What changed in this filing

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Item 1. Financial Statements

2026-08-06 compared with 2026-05-07 · 277 added, 150 removed, 557 unchanged (43% of the section changed)

2 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

(In thousands, except per share data) 2026 2025 2026 2025

27 unchanged sentences

(In thousands)

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

2026 2025 2026 2025

Net earnings $ 151,168 $ 121,061 $ 279,354 $ 222,398

3 unchanged sentences

Pension and postretirement adjustments, net of tax (1)

265 ( 590 ) 825 ( 736 )

Other comprehensive income (loss), net of tax 4,059 56,170 ( 16,157 ) 75,108

Comprehensive income $ 155,227 $ 177,231 $ 263,197 $ 297,506

(1) The tax benefit/(expense) included in both foreign currency translation adjustments and pension and postretirement adjustments for the three months ended March 31, 2026 and 2025 was immaterial.

(1) The tax benefit/(expense) included in foreign currency translation adjustments and pension and postretirement adjustments for the three and six months ended June 30, 2026 and June 30, 2025 was immaterial.

See notes to condensed consolidated financial statements

2 unchanged sentences

(In thousands, except per share data)

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Current assets:

26 unchanged sentences

Stockholders’ equity

Common stock, $ 1 par value, 100,000,000 shares authorized as of March 31, 2026 and December 31, 2025;

49,187,378 shares issued as of March 31, 2026 and December 31, 2025;

outstanding shares were 36,948,116 as of March 31, 2026 and 36,859,333 as of December 31, 2025

Common stock, $ 1 par value, 100,000,000 shares authorized as of June 30, 2026 and December 31, 2025;

49,187,378 shares issued as of June 30, 2026 and December 31, 2025;

outstanding shares were 36,931,138 as of June 30, 2026 and 36,859,333 as of December 31, 2025

49,187 49,187

2 unchanged sentences

Accumulated other comprehensive loss ( 189,969 ) ( 173,812 )

Common treasury stock, at cost ( 12,239,262 shares as of March 31, 2026 and 12,328,045 shares as of December 31, 2025)

Common treasury stock, at cost ( 12,256,240 shares as of June 30, 2026 and 12,328,045 shares as of December 31, 2025)

( 1,829,901 ) ( 1,817,495 )

4 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Three Months Ended

Six Months Ended

(In thousands) 2026 2025

1 unchanged sentence

Net earnings $ 279,354 $ 222,398

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

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

Depreciation and amortization 56,735 62,128

10 unchanged sentences

Other current and long-term assets and liabilities ( 35,989 ) ( 13,544 )

Net cash used for operating activities ( 5,655 ) ( 38,765 )

Net cash provided by operating activities 175,528 97,820

Cash flows from investing activities:

1 unchanged sentence

Additions to property, plant, and equipment ( 41,283 ) ( 35,154 )

Grant proceeds for property, plant, and equipment 8,528 —

Proceeds from sale of equity securities — 7,919

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

1 unchanged sentence

Cash flows from financing activities:

Borrowings under revolving credit facility 69,100 78,067

Payment of revolving credit facility ( 69,100 ) ( 78,067 )

Borrowings under revolving credit facilities 69,100 139,025

Payments of revolving credit facilities ( 69,100 ) ( 139,025 )

Principal payments on debt — ( 90,000 )

1 unchanged sentence

Proceeds from share-based compensation 6,481 5,981

Dividends paid ( 8,868 ) ( 7,923 )

Other — ( 622 )

1 unchanged sentence

Effect of exchange-rate changes on cash ( 5,759 ) 12,993

Net decrease in cash and cash equivalents ( 27,898 ) ( 158,583 )

Net increase (decrease) in cash and cash equivalents 105,804 ( 53,378 )

Cash and cash equivalents at beginning of period 371,345 385,042

4 unchanged sentences

(In thousands)

For the three months ended March 31, 2025

For the six months ended June 30, 2026

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

1 unchanged sentence

Net earnings — — 279,354 — —

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

Other comprehensive loss, net of tax — — — ( 16,157 ) —

Dividends declared — — ( 18,472 ) — —

5 unchanged sentences

Other — ( 1,050 ) — — 1,050

June 30, 2026 $ 49,187 $ 168,981 $ 4,571,562 $ ( 189,969 ) $ ( 1,829,901 )

For the three months ended June 30, 2026

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

March 31, 2026 $ 49,187 $ 162,326 $ 4,429,993 $ ( 194,028 ) $ ( 1,815,633 )

For the three months ended March 31, 2026

Net earnings — — 151,168 — —

Other comprehensive income, net of tax — — — 4,059 —

Dividends declared — — ( 9,599 ) — —

Share-based compensation — 7,113 — — 7

Repurchase of common stock (1)

— — — — ( 14,733 )

Other — ( 458 ) — — 458

June 30, 2026 $ 49,187 $ 168,981 $ 4,571,562 $ ( 189,969 ) $ ( 1,829,901 )

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In thousands)

For the six months ended June 30, 2025

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

1 unchanged sentence

Net earnings — — 222,398 — —

Other comprehensive loss, net of tax — — — ( 20,216 ) —

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

Dividends declared — — ( 16,974 ) — —

5 unchanged sentences

Other — ( 1,070 ) — — 1,069

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

For the three months ended June 30, 2025

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

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

(1) For the three months ended March 31, 2026 and March 31, 2025, the Corporation repurchased approximately 22,000 and 42,000 shares, respectively, of its common stock.

