CW financial statements

The full income statement, balance sheet, and cash-flow statement for Curtiss-Wright Corporation (CW), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2024-06 38.3M2024-09 37.9M2024-12 37.7M2025-03 37.7M2025-06 37.7M2025-09 36.9M2025-12 36.9M2026-03 36.9M2026-06 36.9M-3.6% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	3.50B YoY+12.1%	3.12B YoY+9.7%	2.85B YoY+11.3%	2.56B YoY+2.2%	2.50B YoY+4.6%
	1.30B YoY+12.8%	1.15B YoY+8.1%	1.07B YoY+11.8%	955M YoY+2.9%	928M YoY+10.3%
Cost of revenue	2.20B YoY+11.6%	1.97B YoY+10.7%	1.78B YoY+11.0%	1.60B YoY+1.9%	1.57B YoY+1.5%
Research & development	95.2M YoY+3.8%	91.6M YoY+6.9%	85.8M YoY+6.1%	80.8M YoY-8.6%	88.5M YoY+18.3%
Selling, general & administrative	400M YoY+7.0%	373M YoY+3.8%	360M YoY+11.0%	324M YoY-0.6%	326M YoY+7.5%
General & administrative	400M YoY+7.0%	373M YoY+3.8%	360M YoY+11.0%	324M YoY-0.6%	326M YoY+7.5%
Restructuring	4.50M YoY-68.8%	14.4M	0.00	0.00	0.00 YoY-100.0%
Amortization of intangibles	72.0M YoY+26.3%	57.0M YoY-12.3%	65.0M YoY+6.6%	61.0M YoY+1.7%	60.0M YoY-1.6%
Operating income	634M YoY+19.8%	529M YoY+9.1%	485M YoY+14.4%	423M YoY+12.3%	377M YoY+30.6%
Interest expense	43.1M YoY-3.8%	44.9M YoY-12.7%	51.4M YoY+9.4%	47.0M YoY+16.7%	40.2M YoY+13.2%
Other non-operating income	29.6M YoY-22.7%	38.3M YoY+28.4%	29.9M YoY+134.5%	12.7M YoY+5.5%	12.1M YoY+23.8%
Pre-tax income	620M YoY+18.8%	522M YoY+12.7%	463M YoY+19.0%	389M YoY+11.5%	349M YoY+32.7%
Income tax	136M YoY+16.0%	117M YoY+7.8%	109M YoY+14.5%	94.8M YoY+10.1%	86.1M YoY+39.7%
Net income	484M YoY+19.6%	405M YoY+14.2%	355M YoY+20.4%	294M YoY+12.0%	263M YoY+30.5%
	$12.87 YoY+22.0%	$10.55 YoY+14.7%	$9.20 YoY+20.7%	$7.62 YoY+17.8%	$6.47 YoY+34.8%
EPS (basic)	$12.94 YoY+22.0%	$10.61 YoY+14.6%	$9.26 YoY+20.7%	$7.67 YoY+18.0%	$6.50 YoY+34.6%
	37.4M YoY-1.9%	38.2M YoY-0.3%	38.3M YoY-0.3%	38.4M YoY-5.0%	40.4M YoY-3.2%
	37.6M YoY-1.9%	38.4M YoY-0.4%	38.5M YoY-0.3%	38.6M YoY-4.8%	40.6M YoY-3.3%
Dividends per share	$0.93 YoY+12.0%	$0.83 YoY+5.1%	$0.79 YoY+5.3%	$0.75 YoY+5.6%	$0.71 YoY+4.4%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	2.02B YoY+9.1%	1.85B YoY+7.7%	1.72B YoY+13.3%	1.52B YoY+15.9%	1.31B YoY+0.5%
Cash & equivalents	371M YoY-3.6%	385M YoY-5.4%	407M YoY+58.3%	257M YoY+50.3%	171M YoY-13.7%
Accounts receivable	932M YoY+11.7%	835M YoY+14.0%	733M YoY+1.3%	723M YoY+11.8%	647M YoY+9.9%
Inventory	615M YoY+13.6%	541M YoY+6.2%	510M YoY+5.6%	483M YoY+17.4%	412M YoY-4.0%
Other current assets	99.7M YoY+13.2%	88.1M YoY+30.5%	67.5M YoY+28.3%	52.6M YoY-21.6%	67.1M YoY+16.9%
	5.22B YoY+4.7%	4.99B YoY+7.9%	4.62B YoY+3.9%	4.45B YoY+8.4%	4.10B YoY+2.0%
Property, plant & equipment	382M YoY+12.7%	339M YoY+1.9%	333M YoY-2.9%	343M YoY-4.8%	360M YoY-4.8%
Operating lease right-of-use	199M YoY+17.3%	169M YoY+19.7%	141M YoY-8.1%	154M YoY+7.1%	144M YoY-4.8%
