10q10k10q10k.net

What changed in CURTISS WRIGHT CORP's 10-K — 2024 vs 2025

vs

Paragraph-level year-over-year comparison of CURTISS WRIGHT CORP's 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+311 added−310 removedSource: 10-K (2026-02-12) vs 10-K (2025-02-13)

Top changes in CURTISS WRIGHT CORP's 2025 10-K

311 paragraphs added · 310 removed · 256 edited across 8 sections

Item 1. Business

Business — how the company describes what it does

47 edited+7 added−9 removed35 unchanged
Biggest changeWe have built upon those long-standing customer relationships and are deeply embedded in our customers workflows today. 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.
Biggest changeToday, 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. We are committed to continuously driving innovation and investment in technologies, while also aligning our core competencies with new applications and evolving market trends.
The businesses in this segment provide a diversified offering of highly engineered products and services including: (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.
The businesses in this segment provide a diversified offering of highly engineered products and services including: (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.
In the event of a termination for convenience by the government, there 6 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. Government. Fixed-price contracts usually provide that we absorb the majority of any cost overrun.
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. Government. Fixed-price contracts usually provide that we absorb the majority of any cost overrun.
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. Through the Pivot to Growth strategy, we are building strong momentum to compound sustained profitable growth.
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.
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.
The 10 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.
Navy’s Atlantic and Pacific fleets and naval industrial base through three service centers. The naval defense businesses in this segment are primarily impacted by government funding and spending on shipbuilding programs, primarily driven by the U.S. Government, and supplemented by foreign defense spending, particularly for our aircraft handling equipment.
Navy’s Atlantic and Pacific fleets and naval industrial base through three coastal service centers. The naval defense businesses in this segment are primarily impacted by government funding and spending, primarily driven by the U.S. Government on shipbuilding programs, and supplemented by foreign defense spending, particularly for our aircraft handling equipment.
Ethics and Integrity 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. To support and articulate our commitment and responsibility in this regard, Curtiss-Wright maintains a Code of Conduct.
Ethics and Integrity 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.
Succession plans are refreshed and reviewed to ensure a robust, diverse pipeline of talent and business continuity with a tight linkage to development. 9 We focus on accelerating learning and development of our leaders by providing a combination of experiences and education.
Succession plans are refreshed and reviewed to ensure a robust, diverse pipeline of talent and business continuity with a tight linkage to development. We focus on accelerating learning and development of our leaders by providing a combination of experiences and education.
Defense Electronics Sales in the Defense Electronics segment are primarily to the defense markets, where we support government entities in aerospace defense, ground defense, and naval defense, and, to a lesser extent, the commercial aerospace market.
Defense Electronics 5 Sales in the Defense Electronics segment are primarily to the defense markets, where we support government entities in aerospace defense, ground defense, and naval defense, and, to a lesser extent, the commercial aerospace market.
Additionally, we provide avionics and electronics, flight test equipment, and aircraft data management solutions to the commercial aerospace market.
Additionally, we provide avionics and electronics, flight test equipment, and aircraft data recorder and management solutions to the commercial aerospace market.
No customer accounted for more than 10% of our total net sales during 2024, 2023, or 2022. Approximately 48% of our total net sales for 2024, 46% for 2023, and 47% for 2022 were derived from contracts with agencies of, and prime contractors to, the U.S. Government. Information on our sales to the U.S.
No customer accounted for more than 10% of our total net sales during 2025, 2024, or 2023. Approximately 47% of our total net sales for 2025, 48% for 2024, and 46% for 2023 were derived from contracts with agencies of, and prime contractors to, the U.S. Government. Information on our sales to the U.S.
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.
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.
Notable programs offered include the following: • Employer 401(k) matching contributions; • Employee Stock Purchase Plan; • Employer-sponsored health insurance; • Tuition reimbursement program; • Training and professional development; and • Annual and local incentive compensation plans In addition to the above, we also offer equity-based incentive compensation plans to certain employees through the issuance of performance share units, restricted stock units, and cash-based performance units.
Notable programs offered include the following: • Employer retirement plan matching contributions; • Employee Stock Purchase Plan; • Employer-sponsored health insurance; • Tuition reimbursement program; • Training and professional development; and • Annual and local incentive compensation plans In addition to the above, we also offer equity-based incentive compensation plans to certain employees through the issuance of performance share units, restricted stock units, and cash-based performance units.
The Code mandates full compliance with applicable laws and regulations and helps to preserve the integrity of our Company. The Code is available within the Corporate Governance section of the Company’s website at https://curtisswright.com/investor-relations/governance/default.aspx. Talent Management Curtiss-Wright’s talent strategy is designed to maximize the full potential of our people and our business.
The Code mandates full compliance with applicable laws and regulations and helps to preserve the integrity of our Company. The Code is available within the Corporate Governance section of the Company’s website at https://curtisswright.com/investor-relations/governance. 9 Talent Management Curtiss-Wright’s talent strategy is designed to maximize the full potential of our people and our business.
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.
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.
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).
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).
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. 55 2022 Available information We file annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and proxy statements for our annual stockholders’ meetings, as well as any amendments to those reports, with the Securities and Exchange Commission (SEC).
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. 56 2022 8 Available information We file annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and proxy statements for our annual stockholders’ meetings, as well as any amendments to those reports, with the Securities and Exchange Commission ("SEC").
Government and foreign government end use represented 57%, 56%, and 54% of total net sales during 2024, 2023, and 2022, respectively. In accordance with normal U.S. Government business practices, contracts and orders are subject to partial or complete termination at any time at the option of the customer.
Government Sales 6 Our sales to the U.S. Government and foreign government end use represented 58%, 57%, and 56% of total net sales during 2025, 2024, and 2023, respectively. In accordance with normal U.S. Government business practices, contracts and orders are subject to partial or complete termination at any time at the option of the customer.
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. nuclear reactors.
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.
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.
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.
Human Capital 8 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.
Human Capital 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.
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.
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.
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. 57 2021 George P. McDonald Vice President, General Counsel, and Corporate Secretary Vice President, General Counsel, and Corporate Secretary of the Corporation since November 2024.
He also served as Assistant Corporate Controller of the Corporation from June 2017 and also served as Director of Finance from September 2006. 58 2021 George P. 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.
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.
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. These businesses are influenced by government funding and spending, driven primarily by the U.S.
Government, including both direct sales as a prime contractor and indirect sales as a subcontractor, is as follows: Year Ended December 31, (In thousands) 2024 2023 2022 Aerospace & Industrial $ 167,509 $ 146,205 $ 151,528 Defense Electronics 711,538 638,597 548,878 Naval & Power 617,389 529,968 509,002 Total U.S.
Government, including both direct sales as a prime contractor and indirect sales as a subcontractor, is as follows: Year Ended December 31, (In thousands) 2025 2024 2023 Aerospace & Industrial $ 181,042 $ 167,509 $ 146,205 Defense Electronics 761,926 711,538 638,597 Naval & Power 704,051 617,389 529,968 Total U.S.
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.
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.
Item 1. Business. BUSINESS DESCRIPTION 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.
BUSINESS DESCRIPTION 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.
We provide free annual biometric screening and health 10 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.
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.
The defense businesses within our Defense Electronics segment are impacted primarily by government funding and spending, driven primarily by the U.S. Government, and supplemented by foreign defense spending (e.g. NATO 5 countries). 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.
Government, and supplemented by foreign defense spending (e.g. NATO and allied countries). 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.
Outside of the U.S., we principally support operating reactors in Canada and South Korea. 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.
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.
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. 60 2024 Gary A. Ogilby Vice President and Corporate Controller Vice President and Corporate Controller of the Corporation since May 2020.
Prior to this, he served as Vice President of the Corporation from November 2024. 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. 61 2024 Gary A.
Our products are often in must-not-fail safety-critical 4 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.
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.
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. He also served as Assistant Corporate Controller of the Corporation from May 2009. 56 2014 Robert F. Freda Vice President and Treasurer Vice President and Treasurer of the Corporation since January 2021.
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. 57 2014 Robert F.
For the year ended December 31, 2024, our TRR and DART rates were 1.23 and 0.84, respectively. For the year ended December 31, 2023, our TRR and DART rates were 1.32 and 0.86, respectively.
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.
Prior to this, he 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. 43 2020 Kevin M. Rayment Vice President and Chief Operating Officer Vice President and Chief Operating Officer of the Corporation since April 1, 2021.
He also served as Assistant Corporate Controller of the Corporation from 2014. 44 2020 Kevin M. 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. Prior to this, he served as Vice President of the Corporation from April 1, 2021.
Prior to this, he 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. 55 2021 John C. Watts Vice President of Strategy and Corporate Development Vice President of Strategy and Corporate Development of the Corporation since May 2022.
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. 56 2021 John C. Watts Executive Vice President and Chief Growth Officer Executive Vice President and Chief Growth Officer of the Corporation since January 2026.
OTHER INFORMATION Certain Financial Information 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.
OTHER INFORMATION Certain Financial Information 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. In 2025, 2024, and 2023, our foreign operations as a percentage of pre-tax earnings were 41% , 38%, and 35%, respectively.
Set forth below are some of the key aspects of Curtiss-Wright’s human capital strategy: Compensation Programs and Employee Benefits Our success as an organization is ultimately dependent upon the success of our employees.
Set forth below are some of the key aspects of Curtiss-Wright’s human capital strategy: Compensation Programs and Employee Benefits Our success as an organization is ultimately dependent upon the success of our employees. 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.
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. 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.
Our investments typically target the fastest growth vectors and secular trends that align with our strengths in attractive end markets. 4 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. Our products are often in must-not-fail safety-critical applications.
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.
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.
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. 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.
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.
Bamford Chair and Chief Executive Officer Chair of the Board of Directors since May 5, 2022 and Chief Executive Officer of the Corporation since January 1, 2021. She also formerly held the title of President of the Corporation from January 1, 2021 to May 5, 2022.
She also formerly held the title of President of the Corporation from January 1, 2021 to May 5, 2022. Prior to this, she served as President of the former Defense and Power segments of the Corporation from January 2020.
Prior to this, she served as President of the former Defense and Power segments of the Corporation from January 2020. She also served as Senior Vice President and General Manager of the Company’s Defense Solutions and Nuclear divisions from 2018, and Senior Vice President and General Manager of the Defense Solutions division from 2013.
She also served as Senior Vice President and General Manager of the Company’s Defense Solutions and Nuclear divisions from 2018, and Senior Vice President and General Manager of the Defense Solutions division from 2013. She has held various leadership positions in the Corporation since 2004. She has been a Director of the Corporation since January 1, 2021. 62 2021 K.
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 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.
Aerospace & Industrial 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 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. Government.
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. 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. Government.
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.
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. 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.
She has held various leadership positions in the Corporation since 2004. She has been a Director of the Corporation since January 1, 2021. 61 2021 K. Christopher Farkas Vice President and Chief Financial Officer Vice President and Chief Financial Officer of the Corporation since May 2020.
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. Prior to this, he served as Vice President of the Corporation from May 2020.
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.
Added
Item 1. Business. GENERAL Curtiss-Wright Corporation is a Delaware corporation, with its principal executive office in Davidson, North Carolina. 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.
Removed
We compete globally, primarily based on technology and pricing. Our Strategy Curtiss-Wright's Pivot to Growth strategy focuses on maximizing revenue, operating income, and free cash flow growth for our 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.
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. Our Strategy 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.
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
The majority of our revenues in this market today support the maintenance of nuclear reactors across North America. These businesses also support operating reactors in the U.K. and South Korea.
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. Government Sales Our sales to the U.S.
Added
Government sales $ 1,647,019 $ 1,496,436 $ 1,314,770 7 Executive Officers Name Current Position Business Experience Age Executive Officer Since Lynn M. Bamford Chair and Chief Executive Officer Chair of the Board of Directors since May 5, 2022 and Chief Executive Officer of the Corporation since January 1, 2021.
Removed
Government sales $ 1,496,436 $ 1,314,770 $ 1,209,408 Patents 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. We also license intellectual property to and from third parties. Specifically, the U.S.
Added
Freda Senior Vice President and Treasurer Senior Vice President of the Corporation since January 2026 and Treasurer of the Corporation since January 2021. Prior to this, he served as Vice President of the Corporation from January 2021.
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. 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.
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. Prior to this, he served as Vice President of the Corporation from May 2020. He also served as Vice President of Finance and Administration of the Company’s Surface Technologies division from November 2016.
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. 7 Executive Officers Name Current Position Business Experience Age Executive Officer Since Lynn M.
Added
Prior to this, he served as Vice President of Strategy and Corporate Development of the Corporation from May 2022.
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.
Removed
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.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