Net earnings — — 121,061 — —

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

Dividends declared — — ( 9,045 ) — —

Restricted stock — — — — —

Share-based compensation — 5,213 — — —

Repurchase of common stock (1)

— — — — ( 20,825 )

Other — ( 780 ) — — 779

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

(1) For the three and six months ended June 30, 2026, the Corporation repurchased approximately 20,000 and 42,000 shares of its common stock, respectively.

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.

See notes to condensed consolidated financial statements

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

During the three months ended March 31, 2026 and 2025, there were no significant changes in estimated contract costs.

During the three and six months ended June 30, 2026 and 2025, there were no significant changes in estimated contract costs.

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

The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Corporation’s 2025 Annual Report on Form 10-K filed with the SEC.

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

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

The following table illustrates the approximate percentage of revenue recognized for performance obligations satisfied over-time versus at a point-in-time for the three months ended March 31, 2026 and 2025:

Three Months Ended

The following table illustrates the approximate percentage of revenue recognized for performance obligations satisfied over-time versus at a point-in-time for the three and six months ended June 30, 2026 and 2025:

Three Months Ended Six Months Ended

June 30, June 30,

2026 2025 2026 2025

Over-time 52 % 51 % 52 % 52 %

2 unchanged sentences

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

Total backlog was approximately $ 4.3 billion as of March 31, 2026, of which the Corporation expects to recognize approximatel y 90 % as net sales over the next 36 months .

Total backlog was approximately $ 4.5 billion as of June 30, 2026, of which the Corporation expects to recognize approximately 90 % as net sales over the next 36 months .

The remainder will be recognized thereafter.

1 unchanged sentence

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

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

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

June 30, June 30,

(In thousands) 2026 2025 2026 2025

4 unchanged sentences

Commercial Aerospace 114,298 103,318 224,803 196,195

Total Aerospace & Defense customers $ 641,432 $ 562,922

Total Aerospace & Defense $ 643,498 $ 608,533 $ 1,284,930 $ 1,171,455

Power & Process $ 173,688 $ 163,473 $ 340,745 $ 306,407

General Industrial 106,822 104,570 212,020 204,359

Total Commercial customers $ 272,255 $ 242,723

Total Commercial $ 280,510 $ 268,043 $ 552,765 $ 510,766

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

7 unchanged sentences

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

Revenue recognized during the three months ended March 31, 2026 and 2025 included in contract liabilities at the beginning of the respective years was approximately $ 170 million and $ 116 million, respectively.

Revenue recognized during the three and six months ended June 30, 2026 included in the contract liabilities balance as of January 1, 2026 was approximately $ 107 million and $ 277 million, respectively.

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

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

3 unchanged sentences

The composition of receivables is as follows:

(In thousands) March 31, 2026 December 31, 2025

(In thousands) June 30, 2026 December 31, 2025

Billed receivables:

4 unchanged sentences

Allowance for doubtful accounts

( 7,239 ) ( 6,386 )

Receivables, net $ 997,350 $ 932,344

3 unchanged sentences

The composition of inventories is as follows:

(In thousands) March 31, 2026 December 31, 2025

(In thousands) June 30, 2026 December 31, 2025

Raw materials $ 305,555 $ 288,353

9 unchanged sentences

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

The changes in the carrying amount of goodwill for the three months ended March 31, 2026 are as follows:

The changes in the carrying amount of goodwill for the six months ended June 30, 2026 are as follows:

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

1 unchanged sentence

Foreign currency translation adjustment ( 1,049 ) ( 1,625 ) ( 3,088 ) ( 5,762 )

March 31, 2026 $ 326,867 $ 711,683 $ 646,817 $ 1,685,367

June 30, 2026 $ 327,116 $ 712,977 $ 646,635 $ 1,686,728

OTHER INTANGIBLE ASSETS, NET

2 unchanged sentences

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

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

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

5 unchanged sentences

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

Total intangible amortization expense for the three months ended March 31, 2026 was $ 15 million, as compared to $ 18 million in the comparable prior year period.

Total intangible amortization expense for the six months ended June 30, 2026 was $ 30 million, as compared to $ 36 million in the comparable prior year period.

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

1 unchanged sentence

FAIR VALUE OF FINANCIAL INSTRUMENTS

The estimated fair value amounts were determined by the Corporation using available market information that is primarily based on quoted market prices for the same or similar issuances as of March 31, 2026.

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

3 unchanged sentences

NOTES to CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

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

17 unchanged sentences

Total debt, net $ 957,387 $ 903,617 $ 957,884 $ 912,434

Revolving Credit Agreement

In May 2026, the Corporation terminated its existing credit agreement, which was set to expire in May 2027, and entered into a new credit agreement (“Credit Agreement”) with a syndicate of financial institutions.

The Credit Agreement, which is set to expire in May 2031, increases the size of the Corporation’s revolving credit facility to $ 1 billion, and expands the accordion feature to $ 500 million.