Goodwill	1.69B YoY+1.0%	1.68B YoY+7.5%	1.56B YoY+0.9%	1.54B YoY+5.6%	1.46B YoY+0.5%
Intangible assets	532M YoY-10.8%	597M YoY+7.0%	558M YoY-10.2%	621M YoY+15.4%	538M YoY-11.7%
Other non-current assets	63.6M YoY+13.6%	56.0M YoY+9.0%	51.4M YoY+8.0%	47.6M YoY+37.6%	34.6M YoY+1.3%
	1.41B YoY+28.3%	1.10B YoY+35.9%	807M YoY-17.8%	981M YoY+33.5%	735M YoY-9.3%
Accounts payable	310M YoY+25.5%	247M YoY+1.4%	244M YoY-8.5%	267M YoY+25.9%	212M YoY+5.2%
Accrued liabilities	243M YoY+10.9%	219M YoY+16.5%	188M YoY+7.8%	174M YoY+18.1%	148M YoY+5.4%
Deferred revenue	561M YoY+22.2%	459M YoY+51.2%	304M YoY+19.3%	255M YoY-2.1%	260M YoY+2.7%
Short-term & current debt	200M YoY+122.2%	90.0M	0.00 YoY-100.0%	203M	0.00 YoY-100.0%
Current lease liability	31.7M YoY+6.6%	29.8M YoY-2.8%	30.6M YoY+2.4%	29.9M YoY+17.8%	25.4M YoY-6.9%
Other current liabilities	90.9M YoY+13.2%	80.3M YoY+13.4%	70.8M YoY-14.5%	82.8M YoY-19.4%	103M YoY+4.0%
Finance lease liability (current)	0.00 YoY-100.0%	1.27M YoY+7.5%	1.18M YoY+7.6%	1.10M YoY+7.8%	1.02M YoY+7.8%
	2.69B YoY+6.0%	2.54B YoY+10.6%	2.29B YoY-7.1%	2.47B YoY+8.3%	2.28B YoY+1.9%
Long-term debt	758M YoY-21.0%	959M YoY-8.7%	1.05B YoY-0.1%	1.05B YoY+0.1%	1.05B YoY+9.6%
Non-current lease liability	178M YoY+20.4%	148M YoY+24.9%	119M YoY-10.3%	132M YoY+4.0%	127M YoY-4.4%
Operating lease liability (total)	210M YoY+18.1%	178M YoY+19.2%	149M YoY-8.0%	162M YoY+6.3%	153M YoY-4.9%
Finance lease liability (total)	0.00 YoY-100.0%	6.74M YoY-14.9%	7.92M YoY-12.2%	9.02M YoY-10.1%	10.0M YoY-8.6%
Finance lease liability	0.00 YoY-100.0%	5.47M YoY-18.8%	6.74M YoY-14.9%	7.92M YoY-12.2%	9.02M YoY-10.1%
Deferred tax liabilities	154M YoY+9.5%	141M YoY+6.3%	132M YoY+7.6%	123M YoY-16.5%	147M YoY+28.1%
Other non-current liabilities	120M YoY-3.5%	125M YoY+5.9%	118M YoY+9.1%	108M YoY-3.7%	112M YoY+8.6%
	2.53B YoY+3.4%	2.45B YoY+5.2%	2.33B YoY+17.5%	1.98B YoY+8.5%	1.83B YoY+2.2%
Common stock	49.2M YoY+0.0%	49.2M YoY+0.0%	49.2M YoY+0.0%	49.2M YoY+0.0%	49.2M YoY+0.0%
Additional paid-in capital	165M YoY+11.5%	148M YoY+5.5%	140M YoY+4.2%	135M YoY+5.9%	127M YoY+3.7%
Retained earnings	4.31B YoY+11.6%	3.86B YoY+10.7%	3.49B YoY+10.3%	3.16B YoY+8.8%	2.91B YoY+8.9%
Treasury stock	1.82B YoY+33.1%	1.37B YoY+20.2%	1.14B YoY+2.6%	1.11B YoY+3.6%	1.07B YoY+43.6%
Accumulated other comprehensive income	-174M YoY+28.5%	-243M YoY-14.1%	-213M YoY+17.6%	-259M YoY-35.9%	-190M YoY+38.7%
Total liabilities & equity	5.22B YoY+4.7%	4.99B YoY+7.9%	4.62B YoY+3.9%	4.45B YoY+8.4%	4.10B YoY+2.0%
	49.2M YoY+0.0%	49.2M YoY+0.0%	49.2M YoY+0.0%	49.2M YoY+0.0%	49.2M YoY+0.0%
	36.9M YoY-2.1%	37.7M YoY-1.4%	38.2M YoY-0.1%	38.3M YoY-0.5%	38.5M YoY-6.0%
	36.9M YoY-2.1%	37.7M YoY-1.5%	38.2M YoY-0.2%	38.3M YoY-0.4%	38.4M YoY-6.1%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	643M YoY+18.2%	544M YoY+21.5%	448M YoY+52.0%	295M YoY-24.0%	388M YoY+48.4%