68 edited+17 added−11 removed130 unchanged
Biggest changeAlthough we currently generate significant operating cash flows, which combined with access to the credit markets provides us with significant discretionary funding capacity, global macroeconomic uncertainty, the ongoing trade disputes between the United States and China, armed conflicts around the world, such as those in Ukraine and Israel, and any conflict or threatened conflict between China and Taiwan (including the imposition of related sanctions by the United States and other countries as well as measures taken in response to such sanctions), inflationary pressures, rising interest rates, labor shortages, global supply chain disruptions, and uncertainty regarding the stability of global credit and financial markets could affect our ability to fund 21 our operations.
Biggest changeAlthough we have significant discretionary funding capacity through our generation of significant operating cash flows coupled with access to the credit markets, our ability to fund our operations could be negatively impacted by the following factors: (a) global macroeconomic uncertainty, (b) the ongoing trade disputes between the United States, Canada, and China, (c) armed conflicts around the world, such as those in Ukraine, (d) any conflict or threatened conflict between China and Taiwan (including the imposition of related sanctions by the United States and other countries as well as measures taken in response to such sanctions), (e) any prolonged future U.S. government shutdown, (f) inflationary pressures, (g) rising interest rates, (h) labor shortages, (i) global supply chain disruptions, and (j) uncertainty regarding the stability of global credit and financial markets.
Doing business in foreign countries is subject to numerous risks, including without limitation: (a) political and economic instability and potential for social unrest; (b) the uncertainty of the ability of non-U.S. customers to finance purchases; (c) restrictions on the repatriation of funds; (d) restrictive trade policies; (e) tariff regulations; (f) difficulties in obtaining export and import licenses; (g) government financed competition; (h) changes in the local labor-relations climate; (i) economic conditions in local markets, including changes in inflation; (j) health concerns 18 (including COVID-19 or any of its variants); (k) complying with foreign regulatory and tax requirements that are subject to change; and (l) limitations on our ability to enforce legal rights and remedies.
Doing business in foreign countries is subject to numerous risks, including without limitation: (a) political and economic instability and potential for social unrest; (b) the uncertainty of the ability of non-U.S. customers to finance purchases; (c) restrictions on the repatriation of funds; (d) restrictive trade policies; (e) tariff regulations; (f) difficulties in obtaining export and import licenses; (g) government financed competition; (h) changes in the local labor-relations climate; (i) economic conditions in local markets, including changes in inflation; (j) health concerns (including COVID-19 or any of its variants); (k) complying with foreign regulatory and tax requirements that are subject to change; and (l) limitations on our ability to enforce legal rights and remedies.
Although we have been successful with this strategy in the past, we may not be able to grow our business in the future through acquisitions for several reasons, including: • Encountering difficulties identifying and executing acquisitions; 12 • Increased competition for targets, which may increase acquisition costs; • Consolidation in our industry, reducing the number of acquisition targets; • Competition laws and regulations preventing us from making certain acquisitions; and • Acquisition financing not being available on acceptable terms, or at all.
Although we have been successful with this strategy in the past, we may not be able to grow our business in the future through acquisitions for several reasons, including: • Encountering difficulties identifying and executing acquisitions; • Increased competition for targets, which may increase acquisition costs; • Consolidation in our industry, reducing the number of acquisition targets; • Competition laws and regulations preventing us from making certain acquisitions; and • Acquisition financing not being available on acceptable terms, or at all.
Failing to comply with these laws and regulations could have an adverse effect on our operating results. We may be subject to periodic litigation and regulatory proceedings, which may adversely affect our business and financial performance. 17 From time to time, we are involved in lawsuits and regulatory actions brought or threatened against us in the ordinary course of business.
Failing to comply with these laws and regulations could have an adverse effect on our operating results. We may be subject to periodic litigation and regulatory proceedings, which may adversely affect our business and financial performance. From time to time, we are involved in lawsuits and regulatory actions brought or threatened against us in the ordinary course of business.
Based on the Corporation’s preliminary assessments, it does not expect Pillar Two to have a material impact on its effective tax rate nor on its consolidated results of operation, financial position, and cash flows. Furthermore, the amount of income taxes paid by us is subject to examination by U.S. federal, state, and local tax authorities and by non-U.S. tax authorities.
Based on the Corporation’s assessments, it does not expect Pillar Two to have a material impact on its effective tax rate nor on its consolidated results of operation, financial position, and cash flows. Furthermore, the amount of income taxes paid by us is subject to examination by U.S. federal, state, and local tax authorities and by non-U.S. tax authorities.
The Price-Anderson Act indemnification provisions may not apply to all liabilities that we might incur while performing services as a contractor for the DOE and the nuclear power industry. If an incident or evacuation is not covered under the Price-Anderson Act’s indemnification provisions, we could be 16 held liable for damages, regardless of fault.
The Price-Anderson Act indemnification provisions may not apply to all liabilities that we might incur while performing services as a contractor for the DOE and the nuclear power industry. If an incident or evacuation is not covered under the Price-Anderson Act’s indemnification provisions, we could be held liable for damages, regardless of fault.
We typically agree to indemnify our customers against certain liabilities resulting from the products we sell, and any third-party indemnification we seek from our suppliers and our liability insurance may not fully cover our indemnification obligations to customers. We may also not be able to maintain insurance coverage in the future at an acceptable cost.
We typically agree to indemnify our customers against certain liabilities resulting from the products we sell, and any third- 11 party indemnification we seek from our suppliers and our liability insurance may not fully cover our indemnification obligations to customers. We may also not be able to maintain insurance coverage in the future at an acceptable cost.
In the event of non-compliance, these agencies might increase regulatory oversight, impose fines or shut down operations, depending on their assessment of the severity of the noncompliance. In addition, new or revised security and safety requirements promulgated by these agencies could necessitate substantial capital and other expenditures.
In the event of non-compliance, these agencies might increase regulatory oversight, impose fines, or shut down operations, depending 16 on their assessment of the severity of the noncompliance. In addition, new or revised security and safety requirements promulgated by these agencies could necessitate substantial capital and other expenditures.
For a discussion regarding how our financial statements can be affected by pension and other 20 postretirement benefit plans accounting policies, see “Management’s Discussion and Analysis—Critical Accounting Estimates and Policies—Pension and Other Postretirement Benefits” in Part II, Item 7 of this Form 10-K. Although U.S.
For a discussion regarding how our financial statements can be affected by pension and other postretirement benefit plans accounting policies, see “Management’s Discussion and Analysis—Critical Accounting Estimates and Policies—Pension and Other Postretirement Benefits” in Part II, Item 7 of this Form 10-K. Although U.S.
Our ability to effectively manage our business depends on the security, reliability, and adequacy of our information systems. In addition, various privacy and cybersecurity laws and regulations, both in the U.S. and globally, require us to manage and protect sensitive and confidential information, including personal data of our employees, from disclosure.
Our ability to effectively operate and manage our business depends on the security, reliability, and adequacy of our information systems. In addition, various privacy and cybersecurity laws and regulations, both in the U.S. and globally, require us to manage and protect sensitive and confidential information, including personal data of our employees, from disclosure.
Further, implementation of new tariff schemes by various governments, such as those implemented by the United States and China in recent years, could potentially increase the costs of our materials, increase our cost of production, and ultimately increase the landed cost of our products sold from one country into another country.
Further, implementation of new tariff schemes by various governments, such as those implemented by the United States, Canada, and China in recent years, could potentially increase the costs of our materials, increase our cost of production, and ultimately increase the landed cost of our products sold from one country into another country.
If an accident were to be caused by one of our products, or if we were to 11 otherwise fail to maintain a satisfactory record of safety and reliability, our ability to retain and attract customers may be materially adversely affected. We are subject to liability under warranty obligations .
If an accident were to be caused by one of our products, or if we were to otherwise fail to maintain a satisfactory record of safety and reliability, our ability to retain and attract customers may be materially adversely affected. We are subject to liability under warranty obligations .
Decreases in U.S. defense spending, changes in the allocation of defense spending, or the expiration or termination of certain aerospace and defense programs on which we have content could result in a reduction in our revenues and earnings and could have a material adverse effect on our business, financial condition, and results of operations.
Decreases in U.S. defense spending, changes 14 in the allocation of defense spending, or the expiration or termination of certain aerospace and defense programs on which we have content could result in a reduction in our revenues and earnings and could have a material adverse effect on our business, financial condition, and results of operations.
Government generally has the right to not exercise option periods and may not exercise an option period if the agency is not satisfied with 15 our performance on the contract or does not receive funding to continue the program. U.S. Government procurement may adversely affect our cash flow or program profitability.
Government generally has the right to not exercise option periods and may not exercise an option period if the agency is not satisfied with our performance on the contract or does not receive funding to continue the program. U.S. Government procurement may adversely affect our cash flow or program profitability.
The Price-Anderson Act (“PPA”) promotes the nuclear industry by offering broad indemnification to commercial nuclear power plant operators and U.S. Department of Energy (“DOE”) contractors for liabilities arising out of nuclear incidents at power plants licensed by the Nuclear Regulatory Commission (“NRC”) and at DOE nuclear facilities.
The Price-Anderson Act promotes the nuclear industry by offering broad indemnification to commercial nuclear power plant operators and U.S. Department of Energy (“DOE”) contractors for liabilities arising out of nuclear incidents at power plants licensed by the Nuclear Regulatory Commission (“NRC”) and at DOE nuclear facilities.
Despite our concerted effort to minimize risk to our production capabilities and corporate information systems and to reduce the effect of unforeseen interruptions through insurance or other risk transfer mechanisms, such as our business continuity planning and disaster recovery plans, we could be adversely impacted by terror attacks, war (including the Russia-Ukraine war), natural disasters such as earthquakes, hurricanes, floods, tornadoes, ice storms, climate change-related events, or other events such as strikes by the workforce of a significant customer or supplier (e.g., the International Association of Machinists and Aerospace workers union work stoppage at Boeing).
Despite our concerted effort to minimize risk to our production capabilities and corporate information systems and to reduce the effect of unforeseen interruptions through insurance or other risk transfer mechanisms, such as our business continuity planning and disaster recovery plans, we could be adversely impacted by terror attacks, war (including the Russia-Ukraine war), natural disasters such as earthquakes, hurricanes, floods, tornadoes, ice storms, climate change-related events, or other events such as strikes by the workforce of a significant customer or supplier (e.g., the International Association of Machinists and Aerospace workers union work stoppages at Boeing).
The amount of the fee recovered, if any, is related to the portion of the work accomplished prior to termination and is determined by negotiation. A termination arising out of our default could have a material adverse effect on our ability to compete for future contracts and orders.
The amount of the fee recovered, if any, is related to the portion of the work accomplished prior to termination and is determined by negotiation. 15 A termination arising out of our default could have a material adverse effect on our ability to compete for future contracts and orders.
For example, assumptions must be made regarding the length of time to complete the contract, as costs also include expected increases in wages and prices for materials and allocated fixed costs. Similarly, assumptions must be made regarding the future impact of efficiency initiatives and cost reduction efforts.
For example, assumptions must be made regarding the length of time to complete the contract, as costs also include expected 19 increases in wages and prices for materials and allocated fixed costs. Similarly, assumptions must be made regarding the future impact of efficiency initiatives and cost reduction efforts.
RISKS RELATED TO OUR OPERATIONS Intrusion on our systems could damage our business. We store sensitive data, including intellectual property, proprietary business information, and confidential employee information on our servers and databases. As a result, we are increasingly dependent upon our information systems to operate our business.
RISKS RELATED TO OUR OPERATIONS Intrusion on our systems could damage our business. We store sensitive data, including intellectual property, proprietary business information, and confidential employee information on our servers and databases. As a result, we are increasingly dependent upon our information systems to operate and manage our business.
If the U.S. government increases or implements additional tariffs, or if additional tariffs or trade restrictions are implemented by other countries, the resulting trade barriers could have a significant adverse impact on our suppliers, our customers and on our business.
If the U.S. government increases or implements additional tariffs, or if additional tariffs 21 or trade restrictions are implemented by other countries, the resulting trade barriers could have a significant adverse impact on our suppliers, our customers and on our business.
The United States and other countries have levied tariffs and taxes on certain goods, such as those implemented by the United States and China in recent years. Some of our products are included in these tariffs.
The United States and other countries have levied tariffs and taxes on certain goods, such as those implemented by the United States, Canada, and China in recent years. Some of our products are included in these tariffs.
Department of Treasury, technology transfer restrictions, repatriation of earnings, exchange controls, the Foreign Corrupt Practices Act, the U.K. Anti-Bribery Act, and the anti-boycott provisions of the U.S. Export Administration Act.
Department of Treasury ("OFAC"), technology transfer restrictions, repatriation of earnings, exchange controls, the Foreign Corrupt Practices Act, the U.K. Anti-Bribery Act, and the anti-boycott provisions of the U.S. Export Administration Act.
Furthermore, we are facing increased international competition and cross-border 13 consolidation of competition. If consolidation of our competition continues to occur, we would expect the competitive pressures we face to increase.
Furthermore, we are facing increased international competition and cross-border consolidation of competition. If consolidation of our competition continues to occur, we would expect the competitive pressures we face to increase.
From time to time, the FAA or equivalent regulatory agencies in other countries propose new regulations or changes to existing regulations, which are usually more stringent than existing regulations.
In addition, from time to time, the FAA or equivalent regulatory agencies in other countries propose new regulations or changes to existing regulations, which are usually more stringent than existing regulations.
We are required to contribute to the costs of the investigation and remediation and to establish reserves in our financial statements for future costs deemed probable and estimable.
We are required to contribute to the costs of the investigation and 17 remediation and to establish reserves in our financial statements for future costs deemed probable and estimable.
Government military spending, each of which could cause the Department of Defense budget to remain unchanged or to decline. Generally, an increase in the level of concern over the country’s safety tends to increase defense budgets. However, we cannot provide assurance that an increase in defense spending would benefit our business. At other times, spending by the military can decrease.
Government military spending, each of which could cause the DoW budget to remain unchanged or to decline. Generally, an increase in the level of concern over the country’s safety tends to increase defense budgets. However, we cannot provide assurance that an increase in defense spending would benefit our business. At other times, spending by the military can decrease.
As of December 31, 2024, we had approximately $1.0 billion of debt outstanding. Our level of debt and debt servicing costs associated with that indebtedness, in part because of increases in interest rates on variable rate indebtedness under our revolving credit facility, could have significant consequences for our business.
As of December 31, 2025, we had approximately $1.0 billion of debt outstanding. Our level of debt and debt servicing costs associated with that indebtedness, in part because of increases in interest rates on variable rate indebtedness under our revolving credit facility, could have significant consequences for our business.
In addition, certain of our customers and suppliers could be affected directly by an economic downturn and could face credit issues or cash flow problems that could give rise to payment delays, increased credit risk, bankruptcies, and other financial hardships, which could impact customer demand for our products as well as our ability to manage normal commercial relationships with our customers and suppliers.
In addition, certain of our customers and suppliers could be affected directly by an economic downturn and could face credit issues or cash flow problems that could give rise to payment delays, increased credit risk, bankruptcies, and other financial har dships, which could impact customer demand for our products as well as our ability to manage normal commercial relationships with our customers and suppliers.
RISKS RELATED TO FINANCIAL MATTERS Political and economic changes in foreign countries and markets, including foreign currency fluctuations, may have a material effect on our operating results. During 2024, approximat e ly 27% of ou r total net sales were to customers outside of the United States. Additionally, we also have operating facilities located in foreign countries.
RISKS RELATED TO FINANCIAL MATTERS 18 Political and economic changes in foreign countries and markets, including foreign currency fluctuations, may have a material effect on our operating results. During 2025, approximat e ly 27% of ou r total net sales were to customers outside of the United States. Additionally, we also have operating facilities located in foreign countries.
A downturn in the aircraft market could adversely affect our business. 14 Our sales to large commercial aircraft manufacturers, such as Boeing, Airbus, and related OEM suppliers, as well as manufacturers of business jets, are cyclical in nature, and can be adversely affected by a number of factors, including current and future passenger traffic levels, increasing fuel and labor costs, environmental concerns (inclusive of climate change), intense price competition, high interest rates, the retirement of older aircraft, regulatory changes, outbreak of infectious disease such as COVID-19, terrorist attacks, labor strikes such as the International Association of Machinists and Aerospace workers union work stoppage at Boeing, geopolitical events, conflicts and wars (including the Russia-Ukraine war), general economic conditions (including cost inflation), worldwide airline profits, and backlog levels, all of which can be unpredictable and are outside our control.
Our sales to large commercial aircraft manufacturers, such as Boeing, Airbus, and related OEM suppliers, as well as manufacturers of business jets, are cyclical in nature, and can be adversely affected by a number of factors, including current and future passenger traffic levels, increasing fuel and labor costs, environmental concerns (inclusive of climate change), intense price competition, high interest rates, the retirement of older aircraft, regulatory changes, outbreak of infectious disease such as COVID-19, terrorist attacks, labor strikes such as the International Association of Machinists and Aerospace workers union work stoppages at Boeing, geopolitical events, conflicts and wars (including the Russia-Ukraine war), general economic conditions (including cost inflation), worldwide airline profits, and backlog levels, all of which can be unpredictable and are outside of our control.
Department of State, the Department of Energy, and the Department of Commerce regarding certain violations of U.S. export control laws and regulations discovered by us in the course of our business activities, employee training, or internal reviews and audits.
Department of State, the Department of Energy, the Department of Commerce, and the Department of Treasury regarding certain violations of U.S. export control laws and regulations and OFAC sanctions discovered by us in the course of our business activities, employee training, or internal reviews and audits.
In addition, if such indemnification authority is not applicable in the future, for instance, our business could be adversely affected if the owners and operators of nuclear power plants fail to retain our services in the absence of commercially adequate insurance and indemnification. We offer similar services in other jurisdictions outside the U.S.
In addition, if such indemnification authority is not applicable in the future, for instance, our business could be adversely affected if the owners and operators of nuclear power plants fail to retain our services in the absence of commercially adequate insurance and indemnification. We offer similar services in other jurisdictions outside the United States.