The proceeds available under the Credit Agreement are to be used for general corporate purposes, which may include the funding of possible future acquisitions or supporting internal growth initiatives.

The new agreement provides for similar financial and debt covenants that are no more restrictive than those in the prior agreement.

PENSION PLANS

Defined Benefit Pension Plans

The following table is a consolidated disclosure of all domestic and foreign defined pension plans as described in the Corporation’s 2025 Annual Report on Form 10-K filed with the SEC.

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

Three Months Ended

The following table is a consolidated disclosure of all domestic and foreign defined benefit pension plans as described in the Corporation’s 2025 Annual Report on Form 10-K filed with the SEC.

The components of net periodic pension cost/(benefit) for the three and six months ended June 30, 2026 and 2025 were as follows:

Three Months Ended Six Months Ended

June 30, June 30,

(In thousands) 2026 2025 2026 2025

4 unchanged sentences

Amortization of unrecognized actuarial loss 466 252 933 498

Net periodic pension cost/(benefit) $ ( 4,517 ) $ ( 4,728 )

The Corporation did not make any contributions to the Curtiss-Wright Pension Plan during the three months ended March 31, 2026, and does not expect to do so throughout the remainder of the year.

Net periodic pension benefit $ ( 4,514 ) $ ( 4,728 ) $ ( 9,031 ) $ ( 9,456 )

The Corporation did not make any contributions to the Curtiss-Wright Pension Plan during the six months ended June 30, 2026, 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 2026.

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subsidiaries.

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

The expense relating to the plan was $ 9 million for both the three months ended March 31, 2026 and 2025.

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

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

NOTES to CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

months ended June 30, 2026, the expense relating to the plan was $ 8 million and $ 18 million, respectively.

During the three and six months ended June 30, 2025, the expense relating to the plan was $ 8 million and $ 16 million, respectively.

EARNINGS PER SHARE

1 unchanged sentence

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

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

(In thousands) 2026 2025 2026 2025

2 unchanged sentences

Diluted weighted-average shares outstanding 37,120 37,903 37,085 37,871

For the three months ended March 31, 2026, there were approximately 29,000 shares issuable under equity-based awards that were excluded from the calculation of diluted earnings per share as they were anti-dilutive based on the average stock price during the period.

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

There were no anti-dilutive shares for the three months ended June 30, 2026.

For the six months ended June 30, 2026, there were approximately 15,000 shares issuable under equity-based awards that were excluded from the calculation of diluted earnings per share as they were anti-dilutive based on the average stock price during the period.

There were approximately 16,000 and 8,000 anti-dilutive equity-based awards for the three and six months ended June 30, 2025, respectively.

SEGMENT INFORMATION

5 unchanged sentences

Operating results by reportable segment were as follows:

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

(In thousands) 2026 2025 2026 2025

15 unchanged sentences

Selling expenses

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

NOTES to CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Aerospace & Industrial $ 7,394 $ 7,112 $ 14,394 $ 14,314

1 unchanged sentence

Naval & Power 19,294 17,987 38,664 34,810

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

NOTES to CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Total selling expenses $ 45,127 $ 41,003 $ 88,674 $ 80,058

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(2) Other segment items includes restructuring expenses associated with the 2026 Restructuring Program in the current period and 2024 Restructuring Program in the prior period.

(3) Amount is net of grant proceeds for property, plant, and equipment.

Refer to the Condensed Consolidated Statements of Cash Flows for more information.

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

1 unchanged sentence

NOTES to CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Three Months Ended

(In thousands) 2026 2025

Three Months Ended Six Months Ended

(In thousands) June 30, June 30,

Earnings before taxes:

2026 2025 2026 2025

Total reportable segment operating income $ 188,791 $ 167,255 $ 358,993 $ 306,489

3 unchanged sentences

Earnings before income taxes $ 194,295 $ 156,765 $ 352,060 $ 281,857

(In thousands) March 31, 2026 December 31, 2025

(In thousands) June 30, 2026 December 31, 2025

Segment assets

2 unchanged sentences

Naval & Power 2,053,022 2,018,076

Corporate 535,046 526,372

Corporate and Other 689,327 526,372

Total consolidated $ 5,455,666 $ 5,221,292

3 unchanged sentences

December 31, 2024 $ ( 167,193 ) $ ( 76,032 ) $ ( 243,225 )

Other comprehensive income before reclassifications (1)

Other comprehensive income (loss) before reclassifications (1)

68,064 4,141 72,205

Amounts reclassified from accumulated other comprehensive loss (1)

Amounts reclassified from accumulated other comprehensive income (1)

— ( 2,792 ) ( 2,792 )

3 unchanged sentences

( 16,982 ) 1,503 ( 15,479 )

Amounts reclassified from accumulated other comprehensive loss (1)

Amounts reclassified from accumulated other comprehensive income (1)

— ( 678 ) ( 678 )

Net current period other comprehensive income (loss) ( 16,982 ) 825 ( 16,157 )

March 31, 2026 $ ( 119,905 ) $ ( 74,123 ) $ ( 194,028 )

June 30, 2026 $ ( 116,111 ) $ ( 73,858 ) $ ( 189,969 )

(1) All amounts are after tax.