Depreciation & amortization	125M YoY+15.9%	108M YoY-7.3%	116M YoY+3.7%	112M YoY-2.1%	114M YoY-1.3%
Intangible amortization	72.0M YoY+26.3%	57.0M YoY-12.3%	65.0M YoY+6.6%	61.0M YoY+1.7%	60.0M YoY-1.6%
Share-based compensation	21.5M YoY+13.9%	18.9M YoY+12.4%	16.8M YoY+9.2%	15.4M YoY+14.4%	13.4M YoY-6.8%
Deferred income taxes	9.86M YoY+250.3%	-6.56M YoY-15353.5%	43.0K YoY+100.2%	-17.4M YoY-116.1%	-8.07M YoY+8.9%
Change in inventory	63.5M YoY+84.0%	34.5M YoY+60.0%	21.6M YoY-65.5%	62.6M YoY+561.6%	-13.6M YoY+12.8%
	-90.1M YoY+68.2%	-283M YoY-697.6%	-35.5M YoY+89.1%	-326M YoY-668.5%	-42.4M YoY+92.0%
Capital expenditure	89.7M YoY+47.1%	61.0M YoY+36.5%	44.7M YoY+16.9%	38.2M YoY-7.0%	41.1M YoY-13.5%
Free cash flow	554M YoY+14.6%	483M YoY+19.8%	403M YoY+57.2%	257M YoY-26.0%	347M YoY+62.2%
Acquisitions	0.00 YoY-100.0%	226M	0.00 YoY-100.0%	282M	0.00 YoY-100.0%
Purchases of investments	—	0.00	0.00 YoY-100.0%	10.0M	0.00
Other investing activities	—	—	—	0.00	0.00 YoY-100.0%
	-578M YoY-113.0%	-271M YoY+0.7%	-273M YoY-311.2%	129M YoY+135.1%	-369M YoY-549.7%
Long-term debt issued	0.00	0.00	0.00 YoY-100.0%	300M	0.00 YoY-100.0%
Long-term debt repaid	0.00	0.00	0.00	0.00	0.00
Common stock issued	0.00	0.00	0.00	0.00	0.00
Common stock repurchased	465M YoY+86.0%	250M YoY+398.6%	50.1M YoY-11.8%	56.9M YoY-83.4%	343M YoY+71.5%
Dividends paid	34.7M YoY+9.7%	31.7M YoY+4.7%	30.2M YoY+5.1%	28.8M YoY+0.4%	28.7M YoY+1.7%
Other financing activities	-1.16M YoY+1.9%	-1.18M YoY-7.7%	-1.10M YoY-7.5%	-1.02M YoY-7.9%	-945K YoY-8.1%
FX effect on cash	11.3M YoY+200.2%	-11.3M YoY-205.3%	10.7M YoY+186.7%	-12.4M YoY-265.9%	-3.38M YoY+3.9%
Net change in cash	-13.7M YoY+37.2%	-21.8M YoY-114.6%	150M YoY+74.4%	86.0M YoY+415.6%	-27.2M YoY+85.9%
Interest paid	42.0M YoY+0.0%	42.0M YoY-19.2%	52.0M YoY+23.8%	42.0M YoY+5.0%	40.0M YoY+29.0%
Income taxes paid	134M YoY-1.0%	136M YoY-0.5%	136M YoY+123.2%	61.1M YoY-43.0%	107M YoY+98.3%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	20.3B YoY+52.1%	13.4B YoY+56.9%	8.52B YoY+33.2%	6.40B YoY+20.0%	5.33B YoY+11.9%
P/E	42.0× YoY+27.2%	33.0× YoY+33.1%	24.8× YoY-0.2%	24.8× YoY+22.5%	20.3× YoY-14.2%
P/S	5.8× YoY+35.7%	4.3× YoY+41.6%	3.0× YoY+16.3%	2.6× YoY+21.9%	2.1× YoY+7.0%
P/B	8.0× YoY+47.1%	5.5× YoY+39.9%	3.9× YoY+14.8%	3.4× YoY+16.3%	2.9× YoY+9.5%
P/FCF	36.7× YoY+32.7%	27.7× YoY+35.2%	20.4× YoY-38.5%	33.3× YoY+116.3%	15.4× YoY-31.0%
	2.4% YoY-21.4%	3.0% YoY-24.9%	4.0% YoY+0.2%	4.0% YoY-18.3%	4.9% YoY+16.6%
	2.7% YoY-24.7%	3.6% YoY-26.0%	4.9% YoY+62.7%	3.0% YoY-53.8%	6.5% YoY+44.9%
	0.17% YoY-27.9%	0.23% YoY-34.0%	0.35% YoY-21.0%	0.45% YoY-12.3%	0.51% YoY-12.4%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: CW's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all CW filings on SEC EDGAR → Not investment advice.