RISKS RELATED TO MARKET CONDITIONS A substantial portion of our revenues and earnings depends upon the continued willingness of the U.S. Government and other customers in the defense industry to buy our products and services. In 2024, approximately 48% of our total net sales were derived from or related to U.S. defense programs.
RISKS RELATED TO MARKET CONDITIONS A substantial portion of our revenues and earnings depends upon the continued willingness of the U.S. Government and other customers in the defense industry to buy our products and services. In 2025, approximately 47% of our total net sales were derived from or related to U.S. defense programs.
See “Critical Accounting Estimates and Policies” in Part II, Item 7 of this Form 10-K. 19 Our future financial results could be adversely impacted by asset impairment charges. As of December 31, 2024, we had goodwill and other intangible assets, net of accumulated amortization, of approximately $2.3 billion, which represented approximately 46% of our total assets.
See “Critical Accounting Estimates and Policies” in Part II, Item 7 of this Form 10-K. Our future financial results could be adversely impacted by asset impairment charges. As of December 31, 2025, we had goodwill and other intangible assets, net of accumulated amortization, of approximately $2.2 billion, which represented approximately 43% of our total assets.
In addition, there can be no assurance that the market for our products will develop or continue to expand or that we will be successful in newly identified markets as we currently anticipate. We operate in highly competitive markets.
In addition, there can be no assurance that the market for our products will develop or continue to expand or that we will be successful in 13 newly identified markets as we currently anticipate.
Furthermore, as companies and employees become accustomed to working remotely, there is a risk that business travel and the associated flight hours may not fully reach pre-pandemic levels. Any decrease in demand resulting from a downturn in the aerospace market could adversely affect our business, financial condition, and results of operations.
Furthermore, as companies and employees become accustomed to working remotely, there is a risk that business travel and the associated flight hours may be impacted. Any decrease in demand resulting from a downturn in the aerospace market could adversely affect our business, financial condition, and results of operations.
We must comply with and are affected by laws and regulations relating to the award, administration, and performance of U.S. Government contracts. Government contract laws and regulations affect how we do business with our customers and, in some instances, impose added costs on our business.
We must comply with and are affected by laws and regulations relating to the award, administration, and performance of U.S. Government contracts, which in some instances, impose added costs on our business.
Changes in key economic indicators can change the assumptions. The most significant year-end assumptions used to estimate pension or other postretirement benefit expense for the following year are the discount rate, the expected long-term rate of return on plan assets, expected future medical cost inflation, and expected compensation increases.
The most significant year-end assumptions used to estimate pension or other postretirement benefit expense for the following year are the discount rate, the expected long-term rate of return on plan assets, expected future medical cost inflation, and expected compensation increases.
Nonperformance or underperformance by subcontractors and suppliers could materially impact our ability to perform obligations to our customers, which could result in a customer terminating our contract for default, expose us to liability, and substantially impair our ability to compete for future contracts and orders.
Nonperformance or underperformance by subcontractors and suppliers could materially impact our ability to perform obligations to our customers, which could result in a customer terminating our contract for default, expose us to liability, and substantially impair our ability to compete for future contracts and orders. Our business involves risks associated with complex manufacturing processes.
This could delay or result in the loss of contracts for the procurement of our products and services, and we may be asked or required to continue to perform for some period of time on certain of our U.S. government contracts, even if the U.S. government is unable to make timely payments.
Failure by Congress to further suspend or increase the debt ceiling could delay or result in the loss of contracts for the procurement of our products and services, and we may be asked or required to continue to perform for some period of time on certain of our U.S. government contracts, even if the U.S. government is unable to make timely payments.
Any significant disruption in the commercial nuclear power industry could adversely affect our business . Market demand for, and our ability to supply products and services to the commercial nuclear industry is dependent on the continued operation of nuclear power plants globally and, to a lesser extent, on the construction of new nuclear power plants.
Market demand for, and our ability to supply products and services to the commercial nuclear industry is dependent on the continued operation of nuclear power plants globally and, to a lesser extent, on the construction of new nuclear power plants.
Our businesses depend on suppliers and subcontractors for raw materials and components. At times subcontractors perform services that we provide to our customers.
Our businesses depend on suppliers and subcontractors for raw materials and components, as well as services that we provide to our customers.
Potential product liability risks exist from the products that we sell. We may be exposed to liabilities for personal injury, death, or property damage due to the failure of a product that we have sold.
We may be exposed to liabilities for personal injury, death, or property damage due to the failure of a product that we have sold.
As such, substantially all amounts in backlog are funded. Backlog excludes unexercised contract options and potential orders under ordering type contracts (e.g. Indefinite Delivery / Indefinite Quantity). Backlog is adjusted for changes in foreign exchange rates and is reduced for contract cancellations and terminations in the period in which they occur. Backlog as of December 31, 2024 was $3.4 billion.
Backlog excludes unexercised contract options and potential orders under ordering type contracts (e.g. Indefinite Delivery / Indefinite Quantity). Further, it is adjusted for changes in foreign exchange rates and is reduced for contract cancellations and terminations in the period in which they occur. Backlog as of December 31, 2025 was approximately $4.1 billion.
These fines and penalties could be imposed for example, by failing to follow procurement integrity and bidding rules, employing improper billing practices or otherwise failing to follow cost accounting standards, receiving or paying kickbacks, or filing false claims. We have been, and expect to continue to be, subjected to audits, reviews, and investigations by government agencies.
These fines and penalties could be imposed, for example, by failing to follow procurement integrity and bidding rules, employing improper billing practices or otherwise failing to follow cost accounting standards, receiving or paying kickbacks, or filing false claims.
In addition, while our existing disaster recovery and business continuity plans, including those relating to our information technology systems are well designed, they may not be fully responsive to, or minimize losses associated with, catastrophic events. As a result, any business disruption could negatively affect our business, operating results, or financial condition.
In addition, while our existing disaster recovery and business continuity plans, including those relating to our information technology systems are well designed, they may not be fully responsive to, or minimize losses associated with, catastrophic events.
While we carry cyber insurance, we still may be required to expend significant capital and resources to protect against, remediate, or alleviate problems caused by such intrusions.
However, it is possible that we may not be able to prevent all intrusions. While we carry cyber insurance, we still may be required to expend significant capital and resources to protect against, remediate, or alleviate problems caused by such intrusions.
Our supply chain has been and may continue to be impacted by a wide variety of factors, including labor and material shortages as well as geopolitical events, such as the Russia-Ukraine war, and China’s relationship with the United States and Taiwan.
Our supply chain has been and may continue to be impacted by a wide variety of factors, including supplier capacity constraints, sanctions and trade restrictions and other governmental regulatory actions or inactions, labor and material shortages as well as tariffs and other geopolitical events, such as the Russia-Ukraine war and China’s relationship with the United States and Taiwan.
Because we strive to limit the volume of raw materials and component parts on hand, our business could be adversely affected if we were unable to obtain these raw materials and components from our suppliers in the quantities that we require. We also depend on subcontractors and suppliers to meet their contractual obligations in full compliance with customer requirements.
Because we strive to limit the volume of raw materials and component parts on hand, our business could be adversely affected if we were unable to obtain these raw materials and components from our suppliers in the quantities that we require.
In December 2022, the European Union (EU) member states reached an agreement to implement the 15% minimum corporate tax component (Pillar Two) of the OECD’s tax reform initiative with certain aspects effective January 1, 2024, and other aspects effective January 1, 2025. Legislative changes to address Pillar Two are being adopted by taxing authorities in countries where we do business.
In December 2022, the European Union ("EU") member states reached an agreement to implement the 15% minimum corporate tax component ("Pillar Two") of the OECD’s tax reform initiative with certain aspects effective January 1, 2024, and other aspects effective January 1, 2025.
Pandemics, epidemics or other public health emergencies, such as the outbreak of COVID-19 may adversely impact our business, operations, and financial results.
As a result, any business disruption could negatively affect our business, operating results, or financial condition. 22 Pandemics, epidemics or other public health emergencies, such as the outbreak of COVID-19 may adversely impact our business, operations, and financial results.
Moreover, the competitive nature of our businesses requires us to continuously implement process changes intended to achieve product improvements and manufacturing efficiencies. These process changes may at times result in production delays, quality concerns, and increased costs. Any disruption of operations at our facilities due to equipment failures or process interruptions could have a material adverse effect on our business.
These process changes may at times result 12 in production delays, quality concerns, and increased costs. Any disruption of operations at our facilities due to equipment failures or process interruptions could have a material adverse effect on our business.
However, it is possible that we may not be able to prevent all intrusions. Such intrusions could result in our network security or computer systems being compromised and possibly result in the misappropriation or corruption of sensitive information, including intellectual property, or cause disruptions in our services.
Such intrusions could result in our network security or computer systems being compromised and possibly result in the misappropriation or corruption of sensitive information, including intellectual property, or cause disruptions in our services.
In addition, because we do not carry “stop loss” insurance, a significant increase in the number of claims that we must cover under our self-insurance retainage could adversely affect our profitability. Increasing costs of certain employee and retiree benefits could adversely affect our financial position, results of operations, or cash flows.
In addition, because we do not carry “stop loss” insurance, a significant increase in the number of claims that we must cover under our self-insurance retainage could adversely affect our profitability.
We have evaluated the impact of the IRA on our business and deem it to be immaterial. Further, changes in the tax laws of foreign jurisdictions where we operate could arise as a result of the base erosion and profit shifting project undertaken by the Organization for Economic Co-operation and Development (OECD).
There was no material impact to the Corporation's 2025 effective tax rate. Further, changes in the tax laws of foreign jurisdictions where we operate could arise as a result of the base erosion and profit shifting project undertaken by the Organization for Economic Co-operation and Development ("OECD").
The outcome of litigation, particularly class action lawsuits and regulatory actions, is difficult to assess or quantify, as plaintiffs may seek recovery of very large or indeterminate amounts in these types of lawsuits, and the magnitude of the potential loss may remain unknown for substantial periods of time.
Due to the inherent uncertainties of litigation, the ultimate outcome is difficult to assess or quantify, as plaintiffs may seek recovery of very large or indeterminate amounts in these types of lawsuits, including punitive damages, civil penalties, consequential damages or other losses, or injunctive or declaratory relief, and the magnitude of the potential loss may remain unknown for substantial periods of time.
Our backlog is subject to reduction and cancellation, which could negatively impact our revenues and results of operations. Backlog represents products or services that our customers have contractually committed to purchase from us.
Our backlog is subject to reduction and cancellation, which could negatively impact our revenues and results of operations. Backlog represents products or services that our customers have contractually committed to purchase from us. As we are a subcontractor to prime contractors for the vast majority of our government business, substantially all amounts in backlog are funded.
These actions and proceedings may involve claims for, among other things, compensation for alleged personal injury, workers’ compensation, employment discrimination, or breach of contract. We also may be subject to class action lawsuits, such as those involving allegations of violations of the Fair Labor Standards Act and state wage and hour laws.
We also may be subject to class action lawsuits, such as those involving allegations of violations of the Fair Labor Standards Act and state wage and hour laws.
Our business involves risks associated with complex manufacturing processes. Our manufacturing processes depend on certain sophisticated and high-value equipment. Unexpected failures of this equipment may result in production delays, revenue loss, and significant repair costs. In addition, equipment failures could result in injuries to our employees.
Our manufacturing processes depend on certain sophisticated and high-value equipment. Unexpected failures of this equipment may result in production delays, revenue loss, and significant repair costs. In addition, equipment failures could result in injuries to our employees. Moreover, the competitive nature of our businesses requires us to continuously implement process changes intended to achieve product improvements and manufacturing efficiencies.
RISKS RELATED TO OUR STRATEGY Implementing our acquisition strategy involves risks, and our failure to successfully implement this strategy could have a material adverse effect on our business. As part of our capital allocation strategy, we aim to grow our business by selectively pursuing acquisitions and technologies that supplement our organic growth.
RISKS RELATED TO OUR STRATEGY Implementing our acquisition strategy involves risks, and our failure to successfully implement this strategy could have a material adverse effect on our business.
The failure to comply with the terms of our government contracts could harm our business reputation. It could also result in our progress payments being withheld. In some instances, these laws and regulations impose terms or rights that are more favorable to the government than those typically available to commercial parties in negotiated transactions. For example, the U.S.
In some instances, these laws and regulations impose terms or rights that are more favorable to the government than those typically available to commercial parties in negotiated transactions. For example, the U.S. Government may terminate any of our government contracts and, in general, subcontracts, at its convenience as well as for default based on performance.
Additionally, we have incurred, and expect to continue to incur, additional costs to comply with increased cybersecurity protections for our customers, including the U.S. government.
Additionally, we have incurred, and expect to continue to incur, additional costs to comply with increased cybersecurity protections and information control requirements for our customers, including the U.S. government. A failure to comply with these requirements could negatively impact our business and financial condition. Potential product liability risks exist from the products that we sell.
Our earnings may be positively or negatively impacted by the amount of income or expense we record for our pension and other postretirement benefit plans. U.S. GAAP requires that we calculate income or expense for the plans using actuarial valuations. These valuations reflect assumptions relating to financial markets and other economic conditions.
GAAP requires that we calculate income or expense for the plans using actuarial valuations. These valuations reflect assumptions relating to financial markets and other economic conditions. Changes in key economic indicators can change the assumptions.
Moreover, any insurance or indemnification rights that we may have may be insufficient or unavailable to protect us against such losses. The ultimate resolution of these matters through settlement, mediation, or court judgment could have a material impact on our financial condition, results of operations, and cash flows.
The ultimate resolution of these matters through settlement, mediation, or court judgment could have a material impact on our financial condition, results of operations, and cash flows. Our business, financial condition, and results of operations could be materially adversely affected by climate change regulations.
Our future success will depend, in part, on our ability to develop new technologies. Virtually all products produced and sold by us are highly engineered and require sophisticated manufacturing and system-integration techniques and capabilities. The commercial and government markets in which we operate are characterized by rapidly changing technologies.
Our future success will depend, in part, on our ability to develop new technologies. The commercial and government markets in which we operate are characterized by rapidly changing technologies. In addition, product and program needs of our government and commercial customers change and evolve regularly.
These regulations and other requirements regularly evolve, and new laws, regulations or procurement requirements or changes to current ones could significantly increase our costs and risks and reduce our profitability. A violation of specific laws and regulations could also result in the imposition of fines and penalties, the termination of our contracts, or debarment from bidding on contracts.
A violation of specific laws and regulations could also result in the imposition of fines and penalties, the termination of our contracts, debarment from bidding on contracts, harm to our business reputation, or result in our progress payments being withheld.
In addition, plaintiffs in many types of actions may seek punitive damages, civil penalties, consequential damages or other losses, or injunctive or declaratory relief. These proceedings could result in substantial cost and may require us to devote substantial resources to defend ourselves and distract our management from the operation of our business.
These proceedings could also result in substantial cost to defend ourselves and may require us to devote substantial employee resources, which could distract our management from the operation of our business. Moreover, any insurance or indemnification rights that we may have may be insufficient or unavailable to protect us against such losses.
We are continuing to actively pursue additional acquisition opportunities, some of which may be material to our business and financial performance.
As part of our capital allocation strategy, we aim to grow our business by selectively pursuing acquisitions and technologies that supplement our organic growth, some of which may be material to our business and financial performance.
Removed
In addition, product and program needs of our government and commercial customers change and evolve regularly.
Added
We also depend on subcontractors and suppliers to meet their contractual obligations in full compliance with customer requirements.
Removed
U.S. lawmakers on several occasions have passed legislation to raise the federal debt ceiling, including the suspension to the federal debt ceiling in June 2023, which allowed the U.S. government to cover its debt obligations until January 1, 2025. Because Congress failed to further suspend or increase the debt ceiling, the debt ceiling was reinstated on January 1, 2025.
Added
Furthermore, while we do not currently use artificial intelligence (“AI”) in the design and development of our products, we may seek to utilize AI in the future. The development, deployment, and integration of AI technologies presents risks, challenges, and potential unintended consequences that could affect our business.
Removed
The U.S. Department of the Treasury has announced that, since then, it has been using extraordinary measures to prevent the U.S. government’s default on its payment obligations, and to extend the time that the U.S. government has to raise its statutory debt limit, reinstate a suspension or otherwise resolve its funding situation.
Added
Given that laws and regulations around AI are continuously evolving, our obligation to comply with them could entail significant costs, negatively affect our business, or hinder our ability to incorporate certain AI capabilities into our operations and products. We operate in highly competitive markets.
Removed
If extraordinary measures are exhausted prior to legislation being enacted to resolve the funding situation, the U.S. government may not be able to fulfill its funding obligations.
Added
U.S. lawmakers on several occasions have passed legislation to raise the federal debt ceiling, the most recent of which was through the passage on July 4, 2025 of the One Big Beautiful Bill Act ("OBBBA"), which raised the federal debt ceiling by $5 trillion.
Removed
Total backlog includes both funded (unfilled orders for which funding is authorized, appropriated, and contractually obligated by the customer) and unfunded backlog (firm orders for which funding has not been appropriated and/or contractually obligated by the customer). We are a subcontractor to prime contractors for the vast majority of our government business.
Added
A downturn in the commercial aircraft market could adversely affect our business.
Removed
Government may terminate any of our government contracts and, in general, subcontracts, at its convenience as well as for default based on performance.
Added
These regulations and other requirements regularly evolve, and new laws, regulations or procurement requirements or changes to current ones could further significantly increase our costs and risks and reduce our profitability. We have been, and expect to continue to be, subjected to audits, reviews, and investigation by government agencies.