4 unchanged sentences

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.

Legal Proceedings

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

NOTES to CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Legal Proceedings

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 March 31, 2026 and December 31, 2025, there were $ 29 million and $ 25 million of stand-by letters of credit outstanding, respectively.

As of March 31, 2026 and December 31, 2025, there were $ 15 million and $ 12 million of bank guarantees outstanding, respectively.

As of June 30, 2026 and December 31, 2025, there were $ 27 million and $ 25 million of stand-by letters of credit outstanding, respectively, and $ 19 million and $ 12 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.

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RESULTS OF OPERATIONS

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to help the reader understand the results of operations and financial condition of the Corporation for the three months ended March 31, 2026.

The financial information as of March 31, 2026 should be read in conjunction with the financial statements for the year ended December 31, 2025 contained in our Form 10-K filed with the SEC.

The financial information as of June 30, 2026 should be read in conjunction with the financial statements for the year ended December 31, 2025 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

(In thousands) 2026 2025 % change

Three Months Ended Six Months Ended

June 30, June 30,

(In thousands) 2026 2025 % change 2026 2025 % change

Aerospace & Industrial $ 267,765 $ 239,138 12 % $ 522,684 $ 466,384 12 %

14 unchanged sentences

Components of sales and operating income increase (decrease):

Three Months Ended

Sales Operating Income

Three Months Ended Six Months Ended

June 30, June 30,

2025 2026 vs.

Sales Operating Income Sales Operating Income

Organic 5 % 15 % 9 % 19 %

Restructuring — % — % — % — %

Foreign currency — % (1 %) — % (1 %)

Total 5 % 14 % 9 % 18 %

Sales during the three months ended March 31, 2026 increased $108 million, or 13%, to $914 million, compared with the prior year period.

Sales in the second quarter increased $47 million, or 5%, to $924 million, compared with the prior year period.

On a segment basis, sales from the Aerospace & Industrial and Naval & Power segments increased $28 million and $26 million, respectively, while sales from the Defense Electronics segment decreased $7 million.

Sales during the six months ended June 30, 2026 increased $155 million, or 9%, to $1,838 million, compared with the prior year period.

On a segment basis, sales from the Aerospace & Industrial, Defense Electronics, and Naval & Power segments increased $56 million, $4 million, and $95 million, respectively.

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

Operating income during the three months ended March 31, 2026 increased $30 million, or 23%, to $160 million, compared with the prior year period, and operating margin increased 150 basis points to 17.5% compared with the same period in 2025.

Increases in operating income and operating margin were primarily due to favorable absorption on higher sales across all segments.

Operating income and operating margin in the Defense Electronics and Naval & Power segments also benefited from favorable product mix.

No n-segment operating expense of $11 million during the three months ended March 31, 2026 was essentially flat against the comparable prior year period.

Operating income in the second quarter increased $22 million, or 14%, to $179 million, and operating margin increased 150 basis points to 19.3% compared with the same period in 2025, 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

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

2 unchanged sentences

FINANCIAL CONDITION and RESULTS OF OPERATIONS, continued

Interest expense of $10 million during the three months ended March 31, 2026 was essentially flat against the comparable prior year period.

Other income, net during the three months ended March 31, 2026 increased $2 million , or 36%, to $8 million, primarily due to prior period losses on equity securities held for investment purposes that were acquired in conjunction with our I&C Solutions acquisition.

The effective tax rate for the three months ended March 31, 2026 of 18.7% decreased compared to an effective tax rate of 19.0% in the comparable prior year period, primarily due to increased tax benefits associated with stock-based compensation.

Comprehensive income for the three months ended March 31, 2026 was $108 million, compared to comprehensive income of $120 million in the prior year period.

higher sales, favorable product mix, as well as the benefits of the Company's restructuring initiatives.

Operating income and operating margin in the Defense Electronics segment increased primarily due to favorable product mix and the benefits from our cost containment initiatives.

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

Operating income during the six months ended June 30, 2026 increased $53 million, or 18%, to $338 million, and operating margin increased 140 basis points to 18.4%, compared with the same period in 2025, 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, favorable product mix, as well as the benefits of the Company's restructuring initiatives.

Operating income and operating margin in the Defense Electronics segment increased primarily due to favorable product mix and the benefits from our cost containment initiatives.

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

Non-segment operating expense in the second quarter decreased $1 million, or 8%, to $10 million, primarily due to lower corporate costs.

Non-segment operating expense of $21 million during the six months ended June 30, 2026 was essentially flat against the comparable prior year period.

Interest expense in the second quarter and six months ended June 30, 2026 decreased $1 million, or 6% to $10 million and $1 million, or 4%, to $20 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 and six months ended June 30, 2026 increased $15 million, or 132%, to $26 million and $17 million, or 98%, to $34 million, respectively, primarily due to an unrealized gain recognized during the current period on equity securities held for investment purposes.

The effective tax rate of 22.2% in the second quarter decreased compared to an effective tax rate of 22.8% in the prior year period, primarily due to lower withholding taxes on foreign undistributed earnings.

The effective tax rate of 20.7% for the six months ended June 30, 2026 decreased as compared to an effective tax rate of 21.1% in the prior year period, primarily due to increased tax benefits associated with stock-based compensation.

