the Corporate Governance section of the Company’s website at https://curtisswright.com/investor-relations/governance.
Talent Management
25 unchanged sentences
Senior executives provide monthly reporting to the Chief Executive Officer ("CEO") and Chief Operating Officer ("COO") on their safety statistics, and are accountable and compensated based on their safety record.
−Removed: For the year ended December 31, 2024, our TRR and DART rates were 1.23 and 0.84, respectively.
+Added: For the year ended December 31, 2025, our TRR and DART rates wer e 1.22 and 0.71, respectively.
For the year ended December 31, 2024, our TRR and DART rates were 1.23 and 0.84, respectively.
Ethics and Integrity
−Removed: Curtiss-Wright is deeply committed to ensuring that all of its employees conduct business with the highest levels of ethics and integrity and to complying with all laws and regulations applicable to Curtiss-Wright’s businesses.
+Added: Curtiss-Wright is deeply committed to ensuring that all of its employees conduct business with the highest levels of ethics and integrity and to complying with all laws and regulations applicable to its businesses.
To support and articulate our commitment and responsibility in this regard, Curtiss-Wright maintains a Code of Conduct.
2 unchanged sentences
In order to enhance understanding of and compliance with the Code, all employees are required to complete a training program annually which details ethical business practices, an inclusive workforce, and respectful treatment of our employees, and certify to their commitment to comply with the Code.
−Removed: The Corporation also requires employees to complete annual training programs covering such topics as data privacy management, anti-bribery/trade compliance (including the Foreign Corrupt Practices Act (FCPA) and the UK Bribery Act), fraud, harassment, and cybersecurity.
+Added: The Corporation also requires employees to complete annual training programs covering such topics as data privacy management, anti-bribery/trade compliance (including the Foreign Corrupt Practices Act ("FCPA") and the UK Bribery Act), harassment, and cybersecurity.
In addition, the Corporation maintains an ethics-related global, multi-lingual hotline that is available at all times through which employees can report anonymously any issues of concern.
−Removed: The hotline also facilitates the anonymous or direct communication of ethical, financial, discrimination, and health and safety concerns to the Office of General Counsel and serves as the vehicle through which employees and third parties may send communications to the Audit Committee of the Board of Directors confidentially and anonymously regarding any accounting, internal controls, or auditing concerns.
+Added: hotline also facilitates the anonymous or direct communication of ethical, financial, discrimination, and health and safety concerns to the Office of General Counsel and serves as the vehicle through which employees and third parties may send communications to the Audit Committee of the Board of Directors confidentially and anonymously regarding any accounting, internal controls, or auditing concerns.
Employee Wellness
1 unchanged sentence
We provide our employees and their families with access to a variety of health and wellness programs.
−Removed: We provide free annual biometric screening and health
−Removed: assessments at work or offsite, annual free flu shot clinics, a tobacco cessation program, weight management programs, and an employee assistance program, which offers advice on mental health, legal, and financial issues.
+Added: Offered services can include free annual biometric screening and health assessments at work or offsite, free flu shots, a tobacco cessation program, weight management programs, and an employee assistance program, which offers advice on mental health, legal, and financial issues.
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.