… 16 more changes not shown on this page.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

11 edited+0 added−0 removed7 unchanged
Biggest changeThe CIO plays a pivotal role in informing the Audit Committee, as well as our CEO and other members of our senior management team, including our Chief Financial Officer (CFO), COO, and General Counsel, on cybersecurity risks.
Biggest changeIf a third-party vendor is not able to provide a SOC 1 or SOC 2 report, we take additional steps to assess their cybersecurity preparedness and assess our relationship on that basis. 23 The CDIO plays a pivotal role in informing the Audit Committee, as well as our CEO and other members of our senior management team, including our Chief Financial Officer ("CFO"), COO, and General Counsel, on cybersecurity risks.
Monitoring of all IT assets, resources, and data 24-hours per day, 7-days per week, 365-days per year by security operations center (SOC). c. Performing annual testing of the Company’s incident response plan and cybersecurity posture by a third party. d.
Monitoring of all IT assets, resources, and data 24-hours per day, 7-days per week, 365-days per year by security operations center. c. Performing annual testing of the Company’s incident response plan and cybersecurity posture by a third party. d.
The CIO provides comprehensive briefings to the Audit Committee on a periodic basis, which the CEO and other members of our senior management team attend. This report includes discussions of rapidly evolving cybersecurity threats, cybersecurity incidents, cybersecurity technologies and solutions deployed, major cybersecurity risk areas, and policies and procedures to address those risks and cybersecurity incidents.
The CDIO provides comprehensive briefings to the Audit Committee on a periodic basis, which the CEO and other members of our senior management team attend. This report includes discussions of rapidly evolving cybersecurity threats, cybersecurity incidents, cybersecurity technologies and solutions deployed, major cybersecurity risk areas, and policies and procedures to address those risks and cybersecurity incidents.
The VP of Risk works closely with the CIO and his information technology security team to continuously evaluate and address cybersecurity risks in alignment with our business objectives and operational needs. This integration ensures that cybersecurity considerations are an integral part of our decision-making processes at every level.
The VP of Risk works closely with the CDIO and his information technology security team to continuously evaluate and address cybersecurity risks in alignment with our business objectives and operational needs. This integration ensures that cybersecurity considerations are an integral part of our decision-making processes at every level.
The report also includes third-party assessments of our cybersecurity program, which are conducted regularly. The CIO also informs the CEO and other members of our senior management team on a more informal basis of all aspects related to cybersecurity risks and incidents.
The report also includes third-party assessments of our cybersecurity program, which are conducted regularly. The CDIO also informs the CEO and other members of our senior management team on a more informal basis of all aspects related to cybersecurity risks and incidents.
The CIO continually assesses industry best practices, frameworks, and standards, and leverages them to advance our cybersecurity program. This ongoing knowledge acquisition is crucial for the effective prevention, detection, mitigation, and remediation of cybersecurity incidents.
The CDIO continually assesses industry best practices, frameworks, and standards, and leverages them to advance our cybersecurity program. This ongoing knowledge acquisition is crucial for the effective prevention, detection, mitigation, and remediation of cybersecurity incidents.
The Audit Committee of the Board, acting through its written charter, serves as the principal agent of the Board in fulfilling its oversight and review of the Company’s policies and procedures with respect to cybersecurity risk assessment and risk management. The Company’s Chief Information Officer (CIO) leads the Company’s cybersecurity risk assessment and risk management program.
The Audit Committee of the Board, acting through its written charter, serves as the principal agent of the Board in fulfilling its oversight and review of the Company’s policies and procedures with respect to cybersecurity risk assessment and risk management. The Company’s Chief Digital and Information Officer ("CDIO") leads the Company’s cybersecurity risk assessment and risk management program.
Incorporating external expertise to manage the SOC, perform penetration tests, cyber-attack simulation exercises, and log management to review anomalies indicating a possible breach. e. Maintaining a business continuity program and cyber insurance. f. Performing periodic employee simulated phishing campaigns. g. Conducting annual cybersecurity and insider threat training for all employees.
Incorporating external expertise to manage the security operations center, perform penetration tests, cyber-attack simulation exercises, and log management to review anomalies indicating a possible breach. e. Maintaining a business continuity program and cyber insurance. f. Performing periodic employee simulated phishing campaigns. g. Conducting annual cybersecurity and insider threat training for all employees.
Our CIO, with over 25 years of experience leading cybersecurity 22 oversight, brings a wealth of expertise and in-depth knowledge that is instrumental in developing and executing our cybersecurity program. Our cybersecurity program is fully integrated into the Company’s overall enterprise risk management program.
Our CDIO, with over 25 years of experience leading cybersecurity oversight, brings a wealth of expertise and in-depth knowledge that is instrumental in developing and executing our cybersecurity program. Our cybersecurity program is fully integrated into the Company’s overall enterprise risk management program.
In 2024, the Company achieved its primary cybersecurity risk management objective of no material cybersecurity incidents.
In 2025, the Company achieved its primary cybersecurity risk management objective of no material cybersecurity incidents.
The internal business owners of the hosted applications are required to provide a System and Organization Controls (SOC) 1 or SOC 2 report. If a third-party vendor is not able to provide a SOC 1 or SOC 2 report, we take additional steps to assess their cybersecurity preparedness and assess our relationship on that basis.
The internal business owners of the hosted applications are required to provide a System and Organization Controls ("SOC") 1 or SOC 2 report.

Item 2. Properties

Properties — owned and leased real estate

3 edited+0 added−0 removed1 unchanged
Biggest changeThe number and type of facilities utilized by each of our reportable segments are summarized below: Owned Facilities Location Aerospace & Industrial Defense Electronics Naval & Power Total North America 7 1 5 13 Europe 9 — — 9 Total 16 1 5 22 Leased Facilities Location Aerospace & Industrial Defense Electronics Naval & Power Total North America 42 16 26 84 Europe 13 4 9 26 Asia 10 — 2 12 Total 65 20 37 122 The buildings on the properties referred to in this Item are well maintained, in good condition, and are suitable and adequate for current needs.
Biggest changeThe number and type of facilities utilized by each of our reportable segments are summarized below: Owned Facilities Location Aerospace & Industrial Defense Electronics Naval & Power Total North America 7 1 5 13 Europe 9 — — 9 Total 16 1 5 22 Leased Facilities Location Aerospace & Industrial Defense Electronics Naval & Power Total North America 41 16 25 82 Europe 14 4 8 26 Asia 10 — 2 12 Total 65 20 35 120 The buildings on the properties referred to in this Item are well maintained, in good condition, and are suitable and adequate for current needs.
Item 2. Properties. Our corporate headquarters is located at a leased facility in Davidson, North Carolina. As of December 31, 2024, we had 148 facilities worldwide, consisting of 144 facilities associated with our reportable segments as well as four corporate and shared-services facilities.
Item 2. Properties. Our corporate headquarters is located at a leased facility in Davidson, North Carolina. As of December 31, 2025, we had 146 facilities worldwide, consisting of 142 facilities associated with our reportable segments as well as four corporate and shared-services facilities.
Approximately 86% of our facilities operate as manufacturing and engineering, metal treatment, or aerospace 23 overhaul plants, while the remaining 14% operate as selling and administrative office facilities.
Approximately 84% of our facilities operate as manufacturing and engineering, or metal treatment plants, while the remaining 16% operate as selling and administrative office facilities.