Comprehensive income in the second quarter was $155 million, compared to comprehensive income of $177 million in the prior year period.

The change was primarily due to the following:

• Net earnings increased $27 million, primarily due to higher operating income.

• Foreign currency translation adjustments for the three months ended March 31, 2026 resulted in a $21 million comprehensive loss, compared to a $19 million comprehensive gain in the prior period.

• Foreign currency translation adjustments in the second quarter resulted in a $4 million comprehensive gain, compared to a $57 million comprehensive gain in the prior year period.

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

• Net earnings increas ed $30 million , primarily due to higher operating income as well as higher other income, net, from an unrealized gain recognized during the current period on equity securities held for investment purposes.

Comprehensive income during the six months ended June 30, 2026 was $263 million, compared to comprehensive income of $298 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, 2026 resulted in a $17 million comprehensive loss, compared to a $76 million comprehensive gain in the prior period.

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

New orders during the three months ended March 31, 2026 increased $167 million, or 16%, from the prior year period to $1.2 billion, primarily due to an increase in orders for naval defense and commercial nuclear products in the Naval & Power segment.

New orders also benefited from the timing of orders on naval and ground defense equipment in the Defense Electronics segment as well as an increase in orders for actuation products on aerospace defense equipment in the Aerospace & Industrial segment.

• Net earnings increased $57 million, pr imarily due to higher operating income as well as higher other income, net, from an unrealized gain recognized during the current period on equity securities held for investment purposes.

New orders in the second quarter increased $76 million from the comparable prior year period, primarily due to strong demand for ground defense equipment in the Defense Electronics segment as well as an increase in orders for actuation products on ground defense and commercial aerospace equipment in the Aerospace & Industrial 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, 2026 increased $243 million from the comparable prior year period, primarily due to strong demand for ground and naval defense orders in the Defense Electronics segment.

New orders also benefited from

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

PART I - ITEM 2

MANAGEMENT’S DISCUSSION and ANALYSIS of

FINANCIAL CONDITION and RESULTS OF OPERATIONS, continued

increased demand for actuation products on aerospace defense and ground defense equipment and industrial vehicle products within our commercial markets in the Aerospace & Industrial segment.

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

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

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

Three Months Ended

(In thousands) 2026 2025 % change

Three Months Ended Six Months Ended

June 30, June 30,

(In thousands) 2026 2025 % change 2026 2025 % change

Sales $ 267,765 $ 239,138 12% $ 522,684 $ 466,384 12%

Operating income 49,004 39,006 26% 87,502 68,928 27%

Operating margin 15.1 % 13.2 % 190 bps

Operating margin 18.3 % 16.3 % 200 bps 16.7 % 14.8 % 190 bps

Components of sales and operating income increase (decrease):

Three Months Ended

Sales Operating Income

Three Months Ended Six Months Ended

June 30, June 30,

2025 2026 vs.

Sales Operating Income Sales Operating Income

Organic 12 % 27 % 11 % 28 %

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Total 12 % 26 % 12 % 27 %

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

Sales 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 $28 million, or 12%, to $268 million from the prior year period.

In the commercial aerospace market, sales increased $12 million primarily due to higher OEM sales of actuation equipment, sensors products, and surface treatment services on narrowbody and widebody platforms.

Sales in the aerospace defense market primarily benefited from higher demand for sensors products and actuation equipment supporting various domestic and international fighter jet programs.

Sales in the general industrial market primarily benefited from higher sales of industrial vehicle products to off-highway vehicle platforms.

Sales during the six months ended June 30, 2026 increased $56 million , or 12%, to $523 million from the prior year period.

In the commercial aerospace market, sales increased $25 million primarily due to higher OEM sales of actuation equipment, sensors products, and surface treatment services on narrowbody and widebody platforms.

Sales in the aerospace defense market benefited $10 million from higher demand for sensors products and actuation equipment supporting various international fighter jet programs.

In both the ground and naval defense markets, sales increased primarily due to higher demand for electromechanical actuation equipment.

Sales in the general industrial market benefited $10 million primarily from higher sales of industrial vehicle products to off-highway vehic le platforms.

Operating income in the second quarter increased $10 million, or 26%, to $49 million from the comparable prior year period, and operating margin increased 200 basis points to 18.3%, primarily due to favorable overhead absorption on higher sales, favorable product mix, as well as the benefits of the Company's restructuring initiatives.

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

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

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FINANCIAL CONDITION and RESULTS OF OPERATIONS, continued

Sales during the three months ended March 31, 2026 increased $28 million, or 12%, to $255 million from the prior year period.

In the commercial aerospace market, sales increased $13 million primarily due to higher OEM sales of actuation equipment, sensors products, and surface treatment services on narrowbody and widebody platforms.

Sales in the aerospace defense market benefited from higher demand for sensors products, with sales increases in the ground defense market primarily due to higher sales of electromechanical actuation equipment.

Sales in the general industrial market benefited primarily from higher sales of industrial vehicle products to off-highway vehicle platforms.

Operating income during the three months ended March 31, 2026 increased $9 million, or 29%, to $38 million from the prior year period, and operating margin increased 190 basis points to 15.1%, primarily due to favorable overhead absorption on higher sales.