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

3 edited+0 added−0 removed3 unchanged
Biggest changeAlthough 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, we do not believe that the disposition of any of these matters, individually or in the aggregate, will have a material adverse effect on our consolidated financial condition, results of operations, and cash flows.
Biggest changeAlthough 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, we do not believe that the disposition of any of these matters, individually or in the aggregate, will have a material adverse effect on our consolidated financial condition, results of operations, and cash flows. 24 We have been named in pending lawsuits that allege injury from exposure to asbestos.
We maintain insurance coverage for these potential liabilities and we believe adequate coverage exists to cover any unanticipated asbestos liability. Item 4. Mine Safety Disclosures. Not applicable. 24 PART II
We maintain insurance coverage for these potential liabilities and we believe adequate coverage exists to cover any unanticipated asbestos liability. Item 4. Mine Safety Disclosures. Not applicable. 25 PART II
We have been named in pending lawsuits that allege injury from exposure to asbestos. To date, we have not been found liable or paid any material sum of money in settlement in any asbestos-related case.
To date, we have not been found liable or paid any material sum of money in settlement in any asbestos-related case.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

10 edited+1 added−1 removed2 unchanged
Biggest changeIn December 2024, the Corporation entered into a written trading plan under Rule 10b5-1 of the Exchange Act. The Company implemented this written trading plan in connection with its previously announced share repurchase programs. The trading plan includes purchases in the total amount of $100 million.
Biggest changeThe Company implemented these written trading plans in connection with its previously announced share repurchase programs. The first trading plan included purchases in the total amount of $200 million, which took effect on August 11, 2025 and was completed in the third quarter of 2025.
The second trading plan includes potential purchases in the total amount of $100 million. The Company cannot predict when or if it will purchase any shares of common stock as such plan includes a price limit where the Company would not buy shares under the Rule 10b5-1 plan.
The second trading plan includes potential purchases in the total amount of $100 million. The Company cannot predict when or if it will purchase any additional shares of common stock as such plan includes a price limit where the Company would not buy shares under the Rule 10b5-1 plan.
Item 5. Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. MARKET INFORMATION Our common stock is listed and traded on the New York Stock Exchange (NYSE) under the symbol CW. As of January 1, 2025, we had approximately 2,300 registered shareholders of our common stock, $1.00 par value.
Item 5. Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. MARKET INFORMATION Our common stock is listed and traded on the New York Stock Exchange ("NYSE") under the symbol CW. As of January 1, 2026, we had approximately 2,160 registered shareholders of our common stock, $1.00 par value.
Issuer Purchases of Equity Securities 25 The following table provides information about our repurchases of equity securities that are registered by us pursuant to Section 12 of the Securities Exchange Act of 1934, as amended, during the quarter ended December 31, 2024.
Issuer Purchases of Equity Securities 26 The following table provides information about our repurchases of equity securities that are registered by us pursuant to Section 12 of the Securities Exchange Act of 1934, as amended, during the quarter ended December 31, 2025.
The Company implemented these written trading plans in connection with its previously announced share repurchase programs. The first trading plan will include purchases in the total amount of $60 million executed equally over the course of calendar year 2025. This written trading plan will take effect on January 2, 2025 and will cease on December 31, 2025.
The Company implemented these written trading plans in connection with its previously announced share repurchase programs. The first trading plan includes purchases in the total amount of $60 million executed equally over the course of calendar year 2026. This written trading plan takes effect on January 2, 2026 and will cease on December 31, 2026.
This written trading plan will take effect on January 2, 2025 and will cease on December 31, 2025. The terms of the trading plans can be found in the Corporation's Form 8-K filed with the U.S. Securities and Exchange Commission on November 19, 2024.
This written trading plan takes effect on January 2, 2026 and will cease on December 31, 2026. The terms of the trading plans can be found in the Corporation's Form 8-K filed with the U.S. Securities and Exchange Commission on November 21, 2025.
DIVIDENDS During 2024 and 2023, the Company paid quarterly dividends as follows: 2024 2023 Common Stock First Quarter $ 0.20 $ 0.19 Second Quarter 0.21 0.20 Third Quarter 0.21 0.20 Fourth Quarter 0.21 0.20 SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS The following table sets forth information regarding our equity compensation plans as of December 31, 2024, the end of our most recently completed fiscal year: Plan category Number of securities to be issued under equity compensation plans Weighted-average fair value of outstanding equity-based awards Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in the first column) Equity compensation plans approved by security holders 280,175 (a) $189.80 1,449,505 (b) Equity compensation plans not approved by security holders None Not applicable Not applicable (a) Consists of 251,273 shares issuable upon vesting of performance share units, restricted shares, restricted stock units, and shares to non-employee directors under the 2024 Omnibus Incentive Plan, and 28,902 shares issuable under the Employee Stock Purchase Plan.
DIVIDENDS During 2025 and 2024, the Company paid quarterly dividends as follows: 2025 2024 Common Stock First Quarter $ 0.21 $ 0.20 Second Quarter 0.24 0.21 Third Quarter 0.24 0.21 Fourth Quarter 0.24 0.21 SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS The following table sets forth information regarding our equity compensation plans as of December 31, 2025, the end of our most recently completed fiscal year: Plan category Number of securities to be issued under equity compensation plans Weighted-average fair value of outstanding equity-based awards Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in the first column) Equity compensation plans approved by security holders 243,641 (a) $236.10 1,328,041 (b) Equity compensation plans not approved by security holders None Not applicable Not applicable (a) Consists of 223,977 shares issuable upon vesting of performance share units, restricted shares, restricted stock units, and shares to non-employee directors under the 2024 Omnibus Incentive Plan, and 19,664 shares issuable under the Employee Stock Purchase Plan.
(b) Consists of 990,839 shares available for share-based awards under the 2024 Omnibus Incentive Plan, and 458,666 shares remaining available for issuance under the Employee Stock Purchase Plan.
(b) Consists of 904,870 shares available for share-based awards under the 2024 Omnibus Incentive Plan, and 423,171 shares remaining available for issuance under the Employee Stock Purchase Plan.
The graph assumes an investment of $100 on December 31, 2019 and the reinvestment of all dividends paid during the following five fiscal years. 26 Company / Index 2019 2020 2021 2022 2023 2024 Curtiss-Wright Corp 100 83.17 99.69 120.65 161.65 258.20 S&P MidCap 400 Index 100 113.66 141.80 123.28 143.54 163.54 S&P A&D Select Industry Index 100 106.45 109.35 104.16 129.25 159.71 Item 6. [Reserved]
The graph assumes an investment of $100 on December 31, 2020 and the reinvestment of all dividends paid during the following five fiscal years. 27 Company / Index 2020 2021 2022 2023 2024 2025 Curtiss-Wright Corp 100 119.86 145.07 194.36 310.45 483.25 S&P MidCap 400 Index 100 124.76 108.47 126.29 143.89 154.68 S&P A&D Select Industry Index 100 102.72 97.85 121.41 150.03 220.22 Item 6. [Reserved]
Total Number of shares purchased Average Price Paid per Share Total Number of Shares Purchased as Part of a Publicly Announced Program Maximum Dollar amount of shares that may yet be Purchased Under the Program October 1 – October 31 13,190 $347.85 468,554 $7,971,787 November 1 – November 30 10,789 $369.67 479,343 163,983,389 December 1 – December 31 286,728 $362.16 766,071 160,140,894 For the quarter ended December 31 310,707 $361.82 766,071 $160,140,894 In November 2024, the Corporation entered into two written trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
Total Number of shares purchased Average Price Paid per Share Total Number of Shares Purchased as Part of a Publicly Announced Program Maximum Dollar amount of shares that may yet be Purchased Under the Program October 1 – October 31 232,557 $560.52 916,216 $104,676,322 November 1 – November 30 8,012 $562.44 924,228 260,170,029 December 1 – December 31 9,447 $552.27 933,675 254,952,689 For the quarter ended December 31 250,016 $560.27 933,675 $254,952,689 During the third quarter of 2025, the Corporation entered into two written trading plans under Rule 10b5-1 of the Exchange Act.
Removed
The number of shares of Company common stock to be purchased on any purchase day will be up to the maximum daily target volume allowable under Rule 10b-18 of the Exchange Act. The Corporation completed the entire $100 million of repurchases under this trading plan prior to December 31, 2024.
Added
The second trading plan included purchases in the total amount of $200 million, which took effect on September 10, 2025 and was completed in the fourth quarter of 2025. In November 2025, the Corporation entered into two written trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