New orders during the three months ended March 31, 2026 increased $40 million, or 16%, from the prior year period to $291 million, primarily due an increase in orders for actuation products on aerospace defense equipment as well as an increase in orders for industrial vehicle products within our commercial markets.

Operating income during the six months ended June 30, 2026 increased $19 million, o r 27% , to $88 million from the prior year period, and operating margin increased 190 basis points to 16.7%, primarily due to favorable overhead absorption on higher sales, favorable product mix, as well as the benefits of the Company's restructuring initiatives.

These increases were partially offset by unfavorable foreign currency translation and higher investment in research and development.

New orders in the second quarter increased $61 million primarily due to an increase in orders for actuation products on ground defense and commercial aerospace equipment, as well as an increase in orders for industrial vehicle products within our commercial markets.

New orders during the six months ended June 30, 2026 increased $100 million primarily due to an increase in orders for actuation products on aerospace defense and ground defense equipment, as well as an increase in orders for industrial vehicle products within our commercial markets.

Defense Electronics

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

Three Months Ended

(In thousands) 2026 2025 % change

Three Months Ended Six Months Ended

June 30, June 30,

(In thousands) 2026 2025 % change 2026 2025 % change

Sales $ 245,987 $ 253,011 (3%) $ 502,275 $ 498,175 1%

Operating income 68,768 67,833 1% 140,695 135,282 4%

Operating margin 28.1 % 27.5 % 60 bps

Operating margin 28.0 % 26.8 % 120 bps 28.0 % 27.2 % 80 bps

Components of sales and operating income increase (decrease):

Three Months Ended

Sales Operating Income

Three Months Ended Six Months Ended

June 30, June 30,

2025 2026 vs.

Sales Operating Income Sales Operating Income

Organic (3 %) 1 % 1 % 4 %

Restructuring — % — % — % — %

Foreign Currency — % — % — % — %

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

Sales during the three months ended March 31, 2026 increased $11 million , or 5%, to $256 million from the prior year period.

Sales in the aerospace defense market benefited $13 million primarily due to higher demand for embedded computing and avionics equipment, partially offset by the timing of sales on various helicopter programs.

Sales increases in the commercial aerospace market were primarily due to higher sales of aerospace instrumentation equipment to OEM customers.

These increases were partially offset by lower sales in the naval defense market primarily due to the timing of embedded computing equipment sales supporting various domestic and international programs.

Operating income during the three months ended March 31, 2026 increased $4 million, or 7%, to $72 million, and operating margin increased 60 basis points from the prior year period to 28.1%, primarily due to favorable absorption on higher sales as well as favorable product mix.

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

New orders during the three months ended March 31, 2026 increased $42 million, or 18%, from the prior year period to $278 million, primarily due to the timing of orders on naval and ground defense equipment.

Sales in the second quarter decreased $7 million, or 3%, to $246 million from the prior year period, primarily due to the timing of tactical communications equipment sales in the ground defense market.

This decrease was partially offset by higher demand for embedded computing equipment on various domestic fighter jet and unmanned aerial vehicle (UAV) programs in the aerospace defense market.

Sales during the six months ended June 30, 2026 increased $4 million, or 1%, to $502 million from the prior year period.

Sales in the aerospace defense market benefited $17 million primarily due to higher demand for embedded computing and avionics equipment on various domestic fighter jet and UAV programs , partially offset by the timing of sales on various helicopter programs.

In the ground defense market, sales decreased $11 million primarily due to the timing of tactical communications equipment sales.

Lower sales in the naval defense market were primarily due to the timing of embedded computing equipment sales supporting various domestic and international programs.

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

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FINANCIAL CONDITION and RESULTS OF OPERATIONS, continued

Operating income in the second quarter increased $1 million, or 1%, to $69 million compared to the prior year period, and operating margin increased 120 basis points from the prior year period to 28.0%, primarily due to favorable product mix and the benefits from our cost containment initiatives.

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

Operating income during the six months ended June 30, 2026 increased $5 million, or 4%, to $141 million, and operating margin increased 80 basis points from the prior year period to 28.0%, primarily due to favorable product mix and the benefits from our cost containment initiatives.

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

New orders in the second quarter increased $108 million primarily due to strong demand for ground defense equipment, including turret technologies and tactical communications products.

New orders during the six months ended June 30, 2026 increased $151 million primarily due to the timing of orders on ground and naval defense equipment.

Naval & Power

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

Three Months Ended

(In thousands) 2026 2025 % change

Three Months Ended Six Months Ended

June 30, June 30,

(In thousands) 2026 2025 % change 2026 2025 % change

Sales $ 410,256 $ 384,427 7% $ 812,736 $ 717,662 13%

Operating income 71,019 60,416 18% 130,796 102,279 28%

Operating margin 14.9 % 12.6 % 230 bps

Operating margin 17.3 % 15.7 % 160 bps 16.1 % 14.3 % 180 bps

Components of sales and operating income increase (decrease):

Three Months Ended

Sales Operating Income

Three Months Ended Six Months Ended

June 30, June 30,

2025 2026 vs.