109 edited+30 added−31 removed53 unchanged
Biggest changeYear Ended December 31, Percent change (In thousands, except percentages) 2024 2023 2024 vs. 2023 Sales: Aerospace & Industrial $ 932,133 $ 887,228 5 % Defense Electronics 910,706 815,912 12 % Naval & Power 1,278,350 1,142,233 12 % Total sales $ 3,121,189 $ 2,845,373 10 % Operating income: Aerospace & Industrial $ 148,023 $ 145,278 2 % Defense Electronics 224,739 191,775 17 % Naval & Power 199,663 189,227 6 % Corporate and eliminations (43,828) (41,678) (5) % Total operating income $ 528,597 $ 484,602 9 % Interest expense 44,869 51,393 13 % Other income, net 38,328 29,861 28 % Earnings before income taxes 522,056 463,070 13 % Provision for income taxes (117,078) (108,561) (8) % Net earnings $ 404,978 $ 354,509 14 % New orders $ 3,696,442 $ 3,090,029 20 % Backlog $ 3,447,293 $ 2,873,243 20 % 32 Components of sales and operating income growth (decrease): 2024 vs. 2023 Sales Operating Income Organic 9 % 12 % Acquisitions — % — % Restructuring — % (3) % Foreign currency 1 % — % Total 10 % 9 % Sales for the year increased $276 million, or 10%, to $3,121 million, compared with the prior year period.
Biggest changeYear Ended December 31, Percent change (In thousands, except percentages) 2025 2024 2025 vs. 2024 Sales: Aerospace & Industrial $ 976,760 $ 932,133 5 % Defense Electronics 1,018,610 910,706 12 % Naval & Power 1,503,002 1,278,350 18 % Total sales $ 3,498,372 $ 3,121,189 12 % Operating income: Aerospace & Industrial $ 166,166 $ 148,023 12 % Defense Electronics 278,016 224,739 24 % Naval & Power 231,284 199,663 16 % Corporate and eliminations (41,945) (43,828) 4 % Total operating income $ 633,521 $ 528,597 20 % Interest expense 43,148 44,869 4 % Other income, net 29,637 38,328 (23) % Earnings before income taxes 620,010 522,056 19 % Provision for income taxes (135,782) (117,078) (16) % Net earnings $ 484,228 $ 404,978 20 % New orders $ 4,053,668 $ 3,696,442 10 % Backlog $ 4,076,456 $ 3,447,293 18 % 33 Components of sales and operating income growth (decrease): 2025 vs. 2024 Sales Operating Income Organic 9 % 17 % Acquisitions 3 % — % Restructuring — % 2 % Foreign currency — % 1 % Total 12 % 20 % Sales for the year increased $377 million, or 12%, to $3,498 million, compared with the prior year period.
Our growth opportunities for aftermarket products and services are driven by plant aging, plant closures, requirements for planned outages, plant life extensions (from the end of their original 40-year operating lives to 60-year and now 80-year lives via subsequent license renewals), the levying of regulatory requirements, suppliers abandoning the commercial nuclear market, and plants seeking technology and innovation advances, such as digitalization, that further enable plant modernization.
Our growth opportunities for aftermarket products and services are driven by plant aging, plant closures, plant starts, requirements for planned outages, plant life extensions (from the end of their original 40-year operating lives to 60-year and now 80-year lives via subsequent license renewals), the levying of regulatory requirements, suppliers abandoning the commercial nuclear market, and plants seeking technology and innovation advances, such as digitalization, that further enable plant modernization.
The prolonged production up-cycle experienced in the prior decade was driven by increases in production by Boeing and Airbus on both legacy and new aircraft, particularly narrow-body aircraft. 29 Additionally, sustained low oil prices contributed to declining fuel prices, which in turn led to cheaper airfares for consumers and increased passenger growth.
The prolonged production up-cycle experienced in the prior decade was driven by increases in production by Boeing and Airbus on both legacy and new aircraft, particularly narrow-body aircraft. Additionally, sustained low oil prices contributed to declining fuel prices, which in turn led to cheaper airfares for consumers and increased passenger growth.
Application of an over-time revenue recognition method requires the use of reasonable 39 and dependable estimates of future material, labor, and overhead costs that will be incurred as well as a disciplined cost estimating system in which all functions of the business are integrally involved.
Application of an over-time revenue recognition method requires the use of reasonable and dependable estimates of future material, labor, and overhead costs that will be incurred as well as a disciplined cost estimating system in which all functions of the business are integrally involved.
We also retained the MP-2021 projected mortality scale published in October 2021, with no pandemic adjustments. 40 The overall expected return on assets assumption is based primarily on the expectations of future performance. Expected future performance is determined by weighting the expected returns for each asset class by the plan’s asset allocation.
We also retained the MP-2021 projected mortality scale published in October 2021, with no pandemic adjustments. The overall expected return on assets assumption is based primarily on the expectations of future performance. Expected future performance is determined by weighting the expected returns for each asset class by the plan’s asset allocation.
Overall, we expect the secular trends of electrification and decarbonization, along with tremendous customer backlog, to support a long-term ramp up in commercial aerospace production. Power & Process In the power market, Curtiss-Wright is a global supplier of nuclear reactor technologies.
Overall, we expect the secular trends of electrification and decarbonization, along with tremendous customer backlog, to support a long-term ramp up in commercial aerospace production. Commercial Nuclear Power & Process 30 In the power market, Curtiss-Wright is a global supplier of nuclear reactor technologies.
Contract assets and contract liabilities are reported in the "Receivables, net" and "Deferred revenue" lines, respectively, within the Consolidated Balance Sheet. Inventory Inventory costs include materials, direct labor, purchasing, and manufacturing overhead costs, which are stated at the lower of cost or net realizable value.
Contract assets and contract liabilities are reported in the "Receivables, net" and "Deferred revenue" lines, respectively, within the Consolidated Balance Sheet. 41 Inventory Inventory costs include materials, direct labor, purchasing, and manufacturing overhead costs, which are stated at the lower of cost or net realizable value.
The industry is also benefiting from an influx of investment from major technology companies including Amazon, Microsoft and Google to support electricity production to power data centers.
The nuclear industry is also benefiting from an influx of investment from major technology companies including Amazon, Microsoft and Google to support electricity production to power data centers.
During the years ended December 31, 2024, 2023, and 2022, there were no significant changes in estimated contract costs. 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.
During the years ended December 31, 2025, 2024, and 2023, there were no significant changes in estimated contract costs. 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.
Goodwill We have $1.7 billion in goodwill as of December 31, 2024. Generally, the largest separately identifiable asset from the businesses that we acquire is the value of their assembled workforces, which includes the additional benefit received from management, administrative, marketing, business development, engineering, and technical employees of the acquired businesses.
Goodwill We have $1.7 billion in goodwill as of December 31, 2025. Generally, the largest separately identifiable asset from the businesses that we acquire is the value of their assembled workforces, which includes the additional benefit received from management, administrative, marketing, business development, engineering, and technical employees of the acquired businesses.
We supply our products and services to numerous OEMs and aftermarket industrial customers, including the transportation, commercial trucking, off-road equipment, agriculture, construction, and automotive industries, which lowers the risk associated with any specific headwinds or economic cycles across the various markets in which we compete.
We supply our products and services to numerous OEMs and aftermarket industrial customers, including the transportation, commercial trucking, off-road equipment, agriculture, construction, material handling and automotive industries, which lowers the risk associated with any specific headwinds or economic cycles across the various markets in which we compete.
The comprehensive loss in the current period was primarily attributed to decreases in th e British Pound and Canadian Dollar, while the comprehensive gain in the prior year period was primarily attributed to increases in the British Pound. 33 RESULTS BY BUSINESS SEGMENT Aerospace & Industrial 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 comprehensive gain in the current period was primarily attributed to increases in th e British Pound and Canadian Dollar, while the comprehensive loss in the prior year period was primarily attributed to decreases in the British Pound and Canadian Dollar. 34 RESULTS BY BUSINESS SEGMENT Aerospace & Industrial 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.
While we closely monitor these industry metrics, our success and future growth in the commercial aerospace market is primarily tied to the growth in aircraft production rates (e.g., Boeing 737 and 787, Airbus A320 and A350), the timing of our order placement, and continued partnering with aerospace OEMs on both the current fleet and the next-generation of single aisle programs and engines, as well as emerging opportunities to support more fuel efficient and all-electric aircraft.
While we closely monitor these industry metrics, our success and future growth in the commercial aerospace market is primarily tied to the anticipated growth in aircraft production rates (e.g., Boeing 737 and 787, Airbus A320 and A350), the timing of our order placement, continued partnering with aerospace OEMs on both the current fleet and the next-generation of single aisle programs and engines, and emerging opportunities to support more fuel efficient and all-electric aircraft.
Outside of the U.S. market, as international plants age, we foresee numerous opportunities to help solve operators’ needs to prevent obsolescence through plant safety and technology upgrades, plant life extensions, and upgrades of computer systems, and we continue to build upon our relationships throughout Canada, Europe and South Korea, among others.
Outside of the U.S. market, as international plants age, we foresee numerous opportunities to help solve operators’ needs to prevent obsolescence through plant safety and technology upgrades, plant life extensions, and upgrades of computer systems, and we continue to grow our relationships throughout Canada, Europe, and South Korea, among others.
Defense Electronics Sales in the Defense Electronics segment are primarily to the defense markets and, to a lesser extent, the commercial aerospace market. 34 The following tables summarize sales, operating income and margin, new orders, and backlog within the Defense Electronics segment.
Defense Electronics Sales in the Defense Electronics segment are primarily to the defense markets and, to a lesser extent, the commercial aerospace market. 35 The following tables summarize sales, operating income and margin, new orders, and backlog within the Defense Electronics segment.
RESULTS OF OPERATIONS The following MD&A is intended to help the reader understand the results of operations and financial condition of the Corporation for the year ended December 31, 2024, as compared to the year ended December 31, 2023.
RESULTS OF OPERATIONS The following MD&A is intended to help the reader understand the results of operations and financial condition of the Corporation for the year ended December 31, 2025, as compared to the year ended December 31, 2024.
Increased industry demand for electronic control systems and sensors has been driven by the need for improved operational efficiency, safety, repeatability, reduced emissions, enhanced functionality, and greater fuel efficiencies to customers worldwide. Key to our future growth is expanding the human-machine interface (HMI) technology portfolio and providing a complete system solution to our customers.
Increased industry demand for electronic control systems and sensors has been fueled by the need for improved operational efficiency, safety, repeatability, enhanced functionality and connectivity, and reduced emissions with greater fuel efficiencies to customers worldwide. Key to our future growth is expanding the human-machine interface ("HMI") technology portfolio and providing a complete system solution to our customers.
Contracts that qualify for over-time revenue recognition are generally associated with the design, development, and manufacture of highly engineered industrial products used in commercial and defense applications and generally span between 2-5 years in duration. Revenue recognized on an over-time basis for the year ended December 31, 2024 accounted for approximately 49% of total net sales.
Contracts that qualify for over-time revenue recognition are generally associated with the design, development, and manufacture of highly engineered industrial products used in commercial and defense applications and generally span between 2-5 years in duration. Revenue recognized on an over-time basis for the year ended December 31, 2025 accounted for approximately 51% of total net sales.
We are also a designer and manufacturer of high-technology data acquisition and comprehensive flight test instrumentation systems, as well as critical aircraft arresting systems equipment. In the ground defense market, we are a supplier of advanced tactical communications solutions for battlefield network management, including COTS-based rugged, small form factor communications systems, and integrated network communications management software.
We also design and manufacture high-technology data acquisition and comprehensive flight test instrumentation systems, as well as critical aircraft arresting systems equipment. In the ground defense market, we are a supplier of advanced tactical communications solutions for battlefield network management, including COTS-based rugged, small form factor communications systems and integrated network communications management software.
Based upon the completion of 41 our annual test as of October 31, 2024, we determined that there was no impairment of goodwill and that all reporting units’ estimated fair values were substantially in excess of their carrying amounts.
Based upon the completion of our annual test as of October 31, 2025, we determined that there was no impairment of goodwill and that all reporting units’ estimated fair values were substantially in excess of their carrying amounts.
Debt Compliance As of December 31, 2024, we were in compliance with all debt agreements and credit facility covenants, including our most restrictive covenant, which is our debt to capitalization ratio limit of 60%. As of December 31, 2024, we had the ability to incur total additional indebtedness of $2.5 billion without violating our debt to capitalization covenant.
Debt Compliance As of December 31, 2025, we were in compliance with all debt agreements and credit facility covenants, including our most restrictive covenant, which is our debt to capitalization ratio limit of 60%. As of December 31, 2025, we had the ability to incur total additional indebtedness of $2.7 billion without violating our debt to capitalization covenant.
In the process market, we service the oil and gas, chemical, and petrochemical industries through severe-service pump and valve products, and surface treatment services, in which the majority of our sales are to the downstream markets.
In the process market, we derive revenue from the oil and gas, chemical, and petrochemical industries through severe-service pump and valve products, and surface treatment services, in which the majority of our sales are to the downstream markets.
Revenue recognized at a point-in-time for the year ended December 31, 2024 accounted for approximately 51% of total net sales. Timing of revenue recognition and cash collection may result in billed receivables, unbilled receivables (contract assets), and deferred revenue (contract liabilities) on the Consolidated Balance Sheet.
Revenue recognized at a point-in-time for the year ended December 31, 2025 accounted for approximately 49% of total net sales. Timing of revenue recognition and cash collection may result in billed receivables, unbilled receivables (contract assets), and deferred revenue (contract liabilities) on the Consolidated Balance Sheet.
We also play a significant role in the new build market for the Generation III+ Westinghouse AP1000 reactor design, for which we are a supplier of reactor coolant pumps, as well as a variety of ancillary plant products and services. On a global basis, nuclear plant construction remains active.
In the new build market, we also play a significant role supporting the Westinghouse AP1000 reactor, for which we are a supplier of reactor coolant pumps, as well as a variety of ancillary plant products and services. On a global basis, nuclear plant construction remains active.
Discussion and analysis of our financial condition and results of operations for the year ended December 31, 2023, as compared to the year ended December 31, 2022, is contained in our 2023 Annual Report on Form 10-K, filed with the SEC on February 20, 2024.
Discussion and analysis of our financial condition and results of operations for the year ended December 31, 2024, as compared to the year ended December 31, 2023, is contained in our 2024 Annual Report on Form 10-K, filed with the SEC on February 13, 2025.
As such, future acquisitions, if any, may be funded through the use of our cash and cash equivalents, through additional financing available under the credit agreement, or through new financing alternatives. Financing Activities Debt Issuances and Repayments 37 In February 2023, we repaid $203 million of the 2013 Notes that matured on February 26, 2023.
As such, future acquisitions, if any, may be funded through the use of our cash and cash equivalents, through additional financing available under the credit agreement, or through new financing alternatives. Financing Activities Debt Issuances and Repayments In February 2025, we repaid $90 million of the 2013 Notes that matured on February 26, 2025.
According to the Nuclear Regulatory Commission (NRC), nuclear power comprises approximately 20% of all electric power produced in the U.S. today, with 94 reactors (including both Vogtle 3 and 4 AP1000 reactors) operating across 54 nuclear power plants in 28 states.
According to the NRC, nuclear power comprises approximately 20% of all electric power produced in the U.S. today, with 94 reactors (including both Vogtle 3 and 4 AP1000 reactors) operating across 56 nuclear power plants in 28 states.
Notable products include electronic throttle controls, shift controls, joysticks, power management systems and power electronics, charge switching units and traction inverter systems, driving our ability to provide a full suite of in-cab operator control systems to our customers.
Notable products include electronic throttle controls, shift controls, joysticks, power management systems and power electronics, charge switching units and traction inverter systems, enabling us to provide a full suite of in-cab operator control systems to our customers.
The expected returns are based on long-term capital market assumptions provided by our investment consultants. Based on a review of market trends, actual returns on plan assets, and other factors, the Company’s expected long-term rate of return on plan assets was increased to 7.25% as of December 31, 2024, which will be utilized for determining 2025 pension cost.
The expected returns are based on long-term capital market assumptions provided by our investment consultants. Based on a review of market trends, actual returns on plan assets, and other factors, the Company’s expected long-term rate of return on plan assets was decreased to 7.0% as of December 31, 2025, which will be utilized for determining 2026 pension cost.
Interest cost is determined by applying the spot rate from the full yield curve to each anticipated benefit payment. The discount rate changes contributed to an decrease in the benefit obliga tion of $41 million in the CW plans.
Interest cost is determined by applying the spot rate from the full yield curve to each anticipated benefit payment. The discount rate changes contributed to an increase in the benefit obliga tion of $12 million in the CW plans.
The U.S. market continues to experience strong bipartisan support for nuclear power, with significant investments through the Civil Nuclear Credit Program (part of the Infrastructure Bill) and nuclear power production tax credits (provided by the Inflation Reduction Act) focused on helping to preserve the existing U.S. reactor fleet.
The U.S. market continues to experience strong bipartisan support for nuclear power, with previous significant investments through the Civil Nuclear Credit Program (part of the Infrastructure Bill) and nuclear power production tax credits (provided by the Inflation Reduction Act), and, more recently, through proposed nuclear reactor restarts focused on helping to preserve and expand the existing U.S. reactor fleet.
Of note, we are recognizing significant production revenues on the Ford class aircraft carrier, along with the Columbia class and Virginia class submarines, as well as development revenues on the future generation SSN(X) submarine. We have a long legacy of providing products that support nuclear propulsion systems on naval vessels.
Of note, we are recognizing significant production revenues on the Ford class aircraft carrier, Columbia class and Virginia class submarines, and numerous surface ship platforms, as well as development revenues on the future generation SSN(X) submarine. We have a long legacy of providing products that support nuclear propulsion systems on naval vessels.
The following table reflects the impact of changes in selected assumptions used to determine the funded status of the Company’s U.S. qualified and nonqualified pension plans as of December 31, 2024 (in thousands, except for percentage point change): Assumption Percentage Point Change Increase in Benefit Obligation Increase/(Decrease) in Expense Discount rate (0.25) % $14,790 ($297) Expected return on assets (0.25) % — $2,279 See Note 16 to the Consolidated Financial Statements for further information on our pension and postretirement plans.
The following table reflects the impact of changes in selected assumptions used to determine the funded status of the Company’s U.S. qualified and nonqualified pension plans as of December 31, 2025 (in thousands, except for percentage point change): 42 Assumption Percentage Point Change Increase in Benefit Obligation Increase/(Decrease) in Expense Discount rate (0.25) % $14,690 ($375) Expected return on assets (0.25) % — $2,238 See Note 16 to the Consolidated Financial Statements for further information on our pension and postretirement plans.
Revolving Credit Agreement As of December 31, 2024, we had no borrowings outstanding under the Credit Agreement and $21 million in letters of credit supported by the credit facility. The unused credit available under the Credit Agreement as of December 31, 2024 was $729 million, which could be borrowed in full without violating any of our debt covenants.
Revolving Credit Agreement As of December 31, 2025, we had no borrowings outstanding under the Credit Agreement and $25 million in letters of credit supported by the credit facility. The unused credit available under the Credit Agreement as of December 31, 2025 was $725 million, which could be borrowed in full without violating any of our debt covenants.
Since the pandemic, oil prices have improved and generally stabilized, spurring both increased MRO spending and turnaround activity particularly for industrial valves, and some CapEx-driven project opportunities, as oil & gas companies reinvest to meet rising demand and depleted reserves.
Following the pandemic, oil prices generally stabilized, spurring both increased MRO spending and turnaround activity particularly for industrial valves and some CapEx-driven project opportunities, as oil & gas companies reinvested to meet rising demand and depleted reserves.
We anticipate SMR development and prototypes will begin to shift to production orders by the end of this decade, before reaching a steady-state of production by the middle of the next decade, providing a tremendous long-term growth opportunity.
We anticipate SMR design and development will begin to shift to prototypes as soon as 2026 and transition to initial production orders by the end of this decade before reaching a steady-state of production by the middle of the next decade, providing a tremendous long-term growth opportunity.
On a segment basis, sales from the Aerospace & Industrial, Defense Electronics, and Naval & Power segments increased $45 million, $95 million, and $136 million, respectively. Changes in sales by segment are discussed in further detail in the results by business segment section below.
On a segment basis, sales from the Aerospace & Industrial, Defense Electronics, and Naval & Power segments increased $44 million, $108 million, and $225 million, respectively. Changes in sales by segment are discussed in further detail in the results by business segment section below.
As of December 31, 2023, we had no borrowings outstanding under the Credit Agreement. Repurchase of Common Stock During 2024, the Company repurchased approximately 766,000 shares of its common stock for $250 million. In 2023, the Company repurchased approximately 270,000 shares of its common stock for $50 million.
As of December 31, 2024, we had no borrowings outstanding under the Credit Agreement. Repurchase of Common Stock During 2025, the Company repurchased approximately 934,000 shares of its common stock for $465 million. In 2024, the Company repurchased approximately 766,000 shares of its common stock for $250 million.
We maintain a global maintenance, repair, and overhaul (MRO) business for our pressure-relief valve technologies as refineries opportunistically service or upgrade equipment that has been operating at or near full capacity. We produce severe service, operation-critical valves for the power and process industries.
We maintain a global maintenance, repair, and overhaul (MRO) business for our operation-critical, pressure-relief valve technologies as refineries opportunistically service or upgrade equipment that has been operating at or near full capacity.