Sales Operating Income Sales Operating Income

Organic 7 % 18 % 13 % 28 %

Restructuring — % — % — % — %

Foreign currency — % — % — % — %

1 unchanged sentence

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

Sales during the three months ended March 31, 2026 increased $69 million, or 21%, to $402 million from the prior year period.

In the naval defense market, sales increased $35 million primarily due to the timing of production on the Virginia-class and Columbia-class submarine programs, as well as higher sales of aftermarket fleet services.

Sales in the power & process market increased $25 million primarily due to higher sales of commercial nuclear products supporting the maintenance of existing operating reactors and transition from development to the initial prototype stage on next-generation advanced reactors.

In the aerospace defense market, sales increased $10 million primarily due to higher sales of arresting systems equipment supporting various international customers.

Operating income during the three months ended March 31, 2026 increased $18 million, or 43%, to $60 million, and operating margin increased 230 basis points from the prior year period to 14.9%, primarily due to favorable overhead absorption on higher sales as well as favorable product mix.

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

New orders during the three months ended March 31, 2026 increased $85 million, or 16% , from the prior year period to $616 million , primarily due to an increase in orders for naval defense and commercial nuclear products.

SUPPLEMENTARY INFORMATION

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

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

Sales in the second quarter increased $26 million, or 7%, to $410 million from the prior year period.

In the naval defense market, sales increased $16 million primarily due to the timing of production on the Virginia-class submarine program as well as higher aftermarket sales supporting naval shipyards.

Sales in the power & process market increased $10 million primarily due to higher sales of commercial nuclear products supporting next-generation advanced reactors as well as higher government nuclear sales.

Sales during the six months ended June 30, 2026 increased $95 million, or 13%, to $813 million from the prior year period.

In the naval defense market, sales increased $51 million primarily due to the timing of production on the Virginia-class submarine program as well as higher aftermarket sales supporting naval shipyards.

Sales in the power & process market increased $35 million primarily due to higher commercial nuclear aftermarket sales supporting the maintenance of existing operating reactors,

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

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FINANCIAL CONDITION and RESULTS OF OPERATIONS, continued

Net Sales by End Market and Customer Type Three Months Ended

(In thousands) 2026 2025 % change

higher sales supporting next-generation advanced reactors, as well as higher government nuclear sales.

In the aerospace defense market, sales increased $10 million primarily due to higher sales of arresting systems equipment supporting various international customers.

Operating income in the second quarter increased $11 million, or 18%, to $71 million, and operating margin increased 160 basis points from the prior year period to 17.3%, primarily due to favorable overhead absorption on higher sales.

Operating income during the six months ended June 30, 2026 increased $29 million, or 28% , to $131 million, and operating margin increased 180 basis points from the prior year period to 16.1%, primarily due to favorable overhead absorption on higher sales.

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

New orders in the second quarter decreased $93 million primarily due to the timing of naval defense orders.

New orders during the six months ended June 30, 2026 decreased $8 million primarily due to the timing of naval defense orders.

This decrease was partially offset by an increase in orders for commercial nuclear and process products.

SUPPLEMENTARY INFORMATION

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

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

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

June 30, June 30,

(In thousands) 2026 2025 % change 2026 2025 % change

Aerospace & Defense markets:

10 unchanged sentences

Aerospace & Defense markets

Sales during the three months ended March 31, 2026 increased $79 million, or 14%, to $641 million, primarily due to higher sales across all markets.

Sales in the aerospace defense market increased primarily due to higher sales of embedded computing and avionics equipment, arresting systems equipment supporting various international customers, and sensors products.

The ground defense market benefited primarily from higher sales of electromechanical actuation equipment.

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

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

Sales in the second quarter increased $35 million, or 6%, to $643 million against the comparable prior year period.

Sales in the aerospace defense market increased primarily due to higher demand for sensors products and actuation equipment supporting various domestic and international fighter jet programs as well as higher demand for embedded computing equipment on various domestic fighter jet and UAV programs.

Sales increases in the naval defense market were primarily due to the timing of production on the Virginia-class submarine program as well as higher aftermarket sales supporting naval shipyards .

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

These market increases were partially offset by lower sales in the ground defense market due to the timing of tactical communications equipment sales.

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

PART I - ITEM 2

MANAGEMENT’S DISCUSSION and ANALYSIS of

FINANCIAL CONDITION and RESULTS OF OPERATIONS, continued

Sales during the six months ended June 30, 2026 increased $113 million, or 10%, to $1,285 million .

Sales in the aerospace defense market increased primarily due to higher demand for sensors products and actuation equipment supporting various international fighter jet programs, higher demand for embedded computing and avionics equipment on various domestic fighter jet and UAV programs , as well as higher sales of arresting systems equipment supporting various international customers.

These increases were partially offset by the timing of sales on various helicopter programs.

Sales increases in the naval defense market were primarily due to the timing of production on the Virginia-class submarine program, higher aftermarket sales supporting naval shipyards, as well as higher demand for electromechanical actuation equipment.

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

These market increases were partially offset by lower sales in the ground defense market due to the timing of tactical communications equipment sales.

Commercial markets

Sales during the three months ended March 31, 2026 increased $30 million, or 12%, to $272 million.