According to the World Nuclear Association, there are approximately 65 new reactors under construction in 15 countries, with another 85 planned and more than 300 proposed over the next several decades. We continue to expect to play a role in new build nuclear plant construction, and remain aligned with Westinghouse in their pursuits.
According to the World Nuclear Association, there are more than 70 new reactors under construction in 15 countries, with nearly 120 additional reactors planned and more than 300 others proposed over the next several decades. We continue to expect to play a role in new build nuclear plant construction, and remain aligned with Westinghouse in their pursuits.
COMPANY ORGANIZATION Curtiss-Wright Corporation along with its subsidiaries is a global integrated business that provides highly engineered products, solutions, and services mainly to aerospace & defense markets, as well as critical technologies in demanding commercial power, process, and industrial markets.
COMPANY ORGANIZATION Curtiss-Wright Corporation is a global integrated business that provides highly engineered products, solutions, and services mainly to A&D markets, as well as critical technologies in demanding commercial nuclear power, process, and industrial markets.
The discount rate used to determine the plan benefit obligations as of December 31, 2024, and the annual periodic costs for 2025, was increased from 4.86% to 5.55% for the Curtiss-Wright Pension Plan, and from 4.79% to 5.46% for the nonqualified benefit plan, to reflect current economic conditions.
The discount rate used to determine the plan benefit obligations as of December 31, 2025, and the annual periodic costs for 2026, was decreased from 5.55% to 5.35% for the Curtiss-Wright Pension Plan, and from 5.46% to 5.15% for the nonqualified benefit plan, to reflect current economic conditions.
An expected long-term rate of return of 6.75% was used for determining 2024 expense, with 6.50% used for 2023 pension expense.
An expected long-term rate of return of 7.25% was used for determining 2025 expense, with 6.75% used for 2024 pension expense.
Sales are primarily driven by global demand from general industrial customers. 31 In the long term, the global drive towards electrification and electronification, new government regulations for emissions (expected to go into effect in 2027), investment in green technology, and advancements in robotics and automation, along with consistent new product introductions will provide steady growth opportunities for Curtiss-Wright’s technologies serving this market.
Sales are primarily driven by global demand from general industrial customers. 32 In the long term, the global drive towards electrification and electronification, potential government regulations for emissions, investment in clean energy technologies, and advancements in robotics and automation, along with consistent new product introductions and market penetration will provide steady growth opportunities for Curtiss-Wright’s technologies serving this market.
Growth opportunities also exist with a range of intelligent actuators for industrial automation and robotics which help our customers quickly leverage data and utilize analytics within the Internet of Things environment.
Growth opportunities also exist with a range of intelligent actuators for factory automation and robotics and digitalization, which help our customers quickly leverage data and utilize analytics within the Internet of Things environment, while also driving improved efficiency of plant operations.
Comprehensive income (loss) Pension and postretirement adjustments within comprehensive income during the year ended December 31, 2024 were a $14 million gain, compared to a $8 million gain for the prior year period. The gain in the current period was primarily attributed to increases in the discount rate.
Comprehensive income (loss) Pension and postretirement adjustments within comprehensive income during the year ended December 31, 2025 were a $1 million gain, compared to a $14 million gain for the prior year period. The gain in the current period was primarily attributed to higher asset returns.
In addition, following the Russian invasion of Ukraine and the disruption it has caused to European energy markets, nuclear power is being seen as a pathway towards energy independence and an opportunity to break free from Russian natural gas and oil.
Outside of the U.S., following the Russian invasion of Ukraine and the disruption that it caused to European energy markets, nuclear power is being viewed as a pathway towards energy independence and an opportunity for European economies to break free from Russian natural gas and oil.
Our primary focus is OEM products and services for commercial jets, which represent approximately 90% of our sales in this market, and are highly dependent on new aircraft production from our primary customers, Boeing and Airbus. We have significant content on the majority of the commercial aircraft programs, including both narrow-body and wide-body aircraft.
Our primary focus is OEM products and services for commercial jets, which represent approximately 90% of our sales in this market and are highly dependent on new aircraft production from our primary customers, Boeing and Airbus.
The gain in the prior period was primarily attributed to higher asset returns, partially offset by decreases in the discount rate. Foreign currency translation adjustments during the year ended December 31, 2024 resulted in a comprehensive loss of $44 million, compared to a comprehensive gain of $38 million in the comparable prior period.
The gain in the prior period was primarily attributed to increases in the discount rate. Foreign currency translation adjustments during the year ended December 31, 2025 resulted in a comprehensive gain of $68 million, compared to a comprehensive loss of $44 million in the comparable prior period.
Defense Curtiss-Wright maintains a strong presence across the naval, aerospace, and ground defense markets with vast platform and program diversity, where we support over 400 platforms and 3,000 programs worldwide.
Defense Curtiss-Wright maintains a strong presence across the naval, aerospace, and ground defense markets, which collectively represent approximately 58% of our annual net sales. Curtiss Wright provides vast platform and program diversity, where we support over 400 platforms and 3,000 programs worldwide.
Through continued innovation as well as incremental research and development investments, Curtiss-Wright remains aligned with numerous high growth DoD priorities, modernization efforts and emerging technological trends, including security, cyber, hypersonics, net-centric connected battlefield and soldier survivability.
Through continued innovation as well as incremental research and development 29 investments, Curtiss-Wright maintains strong alignment with numerous high growth U.S. military priorities, modernization efforts and emerging technological trends, including security, cyber, hypersonics, and the net-centric connected battlefield.
Sales in the aerospace defense market increased primarily due to higher demand for both arresting systems equipment supporting various domestic customers as well as embedded computing equipment on various helicopter and fighter jet programs. Sales in the ground defense market increased primarily due to higher demand for tactical battlefield 36 communications equipment.
Sales in the aerospace defense market increased primarily due to higher sales of embedded computing and arresting systems equipment supporting various international customers, as well as higher demand for actuation equipment and surface treatment services on various domestic and international fighter jet programs .
Our growth in these markets is typically aligned with the performance of the U.S. and global economies, with changes in global GDP rates and industrial production driving our sales, particularly for our surface treatment services. We have developed long-standing relationships with our customers, and provide technologies that promote efficiency, safety, reduced emissions, and longevity.
Our growth in these markets is typically aligned with changes in global GDP rates and industrial production, with the majority of our sales driven by customers in North America and Europe. We have developed long-standing relationships with our customers and provide technologies that promote efficiency, safety, reduced emissions, and longevity.
Our portfolio of products and services supplies all branches of the U.S. military, where our content is on critical high-performance programs and platforms, and also supports a growing international defense business. A significant portion of our defense business operations is comprised of long-term programs and fixed-price contracts driven primarily by U.S. DoD budgets and funding levels.
Our portfolio of products and services supports critical high-performance programs and platforms serving all branches of the U.S. military, in addition to a strong and growing international defense presence. The most significant portion of our defense revenues is comprised of long-term programs and primarily fixed-price contracts driven mainly by U.S. DoW budgets and funding levels.
The effective tax rate of 22.4% for the year ended December 31, 2023, decreased as compared to an effective tax rate of 23.4% in the prior year period, primarily due to the benefits of a legal entity restructuring as well as lower provisional tax expense associated with foreign withholding taxes.
The effective tax rate of 21.9% for the year ended December 31, 2025, decreased as compared to an effective tax rate of 22.4% in the prior year period, primarily due to tax benefits associated with our legal entity restructuring in the prior year period.
We also continue to seek opportunities in the U.S., China and India. Backed by strong funding and legislative support, the U.S. Department of Energy has allocated $3.2 billion for advanced nuclear through its Advanced Reactor Demonstration Program (ARDP) to accelerate the development and demonstration of SMRs and advanced reactors through cost-shared partnerships with U.S. industry.
Department of Energy previously allocated $3.2 billion for advanced nuclear reactors through its Advanced Reactor Demonstration Program ("ARDP") to accelerate the development and demonstration of SMRs and advanced reactors through cost-shared partnerships with U.S. industry.
Year Ended December 31, Percent Change (In thousands, except percentages) 2024 2023 2024 vs. 2023 Sales $ 1,278,350 $ 1,142,233 12 % Operating income 199,663 189,227 6 % Operating margin 15.6 % 16.6 % (100 bps) New orders $ 1,657,659 $ 1,258,368 32 % Backlog $ 2,025,939 $ 1,599,678 27 % 35 Components of sales and operating income growth (decrease): 2024 vs. 2023 Sales Operating Income Organic 11 % 5 % Acquisitions 1 % — % Foreign currency — % 1 % Total 12 % 6 % Sales increased $136 million, or 12%, to $1,278 million, from the comparable prior year period.
Year Ended December 31, Percent Change (In thousands, except percentages) 2025 2024 2025 vs. 2024 Sales $ 1,503,002 $ 1,278,350 18 % Operating income 231,284 199,663 16 % Operating margin 15.4 % 15.6 % (20 bps) New orders $ 2,040,664 $ 1,657,659 23 % Backlog $ 2,579,655 $ 2,025,939 27 % Components of sales and operating income growth (decrease): 2025 vs. 2024 Sales Operating Income Organic 11 % 16 % Acquisitions 6 % — % Foreign currency 1 % — % Total 18 % 16 % Sales increased $225 million, or 18%, to $1,503 million, from the comparable prior year period.
Investing Activities Capital Expenditures Our capital expenditures were $61 million and $45 million for 2024 and 2023, respectively, primarily due to higher capital spending in the Defense Electronics and Naval & Power segments during the current period. Divestitures No material divestitures took place during 2024 or 2023. Acquisitions In 2024, we acquired two businesses for $226 million.
Investing Activities Capital Expenditures Our capital expenditures were $90 million and $61 million for 2025 and 2024, respectively, with the increase primarily due to higher capital spending in the Aerospace & Industrial and Naval & Power segments during the current period. Divestitures No material divestitures took place during 2025 or 2024. Acquisitions In 2025, we did not complete any acquisitions.
We hold competitive positions in a majority of our key A&D and commercial end markets through engineering and technological leadership, precision manufacturing, and strong relationships with our customers.
We maintain competitive positions in the majority of our key A&D and commercial end markets through engineering and technological leadership, consistent investments in research and development, precision manufacturing, and long-standing relationships.
Global supply has stabilized since the onset of the Ukrainian/Russian war, as industry worked to preserve and increase capacity for non-Russian alternatives. Sales in these industries are driven by global supply and demand, crude oil prices, industry regulations, and the natural gas market, with growth rates in this market closely linked to global GDP.
Sales in these industries are driven by global supply and demand, crude oil prices, industry regulations, and the natural gas market, with growth rates in this market closely linked to global GDP.
In the naval defense market, sales increased $95 million primarily due to higher demand and timing of sales on various submarine programs, as well as higher foreign military sales.
In the naval defense market, sales increased $106 million primarily due to higher demand and the timing of production on the Columbia-class and Virginia-class submarine programs, as well as higher sales of aftermarket fleet services.
The funded status of the Curtiss-Wright Pension Plan increased by $36 million in 2024, primarily driven by a higher discount rate in 2024.
The funded status of the Curtiss-Wright Pension Plan increased by $33 million in 2025, primarily driven by higher asset returns in 2025.
Year Ended December 31, Percent Change (In thousands, except percentages) 2024 2023 2024 vs. 2023 Sales $ 932,133 $ 887,228 5 % Operating income 148,023 145,278 2 % Operating margin 15.9 % 16.4 % (50 bps) New orders $ 982,395 $ 895,332 10 % Backlog $ 434,455 $ 387,248 12 % Components of sales and operating income growth (decrease): 2024 vs. 2023 Sales Operating Income Organic 5 % 8 % Restructuring — % (7) % Foreign currency — % 1 % Total 5 % 2 % Sales increased $45 million, or 5%, to $932 million, from the comparable prior year period primarily due to higher sales in the commercial aerospace and aerospace defense markets.
Year Ended December 31, Percent Change (In thousands, except percentages) 2025 2024 2025 vs. 2024 Sales $ 976,760 $ 932,133 5 % Operating income 166,166 148,023 12 % Operating margin 17.0 % 15.9 % 110 bps New orders $ 1,038,932 $ 982,395 6 % Backlog $ 505,429 $ 434,455 16 % Components of sales and operating income growth (decrease): 2025 vs. 2024 Sales Operating Income Organic 4 % 5 % Restructuring — % 5 % Foreign currency 1 % 2 % Total 5 % 12 % Sales increased $44 million, or 5%, to $977 million, from the comparable prior year period.
New orders increased $87 million as compared to the prior year, primarily due to an increase in orders for surface treatment services within our A&D markets.
New orders increased $57 million as compared to the prior year, primarily due to an increase in orders for sensors and EM actuation products within our A&D markets as well as increase in orders for general industrial products.
Market Analysis and Economic Factors Economic Factors Impacting Our Markets Many of Curtiss-Wright’s commercial businesses are driven in large part by global economic growth, primarily led by operations in the U.S., Canada, Europe, and China.
It also helps mitigate the impact of volatility caused by industry and economic cycles. Economic Factors Impacting Our Markets Many of Curtiss-Wright’s commercial businesses are driven in large part by global economic growth, primarily led by operations in the U.S., Canada, Europe, and China, and as measured by real gross domestic product ("GDP").
Year Ended December 31, Percent Change (In thousands, except percentages) 2024 2023 2024 vs. 2023 Sales $ 910,706 $ 815,912 12 % Operating income 224,739 191,775 17 % Operating margin 24.7 % 23.5 % 120 bps New orders $ 1,056,388 $ 936,329 13 % Backlog $ 986,899 $ 886,317 11 % Components of sales and operating income growth (decrease): 2024 vs. 2023 Sales Operating Income Organic 12 % 18 % Restructuring — % (1) % Foreign currency — % — % Total 12 % 17 % Sales increased $95 million, or 12%, to $911 million, from the comparable prior year period.
Year Ended December 31, Percent Change (In thousands, except percentages) 2025 2024 2025 vs. 2024 Sales $ 1,018,610 $ 910,706 12 % Operating income 278,016 224,739 24 % Operating margin 27.3 % 24.7 % 260 bps New orders $ 974,072 $ 1,056,388 (8 %) Backlog $ 991,372 $ 986,899 — % Components of sales and operating income growth (decrease): 2025 vs. 2024 Sales Operating Income Organic 11 % 22 % Restructuring — % 1 % Foreign currency 1 % 1 % Total 12 % 24 % Sales increased $108 million, or 12%, to $1,019 million, from the comparable prior year period.
Currently, approximately 60% of our sales in this market are linked to the narrow-body market. We provide a combination of critical equipment, including flight controls, actuation, high-temperature and high accuracy sensors, and other sophisticated electronics, as well as shot and laser peening and coatings services utilized on highly stressed components of turbine engine fan blades and aircraft structures.
We provide critical equipment supporting these platforms, including actuation, high-temperature and high accuracy sensors, flight controls, and other sophisticated electronics, as well as surface treatment services such as shot and laser peening, and specialty coatings utilized on highly stressed components of turbine engine fan blades and aircraft structures.
Sales in the commercial aerospace market primarily benefited from higher demand for OEM sensors and actuation products, surface treatment services on narrowbody and widebody platforms, as well as avionics equipment on various platforms. Commercial Markets Commercial sales increased $11 million, or 1%, to $951 million.
Sales in the com mercial aerospace market primarily benefited from higher demand for sensors products and surface treatment services on various narrow-body and wide-body platforms as well as higher sales of our flight data recorder and avionics technology to OEM customers. Commercial Markets Commercial sales increased $96 million, or 10%, to $1,047 million.
New orders increased $399 million as compared to the prior year, primarily due to an increase in naval defense orders supporting aircraft carrier and submarine programs. 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.
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 following table quantifies our significant future contractual obligations and commercial commitments as of December 31, 2024: (In thousands) Total 2025 2026 2027 2028 2029 Thereafter Debt Principal Repayments $ 1,047,500 $ 90,000 $ 200,000 $ — $ 157,500 $ — $ 600,000 Operating Leases 211,201 36,768 32,759 27,549 24,529 19,725 69,871 Interest Payments on Fixed Rate Debt 223,015 40,235 37,441 29,503 27,251 23,070 65,515 Total $ 1,481,716 $ 167,003 $ 270,200 $ 57,052 $ 209,280 $ 42,795 $ 735,386 We enter into standby letters of credit agreements and guarantees with financial institutions and customers primarily relating to future performance on certain contracts to provide products and services and to secure advance payments we have received from certain international customers.
The following table quantifies our significant future contractual obligations and commercial commitments as of December 31, 2025: (In thousands) Total 2026 2027 2028 2029 2030 Thereafter Debt Principal Repayments $ 957,500 $ 200,000 $ — $ 157,500 $ — $ 150,000 $ 450,000 Operating Leases 253,235 40,825 36,331 33,185 27,973 24,636 90,285 Interest Payments on Fixed Rate Debt 182,780 37,441 29,503 27,251 23,070 21,262 44,253 Total $ 1,393,515 $ 278,266 $ 65,834 $ 217,936 $ 51,043 $ 195,898 $ 584,538 40 We enter into standby letters of credit agreements and guarantees with financial institutions and customers primarily relating to future performance on certain contracts to provide products and services and to secure advance payments we have received from certain international customers.
As of December 31, 2024, we had contingent liabilities on outstanding letters of credit due as follows: (In thousands) Total 2025 2026 2027 2028 2029 Thereafter Letters of Credit (1) $ 21,003 $ 10,710 $ 4,075 $ 6,131 $ — $ — $ 87 (1) Amounts exclude bank guarantees of approximately $15.0 million.
As of December 31, 2025, we had contingent liabilities on outstanding letters of credit due as follows: (In thousands) Total 2026 2027 2028 2029 2030 Thereafter Letters of Credit (1) $ 25,172 $ 8,880 $ 14,176 $ 1,957 $ — $ — $ 159 (1) Amounts exclude bank guarantees of approximately $12 million.
Additionally, we are executing initiatives to leverage our capabilities into the broader conventional power generation market, capitalizing on advances in digital instrumentation and control systems, as well as next-generation Small Modular Reactors (SMRs) and Advanced Reactor designs which have the potential to bring transformational growth to the nuclear industry.
Curtiss-Wright also plays a significant role in the new build market supporting the Generation III+ Westinghouse AP1000 reactor. Additionally, we are executing initiatives to leverage our capabilities into the broader conventional power generation market, capitalizing on advances in digital instrumentation and control systems, as well as next-generation SMRs and Advanced Reactor designs.
There are a number of global forces driving a resurgence in nuclear power, as it is becoming more widely accepted as a critical source to meet rising future energy demand and decarbonization commitments, benefiting both the energy and process industries.
There are a number of global forces driving a resurgence in nuclear power, as it continues to become more widely accepted as a critical source to meet rising future energy demand and decarbonization commitments through the creation of clean, reliable, and affordable energy, and more recently through its potential to meet surging data-center power demand driven by AI.
Net Sales by End Market and Customer Type Year Ended December 31, Percent change (In thousands, except percentages) 2024 2023 2024 vs. 2023 Aerospace & Defense markets: Aerospace Defense $ 616,590 $ 551,622 12 % Ground Defense 353,326 308,008 15 % Naval Defense 821,898 720,013 14 % Commercial Aerospace 378,086 324,949 16 % Total Aerospace & Defense $ 2,169,900 $ 1,904,592 14 % Commercial markets: Power & Process 540,788 509,998 6 % General Industrial 410,501 430,783 (5) % Total Commercial $ 951,289 $ 940,781 1 % Total Curtiss-Wright $ 3,121,189 $ 2,845,373 10 % Aerospace & Defense Markets Sales increased $265 million, or 14%, to $2,170 million, as compared to the prior year period, primarily due to higher sales across all markets.
The table has been included to supplement the discussion of our consolidated operating results. 37 Net Sales by End Market and Customer Type Year Ended December 31, Percent change (In thousands, except percentages) 2025 2024 2025 vs. 2024 Aerospace & Defense markets: Aerospace Defense $ 672,526 $ 616,590 9 % Ground Defense 406,803 353,326 15 % Naval Defense 941,654 821,898 15 % Commercial Aerospace 430,109 378,086 14 % Total Aerospace & Defense $ 2,451,092 $ 2,169,900 13 % Commercial markets: Power & Process 635,140 540,788 17 % General Industrial 412,140 410,501 — % Total Commercial $ 1,047,280 $ 951,289 10 % Total Curtiss-Wright $ 3,498,372 $ 3,121,189 12 % Aerospace & Defense Markets Sales increased $281 million, or 13%, to $2,451 million, as compared to the prior year period, primarily due to higher sales across all markets.
We provide equipment and services to both the aftermarket and new build markets, and have content on every reactor operating in the U.S. today.
We provide equipment and services to both the aftermarket and new build markets, and are aligned globally to support the entire commercial nuclear lifecycle. Today, we have content on every reactor operating in the U.S., Canada, and U.K., along with significant exposure within South Korea.
Capital Resources Cash in U.S. and Foreign Jurisdictions As of December 31, (In thousands) 2024 2023 United States of America $ 178,558 $ 230,298 United Kingdom 72,138 72,342 Canada 47,336 35,736 European Union 29,084 22,950 China 26,021 18,967 Other foreign countries 31,905 26,574 Total cash and cash equivalents $ 385,042 $ 406,867 C ash and cash equivalents as of December 31, 2024 and December 31, 2023 were $385 million and $407 million, respectively.
Dividends The Company made dividend payments of $35 million and $32 million in 2025 and 2024, respectively. 39 Capital Resources Cash in U.S. and Foreign Jurisdictions As of December 31, (In thousands) 2025 2024 United States of America $ 128,037 $ 178,558 United Kingdom 86,383 72,138 Canada 52,088 47,336 European Union 37,804 29,084 China 25,927 26,021 Other foreign countries 41,106 31,905 Total cash and cash equivalents $ 371,345 $ 385,042 C ash and cash equivalents as of December 31, 2025 and December 31, 2024 were $371 million and $385 million, respectively.
As a result, and including recent acquisitions, Curtiss-Wright’s total direct foreign military sales represent approximately 9% of the Corporation’s total revenues. Commercial Aerospace Curtiss-Wright derives revenue from the global commercial aerospace market, principally to the commercial jet market, and to a lesser extent the regional jet, business jet, and commercial helicopter markets.
Commercial Aerospace Curtiss-Wright derives revenue from the global commercial aerospace market, principally to the commercial jet market, and to a lesser extent the regional jet, business jet, and commercial helicopter markets.
Sales increases in the naval defense market were primarily due to higher demand and timing of sales on various submarine programs as well as higher foreign military sales.
Sales in the ground defense market increased primarily due to higher sales of EM actuation equipment as well as embedded computing equipment. Sales increases in the naval defense market were primarily due to higher demand as well as the timing of production on the Columbia-class and Virginia-class submarine programs as well as higher sales of aftermarket fleet services.
Other income, net for the year increased $8 million, or 28% , to $38 million, primarily due to higher interest income in the current period.
Other income, net for the year decreased $9 million, or 23% , to $30 million, primarily due to lower interest income and higher overall pension costs in the current period.
The following tables summarize sales, operating income and margin, new orders, and backlog within the Naval & Power segment.
Naval & Power 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. 36 The following tables summarize sales, operating income and margin, new orders, and backlog within the Naval & Power segment.