In the power & process market, sales increased primarily due to higher sales of commercial nuclear products supporting the maintenance of existing operating reactors and transition from development to the initial prototype stage on next-generation advanced reactors.

Sales in the second quarter increased $12 million, or 5%, to $281 million.

In the power & process market, sales increased primarily due to higher sales of commercial nuclear products supporting next-generation advanced reactors as well as higher government nuclear sale s.

Sales in the general industrial market benefited primarily from higher sales of industrial vehicle products to off-highway vehicle platforms.

Sales during the six months ended June 30, 2026 increased $42 million, or 8%, to $553 million.

Sales in the power & process market increased primarily due to higher commercial nuclear aftermarket sales supporting the maintenance of existing operating reactors, higher sales supporting next-generation advanced reactors, as well as higher government nuclear sale s.

Sales in the general industrial market benefited primarily from higher sales of industrial vehicle products to off-highway vehicle platforms.

LIQUIDITY AND CAPITAL RESOURCES

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

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

PART I - ITEM 2

MANAGEMENT’S DISCUSSION and ANALYSIS of

FINANCIAL CONDITION and RESULTS OF OPERATIONS, continued

Condensed Consolidated Statements of Cash Flows Three Months Ended

(In thousands) March 31, 2026 March 31, 2025

Cash provided by (used in):

Condensed Consolidated Statements of Cash Flows Six Months Ended

(In thousands) June 30, 2026 June 30, 2025

Cash provided by (used for):

Operating activities

5 unchanged sentences

Effect of exchange-rate changes on cash (5,759) 12,993

Net decrease in cash and cash equivalents $ (27,898) $ (158,583)

Net cash used in operating activities decreased $33 million from the prior year period, primarily due to higher cash earnings and improved working capital in the current period.

Net cash used in investing activities decreased $13 million from the prior year period, primarily due to additional consideration paid in the prior year period pertaining to our I&C Solutions acquisition.

Net cash used in financing activities decreased $91 million from the prior year period, primarily due to the repayment of our 3.85% Senior Notes in February 2025.

Net increase (decrease) in cash and cash equivalents $ 105,804 $ (53,378)

Net cash provided by operating activities increased $78 million from the prior year period, primarily due to higher cash earnings and improved working capital in the current period.

Net cash used for investing activities decreased $4 million from the prior year period, primarily due to lower capital expenditures during the current period.

Net cash used for financing activities decreased $96 million from the prior year period, primarily due to the repayment of our 3.85% Senior Notes in February 2025.

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

Financing Activities

The Corporation’s debt outstanding had an average interest rate o f 3.8% for both the three months ended March 31, 2026 and 2025.

The Corporation’s average debt outstanding was $965 million an d $1,021 million for the three months ended March 31, 2026 and 2025, respectively.

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

PART I - ITEM 2

MANAGEMENT’S DISCUSSION and ANALYSIS of

FINANCIAL CONDITION and RESULTS OF OPERATIONS, continued

The Corporation’s debt outstanding had an average intere st rate of 3.8% for both the three and six months ended June 30, 2026, respectively, and 3.8% for both the three and six months ended June 30, 2025, respectively.

The Corporation’s average debt outstanding wa s $958 million and $961 million for the three and six months ended June 30, 2026, respectively, and $960 million and $990 million for the t hree and six months ended June 30, 2025, respectively.

Credit Agreement

As of March 31, 2026, the Corporation had approximately $29 million in letters of credit supported by the credit facility.

The unused credit available under the credit facility as of March 31, 2026 was $721 million, which could be borrowed without violating any of our debt covenants.

As of June 30, 2026, 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, 2026 was $973 million, which could be borrowed without violating any of our debt covenants.

Repurchase of common stock

For the three months ended March 31, 2026, the Corporation repurchased approximately 22,000 shares of its common stock for $14 million.

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

For the six months ended June 30, 2026, the Corporation repurchased approximately 42,000 shares of its common stock for $29 million.

For the six months ended June 30, 2025, the Corporation repurchased approximately 102,000 shares of its common stock for $35 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 $9 million and $8 million during the six months ended June 30, 2026 and June 30, 2025, respectively.

Additionally, beginning in the second quarter of 2026, the Corporation increased its quarterly dividend to $0.26 per share.

Debt Compliance

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

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

CURTISS-WRIGHT CORPORATION and SUBSIDIARIES

PART I - ITEM 2

MANAGEMENT’S DISCUSSION and ANALYSIS of

FINANCIAL CONDITION and RESULTS OF OPERATIONS, continued

As of March 31, 2026, we had the ability to borrow additional debt of approximately $2.9 billion without violating our debt to capitalization covenant.

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

As of June 30, 2026, we had the ability to borrow additional debt of $3.1 billion without violating our debt to capitalization covenant.

CRITICAL ACCOUNTING POLICIES

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Securities and Exchange Commission on February 12, 2026, in the Notes to the Consolidated Financial Statements, Note 1, and the Critical Accounting Policies section of Management’s Discussion and Analysis of Financial Condition and Results of Operations.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There have been no material changes in our market risk during the six months ended June 30, 2026.

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

Quantitative and Qualitative Disclosures about Market Risk" of our 2025 Annual Report on Form 10-K.

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

What changed 10-Q

Item 1. Financial Statements