… 90 more changes not shown on this page.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

5 edited+0 added−2 removed2 unchanged
Biggest changeForeign Currency Exchange Rates Although the majority of our business is transacted in U.S. dollars, we do have market risk exposure to changes in foreign currency exchange rates, primarily as it relates to the value of the U.S. dollar versus the British Pound, Canadian dollar, and Euro.
Biggest changeWe do not use such instruments for trading or other speculative purposes. Foreign Currency Exchange Rates Although the majority of our business is transacted in U.S. dollars, we do have market risk exposure to changes in foreign currency exchange rates, primarily as it relates to the value of the U.S. dollar versus the British Pound, Canadian dollar, and Euro.
If foreign exchange rates were to collectively weaken or strengthen against the U.S. dollar by 10%, net earnings would have decreased or increased, respectively, by approximately $18 million as it relates exclusively to foreign currency exchange rate exposures. Financial instruments expose us to counterparty credit risk for non-performance and to market risk for changes in interest and foreign currency rates.
If foreign exchange rates were to collectively weaken or strengthen against the U.S. dollar by 10%, net earnings would have decreased or increased, respectively, by approximately $13 million as it relates exclusively to foreign currency exchange rate exposures. Financial instruments expose us to counterparty credit risk for non-performance and to market risk for changes in interest and foreign currency rates.
We seek to minimize any material risks from foreign currency exchange rate fluctuations through our normal operating and financing activities and, when deemed appropriate, through the use of derivative financial instruments. We used forward foreign currency contracts to manage our currency rate exposures during the year ended December 31, 2024.
We seek to minimize any material risks from foreign currency exchange rate fluctuations through our normal operating and financing activities and, when deemed appropriate, through the use of derivative financial instruments. We used forward foreign currency contracts to manage our currency rate exposures during the year ended December 31, 2025.
Item 7A. Quantitative and Qualitative Disclosures about Market Risk. We are exposed to certain market risks from changes in interest rates and foreign currency exchange rates as a result of our global operating and financing activities.
Item 7A. Quantitative and Qualitative Disclosures about Market Risk. 43 We are exposed to certain market risks from changes in foreign currency exchange rates as a result of our global operating and financing activities.
We attempt to minimize possible changes in interest and currency exchange rates to amounts that are not material to our results of operations and cash flows. 42
We attempt to minimize possible changes in interest and currency exchange rates to amounts that are not material to our results of operations and cash flows. 44
Removed
We do not use such instruments for trading or other speculative purposes. Interest Rates The market risk for a change in interest rates relates primarily to our debt obligations. Our fixed rate interest exposure was 100% as of December 31, 2024 and December 31, 2023.
Removed
As of December 31, 2024, a change in interest rates of 1% would not have a material impact on consolidated interest expense. Information regarding our Senior Notes and Revolving Credit Agreement is contained in Note 13 to the Consolidated Financial Statements.

Other CW 10-K year-over-year comparisons